# EDGAR Filing Document

**Accession Number:** 0001063946
**File Stem:** 0001104659-26-011441
**Filing Date:** 2026-2
**Character Count:** 888601
**Document Hash:** 82ddec8cb19f29336bb1e3070d41438a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-011441.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001104659-26-011441

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya EQUITY TRUST
- **CENTRAL INDEX KEY:** 0001063946

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08817
- **FILM NUMBER:** 26607140

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING EQUITY TRUST
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM EQUITY TRUST
- **DATE OF NAME CHANGE:** 19991029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHSTAR EQUITY TRUST
- **DATE OF NAME CHANGE:** 19980612

## Series and Classes Contracts Data

### Voya Large-Cap Growth Fund (Series ID: S000008383)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022956 | Class A      | NLCAX           |
| C000022958 | Class C      | NLCCX           |
| C000022959 | Class I      | PLCIX           |
| C000081603 | Class W      | IGOWX           |
| C000144636 | Class R      | VGORX           |
| C000156671 | Class R6     | VGOSX           |

### Voya MidCap Opportunities Fund (Series ID: S000008385)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022966 | Class A      | NMCAX           |
| C000022968 | Class C      | NMCCX           |
| C000022969 | Class I      | NMCIX           |
| C000078998 | Class W      | IMOWX           |
| C000103065 | Class R      | IMORX           |
| C000122001 | Class R6     | IMOZX           |

### Voya Large Cap Value Fund (Series ID: S000019684)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000055103 | Class A      | IEDAX           |
| C000055105 | Class C      | IEDCX           |
| C000055106 | Class I      | IEDIX           |
| C000078999 | Class W      | IWEDX           |
| C000103066 | Class R      | IEDRX           |
| C000122002 | Class R6     | IEDZX           |
| C000264576 | Class R2     | IEDBX           |

### Voya Multi-Manager Mid Cap Value Fund (Series ID: S000034091)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105101 | Class I      | IMCVX           |

### Voya Corporate Leaders(R) 100 Fund (Series ID: S000066935)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215373 | Class C      | VYCBX           |
| C000215374 | Class I      | VYCCX           |
| C000215377 | Class A      | VYCAX           |
| C000215378 | Class R6     | VYCGX           |
| C000215380 | Class W      | VYCIX           |
| C000215381 | Class R      | VYCFX           |

### Voya MI Dynamic SMID Cap Fund (Series ID: S000066936)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215382 | Class W      | VYMYX           |
| C000215383 | Class A      | VYMQX           |
| C000215384 | Class C      | VYMRX           |
| C000215385 | Class I      | VYMSX           |
| C000215388 | Class R      | VYMVX           |
| C000264577 | Class R6     | VYMBX           |

### Voya MI Dynamic Small Cap Fund (Series ID: S000066937)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215390 | Class W      | VYSGX           |
| C000215391 | Class R      | VYSDX           |
| C000215394 | Class I      | VYSAX           |
| C000215395 | Class C      | VYSZX           |
| C000215396 | Class A      | VYSYX           |
| C000215397 | Class R6     | VYSEX           |

### Voya Global Income & Growth Fund (Series ID: S000066938)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215400 | Class R6     | VYGNX           |
| C000215401 | Class W      | VYGPX           |
| C000215403 | Class I      | VYGLX           |
| C000215404 | Class C      | VYGKX           |
| C000215405 | Class A      | VYGJX           |

### Voya Small Cap Growth Fund (Series ID: S000075515)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234687 | Class I      | TCMSX           |
| C000234688 | Class R6     | VLNPX           |
| C000238233 | Class R      | VWYIX           |
| C000238235 | Class A      | VWYFX           |
| C000238236 | Class C      | VWYGX           |
| C000238237 | Class W      | VWYKX           |

### Voya VACS Series MCV Fund (Series ID: S000080522)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000242977 | Voya VACS Series MCV Fund | VVJEX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: **811-08817**

**Voya Equity Trust**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ** | **85258** |
| (Address of principal executive offices) | (Zip code) |

---

**CT Corporation System, 101 Federal Street, Boston, MA 02110**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-992-0180**

Date of fiscal year end: **May 31**

Date of reporting period: **June 1, 2025 to November 30, 2025**

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to stockholders
pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classnameef68db55-9c45-40ff-93f9-d7e89f848f83)<br> **[Class A - VYCAX](#classnameef68db55-9c45-40ff-93f9-d7e89f848f83)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname0e60f08e-313e-49bf-9703-81a148998c07)<br> **[Class C - VYCBX](#classname0e60f08e-313e-49bf-9703-81a148998c07)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname066960cb-6b02-459e-b27d-165c92dc9cd7)<br> **[Class I - VYCCX](#classname066960cb-6b02-459e-b27d-165c92dc9cd7)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname2b7d87c3-8788-4622-bf87-0415469560bb)<br> **[Class R - VYCFX](#classname2b7d87c3-8788-4622-bf87-0415469560bb)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classnameef401bcf-c496-4c0d-805e-0dafa6b35c20)<br> **[Class R6 - VYCGX](#classnameef401bcf-c496-4c0d-805e-0dafa6b35c20)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classnamef45c8ea3-2831-4c9c-94b9-4b92c253c8da)<br> **[Class W - VYCIX](#classnamef45c8ea3-2831-4c9c-94b9-4b92c253c8da)**  |
|  [Voya Global Income & Growth Fund](#classnameeec7ac6d-5913-4d6f-bc90-6490ce38fda5)<br> **[Class A - VYGJX](#classnameeec7ac6d-5913-4d6f-bc90-6490ce38fda5)**  |
|  [Voya Global Income & Growth Fund](#classname74896897-1780-4cc5-b428-25e14cb14f30)<br> **[Class C - VYGKX](#classname74896897-1780-4cc5-b428-25e14cb14f30)**  |
|  [Voya Global Income & Growth Fund](#classnamefeffac9c-bcd8-4c9e-9676-2a60cc2c7f72)<br> **[Class I - VYGLX](#classnamefeffac9c-bcd8-4c9e-9676-2a60cc2c7f72)**  |
|  [Voya Global Income & Growth Fund](#classnamece924c77-1155-4937-b7fc-b55d29e09d77)<br> **[Class R6 - VYGNX](#classnamece924c77-1155-4937-b7fc-b55d29e09d77)**  |
|  [Voya Global Income & Growth Fund](#classname064f22fc-17bc-4828-9222-eaef1a1fe505)<br> **[Class W - VYGPX](#classname064f22fc-17bc-4828-9222-eaef1a1fe505)**  |
|  [Voya Large Cap Value Fund](#classname15ef61c5-18ec-46ad-a2a2-039e70d4f43d)<br> **[Class A - IEDAX](#classname15ef61c5-18ec-46ad-a2a2-039e70d4f43d)**  |
|  [Voya Large Cap Value Fund](#classname955cde2d-28b2-4a3d-9bd9-da8c9f80c0c4)<br> **[Class C - IEDCX](#classname955cde2d-28b2-4a3d-9bd9-da8c9f80c0c4)**  |
|  [Voya Large Cap Value Fund](#classname5ff5fa71-201b-464e-8a1c-c37c9f746834)<br> **[Class I - IEDIX](#classname5ff5fa71-201b-464e-8a1c-c37c9f746834)**  |
|  [Voya Large Cap Value Fund](#classnamee958427e-84f4-4ea1-9018-cf0c1046702b)<br> **[Class R - IEDRX](#classnamee958427e-84f4-4ea1-9018-cf0c1046702b)**  |
|  [Voya Large Cap Value Fund](#classnamef866b3a7-446b-4b5c-b2f4-1606c36cb9bd)<br> **[Class R2 - IEDBX](#classnamef866b3a7-446b-4b5c-b2f4-1606c36cb9bd)**  |
|  [Voya Large Cap Value Fund](#classnameed5a845b-e055-4bd6-8ce4-bb170fcd1e30)<br> **[Class R6 - IEDZX](#classnameed5a845b-e055-4bd6-8ce4-bb170fcd1e30)**  |
|  [Voya Large Cap Value Fund](#classname9263ad3e-e434-4470-b5cf-55fc5558bd5f)<br> **[Class W - IWEDX](#classname9263ad3e-e434-4470-b5cf-55fc5558bd5f)**  |
|  [Voya Large-Cap Growth Fund](#classname2766b017-3535-4c40-ba5b-701143916dc3)<br> **[Class A - NLCAX](#classname2766b017-3535-4c40-ba5b-701143916dc3)**  |
|  [Voya Large-Cap Growth Fund](#classnamecb13a0fb-88b0-45c3-8bb3-db21a0b756e4)<br> **[Class C - NLCCX](#classnamecb13a0fb-88b0-45c3-8bb3-db21a0b756e4)**  |
|  [Voya Large-Cap Growth Fund](#classname384bd86c-e4a5-4584-af66-a4184bfc4c00)<br> **[Class I - PLCIX](#classname384bd86c-e4a5-4584-af66-a4184bfc4c00)**  |
|  [Voya Large-Cap Growth Fund](#classnamed7b35859-d5ed-4d93-b7b3-7e7769946af1)<br> **[Class R - VGORX](#classnamed7b35859-d5ed-4d93-b7b3-7e7769946af1)**  |
|  [Voya Large-Cap Growth Fund](#classnamea445db88-9d99-4642-b70a-88f9670c5de0)<br> **[Class R6 - VGOSX](#classnamea445db88-9d99-4642-b70a-88f9670c5de0)**  |
|  [Voya Large-Cap Growth Fund](#classnamea9c1c673-ce95-422f-861d-80a15a89b29e)<br> **[Class W - IGOWX](#classnamea9c1c673-ce95-422f-861d-80a15a89b29e)**  |
|  [Voya MI Dynamic Small Cap Fund](#classnameeca85fca-4aeb-4222-b05e-7109dba1b96d)<br> **[Class A - VYSYX](#classnameeca85fca-4aeb-4222-b05e-7109dba1b96d)**  |
|  [Voya MI Dynamic Small Cap Fund](#classname89cf31e2-6aac-4a7e-8740-8757cd523c08)<br> **[Class C - VYSZX](#classname89cf31e2-6aac-4a7e-8740-8757cd523c08)**  |
|  [Voya MI Dynamic Small Cap Fund](#classnamebce4c5f0-7e1e-4d2e-ba52-c712579d2cf6)<br> **[Class I - VYSAX](#classnamebce4c5f0-7e1e-4d2e-ba52-c712579d2cf6)**  |
|  [Voya MI Dynamic Small Cap Fund](#classname7bb96379-7001-4894-9b19-24f4ec9a9c69)<br> **[Class R - VYSDX](#classname7bb96379-7001-4894-9b19-24f4ec9a9c69)**  |
|  [Voya MI Dynamic Small Cap Fund](#classname2d202ed5-8807-4910-993a-6770e3e150c9)<br> **[Class R6 - VYSEX](#classname2d202ed5-8807-4910-993a-6770e3e150c9)**  |
|  [Voya MI Dynamic Small Cap Fund](#classname32059e95-d6cb-42d5-9779-eb4b75243eeb)<br> **[Class W - VYSGX](#classname32059e95-d6cb-42d5-9779-eb4b75243eeb)**  |
|  [Voya MI Dynamic SMID Cap Fund](#classname8a85aa16-33ce-47cb-bfb3-6375b82a45df)<br> **[Class A - VYMQX](#classname8a85aa16-33ce-47cb-bfb3-6375b82a45df)**  |
|  [Voya MI Dynamic SMID Cap Fund](#classnameca4b9ef0-572c-4c96-a690-869c657e3e9f)<br> **[Class C - VYMRX](#classnameca4b9ef0-572c-4c96-a690-869c657e3e9f)**  |
|  [Voya MI Dynamic SMID Cap Fund](#classname1cbe1951-6f57-4373-a11d-dd1b5abe1fd0)<br> **[Class I - VYMSX](#classname1cbe1951-6f57-4373-a11d-dd1b5abe1fd0)**  |
|  [Voya MI Dynamic SMID Cap Fund](#classnamef92f1a8f-b5ae-4adc-9ef8-e71e4244d123)<br> **[Class R - VYMVX](#classnamef92f1a8f-b5ae-4adc-9ef8-e71e4244d123)**  |
|  [Voya MI Dynamic SMID Cap Fund](#classnameddf0632d-c001-420c-baa0-6c36e6c0bd9f)<br> **[Class R6 - VYMBX](#classnameddf0632d-c001-420c-baa0-6c36e6c0bd9f)**  |
|  [Voya MI Dynamic SMID Cap Fund](#classname6bd96bd3-b729-4681-affc-8454372eee75)<br> **[Class W - VYMYX](#classname6bd96bd3-b729-4681-affc-8454372eee75)**  |
|  [Voya MidCap Opportunities Fund](#classnameebdb405a-0fad-436e-a23c-316cea2af254)<br> **[Class A - NMCAX](#classnameebdb405a-0fad-436e-a23c-316cea2af254)**  |
|  [Voya MidCap Opportunities Fund](#classnamebf23efea-5795-4381-b342-0f3f24cad188)<br> **[Class C - NMCCX](#classnamebf23efea-5795-4381-b342-0f3f24cad188)**  |
|  [Voya MidCap Opportunities Fund](#classname14825f28-5b3b-4b55-8662-d05c83d25390)<br> **[Class I - NMCIX](#classname14825f28-5b3b-4b55-8662-d05c83d25390)**  |
|  [Voya MidCap Opportunities Fund](#classname09bdc76f-0c6a-48a1-87bf-4192db77cafe)<br> **[Class R - IMORX](#classname09bdc76f-0c6a-48a1-87bf-4192db77cafe)**  |
|  [Voya MidCap Opportunities Fund](#classname1c2edfc7-7a3b-4292-8715-b58dde54e1fa)<br> **[Class R6 - IMOZX](#classname1c2edfc7-7a3b-4292-8715-b58dde54e1fa)**  |
|  [Voya MidCap Opportunities Fund](#classnameaf5be57a-3b4e-4d84-a2ee-642bb97b7956)<br> **[Class W - IMOWX](#classnameaf5be57a-3b4e-4d84-a2ee-642bb97b7956)**  |
|  [Voya Multi-Manager Mid Cap Value Fund](#classnamed03f2f97-6e12-459b-ad27-4903ed1e7168)<br> **[Class I - IMCVX](#classnamed03f2f97-6e12-459b-ad27-4903ed1e7168)**  |
|  [Voya Small Cap Growth Fund](#classnamee3e9f09f-720c-4144-9ca4-ace6e42b6544)<br> **[Class A - VWYFX](#classnamee3e9f09f-720c-4144-9ca4-ace6e42b6544)**  |
|  [Voya Small Cap Growth Fund](#classnamed4651dfe-7843-4b70-acee-7b13b33507b7)<br> **[Class C - VWYGX](#classnamed4651dfe-7843-4b70-acee-7b13b33507b7)**  |
|  [Voya Small Cap Growth Fund](#classname7ae0d38f-a167-4ce8-86b2-133ba4c215aa)<br> **[Class I - TCMSX](#classname7ae0d38f-a167-4ce8-86b2-133ba4c215aa)**  |
|  [Voya Small Cap Growth Fund](#classname6b3868c9-bc9f-4fe6-a400-c9a253592574)<br> **[Class R - VWYIX](#classname6b3868c9-bc9f-4fe6-a400-c9a253592574)**  |
|  [Voya Small Cap Growth Fund](#classnameea7ab54a-599f-4998-838d-cb76091aad14)<br> **[Class R6 - VLNPX](#classnameea7ab54a-599f-4998-838d-cb76091aad14)**  |
|  [Voya Small Cap Growth Fund](#classname47dab99f-6fe0-47b0-946e-bfff79196624)<br> **[Class W - VWYKX](#classname47dab99f-6fe0-47b0-946e-bfff79196624)**  |
|  [Voya VACS Series MCV Fund](#classname12ebf1a8-6f3e-4ad1-beab-b59f0e84c68c)<br> **[VACS Series - VVJEX](#classname12ebf1a8-6f3e-4ad1-beab-b59f0e84c68c)**  |

---

# Class A: VYCAX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $43 | 0.81% |

---

## Fund Statistics
* Total Net Assets$1,277,240,548

* # of Portfolio Holdings101

* Portfolio Turnover Rate12%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Eli Lilly & Co. | 1.4% |
| Merck & Co., Inc. | 1.3% |
| Alphabet, Inc. - Class C | 1.3% |
| Intuitive Surgical, Inc. | 1.3% |
| Thermo Fisher Scientific, Inc. | 1.2% |
| Amgen, Inc. | 1.2% |
| Broadcom, Inc. | 1.2% |
| Caterpillar, Inc. | 1.2% |
| Danaher Corp. | 1.2% |
| General Motors Co. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.2% |
| Health Care | 16.9% |
| Information Technology | 16.2% |
| Industrials | 13.9% |
| Consumer Staples | 9.7% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.3% |
| Utilities | 3.0% |
| Energy | 2.8% |
| Real Estate | 1.9% |
| Materials | 0.8% |
| Short-Term Investments | 1.4% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VYCAX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund
92913K298-SAR

# Class C: VYCBX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $70 | 1.32% |

---

## Fund Statistics
* Total Net Assets$1,277,240,548

* # of Portfolio Holdings101

* Portfolio Turnover Rate12%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Eli Lilly & Co. | 1.4% |
| Merck & Co., Inc. | 1.3% |
| Alphabet, Inc. - Class C | 1.3% |
| Intuitive Surgical, Inc. | 1.3% |
| Thermo Fisher Scientific, Inc. | 1.2% |
| Amgen, Inc. | 1.2% |
| Broadcom, Inc. | 1.2% |
| Caterpillar, Inc. | 1.2% |
| Danaher Corp. | 1.2% |
| General Motors Co. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.2% |
| Health Care | 16.9% |
| Information Technology | 16.2% |
| Industrials | 13.9% |
| Consumer Staples | 9.7% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.3% |
| Utilities | 3.0% |
| Energy | 2.8% |
| Real Estate | 1.9% |
| Materials | 0.8% |
| Short-Term Investments | 1.4% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VYCBX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund
92913K280-SAR

# Class I: VYCCX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $26 | 0.49% |

---

## Fund Statistics
* Total Net Assets$1,277,240,548

* # of Portfolio Holdings101

* Portfolio Turnover Rate12%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Eli Lilly & Co. | 1.4% |
| Merck & Co., Inc. | 1.3% |
| Alphabet, Inc. - Class C | 1.3% |
| Intuitive Surgical, Inc. | 1.3% |
| Thermo Fisher Scientific, Inc. | 1.2% |
| Amgen, Inc. | 1.2% |
| Broadcom, Inc. | 1.2% |
| Caterpillar, Inc. | 1.2% |
| Danaher Corp. | 1.2% |
| General Motors Co. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.2% |
| Health Care | 16.9% |
| Information Technology | 16.2% |
| Industrials | 13.9% |
| Consumer Staples | 9.7% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.3% |
| Utilities | 3.0% |
| Energy | 2.8% |
| Real Estate | 1.9% |
| Materials | 0.8% |
| Short-Term Investments | 1.4% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VYCCX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund
92913K272-SAR

# Class R: VYCFX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $57 | 1.07% |

---

## Fund Statistics
* Total Net Assets$1,277,240,548

* # of Portfolio Holdings101

* Portfolio Turnover Rate12%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Eli Lilly & Co. | 1.4% |
| Merck & Co., Inc. | 1.3% |
| Alphabet, Inc. - Class C | 1.3% |
| Intuitive Surgical, Inc. | 1.3% |
| Thermo Fisher Scientific, Inc. | 1.2% |
| Amgen, Inc. | 1.2% |
| Broadcom, Inc. | 1.2% |
| Caterpillar, Inc. | 1.2% |
| Danaher Corp. | 1.2% |
| General Motors Co. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.2% |
| Health Care | 16.9% |
| Information Technology | 16.2% |
| Industrials | 13.9% |
| Consumer Staples | 9.7% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.3% |
| Utilities | 3.0% |
| Energy | 2.8% |
| Real Estate | 1.9% |
| Materials | 0.8% |
| Short-Term Investments | 1.4% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VYCFX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund
92913K249-SAR

# Class R6: VYCGX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $25 | 0.48% |

---

## Fund Statistics
* Total Net Assets$1,277,240,548

* # of Portfolio Holdings101

* Portfolio Turnover Rate12%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Eli Lilly & Co. | 1.4% |
| Merck & Co., Inc. | 1.3% |
| Alphabet, Inc. - Class C | 1.3% |
| Intuitive Surgical, Inc. | 1.3% |
| Thermo Fisher Scientific, Inc. | 1.2% |
| Amgen, Inc. | 1.2% |
| Broadcom, Inc. | 1.2% |
| Caterpillar, Inc. | 1.2% |
| Danaher Corp. | 1.2% |
| General Motors Co. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.2% |
| Health Care | 16.9% |
| Information Technology | 16.2% |
| Industrials | 13.9% |
| Consumer Staples | 9.7% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.3% |
| Utilities | 3.0% |
| Energy | 2.8% |
| Real Estate | 1.9% |
| Materials | 0.8% |
| Short-Term Investments | 1.4% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VYCGX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund
92913K231-SAR

# Class W: VYCIX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $30 | 0.56% |

---

## Fund Statistics
* Total Net Assets$1,277,240,548

* # of Portfolio Holdings101

* Portfolio Turnover Rate12%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Eli Lilly & Co. | 1.4% |
| Merck & Co., Inc. | 1.3% |
| Alphabet, Inc. - Class C | 1.3% |
| Intuitive Surgical, Inc. | 1.3% |
| Thermo Fisher Scientific, Inc. | 1.2% |
| Amgen, Inc. | 1.2% |
| Broadcom, Inc. | 1.2% |
| Caterpillar, Inc. | 1.2% |
| Danaher Corp. | 1.2% |
| General Motors Co. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 1.4% |
| Common Stock | 98.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 17.2% |
| Health Care | 16.9% |
| Information Technology | 16.2% |
| Industrials | 13.9% |
| Consumer Staples | 9.7% |
| Consumer Discretionary | 8.7% |
| Communication Services | 7.3% |
| Utilities | 3.0% |
| Energy | 2.8% |
| Real Estate | 1.9% |
| Materials | 0.8% |
| Short-Term Investments | 1.4% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: VYCIX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Corporate Leaders<sup>®</sup> 100 Fund
92913K215-SAR

# Class A: VYGJX
![Image](tm262763d2_tsrimg016.jpg)

# Voya Global Income & Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $58 | 1.10% |

---

## Fund Statistics
* Total Net Assets$442,468,023

* # of Portfolio Holdings300

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9% |
| Apple, Inc. | 1.8% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Amazon.com, Inc. | 1.5% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.8% |
| Broadcom, Inc. | 0.8% |
| Coinbase Global, Inc., 0.500%, 06/01/26 | 0.7% |
| Iberdrola Finanzas SA, 0.800%, 12/07/27 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.5% |
| Preferred Stock | 1.1% |
| Equity-Linked Notes | 1.9% |
| Corporate Bonds/Notes | 29.6% |
| Convertible Bonds/Notes | 29.7% |
| Common Stock | 33.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VYGJX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Global Income & Growth Fund
92913K199-SAR

# Class C: VYGKX
![Image](tm262763d2_tsrimg016.jpg)

# Voya Global Income & Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $98 | 1.85% |

---

## Fund Statistics
* Total Net Assets$442,468,023

* # of Portfolio Holdings300

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9% |
| Apple, Inc. | 1.8% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Amazon.com, Inc. | 1.5% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.8% |
| Broadcom, Inc. | 0.8% |
| Coinbase Global, Inc., 0.500%, 06/01/26 | 0.7% |
| Iberdrola Finanzas SA, 0.800%, 12/07/27 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.5% |
| Preferred Stock | 1.1% |
| Equity-Linked Notes | 1.9% |
| Corporate Bonds/Notes | 29.6% |
| Convertible Bonds/Notes | 29.7% |
| Common Stock | 33.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VYGKX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Global Income & Growth Fund
92913K181-SAR

# Class I: VYGLX
![Image](tm262763d2_tsrimg016.jpg)

# Voya Global Income & Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $45 | 0.85% |

---

## Fund Statistics
* Total Net Assets$442,468,023

* # of Portfolio Holdings300

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9% |
| Apple, Inc. | 1.8% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Amazon.com, Inc. | 1.5% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.8% |
| Broadcom, Inc. | 0.8% |
| Coinbase Global, Inc., 0.500%, 06/01/26 | 0.7% |
| Iberdrola Finanzas SA, 0.800%, 12/07/27 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.5% |
| Preferred Stock | 1.1% |
| Equity-Linked Notes | 1.9% |
| Corporate Bonds/Notes | 29.6% |
| Convertible Bonds/Notes | 29.7% |
| Common Stock | 33.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VYGLX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Global Income & Growth Fund
92913K173-SAR

# Class R6: VYGNX
![Image](tm262763d2_tsrimg016.jpg)

# Voya Global Income & Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $45 | 0.85% |

---

## Fund Statistics
* Total Net Assets$442,468,023

* # of Portfolio Holdings300

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9% |
| Apple, Inc. | 1.8% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Amazon.com, Inc. | 1.5% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.8% |
| Broadcom, Inc. | 0.8% |
| Coinbase Global, Inc., 0.500%, 06/01/26 | 0.7% |
| Iberdrola Finanzas SA, 0.800%, 12/07/27 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.5% |
| Preferred Stock | 1.1% |
| Equity-Linked Notes | 1.9% |
| Corporate Bonds/Notes | 29.6% |
| Convertible Bonds/Notes | 29.7% |
| Common Stock | 33.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VYGNX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Global Income & Growth Fund
92913K157-SAR

# Class W: VYGPX
![Image](tm262763d2_tsrimg016.jpg)

# Voya Global Income & Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $45 | 0.85% |

---

## Fund Statistics
* Total Net Assets$442,468,023

* # of Portfolio Holdings300

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.9% |
| Apple, Inc. | 1.8% |
| Alphabet, Inc. - Class A | 1.8% |
| Microsoft Corp. | 1.6% |
| Amazon.com, Inc. | 1.5% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.8% |
| Broadcom, Inc. | 0.8% |
| Coinbase Global, Inc., 0.500%, 06/01/26 | 0.7% |
| Iberdrola Finanzas SA, 0.800%, 12/07/27 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.5% |
| Preferred Stock | 1.1% |
| Equity-Linked Notes | 1.9% |
| Corporate Bonds/Notes | 29.6% |
| Convertible Bonds/Notes | 29.7% |
| Common Stock | 33.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: VYGPX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Global Income & Growth Fund
92913K132-SAR

# Class A: IEDAX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $56 | 1.07% |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: IEDAX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K645-SAR

# Class C: IEDCX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $95 | 1.82% |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: IEDCX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K678-SAR

# Class I: IEDIX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $40 | 0.77% |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IEDIX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K686-SAR

# Class R: IEDRX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $67 | 1.27% |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: IEDRX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K751-SAR

# Class R2: IEDBX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of September 30, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R2<sup>Footnote Reference\*</sup> | $21 | 1.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from September 30, 2025, commencement of operations, to November 30, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R2: IEDBX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K124-SAR

# Class R6: IEDZX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $39 | 0.75% |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: IEDZX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K827-SAR

# Class W: IWEDX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $43 | 0.82% |

---

## Fund Statistics
* Total Net Assets$816,837,111

* # of Portfolio Holdings73

* Portfolio Turnover Rate63%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alphabet, Inc. - Class A | 4.7% |
| Chevron Corp. | 4.2% |
| Bank of America Corp. | 3.7% |
| Duke Energy Corp. | 2.9% |
| Amazon.com, Inc. | 2.5% |
| Wells Fargo & Co. | 2.4% |
| Welltower, Inc. | 2.4% |
| 3M Co. | 2.3% |
| AT&T, Inc. | 2.1% |
| Cisco Systems, Inc. | 2.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.9% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.7% |
| Health Care | 14.3% |
| Industrials | 10.7% |
| Communication Services | 10.7% |
| Information Technology | 10.4% |
| Consumer Staples | 7.3% |
| Energy | 6.6% |
| Consumer Discretionary | 6.3% |
| Utilities | 6.3% |
| Real Estate | 4.1% |
| Materials | 2.6% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IWEDX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large Cap Value Fund
92913K736-SAR

# Class A: NLCAX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large-Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $49 | 0.90% |

---

## Fund Statistics
* Total Net Assets$850,574,753

* # of Portfolio Holdings56

* Portfolio Turnover Rate25%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 11.8% |
| Apple, Inc. | 9.9% |
| Alphabet, Inc. - Class A | 8.2% |
| Broadcom, Inc. | 5.9% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Tesla, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 1.9% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.4% |
| Communication Services | 14.2% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.2% |
| Industrials | 6.2% |
| Financials | 4.7% |
| Consumer Staples | 1.9% |
| Materials | 1.3% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: NLCAX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large-Cap Growth Fund
92913K801-SAR

# Class C: NLCCX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large-Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $90 | 1.65% |

---

## Fund Statistics
* Total Net Assets$850,574,753

* # of Portfolio Holdings56

* Portfolio Turnover Rate25%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 11.8% |
| Apple, Inc. | 9.9% |
| Alphabet, Inc. - Class A | 8.2% |
| Broadcom, Inc. | 5.9% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Tesla, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 1.9% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.4% |
| Communication Services | 14.2% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.2% |
| Industrials | 6.2% |
| Financials | 4.7% |
| Consumer Staples | 1.9% |
| Materials | 1.3% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: NLCCX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large-Cap Growth Fund
92913K603-SAR

# Class I: PLCIX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large-Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $32 | 0.58% |

---

## Fund Statistics
* Total Net Assets$850,574,753

* # of Portfolio Holdings56

* Portfolio Turnover Rate25%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 11.8% |
| Apple, Inc. | 9.9% |
| Alphabet, Inc. - Class A | 8.2% |
| Broadcom, Inc. | 5.9% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Tesla, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 1.9% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.4% |
| Communication Services | 14.2% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.2% |
| Industrials | 6.2% |
| Financials | 4.7% |
| Consumer Staples | 1.9% |
| Materials | 1.3% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: PLCIX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large-Cap Growth Fund
92913K504-SAR

# Class R: VGORX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large-Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $63 | 1.15% |

---

## Fund Statistics
* Total Net Assets$850,574,753

* # of Portfolio Holdings56

* Portfolio Turnover Rate25%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 11.8% |
| Apple, Inc. | 9.9% |
| Alphabet, Inc. - Class A | 8.2% |
| Broadcom, Inc. | 5.9% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Tesla, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 1.9% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.4% |
| Communication Services | 14.2% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.2% |
| Industrials | 6.2% |
| Financials | 4.7% |
| Consumer Staples | 1.9% |
| Materials | 1.3% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VGORX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large-Cap Growth Fund
92913K561-SAR

# Class R6: VGOSX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large-Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $30 | 0.55% |

---

## Fund Statistics
* Total Net Assets$850,574,753

* # of Portfolio Holdings56

* Portfolio Turnover Rate25%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 11.8% |
| Apple, Inc. | 9.9% |
| Alphabet, Inc. - Class A | 8.2% |
| Broadcom, Inc. | 5.9% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Tesla, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 1.9% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.4% |
| Communication Services | 14.2% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.2% |
| Industrials | 6.2% |
| Financials | 4.7% |
| Consumer Staples | 1.9% |
| Materials | 1.3% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VGOSX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large-Cap Growth Fund
92913K553-SAR

# Class W: IGOWX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Large-Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $36 | 0.65% |

---

## Fund Statistics
* Total Net Assets$850,574,753

* # of Portfolio Holdings56

* Portfolio Turnover Rate25%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 11.8% |
| Apple, Inc. | 9.9% |
| Alphabet, Inc. - Class A | 8.2% |
| Broadcom, Inc. | 5.9% |
| Eli Lilly & Co. | 3.5% |
| Visa, Inc. - Class A | 3.2% |
| Amazon.com, Inc. | 3.1% |
| Tesla, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 1.9% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.0% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.4% |
| Communication Services | 14.2% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.2% |
| Industrials | 6.2% |
| Financials | 4.7% |
| Consumer Staples | 1.9% |
| Materials | 1.3% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 1.0% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IGOWX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Large-Cap Growth Fund
92913K579-SAR

# Class A: VYSYX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic Small Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic Small Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $64 | 1.18% |

---

## Fund Statistics
* Total Net Assets$167,773,031

* # of Portfolio Holdings185

* Portfolio Turnover Rate59%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Flowserve Corp. | 2.5% |
| Mueller Water Products, Inc. - Class A | 1.9% |
| Alignment Healthcare, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |
| Guardant Health, Inc. | 1.3% |
| HealthEquity, Inc. | 1.3% |
| Applied Industrial Technologies, Inc. | 1.2% |
| Tri Pointe Homes, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Rambus, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.0)% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Information Technology | 17.5% |
| Health Care | 17.0% |
| Industrials | 16.5% |
| Real Estate | 7.0% |
| Utilities | 5.4% |
| Consumer Discretionary | 5.3% |
| Materials | 3.6% |
| Energy | 3.6% |
| Communication Services | 3.4% |
| Consumer Staples | 0.6% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VYSYX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic Small Cap Fund
92918A881-SAR

# Class C: VYSZX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic Small Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic Small Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $104 | 1.93% |

---

## Fund Statistics
* Total Net Assets$167,773,031

* # of Portfolio Holdings185

* Portfolio Turnover Rate59%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Flowserve Corp. | 2.5% |
| Mueller Water Products, Inc. - Class A | 1.9% |
| Alignment Healthcare, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |
| Guardant Health, Inc. | 1.3% |
| HealthEquity, Inc. | 1.3% |
| Applied Industrial Technologies, Inc. | 1.2% |
| Tri Pointe Homes, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Rambus, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.0)% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Information Technology | 17.5% |
| Health Care | 17.0% |
| Industrials | 16.5% |
| Real Estate | 7.0% |
| Utilities | 5.4% |
| Consumer Discretionary | 5.3% |
| Materials | 3.6% |
| Energy | 3.6% |
| Communication Services | 3.4% |
| Consumer Staples | 0.6% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VYSZX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic Small Cap Fund
92918A873-SAR

# Class I: VYSAX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic Small Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic Small Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $47 | 0.87% |

---

## Fund Statistics
* Total Net Assets$167,773,031

* # of Portfolio Holdings185

* Portfolio Turnover Rate59%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Flowserve Corp. | 2.5% |
| Mueller Water Products, Inc. - Class A | 1.9% |
| Alignment Healthcare, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |
| Guardant Health, Inc. | 1.3% |
| HealthEquity, Inc. | 1.3% |
| Applied Industrial Technologies, Inc. | 1.2% |
| Tri Pointe Homes, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Rambus, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.0)% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Information Technology | 17.5% |
| Health Care | 17.0% |
| Industrials | 16.5% |
| Real Estate | 7.0% |
| Utilities | 5.4% |
| Consumer Discretionary | 5.3% |
| Materials | 3.6% |
| Energy | 3.6% |
| Communication Services | 3.4% |
| Consumer Staples | 0.6% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VYSAX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic Small Cap Fund
92918A865-SAR

# Class R: VYSDX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic Small Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic Small Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $77 | 1.43% |

---

## Fund Statistics
* Total Net Assets$167,773,031

* # of Portfolio Holdings185

* Portfolio Turnover Rate59%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Flowserve Corp. | 2.5% |
| Mueller Water Products, Inc. - Class A | 1.9% |
| Alignment Healthcare, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |
| Guardant Health, Inc. | 1.3% |
| HealthEquity, Inc. | 1.3% |
| Applied Industrial Technologies, Inc. | 1.2% |
| Tri Pointe Homes, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Rambus, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.0)% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Information Technology | 17.5% |
| Health Care | 17.0% |
| Industrials | 16.5% |
| Real Estate | 7.0% |
| Utilities | 5.4% |
| Consumer Discretionary | 5.3% |
| Materials | 3.6% |
| Energy | 3.6% |
| Communication Services | 3.4% |
| Consumer Staples | 0.6% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VYSDX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic Small Cap Fund
92918A832-SAR

# Class R6: VYSEX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic Small Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic Small Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $46 | 0.86% |

---

## Fund Statistics
* Total Net Assets$167,773,031

* # of Portfolio Holdings185

* Portfolio Turnover Rate59%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Flowserve Corp. | 2.5% |
| Mueller Water Products, Inc. - Class A | 1.9% |
| Alignment Healthcare, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |
| Guardant Health, Inc. | 1.3% |
| HealthEquity, Inc. | 1.3% |
| Applied Industrial Technologies, Inc. | 1.2% |
| Tri Pointe Homes, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Rambus, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.0)% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Information Technology | 17.5% |
| Health Care | 17.0% |
| Industrials | 16.5% |
| Real Estate | 7.0% |
| Utilities | 5.4% |
| Consumer Discretionary | 5.3% |
| Materials | 3.6% |
| Energy | 3.6% |
| Communication Services | 3.4% |
| Consumer Staples | 0.6% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VYSEX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic Small Cap Fund
92918A824-SAR

# Class W: VYSGX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic Small Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic Small Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $50 | 0.93% |

---

## Fund Statistics
* Total Net Assets$167,773,031

* # of Portfolio Holdings185

* Portfolio Turnover Rate59%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Flowserve Corp. | 2.5% |
| Mueller Water Products, Inc. - Class A | 1.9% |
| Alignment Healthcare, Inc. | 1.4% |
| Credo Technology Group Holding Ltd. | 1.4% |
| Guardant Health, Inc. | 1.3% |
| HealthEquity, Inc. | 1.3% |
| Applied Industrial Technologies, Inc. | 1.2% |
| Tri Pointe Homes, Inc. | 1.2% |
| Hancock Whitney Corp. | 1.2% |
| Rambus, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (3.0)% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 19.3% |
| Information Technology | 17.5% |
| Health Care | 17.0% |
| Industrials | 16.5% |
| Real Estate | 7.0% |
| Utilities | 5.4% |
| Consumer Discretionary | 5.3% |
| Materials | 3.6% |
| Energy | 3.6% |
| Communication Services | 3.4% |
| Consumer Staples | 0.6% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: VYSGX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic Small Cap Fund
92918A790-SAR

# Class A: VYMQX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic SMID Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic SMID Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $51 | 0.96% |

---

## Fund Statistics
* Total Net Assets$133,914,449

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NiSource, Inc. | 2.3% |
| Flowserve Corp. | 1.6% |
| Applied Industrial Technologies, Inc. | 1.6% |
| Old Republic International Corp. | 1.6% |
| Bio-Techne Corp. | 1.6% |
| Watts Water Technologies, Inc. - Class A | 1.5% |
| ITT, Inc. | 1.4% |
| Pure Storage, Inc. - Class A | 1.3% |
| Tenet Healthcare Corp. | 1.3% |
| TTM Technologies, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.6% |
| Financials | 18.9% |
| Information Technology | 15.5% |
| Health Care | 12.9% |
| Real Estate | 7.7% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.1% |
| Materials | 4.9% |
| Communication Services | 3.7% |
| Energy | 2.0% |
| Exchange-Traded Funds | 1.2% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VYMQX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic SMID Cap Fund
92918A105-SAR

# Class C: VYMRX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic SMID Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic SMID Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $77 | 1.46% |

---

## Fund Statistics
* Total Net Assets$133,914,449

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NiSource, Inc. | 2.3% |
| Flowserve Corp. | 1.6% |
| Applied Industrial Technologies, Inc. | 1.6% |
| Old Republic International Corp. | 1.6% |
| Bio-Techne Corp. | 1.6% |
| Watts Water Technologies, Inc. - Class A | 1.5% |
| ITT, Inc. | 1.4% |
| Pure Storage, Inc. - Class A | 1.3% |
| Tenet Healthcare Corp. | 1.3% |
| TTM Technologies, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.6% |
| Financials | 18.9% |
| Information Technology | 15.5% |
| Health Care | 12.9% |
| Real Estate | 7.7% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.1% |
| Materials | 4.9% |
| Communication Services | 3.7% |
| Energy | 2.0% |
| Exchange-Traded Funds | 1.2% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VYMRX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic SMID Cap Fund
92918A204-SAR

# Class I: VYMSX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic SMID Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic SMID Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $38 | 0.71% |

---

## Fund Statistics
* Total Net Assets$133,914,449

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NiSource, Inc. | 2.3% |
| Flowserve Corp. | 1.6% |
| Applied Industrial Technologies, Inc. | 1.6% |
| Old Republic International Corp. | 1.6% |
| Bio-Techne Corp. | 1.6% |
| Watts Water Technologies, Inc. - Class A | 1.5% |
| ITT, Inc. | 1.4% |
| Pure Storage, Inc. - Class A | 1.3% |
| Tenet Healthcare Corp. | 1.3% |
| TTM Technologies, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.6% |
| Financials | 18.9% |
| Information Technology | 15.5% |
| Health Care | 12.9% |
| Real Estate | 7.7% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.1% |
| Materials | 4.9% |
| Communication Services | 3.7% |
| Energy | 2.0% |
| Exchange-Traded Funds | 1.2% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VYMSX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic SMID Cap Fund
92918A303-SAR

# Class R: VYMVX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic SMID Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic SMID Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $64 | 1.21% |

---

## Fund Statistics
* Total Net Assets$133,914,449

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NiSource, Inc. | 2.3% |
| Flowserve Corp. | 1.6% |
| Applied Industrial Technologies, Inc. | 1.6% |
| Old Republic International Corp. | 1.6% |
| Bio-Techne Corp. | 1.6% |
| Watts Water Technologies, Inc. - Class A | 1.5% |
| ITT, Inc. | 1.4% |
| Pure Storage, Inc. - Class A | 1.3% |
| Tenet Healthcare Corp. | 1.3% |
| TTM Technologies, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.6% |
| Financials | 18.9% |
| Information Technology | 15.5% |
| Health Care | 12.9% |
| Real Estate | 7.7% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.1% |
| Materials | 4.9% |
| Communication Services | 3.7% |
| Energy | 2.0% |
| Exchange-Traded Funds | 1.2% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VYMVX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic SMID Cap Fund
92918A600-SAR

# Class R6: VYMBX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic SMID Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic SMID Cap Fund for the period of September 30, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6<sup>Footnote Reference\*</sup> | $30 | 1.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from September 30, 2025, commencement of operations, to November 30, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$133,914,449

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NiSource, Inc. | 2.3% |
| Flowserve Corp. | 1.6% |
| Applied Industrial Technologies, Inc. | 1.6% |
| Old Republic International Corp. | 1.6% |
| Bio-Techne Corp. | 1.6% |
| Watts Water Technologies, Inc. - Class A | 1.5% |
| ITT, Inc. | 1.4% |
| Pure Storage, Inc. - Class A | 1.3% |
| Tenet Healthcare Corp. | 1.3% |
| TTM Technologies, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.6% |
| Financials | 18.9% |
| Information Technology | 15.5% |
| Health Care | 12.9% |
| Real Estate | 7.7% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.1% |
| Materials | 4.9% |
| Communication Services | 3.7% |
| Energy | 2.0% |
| Exchange-Traded Funds | 1.2% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VYMBX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic SMID Cap Fund
92918A717-SAR

# Class W: VYMYX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MI Dynamic SMID Cap Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MI Dynamic SMID Cap Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $38 | 0.71% |

---

## Fund Statistics
* Total Net Assets$133,914,449

* # of Portfolio Holdings157

* Portfolio Turnover Rate97%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NiSource, Inc. | 2.3% |
| Flowserve Corp. | 1.6% |
| Applied Industrial Technologies, Inc. | 1.6% |
| Old Republic International Corp. | 1.6% |
| Bio-Techne Corp. | 1.6% |
| Watts Water Technologies, Inc. - Class A | 1.5% |
| ITT, Inc. | 1.4% |
| Pure Storage, Inc. - Class A | 1.3% |
| Tenet Healthcare Corp. | 1.3% |
| TTM Technologies, Inc. | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.4% |
| Exchange-Traded Funds | 1.2% |
| Common Stock | 98.7% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.6% |
| Financials | 18.9% |
| Information Technology | 15.5% |
| Health Care | 12.9% |
| Real Estate | 7.7% |
| Consumer Discretionary | 6.7% |
| Utilities | 5.1% |
| Materials | 4.9% |
| Communication Services | 3.7% |
| Energy | 2.0% |
| Exchange-Traded Funds | 1.2% |
| Consumer Staples | 0.7% |
| Short-Term Investments | 2.4% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: VYMYX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MI Dynamic SMID Cap Fund
92918A808-SAR

# Class A: NMCAX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MidCap Opportunities Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $60 | 1.18% |

---

## Fund Statistics
* Total Net Assets$689,915,068

* # of Portfolio Holdings94

* Portfolio Turnover Rate46%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 4.2% |
| Royal Caribbean Cruises Ltd. | 3.4% |
| Howmet Aerospace, Inc. | 3.4% |
| Comfort Systems USA, Inc. | 3.0% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.9% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| Roblox Corp. - Class A | 2.6% |
| Vistra Corp. | 2.5% |
| Datadog, Inc. - Class A | 2.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.5% |
| Consumer Discretionary | 20.3% |
| Health Care | 17.3% |
| Information Technology | 16.9% |
| Financials | 8.3% |
| Communication Services | 5.4% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: NMCAX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MidCap Opportunities Fund
92913K884-SAR

# Class C: NMCCX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MidCap Opportunities Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $98 | 1.93% |

---

## Fund Statistics
* Total Net Assets$689,915,068

* # of Portfolio Holdings94

* Portfolio Turnover Rate46%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 4.2% |
| Royal Caribbean Cruises Ltd. | 3.4% |
| Howmet Aerospace, Inc. | 3.4% |
| Comfort Systems USA, Inc. | 3.0% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.9% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| Roblox Corp. - Class A | 2.6% |
| Vistra Corp. | 2.5% |
| Datadog, Inc. - Class A | 2.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.5% |
| Consumer Discretionary | 20.3% |
| Health Care | 17.3% |
| Information Technology | 16.9% |
| Financials | 8.3% |
| Communication Services | 5.4% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: NMCCX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MidCap Opportunities Fund
92913K868-SAR

# Class I: NMCIX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MidCap Opportunities Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $47 | 0.92% |

---

## Fund Statistics
* Total Net Assets$689,915,068

* # of Portfolio Holdings94

* Portfolio Turnover Rate46%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 4.2% |
| Royal Caribbean Cruises Ltd. | 3.4% |
| Howmet Aerospace, Inc. | 3.4% |
| Comfort Systems USA, Inc. | 3.0% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.9% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| Roblox Corp. - Class A | 2.6% |
| Vistra Corp. | 2.5% |
| Datadog, Inc. - Class A | 2.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.5% |
| Consumer Discretionary | 20.3% |
| Health Care | 17.3% |
| Information Technology | 16.9% |
| Financials | 8.3% |
| Communication Services | 5.4% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: NMCIX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MidCap Opportunities Fund
92913K850-SAR

# Class R: IMORX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MidCap Opportunities Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $73 | 1.43% |

---

## Fund Statistics
* Total Net Assets$689,915,068

* # of Portfolio Holdings94

* Portfolio Turnover Rate46%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 4.2% |
| Royal Caribbean Cruises Ltd. | 3.4% |
| Howmet Aerospace, Inc. | 3.4% |
| Comfort Systems USA, Inc. | 3.0% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.9% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| Roblox Corp. - Class A | 2.6% |
| Vistra Corp. | 2.5% |
| Datadog, Inc. - Class A | 2.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.5% |
| Consumer Discretionary | 20.3% |
| Health Care | 17.3% |
| Information Technology | 16.9% |
| Financials | 8.3% |
| Communication Services | 5.4% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: IMORX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MidCap Opportunities Fund
92913K769-SAR

# Class R6: IMOZX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MidCap Opportunities Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $43 | 0.84% |

---

## Fund Statistics
* Total Net Assets$689,915,068

* # of Portfolio Holdings94

* Portfolio Turnover Rate46%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 4.2% |
| Royal Caribbean Cruises Ltd. | 3.4% |
| Howmet Aerospace, Inc. | 3.4% |
| Comfort Systems USA, Inc. | 3.0% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.9% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| Roblox Corp. - Class A | 2.6% |
| Vistra Corp. | 2.5% |
| Datadog, Inc. - Class A | 2.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.5% |
| Consumer Discretionary | 20.3% |
| Health Care | 17.3% |
| Information Technology | 16.9% |
| Financials | 8.3% |
| Communication Services | 5.4% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: IMOZX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MidCap Opportunities Fund
92913K835-SAR

# Class W: IMOWX
![Image](tm262763d2_tsrimg001.jpg)

# Voya MidCap Opportunities Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $48 | 0.93% |

---

## Fund Statistics
* Total Net Assets$689,915,068

* # of Portfolio Holdings94

* Portfolio Turnover Rate46%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AmerisourceBergen Corp. | 4.2% |
| Royal Caribbean Cruises Ltd. | 3.4% |
| Howmet Aerospace, Inc. | 3.4% |
| Comfort Systems USA, Inc. | 3.0% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cloudflare, Inc. - Class A | 2.9% |
| Alnylam Pharmaceuticals, Inc. | 2.8% |
| Roblox Corp. - Class A | 2.6% |
| Vistra Corp. | 2.5% |
| Datadog, Inc. - Class A | 2.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.2)% |
| Short-Term Investments | 1.9% |
| Common Stock | 99.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.5% |
| Consumer Discretionary | 20.3% |
| Health Care | 17.3% |
| Information Technology | 16.9% |
| Financials | 8.3% |
| Communication Services | 5.4% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 2.2% |
| Consumer Staples | 1.9% |
| Materials | 0.9% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IMOWX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya MidCap Opportunities Fund
92913K744-SAR

# Class I: IMCVX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Multi-Manager Mid Cap Value Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Multi-Manager Mid Cap Value Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $40 | 0.78% |

---

## Fund Statistics
* Total Net Assets$141,163,141

* # of Portfolio Holdings344

* Portfolio Turnover Rate60%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.0% |
| Packaging Corp. of America | 1.6% |
| Labcorp Holdings, Inc. | 1.6% |
| Expedia Group, Inc. | 1.5% |
| CMS Energy Corp. | 1.5% |
| Hartford Financial Services Group, Inc. | 1.5% |
| Performance Food Group Co. | 1.5% |
| Keysight Technologies, Inc. | 1.4% |
| Lincoln Electric Holdings, Inc. | 1.4% |
| Trimble, Inc. | 1.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 2.1% |
| Exchange-Traded Funds | 0.1% |
| Common Stock | 97.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 18.6% |
| Financials | 15.0% |
| Consumer Discretionary | 11.1% |
| Materials | 9.3% |
| Information Technology | 8.7% |
| Health Care | 8.0% |
| Consumer Staples | 7.4% |
| Utilities | 7.3% |
| Real Estate | 6.3% |
| Energy | 5.1% |
| Communication Services | 0.8% |
| Exchange-Traded Funds | 0.1% |
| Short-Term Investments | 2.1% |
| Assets in Excess of Other Liabilities | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IMCVX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Multi-Manager Mid Cap Value Fund
92913K793-SAR

# Class A: VWYFX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $68 | 1.20% |

---

## Fund Statistics
* Total Net Assets$1,660,771,555

* # of Portfolio Holdings101

* Portfolio Turnover Rate67%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.3% |
| Tower Semiconductor Ltd. | 2.2% |
| Alignment Healthcare, Inc. | 2.1% |
| Granite Construction, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.9% |
| Standex International Corp. | 1.7% |
| Bloom Energy Corp. - Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Five Below, Inc. | 1.6% |
| Repligen Corp. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.1% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 26.5% |
| Industrials | 25.2% |
| Information Technology | 22.1% |
| Financials | 8.5% |
| Consumer Discretionary | 8.1% |
| Energy | 2.6% |
| Consumer Staples | 2.1% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 3.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VWYFX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Small Cap Growth Fund
92918A782-SAR

# Class C: VWYGX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $111 | 1.95% |

---

## Fund Statistics
* Total Net Assets$1,660,771,555

* # of Portfolio Holdings101

* Portfolio Turnover Rate67%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.3% |
| Tower Semiconductor Ltd. | 2.2% |
| Alignment Healthcare, Inc. | 2.1% |
| Granite Construction, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.9% |
| Standex International Corp. | 1.7% |
| Bloom Energy Corp. - Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Five Below, Inc. | 1.6% |
| Repligen Corp. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.1% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 26.5% |
| Industrials | 25.2% |
| Information Technology | 22.1% |
| Financials | 8.5% |
| Consumer Discretionary | 8.1% |
| Energy | 2.6% |
| Consumer Staples | 2.1% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 3.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VWYGX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Small Cap Growth Fund
92918A774-SAR

# Class I: TCMSX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $54 | 0.94% |

---

## Fund Statistics
* Total Net Assets$1,660,771,555

* # of Portfolio Holdings101

* Portfolio Turnover Rate67%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.3% |
| Tower Semiconductor Ltd. | 2.2% |
| Alignment Healthcare, Inc. | 2.1% |
| Granite Construction, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.9% |
| Standex International Corp. | 1.7% |
| Bloom Energy Corp. - Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Five Below, Inc. | 1.6% |
| Repligen Corp. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.1% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 26.5% |
| Industrials | 25.2% |
| Information Technology | 22.1% |
| Financials | 8.5% |
| Consumer Discretionary | 8.1% |
| Energy | 2.6% |
| Consumer Staples | 2.1% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 3.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: TCMSX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Small Cap Growth Fund
92913L288-SAR

# Class R: VWYIX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $83 | 1.45% |

---

## Fund Statistics
* Total Net Assets$1,660,771,555

* # of Portfolio Holdings101

* Portfolio Turnover Rate67%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.3% |
| Tower Semiconductor Ltd. | 2.2% |
| Alignment Healthcare, Inc. | 2.1% |
| Granite Construction, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.9% |
| Standex International Corp. | 1.7% |
| Bloom Energy Corp. - Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Five Below, Inc. | 1.6% |
| Repligen Corp. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.1% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 26.5% |
| Industrials | 25.2% |
| Information Technology | 22.1% |
| Financials | 8.5% |
| Consumer Discretionary | 8.1% |
| Energy | 2.6% |
| Consumer Staples | 2.1% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 3.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VWYIX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Small Cap Growth Fund
92918A758-SAR

# Class R6: VLNPX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $48 | 0.84% |

---

## Fund Statistics
* Total Net Assets$1,660,771,555

* # of Portfolio Holdings101

* Portfolio Turnover Rate67%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.3% |
| Tower Semiconductor Ltd. | 2.2% |
| Alignment Healthcare, Inc. | 2.1% |
| Granite Construction, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.9% |
| Standex International Corp. | 1.7% |
| Bloom Energy Corp. - Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Five Below, Inc. | 1.6% |
| Repligen Corp. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.1% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 26.5% |
| Industrials | 25.2% |
| Information Technology | 22.1% |
| Financials | 8.5% |
| Consumer Discretionary | 8.1% |
| Energy | 2.6% |
| Consumer Staples | 2.1% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 3.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VLNPX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Small Cap Growth Fund
92913L270-SAR

# Class W: VWYKX
![Image](tm262763d2_tsrimg001.jpg)

# Voya Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $54 | 0.95% |

---

## Fund Statistics
* Total Net Assets$1,660,771,555

* # of Portfolio Holdings101

* Portfolio Turnover Rate67%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Casella Waste Systems, Inc. - Class A | 2.3% |
| Tower Semiconductor Ltd. | 2.2% |
| Alignment Healthcare, Inc. | 2.1% |
| Granite Construction, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.9% |
| Standex International Corp. | 1.7% |
| Bloom Energy Corp. - Class A | 1.7% |
| Credo Technology Group Holding Ltd. | 1.7% |
| Five Below, Inc. | 1.6% |
| Repligen Corp. | 1.5% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.1% |
| Common Stock | 97.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 26.5% |
| Industrials | 25.2% |
| Information Technology | 22.1% |
| Financials | 8.5% |
| Consumer Discretionary | 8.1% |
| Energy | 2.6% |
| Consumer Staples | 2.1% |
| Real Estate | 1.0% |
| Materials | 1.0% |
| Short-Term Investments | 3.1% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: VWYKX
![QR Code](tm262763d2_tsrimg019.jpg)

# Voya Small Cap Growth Fund
92918A733-SAR

# VACS Series: VVJEX
![Image](tm262763d2_tsrimg001.jpg)

# Voya VACS Series MCV Fund

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2025
This semi-annual shareholder report contains important information about Voya VACS Series MCV Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Series | $8 | 0.16% |

---

## Fund Statistics
* Total Net Assets$113,047,383

* # of Portfolio Holdings346

* Portfolio Turnover Rate61%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.0% |
| Packaging Corp. of America | 1.6% |
| Labcorp Holdings, Inc. | 1.6% |
| Expedia Group, Inc. | 1.5% |
| Hartford Financial Services Group, Inc. | 1.5% |
| CMS Energy Corp. | 1.5% |
| Performance Food Group Co. | 1.5% |
| Keysight Technologies, Inc. | 1.4% |
| Lincoln Electric Holdings, Inc. | 1.4% |
| Hologic, Inc. | 1.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm262763d2_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.2)% |
| Short-Term Investments | 3.4% |
| Exchange-Traded Funds | 0.6% |
| Common Stock | 96.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm262763d2_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 18.3% |
| Financials | 14.8% |
| Consumer Discretionary | 10.9% |
| Materials | 9.2% |
| Information Technology | 8.6% |
| Health Care | 7.8% |
| Consumer Staples | 7.4% |
| Utilities | 7.2% |
| Real Estate | 6.2% |
| Energy | 5.0% |
| Communication Services | 0.8% |
| Exchange-Traded Funds | 0.6% |
| Short-Term Investments | 3.4% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/mutual-fund/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# VACS Series: VVJEX
![QR Code](tm262763d2_tsrimg020.jpg)

# Voya VACS Series MCV Fund
92918A725-SAR

(b) Not applicable.

**Item 2. Code of Ethics.**

Not required for semi-annual filing.

**Item 3. Audit Committee Financial Expert.**

Not required for semi-annual filing.

**Item 4. Principal Accountant Fees and Services.**

Not required for semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not required for semi-annual filing.

**Item 6. Investments.**

(a) Schedule is included as part of the report to shareholders filed
under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The semi-annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm262763d2_img001.jpg)

Semi-Annual Financial Statements and Other Information

**November 30, 2025**

Classes A, C, I, R, R2, R6 and W

■ Voya
 Large-Cap Growth Fund ■ Voya
 Multi-Manager Mid Cap Value Fund

■ Voya
 Large Cap Value Fund ■ Voya
 Small Cap Growth Fund

■ Voya
 MidCap Opportunities Fund

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | |
|:---|:---|
| ![](tm262763d2_img002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm262763d2_img003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#a001) | [1](#a001) |
| [Statements of Operations](#a002) | [5](#a002) |
| [Statements of Changes in Net Assets](#a003) | [7](#a003) |
| [Financial Highlights](#a004) | [10](#a004) |
| [Notes to Financial Statements](#a005) | [15](#a005) |
| [Portfolio of Investments](#a006) | [28](#a006) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#a007) | [47](#a007) |

---

---

| |
|:---|
| &nbsp;&nbsp;**Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

---

**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Large-Cap<br> Growth Fund** | **Voya Large Cap<br> Value Fund** | **Voya MidCap<br> Opportunities<br> Fund** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $842703521 | $808532005 | $685049549 |
| Short-term investments at fair value† | 8125000 | 7464000 | 12947423 |
| Cash | 56986 | 11 | 10926 |
| Foreign currencies at value‡ |  | 4531 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 146669 | 187713 | 248327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 372909 | 1351961 | 225966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 10370 | 848 | 29470 |
| Prepaid expenses | 44614 | 75005 | 44821 |
| Reimbursement due from Investment Adviser |  | 35671 | 26669 |
| Other assets | 35468 | 64565 | 60028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 851495537 | 817716475 | 698643179 |
| **LIABILITIES:** |  |  |  |
| Payable for fund shares redeemed | 350407 | 122086 | 614300 |
| Payable upon receipt of securities loaned |  |  | 7386423 |
| Payable for investment management fees | 353542 | 493749 | 469676 |
| Payable for distribution and shareholder service fees | 35675 | 95982 | 55650 |
| Payable to trustees under the deferred compensation plan (Note 6) | 35468 | 64565 | 60028 |
| Payable for trustee fees | 2088 | 2014 | 1782 |
| Other accrued expenses and liabilities | 143604 | 100968 | 140252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 920784 | 879364 | 8728111 |
| **NET ASSETS** | $850574753 | $816837111 | $689915068 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $301665547 | $619463317 | $521010902 |
| Total distributable earnings | 548909206 | 197373794 | 168904166 |
| **NET ASSETS** | $850574753 | $816837111 | $689915068 |
| +&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including securities loaned at value | $— | $— | $7201553 |
| \* &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in securities | $391200170 | $657307178 | $608024247 |
| † &nbsp;&nbsp;&nbsp;&nbsp; Cost of short-term investments | $8125000 | $7464000 | $12947423 |
| ‡ &nbsp;&nbsp;&nbsp;&nbsp; Cost of foreign currencies | $— | $5051 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Large-Cap<br> Growth Fund** | **Voya Large Cap<br> Value Fund** | **Voya MidCap<br> Opportunities<br> Fund** |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $150690422 | $458434053 | $252926436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2641988 | 37132349 | 13172952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $57.04 | $12.35 | $19.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $60.52 | $13.10 | $20.37 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5637875 | $4357654 | $3482195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 152194 | 353480 | 516882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $37.04 | $12.33 | $6.74 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $468151020 | $343762347 | $320473513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 6658401 | 23644131 | 11969744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $70.31 | $14.54 | $26.77 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $951354 | $465375 | $2735276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 14366 | 37542 | 155347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $66.22 | $12.40 | $17.61 |
| **Class R2** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $3119 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 251 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $12.41 | n/a |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $192813670 | $5547257 | $103568935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2735541 | 382833 | 3785655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $70.48 | $14.49 | $27.36 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $32330412 | $4267306 | $6728713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 483166 | 294158 | 260369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $66.91 | $14.51 | $25.84 |

---

<sup>(1)</sup> Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced.

<sup>†</sup> Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya Multi-<br> Manager Mid Cap<br> Value Fund** | **Voya Small Cap<br> Growth<br> Fund** |
| **ASSETS:** |  |  |
| Investments in securities at fair value\* | $137966318 | $1613347631 |
| Short-term investments at fair value† | 2945048 | 51472000 |
| Cash | 64440 | 135660 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 13358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 54715 | 2513492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 189130 | 558569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 155 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 3376 | 13782 |
| Prepaid expenses | 26036 | 72568 |
| Other assets | 9654 | 39531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 141272230 | 1668154822 |
| **LIABILITIES:** |  |  |
| Payable for investment securities purchased |  | 5819006 |
| Payable for fund shares redeemed | 9633 | 209509 |
| Payable for investment management fees | 79483 | 1041191 |
| Payable for distribution and shareholder service fees |  | 18306 |
| Payable to trustees under the deferred compensation plan (Note 6) | 9654 | 39531 |
| Payable for trustee fees | 385 | 3683 |
| Other accrued expenses and liabilities | 9934 | 252041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 109089 | 7383267 |
| **NET ASSETS** | $141163141 | $1660771555 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $123794179 | $1263520143 |
| Total distributable earnings | 17368962 | 397251412 |
| **NET ASSETS** | $141163141 | $1660771555 |
| \* &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in securities | $130093758 | $1293853079 |
| † Cost of short-term investments | $2945048 | $51472000 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya Multi-<br> Manager Mid Cap<br> Value Fund** | **Voya Small Cap<br> Growth<br> Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $71221990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 1462183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | n/a | $48.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | n/a | $51.68 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $4977748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 104069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | n/a | $47.83 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $141163141 | $1333886928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 14294655 | 27189269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.88 | $49.06 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $831941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 17203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $48.36 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $225797887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 4592576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $49.17 |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $24055061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 491070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $48.99 |

---

<sup>(1)</sup> Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced.

<sup>†</sup> Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Large-Cap<br> Growth Fund** | **Voya Large Cap <br> Value Fund** | **Voya MidCap <br> Opportunities <br> Fund** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends, net of foreign taxes withheld\* | $2127293 | $8039062 | $2371997 |
| Interest | 334 | 1721 | 604 |
| Securities lending income, net | 593 | 1871 | 22796 |
| Other | 1948 | 1910 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2130168 | 8044564 | 2397092 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment management fees | 2135849 | 3027007 | 2983077 |
| Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: | Distribution and shareholder service fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 181620 | 562306 | 328401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 28844 | 22248 | 19626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 2518 | 1815 | 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | 2 |  |
| Transfer agent fees: | Transfer agent fees: | Transfer agent fees: | Transfer agent fees: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 73908 | 163605 | 122181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2957 | 1606 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 68130 | 47123 | 134516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 521 | 237 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 4915 | 171 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 17050 | 1657 | 3350 |
| Shareholder reporting expense | 12762 | 17466 | 17726 |
| Registration fees | 47349 | 45239 | 47356 |
| Professional fees | 36957 | 37705 | 33099 |
| Custody and accounting expense | 25201 | 26597 | 23398 |
| Trustee fees | 10442 | 10068 | 8906 |
| Miscellaneous expense | 34546 | 36612 | 32229 |
| Interest expense |  |  | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2683569 | 4001465 | 3766014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (205988) | (163724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2683569 | 3795477 | 3602290 |
| Net investment income (loss) | (553401) | 4249087 | (1205198) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 86358717 | 52138559 | 66998834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (3087) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 86358717 | 52135472 | 66998834 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 51298158 | 14492175 | (37615117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | 97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 51298158 | 14492272 | (37615117) |
| Net realized and unrealized gain | 137656875 | 66627744 | 29383717 |
| **Increase in net assets resulting from operations** | $137103474 | $70876831 | $28178519 |
| \* Foreign taxes withheld | $— | $10473 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya Multi-<br> Manager Mid Cap<br> Value Fund** | **Voya Small Cap<br> Growth<br> Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $1492982 | $3682571 |
| Interest | 3067 | 33239 |
| Securities lending income, net |  |  |
| Other | 369 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1496418 | 3719108 |
| **EXPENSES:** |  |  |
| Investment management fees | 536478 | 5908205 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 81465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 22094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 2015 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 37881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1963 | 650671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 4151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W |  | 12315 |
| Shareholder reporting expense | 502 | 24354 |
| Registration fees | 9208 | 66078 |
| Professional fees | 9369 | 58272 |
| Custody and accounting expense | 11744 | 42592 |
| Trustee fees | 1923 | 18421 |
| Licensing fee (Note 7) | 6099 |  |
| Miscellaneous expense | 8288 | 49335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 585574 | 6980879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | 13828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 599402 | 6980879 |
| Net investment income (loss) | 897016 | (3261771) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on investments | 4553177 | 121888547 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2910576 | 233577397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2910576 | 233577273 |
| Net realized and unrealized gain | 7463753 | 355465820 |
| **Increase in net assets resulting from operations** | $8360769 | $352204049 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | $2523 | $5546 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** |
|  | **Six Months<br> Ended<br> November 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> May 31,<br> 2025** | **Six Months<br> Ended<br> November 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> May 31,<br> 2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(553401) | $(499464) | $4249087 | $9807073 |
| Net realized gain | 86358717 | 51960644 | 52135472 | 43792924 |
| Net change in unrealized appreciation (depreciation) | 51298158 | 49280802 | 14492272 | 16852109 |
| Increase in net assets resulting from operations | 137103474 | 100741982 | 70876831 | 70452106 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (6613746) | (2168186) | (61202558) |
| &nbsp;&nbsp;&nbsp;Class C |  | (416281) | (4552) | (664460) |
| &nbsp;&nbsp;&nbsp;Class I |  | (15803599) | (1842220) | (37662792) |
| &nbsp;&nbsp;&nbsp;Class R |  | (37045) | (3463) | (132058) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (6130766) | (26395) | (474596) |
| &nbsp;&nbsp;&nbsp;Class W |  | (1387416) | (24052) | (580085) |
| Total distributions |  | (30388853) | (4068868) | (100716549) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 31074961 | 168593737 | 31314887 | 118115654 |
| Reinvestment of distributions |  | 29852101 | 3937538 | 97163347 |
|  | 31074961 | 198445838 | 35252425 | 215279001 |
| Cost of shares redeemed | (109275351) | (190526549) | (81955883) | (156236867) |
| Net increase (decrease) in net assets resulting from capital share transactions | (78200390) | 7919289 | (46703458) | 59042134 |
| Net increase in net assets | 58903084 | 78272418 | 20104505 | 28777691 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 791671669 | 713399251 | 796732606 | 767954915 |
| End of year or period | $850574753 | $791671669 | $816837111 | $796732606 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya MidCap <br> Opportunities Fund** | **Voya MidCap <br> Opportunities Fund** | **Voya Multi-<br> Manager Mid Cap Value Fund** | **Voya Multi-<br> Manager Mid Cap Value Fund** |
|  | **Six Months<br> Ended<br> November 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> May 31,<br> 2025** | **Six Months<br> Ended<br> November 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> May 31,<br> 2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(1205198) | $(1683343) | $897016 | $1797500 |
| Net realized gain | 66998834 | 80152869 | 4553177 | 10563736 |
| Net change in unrealized appreciation (depreciation) | (37615117) | 2820175 | 2910576 | (9133231) |
| Increase in net assets resulting from operations | 28178519 | 81289701 | 8360769 | 3228005 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (33114517) |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  | (1595480) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (30507030) |  | (15367349) |
| &nbsp;&nbsp;&nbsp;Class R |  | (373631) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (9012375) |  |  |
| &nbsp;&nbsp;&nbsp;Class W |  | (768610) |  |  |
| Total distributions |  | (75371643) |  | (15367349) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 30459960 | 94601818 | 50259719 | 41930770 |
| Reinvestment of distributions |  | 66082223 |  | 15367349 |
|  | 30459960 | 160684041 | 50259719 | 57298119 |
| Cost of shares redeemed | (68623064) | (165521836) | (60603141) | (72924446) |
| Net decrease in net assets resulting from capital share transactions | (38163104) | (4837795) | (10343422) | (15626327) |
| Net increase (decrease) in net assets | (9984585) | 1080263 | (1982653) | (27765671) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 699899653 | 698819390 | 143145794 | 170911465 |
| End of year or period | $689915068 | $699899653 | $141163141 | $143145794 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya Small Cap<br> Growth Fund** | **Voya Small Cap<br> Growth Fund** |
|  | **Six Months<br> Ended<br> November 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> May 31,<br> 2025** |
| **FROM OPERATIONS:** |  |  |
| Net investment loss | $(3261771) | $(4397329) |
| Net realized gain | 121888547 | 56754385 |
| Net change in unrealized appreciation (depreciation) | 233577273 | (110557707) |
| Increase (decrease) in net assets resulting from operations | 352204049 | (58200651) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (6326845) |
| &nbsp;&nbsp;&nbsp;Class C |  | (346585) |
| &nbsp;&nbsp;&nbsp;Class I |  | (99499260) |
| &nbsp;&nbsp;&nbsp;Class R |  | (74948) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (10234879) |
| &nbsp;&nbsp;&nbsp;Class W |  | (520340) |
| Total distributions |  | (117002857) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 229736967 | 627827118 |
| Reinvestment of distributions |  | 110707357 |
|  | 229736967 | 738534475 |
| Cost of shares redeemed | (197143543) | (327427984) |
| Net increase in net assets resulting from capital share transactions | 32593424 | 411106491 |
| Net increase in net assets | 384797473 | 235902983 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 1275974082 | 1040071099 |
| End of year or period | $1660771555 | $1275974082 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net <br> asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From <br> net<br> realized<br> gains | From<br> return <br> of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net <br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/additions<br><sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/additions<br><sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 48.41 | (0.11) | 8.74 | 8.63 |  |  |  |  |  | 57.04 | **17.83** | 0.90 | 0.90 | 0.90 | (0.39) | 150690 | 25 |
| 05-31-25 | 44.45 | (0.15) | 6.41 | 6.26 |  | 2.30 |  | 2.30 |  | 48.41 | **13.85** | 0.89 | 0.89 | 0.89 | (0.32) | 133228 | 56 |
| 05-31-24 | 32.76 | (0.06) | 11.75 | 11.69 | 0.00 \* |  |  | 0.00 \* |  | 44.45 | **35.68** | 0.84 | 0.84 | 0.84 | (0.16) | 132555 | 51 |
| 05-31-23 | 37.85 | (0.04) | 1.86 | 1.82 | 0.00 \* | 6.91 |  | 6.91 |  | 32.76 | **7.50** | 0.90 | 0.90 | 0.90 | (0.12) | 105826 | 55 |
| 05-31-22 | 51.32 | (0.20) | (4.26) | (4.46) |  | 9.01 |  | 9.01 |  | 37.85 | **(12.50)** | 0.97 | 0.97 | 0.97 | (0.40) | 115265 | 76 |
| 05-31-21 | 44.45 | (0.13) | 13.62 | 13.49 |  | 6.62 |  | 6.62 |  | 51.32 | **31.23** | 0.96 | 0.96 | 0.96 | (0.26) | 139465 | 93 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11-30-25<sup>+</sup> | 31.56 | (0.20) | 5.68 | 5.48 |  |  |  |  |  | 37.04 | **17.37** | 1.65 | 1.65 | 1.65 | (1.15) | 5638 | 25 |
| 05-31-25 | 29.87 | (0.34) | 4.33 | 3.99 |  | 2.30 |  | 2.30 |  | 31.56 | **12.98** | 1.64 | 1.64 | 1.64 | (1.07) | 5639 | 56 |
| 05-31-24 | 22.17 | (0.23) | 7.93 | 7.70 |  |  |  |  |  | 29.87 | **34.73** | 1.59 | 1.59 | 1.59 | (0.92) | 6120 | 51 |
| 05-31-23 | 28.22 | (0.21) | 1.07 | 0.86 | 0.00 \* | 6.91 |  | 6.91 |  | 22.17 | **6.56** | 1.65 | 1.65 | 1.65 | (0.88) | 7353 | 55 |
| 05-31-22 | 40.58 | (0.46) | (2.89) | (3.35) |  | 9.01 |  | 9.01 |  | 28.22 | **(13.13)** | 1.72 | 1.72 | 1.72 | (1.16) | 10879 | 76 |
| 05-31-21 | 36.52 | (0.41) | 11.09 | 10.68 |  | 6.62 |  | 6.62 |  | 40.58 | **30.25** | 1.71 | 1.71 | 1.71 | (1.01) | 21109 | 93 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 59.58 | (0.02) | 10.75 | 10.73 |  |  |  |  |  | 70.31 | **18.01** | 0.58 | 0.58 | 0.58 | (0.07) | 468151 | 25 |
| 05-31-25 | 54.12 | 0.00 | 7.79 | 7.79 | 0.03 | 2.30 |  | 2.33 |  | 59.58 | **14.20** | 0.58 | 0.58 | 0.58 | 0.00 \* | 426193 | 56 |
| 05-31-24 | 39.83 | 0.05 | 14.31 | 14.36 | 0.07 |  |  | 0.07 |  | 54.12 | **36.09** | 0.57 | 0.57 | 0.57 | 0.10 | 381014 | 51 |
| 05-31-23 | 44.26 | 0.08 | 2.40 | 2.48 | 0.00 \* | 6.91 |  | 6.91 |  | 39.83 | **7.93** | 0.58 | 0.58 | 0.58 | 0.21 | 440942 | 55 |
| 05-31-22 | 58.45 | (0.03) | (5.15) | (5.18) | 0.00 \* | 9.01 |  | 9.01 |  | 44.26 | **(12.19)** | 0.61 | 0.61 | 0.61 | (0.05) | 577160 | 76 |
| 05-31-21 | 49.83 | 0.04 | 15.32 | 15.36 | 0.12 | 6.62 |  | 6.74 |  | 58.45 | **31.64** | 0.61 | 0.63 | 0.63 | 0.07 | 851822 | 93 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11-30-25<sup>+</sup> | 56.28 | (0.20) | 10.14 | 9.94 |  |  |  |  |  | 66.22 | **17.66** | 1.15 | 1.15 | 1.15 | (0.64) | 951 | 25 |
| 05-31-25 | 51.49 | (0.31) | 7.40 | 7.09 |  | 2.30 |  | 2.30 |  | 56.28 | **13.56** | 1.14 | 1.14 | 1.14 | (0.57) | 970 | 56 |
| 05-31-24 | 38.03 | (0.17) | 13.63 | 13.46 |  |  |  |  |  | 51.49 | **35.39** | 1.09 | 1.09 | 1.09 | (0.39) | 849 | 51 |
| 05-31-23 | 42.84 | (0.14) | 2.24 | 2.10 | 0.00 \* | 6.91 |  | 6.91 |  | 38.03 | **7.25** | 1.15 | 1.15 | 1.15 | (0.36) | 721 | 55 |
| 05-31-22 | 57.15 | (0.36) | (4.94) | (5.30) |  | 9.01 |  | 9.01 |  | 42.84 | **(12.71)** | 1.22 | 1.22 | 1.22 | (0.65) | 858 | 76 |
| 05-31-21 | 49.02 | (0.28) | 15.03 | 14.75 |  | 6.62 |  | 6.62 |  | 57.15 | **30.87** | 1.21 | 1.21 | 1.21 | (0.51) | 1018 | 93 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 59.72 | (0.02) | 10.78 | 10.76 |  |  |  |  |  | 70.48 | **18.02** | 0.55 | 0.55 | 0.55 | (0.05) | 192814 | 25 |
| 05-31-25 | 54.23 | 0.01 | 7.81 | 7.82 | 0.03 | 2.30 |  | 2.33 |  | 59.72 | **14.23** | 0.56 | 0.56 | 0.56 | 0.02 | 191425 | 56 |
| 05-31-24 | 39.91 | 0.06 | 14.33 | 14.39 | 0.07 |  |  | 0.07 |  | 54.23 | **36.10** | 0.55 | 0.55 | 0.55 | 0.12 | 159437 | 51 |
| 05-31-23 | 44.34 | 0.09 | 2.39 | 2.48 | 0.00 \* | 6.91 |  | 6.91 |  | 39.91 | **7.91** | 0.57 | 0.57 | 0.57 | 0.23 | 121250 | 55 |
| 05-31-22 | 58.51 | (0.01) | (5.15) | (5.16) | 0.00 \* | 9.01 |  | 9.01 |  | 44.34 | **(12.13)** | 0.56 | 0.56 | 0.56 | (0.02) | 89841 | 76 |
| 05-31-21 | 49.87 | 0.08 | 15.33 | 15.41 | 0.15 | 6.62 |  | 6.77 |  | 58.51 | **31.74** | 0.55 | 0.55 | 0.55 | 0.14 | 306068 | 93 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 56.72 | (0.05) | 10.24 | 10.19 |  |  |  |  |  | 66.91 | **17.96** | 0.65 | 0.65 | 0.65 | (0.15) | 32330 | 25 |
| 05-31-25 | 51.65 | (0.04) | 7.44 | 7.40 | 0.03 | 2.30 |  | 2.33 |  | 56.72 | **14.12** | 0.64 | 0.64 | 0.64 | (0.07) | 34217 | 56 |
| 05-31-24 | 37.96 | 0.03 | 13.66 | 13.69 |  |  |  |  |  | 51.65 | **36.07** | 0.59 | 0.59 | 0.59 | 0.08 | 33424 | 51 |
| 05-31-23 | 42.57 | 0.05 | 2.25 | 2.30 | 0.00 \* | 6.91 |  | 6.91 |  | 37.96 | **7.82** | 0.65 | 0.65 | 0.65 | 0.13 | 26140 | 55 |
| 05-31-22 | 56.58 | (0.08) | (4.92) | (5.00) |  | 9.01 |  | 9.01 |  | 42.57 | **(12.28)** | 0.72 | 0.72 | 0.72 | (0.15) | 52098 | 76 |
| 05-31-21 | 48.42 | 0.01 | 14.86 | 14.87 | 0.09 | 6.62 |  | 6.71 |  | 56.58 | **31.55** | 0.71 | 0.71 | 0.71 | 0.01 | 78049 | 93 |
| **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 11.37 | 0.05 | 0.99 | 1.04 | 0.06 |  |  | 0.06 |  | 12.35 | **9.14** | 1.11 | 1.07 | 1.07 | 0.93 | 458434 | 63 |
| 05-31-25 | 11.95 | 0.13 | 1.00 | 1.13 | 0.15 | 1.56 |  | 1.71 |  | 11.37 | **9.35** | 1.11 | 1.06 | 1.06 | 1.12 | 443093 | 100 |
| 05-31-24 | 10.57 | 0.15 | 2.42 | 2.57 | 0.15 | 1.04 |  | 1.19 |  | 11.95 | **25.80** | 1.16 | 1.10 | 1.10 | 1.29 | 446407 | 94 |
| 05-31-23 | 11.89 | 0.15 | (0.60) | (0.45) | 0.16 | 0.72 |  | 0.88 |  | 10.57 | **(3.79)** | 1.12 | 1.07 | 1.07 | 1.34 | 392251 | 80 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net<br> asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net <br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/additions<br><sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/additions<br><sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** |
| **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** |
| 05-31-22 | 13.25 | 0.12 | <sup>•</sup> | 0.45 | 0.57 | 0.10 | 1.83 |  | 1.93 |  | 11.89 | **4.48** | 1.15 | 1.10 | 1.10 | 0.95 | 439016 | 57 |
| 05-31-21 | 9.74 | 0.12 | <sup>•</sup> | 4.39 | 4.51 | 0.16 | 0.84 |  | 1.00 |  | 13.25 | **48.66** | 1.16 | 1.10 | 1.10 | 1.09 | 452381 | 94 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 11.35 | 0.01 | <sup>•</sup> | 0.98 | 0.99 | 0.01 |  |  | 0.01 |  | 12.33 | **8.74** | 1.86 | 1.82 | 1.82 | 0.17 | 4358 | 63 |
| 05-31-25 | 11.94 | 0.04 | <sup>•</sup> | 0.99 | 1.03 | 0.06 | 1.56 |  | 1.62 |  | 11.35 | **8.45** | 1.86 | 1.81 | 1.81 | 0.37 | 4620 | 100 |
| 05-31-24 | 10.55 | 0.06 | <sup>•</sup> | 2.44 | 2.50 | 0.07 | 1.04 |  | 1.11 |  | 11.94 | **25.02** | 1.91 | 1.85 | 1.85 | 0.55 | 4919 | 94 |
| 05-31-23 | 11.88 | 0.06 | <sup>•</sup> | (0.60) | (0.54) | 0.07 | 0.72 |  | 0.79 |  | 10.55 | **(4.63)** | 1.87 | 1.82 | 1.82 | 0.58 | 4905 | 80 |
| 05-31-22 | 13.25 | 0.02 | <sup>•</sup> | 0.46 | 0.48 | 0.02 | 1.83 |  | 1.85 |  | 11.88 | **3.72** | 1.90 | 1.85 | 1.85 | 0.16 | 6143 | 57 |
| 05-31-21 | 9.74 | 0.04 | <sup>•</sup> | 4.38 | 4.42 | 0.07 | 0.84 |  | 0.91 |  | 13.25 | **47.49** | 1.91 | 1.85 | 1.85 | 0.37 | 10327 | 94 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 13.37 | 0.09 | <sup>•</sup> | 1.15 | 1.24 | 0.07 |  |  | 0.07 |  | 14.54 | **9.33** | 0.82 | 0.77 | 0.77 | 1.23 | 343762 | 63 |
| 05-31-25 | 13.78 | 0.20 | <sup>•</sup> | 1.13 | 1.33 | 0.18 | 1.56 |  | 1.74 |  | 13.37 | **9.63** | 0.83 | 0.76 | 0.76 | 1.42 | 339152 | 100 |
| 05-31-24 | 12.02 | 0.21 | <sup>•</sup> | 2.78 | 2.99 | 0.19 | 1.04 |  | 1.23 |  | 13.78 | **26.22** | 0.84 | 0.76 | 0.76 | 1.63 | 296362 | 94 |
| 05-31-23 | 13.39 | 0.21 | <sup>•</sup> | (0.67) | (0.46) | 0.19 | 0.72 |  | 0.91 |  | 12.02 | **(3.47)** | 0.82 | 0.76 | 0.76 | 1.64 | 232382 | 80 |
| 05-31-22 | 14.68 | 0.18 | <sup>•</sup> | 0.50 | 0.68 | 0.14 | 1.83 |  | 1.97 |  | 13.39 | **4.82** | 0.81 | 0.76 | 0.76 | 1.27 | 245169 | 57 |
| 05-31-21 | 10.70 | 0.18 | <sup>•</sup> | 4.83 | 5.01 | 0.19 | 0.84 |  | 1.03 |  | 14.68 | **49.13** | 0.82 | 0.76 | 0.76 | 1.43 | 271656 | 94 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11-30-25<sup>+</sup> | 11.41 | 0.04 | <sup>•</sup> | 0.99 | 1.03 | 0.04 |  |  | 0.04 |  | 12.40 | **9.03** | 1.36 | 1.27 | 1.27 | 0.71 | 465 | 63 |
| 05-31-25 | 12.00 | 0.11 | <sup>•</sup> | 0.99 | 1.10 | 0.13 | 1.56 |  | 1.69 |  | 11.41 | **9.04** | 1.36 | 1.26 | 1.26 | 0.92 | 1250 | 100 |
| 05-31-24 | 10.60 | 0.12 | <sup>•</sup> | 2.45 | 2.57 | 0.13 | 1.04 |  | 1.17 |  | 12.00 | **25.66** | 1.41 | 1.30 | 1.30 | 1.09 | 932 | 94 |
| 05-31-23 | 11.93 | 0.13 | <sup>•</sup> | (0.61) | (0.48) | 0.13 | 0.72 |  | 0.85 |  | 10.60 | **(4.07)** | 1.37 | 1.27 | 1.27 | 1.14 | 779 | 80 |
| 05-31-22 | 13.29 | 0.09 | <sup>•</sup> | 0.45 | 0.54 | 0.07 | 1.83 |  | 1.90 |  | 11.93 | **4.23** | 1.40 | 1.30 | 1.30 | 0.72 | 886 | 57 |
| 05-31-21 | 9.76 | 0.10 | <sup>•</sup> | 4.40 | 4.50 | 0.13 | 0.84 |  | 0.97 |  | 13.29 | **48.48** | 1.41 | 1.30 | 1.30 | 0.88 | 1032 | 94 |
| **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
| 09-30-25<sup>(4)</sup>- <br>11-30-25<sup>+</sup> | 11.94 | 0.00 | \*• | 0.47 | 0.47 |  |  |  |  |  | 12.41 | **3.94** | 1.26 | 1.22 | 1.22 | 0.89 | 3 | 63 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 13.33 | 0.09 | <sup>•</sup> | 1.15 | 1.24 | 0.08 |  |  | 0.08 |  | 14.49 | **9.29** | 0.80 | 0.75 | 0.75 | 1.25 | 5547 | 63 |
| 05-31-25 | 13.74 | 0.20 | <sup>•</sup> | 1.14 | 1.34 | 0.19 | 1.56 |  | 1.75 |  | 13.33 | **9.70** | 0.80 | 0.74 | 0.74 | 1.46 | 3993 | 100 |
| 05-31-24 | 11.99 | 0.21 | <sup>•</sup> | 2.77 | 2.98 | 0.19 | 1.04 |  | 1.23 |  | 13.74 | **26.23** | 0.80 | 0.74 | 0.74 | 1.66 | 14283 | 94 |
| 05-31-23 | 13.36 | 0.21 | <sup>•</sup> | (0.67) | (0.46) | 0.19 | 0.72 |  | 0.91 |  | 11.99 | **(3.45)** | 0.79 | 0.74 | 0.74 | 1.67 | 17456 | 80 |
| 05-31-22 | 14.65 | 0.18 | <sup>•</sup> | 0.50 | 0.68 | 0.14 | 1.83 |  | 1.97 |  | 13.36 | **4.84** | 0.79 | 0.74 | 0.74 | 1.30 | 20126 | 57 |
| 05-31-21 | 10.68 | 0.18 | <sup>•</sup> | 4.82 | 5.00 | 0.19 | 0.84 |  | 1.03 |  | 14.65 | **49.15** | 0.80 | 0.74 | 0.74 | 1.45 | 18739 | 94 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 13.35 | 0.08 | <sup>•</sup> | 1.15 | 1.23 | 0.07 |  |  | 0.07 |  | 14.51 | **9.25** | 0.86 | 0.82 | 0.82 | 1.18 | 4267 | 63 |
| 05-31-25 | 13.76 | 0.19 | <sup>•</sup> | 1.14 | 1.33 | 0.18 | 1.56 |  | 1.74 |  | 13.35 | **9.60** | 0.86 | 0.81 | 0.81 | 1.37 | 4625 | 100 |
| 05-31-24 | 12.00 | 0.20 | <sup>•</sup> | 2.78 | 2.98 | 0.18 | 1.04 |  | 1.22 |  | 13.76 | **26.17** | 0.91 | 0.85 | 0.85 | 1.55 | 5051 | 94 |
| 05-31-23 | 13.37 | 0.20 | <sup>•</sup> | (0.67) | (0.47) | 0.18 | 0.72 |  | 0.90 |  | 12.00 | **(3.52)** | 0.87 | 0.82 | 0.82 | 1.59 | 4831 | 80 |
| 05-31-22 | 14.66 | 0.17 | <sup>•</sup> | 0.50 | 0.67 | 0.13 | 1.83 |  | 1.96 |  | 13.37 | **4.73** | 0.90 | 0.85 | 0.85 | 1.20 | 5157 | 57 |
| 05-31-21 | 10.69 | 0.17 | <sup>•</sup> | 4.82 | 4.99 | 0.18 | 0.84 |  | 1.02 |  | 14.66 | **48.94** | 0.91 | 0.85 | 0.85 | 1.35 | 5267 | 94 |
| **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 18.49 | (0.05) |)• | 0.76 | 0.71 |  |  |  |  |  | 19.20 | **3.84** | 1.22 | 1.18 | 1.18 | (0.51) | 252926 | 46 |
| 05-31-25 | 18.67 | (0.07) |)• | 2.43 | 2.36 |  | 2.54 |  | 2.54 |  | 18.49 | **12.04** | 1.19 | 1.15 | 1.15 | (0.39) | 256528 | 87 |
| 05-31-24 | 15.70 | (0.09) |)• | 3.23 | 3.14 |  | 0.17 |  | 0.17 |  | 18.67 | **20.10** | 1.25 | 1.20 | 1.20 | (0.50) | 260381 | 70 |
| 05-31-23 | 14.66 | (0.09) |)• | 1.13 | 1.04 |  |  |  |  |  | 15.70 | **7.09** | 1.32 | 1.25 | 1.25 | (0.57) | 233488 | 60 |
| 05-31-22 | 23.82 | (0.17) |)• | (3.32) | (3.49) |  | 5.67 |  | 5.67 |  | 14.66 | **(20.04)** | 1.23 | 1.21 | 1.21 | (0.81) | 246265 | 62 |
| 05-31-21 | 20.41 | (0.20) |)• | 8.70 | 8.50 |  | 5.09 |  | 5.09 |  | 23.82 | **43.16** | 1.27 | 1.25 | 1.25 | (0.87) | 346695 | 82 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from <br> investment operations** | **Income (loss) from <br> investment operations** | **Income (loss) from <br> investment operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net<br> asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From <br> net<br> realized<br> gains | From<br> return <br> of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net <br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/additions<br><sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/additions<br><sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11-30-25<sup>+</sup> | 6.51 | (0.04) |)<sup>•</sup> | 0.27 | 0.23 |  |  |  |  |  | 6.74 | **3.53** | 1.97 | 1.93 | 1.93 | (1.25) | 3482 | 46 |
| 05-31-25 | 8.03 | (0.08) |)<sup>•</sup> | 1.10 | 1.02 |  | 2.54 |  | 2.54 |  | 6.51 | **11.22** | 1.94 | 1.90 | 1.90 | (1.14) | 4223 | 87 |
| 05-31-24 | 6.89 | (0.09) |)<sup>•</sup> | 1.40 | 1.31 |  | 0.17 |  | 0.17 |  | 8.03 | **19.23** | 2.00 | 1.95 | 1.95 | (1.24) | 6266 | 70 |
| 05-31-23 | 6.49 | (0.09) |)<sup>•</sup> | 0.49 | 0.40 |  |  |  |  |  | 6.89 | **6.16** | 2.07 | 2.00 | 2.00 | (1.32) | 7417 | 60 |
| 05-31-22 | 13.68 | (0.18) |)<sup>•</sup> | (1.34) | (1.52) |  | 5.67 |  | 5.67 |  | 6.49 | **(20.58)** | 1.98 | 1.96 | 1.96 | (1.58) | 9451 | 62 |
| 05-31-21 | 13.41 | (0.23) |)<sup>•</sup> | 5.59 | 5.36 |  | 5.09 |  | 5.09 |  | 13.68 | **42.15** | 2.02 | 2.00 | 2.00 | (1.62) | 23803 | 82 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 25.74 | (0.03) |)<sup>•</sup> | 1.06 | 1.03 |  |  |  |  |  | 26.77 | **4.00** | 0.96 | 0.92 | 0.92 | (0.25) | 320474 | 46 |
| 05-31-25 | 25.09 | (0.04) |)<sup>•</sup> | 3.23 | 3.19 |  | 2.54 |  | 2.54 |  | 25.74 | **12.28** | 0.96 | 0.92 | 0.92 | (0.16) | 326618 | 87 |
| 05-31-24 | 20.98 | (0.04) |)<sup>•</sup> | 4.32 | 4.28 |  | 0.17 |  | 0.17 |  | 25.09 | **20.48** | 0.94 | 0.89 | 0.89 | (0.18) | 326546 | 70 |
| 05-31-23 | 19.54 | (0.05) |)<sup>•</sup> | 1.49 | 1.44 |  |  |  |  |  | 20.98 | **7.37** | 1.02 | 0.93 | 0.93 | (0.25) | 301910 | 60 |
| 05-31-22 | 29.83 | (0.14) |)<sup>•</sup> | (4.48) | (4.62) |  | 5.67 |  | 5.67 |  | 19.54 | **(19.77)** | 0.93 | 0.91 | 0.91 | (0.51) | 346729 | 62 |
| 05-31-21 | 24.53 | (0.16) |)<sup>•</sup> | 10.55 | 10.39 |  | 5.09 |  | 5.09 |  | 29.83 | **43.65** | 0.94 | 0.92 | 0.92 | (0.55) | 504762 | 82 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11-30-25<sup>+</sup> | 16.97 | (0.07) |)<sup>•</sup> | 0.71 | 0.64 |  |  |  |  |  | 17.61 | **3.77** | 1.47 | 1.43 | 1.43 | (0.75) | 2735 | 46 |
| 05-31-25 | 17.36 | (0.11) |)<sup>•</sup> | 2.26 | 2.15 |  | 2.54 |  | 2.54 |  | 16.97 | **11.72** | 1.44 | 1.40 | 1.40 | (0.64) | 2927 | 87 |
| 05-31-24 | 14.64 | (0.12) |)<sup>•</sup> | 3.01 | 2.89 |  | 0.17 |  | 0.17 |  | 17.36 | **19.84** | 1.50 | 1.45 | 1.45 | (0.74) | 2683 | 70 |
| 05-31-23 | 13.71 | (0.12) |)<sup>•</sup> | 1.05 | 0.93 |  |  |  |  |  | 14.64 | **6.78** | 1.57 | 1.50 | 1.50 | (0.82) | 2245 | 60 |
| 05-31-22 | 22.68 | (0.21) |)<sup>•</sup> | (3.09) | (3.30) |  | 5.67 |  | 5.67 |  | 13.71 | **(20.23)** | 1.48 | 1.46 | 1.46 | (1.05) | 2241 | 62 |
| 05-31-21 | 19.65 | (0.25) |)<sup>•</sup> | 8.37 | 8.12 |  | 5.09 |  | 5.09 |  | 22.68 | **42.86** | 1.52 | 1.50 | 1.50 | (1.12) | 3388 | 82 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 26.30 | (0.02) |)<sup>•</sup> | 1.08 | 1.06 |  |  |  |  |  | 27.36 | **4.03** | 0.88 | 0.84 | 0.84 | (0.16) | 103569 | 46 |
| 05-31-25 | 25.56 | (0.02) |)<sup>•</sup> | 3.30 | 3.28 |  | 2.54 |  | 2.54 |  | 26.30 | **12.41** | 0.87 | 0.83 | 0.83 | (0.07) | 102197 | 87 |
| 05-31-24 | 21.35 | (0.03) |)<sup>•</sup> | 4.41 | 4.38 |  | 0.17 |  | 0.17 |  | 25.56 | **20.59** | 0.88 | 0.83 | 0.83 | (0.13) | 94763 | 70 |
| 05-31-23 | 19.87 | (0.03) |)<sup>•</sup> | 1.51 | 1.48 |  |  |  |  |  | 21.35 | **7.45** | 0.90 | 0.83 | 0.83 | (0.15) | 98415 | 60 |
| 05-31-22 | 30.22 | (0.12) |)<sup>•</sup> | (4.56) | (4.68) |  | 5.67 |  | 5.67 |  | 19.87 | **(19.71)** | 0.85 | 0.83 | 0.83 | (0.43) | 95140 | 62 |
| 05-31-21 | 24.78 | (0.14) |)<sup>•</sup> | 10.67 | 10.53 |  | 5.09 |  | 5.09 |  | 30.22 | **43.78** | 0.86 | 0.84 | 0.84 | (0.47) | 162052 | 82 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 24.85 | (0.03) |)<sup>•</sup> | 1.02 | 0.99 |  |  |  |  |  | 25.84 | **3.98** | 0.97 | 0.93 | 0.93 | (0.25) | 6729 | 46 |
| 05-31-25 | 24.29 | (0.03) |)<sup>•</sup> | 3.13 | 3.10 |  | 2.54 |  | 2.54 |  | 24.85 | **12.32** | 0.94 | 0.90 | 0.90 | (0.14) | 7407 | 87 |
| 05-31-24 | 20.32 | (0.06) |)<sup>•</sup> | 4.20 | 4.14 |  | 0.17 |  | 0.17 |  | 24.29 | **20.45** | 1.00 | 0.95 | 0.95 | (0.26) | 8181 | 70 |
| 05-31-23 | 18.95 | (0.06) |)<sup>•</sup> | 1.43 | 1.37 |  |  |  |  |  | 20.32 | **7.23** | 1.07 | 1.00 | 1.00 | (0.33) | 11373 | 60 |
| 05-31-22 | 29.11 | (0.15) |)<sup>•</sup> | (4.34) | (4.49) |  | 5.67 |  | 5.67 |  | 18.95 | **(19.82)** | 0.98 | 0.96 | 0.96 | (0.56) | 57800 | 62 |
| 05-31-21 | 24.05 | (0.17) |)<sup>•</sup> | 10.32 | 10.15 |  | 5.09 |  | 5.09 |  | 29.11 | **43.51** | 1.02 | 1.00 | 1.00 | (0.61) | 88959 | 82 |
| **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 9.31 | 0.06 | <sup>•</sup> | 0.51 | 0.57 |  |  |  |  |  | 9.88 | **6.12** | 0.76 | 0.78 | 0.78 | 1.16 | 141163 | 60 |
| 05-31-25 | 10.12 | 0.12 | <sup>•</sup> | 0.18 | 0.30 | 0.15 | 0.96 |  | 1.11 |  | 9.31 | **2.34** | 0.76 | 0.78 | 0.78 | 1.16 | 143146 | 60 |
| 05-31-24 | 8.34 | 0.10 | <sup>•</sup> | 1.77 | 1.87 | 0.09 |  |  | 0.09 |  | 10.12 | **22.58** | 0.80 | 0.79 | 0.79 | 1.09 | 170911 | 57 |
| 05-31-23 | 9.84 | 0.14 | <sup>•</sup> | (0.88) | (0.74) | 0.21 | 0.55 |  | 0.76 |  | 8.34 | **(7.90)** | 0.82 | 0.78 | 0.78 | 1.50 | 129043 | 133 |
| 05-31-22 | 11.72 | 0.11 | <sup>•</sup> | (0.31) | (0.20) | 0.15 | 1.53 |  | 1.68 |  | 9.84 | **(2.44)** | 0.79 | 0.78 | 0.78 | 0.95 | 116274 | 30 |
| 05-31-21 | 7.83 | 0.09 | <sup>•</sup> | 4.22 | 4.31 | 0.10 | 0.32 |  | 0.42 |  | 11.72 | **56.34** **<sup>(5)</sup>** | 0.79 | 0.78 | 0.78 | 0.93 | 175387 | 47 |
| **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** | **Voya Small Cap Growth Fund<sup>(6)</sup>** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 38.30 | (0.15) |)<sup>•</sup> | 10.56 | 10.41 |  |  |  |  |  | 48.71 | **27.18** | 1.20 | 1.20 | 1.20 | (0.70) | 71222 | 67 |
| 05-31-25 | 43.74 | (0.29) |)<sup>•</sup> | (0.79) | (1.08) | 0.65 | 3.71 |  | 4.36 |  | 38.30 | **(4.01)** | 1.25 | 1.24 | 1.24 | (0.66) | 58002 | 130 |
| 05-31-24 | 34.19 | (0.24) |)<sup>•</sup> | 9.79 | 9.55 |  |  |  |  |  | 43.74 | **27.93** | 1.25 | 1.24 | 1.24 | (0.63) | 64303 | 103 |
| 10-07-22<sup>(4)</sup>- <br> 05-31-23 | 32.13 | (0.13) |)<sup>•</sup> | 2.19 | 2.06 |  |  |  |  |  | 34.19 | **6.41** | 1.23 | 1.19 | 1.19 | (0.58) | 52722 | 100 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net <br> asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From <br> net<br> realized<br> gains | From<br> return<br> of <br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net <br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/additions<br><sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/additions<br><sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net <br> assets,<br> end of <br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(6)</sup> (continued)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11-30-25<sup>+</sup> | 37.75 | (0.31) |)<sup>•</sup> | 10.39 | 10.08 |  |  |  |  |  | 47.83 | **26.70** | 1.95 | 1.95 | 1.95 | (1.45) | 4978 | 67 |
| 05-31-25 | 43.20 | (0.60) |)<sup>•</sup> | (0.80) | (1.40) | 0.34 | 3.71 |  | 4.05 |  | 37.75 | **(4.71)** | 2.00 | 1.99 | 1.99 | (1.42) | 3943 | 130 |
| 05-31-24 | 34.03 | (0.53) |)<sup>•</sup> | 9.70 | 9.17 |  |  |  |  |  | 43.20 | **26.95** | 2.00 | 1.99 | 1.99 | (1.39) | 3558 | 103 |
| 10-07-22<sup>(4)</sup>- <br> 05-31-23 | 32.13 | (0.30) |)<sup>•</sup> | 2.20 | 1.90 |  |  |  |  |  | 34.03 | **5.91** | 1.98 | 1.94 | 1.94 | (1.34) | 3124 | 100 |
| **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** | **Class I<sup>(7)</sup>** |
| 11-30-25<sup>+</sup> | 38.52 | (0.10) |)<sup>•</sup> | 10.64 | 10.54 |  |  |  |  |  | 49.06 | **27.37** | 0.94 | 0.94 | 0.94 | (0.44) | 1333887 | 67 |
| 05-31-25 | 43.96 | (0.15) |)<sup>•</sup> | (0.79) | (0.94) | 0.79 | 3.71 |  | 4.50 |  | 38.52 | **(3.70)** | 0.94 | 0.93 | 0.93 | (0.35) | 1051140 | 130 |
| 05-31-24 | 34.25 | (0.12) |)<sup>•</sup> | 9.83 | 9.71 |  |  |  |  |  | 43.96 | **28.35** | 0.92 | 0.91 | 0.91 | (0.30) | 888570 | 103 |
| 05-31-23 | 33.86 | (0.13) |)<sup>•</sup> | 0.52 | 0.39 |  |  |  |  |  | 34.25 | **1.15** | 0.96 | 0.92 | 0.92 | (0.37) | 506612 | 100 |
| 10-01-21 - <br> 05-31-22 | 49.63 | (0.16) |)<sup>•</sup> | (6.98) | (7.14) |  | 8.63 |  | 8.63 |  | 33.86 | **(18.31)** | 0.93 | 0.93 | 0.93 | (0.57) | 426157 | 61 |
| 09-30-21 | 37.26 | (0.32) |)<sup>•</sup> | 15.61 | 15.29 |  | 2.92 |  | 2.92 |  | 49.63 | **42.36** | 0.93 | 0.93 | 0.93 | (0.68) | 502 | 84 |
| 09-30-20 | 34.36 | (0.17) |)<sup>•</sup> | 3.58 | 3.41 |  | 0.51 |  | 0.51 |  | 37.26 | **9.99** | 0.94 | 0.94 | 0.94 | (0.53) | 369 | 111 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11-30-25<sup>+</sup> | 38.07 | (0.21) |)<sup>•</sup> | 10.50 | 10.29 |  |  |  |  |  | 48.36 | **27.03** | 1.45 | 1.45 | 1.45 | (0.95) | 832 | 67 |
| 05-31-25 | 43.56 | (0.40) |)<sup>•</sup> | (0.78) | (1.18) | 0.60 | 3.71 |  | 4.31 |  | 38.07 | **(4.24)** | 1.50 | 1.49 | 1.49 | (0.92) | 716 | 130 |
| 05-31-24 | 34.14 | (0.34) |)<sup>•</sup> | 9.76 | 9.42 |  |  |  |  |  | 43.56 | **27.59** | 1.50 | 1.49 | 1.49 | (0.88) | 643 | 103 |
| 10-07-22<sup>(4)</sup>- <br> 05-31-23 | 32.13 | (0.19) |)<sup>•</sup> | 2.20 | 2.01 |  |  |  |  |  | 34.14 | **6.26** | 1.48 | 1.44 | 1.44 | (0.85) | 319 | 100 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 38.59 | (0.07) |)<sup>•</sup> | 10.65 | 10.58 |  |  |  |  |  | 49.17 | **27.41** | 0.84 | 0.84 | 0.84 | (0.34) | 225798 | 67 |
| 05-31-25 | 44.02 | (0.12) |)<sup>•</sup> | (0.77) | (0.89) | 0.83 | 3.71 |  | 4.54 |  | 38.59 | **(3.60)** | 0.85 | 0.84 | 0.84 | (0.27) | 144817 | 130 |
| 05-31-24 | 34.27 | (0.08) |)<sup>•</sup> | 9.83 | 9.75 |  |  |  |  |  | 44.02 | **28.45** | 0.84 | 0.83 | 0.83 | (0.21) | 79119 | 103 |
| 05-31-23 | 33.84 | (0.08) |)<sup>•</sup> | 0.51 | 0.43 |  |  |  |  |  | 34.27 | **1.27** | 0.87 | 0.83 | 0.83 | (0.23) | 41179 | 100 |
| 04-04-22<sup>(4)</sup>- <br> 05-31-22 | 39.17 | (0.05) |)<sup>•</sup> | (5.28) | (5.33) |  |  |  |  |  | 33.84 | **(13.61)** | 2.10 | 0.85 | 0.85 | (0.97) | 3 | 61 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 38.47 | (0.10) |)<sup>•</sup> | 10.62 | 10.52 |  |  |  |  |  | 48.99 | **27.35** | 0.95 | 0.95 | 0.95 | (0.45) | 24055 | 67 |
| 05-31-25 | 43.92 | (0.18) |)<sup>•</sup> | (0.78) | (0.96) | 0.78 | 3.71 |  | 4.49 |  | 38.47 | **(3.75)** | 1.00 | 0.99 | 0.99 | (0.44) | 17355 | 130 |
| 05-31-24 | 34.25 | (0.15) |)<sup>•</sup> | 9.82 | 9.67 |  |  |  |  |  | 43.92 | **28.23** | 1.00 | 0.99 | 0.99 | (0.39) | 3877 | 103 |
| 10-07-22<sup>(4)</sup>- 05-31-23 | 32.13 | (0.07) |)<sup>•</sup> | 2.19 | 2.12 |  |  |  |  |  | 34.25 | **6.60** | 0.98 | 0.94 | 0.94 | (0.33) | 3425 | 100 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Commencement of operations.

<sup>(5)</sup> Excluding a payment by affiliate in the fiscal year ended May 31, 2021, the total return for Multi-Manager Mid Cap Value would have been 56.13% on Classes I.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | |
|:---|:---|
| <sup>(6)</sup> | Prior to the close of business April 1, 2022, Voya Small Cap Growth Fund operated under a different name and investment adviser. Please see Note 1 for more information regarding the predecessor fund and the reorganization. Effective close of business April 1, 2022, the fiscal year end was changed from September 30 to May 31. For the fiscal years ended September 30, 2020 and 2021, the information presented was audited by a different independent registered public accounting firm and the net assets are expressed in millions. For the periods ended May 31, 2022 and after the net assets are expressed in thousands. |
| <sup>(7)</sup> | Effective close of business April 1, 2022, the shares of the predecessor fund were redesignated as Class I shares of Voya Small Cap Growth Fund. Please see Note 1 for more information. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for: Voya Large-Cap Growth Fund ("Large-Cap Growth"), Voya Large Cap Value Fund ("Large Cap Value"), Voya MidCap Opportunities Fund ("MidCap Opportunities"), Voya Multi-Manager Mid Cap Value Fund ("Multi-Manager Mid Cap Value") and Voya Small Cap Growth Fund ("Small Cap Growth") (each, a "Fund" and collectively, the "Funds"). Each Fund, except Large-Cap Growth, is a diversified series of the Trust. Large-Cap Growth is a non-diversified series of the Trust.

Each Fund offers at least one or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6, Class R2 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees (if any), shareholder servicing fees (if any) and transfer agency fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.

Small Cap Growth acquired all of the assets and liabilities of TCM Small Cap Growth Fund (the "Predecessor Fund') pursuant to an agreement and plan of reorganization (the "Reorganization") effective close of business on April 1, 2022. The Predecessor Fund was a diversified series of Professionally Managed Portfolios, a Massachusetts business trust. The previous fiscal year end of the Predecessor Fund was September 30, 2021. Effective with

the Reorganization, the fiscal year end of the Fund was changed from September 30 to May 31.

Upon completion of the Reorganization, Class I shares of the Fund assumed the performance, financial and other information of the Predecessor Fund's shares. All information and references to the period prior to the close of business April 1, 2022 refer to the Predecessor Fund.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, to serve as sub-adviser to certain of the Funds. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

The Funds' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of a Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund's investments under these levels of classification is included within the Portfolios of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

only when a Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Funds are maintained in U.S. dollars.

Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market
value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases
and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such
transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid.

Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but

are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders*.** The Funds record distributions to their shareholders on the ex-dividend date. Each Fund declares and pays dividends, if any, as follows:

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| | |
|:---|:---|
| **Annually** | **Quarterly** |
| Large-Cap Growth | Large Cap Value |
| MidCap Opportunities |  |
| Multi-Manager Mid Cap Value |  |
| Small Cap Growth |  |

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Each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain for income tax purposes.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Securities Lending***. Each Fund has the option to temporarily loan securities representing up to 331∕3% of its total assets (except Large-Cap Growth which may temporarily lend up to 30% of its total assets) to brokers, dealers or other financial institutions in exchange for a

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds' other risks.

H. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

I. ***Indemnifications***. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended November 30, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large-Cap Growth | $206879904 | $287568105 |
| Large Cap Value | 506733342 | 557229557 |
| MidCap Opportunities | 326112987 | 367003501 |
| Multi-Manager Mid Cap Value | 89547059 | 97255529 |
| Small Cap Growth | 996589727 | 971280843 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Funds have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments, the Investment Adviser to Multi-Manager Mid Cap Value, may, from time to time, directly manage a portion of the Fund's investment portfolio. The Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates.

---

| | |
|:---|:---|
| **Fund** | **As a Percentage of**<br> **Average Daily Net Assets** |
| Large-Cap Growth | 0.51% on all assets |
| Large Cap Value | 0.75% on the first $1 billion; <br> 0.725% on the next $1 billion; <br> 0.70% on the next $1 billion; <br> 0.675% on the next $1 billion; and <br> 0.65% thereafter |
| MidCap Opportunities | 0.85% on the first $500 million; <br> 0.80% on the next $400 million; <br> 0.75% on the next $450 million; and <br> 0.70% thereafter |
| Multi-Manager Mid Cap Value | 0.80% on Actively Managed Assets <br> 0.40% on Passively Managed Assets |
| Small Cap Growth | 0.80% on all assets |

---

Prior to October 1, 2024, the Investment Adviser was obligated to waive 0.02% of the management fee for Small

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

Cap Growth. Effective October 1, 2024, this obligation was terminated. Termination of this obligation required approval by the Board.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for certain Funds and are paid by the Investment Adviser based on the average daily net assets of the respective Funds. Subject to such policies as the Board or the Investment Adviser may determine, each sub-adviser manages each respective Fund's assets in accordance with that Fund's investment objectives, polices, and limitations. The sub-adviser of each Fund is as follows (\*denotes an affiliated sub-adviser):

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| | |
|:---|:---|
| **Fund** | **Sub-Adviser** |
| Large-Cap Growth | Voya IM\* |
| Large Cap Value | Voya IM\* |
| MidCap Opportunities | Voya IM\* |
| Multi-Manager Mid Cap Value | Victory Capital Management, Inc. and Voya IM\* |
| Small Cap Growth | Voya IM\* |

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C, Class R and Class R2 shares of each respective Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to reimburse or compensate expenses incurred in the distribution and promotion of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each share class pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class**<br> **R2** |
| Large-Cap Growth | 0.25% | 1.00% | 0.50% | N/A |
| Large Cap Value | 0.25% | 1.00% | 0.50% | 0.40% |
| MidCap Opportunities | 0.25% | 1.00% | 0.50% | N/A |
| Small Cap Growth | 0.25% | 1.00% | 0.50% | N/A |

---

For Large-Cap Growth, of this Class A 0.25% rate, Distribution Fees shall not exceed 0.10%.

Effective September 30, 2025, the Large Cap Value Class R Distribution Fee waiver was terminated. Prior to September

30, 2025, the Distributor had agreed to waive 0.05% of the Distribution Fee for Class R. Termination of this obligation required approval by the Board.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2025, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** | | |
| Large-Cap Growth | $6189 | $— |
| Large Cap Value | 6397 |  |
| MidCap Opportunities | 2235 |  |
| Small Cap Growth | 2523 |  |
| **Contingent Deferred Sales Charges:** | **Contingent Deferred Sales Charges:** | **Contingent Deferred Sales Charges:** |
| Large-Cap Growth | $— | $446 |
| Large Cap Value |  | 90 |
| MidCap Opportunities |  | 49 |
| Small Cap Growth |  | 29 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At November 30, 2025, the following affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **Fund** | **Percentage** |
| Voya Solution 2035 Portfolio | Multi-Manager Mid Cap Value | 9.00% |
| Voya Solution 2045 Portfolio | Multi-Manager Mid Cap Value | 9.56 |
| Voya Solution Aggressive Portfolio | Multi-Manager Mid Cap Value | 6.58 |
| Voya Solution Moderately Aggressive Portfolio | Multi-Manager Mid Cap Value | 17.20 |

---

The Investment Adviser may direct the Funds' sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to the Funds are reflected as brokerage commission recapture in the accompanying Statements of Operations.

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Large-Cap Growth | $963 |
| Large Cap Value | 6372 |
| MidCap Opportunities | 1447 |
| Small Cap Growth | 2810 |

---

**NOTE 7 — LICENSING FEE**

Multi-Manager Mid Cap Value pays an annual licensing fee to Frank Russell Company in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class**<br> **A** | **Class**<br> **C** | **Class**<br> **I** | **Class**<br> **R** | **Class**<br> **R2** | **Class**<br> **R6** | **Class**<br> **W** |
| Large-Cap Growth | 1.15% | 1.90% | 0.90% | 1.40% | N/A | 0.80% | 0.90% |
| Large Cap Value | 1.10% | 1.85% | 0.76% | 1.35% | 1.25% | 0.74% | 0.85% |
| MidCap Opportunities | 1.35% | 2.10% | 0.98% | 1.60% | N/A | 0.88% | 1.10% |
| Multi-Manager Mid Cap Value | N/A | N/A | 0.78% | N/A | N/A | N/A | N/A |
| Small Cap Growth | 1.30% | 2.05% | 0.95% | 1.55% | N/A | 0.85% | 1.05% |

---

Pursuant to side letter agreements, through October 1, 2026, the Investment Adviser has further lowered the

expense limits for the following Funds. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreements will continue. Termination or modification of these obligations requires approval by the Board.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class**<br> **A** | **Class**<br> **C** | **Class**<br> **I** | **Class**<br> **R** | **Class**<br> **R2** | **Class**<br> **R6** | **Class**<br> **W** |
| Large-Cap Growth | 1.04% | 1.79% | 0.66% | 1.29% | N/A | 0.58% | 0.79% |
| MidCap Opportunities | 1.26% | 2.01% | 0.93% | 1.51% | N/A | 0.83% | 1.01% |

---

Effective October 1, 2025, the side letter expense limits for Large Cap Value expired and reverted back to the limits under the Expense Limitation Agreement listed above. Prior to October 1, 2025, the side letter expense limits for Large Cap Value were 1.10%, 1.85%, 0.76%, 1.35%, 0.74% and 0.85% for Class A, Class C, Class I, Class R, Class R6 and Class W, respectively.

For MidCap Opportunities, any fee waived pursuant to the side letter shall not be eligible for recoupment.

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of November 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,** | **November 30,** | **November 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Large Cap Value | $388884 | $394659 | $402130 | $1185673 |
| Multi-Manager Mid Cap Value | 34912 |  |  | 34912 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of November 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,** | **November 30,** | **November 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** |
| Class I | $33926 | $41746 | $27101 | $102773 |
| Class R6 | 311 | 345 | 206 | 862 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

The expense limitation agreements are contractual through October 1, 2026 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

Effective June 10, 2025, the Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

**NOTE 10 — CAPITAL SHARES**

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Funds utilized the line of credit during the period ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Days Utilized** | **Approximate Average Daily Balance For Days**<br> **Utilized** | **Approximate Weighted Average Interest Rate For Days Utilized** |
| MidCap Opportunities | 1 | $7220000 | 5.33% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold** | **Shares issued in merger** | **Reinvestment of distributions** | **Shares redeemed** | **Shares converted** | **Net increase (decrease) in shares outstanding** | **Shares sold** | **Proceeds from shares issued in merger** | **Reinvestment of distributions** | **Shares redeemed** | **Shares converted** | **Net increase (decrease)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Large-Cap Growth** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 61703 |  |  | (171765) |  | (110062) | 3319047 |  |  | (9258173) |  | (5939126) |
| 5/31/2025 | 172384 |  | 121569 | (523737) |  | (229784) | 8272769 |  | 6175708 | (25262815) |  | (10814338) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 5038 |  |  | (31510) |  | (26472) | 177408 |  |  | (1104551) |  | (927143) |
| 5/31/2025 | 20016 |  | 12494 | (58734) |  | (26224) | 601120 |  | 415172 | (1827687) |  | (811395) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 251296 |  |  | (746206) |  | (494910) | 16697708 |  |  | (49325278) |  | (32627570) |
| 5/31/2025 | 1207704 |  | 251618 | (1346056) |  | 113266 | 68569715 |  | 15705994 | (77981988) |  | 6293721 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 957 |  |  | (3820) |  | (2863) | 60281 |  |  | (245151) |  | (184870) |
| 5/31/2025 | 2417 |  | 627 | (2308) |  | 736 | 135951 |  | 37045 | (126879) |  | 46117 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 154508 |  |  | (624468) |  | (469960) | 10276995 |  |  | (41360539) |  | (31083544) |
| 5/31/2025 | 1428991 |  | 97998 | (1261400) |  | 265589 | 84206742 |  | 6130766 | (73900511) |  | 16436997 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 8752 |  |  | (128828) |  | (120076) | 543522 |  |  | (7981659) |  | (7438137) |
| 5/31/2025 | 135871 |  | 23338 | (203103) |  | (43894) | 6807440 |  | 1387416 | (11426669) |  | (3231813) |
| **Large Cap Value** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 238145 |  | 172956 | (2256221) |  | (1845120) | 2797088 |  | 2043704 | (26566412) |  | (21725620) |
| 5/31/2025 | 874807 |  | 5000402 | (4244237) |  | 1630972 | 10227541 |  | 57772979 | (50191061) |  | 17809459 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 6244 |  | 387 | (60148) |  | (53517) | 73357 |  | 4552 | (710175) |  | (632266) |
| 5/31/2025 | 46179 |  | 57651 | (108951) |  | (5121) | 546413 |  | 664460 | (1251756) |  | (40883) |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold** | **Shares issued in merger** | **Reinvestment of distributions** | **Shares redeemed** | **Shares converted** | **Net increase (decrease) in shares outstanding** | **Shares sold** | **Proceeds from shares issued in merger** | **Reinvestment of distributions** | **Shares redeemed** | **Shares converted** | **Net increase (decrease)** |
| <br>**Year or period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Large Cap Value (continued)** | **Large Cap Value (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1850331 |  | 132149 | (3697802) |  | (1715322) | 25688961 |  | 1837546 | (51431144) |  | (23904637) |
| 5/31/2025 | 6750761 |  | 2767243 | (5658702) |  | 3859302 | 91448647 |  | 37545196 | (76091639) |  | 52902204 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 5547 |  | 292 | (77825) |  | (71986) | 65464 |  | 3456 | (925659) |  | (856739) |
| 5/31/2025 | 29547 |  | 11371 | (9098) |  | 31820 | 345287 |  | 131804 | (107126) |  | 369965 |
| **Class R2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/2025(1)-<br> 11/30/2025 | 251 |  |  |  |  | 251 | 3000 |  |  |  |  | 3000 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 178818 |  | 1904 | (97501) |  | 83221 | 2480355 |  | 26395 | (1357530) |  | 1149220 |
| 5/31/2025 | 1108451 |  | 34708 | (1882702) |  | (739543) | 15443688 |  | 474596 | (27622616) |  | (11704332) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 14968 |  | 1577 | (68963) |  | (52418) | 206662 |  | 21885 | (964963) |  | (736416) |
| 5/31/2025 | 8028 |  | 42423 | (71036) |  | (20585) | 104078 |  | 574312 | (972669) |  | (294279) |
| **MidCap Opportunities** | **MidCap Opportunities** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 208477 |  |  | (911821) |  | (703344) | 4049079 |  |  | (17641759) |  | (13592680) |
| 5/31/2025 | 756769 |  | 1426683 | (2254720) |  | (71268) | 14256800 |  | 27549252 | (42302303) |  | (496251) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 23919 |  |  | (155751) |  | (131832) | 161848 |  |  | (1070328) |  | (908480) |
| 5/31/2025 | 34874 |  | 225230 | (391556) |  | (131452) | 247304 |  | 1536068 | (2787732) |  | (1004360) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 571430 |  |  | (1288806) |  | (717376) | 15411147 |  |  | (34904150) |  | (19493003) |
| 5/31/2025 | 2150650 |  | 1009659 | (3487948) |  | (327639) | 54342386 |  | 27119444 | (89323341) |  | (7861511) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 4060 |  |  | (21142) |  | (17082) | 72302 |  |  | (381809) |  | (309507) |
| 5/31/2025 | 13483 |  | 21004 | (16643) |  | 17844 | 233320 |  | 372823 | (299288) |  | 306855 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 386701 |  |  | (487486) |  | (100785) | 10529201 |  |  | (13407643) |  | (2878442) |
| 5/31/2025 | 970877 |  | 318916 | (1110631) |  | 179162 | 25051403 |  | 8744666 | (28672005) |  | 5124064 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 9004 |  |  | (46675) |  | (37671) | 236383 |  |  | (1217375) |  | (980992) |
| 5/31/2025 | 19547 |  | 29320 | (87584) |  | (38717) | 470605 |  | 759970 | (2137167) |  | (906592) |
| **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 5139622 |  |  | (6226476) |  | (1086854) | 50259719 |  |  | (60603141) |  | (10343422) |
| 5/31/2025 | 4335897 |  | 1560137 | (7409215) |  | (1513181) | 41930770 |  | 15367349 | (72924446) |  | (15626327) |
| **Small Cap Growth** | **Small Cap Growth** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 34172 |  |  | (86332) |  | (52160) | 1515047 |  |  | (3763195) |  | (2248148) |
| 5/31/2025 | 149083 |  | 119237 | (224227) |  | 44093 | 6456002 |  | 5400263 | (9552931) |  | 2303334 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 14289 |  |  | (14673) |  | (384) | 629851 |  |  | (627219) |  | 2632 |
| 5/31/2025 | 46168 |  | 7681 | (31742) |  | 22107 | 1913918 |  | 344096 | (1373402) |  | 884612 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 3562194 |  |  | (3657773) |  | (95579) | 159578527 |  |  | (162070451) |  | (2491924) |
| 5/31/2025 | 11613215 |  | 2069370 | (6609997) |  | 7072588 | 491883399 |  | 94135656 | (277767515) |  | 308251540 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1104 |  |  | (2716) |  | (1612) | 47606 |  |  | (122161) |  | (74555) |
| 5/31/2025 | 12403 |  | 1663 | (10016) |  | 4050 | 533794 |  | 74948 | (435151) |  | 173591 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1455313 |  |  | (615195) |  | 840118 | 63244253 |  |  | (27447264) |  | 35796989 |
| 5/31/2025 | 2545335 |  | 224701 | (815105) |  | 1954931 | 108500707 |  | 10232891 | (35461112) |  | 83272486 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 107788 |  |  | (67872) |  | 39916 | 4721683 |  |  | (3113253) |  | 1608430 |
| 5/31/2025 | 424586 |  | 11435 | (73156) |  | 362865 | 18539298 |  | 519503 | (2837873) |  | 16220928 |

---

<sup>(1)</sup> Commencement of operations.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to

certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **MidCap Opportunities**<br>**Counterparty** | <br>**Securities**<br> **Loaned at Value** | <br>**Cash Collateral <br> Received<sup>(1)</sup>** | <br>**Net Amount** |
| BNP Paribas Securities Corp. | $1819684 | $(1819684) | $— |
| Jefferies LLC | **5381869** | **(5381869)** |  |
| Total | $7201553 | $(7201553) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $7,386,423 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs) and wash sale deferrals.

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **May 31, 2025** | **Year Ended**<br> **May 31, 2025** | **Year Ended**<br> **May 31, 2024** | **Year Ended**<br> **May 31, 2024** |
|  | **Ordinary**<br> **Income** | **Long-term**<br> **Capital Gains** | **Ordinary**<br> **Income** | **Long-term**<br> **Capital Gains** |
| Large-Cap Growth | $261501 | $30127352 | $772236 | $— |
| Large Cap Value | 24699945 | 76016604 | 16081142 | 50437427 |
| MidCap Opportunities |  | 75371643 |  | 5797978 |
| Multi-Manager Mid Cap Value | 7118982 | 8248367 | 1381358 |  |
| Small Cap Growth | 31769541 | 85233316 |  |  |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of May 31, 2025, were:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-term Capital Gains** | **Late Year Ordinary Losses Deferred** | **Post-October Capital Losses Deferred** | **Unrealized Appreciation/(Depreciation)** | **Capital Loss Amount** |  | **Carryforward Character** | **Total Distributable Earnings/(Loss)** |
| Large-Cap Growth | $— | $18744942 | $— | $— | $393060790 | $— |  |  | $411805732 |
| Large Cap Value | 1187820 |  |  | (2162218) | 131540229 |  |  |  | 130565831 |
| MidCap Opportunities |  | 29592367 | (157303) |  | 111290583 |  |  |  | 140725647 |
| Multi-Manager Mid Cap Value |  | 5063794 |  |  | 3944398 |  |  |  | 9008192 |
| Small Cap Growth |  |  | (12573044) | (1266421) | 74029593 | (15142765) |)\* | Short-term | 45047363 |

---

\* Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

The Funds' major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and

environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Funds' financial statements..

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 16 — SUBSEQUENT EVENTS**

*Dividends*: Subsequent to November 30, 2025, the following Funds declared and paid dividends and distributions of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | **PER SHARE AMOUNTS** | | |
|  | **Net Investment**<br> **Income** | **Short-term**<br> **Capital Gains** | **Long-term**<br> **Capital Gains** | <br>**Payable**<br> **Date** | <br>**Record**<br> **Date** |
| **Large-Cap Growth** |  |  |  |  |  |
| Class A | $- | $0.4261 | $7.4274 | December 12, 2025 | December 11, 2025 |
| Class C | $- | $0.4261 | $7.4274 | December 12, 2025 | December 11, 2025 |
| Class I | $- | $0.4261 | $7.4274 | December 12, 2025 | December 11, 2025 |
| Class R | $- | $0.4261 | $7.4274 | December 12, 2025 | December 11, 2025 |
| Class R6 | $- | $0.4261 | $7.4274 | December 12, 2025 | December 11, 2025 |
| Class W | $- | $0.4261 | $7.4274 | December 12, 2025 | December 11, 2025 |
| **Large Cap Value** |  |  |  |  |  |
| All Classes | $- | $- | $0.8351 | December 12, 2025 | December 11, 2025 |
| Class A | $0.0221 | $- | $- | December 26, 2025 | December 24, 2025 |
| Class C | $0.0009 | $- | $- | December 26, 2025 | December 24, 2025 |
| Class I | $0.0318 | $- | $- | December 26, 2025 | December 24, 2025 |
| Class R | $0.0144 | $- | $- | December 26, 2025 | December 24, 2025 |
| Class R2 | $0.0177 | $- | $- | December 26, 2025 | December 24, 2025 |
| Class R6 | $0.0321 | $- | $- | December 26, 2025 | December 24, 2025 |
| Class W | $0.0291 | $- | $- | December 26, 2025 | December 24, 2025 |
| **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** |
| All Classes | $- | $1.5744 | $1.6480 | December 12, 2025 | December 11, 2025 |
| **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** |
| Class I | $0.0598 | $- | $0.7710 | December 12, 2025 | December 11, 2025 |
| **Small Cap Growth** |  |  |  |  |  |
| Class A | $- | $- | $2.5871 | December 12, 2025 | December 11, 2025 |
| Class C | $- | $- | $2.5871 | December 12, 2025 | December 11, 2025 |
| Class I | $- | $- | $2.5871 | December 12, 2025 | December 11, 2025 |
| Class R | $- | $- | $2.5871 | December 12, 2025 | December 11, 2025 |
| Class R6 | $- | $- | $2.5871 | December 12, 2025 | December 11, 2025 |
| Class W | $- | $- | $2.5871 | December 12, 2025 | December 11, 2025 |

---

Reorganization: The Board approved a proposal to reorganize each disappearing portfolio set forth below (together, the "Disappearing Portfolios") with and into the following "Surviving Fund" (each a "Reorganization" and together, the "Reorganizations"):

---

| | |
|:---|:---|
| **Disappearing Portfolio**<br> **(not included in this report)** | **Surviving Fund** |
| Voya Large Cap Value Portfolio | Large Cap Value |
| VY® T. Rowe Price Equity Income Portfolio | Large Cap Value |

---

Each proposed Reorganization is subject to approval by the shareholders of the relevant Disappearing Portfolio. A proxy statement/prospectus detailing the proposed Reorganizations is expected to be mailed to the Disappearing Portfolios' shareholders on or about October 1, 2025, and shareholder meetings are scheduled to be held on or about November 20, 2025. If shareholder approval is obtained, the proposed Reorganizations are expected to take place on or about December 5, 2025.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 16 — SUBSEQUENT EVENTS (continued)**

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Large-Cap Growth Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage** **<br> of Net <br> Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Communication Services: 14.2%** | **Communication Services: 14.2%** | **Communication Services: 14.2%** |
| 217118 | Alphabet, Inc. - Class A | $69516841 | 8.2 |
| 25612 | Meta Platforms, Inc. - Class A | 16595295 | 1.9 |
| 110524 <sup>(1)</sup> | Netflix, Inc. | 11890172 | 1.4 |
| 21522 <sup>(1)</sup> | Reddit, Inc. - Class A | 4658867 | 0.5 |
| 55759 <sup>(1)</sup> | ROBLOX Corp. - Class A | 5298778 | 0.6 |
| 12379 <sup>(1)</sup> | Spotify Technology SA | 7413412 | 0.9 |
| 22899 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 5634757 | 0.7 |
|  |  | **121008122** | **14.2** |
|  | **Consumer Discretionary: 10.8%** | **Consumer Discretionary: 10.8%** | **Consumer Discretionary: 10.8%** |
| 114294 <sup>(1)</sup> | Amazon.com, Inc. | 26655647 | 3.1 |
| 1914 | Booking Holdings, Inc. | 9406717 | 1.1 |
| 35814 | Lowe's Cos., Inc. | 8684179 | 1 |
| 74716 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 7598617 | 0.9 |
| 26257 | Royal Caribbean Cruises Ltd. | 6990926 | 0.8 |
| 66858 | Starbucks Corp. | 5824000 | 0.7 |
| 47317 <sup>(1)</sup> | Tesla, Inc. | 20354354 | 2.4 |
| 36648 | Williams-Sonoma, Inc. | 6597006 | 0.8 |
|  |  | **92111446** | **10.8** |
|  | **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** |
| 55980 <sup>(1)</sup> | Dollar Tree, Inc. | 6203144 | 0.7 |
| 25712 | Philip Morris International, Inc. | 4049126 | 0.5 |
| 54813 | Walmart, Inc. | 6057384 | 0.7 |
|  |  | **16309654** | **1.9** |
|  | **Energy: 0.6%** | **Energy: 0.6%** | **Energy: 0.6%** |
| 42890 | Chesapeake Energy Corp. | **5229578** | **0.6** |
|  | **Financials: 4.7%** | **Financials: 4.7%** | **Financials: 4.7%** |
| 164372 | Blue Owl Capital, Inc. | 2465580 | 0.3 |
| 12606 | Goldman Sachs Group, Inc. | 10413060 | 1.2 |
| 81201 | Visa, Inc. - Class A | 27156863 | 3.2 |
|  |  | **40035503** | **4.7** |
|  | **Health Care: 8.2%** | **Health Care: 8.2%** | **Health Care: 8.2%** |
| 18817 | Danaher Corp. | 4267319 | 0.5 |
| 115991 <sup>(1)</sup> | Doximity, Inc. - Class A | 5966577 | 0.7 |
| 28141 | Eli Lilly & Co. | 30264801 | 3.5 |
| 10329 | McKesson Corp. | 9101089 | 1.1 |
| 5481 | Regeneron Pharmaceuticals, Inc. | 4276222 | 0.5 |
| 27089 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 11746061 | 1.4 |
| 10446 <sup>(1)</sup> | Waters Corp. | 4214125 | 0.5 |
|  |  | **69836194** | **8.2** |
|  | **Industrials: 6.2%** | **Industrials: 6.2%** | **Industrials: 6.2%** |
| 38036 | 3M Co. | 6544094 | 0.8 |
| 7469 <sup>(1)</sup> | Axon Enterprise, Inc. | 4034306 | 0.5 |
| 26548 <sup>(1)</sup> | Builders FirstSource, Inc. | 2979482 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage** **<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 7843 | Comfort Systems USA, Inc. | $| 7662140 | 0.9 |
| 43155 | Howmet Aerospace, Inc. |  | 8829082 | 1 |
| 52382 | Johnson Controls International PLC |  | 6092550 | 0.7 |
| 93800 <sup>(1)</sup> | Uber Technologies, Inc. |  | 8211252 | 1 |
| 10059 | United Rentals, Inc. |  | 8199896 | 1 |
|  |  |  | **52552802** | **6.2** |
|  | **Information Technology: 50.4%** | **Information Technology: 50.4%** | **Information Technology: 50.4%** | **Information Technology: 50.4%** |
| 16586 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 3607953 | 0.4 |
| 302437 | Apple, Inc. |  | 84334557 | 9.9 |
| 14488 <sup>(1)</sup> | AppLovin Corp. - Class A |  | 8685266 | 1 |
| 123926 | Broadcom, Inc. |  | 49937221 | 5.9 |
| 32266 <sup>(1)</sup> | Cloudflare, Inc. - Class A |  | 6459976 | 0.8 |
| 13507 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 6877224 | 0.8 |
| 58957 | Lam Research Corp. |  | 9197292 | 1.1 |
| 18518 | Micron Technology, Inc. |  | 4379137 | 0.5 |
| 203633 | Microsoft Corp. |  | 100189472 | 11.8 |
| 652746 | NVIDIA Corp. |  | 115536042 | 13.6 |
| 32418 <sup>(1)</sup> | Onto Innovation, Inc. |  | 4640961 | 0.6 |
| 25769 | Oracle Corp. |  | 5204050 | 0.6 |
| 52520 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A |  | 8846994 | 1 |
| 13708 <sup>(1)</sup> | ServiceNow, Inc. |  | 11136516 | 1.3 |
| 36918 <sup>(1)</sup> | Snowflake, Inc. - Class A |  | 9275278 | 1.1 |
|  |  |  | **428307939** | **50.4** |
|  | **Materials: 1.3%** | **Materials: 1.3%** | **Materials: 1.3%** | **Materials: 1.3%** |
| 17529 | Sherwin-Williams Co. |  | 6024542 | 0.7 |
| 17874 | Vulcan Materials Co. |  | 5312868 | 0.6 |
|  |  |  | **11337410** | **1.3** |
|  | **Real Estate: 0.7%** | **Real Estate: 0.7%** | **Real Estate: 0.7%** | **Real Estate: 0.7%** |
| 28695 | Welltower, Inc. |  | **5974873** | **0.7** |
|  | Total Common Stock <br> (Cost $391,200,170) |  | **842703521** | **99.0** |

---

See Accompanying Notes to Financial Statements.

<u>Voya Large-Cap Growth Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** |
|  | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** |
| 8125000 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880%<br> (Cost $8,125,000) | $**8125000** | **1.0** |
|  | Total Short-Term Investments <br> (Cost $8,125,000) | $**8125000** | **1.0** |
|  | **Total Investments in Securities <br> (Cost $399,325,170)** | $**850828521** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(253768)** | **0.0** |
|  | **Net Assets** | $**850574753** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements.

<u>Voya Large-Cap Growth Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable <br> Inputs<br> (Level 2)** | **Significant <br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> November 30, <br> 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $842703521 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $842703521 |
| Short-Term Investments | 8125000 |  |  | 8125000 |
| Total Investments, at fair value | $850828521 | $— | $— | $850828521 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> <sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $406,469,573. | Cost for U.S. federal income tax purposes was $406,469,573. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $461984830 |
| Gross Unrealized Depreciation | (17625882) |
| Net Unrealized Appreciation | $444358948 |

---

See Accompanying Notes to Financial Statements.

<u>Voya Large Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** | **COMMON STOCK: 99.0%** |
|  | **Communication Services: 10.7%** | **Communication Services: 10.7%** | **Communication Services: 10.7%** |
| 118779 | Alphabet, Inc. - Class A | $38030660 | 4.7 |
| 671122 | AT&T, Inc. | 17462595 | 2.1 |
| 176701 <sup>(1)</sup> | Pinterest, Inc. - Class A | 4615430 | 0.6 |
| 34019 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 8371055 | 1 |
| 118574 | Walt Disney Co. | 12387426 | 1.5 |
| 256855 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 6164520 | 0.8 |
|  |  | **87031686** | **10.7** |
|  | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** | **Consumer Discretionary: 6.3%** |
| 88169 <sup>(1)</sup> | Amazon.com, Inc. | 20562774 | 2.5 |
| 952 | Booking Holdings, Inc. | 4678785 | 0.6 |
| 54225 | Lowe's Cos., Inc. | 13148478 | 1.6 |
| 40993 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 4168988 | 0.5 |
| 51543 | Williams-Sonoma, Inc. | 9278256 | 1.1 |
|  |  | **51837281** | **6.3** |
|  | **Consumer Staples: 7.3%** | **Consumer Staples: 7.3%** | **Consumer Staples: 7.3%** |
| 161659 | Coca-Cola Co. | 11820506 | 1.5 |
| 64283 <sup>(1)</sup> | Dollar Tree, Inc. | 7123199 | 0.9 |
| 123362 | McCormick & Co., Inc. | 8324468 | 1 |
| 105448 | Philip Morris International, Inc. | 16605951 | 2 |
| 105407 | Procter & Gamble Co. | 15617101 | 1.9 |
|  |  | **59491225** | **7.3** |
|  | **Energy: 6.6%** | **Energy: 6.6%** | **Energy: 6.6%** |
| 63015 | Chesapeake Energy Corp. | 7683419 | 0.9 |
| 228658 | Chevron Corp. | 34557083 | 4.2 |
| 45462 | Expand Energy Corp. | 5543182 | 0.7 |
| 120924 | HF Sinclair Corp. | 6398089 | 0.8 |
|  |  | **54181773** | **6.6** |
|  | **Financials: 19.7%** | **Financials: 19.7%** | **Financials: 19.7%** |
| 176872 | American International Group, Inc. | 13470572 | 1.6 |
| 67513 | Assurant, Inc. | 15403766 | 1.9 |
| 560667 | Bank of America Corp. | 30079785 | 3.7 |
| 102360 | Intercontinental Exchange, Inc. | 16101228 | 2 |
| 222779 | Lazard, Inc. | 11250339 | 1.4 |
| 54382 | PNC Financial Services Group, Inc. | 10371735 | 1.3 |
| 130506 | State Street Corp. | 15532824 | 1.9 |
| 71370 | Stifel Financial Corp. | 8707140 | 1.1 |
| 152089 | Synchrony Financial | 11765605 | 1.4 |
| 731046 | Valley National Bancorp | 8275441 | 1 |
| 230853 | Wells Fargo & Co. | 19818730 | 2.4 |
|  |  | **160777165** | **19.7** |
|  | **Health Care: 14.3%** | **Health Care: 14.3%** | **Health Care: 14.3%** |
| 95352 | Abbott Laboratories | 12290873 | 1.5 |
| 51777 | AbbVie, Inc. | 11789623 | 1.4 |
| 146402 <sup>(1)</sup> | Centene Corp. | 5759455 | 0.7 |
| 47597 | Danaher Corp. | 10794047 | 1.3 |
| 40223 | Humana, Inc. | 9885607 | 1.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 8448 | McKesson Corp. | $| 7443702 | 0.9 |
| 6073 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 8968120 | 1.1 |
| 632610 | Pfizer, Inc. |  | 16283381 | 2 |
| 7862 | Regeneron Pharmaceuticals, Inc. |  | 6133854 | 0.8 |
| 25270 | Thermo Fisher Scientific, Inc. |  | 14930274 | 1.8 |
| 30163 | Universal Health Services, Inc. - Class B |  | 7348612 | 0.9 |
| 12151 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. |  | 5268795 | 0.7 |
|  |  |  | **116896343** | **14.3** |
|  | **Industrials: 10.7%** | **Industrials: 10.7%** | **Industrials: 10.7%** | **Industrials: 10.7%** |
| 110500 | 3M Co. |  | 19011525 | 2.3 |
| 44152 <sup>(1)</sup> | Boeing Co. |  | 8344728 | 1 |
| 14676 <sup>(1)</sup> | Dycom Industries, Inc. |  | 5305814 | 0.7 |
| 235730 <sup>(1)</sup> | Gates Industrial Corp. PLC |  | 5365215 | 0.7 |
| 186024 | Leonardo DRS, Inc. |  | 6356440 | 0.8 |
| 16265 | Parker-Hannifin Corp. |  | 14015551 | 1.7 |
| 131328 | RELX PLC, ADR |  | 5280699 | 0.6 |
| 22208 <sup>(1)</sup> | Saia, Inc. |  | 6252884 | 0.8 |
| 90015 | UL Solutions, Inc. - Class A |  | 8210268 | 1 |
| 11082 | United Rentals, Inc. |  | 9033825 | 1.1 |
|  |  |  | **87176949** | **10.7** |
|  | **Information Technology: 10.4%** | **Information Technology: 10.4%** | **Information Technology: 10.4%** | **Information Technology: 10.4%** |
| 33055 <sup>(1)</sup> | Advanced Micro Devices, Inc. |  | 7190454 | 0.9 |
| 8890 | Broadcom, Inc. |  | 3582314 | 0.4 |
| 221372 | Cisco Systems, Inc. |  | 17032362 | 2.1 |
| 163801 <sup>(1)</sup> | Intel Corp. |  | 6643768 | 0.8 |
| 53801 | International Business Machines Corp. |  | 16601913 | 2 |
| 8973 | Intuit, Inc. |  | 5689600 | 0.7 |
| 37098 | Micron Technology, Inc. |  | 8772935 | 1.1 |
| 32885 <sup>(1)</sup> | Onto Innovation, Inc. |  | 4707817 | 0.6 |
| 47651 | Salesforce, Inc. |  | 10985461 | 1.3 |
| 12813 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 3735118 | 0.5 |
|  |  |  | **84941742** | **10.4** |
|  | **Materials: 2.6%** | **Materials: 2.6%** | **Materials: 2.6%** | **Materials: 2.6%** |
| 167699 | Alcoa Corp. |  | 6999756 | 0.9 |
| 63665 | Crown Holdings, Inc. |  | 6164682 | 0.7 |
| 52961 | Nucor Corp. |  | 8446750 | 1 |
|  |  |  | **21611188** | **2.6** |
|  | **Real Estate: 4.1%** | **Real Estate: 4.1%** | **Real Estate: 4.1%** | **Real Estate: 4.1%** |
| 189303 | Boston Properties, Inc. |  | 13697965 | 1.7 |
| 94329 | Welltower, Inc. |  | 19641184 | 2.4 |
|  |  |  | **33339149** | **4.1** |
|  | **Utilities: 6.3%** | **Utilities: 6.3%** | **Utilities: 6.3%** | **Utilities: 6.3%** |
| 81171 | DTE Energy Co. |  | 11122862 | 1.4 |

---

See Accompanying Notes to Financial Statements.

<u>Voya Large Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 189194 | Duke Energy Corp. | $| 23448705 | 2.9 |
| 199664 | Public Service Enterprise Group, Inc. |  | 16675937 | 2.0 |
|  |  |  | **51247504** | **6.3** |
|  | Total Common Stock <br> (Cost $657,307,178) |  | **808532005** | **99.0** |
| **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** |
|  | **Information Technology: —%** | **Information Technology: —%** | **Information Technology: —%** | **Information Technology: —%** |
| 2377 <sup>(2)</sup> | Constellation Software, Inc. |  |  |  |
|  | Total Warrants <br> (Cost $—) |  | **—** | **—** |
|  | Total Long-Term Investments <br> (Cost $657,307,178) |  | **808532005** | **99.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |
|  | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** | **Mutual Funds: 0.9%** |
| 7464000 <sup>(3)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% (Cost $7,464,000) | $**7464000** | **0.9** |
|  | Total Short-Term Investments <br> (Cost $7,464,000) | **7464000** | **0.9** |
|  | **Total Investments in Securities <br> (Cost $664,771,178)** | $**815996005** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **841106** | **0.1** |
|  | **Net Assets** | $**816837111** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. <br> <sup>(3)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements.

<u>Voya Large Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant<br> Unobservable<br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> November 30, <br> 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $808532005 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $808532005 |
| Warrants |  |  |  |  |
| Short-Term Investments | 7464000 |  |  | 7464000 |
| Total Investments, at fair value | $815996005 | $— | $— | $815996005 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> <sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $669,968,035. | Cost for U.S. federal income tax purposes was $669,968,035. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $162616261 |
| Gross Unrealized Depreciation | (16583760) |
| Net Unrealized Appreciation | $146032501 |

---

See Accompanying Notes to Financial Statements.

<u>Voya MidCap Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** | **COMMON STOCK: 99.3%** |
|  | **Communication Services: 5.4%** | **Communication Services: 5.4%** | **Communication Services: 5.4%** |
| 43584 <sup>(1)</sup> | Reddit, Inc. - Class A | $9434628 | 1.3 |
| 188416 <sup>(1)</sup> | Roblox Corp. - Class A | 17905173 | 2.6 |
| 41857 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 10299752 | 1.5 |
|  |  | **37639553** | **5.4** |
|  | **Consumer Discretionary: 20.3%** | **Consumer Discretionary: 20.3%** | **Consumer Discretionary: 20.3%** |
| 142956 <sup>(1)</sup> | Birkenstock Holding PLC | 6194283 | 0.9 |
| 30653 <sup>(1)</sup> | Burlington Stores, Inc. | 7731606 | 1.1 |
| 15701 <sup>(1)</sup> | Carvana Co. | 5880025 | 0.9 |
| 236277 <sup>(1)</sup> | Coupang, Inc. | 6653560 | 1 |
| 20137 | Domino's Pizza, Inc. | 8450089 | 1.2 |
| 224146 <sup>(1)</sup> | DraftKings, Inc. - Class A | 7432681 | 1.1 |
| 52011 | Hilton Worldwide Holdings, Inc. | 14824695 | 2.1 |
| 164003 <sup>(1)</sup> | On Holding AG - Class A | 7214492 | 1 |
| 88418 | Royal Caribbean Cruises Ltd. | 23541293 | 3.4 |
| 71375 <sup>(1)</sup> | SharkNinja, Inc. | 6964059 | 1 |
| 93014 | Tapestry, Inc. | 10164570 | 1.5 |
| 53030 | Texas Roadhouse, Inc. | 9293508 | 1.3 |
| 233511 | Tractor Supply Co. | 12791733 | 1.9 |
| 40350 | Williams-Sonoma, Inc. | 7263403 | 1.1 |
| 20983 <sup>(2)</sup> | Wingstop, Inc. | 5554830 | 0.8 |
|  |  | **139954827** | **20.3** |
|  | **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** |
| 99977 <sup>(1)</sup> | Celsius Holdings, Inc. | 4093058 | 0.6 |
| 50428 <sup>(1)</sup> | Dollar Tree, Inc. | 5587927 | 0.8 |
| 50227 | McCormick & Co., Inc. | 3389318 | 0.5 |
|  |  | **13070303** | **1.9** |
|  | **Energy: 3.1%** | **Energy: 3.1%** | **Energy: 3.1%** |
| 79608 | Chesapeake Energy Corp. | 9706603 | 1.4 |
| 34592 | Targa Resources Corp. | 6064324 | 0.9 |
| 127637 | TechnipFMC PLC | 5776851 | 0.8 |
|  |  | **21547778** | **3.1** |
|  | **Financials: 8.3%** | **Financials: 8.3%** | **Financials: 8.3%** |
| 47853 <sup>(1)</sup> | Affirm Holdings, Inc. | 3395170 | 0.5 |
| 21390 | Assurant, Inc. | 4880343 | 0.7 |
| 707925 | Blue Owl Capital, Inc. | 10618875 | 1.5 |
| 5490 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 1497782 | 0.2 |
| 185481 | Lazard, Inc. | 9366791 | 1.4 |
| 57612 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 7402566 | 1.1 |
| 202135 | Rocket Cos., Inc. - Class A | 4038657 | 0.6 |
| 48178 | Stifel Financial Corp. | 5877716 | 0.9 |
| 74801 | Synchrony Financial | 5786605 | 0.8 |
| 120210 <sup>(1)</sup> | Toast, Inc. - Class A | 4109980 | 0.6 |
|  |  | **56974485** | **8.3** |
|  | **Health Care: 17.3%** | **Health Care: 17.3%** | **Health Care: 17.3%** |
| 62793 | Alcon, Inc. | 4980113 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 43089 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | $| 19443049 | 2.8 |
| 78050 | AmerisourceBergen Corp. |  | 28794986 | 4.2 |
| 117196 <sup>(1)</sup> | Doximity, Inc. - Class A |  | 6028562 | 0.9 |
| 20319 <sup>(1)</sup> | ICON PLC |  | 3759015 | 0.6 |
| 26412 <sup>(1)</sup> | IDEXX Laboratories, Inc. |  | 19885067 | 2.9 |
| 2003 <sup>(1)</sup> | Mettler-Toledo International, Inc. |  | 2957870 | 0.4 |
| 24978 | Quest Diagnostics, Inc. |  | 4725338 | 0.7 |
| 28929 <sup>(1)</sup> | Repligen Corp. |  | 4947438 | 0.7 |
| 46596 <sup>(1)</sup> | Veeva Systems, Inc. - Class A |  | 11196553 | 1.6 |
| 124076 <sup>(1)</sup> | Vera Therapeutics, Inc. |  | 4187565 | 0.6 |
| 20548 <sup>(1)</sup> | Waters Corp. |  | 8289474 | 1.2 |
|  |  |  | **119195030** | **17.3** |
|  | **Industrials: 20.5%** | **Industrials: 20.5%** | **Industrials: 20.5%** | **Industrials: 20.5%** |
| 33608 | Applied Industrial Technologies, Inc. |  | 8698423 | 1.3 |
| 20808 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 11239233 | 1.6 |
| 44490 <sup>(1)</sup> | Builders FirstSource, Inc. |  | 4993113 | 0.7 |
| 21549 | Comfort Systems USA, Inc. |  | 21052080 | 3.0 |
| 9814 <sup>(1)</sup> | Dycom Industries, Inc. |  | 3548055 | 0.5 |
| 27773 | HEICO Corp. |  | 8801541 | 1.3 |
| 114355 | Howmet Aerospace, Inc. |  | 23395890 | 3.4 |
| 69624 | Johnson Controls International PLC |  | 8097967 | 1.2 |
| 140889 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. |  | 10721653 | 1.5 |
| 124789 | Leonardo DRS, Inc. |  | 4264040 | 0.6 |
| 58851 <sup>(1)</sup> | Rocket Lab Corp. |  | 2479981 | 0.4 |
| 8948 | United Rentals, Inc. |  | 7294231 | 1.1 |
| 35575 | Verisk Analytics, Inc. |  | 8006865 | 1.2 |
| 46303 | Vertiv Holdings Co. - Class A |  | 8322038 | 1.2 |
| 10949 | WW Grainger, Inc. |  | 10386550 | 1.5 |
|  |  |  | **141301660** | **20.5** |
|  | **Information Technology: 16.9%** | **Information Technology: 16.9%** | **Information Technology: 16.9%** | **Information Technology: 16.9%** |
| 5527 <sup>(1)</sup> | AppLovin Corp. - Class A |  | 3313326 | 0.5 |
| 40457 <sup>(1)</sup> | Astera Labs, Inc. |  | 6374809 | 0.9 |
| 98400 <sup>(1)</sup> | Cloudflare, Inc. - Class A |  | 19700664 | 2.9 |
| 113602 <sup>(1)(2)</sup> | Core Scientific, Inc. |  | 1918738 | 0.3 |
| 6602 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 3361474 | 0.5 |
| 106932 <sup>(1)</sup> | Datadog, Inc. - Class A |  | 17110189 | 2.5 |
| 50742 <sup>(1)</sup> | DocuSign, Inc. |  | 3518958 | 0.5 |
| 2764 <sup>(1)</sup> | Fair Isaac Corp. |  | 4991314 | 0.7 |
| 21311 <sup>(1)</sup> | HubSpot, Inc. |  | 7827957 | 1.1 |
| 106012 <sup>(1)</sup> | Klaviyo, Inc. - Class A |  | 3027703 | 0.4 |
| 18233 | Monolithic Power Systems, Inc. |  | 16923324 | 2.5 |
| 28194 <sup>(1)</sup> | Onto Innovation, Inc. |  | 4036253 | 0.6 |

---

See Accompanying Notes to Financial Statements.

<u>Voya MidCap Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 49051 <sup>(1)</sup> | Rambus, Inc. | $| 4687804 | 0.7 |
| 12706 <sup>(1)</sup> | SiTime Corp. |  | 3782576 | 0.5 |
| 39281 <sup>(1)</sup> | Snowflake, Inc. - Class A |  | 9868958 | 1.4 |
| 52370 <sup>(1)</sup> | Super Micro Computer, Inc. |  | 1772725 | 0.3 |
| 16767 <sup>(1)</sup> | Zscaler, Inc. |  | 4216900 | 0.6 |
|  |  |  | **116433672** | **16.9** |
|  | **Materials: 0.9%** | **Materials: 0.9%** | **Materials: 0.9%** | **Materials: 0.9%** |
| 21388 | Vulcan Materials Co. |  | **6357369** | **0.9** |
|  | **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** | **Real Estate: 2.2%** |
| 56032 | Boston Properties, Inc. |  | 4054476 | 0.6 |
| 54173 | Welltower, Inc. |  | 11279902 | 1.6 |
|  |  |  | **15334378** | **2.2** |
|  | **Utilities: 2.5%** | **Utilities: 2.5%** | **Utilities: 2.5%** | **Utilities: 2.5%** |
| 96391 | Vistra Corp. |  | **17240494** | **2.5** |
|  | Total Common Stock <br> (Cost $608,024,247) |  | **685049549** | **99.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** |
|  | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| 1765399 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 11/30/2025, 4.170%, due 12/01/2025 (Repurchase Amount $1,766,004, collateralized by various U.S. Government Securities, 0.000%- 4.750%, Market Value plus accrued interest $1,801,333, due 12/11/25-11/15/55) | 1765399 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1659475 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $1,660,033, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-6.500%, Market Value plus accrued interest $1,692,665, due 11/15/34-12/01/55) | $1659475 | 0.2 |
| 1659475 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $1,660,033, collateralized by various U.S. Government Agency Obligations, 2.500%-7.000%, Market Value plus accrued interest $1,692,664, due 05/01/42-11/01/54) | 1659475 | 0.2 |
| 444423 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $444,572, collateralized by various U.S. Government Securities, 0.375%-4.875%, Market Value plus accrued interest $453,311, due 12/31/25-05/15/55) | 444423 | 0.1 |

---

See Accompanying Notes to Financial Statements.

<u>Voya MidCap Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1087651 <sup>(3)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 11/30/2025, 4.080%, due 12/01/2025 (Repurchase Amount $1,088,016, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,109,404, due 07/31/30-01/01/55) | $| 1087651 | 0.2 |
|  | Total Repurchase Agreements <br> (Cost $6,616,423) |  | **6616423** | **1.0** |
|  | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** | **Time Deposits: 0.1%** |
| 110000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 3.880%, 12/01/2025 |  | 110000 | 0.0 |
| 120000 <sup>(3)</sup> | DNB Bank ASA, 3.860%, 12/01/2025 |  | 120000 | 0.0 |
| 130000 <sup>(3)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.890%, 12/01/2025 |  | 130000 | 0.0 |
| 130000 <sup>(3)</sup> | Mizuho Bank Ltd., 3.880%, 12/01/2025 |  | 130000 | 0.0 |
| 110000 <sup>(3)</sup> | NRW Bank, 3.900%, 12/01/2025 |  | 110000 | 0.0 |
| 170000 <sup>(3)</sup> | Royal Bank of Canada, 3.900%, 12/01/2025 |  | 170000 | 0.1 |
|  | Total Time Deposits <br> (Cost $770,000) |  | **770000** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage** **<br> of Net <br> Assets** |
|  | **Mutual Funds: 0.8%** | **Mutual Funds: 0.8%** | **Mutual Funds: 0.8%** |
| 5561000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% <br> (Cost $5,561,000) | $**5561000** | **0.8** |
|  | Total Short-Term Investments <br> (Cost $12,947,423) | **12947423** | **1.9** |
|  | **Total Investments in Securities <br> (Cost $620,971,670)** | $**697996972** | **101.2** |
|  | **Liabilities in Excess of Other Assets** | **(8081904)** | **(1.2)** |
|  | **Net Assets** | $**689915068** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of November 30, 2025. |

---

See Accompanying Notes to Financial Statements.

<u>Voya MidCap Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices <br> in Active Markets<br> for Identical<br> Investments <br> (Level 1)** | **Significant Other<br> Observable<br> Inputs <br> (Level 2)** | **Significant <br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> November 30, <br> 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $685049549 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $685049549 |
| Short-Term Investments | 5561000 | 7386423 |  | 12947423 |
| Total Investments, at fair value | $690610549 | $7386423 | $— | $697996972 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> <sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $624,321,506. | Cost for U.S. federal income tax purposes was $624,321,506. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $116221584 |
| Gross Unrealized Depreciation | (42546118) |
| Net Unrealized Appreciation | $73675466 |

---

See Accompanying Notes to Financial Statements.

<u>Voya Multi-Manager Mid Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** | **COMMON STOCK: 97.6%** |
|  | **Communication Services: 0.8%** | **Communication Services: 0.8%** | **Communication Services: 0.8%** |
| 304 <sup>(1)</sup> | Charter Communications, Inc. - Class A | $60837 | 0 |
| 932 | Electronic Arts, Inc. | 188292 | 0.1 |
| 1789 | Fox Corp. - Class A | 117180 | 0.1 |
| 1207 | Fox Corp. - Class B | 70320 | 0.1 |
| 6485 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 73994 | 0.1 |
| 5348 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 61395 | 0 |
| 2319 | Millicom International Cellular SA | 123069 | 0.1 |
| 1482 | New York Times Co. - Class A | 95589 | 0.1 |
| 1634 | News Corp. - Class A | 41961 | 0 |
| 589 | Nexstar Media Group, Inc. | 113170 | 0.1 |
| 2257 | Omnicom Group, Inc. | 161625 | 0.1 |
|  |  | **1107432** | **0.8** |
|  | **Consumer Discretionary: 11.1%** | **Consumer Discretionary: 11.1%** | **Consumer Discretionary: 11.1%** |
| 1280 <sup>(1)</sup> | Aptiv PLC | 99264 | 0.1 |
| 3676 | Aramark | 136637 | 0.1 |
| 300 <sup>(1)</sup> | AutoZone, Inc. | 1186299 | 0.8 |
| 1385 | Best Buy Co., Inc. | 109803 | 0.1 |
| 35459 | BorgWarner, Inc. | 1526865 | 1.1 |
| 1651 | Boyd Gaming Corp. | 137528 | 0.1 |
| 313 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 32164 | 0 |
| 610 | D.R. Horton, Inc. | 96996 | 0.1 |
| 90 | Domino's Pizza, Inc. | 37767 | 0 |
| 3596 | eBay, Inc. | 297713 | 0.2 |
| 8550 | Expedia Group, Inc. | 2186149 | 1.5 |
| 4914 | Ford Motor Co. | 65258 | 0 |
| 632 | Garmin Ltd. | 123442 | 0.1 |
| 568 | Genuine Parts Co. | 74067 | 0.1 |
| 428 <sup>(1)</sup> | Grand Canyon Education, Inc. | 67513 | 0 |
| 2131 | H&R Block, Inc. | 89758 | 0.1 |
| 713 | Hasbro, Inc. | 58894 | 0 |
| 2750 | Hilton Worldwide Holdings, Inc. | 783832 | 0.6 |
| 516 | Lear Corp. | 55398 | 0 |
| 523 | Lennar Corp. - Class A | 68670 | 0 |
| 130 | Lithia Motors, Inc. | 41449 | 0 |
| 3637 | LKQ Corp. | 107982 | 0.1 |
| 7350 | Lowe's Cos., Inc. | 1782228 | 1.3 |
| 5668 <sup>(1)</sup> | Mattel, Inc. | 119708 | 0.1 |
| 23 <sup>(1)</sup> | NVR, Inc. | 172668 | 0.1 |
| 6900 | Penske Automotive Group, Inc. | 1115868 | 0.8 |
| 178 | Pool Corp. | 43361 | 0 |
| 1724 | PulteGroup, Inc. | 219276 | 0.2 |
| 599 | Ralph Lauren Corp. | 220031 | 0.2 |
| 624 | Ross Stores, Inc. | 110049 | 0.1 |
| 845 | Service Corp. International | 67118 | 0 |
| 5350 | Texas Roadhouse, Inc. | 937587 | 0.7 |
| 806 | Toll Brothers, Inc. | 112703 | 0.1 |
| 3075 <sup>(1)</sup> | TopBuild Corp. | 1391437 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |
| 21400 | Tractor Supply Co. | $| 1172292 | 0.8 |
| 222 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 119620 | 0.1 |
| 3083 | Williams-Sonoma, Inc. |  | 554971 | 0.4 |
| 549 | Yum! Brands, Inc. |  | 84112 | 0.1 |
|  |  |  | **15606477** | **11.1** |
|  | **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** | **Consumer Staples: 7.4%** |
| 7220 | Albertsons Cos., Inc. - Class A |  | 132343 | 0.1 |
| 23444 | Archer-Daniels- Midland Co. |  | 1423989 | 1 |
| 860 <sup>(1)</sup> | BellRing Brands, Inc. |  | 26565 | 0 |
| 2092 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. |  | 186669 | 0.1 |
| 3056 | Casey's General Stores, Inc. |  | 1743326 | 1.2 |
| 563 | Church & Dwight Co., Inc. |  | 47945 | 0 |
| 359 | Clorox Co. |  | 38750 | 0 |
| 536 | Coca-Cola Consolidated, Inc. |  | 87341 | 0.1 |
| 2905 | Conagra Brands, Inc. |  | 51854 | 0 |
| 550 | Dollar General Corp. |  | 60220 | 0.1 |
| 12375 | Estee Lauder Cos., Inc. - Class A |  | 1164116 | 0.8 |
| 1871 | General Mills, Inc. |  | 88592 | 0.1 |
| 604 | Hershey Co. |  | 113600 | 0.1 |
| 2356 | Hormel Foods Corp. |  | 54683 | 0 |
| 2723 | Ingredion, Inc. |  | 292831 | 0.2 |
| 2164 | Kellogg Co. |  | 180997 | 0.1 |
| 4988 | Kenvue, Inc. |  | 86542 | 0.1 |
| 2279 | Kraft Heinz Co. |  | 58137 | 0 |
| 4761 | Kroger Co. |  | 320320 | 0.2 |
| 1036 <sup>(1)</sup> | Maplebear, Inc. |  | 43522 | 0 |
| 1211 | McCormick & Co., Inc. |  | 81718 | 0.1 |
| 3325 | Molson Coors Beverage Co. - Class B |  | 154646 | 0.1 |
| 21438 <sup>(1)</sup> | Performance Food Group Co. |  | 2080987 | 1.5 |
| 1599 | Pilgrim's Pride Corp. |  | 60826 | 0.1 |
| 956 <sup>(1)</sup> | Post Holdings, Inc. |  | 99453 | 0.1 |
| 663 | Sysco Corp. |  | 50521 | 0 |
| 2933 | Tyson Foods, Inc. - Class A |  | 170261 | 0.1 |
| 20578 <sup>(1)</sup> | US Foods Holding Corp. |  | 1618871 | 1.2 |
|  |  |  | **10519625** | **7.4** |
|  | **Energy: 5.1%** | **Energy: 5.1%** | **Energy: 5.1%** | **Energy: 5.1%** |
| 2670 | Antero Midstream Corp. |  | 48087 | 0 |
| 35302 | Baker Hughes Co. |  | 1772160 | 1.3 |
| 7500 | Chesapeake Energy Corp. |  | 914475 | 0.7 |
| 9700 | Chord Energy Corp. |  | 910442 | 0.6 |
| 64890 | Coterra Energy, Inc. |  | 1741648 | 1.2 |
| 39250 | Devon Energy Corp. |  | 1454605 | 1 |
| 421 | DT Midstream, Inc. |  | 51135 | 0 |
| 2144 | Kinder Morgan, Inc. |  | 58574 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Mid Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 572 | Marathon Petroleum Corp. | $| 110814 | 0.1 |
| 361 | Phillips 66 |  | 49442 | 0.0 |
| 1468 | TechnipFMC PLC |  | 66442 | 0.1 |
| 377 | Valero Energy Corp. |  | 66638 | 0.1 |
|  |  |  | **7244462** | **5.1** |
|  | **Financials: 15.0%** | **Financials: 15.0%** | **Financials: 15.0%** | **Financials: 15.0%** |
| 591 | Affiliated Managers Group, Inc. |  | 158879 | 0.1 |
| 1411 | Allstate Corp. |  | 300515 | 0.2 |
| 13578 | American Financial Group, Inc. |  | 1869962 | 1.3 |
| 3466 | Annaly Capital Management, Inc. |  | 79025 | 0.1 |
| 2424 <sup>(1)</sup> | Arch Capital Group Ltd. |  | 227662 | 0.2 |
| 536 | Assurant, Inc. |  | 122294 | 0.1 |
| 2250 | Axis Capital Holdings Ltd. |  | 230040 | 0.2 |
| 472 | Bank of New York Mellon Corp. |  | 52911 | 0.0 |
| 889 | Bank OZK |  | 40912 | 0.0 |
| 885 | Brown & Brown, Inc. |  | 71181 | 0.1 |
| 883 | Cboe Global Markets, Inc. |  | 227964 | 0.2 |
| 2606 | Cincinnati Financial Corp. |  | 436740 | 0.3 |
| 650 | Commerce Bancshares, Inc. |  | 35041 | 0.0 |
| 302 | Cullen/Frost Bankers, Inc. |  | 37363 | 0.0 |
| 513 | East West Bancorp, Inc. |  | 54737 | 0.0 |
| 550 <sup>(1)</sup> | Euronet Worldwide, Inc. |  | 40749 | 0.0 |
| 563 | Evercore, Inc. - Class A |  | 180199 | 0.1 |
| 204 | Everest Re Group Ltd. |  | 64115 | 0.1 |
| 276 | FactSet Research Systems, Inc. |  | 76527 | 0.1 |
| 26525 | Fidelity National Financial, Inc. |  | 1576381 | 1.1 |
| 969 | Fidelity National Information Services, Inc. |  | 63731 | 0.0 |
| 1064 | Fifth Third Bancorp |  | 46241 | 0.0 |
| 788 | Global Payments, Inc. |  | 59699 | 0.0 |
| 1582 | Globe Life, Inc. |  | 213143 | 0.2 |
| 713 | Hanover Insurance Group, Inc. |  | 132297 | 0.1 |
| 15737 | Hartford Financial Services Group, Inc. |  | 2156441 | 1.5 |
| 644 | Houlihan Lokey, Inc. |  | 112958 | 0.1 |
| 102183 | Huntington Bancshares, Inc. |  | 1665583 | 1.2 |
| 632 | Jack Henry & Associates, Inc. |  | 110271 | 0.1 |
| 2383 | Janus Henderson Group PLC |  | 104161 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 1998 | Lazard, Inc. | $| 100899 | 0.1 |
| 1028 | Loews Corp. |  | 110890 | 0.1 |
| 350 | M&T Bank Corp. |  | 66577 | 0.1 |
| 112 <sup>(1)</sup> | Markel Corp. |  | 233009 | 0.2 |
| 290 | MarketAxess Holdings, Inc. |  | 47528 | 0.0 |
| 9596 | MGIC Investment Corp. |  | 272047 | 0.2 |
| 88 | MSCI, Inc. |  | 49607 | 0.0 |
| 611 | Nasdaq, Inc. |  | 55552 | 0.0 |
| 531 | Northern Trust Corp. |  | 69742 | 0.1 |
| 40284 | Old Republic International Corp. |  | 1857092 | 1.3 |
| 716 | OneMain Holdings, Inc. |  | 44413 | 0.0 |
| 206 | Primerica, Inc. |  | 53008 | 0.0 |
| 6801 | Principal Financial Group, Inc. |  | 576861 | 0.4 |
| 11251 | Raymond James Financial, Inc. |  | 1761232 | 1.3 |
| 2319 | Regions Financial Corp. |  | 59019 | 0.0 |
| 206 | Reinsurance Group of America, Inc. |  | 39113 | 0.0 |
| 734 | RenaissanceRe Holdings Ltd. |  | 191699 | 0.1 |
| 1125 | RLI Corp. |  | 69367 | 0.1 |
| 2321 | SEI Investments Co. |  | 187676 | 0.1 |
| 480 | Stifel Financial Corp. |  | 58560 | 0.0 |
| 5685 | Synchrony Financial |  | 439792 | 0.3 |
| 1269 | T. Rowe Price Group, Inc. |  | 129920 | 0.1 |
| 745 | Tradeweb Markets, Inc. - Class A |  | 81101 | 0.1 |
| 37800 | Truist Financial Corp. |  | 1757700 | 1.2 |
| 2326 | Unum Group |  | 176706 | 0.1 |
| 2943 | W.R. Berkley Corp. |  | 228642 | 0.2 |
| 5925 | Willis Towers Watson PLC |  | 1901925 | 1.4 |
|  |  |  | **21167399** | **15.0** |
|  | **Health Care: 8.0%** | **Health Care: 8.0%** | **Health Care: 8.0%** | **Health Care: 8.0%** |
| 354 | Agilent Technologies, Inc. |  | 54339 | 0.0 |
| 2608 | Cardinal Health, Inc. |  | 553574 | 0.4 |
| 1693 <sup>(1)</sup> | Centene Corp. |  | 66603 | 0.1 |
| 166 | Chemed Corp. |  | 72906 | 0.1 |
| 1322 | Encompass Health Corp. |  | 153643 | 0.1 |
| 648 | GE HealthCare Technologies, Inc. |  | 51834 | 0.0 |
| 2046 <sup>(1)</sup> | Henry Schein, Inc. |  | 152570 | 0.1 |
| 26550 <sup>(1)</sup> | Hologic, Inc. |  | 1990453 | 1.4 |
| 239 | Humana, Inc. |  | 58739 | 0.0 |
| 6775 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 1558318 | 1.1 |
| 725 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 127984 | 0.1 |
| 8350 | Labcorp Holdings, Inc. |  | 2244313 | 1.6 |
| 6311 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 935669 | 0.7 |
| 1047 | QIAGEN N.V. |  | 49994 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Mid Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 10370 | Quest Diagnostics, Inc. | $| 1961797 | 1.4 |
| 371 | ResMed, Inc. |  | 94913 | 0.1 |
| 7004 | Royalty Pharma PLC - Class A |  | 280300 | 0.2 |
| 1793 <sup>(1)</sup> | Solventum Corp. |  | 152871 | 0.1 |
| 484 | STERIS PLC |  | 128879 | 0.1 |
| 424 <sup>(1)</sup> | Tenet Healthcare Corp. |  | 91940 | 0.1 |
| 373 <sup>(1)</sup> | United Therapeutics Corp. |  | 181278 | 0.1 |
| 843 | Universal Health Services, Inc. - Class B |  | 205380 | 0.2 |
| 596 | Zimmer Biomet Holdings, Inc. |  | 58122 | 0.0 |
|  |  |  | **11226419** | **8.0** |
|  | **Industrials: 18.6%** | **Industrials: 18.6%** | **Industrials: 18.6%** | **Industrials: 18.6%** |
| 936 | A.O. Smith Corp. |  | 61757 | 0.0 |
| 376 | Acuity Brands, Inc. |  | 137774 | 0.1 |
| 1689 | AECOM |  | 174187 | 0.1 |
| 9675 | AGCO Corp. |  | 1025163 | 0.7 |
| 715 | Air Lease Corp. |  | 45710 | 0.0 |
| 992 <sup>(1)</sup> | Alaska Air Group, Inc. |  | 42517 | 0.0 |
| 976 | Allegion PLC |  | 162045 | 0.1 |
| 1652 | Allison Transmission Holdings, Inc. |  | 146466 | 0.1 |
| 634 | AMETEK, Inc. |  | 125462 | 0.1 |
| 446 | Applied Industrial Technologies, Inc. |  | 115434 | 0.1 |
| 393 | Armstrong World Industries, Inc. |  | 74568 | 0.1 |
| 7075 <sup>(1)</sup> | Builders FirstSource, Inc. |  | 794027 | 0.6 |
| 457 | BWX Technologies, Inc. |  | 81748 | 0.1 |
| 237 <sup>(1)</sup> | CACI International, Inc. - Class A |  | 146253 | 0.1 |
| 313 | Carlisle Cos., Inc. |  | 99556 | 0.1 |
| 13550 | Carrier Global Corp. |  | 743624 | 0.5 |
| 1748 | CH Robinson Worldwide, Inc. |  | 277705 | 0.2 |
| 261 <sup>(1)</sup> | Clean Harbors, Inc. |  | 59393 | 0.0 |
| 4014 | CNH Industrial NV |  | 37852 | 0.0 |
| 391 | Crane Co. |  | 71651 | 0.1 |
| 50000 | CSX Corp. |  | 1768000 | 1.3 |
| 578 | Cummins, Inc. |  | 287832 | 0.2 |
| 270 | Curtiss-Wright Corp. |  | 152358 | 0.1 |
| 2313 | Delta Air Lines, Inc. |  | 148263 | 0.1 |
| 1496 | Donaldson Co., Inc. |  | 134490 | 0.1 |
| 723 | Dover Corp. |  | 133957 | 0.1 |
| 338 | EMCOR Group, Inc. |  | 207894 | 0.2 |
| 146 | Equifax, Inc. |  | 31006 | 0.0 |
| 371 | Esab Corp. |  | 41641 | 0.0 |
| 1168 | Expeditors International of Washington, Inc. |  | 171579 | 0.1 |
| 315 | Ferguson Enterprises, Inc. |  | 79276 | 0.1 |
| 1035 | Flowserve Corp. |  | 73847 | 0.1 |
| 861 | Fortive Corp. |  | 46046 | 0.0 |
| 6400 <sup>(1)</sup> | FTI Consulting, Inc. |  | 1044160 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 2529 <sup>(1)</sup> | Gates Industrial Corp. PLC | $57560 | 0 |
| 4805 | Genpact Ltd. | 211708 | 0.2 |
| 1279 | Graco, Inc. | 105441 | 0.1 |
| 3367 | Hubbell, Inc. | 1452625 | 1 |
| 210 | IDEX Corp. | 36525 | 0 |
| 821 | ITT, Inc. | 151195 | 0.1 |
| 1431 | Jacobs Solutions, Inc. | 192913 | 0.1 |
| 812 | JB Hunt Transport Services, Inc. | 141256 | 0.1 |
| 525 <sup>(1)</sup> | Kirby Corp. | 59598 | 0 |
| 29787 | Knight-Swift Transportation Holdings, Inc. | 1364245 | 1 |
| 5319 | L3Harris Technologies, Inc. | 1482352 | 1.1 |
| 6875 | Landstar System, Inc. | 899525 | 0.6 |
| 1241 | Leidos Holdings, Inc. | 237155 | 0.2 |
| 8417 | Lincoln Electric Holdings, Inc. | 2015282 | 1.4 |
| 2405 | Masco Corp. | 156012 | 0.1 |
| 319 <sup>(1)</sup> | MasTec, Inc. | 68228 | 0.1 |
| 6410 <sup>(1)</sup> | Middleby Corp. | 757662 | 0.5 |
| 1121 | MSC Industrial Direct Co., Inc. - Class A | 99724 | 0.1 |
| 2511 | Mueller Industries, Inc. | 275884 | 0.2 |
| 326 | Old Dominion Freight Line, Inc. | 44105 | 0 |
| 970 | Oshkosh Corp. | 124335 | 0.1 |
| 890 | Otis Worldwide Corp. | 79077 | 0.1 |
| 528 | Paychex, Inc. | 58972 | 0 |
| 1249 | Pentair PLC | 131445 | 0.1 |
| 665 | RB Global, Inc. | 65303 | 0.1 |
| 7425 | Regal Rexnord Corp. | 1083976 | 0.8 |
| 4900 | Republic Services, Inc. | 1063594 | 0.8 |
| 119 | Rockwell Automation, Inc. | 47107 | 0 |
| 950 | Ryder System, Inc. | 164550 | 0.1 |
| 781 | Science Applications International Corp. | 67330 | 0.1 |
| 279 | Simpson Manufacturing Co., Inc. | 46699 | 0 |
| 918 | Snap-on, Inc. | 312166 | 0.2 |
| 1525 | Southwest Airlines Co. | 53085 | 0 |
| 1059 | SS&C Technologies Holdings, Inc. | 91010 | 0.1 |
| 22700 <sup>(1)</sup> | Standardaero, Inc. | 592924 | 0.4 |
| 13269 | Textron, Inc. | 1103450 | 0.8 |
| 601 | Toro Co. | 41914 | 0 |
| 1164 <sup>(1)</sup> | United Airlines Holdings, Inc. | 118681 | 0.1 |
| 87 | United Rentals, Inc. | 70921 | 0.1 |
| 408 | Valmont Industries, Inc. | 168492 | 0.1 |
| 125 | Verisk Analytics, Inc. | 28134 | 0 |
| 187 | Watsco, Inc. | 64777 | 0 |
| 725 | Westinghouse Air Brake Technologies Corp. | 151199 | 0.1 |
| 370 | Woodward, Inc. | 111011 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Mid Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 12964 | Xylem, Inc. | $| 1823646 | 1.3 |
|  |  |  | **26216034** | **18.6** |
|  | **Information Technology: 8.7%** | **Information Technology: 8.7%** | **Information Technology: 8.7%** | **Information Technology: 8.7%** |
| 10407 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 931635 | 0.7 |
| 2369 | Amdocs Ltd. |  | 181181 | 0.1 |
| 7050 <sup>(1)</sup> | Check Point Software Technologies Ltd. |  | 1316728 | 0.9 |
| 2798 | Cognizant Technology Solutions Corp. - Class A |  | 217433 | 0.2 |
| 1177 | Corning, Inc. |  | 99103 | 0.1 |
| 3343 <sup>(1)</sup> | Dropbox, Inc. - Class A |  | 99889 | 0.1 |
| 678 <sup>(1)</sup> | F5, Inc. |  | 162150 | 0.1 |
| 4856 <sup>(1)</sup> | Flex Ltd. |  | 287038 | 0.2 |
| 1587 | Gen Digital, Inc. |  | 41849 | 0 |
| 3476 | Hewlett Packard Enterprise Co. |  | 76020 | 0 |
| 2307 | HP, Inc. |  | 56337 | 0 |
| 601 | Jabil, Inc. |  | 126637 | 0.1 |
| 10277 <sup>(1)</sup> | Keysight Technologies, Inc. |  | 2034332 | 1.4 |
| 26350 | Microchip Technology, Inc. |  | 1411833 | 1 |
| 12425 | MKS Instruments, Inc. |  | 1943146 | 1.4 |
| 287 | Ralliant Corp. |  | 14169 | 0 |
| 659 | TD SYNNEX Corp. |  | 100484 | 0.1 |
| 266 <sup>(1)</sup> | Teledyne Technologies, Inc. |  | 132872 | 0.1 |
| 24633 <sup>(1)</sup> | Trimble, Inc. |  | 2005619 | 1.4 |
| 647 | VeriSign, Inc. |  | 163038 | 0.1 |
| 3754 <sup>(1)</sup> | Zebra Technologies Corp. - Class A |  | 948824 | 0.7 |
|  |  |  | **12350317** | **8.7** |
|  | **Materials: 9.3%** | **Materials: 9.3%** | **Materials: 9.3%** | **Materials: 9.3%** |
| 6560 | Amcor PLC |  | 55891 | 0.1 |
| 12143 | AptarGroup, Inc. |  | 1514839 | 1.1 |
| 266 | Avery Dennison Corp. |  | 45850 | 0 |
| 18629 | CF Industries Holdings, Inc. |  | 1466102 | 1 |
| 1875 | Corteva, Inc. |  | 126506 | 0.1 |
| 17456 | Crown Holdings, Inc. |  | 1690264 | 1.2 |
| 312 | Eagle Materials, Inc. |  | 69801 | 0.1 |
| 771 | Eastman Chemical Co. |  | 47864 | 0 |
| 5825 | Franco-Nevada Corp. |  | 1222318 | 0.9 |
| 1966 | International Paper Co. |  | 77618 | 0.1 |
| 597 | Louisiana-Pacific Corp. |  | 48960 | 0 |
| 1101 | Mosaic Co. |  | 26964 | 0 |
| 60 | NewMarket Corp. |  | 45812 | 0 |
| 11068 | Packaging Corp. of America |  | 2258647 | 1.6 |
| 413 | PPG Industries, Inc. |  | 41317 | 0 |
| 842 | Reliance Steel & Aluminum Co. |  | 235187 | 0.2 |
| 743 | Royal Gold, Inc. |  | 151453 | 0.1 |
| 16623 | RPM International, Inc. |  | 1782817 | 1.3 |
| 990 | Silgan Holdings, Inc. |  | 39244 | 0 |
| 9528 | Steel Dynamics, Inc. |  | 1599084 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** | **Materials: (continued)** |
| 8400 | Westlake Corp. | $| 561204 | 0.4 |
|  |  |  | **13107742** | **9.3** |
|  | **Real Estate: 6.3%** | **Real Estate: 6.3%** | **Real Estate: 6.3%** | **Real Estate: 6.3%** |
| 1119 | American Homes 4 Rent - Class A |  | 35942 | 0.0 |
| 387 | AvalonBay Communities, Inc. |  | 70411 | 0.1 |
| 2482 | Brixmor Property Group, Inc. |  | 64880 | 0.0 |
| 12600 | Camden Property Trust |  | 1339884 | 0.9 |
| 1015 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 164257 | 0.1 |
| 1569 | CubeSmart |  | 58414 | 0.0 |
| 267 | EastGroup Properties, Inc. |  | 48375 | 0.0 |
| 30913 | Equity LifeStyle Properties, Inc. |  | 1943500 | 1.4 |
| 1295 | Equity Residential |  | 79966 | 0.1 |
| 328 | Essex Property Trust, Inc. |  | 86467 | 0.1 |
| 1270 | First Industrial Realty Trust, Inc. |  | 72695 | 0.1 |
| 3378 | Gaming and Leisure Properties, Inc. |  | 147044 | 0.1 |
| 3895 | Host Hotels & Resorts, Inc. |  | 68669 | 0.0 |
| 280 <sup>(1)</sup> | Jones Lang LaSalle, Inc. |  | 91193 | 0.1 |
| 15025 | Lamar Advertising Co. - Class A |  | 1989160 | 1.4 |
| 611 | Mid-America Apartment Communities, Inc. |  | 83029 | 0.1 |
| 45577 | National Retail Properties, Inc. |  | 1884609 | 1.3 |
| 2178 | Omega Healthcare Investors, Inc. |  | 100014 | 0.1 |
| 1948 | Rayonier, Inc. |  | 43265 | 0.0 |
| 792 | Regency Centers Corp. |  | 56359 | 0.0 |
| 550 | SBA Communications Corp. |  | 106849 | 0.1 |
| 548 | Simon Property Group, Inc. |  | 102103 | 0.1 |
| 6645 | VICI Properties, Inc. |  | 191509 | 0.1 |
| 1239 | WP Carey, Inc. |  | 83471 | 0.1 |
|  |  |  | **8912065** | **6.3** |
|  | **Utilities: 7.3%** | **Utilities: 7.3%** | **Utilities: 7.3%** | **Utilities: 7.3%** |
| 40616 | Alliant Energy Corp. |  | 2821594 | 2.0 |
| 2061 | Ameren Corp. |  | 219187 | 0.2 |
| 12572 | American Water Works Co., Inc. |  | 1635240 | 1.2 |
| 985 | Atmos Energy Corp. |  | 173724 | 0.1 |
| 1445 | Brookfield Renewable Corp. |  | 59953 | 0.0 |
| 3210 | CenterPoint Energy, Inc. |  | 128336 | 0.1 |
| 28674 | CMS Energy Corp. |  | 2163167 | 1.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Mid Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage** **<br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 1405 | Consolidated Edison, Inc. | $| 141006 | 0.1 |
| 1493 | DTE Energy Co. |  | 204586 | 0.1 |
| 1589 | Edison International |  | 93576 | 0.1 |
| 2494 | Entergy Corp. |  | 243215 | 0.2 |
| 1794 | Essential Utilities, Inc. |  | 71024 | 0.0 |
| 3232 | Evergy, Inc. |  | 250965 | 0.2 |
| 1534 | Eversource Energy |  | 103054 | 0.1 |
| 4548 | Exelon Corp. |  | 214302 | 0.1 |
| 2494 | FirstEnergy Corp. |  | 119014 | 0.1 |
| 796 | IDACORP, Inc. |  | 104897 | 0.1 |
| 1929 | National Fuel Gas Co. |  | 159046 | 0.1 |
| 3042 | NiSource, Inc. |  | 134243 | 0.1 |
| 3184 | OGE Energy Corp. |  | 145764 | 0.1 |
| 6748 | PG&E Corp. |  | 108778 | 0.1 |
| 2056 | Pinnacle West Capital Corp. |  | 186808 | 0.1 |
| 4358 | PPL Corp. |  | 160810 | 0.1 |
| 889 | Public Service Enterprise Group, Inc. |  | 74249 | 0.1 |
| 336 <sup>(1)</sup> | Talen Energy Corp. |  | 132475 | 0.1 |
| 3326 | UGI Corp. |  | 131543 | 0.1 |
| 1632 | WEC Energy Group, Inc. |  | 182898 | 0.1 |
| 2519 | Xcel Energy, Inc. |  | 206835 | 0.1 |
|  |  |  | **10370289** | **7.3** |
|  | Total Common Stock <br> (Cost $129,955,240) |  | **137828261** | **97.6** |
| **EXCHANGE-TRADED FUNDS: 0.1%** | **EXCHANGE-TRADED FUNDS: 0.1%** | **EXCHANGE-TRADED FUNDS: 0.1%** | **EXCHANGE-TRADED FUNDS: 0.1%** | **EXCHANGE-TRADED FUNDS: 0.1%** |
| 1424 | iShares Russell Mid-Cap ETF |  | **138057** | **0.1** |
|  | Total Exchange-Traded Funds <br> (Cost $138,518) |  | **138057** | **0.1** |
| **OTHER: —%** | **OTHER: —%** | **OTHER: —%** | **OTHER: —%** | **OTHER: —%** |
|  | **Communication Services: —%** | **Communication Services: —%** | **Communication Services: —%** | **Communication Services: —%** |
| 1308 <sup>(2)(3)(4)</sup> | GCI Liberty, Inc. - Class A |  | **—** | **—** |
|  | Total Other <br> (Cost $—) |  | **—** | **—** |
|  | Total Long-Term Investments <br> (Cost $130,093,758) |  | **137966318** | **97.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.1%** | **SHORT-TERM INVESTMENTS: 2.1%** | **SHORT-TERM INVESTMENTS: 2.1%** | **SHORT-TERM INVESTMENTS: 2.1%** |
|  | **Mutual Funds: 2.1%** | **Mutual Funds: 2.1%** | **Mutual Funds: 2.1%** |
| 2945048 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% <br> (Cost $2,945,048) | $**2945048** | **2.1** |
|  | Total Short-Term Investments <br> (Cost $2,945,048) | $**2945048** | **2.1** |
|  | **Total Investments in Securities <br> (Cost $133,038,806)** | $**140911366** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **251775** | **0.2** |
|  | **Net Assets** | $**141163141** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Represents an escrow position for future entitlements, if any, on the stock. The escrow position was received as part of a settlement agreement. These holdings are non-income producing.

<sup>(4)</sup> Restricted security as to resale, excluding Rule 144A securities. As of November 30, 2025, the Fund held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details.

<sup>(5)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Mid Cap Value Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements^**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable<br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs<br> (Level 3)** | **Fair Value<br> at <br> November 30,<br> 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $137828261 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $137828261 |
| Exchange-Traded Funds | 138057 |  |  | 138057 |
| Short-Term Investments | 2945048 |  |  | 2945048 |
| Total Investments, at fair value | $140911366 | $— | $— | $140911366 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> <sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, Voya Multi-Manager Mid Cap Value Fund held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| GCI Liberty, Inc. - Class A | 5/23/2023 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
|  |  | $— | $— |

---

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $134,056,392. | Cost for U.S. federal income tax purposes was $134,056,392. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $12174217 |
| Gross Unrealized Depreciation | (5319243) |
| Net Unrealized Appreciation | $6854974 |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Cap Growth Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 97.1%** | **COMMON STOCK: 97.1%** | **COMMON STOCK: 97.1%** | **COMMON STOCK: 97.1%** |
|  | **Consumer Discretionary: 8.1%** | **Consumer Discretionary: 8.1%** | **Consumer Discretionary: 8.1%** |
| 901212 <sup>(1)</sup> | Arhaus, Inc. | $9318532 | 0.6 |
| 301439 <sup>(1)</sup> | Dutch Bros, Inc. - Class A | 17667340 | 1.1 |
| 161878 <sup>(1)</sup> | Five Below, Inc. | 26692064 | 1.6 |
| 688801 <sup>(1)</sup> | Genius Sports Ltd. | 6936226 | 0.4 |
| 620649 <sup>(1)</sup> | Life Time Group Holdings, Inc. | 17328520 | 1 |
| 104358 <sup>(1)</sup> | Modine Manufacturing Co. | 16919563 | 1 |
| 91656 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 11283770 | 0.7 |
| 159898 <sup>(1)</sup> | Skyline Champion Corp. | 13725644 | 0.8 |
| 58114 | Wingstop, Inc. | 15384519 | 0.9 |
|  |  | **135256178** | **8.1** |
|  | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** |
| 534699 <sup>(1)</sup> | Celsius Holdings, Inc. | 21890577 | 1.3 |
| 159445 <sup>(1)</sup> | e.l.f. Beauty, Inc. | 12144926 | 0.8 |
|  |  | **34035503** | **2.1** |
|  | **Energy: 2.6%** | **Energy: 2.6%** | **Energy: 2.6%** |
| 14607 <sup>(1)</sup> | Centrus Energy Corp. - Class A | 3787595 | 0.2 |
| 562369 | Northern Oil and Gas, Inc. | 12591442 | 0.8 |
| 401903 | Solaris Oilfield Infrastructure, Inc. - Class A | 19247134 | 1.2 |
| 588184 <sup>(1)</sup> | Uranium Energy Corp. | 7217018 | 0.4 |
|  |  | **42843189** | **2.6** |
|  | **Financials: 8.5%** | **Financials: 8.5%** | **Financials: 8.5%** |
| 59989 <sup>(1)</sup> | Dave, Inc. | 13093199 | 0.8 |
| 346479 | Glacier Bancorp, Inc. | 14656062 | 0.9 |
| 78374 | HCI Group, Inc. | 13930978 | 0.8 |
| 264949 | Moelis & Co. - Class A | 17001777 | 1 |
| 139794 <sup>(1)</sup> | Palomar Holdings, Inc. | 17363813 | 1 |
| 72289 | Piper Sandler Cos. | 24281875 | 1.5 |
| 307266 | StepStone Group, Inc. - Class A | 19406921 | 1.2 |
| 256199 | Western Alliance Bancorp | 20887904 | 1.3 |
|  |  | **140622529** | **8.5** |
|  | **Health Care: 26.5%** | **Health Care: 26.5%** | **Health Care: 26.5%** |
| 307204 <sup>(1)</sup> | ACADIA Pharmaceuticals, Inc. | 7692388 | 0.5 |
| 276290 <sup>(1)</sup> | Adaptive Biotechnologies Corp. | 5431861 | 0.3 |
| 146345 <sup>(1)</sup> | Addus HomeCare Corp. | 17590669 | 1.1 |
| 662781 <sup>(1)</sup> | ADMA Biologics, Inc. | 12712140 | 0.8 |
| 1822087 <sup>(1)</sup> | Alignment Healthcare, Inc. | 35002291 | 2.1 |
| 241974 <sup>(1)</sup> | Alkermes PLC | 7157591 | 0.4 |
| 86135 <sup>(1)</sup> | Arcellx, Inc. | 6262876 | 0.4 |
| 172782 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc. | 9105611 | 0.5 |
| 413891 <sup>(1)</sup> | AtriCure, Inc. | 14949743 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 70850 <sup>(1)</sup> | Axsome Therapeutics, Inc. | $| 10733775 | 0.6 |
| 294531 <sup>(1)</sup> | BioLife Solutions, Inc. |  | 7805072 | 0.5 |
| 259066 <sup>(1)</sup> | Bridgebio Pharma, Inc. |  | 18655343 | 1.1 |
| 675858 <sup>(1)</sup> | BrightSpring Health Services, Inc. |  | 24439025 | 1.5 |
| 301892 <sup>(1)</sup> | Catalyst Pharmaceuticals, Inc. |  | 7067292 | 0.4 |
| 39982 <sup>(1)</sup> | Celcuity, Inc. |  | 4043780 | 0.2 |
| 157027 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. |  | 7154150 | 0.4 |
| 41457 <sup>(1)</sup> | GeneDx Holdings Corp. |  | 6921246 | 0.4 |
| 104329 <sup>(1)</sup> | Glaukos Corp. |  | 11089129 | 0.7 |
| 122141 <sup>(1)</sup> | Guardant Health, Inc. |  | 13242527 | 0.8 |
| 67568 <sup>(1)</sup> | ICON PLC |  | 12500080 | 0.7 |
| 52941 <sup>(1)</sup> | Krystal Biotech, Inc. |  | 11541138 | 0.7 |
| 29533 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. |  | 17630610 | 1.1 |
| 248685 <sup>(1)</sup> | Merit Medical Systems, Inc. |  | 21533634 | 1.3 |
| 78752 <sup>(1)</sup> | Nuvalent, Inc. - Class A |  | 8611531 | 0.5 |
| 60587 <sup>(1)</sup> | Penumbra, Inc. |  | 17762291 | 1.1 |
| 175955 <sup>(1)</sup> | Protagonist Therapeutics, Inc. |  | 15835950 | 1 |
| 154334 <sup>(1)</sup> | PTC Therapeutics, Inc. |  | 13271181 | 0.8 |
| 251847 <sup>(1)</sup> | RadNet, Inc. |  | 20850413 | 1.3 |
| 147805 <sup>(1)</sup> | Repligen Corp. |  | 25277611 | 1.5 |
| 119332 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. |  | 13017928 | 0.8 |
| 277937 <sup>(1)</sup> | Scholar Rock Holding Corp. |  | 12245904 | 0.7 |
| 204960 <sup>(1)</sup> | TG Therapeutics, Inc. |  | 6816970 | 0.4 |
| 454105 <sup>(1)</sup> | Waystar Holding Corp. |  | 16761016 | 1 |
|  |  |  | **440712766** | **26.5** |
|  | **Industrials: 25.2%** | **Industrials: 25.2%** | **Industrials: 25.2%** | **Industrials: 25.2%** |
| 135063 | AAON, Inc. |  | 12625689 | 0.8 |
| 41669 <sup>(1)</sup> | AeroVironment, Inc. |  | 11644819 | 0.7 |
| 258738 <sup>(1)</sup> | Bloom Energy Corp. - Class A |  | 28264539 | 1.7 |
| 404029 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A |  | 38944355 | 2.3 |
| 100439 <sup>(1)</sup> | Construction Partners, Inc. - Class A |  | 10947851 | 0.7 |
| 60248 <sup>(1)</sup> | Dycom Industries, Inc. |  | 21781459 | 1.3 |
| 293587 | Granite Construction, Inc. |  | 31569410 | 1.9 |
| 213305 | Helios Technologies, Inc. |  | 11516337 | 0.7 |
| 179513 | Herc Holdings, Inc. |  | 24103210 | 1.4 |
| 161398 | John Bean Technologies Corp. |  | 22681261 | 1.4 |
| 174957 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. |  | 13314228 | 0.8 |
| 211271 <sup>(1)</sup> | Loar Holdings, Inc. |  | 14461500 | 0.9 |
| 131122 | Maximus, Inc. |  | 11288293 | 0.7 |
| 264363 <sup>(1)</sup> | Mercury Systems, Inc. |  | 18476330 | 1.1 |
| 178717 <sup>(1)</sup> | Nextracker, Inc. - Class A |  | 16374052 | 1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Small Cap Growth Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** | **Industrials: (continued)** |
| 1282301 <sup>(1)</sup> | QXO, Inc. | $| 24017498 | 1.4 |
| 44915 <sup>(1)</sup> | Saia, Inc. |  | 12646267 | 0.8 |
| 151945 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. |  | 20403175 | 1.2 |
| 116755 <sup>(1)</sup> | SPX Technologies, Inc. |  | 25106995 | 1.5 |
| 118408 | Standex International Corp. |  | 29028905 | 1.7 |
| 108340 | VSE Corp. |  | 19521785 | 1.2 |
|  |  |  | **418717958** | **25.2** |
|  | **Information Technology: 22.1%** | **Information Technology: 22.1%** | **Information Technology: 22.1%** | **Information Technology: 22.1%** |
| 441140 <sup>(1)</sup> | ACI Worldwide, Inc. |  | 20671820 | 1.2 |
| 123708 <sup>(1)</sup> | Agilysys, Inc. |  | 15211136 | 0.9 |
| 558320 <sup>(1)</sup> | Allegro MicroSystems, Inc. |  | 14901561 | 0.9 |
| 640224 <sup>(1)</sup> | Applied Digital Corp. |  | 17350070 | 1 |
| 316329 | Cognex Corp. |  | 12052135 | 0.7 |
| 154335 <sup>(1)</sup> | Credo Technology Group Holding Ltd. |  | 27409896 | 1.7 |
| 39272 <sup>(1)</sup> | Fabrinet |  | 18041949 | 1.1 |
| 324811 <sup>(1)</sup> | FormFactor, Inc. |  | 17871101 | 1.1 |
| 221951 <sup>(1)</sup> | JFrog Ltd. |  | 13534572 | 0.8 |
| 76135 <sup>(1)</sup> | Lumentum Holdings, Inc. |  | 24756057 | 1.5 |
| 495854 <sup>(1)</sup> | Mirion Technologies, Inc. |  | 12902121 | 0.8 |
| 351392 <sup>(1)</sup> | Netskope, Inc. - Class A |  | 6458585 | 0.4 |
| 217747 <sup>(1)</sup> | Onto Innovation, Inc. |  | 31172660 | 1.9 |
| 218996 <sup>(1)</sup> | Procore Technologies, Inc. |  | 16218844 | 1 |
| 257031 <sup>(1)</sup> | Rambus, Inc. |  | 24564453 | 1.5 |
| 75989 <sup>(1)</sup> | Sanmina Corp. |  | 11866822 | 0.7 |
| 131491 <sup>(1)</sup> | ServiceTitan, Inc. - Class A |  | 11750036 | 0.7 |
| 78450 <sup>(1)</sup> | SiTime Corp. |  | 23354565 | 1.4 |
| 340463 <sup>(1)</sup> | Tower Semiconductor Ltd. |  | 36807455 | 2.2 |
| 397097 <sup>(1)</sup> | Unusual Machines, Inc. |  | 3474599 | 0.2 |
| 218125 <sup>(1)</sup> | Varonis Systems, Inc. |  | 7213394 | 0.4 |
|  |  |  | **367583831** | **22.1** |
|  | **Materials: 1.0%** | **Materials: 1.0%** | **Materials: 1.0%** | **Materials: 1.0%** |
| 648745 | Element Solutions, Inc. |  | **16815470** | **1.0** |
|  | **Real Estate: 1.0%** | **Real Estate: 1.0%** | **Real Estate: 1.0%** | **Real Estate: 1.0%** |
| 106855 | FirstService Corp. |  | **16760207** | **1.0** |
|  | Total Common Stock <br> (Cost $1,293,853,079) |  | **1613347631** | **97.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.1%** | **SHORT-TERM INVESTMENTS: 3.1%** | **SHORT-TERM INVESTMENTS: 3.1%** | **SHORT-TERM INVESTMENTS: 3.1%** |
|  | **Mutual Funds: 3.1%** | **Mutual Funds: 3.1%** | **Mutual Funds: 3.1%** |
| 51472000 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% <br> (Cost $51,472,000) | $**51472000** | **3.1** |
|  | Total Short-Term Investments <br> (Cost $51,472,000) | $**51472000** | **3.1** |
|  | **Total Investments in Securities <br> (Cost $1,345,325,079)** | $**1664819631** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(4048076)** | **(0.2)** |
|  | **Net Assets** | $**1660771555** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Small Cap Growth Fund</u> <u>PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>** 

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices <br> in Active Markets <br> for Identical<br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable Inputs <br> (Level 3)** | **Fair Value <br> at <br> November 30, <br> 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock\* | $1613347631 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $1613347631 |
| Short-Term Investments | 51472000 |  |  | 51472000 |
| Total Investments, at fair value | $1664819631 | $— | $— | $1664819631 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,357,212,360. | Cost for U.S. federal income tax purposes was $1,357,212,360. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $349633198 |
| Gross Unrealized Depreciation | (42026333) |
| Net Unrealized Appreciation | $307606865 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS** 

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Equity Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Large-Cap Growth Fund, Voya Large Cap Value Fund, Voya MidCap Opportunities Fund, Voya Multi-Manager Mid Cap Value Fund, and Voya Small Cap Growth Fund, each a series of the Trust (the "Funds"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Funds, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Fund, and Victory Capital Management Inc., a sub-adviser to Voya Multi-Manager Mid Cap Value Fund (the "Sub-Advisers"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub- Advisers (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to

each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services** 

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program,

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

**Fund Performance** 

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. With respect to the Voya Multi-Manager Mid Cap Value Fund, the Board also reviewed the performance of the Fund assets allocated by the Manager to each Sub-Adviser. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund's performance and risk, including risk-adjusted investment

return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale** 

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers if and when a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Funds do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients** 

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Adviser with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Adviser.

**Fee Schedules, Profitability, and Fall-out Benefits** 

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub- Adviser for sub-advisory services for each Fund, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Adviser that is not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and the non-Voya-affiliated Sub-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Funds and the Manager's and Sub-Advisers' potential fall-out benefits were not unreasonable.

**Fund-by-Fund Analysis** 

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Fund's more recent performance, asset levels, and asset flows. Each Fund's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Large-Cap Growth Fund** 

In considering whether to approve the renewal of the Contracts for Voya Large-Cap Growth Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the third quintile of its Morningstar category for the one-year, three-year, and ten-year periods, the fourth quintile for the five-year period, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya Large Cap Value Fund** 

In considering whether to approve the renewal of the Contracts for Voya Large Cap Value Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year and five-year periods and the second quintile for the year-to-date and ten-year periods; and (2) the Fund outperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya MidCap Opportunities Fund** 

In considering whether to approve the renewal of the Contracts for Voya MidCap Opportunities Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the second quintile of its Morningstar category for the three-year and five-year periods and the third quintile for the year-to-date, one-year, and ten-year periods; and (2) the Fund underperformed its performance benchmark for all periods presented.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the fourth quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account that, as a result of the Board's request during the 2025 annual contract renewal cycle, lower expense limits were implemented for the Fund, effective January 2, 2026.

**Voya Multi-Manager Mid Cap Value Fund** 

In considering whether to approve the renewal of the Contracts for Voya Multi-Manager Mid Cap Value Fund, the

Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period and the fourth quintile for the one-year, three-year, five-year, and ten-year periods; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya Small Cap Growth Fund** 

In considering whether to approve the renewal of the Contracts for Voya Small Cap Growth Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the five-year and ten-year periods, the second quintile for the three-year period, the third quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Fund outperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's net expense ratio is ranked in the second quintile.

**Board Conclusions** 

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2026.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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| | |
|:---|:---|
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258 | The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. <br> 103 Bellevue Parkway <br> Wilmington, Delaware 19809 | Ropes & Gray LLP <br> Prudential Tower <br> 800 Boylston Street <br> Boston, Massachusetts 02199 |

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**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163058 (** **1125)**

![](tm262763d2_img004.jpg)

Semi-Annual Financial Statements and Other Information

**November 30, 2025**

Classes A, C, I, R, R6 and W

**Domestic Equity and Growth Funds**

■ Voya
 Corporate Leaders<sup>®</sup> 100 Fund

■ Voya MI Dynamic Small Cap Fund (Formerly, Voya Small Company Fund)

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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| | |
|:---|:---|
| ![](tm262763d2_img005.jpg) | E-Delivery Sign-up – details inside |

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm262763d2_img006.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Statements of Assets and Liabilities](#b001) | [1](#b001) |
| [Statements of Operations](#b002) | [3](#b002) |
| [Statements of Changes in Net Assets](#b003) | [4](#b003) |
| [Financial Highlights](#b004) | [5](#b004) |
| [Notes to Financial Statements](#b005) | [8](#b005) |
| [Portfolio of Investments](#b006) | [20](#b006) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#b007) | [29](#b007) |

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| |
|:---|
| &nbsp;&nbsp;**Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds' Forms NPORT-P are available on the SEC's website at www.sec.gov. Each Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **Voya Corporate**<br> **Leaders<sup>®</sup> 100 Fund** | **Voya MI Dynamic**<br> **Small Cap Fund** |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $1256327820 | $167432635 |
| Short-term investments at fair value† | 18385000 | 5355386 |
| Cash | 58079 | 21822 |
| Cash collateral for futures contracts | 1208928 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 522697 | 48602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 2165070 | 105636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 226 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 13861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 85050 |  |
| Prepaid expenses | 85398 | 68542 |
| Reimbursement due from Investment Adviser | 70295 | 14195 |
| Other assets | 64414 | 30776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1278972977 | 173091554 |
| **LIABILITIES:** |  |  |
| Payable for fund shares redeemed | 683966 | 41798 |
| Payable upon receipt of securities loaned |  | 5059386 |
| Payable for investment management fees | 472412 | 100035 |
| Payable for distribution and shareholder service fees | 186735 | 6708 |
| Payable to trustees under the deferred compensation plan (Note 6) | 64414 | 30776 |
| Payable for trustee fees | 2983 | 416 |
| Other accrued expenses and liabilities | 321919 | 79404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1732429 | 5318523 |
| **NET ASSETS** | $1277240548 | $167773031 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $641440392 | $162258938 |
| Total distributable earnings | 635800156 | 5514093 |
| **NET ASSETS** | $1277240548 | $167773031 |
| +&nbsp;&nbsp;&nbsp;&nbsp;Including securities loaned at value | $— | $4907902 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in securities | $701800219 | $178237760 |
| † Cost of short-term investments | $18385000 | $5355386 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya Corporate**<br> **Leaders<sup>®</sup> 100 Fund** | **Voya MI Dynamic**<br> **Small Cap Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $614697002 | $30662278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 22006036 | 2677935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $27.93 | $11.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)(1) | $29.63 | $12.15 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $36913582 | $688523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1332465 | 110851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $27.70 | $6.21 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $489427197 | $53563436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 17452532 | 3340644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $28.04 | $16.03 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $99750640 | $106117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3616783 | 9320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $27.58 | $11.39 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $21062808 | $57741546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 750501 | 3584203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $28.06 | $16.11 |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $15389319 | $25011131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 546269 | 1561148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $28.17 | $16.02 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Voya Corporate**<br> **Leaders<sup>®</sup> 100 Fund** | **Voya MI Dynamic**<br> **Small Cap Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $12561324 | $1634020 |
| Interest | 19688 | 831 |
| Securities lending income, net | 4 | 24098 |
| Other | 2731 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 12583747 | 1659340 |
| **EXPENSES:** |  |  |
| Investment management fees | 2768052 | 625985 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 730776 | 37681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 181545 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 240602 | 248 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 249155 | 20867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 15462 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 217096 | 42828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 41010 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 251 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 6155 | 17250 |
| Shareholder reporting expense | 29047 | 9242 |
| Registration fees | 66699 | 42380 |
| Professional fees | 55481 | 10481 |
| Custody and accounting expense | 36476 | 17035 |
| Trustee fees | 14915 | 2081 |
| Licensing fee (Note 7) | 98646 |  |
| Miscellaneous expense | 46842 | 13028 |
| Interest expense |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4798210 | 843288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (472040) | (63232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4326170 | 780056 |
| Net investment income | 8257577 | 879284 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 50924021 | 5432144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 2122058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 53046079 | 5432144 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 69223281 | 16871064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (492034) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 68731247 | 16870977 |
| Net realized and unrealized gain | 121777326 | 22303121 |
| **Increase in net assets resulting from operations** | $130034903 | $23182405 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | $— | $7144 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** |
|  | **Six Months<br> Ended <br> November 30, <br> 2025**<br> **(Unaudited)** | **Year Ended <br> May 31,**<br> **2025** | **Six Months <br> Ended <br> November 30, <br> 2025**<br> **(Unaudited)** | **Year Ended <br> May 31,**<br> **2025** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $8257577 | $16613354 | $879284 | $1146830 |
| Net realized gain | 53046079 | 59786259 | 5432144 | 27181498 |
| Net change in unrealized appreciation (depreciation) | 68731247 | 67312677 | 16870977 | (15368898) |
| Increase in net assets resulting from operations | 130034903 | 143712290 | 23182405 | 12959430 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (34348830) |  | (4813088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (2360119) |  | (257270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (27623470) |  | (6579491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | (5531205) |  | (12842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (759732) |  | (6777391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W |  | (869490) |  | (3029352) |
| Total distributions |  | (71492846) |  | (21469434) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 141063317 | 204427163 | 21727416 | 24609236 |
| Reinvestment of distributions |  | 65929010 |  | 21061252 |
|  | 141063317 | 270356173 | 21727416 | 45670488 |
| Cost of shares redeemed | (95174970) | (251812418) | (27030569) | (94120993) |
| Net increase (decrease) in net assets resulting from capital share transactions | 45888347 | 18543755 | (5303153) | (48450505) |
| Net increase (decrease) in net assets | 175923250 | 90763199 | 17879252 | (56960509) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1101317298 | 1010554099 | 149893779 | 206854288 |
| End of year or period | $1277240548 | $1101317298 | $167773031 | $149893779 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from <br> investment operations** | **Income (loss) from <br> investment operations** | **Income (loss) from <br> investment operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From net<br> investment<br> income | From <br> net<br> realized<br> gains | From<br> return of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net <br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/additions<br> <sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/additions<br> <sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 25.03 | 0.17 | <sup>•</sup> | 2.73 | 2.90 |  |  |  |  |  | 27.93 | **11.59** | 0.86 | 0.81 | 0.81 | 1.29 | 614697 | 12 |
| 05-31-25 | 23.28 | 0.36 | <sup>•</sup> | 3.06 | 3.42 | 0.39 | 1.28 |  | 1.67 |  | 25.03 | **14.81** | 0.87 | 0.81 | 0.81 | 1.46 | 543411 | 29 |
| 05-31-24 | 19.79 | 0.37 | <sup>•</sup> | 4.07 | 4.44 | 0.34 | 0.61 |  | 0.95 |  | 23.28 | **22.92** | 0.86 | 0.81 | 0.81 | 1.70 | 497913 | 24 |
| 05-31-23 | 20.76 | 0.34 | <sup>•</sup> | (0.21) | 0.13 | 0.33 | 0.77 |  | 1.10 |  | 19.79 | **0.83** | 0.92 | 0.81 | 0.81 | 1.70 | 418159 | 29 |
| 05-31-22 | 22.56 | 0.29 | <sup>•</sup> | (0.31) | (0.02) | 0.28 | 1.50 |  | 1.78 |  | 20.76 | **(0.68)** | 0.89 | 0.81 | 0.81 | 1.29 | 428157 | 28 |
| 05-31-21 | 19.35 | 0.31 | <sup>•</sup> | 7.79 | 8.10 | 0.40 | 4.49 |  | 4.89 |  | 22.56 | **46.33** | 0.96 | 0.81 | 0.81 | 1.49 | 441976 | 27 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11-30-25<sup>+</sup> | 24.89 | 0.10 | <sup>•</sup> | 2.71 | 2.81 |  |  |  |  |  | 27.70 | **11.29** | 1.61 | 1.32 | 1.32 | 0.78 | 36914 | 12 |
| 05-31-25 | 23.15 | 0.23 | <sup>•</sup> | 3.05 | 3.28 | 0.26 | 1.28 |  | 1.54 |  | 24.89 | **14.24** | 1.62 | 1.32 | 1.32 | 0.95 | 35525 | 29 |
| 05-31-24 | 19.66 | 0.26 | <sup>•</sup> | 4.03 | 4.29 | 0.19 | 0.61 |  | 0.80 |  | 23.15 | **22.26** | 1.61 | 1.31 | 1.31 | 1.20 | 39073 | 24 |
| 05-31-23 | 20.61 | 0.23 | <sup>•</sup> | (0.20) | 0.03 | 0.21 | 0.77 |  | 0.98 |  | 19.66 | **0.31** | 1.67 | 1.35 | 1.35 | 1.15 | 47270 | 29 |
| 05-31-22 | 22.39 | 0.17 | <sup>•</sup> | (0.31) | (0.14) | 0.14 | 1.50 |  | 1.64 |  | 20.61 | **(1.19)** | 1.64 | 1.34 | 1.34 | 0.75 | 63022 | 28 |
| 05-31-21 | 19.21 | 0.19 | <sup>•</sup> | 7.73 | 7.92 | 0.25 | 4.49 |  | 4.74 |  | 22.39 | **45.54** | 1.71 | 1.38 | 1.38 | 0.92 | 78110 | 27 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 25.09 | 0.22 | <sup>•</sup> | 2.73 | 2.95 |  |  |  |  |  | 28.04 | **11.76** | 0.62 | 0.49 | 0.49 | 1.61 | 489427 | 12 |
| 05-31-25 | 23.33 | 0.44 | <sup>•</sup> | 3.07 | 3.51 | 0.47 | 1.28 |  | 1.75 |  | 25.09 | **15.17** | 0.63 | 0.49 | 0.49 | 1.77 | 408309 | 29 |
| 05-31-24 | 19.83 | 0.44 | <sup>•</sup> | 4.07 | 4.51 | 0.40 | 0.61 |  | 1.01 |  | 23.33 | **23.30** | 0.60 | 0.49 | 0.49 | 2.02 | 366733 | 24 |
| 05-31-23 | 20.80 | 0.40 | <sup>•</sup> | (0.20) | 0.20 | 0.40 | 0.77 |  | 1.17 |  | 19.83 | **1.16** | 0.63 | 0.49 | 0.49 | 2.02 | 243883 | 29 |
| 05-31-22 | 22.60 | 0.37 | <sup>•</sup> | (0.32) | 0.05 | 0.35 | 1.50 |  | 1.85 |  | 20.80 | **(0.37)** | 0.60 | 0.49 | 0.49 | 1.64 | 308185 | 28 |
| 05-31-21 | 19.37 | 0.38 | <sup>•</sup> | 7.80 | 8.18 | 0.46 | 4.49 |  | 4.95 |  | 22.60 | **46.84** | 0.65 | 0.49 | 0.49 | 1.80 | 213638 | 27 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11-30-25<sup>+</sup> | 24.74 | 0.14 | <sup>•</sup> | 2.70 | 2.84 |  |  |  |  |  | 27.58 | **11.48** | 1.11 | 1.07 | 1.07 | 1.03 | 99751 | 12 |
| 05-31-25 | 23.04 | 0.29 | <sup>•</sup> | 3.03 | 3.32 | 0.34 | 1.28 |  | 1.62 |  | 24.74 | **14.47** | 1.12 | 1.07 | 1.07 | 1.20 | 90082 | 29 |
| 05-31-24 | 19.59 | 0.31 | <sup>•</sup> | 4.03 | 4.34 | 0.28 | 0.61 |  | 0.89 |  | 23.04 | **22.63** | 1.11 | 1.06 | 1.06 | 1.45 | 81768 | 24 |
| 05-31-23 | 20.57 | 0.28 | <sup>•</sup> | (0.21) | 0.07 | 0.28 | 0.77 |  | 1.05 |  | 19.59 | **0.54** | 1.17 | 1.10 | 1.10 | 1.41 | 65878 | 29 |
| 05-31-22 | 22.37 | 0.23 | <sup>•</sup> | (0.32) | (0.09) | 0.21 | 1.50 |  | 1.71 |  | 20.57 | **(0.98)** | 1.14 | 1.09 | 1.09 | 1.02 | 62865 | 28 |
| 05-31-21 | 19.21 | 0.24 | <sup>•</sup> | 7.73 | 7.97 | 0.32 | 4.49 |  | 4.81 |  | 22.37 | **45.93** | 1.21 | 1.13 | 1.13 | 1.17 | 63791 | 27 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 25.10 | 0.22 | <sup>•</sup> | 2.74 | 2.96 |  |  |  |  |  | 28.06 | **11.79** | 0.52 | 0.48 | 0.48 | 1.60 | 21063 | 12 |
| 05-31-25 | 23.34 | 0.44 | <sup>•</sup> | 3.08 | 3.52 | 0.48 | 1.28 |  | 1.76 |  | 25.10 | **15.18** | 0.53 | 0.48 | 0.48 | 1.78 | 10881 | 29 |
| 05-31-24 | 19.84 | 0.44 | <sup>•</sup> | 4.07 | 4.51 | 0.40 | 0.61 |  | 1.01 |  | 23.34 | **23.27** | 0.54 | 0.48 | 0.48 | 2.00 | 13489 | 24 |
| 05-31-23 | 20.81 | 0.40 | <sup>•</sup> | (0.20) | 0.20 | 0.40 | 0.77 |  | 1.17 |  | 19.84 | **1.16** | 0.56 | 0.48 | 0.48 | 2.03 | 7112 | 29 |
| 05-31-22 | 22.61 | 0.36 | <sup>•</sup> | (0.31) | 0.05 | 0.35 | 1.50 |  | 1.85 |  | 20.81 | **(0.36)** | 0.54 | 0.48 | 0.48 | 1.58 | 7323 | 28 |
| 05-31-21 | 19.38 | 0.38 | <sup>•</sup> | 7.81 | 8.19 | 0.47 | 4.49 |  | 4.96 |  | 22.61 | **46.83** | 0.56 | 0.48 | 0.48 | 1.82 | 13764 | 27 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 25.21 | 0.21 | <sup>•</sup> | 2.75 | 2.96 |  |  |  |  |  | 28.17 | **11.74** | 0.61 | 0.56 | 0.56 | 1.54 | 15389 | 12 |
| 05-31-25 | 23.44 | 0.42 | <sup>•</sup> | 3.09 | 3.51 | 0.46 | 1.28 |  | 1.74 |  | 25.21 | **15.07** | 0.62 | 0.56 | 0.56 | 1.71 | 13109 | 29 |
| 05-31-24 | 19.92 | 0.42 | <sup>•</sup> | 4.10 | 4.52 | 0.39 | 0.61 |  | 1.00 |  | 23.44 | **23.22** | 0.61 | 0.56 | 0.56 | 1.95 | 11578 | 24 |
| 05-31-23 | 20.89 | 0.39 | <sup>•</sup> | (0.21) | 0.18 | 0.38 | 0.77 |  | 1.15 |  | 19.92 | **1.08** | 0.67 | 0.56 | 0.56 | 1.95 | 11668 | 29 |
| 05-31-22 | 22.69 | 0.35 | <sup>•</sup> | (0.32) | 0.03 | 0.33 | 1.50 |  | 1.83 |  | 20.89 | **(0.44)** | 0.64 | 0.56 | 0.56 | 1.54 | 13848 | 28 |
| 05-31-21 | 19.41 | 0.37 | <sup>•</sup> | 7.82 | 8.19 | 0.42 | 4.49 |  | 4.91 |  | 22.69 | **46.75** | 0.71 | 0.56 | 0.56 | 1.74 | 16255 | 27 |
| **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** | **Voya MI Dynamic Small Cap Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 9.98 | 0.04 | <sup>•</sup> | 1.43 | 1.47 |  |  |  |  |  | 11.45 | **14.73** | 1.25 | 1.18 | 1.18 | 0.83 | 30662 | 59 |
| 05-31-25 | 11.20 | 0.04 | <sup>•</sup> | 0.63 | 0.67 | 0.21 | 1.68 |  | 1.89 |  | 9.98 | **4.14** | 1.17 | 1.17 | 1.17 | 0.36 | 28379 | 179 |
| 05-31-24 | 9.51 | 0.07 | <sup>•</sup> | 1.65 | 1.72 | 0.03 |  |  | 0.03 |  | 11.20 | **18.08** | 1.18 | 1.18 | 1.18 | 0.69 | 30541 | 197 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from<br> investment operations** | **Income (loss) from<br> investment operations** | **Income (loss) from<br> investment operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net <br> asset<br> value,<br> beginning<br> of year <br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total <br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From <br> net<br> realized<br> gains | From<br> return of<br> capital |<br>Total<br> distributions |<br>Payment<br> by<br> affiliate |<br>Net <br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/additions<br> <sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/additions<br> <sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** | **Voya MI Dynamic Small Cap Fund (continued)** |
| **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** | **Class A (continued)** |
| 05-31-23 | 10.11 | 0.04 | • | (0.61) | (0.57) | 0.03 |  |  | 0.03 |  | 9.51 | **(5.69)** | 1.21 | 1.18 | 1.18 | 0.39 | 29041 | 314 |
| 05-31-22 | 15.58 | (0.05) |)<sup>•</sup> | (1.62) | (1.67) |  | 3.80 |  | 3.80 |  | 10.11 | **(12.61)** | 1.39 | 1.34 | 1.34 | (0.42) | 34940 | 111 |
| 05-31-21 | 9.86 | (0.05) |)<sup>•</sup> | 5.77 | 5.72 |  |  |  |  |  | 15.58 | **58.01** | 1.48 | 1.35 | 1.35 | (0.41) | 44179 | 143 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11-30-25<sup>+</sup> | 5.43 | 0.00 | \*• | 0.78 | 0.78 |  |  |  |  |  | 6.21 | **14.37** | 2.00 | 1.93 | 1.93 | 0.08 | 689 | 59 |
| 05-31-25 | 6.84 | (0.02) |)<sup>•</sup> | 0.46 | 0.44 | 0.17 | 1.68 |  | 1.85 |  | 5.43 | **3.29** | 1.92 | 1.92 | 1.92 | (0.38) | 678 | 179 |
| 05-31-24 | 5.84 | (0.00) |)\*• | 1.00 | 1.00 |  |  |  |  |  | 6.84 | **17.12** | 1.93 | 1.93 | 1.93 | (0.06) | 1118 | 197 |
| 05-31-23 | 6.23 | (0.02) |)<sup>•</sup> | (0.37) | (0.39) | 0.00 \* |  |  | 0.00 \* |  | 5.84 | **(6.26)** | 1.96 | 1.93 | 1.93 | (0.38) | 1378 | 314 |
| 05-31-22 | 11.22 | (0.11) |)<sup>•</sup> | (1.08) | (1.19) |  | 3.80 |  | 3.80 |  | 6.23 | **(13.39)** | 2.14 | 2.09 | 2.09 | (1.19) | 2144 | 111 |
| 05-31-21 | 7.15 | (0.10) |)<sup>•</sup> | 4.17 | 4.07 |  |  |  |  |  | 11.22 | **56.92** | 2.23 | 2.10 | 2.10 | (1.16) | 4353 | 143 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 13.95 | 0.09 | <sup>•</sup> | 1.99 | 2.08 |  |  |  |  |  | 16.03 | **14.91** | 1.03 | 0.87 | 0.87 | 1.13 | 53563 | 59 |
| 05-31-25 | 15.00 | 0.10 | <sup>•</sup> | 0.78 | 0.88 | 0.25 | 1.68 |  | 1.93 |  | 13.95 | **4.46** | 0.90 | 0.86 | 0.86 | 0.67 | 50272 | 179 |
| 05-31-24 | 12.73 | 0.14 | <sup>•</sup> | 2.19 | 2.33 | 0.06 |  |  | 0.06 |  | 15.00 | **18.38** | 0.87 | 0.87 | 0.87 | 1.00 | 56201 | 197 |
| 05-31-23 | 13.51 | 0.08 | <sup>•</sup> | (0.81) | (0.73) | 0.05 |  |  | 0.05 |  | 12.73 | **(5.37)** | 0.94 | 0.87 | 0.87 | 0.65 | 35491 | 314 |
| 05-31-22 | 19.42 | (0.02) |)<sup>•</sup> | (2.09) | (2.11) |  | 3.80 |  | 3.80 |  | 13.51 | **(12.36)** | 1.04 | 1.03 | 1.03 | (0.14) | 88522 | 111 |
| 05-31-21 | 12.27 | (0.02) |)<sup>•</sup> | 7.19 | 7.17 |  | 0.02 |  | 0.02 |  | 19.42 | **58.49** | 1.24 | 1.04 | 1.04 | (0.10) | 235238 | 143 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11-30-25<sup>+</sup> | 9.94 | 0.03 | <sup>•</sup> | 1.42 | 1.45 |  |  |  |  |  | 11.39 | **14.59** | 1.50 | 1.43 | 1.43 | 0.57 | 106 | 59 |
| 05-31-25 | 11.16 | 0.01 | <sup>•</sup> | 0.63 | 0.64 | 0.18 | 1.68 |  | 1.86 |  | 9.94 | **3.89** | 1.42 | 1.42 | 1.42 | 0.11 | 87 | 179 |
| 05-31-24 | 9.47 | 0.04 | <sup>•</sup> | 1.65 | 1.69 |  |  |  |  |  | 11.16 | **17.85** | 1.43 | 1.43 | 1.43 | 0.43 | 87 | 197 |
| 05-31-23 | 10.08 | 0.02 | <sup>•</sup> | (0.62) | (0.60) | 0.01 |  |  | 0.01 |  | 9.47 | **(5.92)** | 1.46 | 1.43 | 1.43 | 0.17 | 95 | 314 |
| 05-31-22 | 15.58 | (0.08) |)<sup>•</sup> | (1.62) | (1.70) |  | 3.80 |  | 3.80 |  | 10.08 | **(12.83)** | 1.64 | 1.59 | 1.59 | (0.65) | 71 | 111 |
| 05-31-21 | 9.89 | (0.08) |)<sup>•</sup> | 5.77 | 5.69 |  |  |  |  |  | 15.58 | **57.53** | 1.73 | 1.60 | 1.60 | (0.67) | 70 | 143 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 14.02 | 0.08 | <sup>•</sup> | 2.01 | 2.09 |  |  |  |  |  | 16.11 | **14.91** | 0.86 | 0.86 | 0.86 | 1.10 | 57742 | 59 |
| 05-31-25 | 15.07 | 0.12 | <sup>•</sup> | 0.77 | 0.89 | 0.26 | 1.68 |  | 1.94 |  | 14.02 | **4.49** | 0.82 | 0.82 | 0.82 | 0.75 | 45580 | 179 |
| 05-31-24 | 12.77 | 0.15 | <sup>•</sup> | 2.21 | 2.36 | 0.06 |  |  | 0.06 |  | 15.07 | **18.54** | 0.82 | 0.82 | 0.82 | 1.05 | 92714 | 197 |
| 05-31-23 | 13.56 | 0.10 | <sup>•</sup> | (0.83) | (0.73) | 0.06 |  |  | 0.06 |  | 12.77 | **(5.38)** | 0.85 | 0.85 | 0.85 | 0.78 | 84357 | 314 |
| 05-31-22 | 19.47 | (0.02) |)<sup>•</sup> | (2.09) | (2.11) |  | 3.80 |  | 3.80 |  | 13.56 | **(12.32)** | 1.03 | 1.00 | 1.00 | (0.09) | 41310 | 111 |
| 05-31-21 | 12.30 | (0.01) |)<sup>•</sup> | 7.20 | 7.19 |  | 0.02 |  | 0.02 |  | 19.47 | **58.52** | 1.05 | 1.03 | 1.03 | (0.09) | 108522 | 143 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 13.95 | 0.08 | <sup>•</sup> | 1.99 | 2.07 |  |  |  |  |  | 16.02 | **14.84** | 1.00 | 0.93 | 0.93 | 1.08 | 25011 | 59 |
| 05-31-25 | 14.99 | 0.09 | <sup>•</sup> | 0.79 | 0.88 | 0.24 | 1.68 |  | 1.92 |  | 13.95 | **4.46** | 0.92 | 0.92 | 0.92 | 0.61 | 24898 | 179 |
| 05-31-24 | 12.71 | 0.14 | <sup>•</sup> | 2.18 | 2.32 | 0.04 |  |  | 0.04 |  | 14.99 | **18.26** | 0.93 | 0.93 | 0.93 | 0.96 | 26194 | 197 |
| 05-31-23 | 13.49 | 0.08 | <sup>•</sup> | (0.81) | (0.73) | 0.05 |  |  | 0.05 |  | 12.71 | **(5.41)** | 0.96 | 0.93 | 0.93 | 0.62 | 18641 | 314 |
| 05-31-22 | 19.41 | (0.03) |)<sup>•</sup> | (2.09) | (2.12) |  | 3.80 |  | 3.80 |  | 13.49 | **(12.43)** | 1.14 | 1.09 | 1.09 | (0.17) | 49206 | 111 |
| 05-31-21 | 12.27 | (0.02) |)<sup>•</sup> | 7.18 | 7.16 |  | 0.02 |  | 0.02 |  | 19.41 | **58.36** | 1.23 | 1.10 | 1.10 | (0.14) | 67110 | 143 |

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<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | |
|:---|:---|
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |

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See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for: Voya Corporate Leaders<sup>®</sup> 100 Fund ("Corporate Leaders<sup>®</sup> 100") and Voya MI Dynamic Small Cap Fund ("MI Dynamic Small Cap") (each, a "Fund" and collectively, the "Funds"). Prior to October 1, 2025, MI Dynamic Small Cap was known as Voya Small Company Fund. Each Fund is a diversified series of the Trust.

Each Fund offers at least five or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution, and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as the Sub-Adviser to the Funds. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

The Funds' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable

inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund's investments under these levels of classification is included within each Portfolios of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market
value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

(2) Purchases
and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such
transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D. ***Risk Exposures and the Use of Derivative Instruments.*** The Funds' investment strategies permit them to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The Funds' use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the

same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

E. ***Foreign Currency Transactions and Futures Contracts.*** For the purposes of hedging only, each Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Funds may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Funds' assets are valued.

Upon entering into a futures contract, the Funds are required to deposit either cash or securities (initial margin)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Funds' Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Funds' Statements of Operations. Realized gains (losses) are reported in the Funds' Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended November 30, 2025, Corporate Leaders<sup>®</sup> 100 purchased futures contracts on various equity indices to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Funds are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Funds' securities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended November 30, 2025, Corporate Leaders<sup>®</sup> 100 had an average notional amount on futures contracts purchased of $14,713,429. Please refer to the table within the Portfolio of Investments for open futures contracts for Corporate Leaders<sup>®</sup> 100 at November 30, 2025.

F. ***Distributions to Shareholders.*** The Funds record distributions to their shareholders on the ex-dividend date. The Funds declare and pay dividends, if any, annually. Each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal

Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain for income tax purposes.

H. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

I. ***Securities Lending.*** Each Fund has the option to temporarily loan securities representing up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds' other risks.

J. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

K. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended November 30, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Corporate Leaders<sup>®</sup> 100 | $192626409 | $146250983 |
| MI Dynamic Small Cap | 97360656 | 101275303 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Funds have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management

Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:

---

| | |
|:---|:---|
| **Fund** | **As a Percentage of Average Daily<br> Net Assets** |
| Corporate Leaders<sup>®</sup> 100 | 0.500% on first $500 million; |
|  | 0.450% on next $500 million; and |
|  | 0.400% in excess of $1 billion |
| MI Dynamic Small Cap | 0.750% on all assets |

---

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages each Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R shares of each Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is compensated by the Funds for expenses incurred in the distribution of each Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each class of shares of the Funds pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** |
| Corporate Leaders<sup>®</sup> 100 | 0.25% | 1.00% | 0.50% |
| MI Dynamic Small Cap | 0.25% | 1.00% | 0.50% |

---

The Distributor has agreed to waive 0.25% of the Distribution Fee for Corporate Leaders<sup>®</sup> 100 Class C. Termination or modification of this contractual waiver requires approval by the Board.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2025, the Distributor retained the following amounts in sales charges:

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)**

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** | **Initial Sales Charges:** | **Initial Sales Charges:** |
| Corporate Leaders<sup>®</sup> 100 | $12664 | $— |
| MI Dynamic Small Cap | 337 |  |
| **Contingent Deferred Sales Charges:** | **Contingent Deferred Sales Charges:** | **Contingent Deferred Sales Charges:** |
| Corporate Leaders<sup>®</sup> 100 | $— | $727 |
| MI Dynamic Small Cap | 1 | 16 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At November 30, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | |
|:---|:---|
| **Subsidiary/Affiliated Investment<br> Company** | **Percentage** |
| Voya Institutional Trust Company Corporate Leaders<sup>®</sup> 100 | 11.63% |

---

The Investment Adviser may direct the Funds' Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Funds' equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amount credited to the Funds are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Corporate Leaders<sup>®</sup> 100 | $101873 |
| MI Dynamic Small Cap | 2188 |

---

**NOTE 7 — LICENSING FEE**

Corporate Leaders<sup>®</sup> 100 pays an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class <br> A** | **Class <br> C** | **Class <br> I** | **Class <br> R** | **Class <br> R6** | **Class <br> W** |
| Corporate Leaders<sup>®</sup> 100 | 0.90% | 1.45% | 0.65% | 1.15% | 0.65% | 0.65% |
| MI Dynamic Small Cap | 1.17% | 1.92% | 0.86% | 1.42% | 0.86% | 0.92% |

---

Pursuant to a side letter agreement, through October 1, 2026, the Investment Adviser has further lowered the expense limits for certain share classes of shares of Corporate Leaders<sup>®</sup> 100 listed below. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of these obligations requires approval by the Board.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class <br> A** | **Class <br> C** | **Class <br> I** | **Class <br> R** | **Class <br> R6** | **Class <br> W** |
| Corporate Leaders<sup>®</sup> 100 | 0.81% | 1.45% | 0.49% | 1.15% | 0.48% | 0.56% |

---

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of November 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,** | **November 30,** | **November 30,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| Corporate Leaders<sup>®</sup> 100 | $527830 | $442139 | $523534 | $1493503 |
| MI Dynamic Small Cap | 172 |  |  | 172 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates, as of November 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,** | **November 30,** | **November 30,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** |
| Class I | $80883 | $14167 | $41063 | $136113 |
| Class R6 | 163406 | 220529 | 429973 | 813908 |
| Class W | 479 | 547 | 463 | 1489 |
| **MI Dynamic Small Cap** | **MI Dynamic Small Cap** | **MI Dynamic Small Cap** | **MI Dynamic Small Cap** | **MI Dynamic Small Cap** |
| Class C | $1137 | $17 | $11425 | $12579 |
| Class I | 74 | 8 | 257 | 339 |
| Class R | 6483 |  | 63900 | 70383 |
| Class W | 11 |  | 37 | 48 |

---

The Expense Limitation Agreement is contractual through October 1, 2026 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

Effective June 10, 2025, the Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The below Funds utilized the line of credit during the period ended November 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Utilized** | **Approximate<br> Average<br> Daily Balance<br> For Days<br> Utilized** | **Approximate<br> Weighted<br> Average<br> Interest Rate<br> For Days<br> Utilized** |
| MI Dynamic Small Cap | 1 | $743000 | 5.33% |

---

**NOTE 10 — CAPITAL SHARES**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1484844 |  |  | (1189935) |  | 294909 | 39779214 |  |  | (31886925) |  | 7892289 |
| 5/31/2025 | 1542663 |  | 1270480 | (2488300) |  | 324843 | 37745225 |  | 31330040 | (61186222) |  | 7889043 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 87498 |  |  | (182515) |  | (95017) | 2328302 |  |  | (4819196) |  | (2490894) |
| 5/31/2025 | 214063 |  | 91236 | (565552) |  | (260253) | 5251389 |  | 2242580 | (13806970) |  | (6313001) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 3086659 |  |  | (1909410) |  | 1177249 | 82636391 |  |  | (50907576) |  | 31728815 |
| 5/31/2025 | 5903614 |  | 1024036 | (6372782) |  | 554868 | 145657569 |  | 25273204 | (153305568) |  | 17625205 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 137827 |  |  | (161489) |  | (23662) | 3626048 |  |  | (4282101) |  | (656053) |
| 5/31/2025 | 368050 |  | 226559 | (503268) |  | 91341 | 8902804 |  | 5530308 | (12079881) |  | 2353231 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 353487 |  |  | (36418) |  | 317069 | 9692090 |  |  | (984156) |  | 8707934 |
| 5/31/2025 | 178351 |  | 28692 | (351463) |  | (144420) | 4465295 |  | 708681 | (8874823) |  | (3700847) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 112118 |  |  | (85830) |  | 26288 | 3001272 |  |  | (2295016) |  | 706256 |
| 5/31/2025 | 96506 |  | 34026 | (104546) |  | 25986 | 2404881 |  | 844197 | (2558954) |  | 690124 |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **MI Dynamic Small Cap** | **MI Dynamic Small Cap** | **MI Dynamic Small Cap** |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 28884 |  |  | (194788) |  | (165904) | 312693 |  |  | (2136007) |  | (1823314) |
| 5/31/2025 | 88255 |  | 420053 | (391683) |  | 116625 | 946721 |  | 4704596 | (4383074) |  | 1268243 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1435 |  |  | (15343) |  | (13908) | 8334 |  |  | (89706) |  | (81372) |
| 5/31/2025 | 11276 |  | 42038 | (91972) |  | (38658) | 80175 |  | 257270 | (567479) |  | (230034) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 127404 |  |  | (389811) |  | (262407) | 1926973 |  |  | (5877025) |  | (3950052) |
| 5/31/2025 | 399617 |  | 414838 | (957766) |  | (143311) | 5824884 |  | 6483913 | (14366189) |  | (2057392) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 569 |  |  | (55) |  | 514 | 5925 |  |  | (593) |  | 5332 |
| 5/31/2025 | 2004 |  | 1151 | (2150) |  | 1005 | 20392 |  | 12842 | (23337) |  | 9897 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1284065 |  |  | (951641) |  | 332424 | 18772822 |  |  | (14841058) |  | 3931764 |
| 5/31/2025 | 907281 |  | 418680 | (4228264) |  | (2902303) | 13256238 |  | 6573279 | (67278972) |  | (47449455) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 46149 |  |  | (270346) |  | (224197) | 700669 |  |  | (4086180) |  | (3385511) |
| 5/31/2025 | 331683 |  | 193817 | (487117) |  | 38383 | 4480826 |  | 3029352 | (7501942) |  | 8236 |

---

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-

backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2025:

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 11 — SECURITIES LENDING (continued)**

**MI Dynamic Small Cap**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $226767 | $(226767) | $— |
| BNP Paribas Securities Corp. | 371412 | (371412) |  |
| BofA Securities Inc | 325164 | (325164) |  |
| Deutsche Bank Securities Inc. | 456113 | (456113) |  |
| HSBC Bank PLC | 1219884 | (1219884) |  |
| Morgan Stanley & Co. LLC | 550830 | (550830) |  |
| National Financial Services LLC | 1105934 | (1105934) |  |
| Natixis Securities America LLC | 35638 | (35638) |  |
| Wells Fargo Securities LLC | 616160 | (616160) |  |
| Total | $4907902 | $(4907902) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $5,059,386 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts and wash sale deferrals.

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2024** | **Year Ended<br> May 31, 2024** |
|  | **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** |
| Corporate Leaders<sup>®</sup> 100 | $28388233 | $43104613 | $22470133 | $17753598 |
| MI Dynamic Small Cap | 19775990 | 1693444 | 695493 |  |

---

The tax-basis components of distributable earnings as of May 31, 2025, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Capital Loss<br> Carryforward** | **Total<br> Distributable<br> Earnings/(Loss)** |
| Corporate Leaders<sup>®</sup> 100 | $15915832 | $25775996 | $464073425 | $– $| 505765253 |
| MI Dynamic Small Cap | 10682740 | 1672885 | (30023937) | – | (17668312) |

---

The Funds' major tax jurisdictions are U.S. federal and Arizona state.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

As of November 30, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on U.S. federal and state income tax returns for open tax years. The Funds' U.S. federal and state income and U.S. federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties

and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect a Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about each Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosures, including providing specific

categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Funds' financial statements.

**NOTE 16 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to November 30, 2025, the Funds declared and paid dividends and distributions of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **Per Share Amount** | **Payable Date** | **Record Date** |
| **Corporate Leaders<sup>®</sup> 100** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | NII | $0.3167 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class C | NII | $0.1732 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.3976 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class R | NII | $0.2501 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class R6 | NII | $0.3960 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class W | NII | $0.3801 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.6332 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.1909 | December 12, 2025 | December 11, 2025 |
| **MI Dynamic Small Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | NII | $0.0706 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class C | NII | $0.0331 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.1045 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class R | NII | $0.0505 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class R6 | NII | $0.1070 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;Class W | NII | $0.0950 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $1.4875 | December 12, 2025 | December 11, 2025 |
| &nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.1503 | December 12, 2025 | December 11, 2025 |

---

NII – Net investment income

STCG – Short-term capital gain

LTCG – Long-term capital gain

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Corporate Leaders<sup>®</sup>100 Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** | **COMMON STOCK: 98.4%** |
|  | **Communication Services: 7.3%** | **Communication Services: 7.3%** | **Communication Services: 7.3%** |
| 50533 | Alphabet, Inc. - Class C | $16176624 | 1.3 |
| 439899 | AT&T, Inc. | 11446172 | 0.9 |
| 392123 | Comcast Corp. - Class A | 10465763 | 0.8 |
| 16610 | Meta Platforms, Inc. - Class A | 10762449 | 0.8 |
| 102350 <sup>(1)</sup> | Netflix, Inc. | 11010813 | 0.9 |
| 51891 | T-Mobile US, Inc. | 10845738 | 0.8 |
| 285503 | Verizon Communications, Inc. | 11737028 | 0.9 |
| 107581 | Walt Disney Co. | 11238987 | 0.9 |
|  |  | **93683574** | **7.3** |
|  | **Consumer Discretionary: 8.7%** | **Consumer Discretionary: 8.7%** | **Consumer Discretionary: 8.7%** |
| 55580 <sup>(1)</sup> | Amazon.com, Inc. | 12962368 | 1 |
| 2264 | Booking Holdings, Inc. | 11126858 | 0.9 |
| 202031 | General Motors Co. | 14853319 | 1.2 |
| 30354 | Home Depot, Inc. | 10833950 | 0.9 |
| 48746 | Lowe's Cos., Inc. | 11819930 | 0.9 |
| 40755 | McDonald's Corp. | 12708224 | 1 |
| 177544 | NIKE, Inc. - Class B | 11474669 | 0.9 |
| 144187 | Starbucks Corp. | 12560129 | 1 |
| 27861 <sup>(1)</sup> | Tesla, Inc. | 11984966 | 0.9 |
|  |  | **110324413** | **8.7** |
|  | **Consumer Staples: 9.7%** | **Consumer Staples: 9.7%** | **Consumer Staples: 9.7%** |
| 188033 | Altria Group, Inc. | 11095827 | 0.9 |
| 186980 | Coca-Cola Co. | 13671978 | 1.1 |
| 153585 | Colgate-Palmolive Co. | 12346698 | 1 |
| 13468 | Costco Wholesale Corp. | 12304230 | 1 |
| 197161 | Mondelez International, Inc. - Class A | 11350559 | 0.9 |
| 88093 | PepsiCo, Inc. | 13102953 | 1 |
| 75761 | Philip Morris International, Inc. | 11930842 | 0.9 |
| 80428 | Procter & Gamble Co. | 11916212 | 0.9 |
| 139009 | Target Corp. | 12596996 | 1 |
| 119792 | Walmart, Inc. | 13238214 | 1 |
|  |  | **123554509** | **9.7** |
|  | **Energy: 2.8%** | **Energy: 2.8%** | **Energy: 2.8%** |
| 79104 | Chevron Corp. | 11954988 | 0.9 |
| 128828 | ConocoPhillips | 11425755 | 0.9 |
| 108110 | Exxon Mobil Corp. | 12532111 | 1 |
|  |  | **35912854** | **2.8** |
|  | **Financials: 17.2%** | **Financials: 17.2%** | **Financials: 17.2%** |
| 36073 | American Express Co. | 13176385 | 1 |
| 158514 | American International Group, Inc. | 12072426 | 0.9 |
| 235561 | Bank of America Corp. | 12637848 | 1 |
| 112512 | Bank of New York Mellon Corp. | 12612595 | 1 |
| 24733 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 12708063 | 1 |
| 10504 | Blackrock, Inc. | 11000839 | 0.9 |
| 55224 | Capital One Financial Corp. | 12097922 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 127445 | Charles Schwab Corp. | $| 11817975 | 0.9 |
| 119700 | Citigroup, Inc. |  | 12400920 | 1 |
| 15357 | Goldman Sachs Group, Inc. |  | 12685496 | 1 |
| 39115 | JPMorgan Chase & Co. |  | 12246124 | 1 |
| 21735 | Mastercard, Inc. - Class A |  | 11965770 | 0.9 |
| 150459 | MetLife, Inc. |  | 11519141 | 0.9 |
| 76620 | Morgan Stanley |  | 12999349 | 1 |
| 177212 | PayPal Holdings, Inc. |  | 11109420 | 0.9 |
| 252051 | US Bancorp |  | 12363102 | 1 |
| 36301 | Visa, Inc. - Class A |  | 12140506 | 0.9 |
| 145874 | Wells Fargo & Co. |  | 12523283 | 1 |
|  |  |  | **220077164** | **17.2** |
|  | **Health Care: 16.9%** | **Health Care: 16.9%** | **Health Care: 16.9%** | **Health Care: 16.9%** |
| 92767 | Abbott Laboratories |  | 11957666 | 0.9 |
| 55333 | AbbVie, Inc. |  | 12599324 | 1 |
| 45071 | Amgen, Inc. |  | 15570228 | 1.2 |
| 279683 | Bristol-Myers Squibb Co. |  | 13760404 | 1.1 |
| 163401 | CVS Health Corp. |  | 13130904 | 1 |
| 66367 | Danaher Corp. |  | 15050708 | 1.2 |
| 16996 | Eli Lilly & Co. |  | 18278688 | 1.4 |
| 109645 | Gilead Sciences, Inc. |  | 13797727 | 1.1 |
| 28114 <sup>(1)</sup> | Intuitive Surgical, Inc. |  | 16122817 | 1.3 |
| 67989 | Johnson & Johnson |  | 14068284 | 1.1 |
| 131405 | Medtronic PLC |  | 13840889 | 1.1 |
| 157141 | Merck & Co., Inc. |  | 16473091 | 1.3 |
| 517739 | Pfizer, Inc. |  | 13326602 | 1.1 |
| 26726 | Thermo Fisher Scientific, Inc. |  | 15790522 | 1.2 |
| 35774 | UnitedHealth Group, Inc. |  | 11797192 | 0.9 |
|  |  |  | **215565046** | **16.9** |
|  | **Industrials: 13.9%** | **Industrials: 13.9%** | **Industrials: 13.9%** | **Industrials: 13.9%** |
| 80142 | 3M Co. |  | 13788431 | 1.1 |
| 56884 <sup>(1)</sup> | Boeing Co. |  | 10751076 | 0.8 |
| 26183 | Caterpillar, Inc. |  | 15075124 | 1.2 |
| 26527 | Deere & Co. |  | 12321526 | 1 |
| 95538 | Emerson Electric Co. |  | 12742858 | 1 |
| 52195 | FedEx Corp. |  | 14389118 | 1.1 |
| 42053 | GE Aerospace |  | 12550718 | 1 |
| 37174 | General Dynamics Corp. |  | 12699754 | 1 |
| 59003 | Honeywell International, Inc. |  | 11339787 | 0.9 |
| 25098 | Lockheed Martin Corp. |  | 11491370 | 0.9 |
| 75464 | Raytheon Technologies Corp. |  | 13199408 | 1 |
| 124014 <sup>(1)</sup> | Uber Technologies, Inc. |  | 10856186 | 0.9 |
| 52283 | Union Pacific Corp. |  | 12120768 | 0.9 |
| 146132 | United Parcel Service, Inc. - Class B |  | 13997984 | 1.1 |
|  |  |  | **177324108** | **13.9** |

---

See Accompanying Notes to Financial Statements

Voya Corporate Leaders<sup>®</sup>100 Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 16.2%** | **Information Technology: 16.2%** | **Information Technology: 16.2%** |
| 49992 | Accenture PLC - Class A | $12498000 | 1 |
| 34356 <sup>(1)</sup> | Adobe, Inc. | 10998386 | 0.9 |
| 49859 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 10845828 | 0.8 |
| 48533 | Apple, Inc. | 13533427 | 1.1 |
| 37658 | Broadcom, Inc. | 15174668 | 1.2 |
| 182341 | Cisco Systems, Inc. | 14029317 | 1.1 |
| 358118 <sup>(1)</sup> | Intel Corp. | 14525266 | 1.1 |
| 44132 | International Business Machines Corp. | 13618253 | 1.1 |
| 17775 | Intuit, Inc. | 11270772 | 0.9 |
| 23996 | Microsoft Corp. | 11806272 | 0.9 |
| 67904 | NVIDIA Corp. | 12019008 | 0.9 |
| 43671 | Oracle Corp. | 8819358 | 0.7 |
| 69039 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 11629620 | 0.9 |
| 74701 | Qualcomm, Inc. | 12556491 | 1 |
| 50380 | Salesforce, Inc. | 11614605 | 0.9 |
| 13125 <sup>(1)</sup> | ServiceNow, Inc. | 10662881 | 0.8 |
| 67392 | Texas Instruments, Inc. | 11340052 | 0.9 |
|  |  | **206942204** | **16.2** |
|  | **Materials: 0.8%** | **Materials: 0.8%** | **Materials: 0.8%** |
| 25915 | Linde PLC US | **10633443** | **0.8** |
|  | **Real Estate: 1.9%** | **Real Estate: 1.9%** | **Real Estate: 1.9%** |
| 63470 | American Tower Corp. | 11505207 | 0.9 |
| 66443 | Simon Property Group, Inc. | 12379660 | 1 |
|  |  | **23884867** | **1.9** |
|  | **Utilities: 3.0%** | **Utilities: 3.0%** | **Utilities: 3.0%** |
| 100555 | Duke Energy Corp. | 12462787 | 1 |
| 162029 | NextEra Energy, Inc. | 13981482 | 1.1 |
| 131490 | Southern Co. | 11981369 | 0.9 |
|  |  | **38425638** | **3.0** |
|  | Total Common Stock<br> (Cost $701,800,219) | **1256327820** | **98.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** | **SHORT-TERM INVESTMENTS: 1.4%** |
|  | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** | **Mutual Funds: 1.4%** |
| 18385000 <sup>(2)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880%<br> (Cost $18,385,000) | $**18385000** | **1.4** |
|  | Total Short-Term Investments<br> (Cost $18,385,000) | $**18385000** | **1.4** |
|  | **Total Investments in Securities<br> (Cost $720,185,219)** | $**1274712820** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **2527728** | **0.2** |
|  | **Net Assets** | $**1277240548** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Corporate Leaders<sup>®</sup> 100 Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> November 30,<br> 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $1256327820 | $— | $— | $1256327820 |
| Short-Term Investments | 18385000 |  |  | 18385000 |
| Total Investments, at fair value | $1274712820 | $— | $— | $1274712820 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 527461 |  |  | 527461 |
| Total Assets | $1275240281 | $— | $— | $1275240281 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At November 30, 2025, the following futures contracts were outstanding for Voya Corporate Leaders<sup>®</sup> 100 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number <br> of Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 54 | 12/19/25 | $18520650 | $527461 |
|  |  |  | $18520650 | $527461 |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Location on Statement <br> <u>of Assets and Liabilities</u>** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $527461 |
| **Total Asset Derivatives** |  | $527461 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $2122058 |
| **Total** | $2122058 |

---

See Accompanying Notes to Financial Statements

<u>Voya Corporate Leaders<sup>®</sup> 100 Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Equity contracts | $(492034) |
| **Total** | $(492034) |

---

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $742,435,609. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $562855317 |
| Gross Unrealized Depreciation | (30050645) |
| Net Unrealized Appreciation | $532804672 |

---

See Accompanying Notes to Financial Statements

<u>Voya MI Dynamic Small Cap Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** | **COMMON STOCK: 99.2%** |
|  | **Communication Services: 3.4%** |  |  |
| 24836 <sup>(1)</sup> | CarGurus, Inc. | $876214 | 0.5 |
| 59627 <sup>(1)</sup> | Grindr, Inc. | 765014 | 0.5 |
| 41278 <sup>(1)</sup> | Lumen Technologies, Inc. | 334765 | 0.2 |
| 34735 <sup>(1)</sup> | Magnite, Inc. | 510257 | 0.3 |
| 25370 <sup>(1)(2)</sup> | TripAdvisor, Inc. | 377252 | 0.2 |
| 101637 <sup>(1)</sup> | Uniti Group, Inc. | 647428 | 0.4 |
| 30871 <sup>(1)</sup> | Yelp, Inc. | 892481 | 0.5 |
| 179211 <sup>(1)</sup> | ZipRecruiter, Inc. - Class A | 851252 | 0.5 |
| 44771 <sup>(1)</sup> | ZoomInfo Technologies, Inc. | 444128 | 0.3 |
|  |  | **5698791** | **3.4** |
|  | **Consumer Discretionary: 5.3%** |  |  |
| 24116 | H&R Block, Inc. | 1015766 | 0.6 |
| 25042 | Kohl's Corp. | 615783 | 0.4 |
| 8059 | Monarch Casino & Resort, Inc. | 778338 | 0.5 |
| 68560 <sup>(1)(2)</sup> | Peloton Interactive, Inc. - Class A | 465522 | 0.3 |
| 21050 | Red Rock Resorts, Inc. - Class A | 1232899 | 0.7 |
| 80463 <sup>(1)</sup> | Sonos, Inc. | 1493393 | 0.9 |
| 12766 | Steven Madden Ltd. | 533363 | 0.3 |
| 58997 | Super Group SGHC Ltd. | 638938 | 0.4 |
| 60295 <sup>(1)</sup> | Tri Pointe Homes, Inc. | 2057265 | 1.2 |
|  |  | **8831267** | **5.3** |
|  | **Consumer Staples: 0.6%** |  |  |
| 39981 | Dole PLC | 578925 | 0.3 |
| 6762 | John B Sanfilippo & Son, Inc. | 491124 | 0.3 |
|  |  | **1070049** | **0.6** |
|  | **Energy: 3.6%** |  |  |
| 245412 <sup>(1)</sup> | Clean Energy Fuels Corp. | 534998 | 0.3 |
| 41300 | Excelerate Energy, Inc. - Class A | 1159704 | 0.7 |
| 125754 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 837522 | 0.5 |
| 61270 <sup>(2)</sup> | HighPeak Energy, Inc. | 411122 | 0.2 |
| 55472 | Murphy Oil Corp. | 1778987 | 1.1 |
| 54617 | SFL Corp. Ltd. | 449498 | 0.3 |
| 74634 <sup>(1)</sup> | Uranium Energy Corp. | 915759 | 0.5 |
|  |  | **6087590** | **3.6** |
|  | **Financials: 19.3%** |  |  |
| 29091 | Arrow Financial Corp. | 877094 | 0.5 |
| 24875 | Banc of California, Inc. | 458695 | 0.3 |
| 51939 | BCB Bancorp, Inc. | 414993 | 0.2 |
| 32869 | Berkshire Hills Bancorp, Inc. | 841118 | 0.5 |
| 159809 | BGC Group, Inc. - Class A | 1390338 | 0.8 |
| 12921 | Cathay General Bancorp | 625893 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 41752 | ConnectOne Bancorp, Inc. | $1055073 | 0.6 |
| 51359 | Eastern Bankshares, Inc. | 967090 | 0.6 |
| 46891 | Farmers National Banc Corp. | 637249 | 0.4 |
| 85348 | First BanCorp/Puerto Rico | 1687330 | 1 |
| 42133 | First Commonwealth Financial Corp. | 684661 | 0.4 |
| 28952 | First Horizon Corp. | 646788 | 0.4 |
| 67705 | Fulton Financial Corp. | 1228846 | 0.7 |
| 224452 <sup>(1)</sup> | Genworth Financial, Inc. - Class A | 1948243 | 1.2 |
| 33220 | Hancock Whitney Corp. | 2012800 | 1.2 |
| 22690 | Hilltop Holdings, Inc. | 778721 | 0.5 |
| 72485 | Hope Bancorp, Inc. | 769791 | 0.5 |
| 87162 | Ladder Capital Corp. | 963140 | 0.6 |
| 80406 | MFA Financial, Inc. | 773506 | 0.5 |
| 11821 | NBT Bancorp, Inc. | 490099 | 0.3 |
| 16927 | Origin Bancorp, Inc. | 615973 | 0.4 |
| 92936 | P10, Inc. - Class A | 871740 | 0.5 |
| 62571 | Pagseguro Digital Ltd. - Class A | 655744 | 0.4 |
| 223245 <sup>(1)</sup> | Payoneer Global, Inc. | 1290356 | 0.8 |
| 139058 | Ready Capital Corp. | 351817 | 0.2 |
| 134897 | Redwood Trust, Inc. | 743282 | 0.4 |
| 25111 | Renasant Corp. | 889934 | 0.5 |
| 42046 | Simmons First National Corp. - Class A | 779953 | 0.5 |
| 39232 <sup>(1)</sup> | Slide Insurance Holdings, Inc. | 662628 | 0.4 |
| 47064 | United Community Banks, Inc. | 1438276 | 0.8 |
| 147626 | Valley National Bancorp | 1671126 | 1 |
| 24563 | Victory Capital Holdings, Inc. - Class A | 1544767 | 0.9 |
| 67950 | WisdomTree, Inc. | 750168 | 0.4 |
| 39223 | XP, Inc. - Class A | 773085 | 0.5 |
|  |  | **32290317** | **19.3** |
|  | **Health Care: 17.0%** |  |  |
| 126967 <sup>(1)</sup> | Alignment Healthcare, Inc. | 2439036 | 1.4 |
| 110563 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 1097891 | 0.7 |
| 87943 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. | 631431 | 0.4 |
| 11670 | Bio-Techne Corp. | 752832 | 0.4 |
| 22602 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 817288 | 0.5 |
| 17058 | Bruker Corp. | 832601 | 0.5 |
| 343253 <sup>(1)</sup> | Cerus Corp. | 604125 | 0.4 |
| 75040 <sup>(1)</sup> | Fortrea Holdings, Inc. | 953758 | 0.6 |
| 20284 <sup>(1)</sup> | Guardant Health, Inc. | 2199191 | 1.3 |
| 20578 <sup>(1)</sup> | HealthEquity, Inc. | 2164394 | 1.3 |
| 20018 <sup>(1)(2)</sup> | Hims & Hers Health, Inc. | 795916 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya MI Dynamic Small Cap Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 32781 <sup>(1)(2)</sup> | Intellia Therapeutics, Inc. | $294701 | 0.2 |
| 11454 <sup>(1)</sup> | Merit Medical Systems, Inc. | 991802 | 0.6 |
| 13991 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | 1022043 | 0.6 |
| 53326 <sup>(1)</sup> | NeoGenomics, Inc. | 645245 | 0.4 |
| 299588 <sup>(1)</sup> | OPKO Health, Inc. | 407440 | 0.2 |
| 41695 <sup>(1)</sup> | Option Care Health, Inc. | 1296714 | 0.8 |
| 32793 <sup>(1)</sup> | Orthofix Medical, Inc. | 527639 | 0.3 |
| 25762 <sup>(1)</sup> | Phreesia, Inc. | 527863 | 0.3 |
| 73937 <sup>(1)</sup> | Progyny, Inc. | 1949719 | 1.2 |
| 14817 <sup>(1)</sup> | PTC Therapeutics, Inc. | 1274114 | 0.8 |
| 19209 | QIAGEN N.V. | 917230 | 0.5 |
| 216753 <sup>(1)</sup> | Savara, Inc. | 1363376 | 0.8 |
| 55311 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 1162084 | 0.7 |
| 63119 <sup>(1)</sup> | Teladoc Health, Inc. | 479073 | 0.3 |
| 34475 <sup>(1)</sup> | Travere Therapeutics, Inc. | 1220760 | 0.7 |
| 53940 <sup>(1)</sup> | WaVe Life Sciences Ltd. | 418574 | 0.2 |
| 95027 <sup>(1)</sup> | Xeris Biopharma Holdings, Inc. | 682294 | 0.4 |
|  |  | **28469134** | **17.0** |
|  | **Industrials: 16.5%** |  |  |
| 36542 | Aebi Schmidt Holding AG | 435215 | 0.3 |
| 8481 | Albany International Corp. - Class A | 404374 | 0.2 |
| 11376 | Allison Transmission Holdings, Inc. | 1008596 | 0.6 |
| 16628 | Apogee Enterprises, Inc. | 605426 | 0.4 |
| 7960 | Applied Industrial Technologies, Inc. | 2060207 | 1.2 |
| 79845 <sup>(1)(2)</sup> | Archer Aviation, Inc. - Class A | 621993 | 0.4 |
| 20256 | Atmus Filtration Technologies, Inc. | 1025156 | 0.6 |
| 10091 <sup>(1)</sup> | Bloom Energy Corp. - Class A | 1102341 | 0.7 |
| 17643 | Cadre Holdings, Inc. | 753003 | 0.4 |
| 70961 <sup>(1)</sup> | CoreCivic, Inc. | 1280846 | 0.8 |
| 31800 | Enerpac Tool Group Corp. | 1204266 | 0.7 |
| 29438 <sup>(1)</sup> | ExlService Holdings, Inc. | 1169572 | 0.7 |
| 59697 | Flowserve Corp. | 4259381 | 2.5 |
| 8005 | Franklin Electric Co., Inc. | 761676 | 0.5 |
| 71858 <sup>(1)</sup> | GEO Group, Inc. | 1132482 | 0.7 |
| 10588 | Insperity, Inc. | 374498 | 0.2 |
| 33490 | Kennametal, Inc. | 927003 | 0.6 |
| 101680 <sup>(1)</sup> | Legalzoom.com, Inc. | 948674 | 0.6 |
| 4972 | Lincoln Electric Holdings, Inc. | 1190446 | 0.7 |
| 106101 <sup>(1)</sup> | Manitowoc Co., Inc. | 1196819 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 132020 | Mueller Water Products, Inc. - Class A | $3200165 | 1.9 |
| 66280 <sup>(1)</sup> | NOW, Inc. | 925269 | 0.5 |
| 9675 | TriNet Group, Inc. | 566955 | 0.3 |
| 88942 | Vestis Corp. | 576344 | 0.3 |
|  |  | **27730707** | **16.5** |
|  | **Information Technology: 17.5%** |  |  |
| 253050 <sup>(1)</sup> | 8x8, Inc. | 490917 | 0.3 |
| 48856 | A10 Networks, Inc. | 841300 | 0.5 |
| 33437 <sup>(1)</sup> | ACI Worldwide, Inc. | 1566858 | 0.9 |
| 79571 <sup>(1)</sup> | Amplitude, Inc. - Class A | 817990 | 0.5 |
| 45715 <sup>(1)</sup> | Arlo Technologies, Inc. | 662868 | 0.4 |
| 16736 <sup>(1)</sup> | ASGN, Inc. | 753287 | 0.4 |
| 80039 <sup>(1)</sup> | AvePoint, Inc. | 1040507 | 0.6 |
| 56719 <sup>(1)</sup> | Box, Inc. - Class A | 1675479 | 1 |
| 44886 <sup>(1)(2)</sup> | Cerence, Inc. | 497337 | 0.3 |
| 24207 <sup>(1)(2)</sup> | Cipher Mining, Inc. | 492612 | 0.3 |
| 22132 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 488232 | 0.3 |
| 49252 <sup>(1)</sup> | Cohu, Inc. | 1197809 | 0.7 |
| 36997 <sup>(1)</sup> | CommScope Holding Co., Inc. | 730321 | 0.4 |
| 23187 <sup>(1)(2)</sup> | Core Scientific, Inc. | 391628 | 0.2 |
| 13304 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 2362790 | 1.4 |
| 19061 | CTS Corp. | 806852 | 0.5 |
| 33521 <sup>(1)</sup> | Dropbox, Inc. - Class A | 1001608 | 0.6 |
| 63804 <sup>(1)</sup> | Extreme Networks, Inc. | 1116570 | 0.7 |
| 8043 <sup>(1)</sup> | Hut 8 Corp. | 361935 | 0.2 |
| 33895 <sup>(2)</sup> | Ingram Micro Holding Corp. | 725692 | 0.4 |
| 19433 <sup>(1)</sup> | IonQ, Inc. | 958047 | 0.6 |
| 37572 <sup>(1)</sup> | Knowles Corp. | 844619 | 0.5 |
| 4060 | Littelfuse, Inc. | 1039441 | 0.6 |
| 22302 <sup>(1)(2)</sup> | Marathon Digital Holdings, Inc. | 263387 | 0.1 |
| 25370 <sup>(1)</sup> | PagerDuty, Inc. | 304440 | 0.2 |
| 36128 <sup>(1)</sup> | Photronics, Inc. | 827692 | 0.5 |
| 20861 <sup>(1)</sup> | Rambus, Inc. | 1993686 | 1.2 |
| 27049 <sup>(1)</sup> | Riot Platforms, Inc. | 436300 | 0.3 |
| 9287 <sup>(1)</sup> | Rubrik, Inc. - Class A | 643775 | 0.4 |
| 87778 <sup>(1)</sup> | Sprinklr, Inc. - Class A | 634635 | 0.4 |
| 33557 <sup>(1)</sup> | Vertex, Inc. - Class A | 660066 | 0.4 |
| 53571 <sup>(1)</sup> | Viavi Solutions, Inc. | 961064 | 0.6 |
| 113871 <sup>(1)</sup> | Yext, Inc. | 958794 | 0.6 |
| 46512 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A | 848844 | 0.5 |
|  |  | **29397382** | **17.5** |
|  | **Materials: 3.6%** |  |  |
| 16254 | Avient Corp. | 497210 | 0.3 |
| 4408 | Balchem Corp. | 688574 | 0.4 |
| 133615 <sup>(1)</sup> | Cleveland-Cliffs, Inc. | 1742340 | 1.1 |
| 39935 | Element Solutions, Inc. | 1035115 | 0.6 |
| 50737 | Hecla Mining Co. | 853396 | 0.5 |
| 86289 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. | 563467 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya MI Dynamic Small Cap Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |  |
| 168232 | Tronox Holdings PLC | $| 696480 | 0.4 |
|  |  |  | **6076582** | **3.6** |
|  | **Real Estate: 7.0%** |  |  |  |
| 70505 | Acadia Realty Trust |  | 1450288 | 0.9 |
| 28649 | Alexander & Baldwin, Inc. |  | 447784 | 0.3 |
| 124953 | Apartment Investment and Management Co. - Class A |  | 713482 | 0.4 |
| 40640 | CareTrust REIT, Inc. |  | 1525219 | 0.9 |
| 117553 | DiamondRock Hospitality Co. |  | 1070908 | 0.6 |
| 17221 | First Industrial Realty Trust, Inc. |  | 985730 | 0.6 |
| 45367 | Gladstone Land Corp. |  | 422367 | 0.3 |
| 281065 <sup>(1)</sup> | Hudson Pacific Properties, Inc. |  | 556509 | 0.3 |
| 17055 | LTC Properties, Inc. |  | 622337 | 0.4 |
| 153761 <sup>(2)</sup> | Medical Properties Trust, Inc. |  | 885663 | 0.5 |
| 14998 | National Storage Affiliates Trust |  | 441691 | 0.3 |
| 50812 | Peakstone Realty Trust |  | 694600 | 0.4 |
| 135360 | Summit Hotel Properties, Inc. |  | 725529 | 0.4 |
| 34158 | Tanger Factory Outlet Centers, Inc. |  | 1147026 | 0.7 |
|  |  |  | **11689133** | **7.0** |
|  | **Utilities: 5.4%** |  |  |  |
| 40692 | Avista Corp. |  | 1683835 | 1 |
| 20829 | Black Hills Corp. |  | 1536972 | 0.9 |
| 28449 <sup>(1)</sup> | Hallador Energy Co. |  | 580075 | 0.4 |
| 75913 <sup>(1)</sup> | Hawaiian Electric Industries, Inc. |  | 892737 | 0.5 |
| 33123 | NiSource, Inc. |  | 1461718 | 0.9 |
| 17931 | Northwest Natural Holding Co. |  | 887046 | 0.5 |
| 7016 <sup>(1)(2)</sup> | Oklo, Inc. |  | 641122 | 0.4 |
| 26623 | Portland General Electric Co. |  | 1352981 | 0.8 |
|  |  |  | **9036486** | **5.4** |
|  | Total Common Stock <br> (Cost $177,173,513) |  | **166377438** | **99.2** |
| **EXCHANGE-TRADED FUNDS: 0.6%** | **EXCHANGE-TRADED FUNDS: 0.6%** | **EXCHANGE-TRADED FUNDS: 0.6%** | **EXCHANGE-TRADED FUNDS: 0.6%** | **EXCHANGE-TRADED FUNDS: 0.6%** |
| 4242 <sup>(2)</sup> | iShares Russell 2000 ETF |  | **1055197** | **0.6** |
|  | Total Exchange-Traded Funds <br> (Cost $1,064,247) |  | **1055197** | **0.6** |
|  | Total Long-Term Investments <br> (Cost $178,237,760) |  | **167432635** | **99.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.2%** | **SHORT-TERM INVESTMENTS: 3.2%** | **SHORT-TERM INVESTMENTS: 3.2%** | **SHORT-TERM INVESTMENTS: 3.2%** |
|  | **Repurchase Agreements: 2.9%** |  |  |
| 1209255 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 11/30/2025, 4.170%, due 12/01/2025 (Repurchase Amount $1,209,669, collateralized by various U.S. Government Securities, 0.000%- 4.750%, Market Value plus accrued interest $1,233,869, due 12/11/25-11/15/55) | $1209255 | 0.7 |
| 1136699 <sup>(3)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $1,137,081, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 6.500%, Market Value plus accrued interest $1,159,433, due 11/15/34-12/01/55) | 1136699 | 0.6 |
| 1136699 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $1,137,081, collateralized by various U.S. Government Agency Obligations, 2.500%- 7.000%, Market Value plus accrued interest $1,159,433, due 05/01/42-11/01/54) | 1136699 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya MI Dynamic Small Cap Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 304293 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $304,395, collateralized by various U.S. Government Securities, 0.375%- 4.875%, Market Value plus accrued interest $310,379, due 12/31/25-05/15/55) | $304293 | 0.2 |
| 12347 <sup>(3)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 11/30/2025, 4.080%, due 12/01/2025 (Repurchase Amount $12,351, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%- 6.000%, Market Value plus accrued interest $12,594, due 07/31/30-01/01/55) | 12347 | 0.0 |
| 1150093 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 11/30/2025, 4.190%, due 12/01/2025 (Repurchase Amount $1,150,489, collateralized by various U.S. Government Securities, 0.125%- 3.875%, Market Value plus accrued interest $1,170,501, due 04/15/28-02/15/55) | 1150093 | 0.7 |
|  | Total Repurchase Agreements <br> (Cost $4,949,386) | **4949386** | **2.9** |
|  | **Time Deposits: 0.1%** |  |  |
| 110000 <sup>(3)</sup> | Royal Bank of Canada, 3.900%, 12/01/2025 | 110000 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.2%** |  |  |
| 296000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% <br> (Cost $296,000) | $**296000** | **0.2** |
|  | Total Short-Term Investments <br> (Cost $5,355,386) | $**5355386** | **3.2** |
|  | **Total Investments in Securities <br> (Cost $183,593,146)** | $**172788021** | **103.0** |
|  | **Liabilities in Excess of Other Assets** | **(5014990)** | **(3.0)** |
|  | **Net Assets** | $**167773031** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of November 30, 2025.

See Accompanying Notes to Financial Statements

<u>Voya MI Dynamic Small Cap Fund</u> <u> PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> November 30, <br> 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $166377438 | $— | $— | $166377438 |
| Exchange-Traded Funds | 1055197 |  |  | 1055197 |
| Short-Term Investments | 296000 | 5059386 |  | 5355386 |
| Total Investments, at fair value | $167728635 | $5059386 | $— | $172788021 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $185,940,463. | Cost for U.S. federal income tax purposes was $185,940,463. |
| Net unrealized depreciation consisted of: | Net unrealized depreciation consisted of: |
| Gross Unrealized Appreciation | $14322468 |
| Gross Unrealized Depreciation | (27475428) |
| Net Unrealized Depreciation | $(13152960) |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS, SUB-ADVISORY CONTRACTS, AND SUB-SUB ADVISORY CONTRACT**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Equity Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Corporate Leaders<sup>®</sup> 100 Fund and Voya MI Dynamic Small Cap Fund (formerly, Voya Small Company Fund), each a series of the Trust (the "Funds"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Funds, the sub-advisory contracts (the "Sub-Advisory Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Fund (the "Sub-Adviser"), and the sub-sub-advisory contract (the "Sub-Sub-Advisory Contract" and together with the Management Contracts and Sub-Advisory Contracts, the "Contracts") with Voya Investment Management UK, the sub-sub-adviser to Voya MI Dynamic Small Cap Fund (the "Sub-Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Adviser and Sub-Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts, sub-advisory contracts, and sub-sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management, sub-advisory, and sub-sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the

year to provide oversight with respect to the management, sub-advisory, and sub-sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager, Sub-Adviser, or Sub-Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers and their sub-sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds' operations and risk management and the oversight of their various other service providers.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers and their sub-sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's and Sub-Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-advisers, or allocation among sub-advisers or sub-sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's and Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser and Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser and Sub-Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager, Sub-Adviser, and Sub-Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser and Sub-Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager, Sub-Adviser, and Sub-Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager, Sub-Adviser, and Sub-Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management, sub-advisory and sub-sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager, Sub-Adviser, and Sub-Sub-Adviser if and when a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in the management fee schedule that will result in a lower management fee rate if and when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while one of the Funds does not have management fee breakpoints, each Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Adviser, and Sub-Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager, Sub-Adviser, and Sub-Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser and by the Sub-Adviser to the Sub-Sub-Adviser for sub-advisory or sub-sub-advisory services for each

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser and Sub-Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser and Sub-Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory and sub-sub-advisory fee rates payable by the Manager to the Sub-Adviser and by the Sub-Adviser to the Sub-Sub-Adviser, respectively. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Adviser, and Sub-Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's and Sub-Sub-Adviser's profitability with respect to their services to the Funds and the Manager's, Sub-Adviser's, and Sub-Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund-by-Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Corporate Leaders® 100 Fund**

In considering whether to approve the renewal of the Contracts for Voya Corporate Leaders<sup>®</sup> 100 Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year, and ten-year periods and the third quintile for the year-to-date period; and (2) the Fund outperformed its performance benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

the fourth quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account management's representations regarding its belief that the Fund's pricing is competitive.

**Voya MI Dynamic Small Cap Fund**

In considering whether to approve the renewal of the Contracts for Voya MI Dynamic Small Cap Fund (formerly, Voya Small Company Fund), the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date and one-year periods, the second quintile for the three-year period, and the fourth quintile for the five-year and ten-year periods; and (2) the Fund outperformed its performance benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2026.

[This Page Intentionally Left Blank]

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| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163050 (1125)**

![](tm262763d2_img007.jpg)

Semi-Annual Financial Statements and Other Information

**November 30, 2025**

Classes A, C, I, R, R6 and W

**Domestic Equity Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 MI Dynamic SMID Cap Fund (formerly, Voya Mid Cap Research Enhanced Index Fund)

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | | | |
|:---|:---|:---|:---|
|  | ![](tm262763d2_img008.jpg) | E-Delivery Sign-up – details inside | ![](tm262763d2_img009.jpg) |
|  |  |  | ![](tm262763d2_img009.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm262763d2_img009.jpg) |
| | | | ![](tm262763d2_img009.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | **voyainvestments.com** | ![](tm262763d2_img009.jpg) |

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statement of Assets and Liabilities](#c001) | [1](#c001) |
| [Statement of Operations](#c002) | [3](#c002) |
| [Statements of Changes in Net Assets](#c003) | [4](#c003) |
| [Financial Highlights](#c004) | [5](#c004) |
| [Notes to Financial Statements](#c005) | [7](#c005) |
| [Portfolio of Investments](#c006) | [15](#c006) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#c007) | [19](#c007) |

---

&nbsp;&nbsp;**Go Paperless with E-Delivery!** <br> Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements.<br>Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.<br>You will be notified by e-mail when these communications become available on the internet.<br>

**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund's website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities at fair value+\* | $133796444 |
| Short-term investments at fair value† | 3225026 |
| Cash | 47269 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 5189 |
| &nbsp;&nbsp;&nbsp;Dividends | 43436 |
| Prepaid expenses | 70751 |
| Reimbursement due from Investment Adviser | 24214 |
| Other assets | 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 137232627 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 41546 |
| Payable upon receipt of securities loaned | 3093026 |
| Payable for investment management fees | 59116 |
| Payable for distribution and shareholder service fees | 28186 |
| Payable to trustees under the deferred compensation plan (Note 6) | 20298 |
| Payable for trustee fees | 350 |
| Other accrued expenses and liabilities | 75656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3318178 |
| **NET ASSETS** | $133914449 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $88685910 |
| Total distributable earnings | 45228539 |
| **NET ASSETS** | $133914449 |
| + Including securities loaned at value | $3002352 |
| \* Cost of investments in securities | $120376040 |
| † Cost of short-term investments | $3225026 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Class A** | |
| Net assets | $114682595 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 5763932 |
| Net asset value and redemption price per share† | $19.90 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $21.11 |
| **Class C** |  |
| Net assets | $386343 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 21863 |
| Net asset value and redemption price per share† | $17.67 |
| **Class I** |  |
| Net assets | $5278022 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 252391 |
| Net asset value and redemption price per share | $20.91 |
| **Class R** |  |
| Net assets | $12432901 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 645117 |
| Net asset value and redemption price per share | $19.27 |
| **Class R6** |  |
| Net assets | $3062 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 146 |
| Net asset value and redemption price per share | $20.91 |
| **Class W** |  |
| Net assets | $1131526 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 53860 |
| Net asset value and redemption price per share | $21.01 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the six months ended November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends, net of foreign taxes withheld\* | $1350167 |
| Interest | 700 |
| Securities lending income, net | 4571 |
| Other | 348 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1355786 |
| **EXPENSES:** |  |
| Investment management fees | 386263 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 140801 |
| &nbsp;&nbsp;&nbsp;Class C | 1433 |
| &nbsp;&nbsp;&nbsp;Class R | 31281 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 81381 |
| &nbsp;&nbsp;&nbsp;Class C | 278 |
| &nbsp;&nbsp;&nbsp;Class I | 6461 |
| &nbsp;&nbsp;&nbsp;Class R | 9098 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1 |
| &nbsp;&nbsp;&nbsp;Class W | 5843 |
| Shareholder reporting expense | 10936 |
| Registration fees | 39220 |
| Professional fees | 19499 |
| Custody and accounting expense | 11078 |
| Trustee fees | 1752 |
| Licensing fee (Note 7) | 10699 |
| Miscellaneous expense | 12316 |
| Interest expense | 4236 |
| &nbsp;&nbsp;&nbsp;Total expenses | 772576 |
| &nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (99028) |
| &nbsp;&nbsp;&nbsp;Net expenses | 673548 |
| Net investment income | 682238 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 23969938 |
| Net change in unrealized appreciation (depreciation) on investments | (9513986) |
| Net realized and unrealized gain | 14455952 |
| **Increase in net assets resulting from operations** | $15138190 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $1375 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **May 31, 2025** |
| **FROM OPERATIONS:** | | |
| Net investment income | $682238 | $1037019 |
| Net realized gain | 23969938 | 16343853 |
| Net change in unrealized appreciation (depreciation) | (9513986) | (10026194) |
| Increase in net assets resulting from operations | 15138190 | 7354678 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (12266751) |
| &nbsp;&nbsp;&nbsp;Class C |  | (54705) |
| &nbsp;&nbsp;&nbsp;Class I |  | (1215534) |
| &nbsp;&nbsp;&nbsp;Class R |  | (1438600) |
| &nbsp;&nbsp;&nbsp;Class W |  | (2642921) |
| Total distributions |  | (17618511) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 1154772 | 11902397 |
| Reinvestment of distributions |  | 17465998 |
|  | 1154772 | 29368395 |
| Cost of shares redeemed | (38897228) | (35194202) |
| Net decrease in net assets resulting from capital share transactions | (37742456) | (5825807) |
| Net decrease in net assets | (22604266) | (16089640) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 156518715 | 172608355 |
| End of year or period | $133914449 | $156518715 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  |<br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | | Net<br> realized<br> and<br> unrealized<br> gain (loss) |<br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital |<br>Total<br> distributions |<br>Payment<br> by affiliate |<br>Net<br> asset<br> value,<br> end of<br> year or<br> period |<br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<br> <sup>(2)(3)</sup> | Expenses <br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<br> <sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 17.96 | 0.09 | <sup>•</sup> | 1.85 | 1.94 |  |  |  |  |  | 19.90 | **10.80** | 1.10 | 0.96 | 0.96 | 0.99 | 114683 | 97 |
| 05-31-25 | 19.31 | 0.11 | <sup>•</sup> | 0.72 | 0.83 | 0.14 | 2.04 |  | 2.18 |  | 17.96 | **3.48** | 1.07 | 0.95 | 0.95 | 0.58 | 108550 | 72 |
| 05-31-24 | 15.34 | 0.12 | <sup>•</sup> | 3.99 | 4.11 | 0.14 |  |  | 0.14 |  | 19.31 | **26.90** | 1.05 | 0.96 | 0.96 | 0.70 | 113786 | 107 |
| 05-31-23 | 17.14 | 0.13 | <sup>•</sup> | (0.88) | (0.75) | 0.10 | 0.95 |  | 1.05 |  | 15.34 | **(4.45)** | 1.11 | 0.95 | 0.95 | 0.82 | 97951 | 91 |
| 05-31-22 | 21.15 | 0.09 | <sup>•</sup> | (1.18) | (1.09) | 0.11 | 2.81 |  | 2.92 |  | 17.14 | **(6.18)** | 1.13 | 0.95 | 0.95 | 0.48 | 108606 | 72 |
| 05-31-21 | 13.61 | 0.08 | <sup>•</sup> | 7.57 | 7.65 | 0.11 |  |  | 0.11 |  | 21.15 | **56.36** | 1.18 | 0.95 | 0.95 | 0.48 | 122817 | 65 |
| **Class C** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 15.99 | 0.04 | <sup>•</sup> | 1.64 | 1.68 |  |  |  |  |  | 17.67 | **10.51** | 1.60 | 1.46 | 1.46 | 0.49 | 386 | 97 |
| 05-31-25 | 17.41 | 0.01 | <sup>•</sup> | 0.67 | 0.68 | 0.06 | 2.04 |  | 2.10 |  | 15.99 | **2.98** | 1.57 | 1.45 | 1.45 | 0.07 | 443 | 72 |
| 05-31-24 | 13.85 | 0.03 | <sup>•</sup> | 3.59 | 3.62 | 0.06 |  |  | 0.06 |  | 17.41 | **26.22** | 1.55 | 1.46 | 1.46 | 0.21 | 425 | 107 |
| 05-31-23 | 15.57 | 0.05 | <sup>•</sup> | (0.80) | (0.75) | 0.02 | 0.95 |  | 0.97 |  | 13.85 | **(4.90)** | 1.61 | 1.45 | 1.45 | 0.31 | 420 | 91 |
| 05-31-22 | 19.48 | (0.00) |)<sup>\*•</sup> | (1.08) | (1.08) | 0.02 | 2.81 |  | 2.83 |  | 15.57 | **(6.66)** | 1.63 | 1.45 | 1.45 | (0.01) | 584 | 72 |
| 05-31-21 | 12.53 | (0.00) |)<sup>\*•</sup> | 6.96 | 6.96 | 0.01 |  |  | 0.01 |  | 19.48 | **55.55** | 1.68 | 1.45 | 1.45 | (0.01) | 816 | 65 |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 18.86 | 0.12 | <sup>•</sup> | 1.93 | 2.05 |  |  |  |  |  | 20.91 | **10.87** | 0.89 | 0.71 | 0.71 | 1.17 | 5278 | 97 |
| 05-31-25 | 20.17 | 0.17 | <sup>•</sup> | 0.75 | 0.92 | 0.19 | 2.04 |  | 2.23 |  | 18.86 | **3.75** | 0.76 | 0.70 | 0.70 | 0.86 | 10222 | 72 |
| 05-31-24 | 16.01 | 0.17 | <sup>•</sup> | 4.17 | 4.34 | 0.18 |  |  | 0.18 |  | 20.17 | **27.26** | 0.74 | 0.71 | 0.71 | 0.93 | 20041 | 107 |
| 05-31-23 | 17.84 | 0.18 | <sup>•</sup> | (0.92) | (0.74) | 0.14 | 0.95 |  | 1.09 |  | 16.01 | **(4.21)** | 0.80 | 0.70 | 0.70 | 1.09 | 11314 | 91 |
| 05-31-22 | 21.90 | 0.15 | <sup>•</sup> | (1.24) | (1.09) | 0.16 | 2.81 |  | 2.97 |  | 17.84 | **(5.99)** | 0.82 | 0.70 | 0.70 | 0.75 | 18326 | 72 |
| 05-31-21 | 14.08 | 0.13 | <sup>•</sup> | 7.83 | 7.96 | 0.14 |  |  | 0.14 |  | 21.90 | **56.78** | 0.88 | 0.70 | 0.70 | 0.74 | 7901 | 65 |
| **Class R** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 17.42 | 0.07 | <sup>•</sup> | 1.78 | 1.85 |  |  |  |  |  | 19.27 | **10.62** | 1.35 | 1.21 | 1.21 | 0.73 | 12433 | 97 |
| 05-31-25 | 18.79 | 0.06 | <sup>•</sup> | 0.71 | 0.77 | 0.10 | 2.04 |  | 2.14 |  | 17.42 | **3.23** | 1.32 | 1.20 | 1.20 | 0.33 | 12413 | 72 |
| 05-31-24 | 14.93 | 0.08 | <sup>•</sup> | 3.88 | 3.96 | 0.10 |  |  | 0.10 |  | 18.79 | **26.62** | 1.30 | 1.21 | 1.21 | 0.45 | 12893 | 107 |
| 05-31-23 | 16.71 | 0.09 | <sup>•</sup> | (0.86) | (0.77) | 0.06 | 0.95 |  | 1.01 |  | 14.93 | **(4.69)** | 1.36 | 1.20 | 1.20 | 0.57 | 10760 | 91 |
| 05-31-22 | 20.69 | 0.04 | <sup>•</sup> | (1.15) | (1.11) | 0.06 | 2.81 |  | 2.87 |  | 16.71 | **(6.42)** | 1.38 | 1.20 | 1.20 | 0.23 | 11973 | 72 |
| 05-31-21 | 13.32 | 0.04 | <sup>•</sup> | 7.40 | 7.44 | 0.07 |  |  | 0.07 |  | 20.69 | **55.97** | 1.43 | 1.20 | 1.20 | 0.23 | 14249 | 65 |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 09-30-25<sup>+(4)-</sup> <br> 11-30-25 | 20.49 | 0.04 | <sup>•</sup> | 0.38 | 0.42 |  |  |  |  |  | 20.91 | **2.05** | 0.83 | 0.71 | 0.71 | 1.52 | 3 | 97 |
| **Class W** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-25<sup>+</sup> | 18.95 | 0.09 | <sup>•</sup> | 1.97 | 2.06 |  |  |  |  |  | 21.01 | **10.87** | 0.85 | 0.71 | 0.71 | 0.90 | 1132 | 97 |
| 05-31-25 | 20.26 | 0.16 | <sup>•</sup> | 0.76 | 0.92 | 0.19 | 2.04 |  | 2.23 |  | 18.95 | **3.76** | 0.82 | 0.70 | 0.70 | 0.82 | 24891 | 72 |
| 05-31-24 | 16.08 | 0.17 | <sup>•</sup> | 4.19 | 4.36 | 0.18 |  |  | 0.18 |  | 20.26 | **27.26** | 0.80 | 0.71 | 0.71 | 0.92 | 25463 | 107 |
| 05-31-23 | 17.91 | 0.19 | <sup>•</sup> | (0.93) | (0.74) | 0.14 | 0.95 |  | 1.09 |  | 16.08 | **(4.20)** | 0.86 | 0.70 | 0.70 | 1.10 | 17908 | 91 |
| 05-31-22 | 21.96 | 0.15 | <sup>•</sup> | (1.23) | (1.08) | 0.16 | 2.81 |  | 2.97 |  | 17.91 | **(5.93)** | 0.88 | 0.70 | 0.70 | 0.73 | 111 | 72 |
| 05-31-21 | 14.13 | 0.13 | <sup>•</sup> | 7.85 | 7.98 | 0.15 |  |  | 0.15 |  | 21.96 | **56.68** | 0.93 | 0.70 | 0.70 | 0.73 | 178 | 65 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Commencement of operations.

+ Unaudited.

• Calculated
 using average number of shares outstanding throughout the year or period.

\* Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for Voya MI Dynamic SMID Cap Fund ("MI Dynamic SMID Cap" or the "Fund"), a diversified series of the Trust. Prior to July 29, 2025, MI Dynamic SMID Cap was known as Voya Mid Cap Research Enhanced Index Fund.

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R, Class R6 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting

guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is

significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaim recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no U.S. federal income tax provision is required. Management has considered the sustainability of the

Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions will be made until any capital loss carryforwards have been fully utilized.

The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Securities Lending***. The Fund has the option to temporarily loan up to 331/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Fund. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

H. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended November 30, 2025, the cost of purchases and the proceeds from sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $135689250 | $172556025 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of the Fund, at the following annual rates: 0.550% on the first $500 million, 0.525% on the next $250 million, 0.500% on the next $1.25 billion, and 0.475% in excess of $2 billion.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R shares of the Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution of the Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each class of shares of the Fund pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class R** |
| 0.25% | 0.75% | 0.50% |

---

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the fund, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2025, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| Initial Sales Charges: | $617 | $— |
| Contingent Deferred Sales Charges: | $— | $14 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At November 30, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 8.83% |

---

The Investment Adviser may direct the Fund's Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2025, the per account fees for affiliated recordkeeping services paid by the Fund were $5,864.

**NOTE 7 — LICENSING FEE**

The Fund pays an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve its principal investment strategy.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to the levels listed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class W** |
| 1.00% | 1.50% | 0.75% | 1.25% | 0.75% | 0.75% |

---

Pursuant to a side letter agreement, through October 1, 2026, the Investment Adviser has further lowered the expense limits to the levels listed below. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class W** |
| 0.95% | 1.45% | 0.70% | 1.20% | 0.70% | 0.70% |

---

Unless otherwise specified above, the Investment Adviser may at a later date recoup from the Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of November 30, 2025, the Fund did not have any amount of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual through October 1, 2026 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

Effective June 10, 2025, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Fund utilized the line of credit during the period ended November 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Days <br> Utilized**<br>| **Approximate <br> Average <br> Daily Balance <br> For Days <br> Utilized** | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized** |
| 2 | $14305500 | 5.33% |

---

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**<br>| **Shares issued in merger** | **Reinvestment of distributions**<br>| **Shares redeemed**<br>| **Shares converted**<br>| **Net increase (decrease) in shares outstanding**<br>| **Shares sold**<br>| **Proceeds <br> from <br> shares <br> issued in <br> merger** | **Reinvestment <br> of <br> distributions**<br>| **Shares redeemed**  | **Shares converted**<br>| **Net increase (decrease)**  |
| <br>**Year or period ended** | **#**<br>| **#** | **#**<br>| **#**<br>| **#**<br>| **#**<br>| **($)**<br>| **($)**<br>| **($)**<br>| **($)**<br>| **($)**<br>| **($)**<br>|
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 32827 |  |  | (311988) |  | (279161) | 621039 |  |  | (5940989) |  | (5319950) |
| 5/31/2025 | 78540 |  | 626353 | (555198) |  | 149695 | 1493261 |  | 12138715 | (10622236) |  | 3009740 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 1045 |  |  | (6876) |  | (5831) | 17561 |  |  | (112906) |  | (95345) |
| 5/31/2025 | 11374 |  | 3141 | (11255) |  | 3260 | 189771 |  | 54310 | (190970) |  | 53111 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 9716 |  |  | (299343) |  | (289627) | 197913 |  |  | (5972513) |  | (5774600) |
| 5/31/2025 | 251521 |  | 58634 | (761893) |  | (451738) | 4945966 |  | 1191452 | (16141863) |  | (10004445) |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares sold**<br>| **Shares issued in merger**  | **Reinvestment of distributions**<br>| **Shares redeemed**<br>| **Shares converted**<br>| **Net increase (decrease) in shares outstanding**  | **Shares sold**<br>| **Proceeds from shares issued in merger** | **Reinvestment of distributions**<br>| **Shares redeemed**<br>| **Shares converted**<br>| **Net increase (decrease)**  |
| <br>**Year or period ended** | **#**<br>| **#**<br>| **#**<br>| **#**<br>| **#**  | **#**<br>| **($)**<br>| **($)**<br>| **($)**  | **($)**<br>| **($)**<br>| **($)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 11/30/2025 | 7410 |  |  | (74866) |  | (67456) | 137233 |  |  | (1389799) |  | (1252566) |
| 5/31/2025 | 31077 |  | 76481 | (81227) |  | 26331 | 572814 |  | 1438600 | (1480742) |  | 530672 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 9/30/2025<sup>(1)</sup>- <br> 11/30/2025  | 146 |  |  |  |  | 146 | 3000 |  |  |  |  | 3000 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11/30/2025 | 9173 |  |  | (1268955) |  | (1259782) | 178026 |  |  | (25481021) |  | (25302995) |
| 5/31/2025 | 262172 |  | 129491 | (335066) |  | 56597 | 4700585 |  | 2642921 | (6758391) |  | 585115 |

---

<sup>(1)</sup> Commencement of operations.

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market close of the Fund at its last sale price or official closing price on the principal exchange or system on which it is traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Fund bears the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral Received<sup>(1)</sup>** | **Net Amount** |
| BNP Paribas Prime Brokerage Int'l Ltd. | $624304 | $(624304) | $— |
| BNP Paribas Securities Corp. | 10323 | (10323) |  |
| BofA Securities Inc | 210423 | (210423) |  |
| Citigroup Global Markets Inc. | 67338 | (67338) |  |
| Deutsche Bank Securities Inc. | 889 | (889) |  |
| HSBC Bank PLC | 442214 | (442214) |  |
| Janney Montgomery Scott LLC | 164604 | (164604) |  |
| National Financial Services LLC | 405603 | (405603) |  |
| Scotia Capital (USA) Inc. | 39800 | (39800) |  |
| State Street Bank and Trust Co. | 670489 | (670489) |  |
| UBS AG | 22220 | (22220) |  |
| Wells Fargo Securities LLC | 344145 | (344145) |  |
| Total | $3002352 | $(3002352) | $— |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 11 — SECURITIES LENDING (continued)**

<sup>(1)</sup> Cash collateral with a fair value of $3,093,026 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended**<br>**May 31, 2025** | **Year Ended**<br>**May 31, 2025** | **Year Ended**<br>**May 31, 2024** | **Year Ended**<br>**May 31, 2024** |
| **Ordinary**<br>**Income**<br>| **Long-term**<br>**Capital Gains**  | **Ordinary**<br>**Income**<br>| **Long-term**<br>**Capital Gains**<br>|
| $3496290 | $14122221 | $1201283 | $— |

---

The tax-basis components of distributable earnings as of May 31, 2025, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed** <br> **Long-term**<br> **Capital Gains**  | **Unrealized** <br> **Appreciation/** <br> **(Depreciation)**  | **Capital Loss** <br> **Carryforward**  | **Total** <br> **Distributable** <br> **Earnings/(Loss)**  |
| $1162766 | $7700931 | $21226652 | $– $| 30090349 |

---

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and

may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is

deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023- 09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Fund's financial statements.

**NOTE 16 — SUBSEQUENT EVENTS**

Dividends: Subsequent to November 30, 2025, the Fund declared and paid dividends and distributions of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **Per Share Amount** | **Payable Date** | **Record Date** |
| Class A | NII | $0.1442 | December 12, 2025 | December 11, 2025 |
| Class C | NII | $0.0592 | December 12, 2025 | December 11, 2025 |
| Class I | NII | $0.1897 | December 12, 2025 | December 11, 2025 |
| Class R | NII | $0.0956 | December 12, 2025 | December 11, 2025 |
| Class R6 | NII | $0.1964 | December 12, 2025 | December 11, 2025 |
| Class W | NII | $0.1253 | December 12, 2025 | December 11, 2025 |
| All Classes | STCG | $0.8733 | December 12, 2025 | December 11, 2025 |
| All Classes | LTCG | $3.7118 | December 12, 2025 | December 11, 2025 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya MI Dynamic SMID Cap Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** | **COMMON STOCK: 98.7%** |
|  | **Communication Services: 3.7%** |  |  |
| 6126 <sup>(1)</sup><sup>(2)</sup> | AST SpaceMobile, Inc. | $344281 | 0.3 |
| 23919 <sup>(2)</sup> | CarGurus, Inc. | 843862 | 0.6 |
| 6974 <sup>(2)</sup> | EchoStar Corp. - Class A | 511125 | 0.4 |
| 57593 <sup>(2)</sup> | Lumen Technologies, Inc. | 467079 | 0.3 |
| 28232 <sup>(2)</sup> | Magnite, Inc. | 414728 | 0.3 |
| 17870 | New York Times Co. - Class A | 1152615 | 0.9 |
| 88729 | Playtika Holding Corp. | 359353 | 0.3 |
| 45141 <sup>(2)</sup> | PubMatic, Inc. - Class A | 406720 | 0.3 |
| 91222 <sup>(2)</sup> | ZipRecruiter, Inc. - Class A | 433305 | 0.3 |
|  |  | **4933068** | **3.7** |
|  | **Consumer Discretionary: 6.7%** |  |  |
| 47077 | Camping World Holdings, Inc. - Class A | 526792 | 0.4 |
| 45843 | Gap, Inc. | 1240970 | 0.9 |
| 51264 | Gentex Corp. | 1170357 | 0.9 |
| 19885 | H&R Block, Inc. | 837556 | 0.6 |
| 54034 | Macy's, Inc. | 1208200 | 0.9 |
| 54312 <sup>(2)</sup> | Mattel, Inc. | 1147070 | 0.9 |
| 54297 <sup>(2)</sup> | Sonos, Inc. | 1007752 | 0.7 |
| 45444 | Super Group SGHC Ltd. | 492159 | 0.4 |
| 19419 | Travel + Leisure Co. | 1331755 | 1 |
|  |  | **8962611** | **6.7** |
|  | **Consumer Staples: 0.7%** |  |  |
| 5982 | Coca-Cola Consolidated, Inc. | **974767** | **0.7** |
|  | **Energy: 2.0%** |  |  |
| 108120 | NOV, Inc. | 1660723 | 1.3 |
| 184428 | RPC, Inc. | 981157 | 0.7 |
|  |  | **2641880** | **2.0** |
|  | **Financials: 18.9%** |  |  |
| 4597 | Affiliated Managers Group, Inc. | 1235812 | 0.9 |
| 11438 | Axis Capital Holdings Ltd. | 1169421 | 0.9 |
| 100 | Axis Capital Holdings Ltd. | 10224 | 0 |
| 48940 | Banc of California, Inc. | 902454 | 0.7 |
| 121123 | BGC Group, Inc. - Class A | 1053770 | 0.8 |
| 24851 | Chimera Investment Corp. | 317844 | 0.2 |
| 286 | Chimera Investment Corp. | 3658 | 0 |
| 6187 | Commerce Bancshares, Inc. | 333541 | 0.3 |
| 13778 | F&G Annuities & Life, Inc. | 445167 | 0.3 |
| 49135 | F.N.B. Corp. | 817606 | 0.6 |
| 15620 | First American Financial Corp. | 1027171 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** | **Financials: (continued)** |
| 13383 | First Hawaiian, Inc. | $| 333504 | 0.2 |
| 69207 | First Horizon Corp. |  | 1546084 | 1.2 |
| 8599 | Globe Life, Inc. |  | 1158543 | 0.9 |
| 11316 | Hancock Whitney Corp. |  | 685637 | 0.5 |
| 5834 | Hanover Insurance Group, Inc. |  | 1082499 | 0.8 |
| 23427 | Janus Henderson Group PLC |  | 1023994 | 0.8 |
| 26144 | Jefferies Financial Group, Inc. |  | 1504849 | 1.1 |
| 7238 | Kemper Corp. |  | 294731 | 0.2 |
| 29927 | MGIC Investment Corp. |  | 848431 | 0.6 |
| 46649 | Old Republic International Corp. |  | 2150519 | 1.6 |
| 61647 | P10, Inc. - Class A |  | 578249 | 0.4 |
| 106503 <sup>(2)</sup> | Payoneer Global, Inc. |  | 615587 | 0.5 |
| 6042 | Popular, Inc. |  | 693078 | 0.5 |
| 5009 | Prosperity Bancshares, Inc. |  | 344168 | 0.3 |
| 46622 | Rithm Capital Corp. |  | 535687 | 0.4 |
| 73888 | Starwood Property Trust, Inc. |  | 1355106 | 1 |
| 81717 | Valley National Bancorp |  | 925036 | 0.7 |
| 61794 <sup>(1)</sup> | WisdomTree, Inc. |  | 682206 | 0.5 |
| 34426 | XP, Inc. - Class A |  | 678537 | 0.5 |
| 16984 | Zions Bancorp NA |  | 904058 | 0.7 |
|  |  |  | **25257171** | **18.9** |
|  | **Health Care: 12.9%** | **Health Care: 12.9%** | **Health Care: 12.9%** | **Health Care: 12.9%** |
| 30142 <sup>(2)</sup> | Alignment Healthcare, Inc. |  | 579028 | 0.4 |
| 32544 | Bio-Techne Corp. |  | 2099413 | 1.6 |
| 14793 <sup>(2)</sup> | Bridgebio Pharma, Inc. |  | 1065244 | 0.8 |
| 160493 <sup>(2)</sup> | Cytek Biosciences, Inc. |  | 906786 | 0.7 |
| 14587 <sup>(2)</sup> | Cytokinetics, Inc. |  | 993812 | 0.7 |
| 12475 <sup>(2)</sup> | Doximity, Inc. - Class A |  | 641714 | 0.5 |
| 25856 | Embecta Corp. |  | 329793 | 0.2 |
| 8706 <sup>(2)</sup> | Guardant Health, Inc. |  | 943905 | 0.7 |
| 10560 <sup>(2)</sup> | Haemonetics Corp. |  | 859056 | 0.6 |
| 13466 <sup>(2)</sup> | HealthEquity, Inc. |  | 1416354 | 1.1 |
| 11633 <sup>(1)</sup><sup>(2)</sup> | Hims & Hers Health, Inc. |  | 462528 | 0.3 |
| 15757 <sup>(2)</sup> | LivaNova PLC |  | 1005454 | 0.7 |
| 183 <sup>(2)</sup> | LivaNova PLC |  | 11677 | 0 |
| 24549 <sup>(2)</sup> | Option Care Health, Inc. |  | 763474 | 0.6 |
| 2763 <sup>(2)</sup> | Option Care Health, Inc. |  | 85929 | 0.1 |
| 118801 <sup>(2)</sup> | Organogenesis Holdings, Inc. |  | 615389 | 0.5 |
| 44886 <sup>(2)</sup> | RxSight, Inc. |  | 512598 | 0.4 |
| 65786 <sup>(1)</sup><sup>(2)</sup> | Sana Biotechnology, Inc. |  | 282880 | 0.2 |
| 29917 <sup>(2)</sup> | Tandem Diabetes Care, Inc. |  | 628556 | 0.5 |
| 7928 <sup>(2)</sup> | Tenet Healthcare Corp. |  | 1719108 | 1.3 |

---

See Accompanying Notes to Financial Statements

Voya MI Dynamic SMID Cap Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |  |
| 35945 <sup>(2)</sup> | Waystar Holding Corp. | $| 1326730 | 1 |
|  |  |  | **17249428** | **12.9** |
|  | **Industrials: 20.6%** |  |  |  |
| 12912 | A.O. Smith Corp. |  | 851934 | 0.6 |
| 4157 | Acuity Brands, Inc. |  | 1523208 | 1.1 |
| 7558 | Albany International Corp. - Class A |  | 360365 | 0.3 |
| 8398 | Allison Transmission Holdings, Inc. |  | 744567 | 0.6 |
| 8354 | Applied Industrial Technologies, Inc. |  | 2162182 | 1.6 |
| 5880 <sup>(2)</sup> | Bloom Energy Corp. - Class A |  | 642331 | 0.5 |
| 28353 <sup>(2)</sup> | Core & Main, Inc. - Class A |  | 1370584 | 1 |
| 20360 | Enerpac Tool Group Corp. |  | 771033 | 0.6 |
| 30693 | Flowserve Corp. |  | 2189946 | 1.6 |
| 10722 | Graco, Inc. |  | 883922 | 0.7 |
| 17163 | Hexcel Corp. |  | 1308336 | 1 |
| 10170 | ITT, Inc. |  | 1872907 | 1.4 |
| 27050 | Kennametal, Inc. |  | 748744 | 0.6 |
| 63033 <sup>(2)</sup> | Legalzoom.com, Inc. |  | 588098 | 0.4 |
| 36864 <sup>(2)</sup> | Lyft, Inc. - Class A |  | 775250 | 0.6 |
| 9585 <sup>(2)</sup> | Nextracker, Inc. - Class A |  | 878178 | 0.7 |
| 3074 | Nordson Corp. |  | 730567 | 0.5 |
| 7666 | Owens Corning |  | 868098 | 0.6 |
| 4680 <sup>(2)</sup> | Paylocity Holding Corp. |  | 689504 | 0.5 |
| 19537 | Robert Half International, Inc. |  | 528280 | 0.4 |
| 17182 <sup>(2)</sup> | Rocket Lab Corp. |  | 724049 | 0.5 |
| 70179 <sup>(2)</sup> | Titan International, Inc. |  | 567748 | 0.4 |
| 10562 | Toro Co. |  | 736594 | 0.5 |
| 82391 | Vestis Corp. |  | 533894 | 0.4 |
| 4003 | Watsco, Inc. |  | 1386639 | 1 |
| 7082 | Watts Water Technologies, Inc. - Class A |  | 1953782 | 1.5 |
| 26684 | Zurn Elkay Water Solutions Corp. |  | 1272827 | 1 |
|  |  |  | **27663567** | **20.6** |
|  | **Information Technology: 15.5%** | **Information Technology: 15.5%** | **Information Technology: 15.5%** | **Information Technology: 15.5%** |
| 19935 <sup>(2)</sup> | ACI Worldwide, Inc. |  | 934154 | 0.7 |
| 19169 <sup>(2)</sup> | Alpha & Omega Semiconductor Ltd. |  | 388747 | 0.3 |
| 64845 <sup>(2)</sup> | Amplitude, Inc. - Class A |  | 666607 | 0.5 |
| 8853 <sup>(2)</sup> | ASGN, Inc. |  | 398474 | 0.3 |
| 4191 <sup>(2)</sup> | Astera Labs, Inc. |  | 660376 | 0.5 |
| 66557 <sup>(2)</sup> | AvePoint, Inc. |  | 865241 | 0.6 |
| 15453 | Bentley Systems, Inc. - Class B |  | 648408 | 0.5 |
| 85474 <sup>(2)</sup> | BigCommerce Holdings, Inc. |  | 392326 | 0.3 |
| 27259 <sup>(2)</sup> | Box, Inc. - Class A |  | 805231 | 0.6 |
| 30349 <sup>(1)</sup><sup>(2)</sup> | Cerence, Inc. |  | 336267 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** |  |  |  |
| 19559 <sup>(1)</sup><sup>(2)</sup> | Cleanspark, Inc. | $| 295341 | 0.2 |
| 10028 <sup>(2)</sup> | Coherent Corp. |  | 1647199 | 1.2 |
| 5579 <sup>(2)</sup> | Credo Technology Group Holding Ltd. |  | 990830 | 0.7 |
| 8128 | Dolby Laboratories, Inc. - Class A |  | 548234 | 0.4 |
| 20220 <sup>(2)</sup> | Dynatrace, Inc. |  | 901003 | 0.7 |
| 35107 <sup>(2)</sup> | Extreme Networks, Inc. |  | 614373 | 0.5 |
| 9904 <sup>(2)</sup> | IonQ, Inc. |  | 488267 | 0.4 |
| 54461 <sup>(2)</sup> | Knowles Corp. |  | 1224283 | 0.9 |
| 21152 <sup>(1)</sup><sup>(2)</sup> | Marathon Digital Holdings, Inc. |  | 249805 | 0.2 |
| 16368 <sup>(2)</sup> | Nutanix, Inc. - Class A |  | 782390 | 0.6 |
| 19886 <sup>(2)</sup> | Pure Storage, Inc. - Class A |  | 1769059 | 1.3 |
| 9232 <sup>(2)</sup> | Rubrik, Inc. - Class A |  | 639962 | 0.5 |
| 3894 <sup>(2)</sup> | Sandisk Corp. |  | 869452 | 0.6 |
| 9329 | TD SYNNEX Corp. |  | 1422486 | 1.1 |
| 23734 <sup>(2)</sup> | TTM Technologies, Inc. |  | 1665652 | 1.2 |
| 62194 <sup>(2)</sup> | Yext, Inc. |  | 523673 | 0.4 |
|  |  |  | **20727840** | **15.5** |
|  | **Materials: 4.9%** |  |  |  |
| 8145 | AptarGroup, Inc. |  | 1016089 | 0.7 |
| 4232 <sup>(2)</sup> | Axalta Coating Systems Ltd. |  | 127510 | 0.1 |
| 78824 <sup>(2)</sup> | Cleveland-Cliffs, Inc. |  | 1027865 | 0.8 |
| 10760 | Crown Holdings, Inc. |  | 1041891 | 0.8 |
| 40051 | Element Solutions, Inc. |  | 1038122 | 0.8 |
| 66166 | Huntsman Corp. |  | 689449 | 0.5 |
| 15175 | RPM International, Inc. |  | 1627519 | 1.2 |
|  |  |  | **6568445** | **4.9** |
|  | **Real Estate: 7.7%** | **Real Estate: 7.7%** | **Real Estate: 7.7%** | **Real Estate: 7.7%** |
| 133002 | Apartment Investment and Management Co. - Class A |  | 759442 | 0.6 |
| 46352 | Brixmor Property Group, Inc. |  | 1211641 | 0.9 |
| 32229 | CareTrust REIT, Inc. |  | 1209554 | 0.9 |
| 17748 | EPR Properties |  | 927688 | 0.7 |
| 14537 | First Industrial Realty Trust, Inc. |  | 832098 | 0.6 |
| 7130 | Gaming and Leisure Properties, Inc. |  | 310369 | 0.2 |
| 71537 | Host Hotels & Resorts, Inc. |  | 1261197 | 0.9 |
| 168337 <sup>(2)</sup> | Hudson Pacific Properties, Inc. |  | 333307 | 0.2 |
| 80010 | Pebblebrook Hotel Trust |  | 907314 | 0.7 |
| 90272 <sup>(1)</sup><sup>(2)</sup> | Real Brokerage, Inc. |  | 358380 | 0.3 |
| 55961 | Sabra Health Care REIT, Inc. |  | 1091799 | 0.8 |
| 33966 | Tanger Factory Outlet Centers, Inc. |  | 1140578 | 0.9 |
|  |  |  | **10343367** | **7.7** |

---

See Accompanying Notes to Financial Statements

Voya MI Dynamic SMID Cap Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: 5.1%** | **Utilities: 5.1%** | **Utilities: 5.1%** |
| 39526 | MDU Resources Group, Inc. | $842694 | 0.6 |
| 12663 | National Fuel Gas Co. | 1044064 | 0.8 |
| 69461 | NiSource, Inc. | 3065314 | 2.3 |
| 17657 | OGE Energy Corp. | 808338 | 0.6 |
| 3919 <sup>(1)(2)</sup> | Oklo, Inc. | 358118 | 0.2 |
| 9385 | ONE Gas, Inc. | 785900 | 0.6 |
|  |  | **6904428** | **5.1** |
|  | Total Common Stock <br> (Cost $118,838,802) | **132226572** | **98.7** |
| **EXCHANGE-TRADED FUNDS: 1.2%** | **EXCHANGE-TRADED FUNDS: 1.2%** | **EXCHANGE-TRADED FUNDS: 1.2%** | **EXCHANGE-TRADED FUNDS: 1.2%** |
| 20851 <sup>(1)</sup> | iShares Russell 2500 ETF | **1569872** | **1.2** |
|  | Total Exchange-Traded Funds <br> (Cost $1,537,238) | **1569872** | **1.2** |
|  | Total Long-Term Investments <br> (Cost $120,376,040) | **133796444** | **99.9** |
| **Principal<br> Amount†** |  | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** |
|  | **Repurchase Agreements: 2.3%** |  |  |
| 906000 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 11/30/2025, 4.080%, due 12/01/2025 (Repurchase Amount $906,304, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $924,120, due 01/02/26-02/01/57) | 906000 | 0.7 |
| 1000000 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 11/30/2025, 4.170%, due 12/01/2025 (Repurchase Amount $1,000,343, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $1,020,354, due 12/11/25-11/15/55) | 1000000 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 187026 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $187,089, collateralized by various U.S. Government Securities, 0.375%-4.875%, Market Value plus accrued interest $190,767, due 12/31/25-05/15/55) | $187026 | 0.1 |
| 1000000 <sup>(3)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 11/30/2025, 4.190%, due 12/01/2025 (Repurchase Amount $1,000,344, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,017,744, due 04/15/28-02/15/55) | 1000000 | 0.7 |
|  | Total Repurchase Agreements <br> (Cost $3,093,026) | **3093026** | **2.3** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 132000 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% (Cost $132,000) | $**132000** | **0.1** |
|  | Total Short-Term Investments<br> (Cost $3,225,026) | **3225026** | **2.4** |
|  | **Total Investments in Securities <br> (Cost $123,601,066)** | $**137021470** | **102.3** |
|  | **Liabilities in Excess of Other Assets** | **(3107021)** | **(2.3)** |
|  | **Net Assets** | $**133914449** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya MI Dynamic SMID Cap Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of November 30, 2025. |

---

**Fair Value Measurements^**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant<br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> November 30, <br> 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $132226572 | $— | $— | $132226572 |
| Exchange-Traded Funds | 1569872 |  |  | 1569872 |
| Short-Term Investments | 132000 | 3093026 |  | 3225026 |
| Total Investments, at fair value | $133928444 | $3093026 | $— | $137021470 |

---

^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. <br> \* For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $125,308,804. | Cost for U.S. federal income tax purposes was $125,308,804. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $19433593 |
| Gross Unrealized Depreciation | (7720927) |
| Net Unrealized Appreciation | $11712666 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT, SUB-ADVISORY CONTRACT, AND SUB-SUB-ADVISORY CONTRACT**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Equity Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya MI Dynamic SMID Cap Fund (formerly, Voya Mid Cap Research Enhanced Index Fund), a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, the sub-advisory contract (the "Sub-Advisory Contract") with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the "Sub-Adviser"), and the sub-sub-advisory contract (the "Sub-Sub-Advisory Contract" and together with the Management Contract and Sub-Advisory Contract, the "Contracts") with Voya Investment Management UK, the sub-sub-adviser to the Fund (the "Sub-Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Adviser, and Sub-Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts, sub-advisory contracts and sub-sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management, sub-advisory, and sub-sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management,

sub-advisory and sub-sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund ("Selected Peer Group") based on the Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager, Sub-Adviser, or Sub-Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers and their sub-sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers and their sub-sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's and Sub-Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-advisers or allocation among sub-advisers or sub-sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's and Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser and Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser and Sub-Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager, Sub-Adviser, and Sub-Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser and Sub-Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager, Sub-Adviser, and Sub-Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager, Sub-Adviser, and Sub-Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management, sub-advisory and sub-sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including

its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager, Sub-Adviser, and Sub-Sub-Adviser if and when the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted the breakpoints in the management fee schedule that will result in a lower management fee rate if and when the Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Adviser, or Sub-Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory and sub-sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Adviser, and Sub-Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager, Sub-Adviser, or Sub-Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser and Sub-Sub-Adviser for sub-advisory and by the Sub-Adviser to the sub-sub-advisory services for the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser and Sub-Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser and Sub-Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the Board took into account the sub-advisory and sub-sub-advisory fee rates payable by the Manager to the Sub-Adviser and by the Sub-Adviser to the Sub-Sub-Adviser, respectively. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser and Sub-Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser and Sub-Sub-Adviser are entitled to earn a reasonable level of profits for the services that they

provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Adviser, and Sub-Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's and Sub-Sub-Adviser's profitability with respect to their services to the Fund and the Manager's, Sub-Adviser's, and Sub-Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the three-year period, and the fourth quintile for the year-to-date, one-year and ten-year periods; and (2) the Fund outperformed its performance benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2026.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258  | Ernst & Young LLP<br> 200 Clarendon Street <br> Boston, Massachusetts 02116  |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258  | The Bank of New York Mellon<br> 225 Liberty Street <br> New York, New York 10286  |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway <br> Wilmington, Delaware 19809<br>| Ropes & Gray LLP<br> Prudential Tower<br> 800 Boylston Street <br> Boston, Massachusetts 02199  |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163060 (1125)**

Semi-Annual Financial Statements and Other Information

**November 30, 2025**

**Voya Global Income & Growth Fund**

Classes A, C, I, R6 and W

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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| | | | |
|:---|:---|:---|:---|
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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Statement of Assets and Liabilities](#d001) | [1](#d001) |
| [Statement of Operations](#d002) | [3](#d002) |
| [Statements of Changes in Net Assets](#d003) | [4](#d003) |
| [Financial Highlights](#d004) | [5](#d004) |
| [Notes to Financial Statements](#d005) | [7](#d005) |
| [Portfolio of Investments](#d006) | [20](#d006) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#d007) | [31](#d007) |

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&nbsp;&nbsp;**Go Paperless with E-Delivery!**<br>Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements.<br>Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.<br>You will be notified by e-mail when these communications become available on the internet.<br>

**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund's website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities at fair value+\* | $422706296 |
| Short-term investments at fair value† | 24836094 |
| Cash | 97951 |
| Foreign currencies at value‡ | 279866 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 598797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 22725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 329648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 2835945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 54392 |
| Prepaid expenses | 58332 |
| Reimbursement due from Investment Adviser | 3497 |
| Other assets | 44288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 451867831 |
| **LIABILITIES:** |  |
| Income distribution payable | 54593 |
| Payable for investment securities purchased | 1257669 |
| Payable for fund shares redeemed | 707337 |
| Payable upon receipt of securities loaned | 6553670 |
| Payable for investment management fees | 270999 |
| Payable for distribution and shareholder service fees | 82034 |
| Payable to trustees under the deferred compensation plan (Note 6) | 44288 |
| Payable for trustee fees | 1089 |
| Other accrued expenses and liabilities | 336588 |
| Written options, at fair value^ | 91541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 9399808 |
| **NET ASSETS** | $442468023 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $414001606 |
| Total distributable earnings | 28466417 |
| **NET ASSETS** | $442468023 |
| + Including securities loaned at value | $6350565 |
| \* Cost of investments in securities | $373766910 |
| † Cost of short-term investments | $24836094 |
| ‡ Cost of foreign currencies | $269220 |
| ^ &nbsp;&nbsp;&nbsp;&nbsp;Premiums received on written options | $61343 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Class A** | |
| Net assets | $346800280 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 28088895 |
| Net asset value and redemption price per share† | $12.35 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $13.10 |
| **Class C** |  |
| Net assets | $13749135 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 1089901 |
| Net asset value and redemption price per share† | $12.62 |
| **Class I** |  |
| Net assets | $55231165 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 4366359 |
| Net asset value and redemption price per share | $12.65 |
| **Class R6** |  |
| Net assets | $563227 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 44331 |
| Net asset value and redemption price per share | $12.71 |
| **Class W** |  |
| Net assets | $26124216 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 2068759 |
| Net asset value and redemption price per share | $12.63 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the six months ended November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends, net of foreign taxes withheld\* | $1512258 |
| Interest | 5337958 |
| Securities lending income, net | 46782 |
| Other | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6898023 |
| **EXPENSES:** |  |
| Investment management fees | 1637247 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 425291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 71128 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 170962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 7148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 13199 |
| Shareholder reporting expense | 19647 |
| Registration fees | 39682 |
| Professional fees | 22412 |
| Custody and accounting expense | 43505 |
| Trustee fees | 5442 |
| Proxy and solicitation costs (Note 6) | 73300 |
| Miscellaneous expense | 24062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2568977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (208872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2360105 |
| Net investment income | 4537918 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 19279390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (142274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 130343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 19267459 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 22555154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (20982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (66212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 22467960 |
| Net realized and unrealized gain | 41735419 |
| **Increase in net assets resulting from operations** | $46273337 |
| \* Foreign taxes withheld | $55120 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **May 31, 2025** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $4537918 | $7027999 |
| Net realized gain (loss) | 19267459 | (7951303) |
| Net change in unrealized appreciation (depreciation) | 22467960 | 26824519 |
| Increase in net assets resulting from operations | 46273337 | 25901215 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10814479) | (10313355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (400849) | (266032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1807064) | (1894776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (32066) | (63318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | (864041) | (497862) |
| Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (9759501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (485023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (1632208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | (43208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W |  | (768555) |
| Total distributions | (13918499) | (25723838) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 10184644 | 23186986 |
| Proceeds from shares issued in merger (Note 13) |  | 347374750 |
| Reinvestment of distributions | 13589752 | 24926057 |
|  | 23774396 | 395487793 |
| Cost of shares redeemed | (38640222) | (95149918) |
| Net increase (decrease) in net assets resulting from capital share transactions | (14865826) | 300337875 |
| Net increase in net assets | 17489012 | 300515252 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 424979011 | 124463759 |
| End of year or period | $442468023 | $424979011 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental Data** | **Supplemental Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses before reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses net of all reductions/<br> additions<br> <sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(4)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 11-30-25<sup>+</sup> | 11.46 | 0.12 | <sup>•</sup> | 1.15 | 1.27 | 0.13 | 0.25 |  | 0.38 |  | 12.35 | **11.24** | 1.21 | 1.10 | 1.10 | 2.06 | 346800 | 69 |
| 05-31-25 | 11.49 | 0.25 | <sup>•</sup> | 0.79 | 1.04 | 0.18 | 0.55 | 0.34 | 1.07 |  | 11.46 | **9.52** | 1.24 | 1.10 | 1.10 | 2.22 | 328463 | 157 |
| 05-31-24 | 10.26 | 0.26 | <sup>•</sup> | 1.26 | 1.52 | 0.29 |  |  | 0.29 |  | 11.49 | **14.90** | 0.75 | 0.74 | 0.74 | 2.35 | 107553 | 116 |
| 05-31-23 | 11.09 | 0.16 | <sup>•</sup> | (0.59) | (0.43) | 0.11 | 0.29 |  | 0.40 |  | 10.26 | **(3.69)** | 0.88 | 0.72 | 0.72 | 1.57 | 102002 | 38 |
| 05-31-22 | 13.66 | 0.16 | <sup>•</sup> | (1.30) | (1.14) | 0.47 | 0.96 |  | 1.43 |  | 11.09 | **(9.86)** | 0.86 | 0.70 | 0.70 | 1.20 | 114575 | 44 |
| 05-31-21 | 10.58 | 0.18 | <sup>•</sup> | 3.21 | 3.39 | 0.31 |  |  | 0.31 |  | 13.66 | **32.20** | 0.90 | 0.65 | 0.65 | 1.49 | 134478 | 38 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 11-30-25<sup>+</sup> | 11.71 | 0.08 | <sup>•</sup> | 1.18 | 1.26 | 0.10 | 0.25 |  | 0.35 |  | 12.62 | **10.85** | 1.96 | 1.85 | 1.85 | 1.31 | 13749 | 69 |
| 05-31-25 | 11.76 | 0.17 | <sup>•</sup> | 0.80 | 0.97 | 0.13 | 0.55 | 0.34 | 1.02 |  | 11.71 | **8.67** | 1.99 | 1.85 | 1.85 | 1.47 | 14892 | 157 |
| 05-31-24 | 10.48 | 0.18 | <sup>•</sup> | 1.30 | 1.48 | 0.20 |  |  | 0.20 |  | 11.76 | **14.16** | 1.50 | 1.49 | 1.49 | 1.61 | 1084 | 116 |
| 05-31-23 | 11.31 | 0.08 | <sup>•</sup> | (0.60) | (0.52) | 0.02 | 0.29 |  | 0.31 |  | 10.48 | **(4.48)** | 1.63 | 1.47 | 1.47 | 0.81 | 1126 | 38 |
| 05-31-22 | 13.85 | 0.05 | <sup>•</sup> | (1.32) | (1.27) | 0.31 | 0.96 |  | 1.27 |  | 11.31 | **(10.50)** | 1.61 | 1.45 | 1.45 | 0.38 | 1426 | 44 |
| 05-31-21 | 10.70 | 0.09 | <sup>•</sup> | 3.25 | 3.34 | 0.19 |  |  | 0.19 |  | 13.85 | **31.29** | 1.65 | 1.40 | 1.40 | 0.69 | 2863 | 38 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 11-30-25<sup>+</sup> | 11.74 | 0.14 | <sup>•</sup> | 1.18 | 1.32 | 0.16 | 0.25 |  | 0.41 |  | 12.65 | **11.35** | 0.91 | 0.85 | 0.85 | 2.31 | 55231 | 69 |
| 05-31-25 | 11.75 | 0.29 | <sup>•</sup> | 0.80 | 1.09 | 0.21 | 0.55 | 0.34 | 1.10 |  | 11.74 | **9.77** | 0.92 | 0.85 | 0.85 | 2.46 | 53804 | 157 |
| 05-31-24 | 10.48 | 0.29 | <sup>•</sup> | 1.29 | 1.58 | 0.31 |  |  | 0.31 |  | 11.75 | **15.24** | 0.49 | 0.49 | 0.49 | 2.59 | 14864 | 116 |
| 05-31-23 | 11.33 | 0.19 | <sup>•</sup> | (0.61) | (0.42) | 0.14 | 0.29 |  | 0.43 |  | 10.48 | **(3.52)** | 0.58 | 0.47 | 0.47 | 1.85 | 14992 | 38 |
| 05-31-22 | 13.92 | 0.19 | <sup>•</sup> | (1.31) | (1.12) | 0.51 | 0.96 |  | 1.47 |  | 11.33 | **(9.60)** | 0.56 | 0.45 | 0.45 | 1.42 | 14443 | 44 |
| 05-31-21 | 10.77 | 0.21 | <sup>•</sup> | 3.27 | 3.48 | 0.33 |  |  | 0.33 |  | 13.92 | **32.57** | 0.60 | 0.40 | 0.40 | 1.69 | 16811 | 38 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 11-30-25<sup>+</sup> | 11.79 | 0.14 | <sup>•</sup> | 1.19 | 1.33 | 0.16 | 0.25 |  | 0.41 |  | 12.71 | **11.39** | 0.86 | 0.85 | 0.85 | 2.31 | 563 | 69 |
| 05-31-25 | 11.79 | 0.29 | <sup>•</sup> | 0.81 | 1.10 | 0.21 | 0.55 | 0.34 | 1.10 |  | 11.79 | **9.82** | 0.89 | 0.85 | 0.85 | 2.49 | 1770 | 157 |
| 05-31-24 | 10.52 | 0.30 | <sup>•</sup> | 1.28 | 1.58 | 0.31 |  |  | 0.31 |  | 11.79 | **15.20** | 0.42 | 0.42 | 0.42 | 2.66 | 863 | 116 |
| 05-31-23 | 11.37 | 0.20 | <sup>•</sup> | (0.62) | (0.42) | 0.14 | 0.29 |  | 0.43 |  | 10.52 | **(3.49)** | 0.50 | 0.47 | 0.47 | 1.87 | 640 | 38 |
| 05-31-22 | 13.96 | 0.19 | <sup>•</sup> | (1.31) | (1.12) | 0.51 | 0.96 |  | 1.47 |  | 11.37 | **(9.54)** | 1.11 | 0.45 | 0.45 | 1.47 | 637 | 44 |
| 05-31-21 | 10.81 | 0.19 | <sup>•</sup> | 3.30 | 3.49 | 0.34 |  |  | 0.34 |  | 13.96 | **32.52** | 1.17 | 0.40 | 0.40 | 1.49 | 611 | 38 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 11-30-25<sup>+</sup> | 11.72 | 0.14 | <sup>•</sup> | 1.18 | 1.32 | 0.16 | 0.25 |  | 0.41 |  | 12.63 | **11.37** | 0.96 | 0.85 | 0.85 | 2.31 | 26124 | 69 |
| 05-31-25 | 11.73 | 0.29 | <sup>•</sup> | 0.80 | 1.09 | 0.21 | 0.55 | 0.34 | 1.10 |  | 11.72 | **9.79** | 0.99 | 0.85 | 0.85 | 2.49 | 26050 | 157 |
| 05-31-24 | 10.46 | 0.28 | <sup>•</sup> | 1.30 | 1.58 | 0.31 |  |  | 0.31 |  | 11.73 | **15.27** | 0.50 | 0.49 | 0.49 | 2.56 | 100 | 116 |
| 05-31-23 | 11.31 | 0.19 | <sup>•</sup> | (0.61) | (0.42) | 0.14 | 0.29 |  | 0.43 |  | 10.46 | **(3.52)** | 0.63 | 0.47 | 0.47 | 1.82 | 116 | 38 |
| 05-31-22 | 13.90 | 0.19 | <sup>•</sup> | (1.31) | (1.12) | 0.51 | 0.96 |  | 1.47 |  | 11.31 | **(9.61)** | 0.61 | 0.45 | 0.45 | 1.45 | 123 | 44 |
| 05-31-21 | 10.75 | 0.22 | <sup>•</sup> | 3.26 | 3.48 | 0.33 |  |  | 0.33 |  | 13.90 | **32.60** | 0.65 | 0.40 | 0.40 | 1.72 | 134 | 38 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

<sup>(4)</sup> Ratios do not include expenses of the Underlying Funds. <br> <sup>+</sup> Unaudited. <br> <sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited)

**NOTE 1 — ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for Voya Global Income & Growth Fund ("Global Income & Growth" or the "Fund"), a diversified series of the Trust.

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R6, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board

("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input

levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments. The Fund classifies each of its investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method. Capital gain dividends from affiliated Underlying Funds are recorded as distributions of realized gains from affiliated Underlying Funds.

C. ***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

***Risk Exposures and the Use of Derivative Instruments.*** The Fund's investment strategies permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Fund may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

The Fund's Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund's Master Agreements.

As of November 30, 2025, the Fund did not have any open OTC derivatives.

D. ***Forward Foreign Currency Contracts and Futures Contracts.*** The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

During the period ended November 30, 2025, the Fund did not enter into any forward foreign currency contracts.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within the Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund's Statement of Operations. Realized gains (losses) are reported in the Fund's Statement of Operations at the closing or expiration of futures contracts.

During the period ended November 30, 2025, the Fund did not enter into any futures contracts.

E. ***Options Contracts.*** The Fund may purchase put and call options and may write (sell) put options and covered call options. The Fund may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

During the period ended November 30, 2025, the Fund had written exchange-traded options on equity securities to generate income from option premiums. The Fund had an average notional value on written exchange-traded options of $24,499,729. Please refer to the tables within the Portfolio of Investments for open written exchange-traded options at November 30, 2025.

F. ***Swap Agreements.*** The Fund may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by the Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statement of Operations upon termination or maturity of the swap. The Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and a

Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statement of Operations. Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Total Return Swap Agreements.*** Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. The Fund's use of a total return swap exposes the Fund to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

During the period ended November 30, 2025, the Fund did not enter into any total return swaps.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

G. ***Equity-Linked Notes.*** The Fund invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statement of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Fund records the net change in the fair value of the equity-linked note on the accompanying Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Fund. Please refer to the Portfolio of Investments for open equity-linked notes at November 30, 2025.

H. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays capital gain distributions, if any, at least annually. Dividend distributions, if any, are declared and paid at least monthly to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

I. ***Convertible Securities.*** The Fund may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Fund's investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Fund is exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

J. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

K. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

L. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended November 30, 2025, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $282932429 | $307969165 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Effective November 1, 2025, the Management Agreement compensates the Investment Adviser with a management fee computed

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

daily and payable monthly, based on the average daily net assets equal to 0.750%.

Prior to November 1, 2025, The Management Agreement compensated the Investment Adviser with a management fee equal to 0.18% of the Fund's average daily net assets invested in affiliated Underlying Funds; 0.750% on the Fund's average daily net assets invested in direct investments; and 0.40% the Fund's average daily net assets invested in all other investments.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A and Class C shares of the Fund each has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution of the Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, Class A and Class C shares of the Fund pay the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| 0.25% | 1.00% |

---

The Distributor may also retain the proceeds of the initial sales charge paid by the shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class A** |
| Initial Sales Charges: | $2183 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At November 30, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 26.21% |

---

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2025, the per account fees for affiliated recordkeeping services paid by the Fund were $56,969.

During the period ended November 30, 2025, the Fund incurred $73,300 of proxy and solicitation costs associated with obtaining shareholder approval relating to its proposed management fee change. The Investment Adviser or an affiliate reimbursed the Fund for these costs.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

Voya Investments has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R6** | **Class W** |
| 1.10% | 1.85% | 0.85% | 0.85% | 0.85% |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)**

The Investment Adviser may at a later date recoup from the Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of November 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **November 30,** | **November 30,** | **November 30,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $22515 | $49693 | $158179 | $230387 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates, as of November 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,** | **November 30,** | **November 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class A | $74231 | $97767 | $249629 | $421627 |
| Class C | 864 | 3015 | 11107 | 14986 |
| Class I | 4979 | 10476 | 6549 | 22004 |
| Class R6 |  | 47 | 73 | 120 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30,** | **November 30,** | **November 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class W | 86 | 3584 | 18874 | 22544 |

---

The Expense Limitation Agreement is contractual through October 1, 2026 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Fund did not utilize the line of credit during the period ended November 30, 2025.

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares <br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 503922 |  | 871020 | (1951321) |  | (576379) | 6091880 |  | 10518391 | (23443993) |  | (6833722) |
| 5/31/2025 | 965521 | 20771677 | 1719242 | (4153394) |  | 19303046 | 10887861 | 237650702 | 19362967 | (47046856) |  | 220854674 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 65468 |  | 32179 | (279533) |  | (181886) | 810029 |  | 396839 | (3418445) |  | (2211577) |
| 5/31/2025 | 13081 | 1676811 | 64408 | (574749) |  | 1179551 | 149683 | 19592921 | 744880 | (6669686) |  | 13817798 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 247909 |  | 144561 | (609548) |  | (217078) | 3053796 |  | 1788089 | (7487351) |  | (2645466) |
| 5/31/2025 | 958117 | 5206958 | 299538 | (3146433) |  | 3318180 | 11063626 | 61044485 | 3462692 | (36745954) |  | 38824849 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 12810 |  | 2603 | (121189) |  | (105776) | 155218 |  | 32066 | (1479999) |  | (1292715) |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| &nbsp;&nbsp;**(continued)** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 66183 | 26847 | 9224 | (25324) |  | 76930 | 766813 | 316071 | 106526 | (289271) |  | 900139 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2025 | 6060 |  | 69194 | (229289) |  | (154035) | 73721 |  | 854367 | (2810434) |  | (1882346) |
| 5/31/2025 | 27246 | 2458057 | 107789 | (378839) |  | 2214253 | 319003 | 28770571 | 1248992 | (4398151) |  | 25940415 |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market close of the Fund at its last sale price or official closing price on the principal exchange or system on which it is traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Fund bears the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit

life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $279260 | $(279260) | $— |
| J.P. Morgan Securities LLC | 2105877 | (2105877) |  |
| J.P. Morgan Securities Plc. | 921029 | (921029) |  |
| Jefferies International Ltd. | 469672 | (469672) |  |
| Jefferies LLC | 1935745 | (1935745) |  |
| Wells Fargo Securities LLC | 638982 | (638982) |  |
| Total | $6350565 | $(6350565) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $6,553,670 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs), foreign currency transactions and wash sale deferrals.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended**<br> **May 31, 2025**  | **Year Ended**<br> **May 31, 2025**  | **Year Ended**<br> **May 31, 2025**  | **Year Ended**<br> **May 31, 2024**  | **Year Ended**<br> **May 31, 2024**  |
| **Ordinary**<br> **Income** | **Long-term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Ordinary**<br> **Income** | **Long-term**<br> **Capital Gains** |
| $7155637 | $5879706 | $12688495 | $3185240 | $— |

---

The tax-basis components of distributable earnings as of May 31, 2025 were:

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
| **Unrealized** <br> **Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br> **Distributable**<br>**Earnings/(Loss)** |
| $24045027 | $(5625475) | Short-term | $(3888421) |
|  | (22307973 | Long-term |  |
|  | $(27933448 |  |  |

---

\* Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real

estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign

(non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 — REORGANIZATIONS**

On October 25, 2024, Global Income & Growth ("Acquiring Fund") acquired all of the net assets and assumed all liabilities of Voya Global Diversified Payment Fund ("Acquired Fund 1") and Voya Global Perspectives® Fund ("Acquired Fund 2" and, together with Acquired Fund 1, the "Acquired Funds"), open-end investment companies that are not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on June 1, 2024, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund's *pro forma* results of operations for the year ended May 31, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $17276210.0 |
| Net realized and unrealized gain on investments | $83915402.0 |
| Net increase in net assets resulting from operations | $101191612.0 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Fund's statement of operations since October 25, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Funds** | **Total Net<br> Assets of<br> Acquired<br> Funds (000s)** | **Total Net Assets of<br> Acquiring Fund<br> (000s)** | **Acquired Funds'<br> Capital Loss<br> Carryforwards<br> (000s)** | **Acquired Funds'<br> Unrealized<br> Depreciation (000s)** | **Funds'<br> Conversion<br> Ratio** |
| **Acquired Fund 1** | $237081 | $128445 | $(11693) | $(1664) | 0.5996 |
| **Acquired Fund 2** | $110294 | $128445 | $(10669) | $(785) | 0.9321 |

---

The net assets of the Acquiring Fund after the acquisition of Acquired Fund were $475,819,963.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from

which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 14 — SEGMENT REPORTING (continued)**

assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments,

results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023- 09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes

paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Fund's financial statements.

**NOTE 16 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to November 30, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| Class A | $0.0640 | December 31, 2025 | December 30, 2025 |
| Class C | $0.0580 | December 31, 2025 | December 30, 2025 |
| Class I | $0.0680 | December 31, 2025 | December 30, 2025 |
| Class R6 | $0.0680 | December 31, 2025 | December 30, 2025 |
| Class W | $0.0680 | December 31, 2025 | December 30, 2025 |

---

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: 33.2%** | **COMMON STOCK: 33.2%** | **COMMON STOCK: 33.2%** | **COMMON STOCK: 33.2%** |
|  | **Canada: 0.5%** | **Canada: 0.5%** | **Canada: 0.5%** |
| 8025 | Dollarama, Inc. | $1148234 | 0.2 |
| 27715 | Loblaw Cos. Ltd. | 1229618 | 0.3 |
|  |  | **2377852** | **0.5** |
|  | **China: 0.8%** | **China: 0.8%** | **China: 0.8%** |
| 31385 | Atour Lifestyle Holdings Ltd., ADR | 1204243 | 0.3 |
| 12940 <sup>(1)</sup> | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. - Class H | 760396 | 0.1 |
| 22709 | Tencent Holdings Ltd., ADR | 1794919 | 0.4 |
|  |  | **3759558** | **0.8** |
|  | **France: 0.4%** | **France: 0.4%** | **France: 0.4%** |
| 5075 | EssilorLuxottica SA | **1820272** | **0.4** |
|  | **Germany: 1.3%** | **Germany: 1.3%** | **Germany: 1.3%** |
| 7220 | Heidelberg Materials AG | 1853948 | 0.4 |
| 3690 | Hochtief AG | 1306232 | 0.3 |
| 22145 | RWE AG | 1124752 | 0.3 |
| 10405 <sup>(1)</sup> | Siemens Energy AG | 1393252 | 0.3 |
|  |  | **5678184** | **1.3** |
|  | **Italy: 0.6%** | **Italy: 0.6%** | **Italy: 0.6%** |
| 72910 | Banca Mediolanum SpA | 1562304 | 0.4 |
| 14495 | UniCredit SpA | 1079046 | 0.2 |
|  |  | **2641350** | **0.6** |
|  | **Japan: 2.3%** | **Japan: 2.3%** | **Japan: 2.3%** |
| 18775 | Chugai Pharmaceutical Co. Ltd. | 1005328 | 0.2 |
| 39270 | Japan Tobacco, Inc. | 1477160 | 0.3 |
| 33350 | Kajima Corp. | 1243268 | 0.3 |
| 30920 | Mitsubishi Heavy Industries Ltd. | 783179 | 0.2 |
| 37295 | Mizuho Financial Group, Inc. | 1315279 | 0.3 |
| 31390 | NEC Corp. | 1185997 | 0.3 |
| 36675 | Sompo Holdings, Inc. | 1161560 | 0.2 |
| 71240 | Sony Group Corp., ADR | 2090894 | 0.5 |
|  |  | **10262665** | **2.3** |
|  | **Netherlands: 0.7%** | **Netherlands: 0.7%** | **Netherlands: 0.7%** |
| 1600 <sup>(1)</sup> | Argenx SE, ADR | 1459168 | 0.3 |
| 1500 | ASML Holding N.V. | 1590000 | 0.4 |
|  |  | **3049168** | **0.7** |
|  | **Singapore: 1.4%** | **Singapore: 1.4%** | **Singapore: 1.4%** |
| 29150 | DBS Group Holdings Ltd. | 1221049 | 0.3 |
| 321540 | Keppel Corp. Ltd. | 2543028 | 0.6 |
| 657910 | Singapore Telecommunications Ltd. | 2407167 | 0.5 |
|  |  | **6171244** | **1.4** |
|  | **South Korea: 1.5%** | **South Korea: 1.5%** | **South Korea: 1.5%** |
| 1236 | Hanwha Aerospace Co. Ltd. | 717482 | 0.2 |
| 1375 | HD Hyundai Electric Co. Ltd. | 728429 | 0.2 |
| 2555 | HD Hyundai Heavy Industries Co. Ltd. | 932237 | 0.2 |
| 17860 | KB Financial Group, Inc., ADR | 1519708 | 0.3 |
| 21910 | Samsung Electronics Co. Ltd. | 1504842 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| 10870 | Samsung Life Insurance Co. Ltd. | $| 1133613 | 0.3 |
|  |  |  | **6536311** | **1.5** |
|  | **Spain: 0.2%** | **Spain: 0.2%** | **Spain: 0.2%** | **Spain: 0.2%** |
| 17330 <sup>(2)</sup> | Indra Sistemas SA |  | **926708** | **0.2** |
|  | **Switzerland: 0.5%** | **Switzerland: 0.5%** | **Switzerland: 0.5%** | **Switzerland: 0.5%** |
| 5835 | Galderma Group AG |  | 1164905 | 0.3 |
| 14240 | Sandoz Group AG |  | 1007275 | 0.2 |
|  |  |  | **2172180** | **0.5** |
|  | **Taiwan: 0.4%** | **Taiwan: 0.4%** | **Taiwan: 0.4%** | **Taiwan: 0.4%** |
| 5320 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | **1550833** | **0.4** |
|  | **United Kingdom: 2.9%** | **United Kingdom: 2.9%** | **United Kingdom: 2.9%** | **United Kingdom: 2.9%** |
| 70931 | Barclays PLC, ADR |  | 1616518 | 0.4 |
| 36735 | Halma PLC |  | 1733539 | 0.4 |
| 81825 | HSBC Holdings PLC |  | 1159539 | 0.3 |
| 1251030 | Lloyds Banking Group PLC |  | 1586605 | 0.3 |
| 102291 | Rolls-Royce Holdings PLC |  | 1443759 | 0.3 |
| 45760 | TechnipFMC PLC |  | 2071098 | 0.5 |
| 247095 | Tesco PLC |  | 1473584 | 0.3 |
| 47735 | Weir Group PLC |  | 1754675 | 0.4 |
|  |  |  | **12839317** | **2.9** |
|  | **United States: 19.7%** | **United States: 19.7%** | **United States: 19.7%** | **United States: 19.7%** |
| 4085 | AbbVie, Inc. |  | 930155 | 0.2 |
| 24570 | Alphabet, Inc. - Class A |  | 7866823 | 1.8 |
| 27562 <sup>(1)</sup> | Amazon.com, Inc. |  | 6428010 | 1.5 |
| 29037 | Apple, Inc. |  | 8096967 | 1.8 |
| 7495 <sup>(1)</sup> | Boston Scientific Corp. |  | 761342 | 0.2 |
| 8495 | Broadcom, Inc. |  | 3423145 | 0.8 |
| 3546 | Capital One Financial Corp. |  | 776822 | 0.2 |
| 7690 | Cardinal Health, Inc. |  | 1632279 | 0.4 |
| 3035 | Caterpillar, Inc. |  | 1747432 | 0.4 |
| 7238 <sup>(1)</sup> | CBRE Group, Inc. - Class A |  | 1171326 | 0.3 |
| 28150 <sup>(1)</sup> | Chewy, Inc. - Class A |  | 978776 | 0.2 |
| 19585 | Cisco Systems, Inc. |  | 1506870 | 0.3 |
| 11015 | Citigroup, Inc. |  | 1141154 | 0.3 |
| 16450 | CRH PLC IE |  | 1972044 | 0.4 |
| 760 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A |  | 386962 | 0.1 |
| 2280 | Cummins, Inc. |  | 1135394 | 0.3 |
| 14325 | CVS Health Corp. |  | 1151157 | 0.3 |
| 2230 | Eli Lilly & Co. |  | 2398298 | 0.5 |
| 10500 | Estee Lauder Cos., Inc. - Class A |  | 987735 | 0.2 |
| 29305 | Ferrovial SE |  | 1921943 | 0.4 |
| 22630 | Freeport-McMoRan, Inc. |  | 972637 | 0.2 |
| 11490 | Gilead Sciences, Inc. |  | 1445902 | 0.3 |
| 2275 <sup>(1)</sup> | Insulet Corp. |  | 744357 | 0.2 |
| 1030 | Intuit, Inc. |  | 653102 | 0.1 |
| 5950 | JPMorgan Chase & Co. |  | 1862826 | 0.4 |
| 3644 | Mastercard, Inc. - Class A |  | 2006131 | 0.5 |
| 1985 | McKesson Corp. |  | 1749023 | 0.4 |
| 14484 | Merck & Co., Inc. |  | 1518358 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage <br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 3028 | Meta Platforms, Inc. - Class A | $| 1961993 | 0.4 |
| 14031 | Microsoft Corp. |  | 6903392 | 1.6 |
| 2215 | Moody's Corp. |  | 1087078 | 0.2 |
| 6885 | Morgan Stanley |  | 1168109 | 0.3 |
| 7035 <sup>(1)</sup> | Netflix, Inc. |  | 756825 | 0.2 |
| 48669 | NVIDIA Corp. |  | 8614413 | 1.9 |
| 4405 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A |  | 742022 | 0.2 |
| 1660 | Parker-Hannifin Corp. |  | 1430422 | 0.3 |
| 3085 | Rockwell Automation, Inc. |  | 1221228 | 0.3 |
| 4500 <sup>(1)</sup> | Take-Two Interactive Software, Inc. |  | 1107315 | 0.2 |
| 3755 <sup>(1)</sup> | Tesla, Inc. |  | 1615288 | 0.4 |
| 14694 | Walmart, Inc. |  | 1623834 | 0.4 |
| 17525 | Wells Fargo & Co. |  | 1504521 | 0.3 |
|  |  |  | **87103410** | **19.7** |
|  | Total Common Stock <br> (Cost $118,430,820) |  | **146889052** | **33.2** |
| **Principal Amount†** |  | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CONVERTIBLE BONDS/NOTES: 29.7%** | **CONVERTIBLE BONDS/NOTES: 29.7%** | **CONVERTIBLE BONDS/NOTES: 29.7%** | **CONVERTIBLE BONDS/NOTES: 29.7%** | **CONVERTIBLE BONDS/NOTES: 29.7%** |
|  | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** |
| 1000000 <sup>(3)(4)</sup> | IREN Ltd., 2.170%, 07/01/2031 |  | 887148 | 0.2 |
|  | **Austria: 0.2%** | **Austria: 0.2%** | **Austria: 0.2%** | **Austria: 0.2%** |
| <sup>EUR</sup>600000 | voestalpine AG, 2.750%, 04/28/2028 |  | 780977 | 0.2 |
|  | **China: 2.3%** | **China: 2.3%** | **China: 2.3%** | **China: 2.3%** |
| <sup>HKD</sup>6000000 <sup>(3)</sup> | Alibaba Group Holding Ltd., (1.780)%, 07/09/2032 |  | 867750 | 0.2 |
| 1600000 <sup>(3)</sup> | Alibaba Group Holding Ltd., (0.940)%, 09/15/2032 |  | 1705600 | 0.4 |
| 875000 | Alibaba Group Holding Ltd., 0.500%, 06/01/2031 |  | 1443304 | 0.3 |
| 400000 | China Hongqiao Group Ltd., 1.500%, 03/26/2030 |  | 675010 | 0.1 |
| <sup>HKD</sup>5000000 <sup>(3)</sup> | China Pacific Insurance Group Co. Ltd., (0.140)%, 09/18/2030 |  | 646622 | 0.1 |
| 610000 <sup>(4)</sup> | GDS Holdings Ltd., 2.250%, 06/01/2032 |  | 790407 | 0.2 |
| 600000 | Gold Pole Capital Co. Ltd., 1.000%, 06/25/2029 |  | 997064 | 0.2 |
| <sup>HKD</sup>3000000 <sup>(3)</sup> | Ping An Insurance Group Co. of China Ltd., (2.850)%, 06/11/2030 |  | 439270 | 0.1 |
| 800000 | Ping An Insurance Group Co. of China Ltd., 0.875%, 07/22/2029 |  | 1148799 | 0.3 |
| 1290000 | Trip.com Group Ltd., 0.750%, 06/15/2029 |  | 1570246 | 0.4 |
|  |  |  | **10284072** | **2.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |
|  | **Denmark: 0.3%** | **Denmark: 0.3%** | **Denmark: 0.3%** |
| 900000 | Ascendis Pharma A/S, 2.250%, 04/01/2028 | $1276155 | 0.3 |
|  | **France: 0.6%** | **France: 0.6%** | **France: 0.6%** |
| <sup>EUR</sup>600000 | Cara Obligations SAS, 1.500%, 12/01/2030 | 884566 | 0.2 |
| <sup>EUR</sup>500000 | Elis SA, 2.250%, 09/22/2029 | 902252 | 0.2 |
| <sup>EUR</sup>800000 | Legrand SA, 1.500%, 06/23/2033 | 1003781 | 0.2 |
|  |  | **2790599** | **0.6** |
|  | **Germany: 0.3%** | **Germany: 0.3%** | **Germany: 0.3%** |
| <sup>EUR</sup>700000 | Nordex SE, 4.250%, 04/14/2030 | 1495070 | 0.3 |
|  | **Hong Kong: 0.3%** | **Hong Kong: 0.3%** | **Hong Kong: 0.3%** |
| <sup>HKD</sup>10000000 | Link CB Ltd., 4.500%, 12/12/2027 | 1299765 | 0.3 |
|  | **Israel: 0.3%** | **Israel: 0.3%** | **Israel: 0.3%** |
| 1010000 <sup>(3)(4)</sup> | Nova Ltd., (3.950)%, 09/15/2030 | 1224928 | 0.3 |
|  | **Italy: 0.2%** | **Italy: 0.2%** | **Italy: 0.2%** |
| <sup>EUR</sup>500000 | Snam SpA IG, 3.250%, 09/29/2028 | 1002856 | 0.2 |
|  | **Japan: 0.7%** | **Japan: 0.7%** | **Japan: 0.7%** |
| <sup>JPY</sup>300000000 <sup>(3)</sup> | Daiwa House Industry Co. Ltd., (2.370)%, 03/30/2029 | 2080439 | 0.5 |
| <sup>JPY</sup>40000000 <sup>(3)</sup> | Ibiden Co. Ltd., (7.420)%, 03/14/2031 | 385071 | 0.1 |
| <sup>JPY</sup>90000000 <sup>(3)</sup> | Toridoll Holdings Corp., (2.620)%, 06/20/2031 | 667920 | 0.1 |
|  |  | **3133430** | **0.7** |
|  | **Macao: 0.5%** | **Macao: 0.5%** | **Macao: 0.5%** |
| 2100000 <sup>(4)</sup> | Wynn Macau Ltd., 4.500%, 03/07/2029 | 2201956 | 0.5 |
|  | **New Zealand: 0.3%** | **New Zealand: 0.3%** | **New Zealand: 0.3%** |
| 1300000 <sup>(3)</sup> | Xero Investments Ltd., 0.300%, 12/02/2025 | 1300000 | 0.3 |
|  | **Singapore: 0.4%** | **Singapore: 0.4%** | **Singapore: 0.4%** |
| 1800000 <sup>(3)</sup> | STMicroelectronics NV B, 2.700%, 08/04/2027 | 1721259 | 0.4 |
|  | **South Korea: 0.5%** | **South Korea: 0.5%** | **South Korea: 0.5%** |
| 900000 | LG Chem Ltd., 1.750%, 06/16/2028 | 1119375 | 0.3 |
| 200000 | SK Hynix, Inc., 1.750%, 04/11/2030 | 869000 | 0.2 |
|  |  | **1988375** | **0.5** |
|  | **Spain: 0.9%** | **Spain: 0.9%** | **Spain: 0.9%** |
| <sup>EUR</sup>1800000 | Iberdrola Finanzas SA IBE, 0.800%, 12/07/2027 | 2896827 | 0.6 |
| <sup>EUR</sup>900000 | Iberdrola Finanzas SA IBE, 1.500%, 03/27/2030 | 1155607 | 0.3 |
|  |  | **4052434** | **0.9** |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |
|  | **Taiwan: 0.5%** | **Taiwan: 0.5%** | **Taiwan: 0.5%** |
| 1200000 <sup>(3)</sup> | Quanta Computer, Inc., (1.980)%, 09/16/2029 | $1294800 | 0.3 |
| 900000 <sup>(3)</sup> | Zhen Ding Technology Holding Ltd., (0.210)%, 09/25/2030 | 909000 | 0.2 |
|  |  | **2203800** | **0.5** |
|  | **United Kingdom: 0.2%** | **United Kingdom: 0.2%** | **United Kingdom: 0.2%** |
| <sup>EUR</sup>500000 | International Consolidated Airlines Group SA IAG, 1.125%, 05/18/2028 | 833189 | 0.2 |
|  | **United States: 21.0%** | **United States: 21.0%** | **United States: 21.0%** |
| 1050000 <sup>(3)</sup> | AeroVironment, Inc., (3.390)%, 07/15/2030 | 1231414 | 0.3 |
| 890000 <sup>(4)</sup> | Affirm Holdings, Inc., 0.750%, 12/15/2029 | 954977 | 0.2 |
| 1300000 <sup>(2)</sup> | Alignment Healthcare, Inc., 4.250%, 11/15/2029 | 1940250 | 0.4 |
| 490000 | Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/2027 | 800579 | 0.2 |
| 1250000 <sup>(4)</sup> | Alphatec Holdings, Inc., 0.750%, 03/15/2030 | 2016125 | 0.5 |
| 65000 <sup>(4)</sup> | Array Technologies, Inc., 2.875%, 07/01/2031 | 79664 | 0 |
| 1060000 <sup>(3)(4)</sup> | Bloom Energy Corp., 1.220%, 11/15/2030 | 997990 | 0.2 |
| 1155000 <sup>(4)</sup> | Bridgebio Pharma, Inc., 1.750%, 03/01/2031 | 1923797 | 0.4 |
| 625000 <sup>(2)</sup> | Burlington Stores, Inc., 1.250%, 12/15/2027 | 840938 | 0.2 |
| 1030000 <sup>(3)(4)</sup> | BWX Technologies, Inc., 0.690%, 11/01/2030 | 995680 | 0.2 |
| 255000 | Celcuity, Inc., 2.750%, 08/01/2031 | 558756 | 0.1 |
| 305000 <sup>(3)(4)</sup> | Cipher Mining, Inc., (6.540)%, 10/01/2031 | 452639 | 0.1 |
| <sup>EUR</sup>1800000 <sup>(4)</sup> | Citigroup Global Markets Holdings, Inc./United States, GMTN, 0.800%, 02/05/2030 | 2282667 | 0.5 |
| 850000 <sup>(3)</sup> | Cloudflare, Inc., (22.230)%, 08/15/2026 | 1008865 | 0.2 |
| 595000 | Cogent Biosciences, Inc., 1.625%, 11/15/2031 | 725123 | 0.2 |
| 1050000 <sup>(4)</sup> | Cohu, Inc., 1.500%, 01/15/2031 | 1197196 | 0.3 |
| 2800000 | Coinbase Global, Inc., 0.500%, 06/01/2026 | 2910040 | 0.7 |
| 1055000 <sup>(3)(4)</sup> | CyberArk Software Ltd., (1.790)%, 06/15/2030 | 1145203 | 0.3 |
| 1020000 <sup>(4)</sup> | Cytokinetics, Inc., 1.750%, 10/01/2031 | 1299776 | 0.3 |
| 1340000 <sup>(3)(4)</sup> | Datadog, Inc., (1.460)%, 12/01/2029 | 1421255 | 0.3 |
| 750000 <sup>(3)(4)</sup> | DoorDash, Inc., 0.270%, 05/15/2030 | 741085 | 0.2 |
| 625000 <sup>(4)</sup> | Eos Energy Enterprises, Inc., 1.750%, 12/01/2031 | 700589 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 1275000 <sup>(4)</sup> | Exact Sciences Corp., 1.750%, 04/15/2031 | $1564650 | 0.3 |
| 2305000 <sup>(3)</sup> | Expedia Group, Inc., (22.270)%, 02/15/2026 | 2417162 | 0.5 |
| <sup>EUR</sup>700000 <sup>(2)</sup> | Ferrovial SE, 0.750%, 05/20/2031 | 826385 | 0.2 |
| 790000 <sup>(4)</sup> | Galaxy Digital Holdings L.P., 0.500%, 05/01/2031 | 659701 | 0.1 |
| 510000 | Granite Construction, Inc., 3.250%, 06/15/2030 | 769980 | 0.2 |
| 1000000 | Guardant Health, Inc., 1.250%, 02/15/2031 | 1911456 | 0.4 |
| 1150000 | Guidewire Software, Inc., 1.250%, 11/01/2029 | 1319218 | 0.3 |
| 1220000 <sup>(3)(4)</sup> | Halozyme Therapeutics, Inc., (0.590)%, 02/15/2031 | 1258186 | 0.3 |
| 1420000 <sup>(4)</sup> | IMAX Corp., 0.750%, 11/15/2030 | 1545315 | 0.3 |
| 1200000 <sup>(3)(4)</sup> | Impinj, Inc., (0.530)%, 09/15/2029 | 1224323 | 0.3 |
| 750000 <sup>(3)(4)</sup> | Ionis Pharmaceuticals, Inc., (1.720)%, 12/01/2030 | 818173 | 0.2 |
| 575000 | Ionis Pharmaceuticals, Inc., 1.750%, 06/15/2028 | 946411 | 0.2 |
| 885000 | iRhythm Technologies, Inc., 1.500%, 09/01/2029 | 1283793 | 0.3 |
| 1290000 | Jazz Investments I Ltd., 3.125%, 09/15/2030 | 1756983 | 0.4 |
| 935000 <sup>(4)</sup> | JBT Marel Corp., 0.375%, 09/15/2030 | 925715 | 0.2 |
| 460000 | JPMorgan Chase Financial Co. LLC DMTs, 1.000%, 04/01/2028 | 583744 | 0.1 |
| 1200000 | Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/2027 | 1497368 | 0.3 |
| 1260000 <sup>(4)</sup> | Ligand Pharmaceuticals, Inc., 0.750%, 10/01/2030 | 1525167 | 0.3 |
| 1150000 <sup>(4)</sup> | Live Nation Entertainment, Inc., 2.875%, 01/15/2030 | 1164375 | 0.3 |
| 1410000 <sup>(4)</sup> | Lumentum Holdings, Inc., 0.375%, 03/15/2032 | 2684517 | 0.6 |
| 1675000 <sup>(3)(4)</sup> | MACOM Technology Solutions Holdings, Inc., (4.780)%, 12/15/2029 | 2041656 | 0.5 |
| 800000 | Meritage Homes Corp., 1.750%, 05/15/2028 | 805078 | 0.2 |
| 945000 <sup>(4)</sup> | Mirion Technologies, Inc., 0.250%, 06/01/2030 | 1254247 | 0.3 |
| 1250000 | MKS, Inc., 1.250%, 06/01/2030 | 1576489 | 0.4 |
| 275000 <sup>(4)</sup> | MP Materials Corp., 3.000%, 03/01/2030 | 824175 | 0.2 |
| 1840000 | NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/2027 | 2416136 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 1050000 | OSI Systems, Inc., 2.250%, 08/01/2029 | $| 1607946 | 0.4 |
| 1650000 | Parsons Corp., 2.625%, 03/01/2029 |  | 1882781 | 0.4 |
| 800000 | Rivian Automotive, Inc., 4.625%, 03/15/2029 |  | 892153 | 0.2 |
| <sup>EUR</sup>2100000 | Schneider Electric SE, SUFP, 1.625%, 06/28/2031 |  | 2572188 | 0.6 |
| 1245000 <sup>(3)(4)</sup> | Semtech Corp., (1.070)%, 10/15/2030 |  | 1312190 | 0.3 |
| 1455000 <sup>(3)</sup> | Snowflake, Inc., (13.230)%, 10/01/2029 |  | 2507932 | 0.6 |
| 680000 <sup>(3)(4)</sup> | SoFi Technologies, Inc., (33.700)%, 10/15/2026 |  | 964410 | 0.2 |
| 965000 | Solaris Energy Infrastructure, Inc., 0.250%, 10/01/2031 |  | 1061586 | 0.2 |
| 1210000 <sup>(4)</sup> | Southern Co., 3.250%, 06/15/2028 |  | 1224537 | 0.3 |
| 605000 <sup>(3)</sup> | Spotify USA, Inc., (52.730)%, 03/15/2026 |  | 714954 | 0.2 |
| 400000 <sup>(4)</sup> | Tempus AI, Inc., 0.750%, 07/15/2030 |  | 493997 | 0.1 |
| 615000 <sup>(3)(4)</sup> | Terawulf, Inc., (0.280)%, 05/01/2032 |  | 626276 | 0.1 |
| 1255000 <sup>(3)</sup> | Uber Technologies, Inc., (180.730)%, 12/15/2025 |  | 1357201 | 0.3 |
| 600000 | UGI Corp., 5.000%, 06/01/2028 |  | 875195 | 0.2 |
| 855000 <sup>(3)(4)</sup> | Unity Software, Inc., (7.590)%, 03/15/2030 |  | 1199672 | 0.3 |
| 950000 | Veeco Instruments, Inc., 2.875%, 06/01/2029 |  | 1196606 | 0.3 |
| 1100000 <sup>(4)</sup> | Viavi Solutions, Inc., 0.625%, 03/01/2031 |  | 1564051 | 0.3 |
| 1000000 | Viavi Solutions, Inc., 1.625%, 03/15/2026 |  | 1357926 | 0.3 |
| 450000 | Wayfair, Inc., 3.250%, 09/15/2027 |  | 819490 | 0.2 |
| 2115000 <sup>(4)</sup> | Welltower OP LLC, 3.125%, 07/15/2029 |  | 3514073 | 0.8 |
| 570000 | Western Digital Corp., 3.000%, 11/15/2028 |  | 2478759 | 0.6 |
| 1100000 <sup>(3)(4)</sup> | Zscaler, Inc., 1.670%, 07/15/2028 |  | 1053273 | 0.2 |
|  |  |  | **93102207** | **21.0** |
|  | Total Convertible Bonds/Notes <br> (Cost $115,126,772) |  | **131578220** | **29.7** |
| **Principal <br> Amount†** |  | **Value** | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: 29.6%** | **CORPORATE BONDS/NOTES: 29.6%** | **CORPORATE BONDS/NOTES: 29.6%** | **CORPORATE BONDS/NOTES: 29.6%** | **CORPORATE BONDS/NOTES: 29.6%** |
|  | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** | **Australia: 0.2%** |
| 1019000 <sup>(4)</sup> | FMG Resources August 2006 Pty Ltd., 4.375%, 04/01/2031 |  | 983866 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Canada: 1.7%** | **Canada: 1.7%** | **Canada: 1.7%** |
| 2345000 <sup>(4)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | $2420786 | 0.5 |
| 1990000 <sup>(4)</sup> | Bombardier, Inc., 6.750%, 06/15/2033 | 2101127 | 0.5 |
| 1965000 <sup>(4)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 2039900 | 0.5 |
| 1105000 <sup>(4)</sup> | Hudbay Minerals, Inc., 6.125%, 04/01/2029 | 1120218 | 0.2 |
|  |  | **7682031** | **1.7** |
|  | **Denmark: 0.2%** | **Denmark: 0.2%** | **Denmark: 0.2%** |
| 975000 <sup>(4)</sup> | Genmab A/S/Genmab Finance LLC, 7.250%, 12/15/2033 | 1021753 | 0.2 |
|  | **Finland: 0.3%** | **Finland: 0.3%** | **Finland: 0.3%** |
| 1015000 <sup>(4)</sup> | Amer Sports Co., 6.750%, 02/16/2031 | 1060325 | 0.3 |
|  | **Guatemala: 0.9%** | **Guatemala: 0.9%** | **Guatemala: 0.9%** |
| 3630000 <sup>(4)</sup> | Millicom International Cellular SA, 7.375%, 04/02/2032 | 3779846 | 0.9 |
|  | **Japan: 0.2%** | **Japan: 0.2%** | **Japan: 0.2%** |
| 1000000 | SoftBank Group Corp., 7.250%, 07/10/2032 | 1015425 | 0.2 |
|  | **Mexico: 0.3%** | **Mexico: 0.3%** | **Mexico: 0.3%** |
| 1445000 <sup>(4)</sup> | Cemex SAB de CV, 5.200%, 09/17/2030 | 1463301 | 0.3 |
|  | **United Kingdom: 0.6%** | **United Kingdom: 0.6%** | **United Kingdom: 0.6%** |
| 2305000 <sup>(4)</sup> | Vmed O2 UK Financing I PLC, 7.750%, 04/15/2032 | 2407045 | 0.6 |
|  | **United States: 25.2%** | **United States: 25.2%** | **United States: 25.2%** |
| 1655000 <sup>(4)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | 1718956 | 0.4 |
| 680000 <sup>(4)</sup> | Acushnet Co., 5.625%, 12/01/2033 | 686983 | 0.2 |
| 1355000 <sup>(4)</sup> | Adient Global Holdings Ltd., 7.500%, 02/15/2033 | 1404028 | 0.3 |
| 1380000 <sup>(4)</sup> | Advance Auto Parts, Inc., 7.375%, 08/01/2033 | 1406958 | 0.3 |
| 1020000 <sup>(4)</sup> | American Axle & Manufacturing, Inc., 7.750%, 10/15/2033 | 1030902 | 0.2 |
| 1085000 <sup>(4)</sup> | AmeriTex HoldCo Intermediate LLC, 7.625%, 08/15/2033 | 1142069 | 0.3 |
| 1040000 <sup>(4)</sup> | Arsenal AIC Parent LLC, 8.000%, 10/01/2030 | 1105922 | 0.3 |
| 1505000 <sup>(4)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | 1538155 | 0.4 |
| 1690000 <sup>(4)</sup> | Axon Enterprise, Inc., 6.250%, 03/15/2033 | 1758837 | 0.4 |
| 660000 | Bath & Body Works, Inc., 6.875%, 11/01/2035 | 661670 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 915000 <sup>(4)</sup> | Builders FirstSource, Inc., 6.375%, 06/15/2032 | $953727 | 0.2 |
| 990000 <sup>(4)</sup> | CACI International, Inc., 6.375%, 06/15/2033 | 1033316 | 0.2 |
| 1760000 <sup>(2)(4)</sup> | Caesars Entertainment, Inc., 6.000%, 10/15/2032 | 1680607 | 0.4 |
| 700000 <sup>(4)</sup> | Carnival Corp., 5.750%, 08/01/2032 | 718454 | 0.2 |
| 370000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 333671 | 0.1 |
| 1730000 <sup>(4)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/2031 | 1766287 | 0.4 |
| 655000 <sup>(2)</sup> | Celanese US Holdings LLC, 6.750%, 04/15/2033 | 652271 | 0.2 |
| 1225000 <sup>(4)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 1277907 | 0.3 |
| 1140000 <sup>(4)</sup> | Chemours Co., 8.000%, 01/15/2033 | 1110080 | 0.3 |
| 690000 <sup>(4)</sup> | Churchill Downs, Inc., 6.750%, 05/01/2031 | 712533 | 0.2 |
| 1325000 <sup>(4)</sup> | Cipher Compute LLC, 7.125%, 11/15/2030 | 1347777 | 0.3 |
| 990000 <sup>(4)</sup> | CITGO Petroleum Corp., 8.375%, 01/15/2029 | 1034002 | 0.2 |
| 1010000 <sup>(4)</sup> | Civitas Resources, Inc., 8.750%, 07/01/2031 | 1053019 | 0.2 |
| 1355000 <sup>(4)</sup> | Clarios Global L.P. / Clarios US Finance Co., 6.750%, 09/15/2032 | 1394796 | 0.3 |
| 1275000 <sup>(4)</sup> | Cleveland-Cliffs, Inc., 7.625%, 01/15/2034 | 1324081 | 0.3 |
| 990000 <sup>(4)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 998838 | 0.2 |
| 1305000 <sup>(4)</sup> | CNX Resources Corp., 7.375%, 01/15/2031 | 1355646 | 0.3 |
| 1015000 <sup>(4)</sup> | Commercial Metals Co., 6.000%, 12/15/2035 | 1034588 | 0.2 |
| 1345000 <sup>(4)</sup> | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | 1409864 | 0.3 |
| 1275000 <sup>(4)</sup> | DaVita, Inc., 6.750%, 07/15/2033 | 1325949 | 0.3 |
| 1355000 <sup>(4)</sup> | Directv Financing LLC, 8.875%, 02/01/2030 | 1341990 | 0.3 |
| 770000 <sup>(4)</sup> | EquipmentShare.com, Inc., 8.000%, 03/15/2033 | 785574 | 0.2 |
| 2095000 <sup>(4)</sup> | Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/2030 | 2233461 | 0.5 |
| 990000 <sup>(4)</sup> | Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032 | 1047154 | 0.2 |
| 1925000 <sup>(4)</sup> | Gen Digital, Inc., 6.250%, 04/01/2033 | 1985695 | 0.5 |
| 965000 <sup>(4)</sup> | GFL Environmental, Inc., 6.750%, 01/15/2031 | 1014285 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 1035000 <sup>(4)</sup> | Global Medical Response, Inc., 7.375%, 10/01/2032 | $1091367 | 0.3 |
| 1010000 | Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 1027205 | 0.2 |
| 1030000 <sup>(4)</sup> | Gray Media, Inc., 9.625%, 07/15/2032 | 1068429 | 0.3 |
| 1695000 <sup>(4)</sup> | Herc Holdings, Inc., 7.250%, 06/15/2033 | 1795732 | 0.4 |
| 965000 <sup>(4)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 1011454 | 0.2 |
| 1325000 <sup>(4)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 1355883 | 0.3 |
| 995000 <sup>(4)</sup> | Iron Mountain, Inc., 7.000%, 02/15/2029 | 1022843 | 0.2 |
| 1380000 <sup>(4)</sup> | Light & Wonder International, Inc., 6.250%, 10/01/2033 | 1389343 | 0.3 |
| 1495000 <sup>(4)</sup> | Mauser Packaging Solutions Holding Co., 7.875%, 04/15/2030 | 1352975 | 0.3 |
| 1270000 <sup>(4)</sup> | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | 1315174 | 0.3 |
| 1235000 | Navient Corp., 9.375%, 07/25/2030 | 1369840 | 0.3 |
| 1635000 <sup>(4)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 1660465 | 0.4 |
| 1125000 <sup>(4)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 | 1173910 | 0.3 |
| 1355000 <sup>(4)</sup> | Nexstar Media, Inc., 5.625%, 07/15/2027 | 1357085 | 0.3 |
| 1000000 <sup>(4)</sup> | Nissan Motor Acceptance Co. LLC, 7.050%, 09/15/2028 | 1032475 | 0.2 |
| 950000 <sup>(4)</sup> | Northern Oil and Gas, Inc., 8.750%, 06/15/2031 | 972559 | 0.2 |
| 1640000 <sup>(4)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 | 1691093 | 0.4 |
| 1705000 | OneMain Finance Corp., 7.125%, 11/15/2031 | 1777954 | 0.4 |
| 1370000 | OneMain Finance Corp., 7.125%, 09/15/2032 | 1420575 | 0.3 |
| 1035000 <sup>(4)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 1049231 | 0.2 |
| 1935000 <sup>(4)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 2002525 | 0.5 |
| 655000 <sup>(4)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | 683183 | 0.2 |
| 940000 <sup>(4)</sup> | PennyMac Financial Services, Inc., 7.875%, 12/15/2029 | 1003426 | 0.2 |
| 1650000 <sup>(4)</sup> | Performance Food Group, Inc., 6.125%, 09/15/2032 | 1699569 | 0.4 |
| 1025000 <sup>(4)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 1051279 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 1625000 <sup>(4)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | $1648832 | 0.4 |
| 1240000 <sup>(4)</sup> | PRA Group, Inc., 8.375%, 02/01/2028 | 1271481 | 0.3 |
| 1955000 <sup>(4)</sup> | Quikrete Holdings, Inc., 6.750%, 03/01/2033 | 2037319 | 0.5 |
| 1295000 <sup>(4)</sup> | Rocket Cos., Inc., 6.375%, 08/01/2033 | 1357701 | 0.3 |
| 945000 <sup>(4)</sup> | Rocket Cos., Inc., 7.125%, 02/01/2032 | 994671 | 0.2 |
| 1775000 <sup>(4)</sup> | Seagate Data Storage Technology Pte Ltd., 8.500%, 07/15/2031 | 1892574 | 0.4 |
| 1160000 <sup>(4)</sup> | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/2032 | 1207545 | 0.3 |
| 1390000 <sup>(4)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 1398187 | 0.3 |
| 690000 <sup>(4)</sup> | SM Energy Co., 7.000%, 08/01/2032 | 675640 | 0.2 |
| 1345000 <sup>(4)</sup> | Snap, Inc., 6.875%, 03/01/2033 | 1386971 | 0.3 |
| 715000 <sup>(4)</sup> | Station Casinos LLC, 6.625%, 03/15/2032 | 732744 | 0.2 |
| 1395000 <sup>(4)</sup> | Stonepeak Nile Parent LLC, 7.250%, 03/15/2032 | 1475412 | 0.3 |
| 1415000 <sup>(4)</sup> | Sunoco L.P., 6.250%, 07/01/2033 | 1454355 | 0.3 |
| 1330000 <sup>(4)</sup> | Talen Energy Supply LLC, 6.500%, 02/01/2036 | 1375899 | 0.3 |
| 1345000 <sup>(4)</sup> | Tenet Healthcare Corp., 6.000%, 11/15/2033 | 1389665 | 0.3 |
| 1035000 <sup>(4)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 | 1035565 | 0.2 |
| 1335000 <sup>(4)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 | 1371707 | 0.3 |
| 1620000 <sup>(4)</sup> | TransDigm, Inc., 6.750%, 01/31/2034 | 1693726 | 0.4 |
| 1385000 <sup>(4)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 1430967 | 0.3 |
| 1315000 <sup>(4)</sup> | Venture Global Plaquemines LNG LLC, 6.750%, 01/15/2036 | 1379175 | 0.3 |
| 1340000 <sup>(4)</sup> | Versant Media Group, Inc., 7.250%, 01/30/2031 | 1377642 | 0.3 |
| 1315000 <sup>(4)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 1371026 | 0.3 |
| 1275000 <sup>(4)</sup> | WESCO Distribution, Inc., 6.375%, 03/15/2033 | 1337674 | 0.3 |
| 1405000 <sup>(4)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 1451900 | 0.3 |
| 1320000 <sup>(4)</sup> | WULF Compute LLC, 7.750%, 10/15/2030 | 1365831 | 0.3 |
| 1410000 <sup>(4)</sup> | XPO, Inc., 7.125%, 06/01/2031 | 1477415 | 0.3 |
|  |  | **111347250** | **25.2** |
|  | Total Corporate Bonds/Notes <br> (Cost $128,286,706) | **130760842** | **29.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **EQUITY-LINKED NOTES: 1.9%** | **EQUITY-LINKED NOTES: 1.9%** | **EQUITY-LINKED NOTES: 1.9%** | **EQUITY-LINKED NOTES: 1.9%** |
|  | **United Kingdom: 0.8%** | **United Kingdom: 0.8%** | **United Kingdom: 0.8%** |
| 990000 <sup>(5)</sup> | Barclays Bank PLC CDNS, 1.250% (Guarantor: Barclays Bank PLC, Stock: Cadence Design Systems, Inc.), 05/26/2028 | $1069794 | 0.2 |
| 2415000 | Barclays Bank PLC MSFT, 1.000% (Guarantor: Barclays Bank PLC, Stock: Microsoft Corp.), 02/16/2029 | 2657440 | 0.6 |
|  |  | **3727234** | **0.8** |
|  | **United States: 1.1%** | **United States: 1.1%** | **United States: 1.1%** |
| 1050000 <sup>(5)</sup> | Citigroup Global Markets Holdings, Inc., MTN, 1.250% (Guarantor: Citigroup Global Markets Inc., Stock: Broadcom, Inc.), 04/13/2028 | 2005815 | 0.5 |
| 2535000 <sup>(5)</sup> | GS Finance Corp. DmtN, 1.500% (Guarantor: The Goldman Sachs Group, Inc., Index: iShares MSCI India ETF), 08/23/2027 | 2693184 | 0.6 |
|  |  | **4698999** | **1.1** |
|  | Total Equity-Linked Notes <br> (Cost $7,479,794) | **8426233** | **1.9** |
| **Shares** | **Shares** | **Shares** | **Shares** |
| **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** | **PREFERRED STOCK: 1.1%** |
|  | **United States: 1.1%** | **United States: 1.1%** | **United States: 1.1%** |
| 1050 | Bank of America Corp. | 1314863 | 0.3 |
| 10955 | BrightSpring Health Services, Inc. | 1319968 | 0.3 |
| 19310 <sup>(2)</sup> | Microchip Technology, Inc. | 991568 | 0.2 |
| 19140 | PG&E Corp. | 781390 | 0.2 |
| 12000 | QXO, Inc. | 644160 | 0.1 |
|  |  | **5051949** | **1.1** |
|  | Total Preferred Stock<br> (Cost $4,442,818) | **5051949** | **1.1** |
|  | Total Long-Term Investments<br> (Cost $373,766,910) | **422706296** | **95.5** |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 5.6%** | **SHORT-TERM INVESTMENTS: 5.6%** | **SHORT-TERM INVESTMENTS: 5.6%** | **SHORT-TERM INVESTMENTS: 5.6%** |
|  | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** | **Repurchase Agreements: 1.5%** |
| 1472499 <sup>(6)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 11/30/2025, 4.080%, due 12/01/2025 (Repurchase Amount $1,472,993, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,501,949, due 01/02/26-02/01/57) | $1472499 | 0.3 |
| 1472499 <sup>(6)</sup> | CF Secured LLC, Repurchase Agreement dated 11/30/2025, 4.100%, due 12/01/2025 (Repurchase Amount $1,472,995, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,501,950, due 07/07/28-04/20/74) | 1472499 | 0.4 |
| 1566488 <sup>(6)</sup> | Citadel Securities LLC, Repurchase Agreement dated 11/30/2025, 4.170%, due 12/01/2025 (Repurchase Amount $1,567,025, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $1,598,373, due 12/11/25-11/15/55) | 1566488 | 0.4 |
| 569685 <sup>(6)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 11/30/2025, 4.080%, due 12/01/2025 (Repurchase Amount $569,876, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $581,079, due 04/09/26-11/15/51) | 569685 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 1472499 <sup>(6)</sup> | RBC Dominion Securities Inc., Repurchase Agreement dated 11/30/2025, 4.080%, due 12/01/2025 (Repurchase Amount $1,472,993, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.000%-6.000%, Market Value plus accrued interest $1,501,949, due 07/31/30-01/01/55) | $1472499 | 0.3 |
|  | Total Repurchase Agreements <br> (Cost $6,553,670) | **6553670** | **1.5** |
| **Shares** |  | **Value** | **Percentage <br> of Net<br> Assets** |
|  | **Mutual Funds: 4.1%** | **Mutual Funds: 4.1%** | **Mutual Funds: 4.1%** |
| 18282424 <sup>(7)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880%<br> (Cost $18,282,424) | $**18282424** | **4.1** |
|  | Total Short-Term Investments<br> (Cost $24,836,094) | **24836094** | **5.6** |
|  | **Total Investments in Securities <br> (Cost $398,603,004)** | $**447542390** | **101.1** |
|  | **Liabilities in Excess of Other Assets** | **(5074367)** | **(1.1)** |
|  | **Net Assets** | $**442468023** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of November 30, 2025. |
| <sup>(4)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(5)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(6)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(7)</sup> | Rate shown is the 7-day yield as of November 30, 2025. |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | EU Euro |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Sector Diversification** | **Sector Diversification** |
| **as of November 30, 2025** | **as of November 30, 2025** |
| (as a percentage of net assets) | (as a percentage of net assets) |
| Consumer, Non-cyclical | 9.2% |
| Industrial | 9.1% |
| Financial | 9.0% |
| Information Technology | 9.0% |
| Technology | 8.8% |
| Communications | 8.8% |
| Consumer, Cyclical | 7.6% |
| Financials | 5.5% |
| Industrials | 4.7% |
| Health Care | 4.7% |
| Communication Services | 3.6% |
| Utilities | 3.3% |
| Energy | 3.2% |
| Basic Materials | 3.1% |
| Consumer Discretionary | 3.0% |
| Consumer Staples | 1.5% |
| Materials | 1.1% |
| Real Estate | 0.3% |
| Assets in Excess of Other Liabilities\* | 4.5% |
| Net Assets | 100.0% |

---

**\*** Includes short-term investments.

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

**Fair Value Measurements^** 

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices<br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other<br> Observable<br> Inputs# <br> (Level 2)** | **Significant<br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value<br> at<br> November <br> 30, 2025** |
| **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** | **Asset Table** |
| **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** | **Investments, at fair value** |
| Common Stock | Common Stock | Common Stock | Common Stock | Common Stock |
| &nbsp;&nbsp;&nbsp;Canada | $2377852 | $— | $— | $2377852 |
| &nbsp;&nbsp;&nbsp;China | 2999162 | 760396 |  | 3759558 |
| &nbsp;&nbsp;&nbsp;France |  | 1820272 |  | 1820272 |
| &nbsp;&nbsp;&nbsp;Germany |  | 5678184 |  | 5678184 |
| &nbsp;&nbsp;&nbsp;Italy |  | 2641350 |  | 2641350 |
| &nbsp;&nbsp;&nbsp;Japan | 2090894 | 8171771 |  | 10262665 |
| &nbsp;&nbsp;&nbsp;Netherlands | 3049168 |  |  | 3049168 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 6171244 |  | 6171244 |
| &nbsp;&nbsp;&nbsp;South Korea | 1519708 | 5016603 |  | 6536311 |
| &nbsp;&nbsp;&nbsp;Spain |  | 926708 |  | 926708 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 2172180 |  | 2172180 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1550833 |  |  | 1550833 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 3687616 | 9151701 |  | 12839317 |
| &nbsp;&nbsp;&nbsp;United States | 83209423 | 3893987 |  | 87103410 |
| Total Common Stock | 100484656 | 46404396 |  | 146889052 |
| Convertible Bonds/Notes |  | 131578220 |  | 131578220 |
| Corporate Bonds/Notes |  | 130760842 |  | 130760842 |
| Equity-Linked Notes |  | 2657440 | 5768793 | 8426233 |
| Preferred Stock | 644160 | 4407789 |  | 5051949 |
| Short-Term Investments | 18282424 | 6553670 |  | 24836094 |
| Total Investments, at fair value | $119411240 | $322362357 | $5768793 | $447542390 |
| **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** | **Liabilities Table** |
| **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** | **Other Financial Instruments+** |
| Written Options | $(91541) | $— | $— | $(91541) |
| Total Liabilities | $(91541) | $— | $— | $(91541) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund's investments are categorized as Level 2 investments. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At November 30, 2025, the following exchange-traded written options were outstanding for Voya Global Income & Growth Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Exercise<br> Price** | **Exercise<br> Price** | **Number of Contracts** | **Notional<br> Amount** | **Notional<br> Amount** | **Premiums <br> Received** | **Fair Value** |
| Alphabet, Inc. Call | 12/19/25 | 335.00 | USD | 118 | USD | 3777416 | $9342 | $(56404) |
| Amazon.com, Inc. Call | 12/19/25 | 260.00 | USD | 135 | USD | 3148470 | 6310 | (7695) |
| Apple, Inc. Call | 12/19/25 | 305.00 | USD | 144 | USD | 4015440 | 8236 | (3024) |
| Capital One Financial Corp. Call | 12/19/25 | 240.00 | USD | 18 | USD | 394326 | 3017 | (1188) |
| Caterpillar, Inc. Call | 12/19/25 | 630.00 | USD | 15 | USD | 863640 | 1930 | (2850) |
| Citigroup, Inc. Call | 12/19/25 | 115.00 | USD | 55 | USD | 569800 | 2234 | (935) |
| Eli Lilly & Co. Call | 12/19/25 | 1220.00 | USD | 11 | USD | 1183017 | 2793 | (2090) |
| Freeport-McMoRan, Inc. Call | 12/19/25 | 47.00 | USD | 113 | USD | 485674 | 1201 | (3503) |
| Meta Platforms, Inc. Call | 12/19/25 | 735.00 | USD | 15 | USD | 971925 | 1054 | (1875) |
| Microsoft Corp. Call | 12/19/25 | 575.00 | USD | 77 | USD | 3788477 | 6748 | (770) |
| NVIDIA Corp. Call | 12/19/25 | 235.00 | USD | 243 | USD | 4301100 | 9059 | (2187) |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration <br> Date** | **Exercise <br> Price** | **Exercise <br> Price** | **Number of Contracts** | **Notional<br> Amount** | **Notional<br> Amount** | **Premiums <br> Received** | **Fair Value** |
| Palantir Technologies, Inc. Call | 12/19/25 | 230.00 | USD | 22 | USD | 370590 | $2561 | $(264) |
| Rockwell Automation, Inc. Call | 12/19/25 | 420.00 | USD | 14 | USD | 554204 | 2264 | (2800) |
| Tesla, Inc. Call | 12/19/25 | 530.00 | USD | 19 | USD | 817323 | 2045 | (2014) |
| Walmart, Inc. Call | 12/19/25 | 115.00 | USD | 73 | USD | 806723 | 2549 | (3942) |
|  |  |  |  |  |  |  | $61343 | $(91541) |

---

Currency Abbreviations:

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of November 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement <br> of Assets and Liabilities** | **Fair Value** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Equity contracts | Written options, at fair value | $91541 |
| **Total Liability Derivatives** |  | $91541 |

---

The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Written <br> options** |
| Equity contracts | $130343 |
| **Total** | $130343 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** 

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Written <br> options** |
| Equity contracts | $(66212) |
| **Total** | $(66212) |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund's assets and liabilities during the period ended November 30, 2025:

---

| | |
|:---|:---|
|  | **Equity-Linked <br> Notes\*** |
| Beginning balance at May 31, 2025 | $6839937 |
| Purchases | 2051514 |
| Sales | (3717690) |
| Accrued discounts/(premiums) |  |
| Total realized gain (loss) | (91188) |
| Net change in unrealized appreciation (depreciation)\*\* | 686220 |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at November 30, 2025 | $5768793 |
| Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of November 30, 2025\*\* | $686220 |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

\* Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Fund does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

\*\* Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at November 30, 2025 may be due to securities no longer held or categorized as Level 3 at period end.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $401,215,962. | Cost for U.S. federal income tax purposes was $401,215,962. |
| Net unrealized appreciation consisted of: | Net unrealized appreciation consisted of: |
| Gross Unrealized Appreciation | $50696858 |
| Gross Unrealized Depreciation | (4183871) |
| Net Unrealized Appreciation | $46512987 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Equity Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Income & Growth Fund, a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, and the sub-advisory contract (the "Sub-Advisory Contract," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund ("Selected Peer Group") based on the Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when the Fund grows larger

and the extent to which any such economies are shared with the Fund. The Board considered that, while the Fund does not have management fee breakpoints, it has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Fund and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance

or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the five-year period, the fourth quintile for the one-year and three-year periods, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its performance benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the fourth quintile; (b) the Fund's contractual management fee rate is ranked in the second quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

In analyzing this fee and expense data, the Board took into account management's representations regarding the competitiveness of the Fund's management fee rate and net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2026.

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---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258  | Ernst & Young LLP<br> 200 Clarendon Street <br> Boston, Massachusetts 02116  |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258  | The Bank of New York Mellon<br> 225 Liberty Street <br> New York, New York 10286  |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway <br> Wilmington, Delaware 19809  | Ropes & Gray LLP<br> Prudential Tower<br> 800 Boylston Street <br> Boston, Massachusetts 02199  |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163055 (1125)**

![](tm262763d2_img013.jpg)

Semi-Annual Financial Statements and Other Information

**November 30, 2025**

**Voya VACS Series MCV Fund**

&nbsp;&nbsp;This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

![](tm262763d2_img014.jpg) E-Delivery Sign-up – details inside

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com**<br>| ![](tm262763d2_img015.jpg) |

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statement of Assets and Liabilities](#e001) | [1](#e001) |
| [Statement of Operations](#e002) | [2](#e002) |
| [Statements of Changes in Net Assets](#e003) | [3](#e003) |
| [Financial Highlights](#e004) | [4](#e004) |
| [Notes to Financial Statements](#e005) | [5](#e005) |
| [Portfolio of Investments](#e006) | [12](#e006) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#e007) | [18](#e007) |

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&nbsp;&nbsp;<br> **Go Paperless with E-Delivery!**<br>Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements.<br>Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.<br>You will be notified by e-mail when these communications become available on the internet.<br>

**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge and upon request, by calling 1-800-992-0180, or by accessing the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov.

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities at fair value+\* | $109467783 |
| Short-term investments at fair value† | 3829695 |
| Cash | 1789 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 16644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 151163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 2409 |
| Prepaid expenses | 7882 |
| Reimbursement due from Investment Adviser | 1107 |
| Other assets | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 113481476 |
| **LIABILITIES:** |  |
| Payable for investment securities purchased | 110043 |
| Payable for fund shares redeemed | 79079 |
| Payable upon receipt of securities loaned | 161686 |
| Payable to trustees under the deferred compensation plan (Note 5) | 762 |
| Payable for trustee fees | 1089 |
| Other accrued expenses and liabilities | 81434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 434093 |
| **NET ASSETS** | $113047383 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $100260220 |
| Total distributable earnings | 12787163 |
| **NET ASSETS** | $113047383 |
| + &nbsp;&nbsp;&nbsp;&nbsp; Including securities loaned at value | $157982 |
| \* &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in securities | $104234691 |
| † &nbsp;&nbsp;&nbsp;&nbsp; Cost of short-term investments | $3829695 |
| Net assets | $113047383 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 9499188 |
| Net asset value and redemption price per share | $11.90 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the six months ended November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends, net of foreign taxes withheld\* | $1283225 |
| Securities lending income, net | 357 |
| Other | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1283912 |
| **EXPENSES:** |  |
| Transfer agent fees | 301 |
| Shareholder reporting expense | 1459 |
| Registration fees | 14254 |
| Professional fees | 37533 |
| Custody and accounting expense | 18060 |
| Trustee fees | 2676 |
| Licensing fee (Note 6) | 27986 |
| Miscellaneous expense | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 109734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (4694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 105040 |
| Net investment income | 1178872 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 3280662 |
| Net change in unrealized appreciation (depreciation) on investments | 3227652 |
| Net realized and unrealized gain | 6508314 |
| **Increase in net assets resulting from operations** | $7687186 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | $2330 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> November 30, 2025<br> (Unaudited)** | **Year Ended<br> May 31, 2025** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1178872 | $2569181 |
| Net realized gain | 3280662 | 7004760 |
| Net change in unrealized appreciation (depreciation) | 3227652 | (7905402) |
| Increase in net assets resulting from operations | 7687186 | 1668539 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) |  | (11841212) |
| Total distributions |  | (11841212) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 40288200 | 51360850 |
| Reinvestment of distributions |  | 11841212 |
|  | 40288200 | 63202062 |
| Cost of shares redeemed | (70165431) | (69874448) |
| Net decrease in net assets resulting from capital share transactions | (29877231) | (6672386) |
| Net decrease in net assets | (22190045) | (16845059) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 135237428 | 152082487 |
| End of year or period | $113047383 | $135237428 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each year or period.

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before reductions/<br> additions<sup>(2)(3)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)</sup> | Expenses net of all reductions/additions<sup>(2)(3)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| 11-30-25<sup>+</sup> | 11.18 | 0.10 | <sup>•</sup> | 0.62 | 0.72 |  |  |  |  |  | 11.90 | **6.44** | 0.16 | 0.16 | 0.16 | 1.76 | 113047 | 61 |
| 05-31-25 | 11.86 | 0.22 | <sup>•</sup> | 0.19 | 0.41 | 0.26 | 0.83 |  | 1.09 |  | 11.18 | **2.99** | 0.18 | 0.15 | 0.15 | 1.84 | 135237 | 72 |
| 05-31-24 | 9.93 | 0.20 | <sup>•</sup> | 2.04 | 2.24 | 0.15 | 0.16 |  | 0.31 |  | 11.86 | **22.84** | 0.12 | 0.12 | 0.12 | 1.84 | 152082 | 48 |
| 03-24-23<sup>(4)</sup>- |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-23 | 10.00 | 0.04 | <sup>•</sup> | (0.11) | (0.07) |  |  |  |  |  | 9.93 | **(0.70)** | 0.18 | 0.17 | 0.17 | 1.93 | 83391 | 5 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment

Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Commencement of operations.

+ Unaudited.

• Calculated
 using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited)

**NOTE 1** — **ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for Voya VACS Series MCV Fund ("MCV" or the "Fund"), a diversified series of the Trust.

The Fund does not have a share class designation. All shareholders are allocated the common expenses of the Fund and earn income and realized gains/losses from the Fund. Expenses that are specific to the Fund are charged directly to the Fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund. Voya Investments Distributor, LLC ("VID"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of the Fund is calculated by taking the value of the Fund's assets, subtracting the Fund's liabilities, and dividing by the number of shares that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase

and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes

attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no U.S. federal income tax provision is required. Management has considered the sustainability of the Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions will be made until any capital loss carryforwards have been fully utilized.

The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. ***Securities Lending***. The Fund has the option to temporarily loan up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Loans

are subject to termination at the option of the borrower or the Fund. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

H. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended November 30, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $78486548 | $105681095 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. There is no management fee charged per the Management Agreement for MCV.

The Investment Adviser has entered into a sub-advisory agreement with Victory Capital Management Inc. and Voya IM with respect to the Fund. These sub-advisers provide investment advice for the Fund and are paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At November 30, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Investment Trust Co. | 100% |

---

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

The Investment Adviser may direct the Fund's sub-adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2025, the Fund did not pay any amounts for affiliated recordkeeping services.

**NOTE 6 — LICENSING FEE**

MCV pays an annual licensing fee to Frank Russell Company in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to 0.15% of average net assets.

The Investment Adviser may at a later date recoup from the Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of November 30, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **November 30,** | **November 30,** | **November 30,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $— | $— | $49402 | $49402 |

---

The Expense Limitation Agreement is contractual through October 1, 2026 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 9, 2025.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

During the period ended November 30, 2025, the Fund did not utilize the line of credit.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| 11/30/2025 | 3444910 |  |  | (6043138) |  | (2598228) | 40288200 |  |  | (70165431) |  | (29877231) |
| 5/31/2025 | 4423381 |  | 1004344 | (6157124) |  | (729399) | 51360850 |  | 11841212 | (69874448) |  | (6672386) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Fund at its last sale price or official closing price on the principal exchange or system on which it is traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Fund bears the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to

certain guidelines established by the Investment Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| BofA Securities Inc | $46335 | $(46335) | $— |
| Janney Montgomery Scott LLC | 30532 | (30532) |  |
| Mizuho Securities USA LLC. | 81115 | (81115) |  |
| Total | $157982 | $(157982) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $161,686 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs) and wash sale deferrals.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for U.S. federal income tax purposes, taxable as ordinary income to shareholders.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2024** | **Year Ended<br> May 31, 2024** |
| **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** |
| $6066653 | $5774559 | $2549175 | $24506 |

---

The tax-basis components of distributable earnings as of May 31, 2025, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Capital Loss<br> Carryforward** | **Total<br> Distributable<br> Earnings/(Loss)** |
| $634345 | $3603168 | $862463 | $– $| 5099976 |

---

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments,

including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

NOTES TO FINANCIAL STATEMENTS as of November 30, 2025 (Unaudited) (continued)

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023- 09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Fund's financial statements.

**NOTE 15 — SUBSEQUENT EVENTS:**

*Dividends:* Subsequent to November 30, 2025, the Fund declared and paid dividends and distributions of:

---

| | | | |
|:---|:---|:---|:---|
| **Type** | &nbsp;&nbsp;&nbsp;&nbsp;**Per Share**<br>**Amount** | **Payable Date** | **Record Date** |
| NII | $0.2004 | December 12, 2025 | December 11, 2025 |
| STCG | $- | December 12, 2025 | December 11, 2025 |
| LTCG | $0.8802 | December 12, 2025 | December 11, 2025 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya VACS Series MCV Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: 96.2%** | **COMMON STOCK: 96.2%** | **COMMON STOCK: 96.2%** | **COMMON STOCK: 96.2%** |
|  | **Communication Services: 0.8%** | **Communication Services: 0.8%** | **Communication Services: 0.8%** |
| 239 <sup>(1)</sup> | Charter Communications, Inc. - Class A | $47829 | 0 |
| 735 | Electronic Arts, Inc. | 148492 | 0.1 |
| 1409 | Fox Corp. - Class A | 92290 | 0.1 |
| 951 | Fox Corp. - Class B | 55405 | 0.1 |
| 5110 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 58305 | 0.1 |
| 4213 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 48365 | 0 |
| 1827 | Millicom International Cellular SA | 96959 | 0.1 |
| 1168 | New York Times Co. - Class A | 75336 | 0.1 |
| 1287 | News Corp. - Class A | 33050 | 0 |
| 464 | Nexstar Media Group, Inc. | 89153 | 0.1 |
| 1779 | Omnicom Group, Inc. | 127403 | 0.1 |
|  |  | **872587** | **0.8** |
|  | **Consumer Discretionary: 10.9%** | **Consumer Discretionary: 10.9%** | **Consumer Discretionary: 10.9%** |
| 1008 <sup>(1)</sup> | Aptiv PLC | 78170 | 0.1 |
| 2896 | Aramark | 107644 | 0.1 |
| 235 <sup>(1)</sup> | AutoZone, Inc. | 929268 | 0.8 |
| 1091 | Best Buy Co., Inc. | 86494 | 0.1 |
| 27996 | BorgWarner, Inc. | 1205508 | 1.1 |
| 1301 | Boyd Gaming Corp. | 108373 | 0.1 |
| 247 <sup>(1)</sup> | Bright Horizons Family Solutions, Inc. | 25382 | 0 |
| 481 | D.R. Horton, Inc. | 76484 | 0.1 |
| 71 | Domino's Pizza, Inc. | 29794 | 0 |
| 2833 | eBay, Inc. | 234544 | 0.2 |
| 6750 | Expedia Group, Inc. | 1725908 | 1.5 |
| 3872 | Ford Motor Co. | 51420 | 0 |
| 498 | Garmin Ltd. | 97269 | 0.1 |
| 448 | Genuine Parts Co. | 58419 | 0.1 |
| 337 <sup>(1)</sup> | Grand Canyon Education, Inc. | 53158 | 0 |
| 1679 | H&R Block, Inc. | 70719 | 0.1 |
| 562 | Hasbro, Inc. | 46421 | 0 |
| 2150 | Hilton Worldwide Holdings, Inc. | 612815 | 0.5 |
| 407 | Lear Corp. | 43696 | 0 |
| 412 | Lennar Corp. - Class A | 54096 | 0 |
| 103 | Lithia Motors, Inc. | 32841 | 0 |
| 2865 | LKQ Corp. | 85062 | 0.1 |
| 5800 | Lowe's Cos., Inc. | 1406384 | 1.2 |
| 4466 <sup>(1)</sup> | Mattel, Inc. | 94322 | 0.1 |
| 18 <sup>(1)</sup> | NVR, Inc. | 135131 | 0.1 |
| 5475 | Penske Automotive Group, Inc. | 885417 | 0.8 |
| 140 | Pool Corp. | 34104 | 0 |
| 1358 | PulteGroup, Inc. | 172724 | 0.2 |
| 472 | Ralph Lauren Corp. | 173380 | 0.2 |
| 491 | Ross Stores, Inc. | 86593 | 0.1 |
| 666 | Service Corp. International | 52900 | 0 |
| 4225 | Texas Roadhouse, Inc. | 740431 | 0.7 |
| 635 | Toll Brothers, Inc. | 88792 | 0.1 |
| 2425 <sup>(1)</sup> | TopBuild Corp. | 1097312 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Consumer Discretionary: (continued)** |  |  |
| 16825 | Tractor Supply Co. | $921674 | 0.8 |
| 175 <sup>(1)</sup> | Ulta Beauty, Inc. | 94295 | 0.1 |
| 2422 | Williams-Sonoma, Inc. | 435984 | 0.4 |
| 433 | Yum! Brands, Inc. | 66340 | 0.1 |
|  |  | **12299268** | **10.9** |
|  | **Consumer Staples: 7.4%** |  |  |
| 5689 | Albertsons Cos., Inc. - Class A | 104279 | 0.1 |
| 18563 | Archer-Daniels- Midland Co. | 1127517 | 1 |
| 677 <sup>(1)</sup> | BellRing Brands, Inc. | 20913 | 0 |
| 1648 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. | 147051 | 0.1 |
| 2427 | Casey's General Stores, Inc. | 1384506 | 1.2 |
| 444 | Church & Dwight Co., Inc. | 37811 | 0 |
| 283 | Clorox Co. | 30547 | 0 |
| 422 | Coca-Cola Consolidated, Inc. | 68765 | 0.1 |
| 2288 | Conagra Brands, Inc. | 40841 | 0 |
| 433 | Dollar General Corp. | 47409 | 0.1 |
| 9775 | Estee Lauder Cos., Inc. - Class A | 919534 | 0.8 |
| 1474 | General Mills, Inc. | 69794 | 0.1 |
| 476 | Hershey Co. | 89526 | 0.1 |
| 1856 | Hormel Foods Corp. | 43078 | 0 |
| 2146 | Ingredion, Inc. | 230781 | 0.2 |
| 1705 | Kellogg Co. | 142606 | 0.1 |
| 3930 | Kenvue, Inc. | 68185 | 0.1 |
| 1795 | Kraft Heinz Co. | 45790 | 0.1 |
| 3751 | Kroger Co. | 252367 | 0.2 |
| 816 <sup>(1)</sup> | Maplebear, Inc. | 34280 | 0 |
| 954 | McCormick & Co., Inc. | 64376 | 0.1 |
| 2619 | Molson Coors Beverage Co. - Class B | 121810 | 0.1 |
| 16938 <sup>(1)</sup> | Performance Food Group Co. | 1644172 | 1.5 |
| 1260 | Pilgrim's Pride Corp. | 47930 | 0.1 |
| 753 <sup>(1)</sup> | Post Holdings, Inc. | 78335 | 0.1 |
| 522 | Sysco Corp. | 39776 | 0 |
| 2311 | Tyson Foods, Inc. - Class A | 134154 | 0.1 |
| 16376 <sup>(1)</sup> | US Foods Holding Corp. | 1288300 | 1.1 |
|  |  | **8324433** | **7.4** |
|  | **Energy: 5.0%** |  |  |
| 2104 | Antero Midstream Corp. | 37893 | 0 |
| 27859 | Baker Hughes Co. | 1398522 | 1.2 |
| 6000 | Chesapeake Energy Corp. | 731580 | 0.7 |
| 7600 | Chord Energy Corp. | 713336 | 0.6 |
| 51009 | Coterra Energy, Inc. | 1369082 | 1.2 |
| 30925 | Devon Energy Corp. | 1146080 | 1 |
| 331 | DT Midstream, Inc. | 40203 | 0 |
| 1689 | Kinder Morgan, Inc. | 46143 | 0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series MCV Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 450 | Marathon Petroleum Corp. | $87178 | 0.1 |
| 284 | Phillips 66 | 38897 | 0.0 |
| 1156 | TechnipFMC PLC | 52321 | 0.1 |
| 297 | Valero Energy Corp. | 52498 | 0.1 |
|  |  | **5713733** | **5.0** |
|  | **Financials: 14.8%** |  |  |
| 466 | Affiliated Managers Group, Inc. | 125275 | 0.1 |
| 1112 | Allstate Corp. | 236834 | 0.2 |
| 10681 | American Financial Group, Inc. | 1470987 | 1.3 |
| 2731 | Annaly Capital Management, Inc. | 62267 | 0.1 |
| 1910 <sup>(1)</sup> | Arch Capital Group Ltd. | 179387 | 0.2 |
| 422 | Assurant, Inc. | 96284 | 0.1 |
| 1773 | Axis Capital Holdings Ltd. | 181272 | 0.2 |
| 372 | Bank of New York Mellon Corp. | 41701 | 0.0 |
| 701 | Bank OZK | 32260 | 0.0 |
| 697 | Brown & Brown, Inc. | 56060 | 0.1 |
| 696 | Cboe Global Markets, Inc. | 179686 | 0.2 |
| 2053 | Cincinnati Financial Corp. | 344062 | 0.3 |
| 512 | Commerce Bancshares, Inc. | 27602 | 0.0 |
| 238 | Cullen/Frost Bankers, Inc. | 29445 | 0.0 |
| 404 | East West Bancorp, Inc. | 43107 | 0.0 |
| 434 <sup>(1)</sup> | Euronet Worldwide, Inc. | 32155 | 0.0 |
| 444 | Evercore, Inc. - Class A | 142111 | 0.1 |
| 161 | Everest Re Group Ltd. | 50601 | 0.1 |
| 218 | FactSet Research Systems, Inc. | 60445 | 0.1 |
| 21153 | Fidelity National Financial, Inc. | 1257123 | 1.1 |
| 763 | Fidelity National Information Services, Inc. | 50182 | 0.0 |
| 838 | Fifth Third Bancorp | 36419 | 0.0 |
| 621 | Global Payments, Inc. | 47047 | 0.0 |
| 1247 | Globe Life, Inc. | 168008 | 0.2 |
| 562 | Hanover Insurance Group, Inc. | 104279 | 0.1 |
| 12444 | Hartford Financial Services Group, Inc. | 1705201 | 1.5 |
| 507 | Houlihan Lokey, Inc. | 88928 | 0.1 |
| 81360 | Huntington Bancshares, Inc. | 1326168 | 1.2 |
| 498 | Jack Henry & Associates, Inc. | 86891 | 0.1 |
| 1878 | Janus Henderson Group PLC | 82087 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 1574 | Lazard, Inc. | $79487 | 0.1 |
| 810 | Loews Corp. | 87375 | 0.1 |
| 276 | M&T Bank Corp. | 52501 | 0.1 |
| 88 <sup>(1)</sup> | Markel Corp. | 183079 | 0.2 |
| 229 | MarketAxess Holdings, Inc. | 37531 | 0.0 |
| 7560 | MGIC Investment Corp. | 214326 | 0.2 |
| 69 | MSCI, Inc. | 38897 | 0.0 |
| 482 | Nasdaq, Inc. | 43823 | 0.0 |
| 418 | Northern Trust Corp. | 54900 | 0.1 |
| 31676 | Old Republic International Corp. | 1460264 | 1.3 |
| 564 | OneMain Holdings, Inc. | 34985 | 0.0 |
| 162 | Primerica, Inc. | 41686 | 0.0 |
| 5390 | Principal Financial Group, Inc. | 457180 | 0.4 |
| 8874 | Raymond James Financial, Inc. | 1389136 | 1.2 |
| 1827 | Regions Financial Corp. | 46497 | 0.0 |
| 162 | Reinsurance Group of America, Inc. | 30759 | 0.0 |
| 578 | RenaissanceRe Holdings Ltd. | 150956 | 0.1 |
| 886 | RLI Corp. | 54631 | 0.1 |
| 1828 | SEI Investments Co. | 147812 | 0.1 |
| 378 | Stifel Financial Corp. | 46116 | 0.0 |
| 4479 | Synchrony Financial | 346495 | 0.3 |
| 999 | T. Rowe Price Group, Inc. | 102278 | 0.1 |
| 587 | Tradeweb Markets, Inc. - Class A | 63901 | 0.1 |
| 29800 | Truist Financial Corp. | 1385700 | 1.2 |
| 1833 | Unum Group | 139253 | 0.1 |
| 2318 | W.R. Berkley Corp. | 180085 | 0.2 |
| 4675 | Willis Towers Watson PLC | 1500675 | 1.3 |
|  |  | **16714202** | **14.8** |
|  | **Health Care: 7.8%** |  |  |
| 279 | Agilent Technologies, Inc. | 42826 | 0.0 |
| 2055 | Cardinal Health, Inc. | 436194 | 0.4 |
| 1334 <sup>(1)</sup> | Centene Corp. | 52480 | 0.0 |
| 131 | Chemed Corp. | 57534 | 0.1 |
| 1042 | Encompass Health Corp. | 121101 | 0.1 |
| 510 | GE HealthCare Technologies, Inc. | 40795 | 0.0 |
| 1612 <sup>(1)</sup> | Henry Schein, Inc. | 120207 | 0.1 |
| 21150 <sup>(1)</sup> | Hologic, Inc. | 1585615 | 1.4 |
| 188 | Humana, Inc. | 46205 | 0.0 |
| 5400 <sup>(1)</sup> | IQVIA Holdings, Inc. | 1242054 | 1.1 |
| 571 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 100799 | 0.1 |
| 6587 | Labcorp Holdings, Inc. | 1770454 | 1.6 |
| 5025 <sup>(1)</sup> | Molina Healthcare, Inc. | 745006 | 0.7 |
| 825 | QIAGEN N.V. | 39394 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series MCV Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 8153 | Quest Diagnostics, Inc. | $1542385 | 1.4 |
| 292 | ResMed, Inc. | 74702 | 0.1 |
| 5518 | Royalty Pharma PLC - Class A | 220830 | 0.2 |
| 1412 <sup>(1)</sup> | Solventum Corp. | 120387 | 0.1 |
| 381 | STERIS PLC | 101453 | 0.1 |
| 334 <sup>(1)</sup> | Tenet Healthcare Corp. | 72425 | 0.1 |
| 294 <sup>(1)</sup> | United Therapeutics Corp. | 142884 | 0.1 |
| 664 | Universal Health Services, Inc. - Class B | 161770 | 0.1 |
| 470 | Zimmer Biomet Holdings, Inc. | 45834 | 0.0 |
|  |  | **8883334** | **7.8** |
|  | **Industrials: 18.3%** |  |  |
| 737 | A.O. Smith Corp. | 48627 | 0.0 |
| 296 | Acuity Brands, Inc. | 108460 | 0.1 |
| 1330 | AECOM | 137163 | 0.1 |
| 7625 | AGCO Corp. | 807945 | 0.7 |
| 563 | Air Lease Corp. | 35993 | 0.0 |
| 782 <sup>(1)</sup> | Alaska Air Group, Inc. | 33517 | 0.0 |
| 769 | Allegion PLC | 127677 | 0.1 |
| 1302 | Allison Transmission Holdings, Inc. | 115435 | 0.1 |
| 499 | AMETEK, Inc. | 98747 | 0.1 |
| 351 | Applied Industrial Technologies, Inc. | 90846 | 0.1 |
| 310 | Armstrong World Industries, Inc. | 58819 | 0.1 |
| 5550 <sup>(1)</sup> | Builders FirstSource, Inc. | 622876 | 0.6 |
| 360 | BWX Technologies, Inc. | 64397 | 0.1 |
| 186 <sup>(1)</sup> | CACI International, Inc. - Class A | 114781 | 0.1 |
| 247 | Carlisle Cos., Inc. | 78563 | 0.1 |
| 10725 | Carrier Global Corp. | 588588 | 0.5 |
| 1377 | CH Robinson Worldwide, Inc. | 218764 | 0.2 |
| 206 <sup>(1)</sup> | Clean Harbors, Inc. | 46877 | 0.0 |
| 3162 | CNH Industrial NV | 29818 | 0.0 |
| 308 | Crane Co. | 56441 | 0.1 |
| 39500 | CSX Corp. | 1396720 | 1.2 |
| 455 | Cummins, Inc. | 226581 | 0.2 |
| 213 | Curtiss-Wright Corp. | 120194 | 0.1 |
| 1822 | Delta Air Lines, Inc. | 116790 | 0.1 |
| 1179 | Donaldson Co., Inc. | 105992 | 0.1 |
| 570 | Dover Corp. | 105610 | 0.1 |
| 266 | EMCOR Group, Inc. | 163609 | 0.1 |
| 115 | Equifax, Inc. | 24423 | 0.0 |
| 292 | Esab Corp. | 32774 | 0.0 |
| 920 | Expeditors International of Washington, Inc. | 135148 | 0.1 |
| 248 | Ferguson Enterprises, Inc. | 62414 | 0.1 |
| 815 | Flowserve Corp. | 58150 | 0.1 |
| 678 | Fortive Corp. | 36259 | 0.0 |
| 5050 <sup>(1)</sup> | FTI Consulting, Inc. | 823907 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 1993 <sup>(1)</sup> | Gates Industrial Corp. PLC | $45361 | 0 |
| 3786 | Genpact Ltd. | 166811 | 0.2 |
| 1008 | Graco, Inc. | 83099 | 0.1 |
| 2660 | Hubbell, Inc. | 1147604 | 1 |
| 165 | IDEX Corp. | 28698 | 0 |
| 647 | ITT, Inc. | 119151 | 0.1 |
| 1127 | Jacobs Solutions, Inc. | 151931 | 0.1 |
| 640 | JB Hunt Transport Services, Inc. | 111334 | 0.1 |
| 414 <sup>(1)</sup> | Kirby Corp. | 46997 | 0 |
| 23413 | Knight-Swift Transportation Holdings, Inc. | 1072315 | 1 |
| 4217 | L3Harris Technologies, Inc. | 1175236 | 1 |
| 5425 | Landstar System, Inc. | 709807 | 0.6 |
| 978 | Leidos Holdings, Inc. | 186896 | 0.2 |
| 6648 | Lincoln Electric Holdings, Inc. | 1591731 | 1.4 |
| 1895 | Masco Corp. | 122929 | 0.1 |
| 251 <sup>(1)</sup> | MasTec, Inc. | 53684 | 0.1 |
| 5034 <sup>(1)</sup> | Middleby Corp. | 595019 | 0.5 |
| 883 | MSC Industrial Direct Co., Inc. - Class A | 78552 | 0.1 |
| 1978 | Mueller Industries, Inc. | 217323 | 0.2 |
| 257 | Old Dominion Freight Line, Inc. | 34770 | 0 |
| 765 | Oshkosh Corp. | 98058 | 0.1 |
| 701 | Otis Worldwide Corp. | 62284 | 0.1 |
| 416 | Paychex, Inc. | 46463 | 0 |
| 984 | Pentair PLC | 103556 | 0.1 |
| 524 | RB Global, Inc. | 51457 | 0.1 |
| 5825 | Regal Rexnord Corp. | 850392 | 0.8 |
| 3850 | Republic Services, Inc. | 835681 | 0.7 |
| 94 | Rockwell Automation, Inc. | 37211 | 0 |
| 748 | Ryder System, Inc. | 129561 | 0.1 |
| 616 | Science Applications International Corp. | 53105 | 0.1 |
| 219 | Simpson Manufacturing Co., Inc. | 36656 | 0 |
| 723 | Snap-on, Inc. | 245856 | 0.2 |
| 1201 | Southwest Airlines Co. | 41807 | 0 |
| 834 | SS&C Technologies Holdings, Inc. | 71674 | 0.1 |
| 17950 <sup>(1)</sup> | Standardaero, Inc. | 468854 | 0.4 |
| 10443 | Textron, Inc. | 868440 | 0.8 |
| 473 | Toro Co. | 32987 | 0 |
| 917 <sup>(1)</sup> | United Airlines Holdings, Inc. | 93497 | 0.1 |
| 69 | United Rentals, Inc. | 56247 | 0.1 |
| 321 | Valmont Industries, Inc. | 132563 | 0.1 |
| 98 | Verisk Analytics, Inc. | 22057 | 0 |
| 147 | Watsco, Inc. | 50921 | 0.1 |
| 571 | Westinghouse Air Brake Technologies Corp. | 119082 | 0.1 |
| 292 | Woodward, Inc. | 87609 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series MCV Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 10146 | Xylem, Inc. | $1427238 | 1.3 |
|  |  | **20655409** | **18.3** |
|  | **Information Technology: 8.6%** |  |  |
| 8228 <sup>(1)</sup> | Akamai Technologies, Inc. | 736571 | 0.6 |
| 1866 | Amdocs Ltd. | 142712 | 0.1 |
| 5525 <sup>(1)</sup> | Check Point Software Technologies Ltd. | 1031904 | 0.9 |
| 2204 | Cognizant Technology Solutions Corp. - Class A | 171273 | 0.1 |
| 927 | Corning, Inc. | 78053 | 0.1 |
| 2634 <sup>(1)</sup> | Dropbox, Inc. - Class A | 78704 | 0.1 |
| 534 <sup>(1)</sup> | F5, Inc. | 127711 | 0.1 |
| 3826 <sup>(1)</sup> | Flex Ltd. | 226155 | 0.2 |
| 1250 | Gen Digital, Inc. | 32962 | 0 |
| 2738 | Hewlett Packard Enterprise Co. | 59880 | 0.1 |
| 1817 | HP, Inc. | 44371 | 0 |
| 473 | Jabil, Inc. | 99666 | 0.1 |
| 8199 <sup>(1)</sup> | Keysight Technologies, Inc. | 1622992 | 1.4 |
| 20825 | Microchip Technology, Inc. | 1115804 | 1 |
| 9925 | MKS Instruments, Inc. | 1552171 | 1.4 |
| 226 | Ralliant Corp. | 11158 | 0 |
| 519 | TD SYNNEX Corp. | 79137 | 0.1 |
| 210 <sup>(1)</sup> | Teledyne Technologies, Inc. | 104899 | 0.1 |
| 19462 <sup>(1)</sup> | Trimble, Inc. | 1584596 | 1.4 |
| 510 | VeriSign, Inc. | 128515 | 0.1 |
| 2972 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 751173 | 0.7 |
|  |  | **9780407** | **8.6** |
|  | **Materials: 9.2%** |  |  |
| 5168 | Amcor PLC | 44031 | 0 |
| 9846 | AptarGroup, Inc. | 1228289 | 1.1 |
| 209 | Avery Dennison Corp. | 36025 | 0 |
| 14809 | CF Industries Holdings, Inc. | 1165468 | 1 |
| 1477 | Corteva, Inc. | 99653 | 0.1 |
| 13664 | Crown Holdings, Inc. | 1323085 | 1.2 |
| 246 | Eagle Materials, Inc. | 55035 | 0.1 |
| 607 | Eastman Chemical Co. | 37683 | 0 |
| 4600 | Franco-Nevada Corp. | 965264 | 0.9 |
| 1549 | International Paper Co. | 61155 | 0.1 |
| 471 | Louisiana-Pacific Corp. | 38627 | 0 |
| 868 | Mosaic Co. | 21257 | 0 |
| 47 | NewMarket Corp. | 35886 | 0 |
| 8735 | Packaging Corp. of America | 1782551 | 1.6 |
| 325 | PPG Industries, Inc. | 32513 | 0 |
| 664 | Reliance Steel & Aluminum Co. | 185469 | 0.2 |
| 585 | Royal Gold, Inc. | 119246 | 0.1 |
| 13155 | RPM International, Inc. | 1410874 | 1.3 |
| 780 <sup>(2)</sup> | Silgan Holdings, Inc. | 30919 | 0 |
| 7520 | Steel Dynamics, Inc. | 1262082 | 1.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Materials: (continued)** |  |  |
| 6725 | Westlake Corp. | $449297 | 0.4 |
|  |  | **10384409** | **9.2** |
|  | **Real Estate: 6.2%** |  |  |
| 882 | American Homes 4 Rent - Class A | 28330 | 0.0 |
| 305 | AvalonBay Communities, Inc. | 55492 | 0.0 |
| 1955 | Brixmor Property Group, Inc. | 51104 | 0.0 |
| 9900 | Camden Property Trust | 1052766 | 0.9 |
| 800 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 129464 | 0.1 |
| 1236 | CubeSmart | 46016 | 0.0 |
| 210 | EastGroup Properties, Inc. | 38048 | 0.0 |
| 24306 | Equity LifeStyle Properties, Inc. | 1528118 | 1.4 |
| 1020 | Equity Residential | 62985 | 0.1 |
| 258 | Essex Property Trust, Inc. | 68014 | 0.1 |
| 1000 | First Industrial Realty Trust, Inc. | 57240 | 0.1 |
| 2661 | Gaming and Leisure Properties, Inc. | 115833 | 0.1 |
| 3069 | Host Hotels & Resorts, Inc. | 54106 | 0.0 |
| 220 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 71652 | 0.1 |
| 11825 | Lamar Advertising Co. - Class A | 1565512 | 1.4 |
| 482 | Mid-America Apartment Communities, Inc. | 65499 | 0.1 |
| 35794 | National Retail Properties, Inc. | 1480082 | 1.3 |
| 1716 | Omega Healthcare Investors, Inc. | 78799 | 0.1 |
| 1535 | Rayonier, Inc. | 34092 | 0.0 |
| 624 | Regency Centers Corp. | 44404 | 0.0 |
| 433 | SBA Communications Corp. | 84119 | 0.1 |
| 432 | Simon Property Group, Inc. | 80490 | 0.1 |
| 5235 | VICI Properties, Inc. | 150873 | 0.1 |
| 977 | WP Carey, Inc. | 65820 | 0.1 |
|  |  | **7008858** | **6.2** |
|  | **Utilities: 7.2%** |  |  |
| 31924 | Alliant Energy Corp. | 2217760 | 2.0 |
| 1624 | Ameren Corp. | 172712 | 0.2 |
| 9896 | American Water Works Co., Inc. | 1287173 | 1.1 |
| 776 | Atmos Energy Corp. | 136863 | 0.1 |
| 1138 <sup>(2)</sup> | Brookfield Renewable Corp. | 47216 | 0.0 |
| 2529 | CenterPoint Energy, Inc. | 101109 | 0.1 |
| 22545 | CMS Energy Corp. | 1700795 | 1.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series MCV Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 1107 | Consolidated Edison, Inc. | $111098 | 0.1 |
| 1176 | DTE Energy Co. | 161147 | 0.1 |
| 1252 | Edison International | 73730 | 0.1 |
| 1965 | Entergy Corp. | 191627 | 0.2 |
| 1413 | Essential Utilities, Inc. | 55941 | 0.0 |
| 2546 | Evergy, Inc. | 197697 | 0.2 |
| 1208 | Eversource Energy | 81153 | 0.1 |
| 3583 | Exelon Corp. | 168831 | 0.1 |
| 1965 | FirstEnergy Corp. | 93770 | 0.1 |
| 627 <sup>(2)</sup> | IDACORP, Inc. | 82626 | 0.1 |
| 1519 | National Fuel Gas Co. | 125242 | 0.1 |
| 2397 | NiSource, Inc. | 105780 | 0.1 |
| 2508 | OGE Energy Corp. | 114816 | 0.1 |
| 5317 | PG&E Corp. | 85710 | 0.1 |
| 1620 | Pinnacle West Capital Corp. | 147193 | 0.1 |
| 3433 | PPL Corp. | 126678 | 0.1 |
| 701 | Public Service Enterprise Group, Inc. | 58548 | 0.1 |
| 265 <sup>(1)</sup> | Talen Energy Corp. | 104482 | 0.1 |
| 2620 | UGI Corp. | 103621 | 0.1 |
| 1286 | WEC Energy Group, Inc. | 144122 | 0.1 |
| 1984 | Xcel Energy, Inc. | 162906 | 0.1 |
|  |  | **8160346** | **7.2** |
|  | Total Common Stock <br> (Cost $103,575,154) | **108796986** | **96.2** |
| **EXCHANGE-TRADED FUNDS: 0.6%** | **EXCHANGE-TRADED FUNDS: 0.6%** |  |  |
| 6919 | iShares Russell Mid- Cap ETF | **670797** | **0.6** |
|  | Total Exchange-Traded Funds <br> (Cost $659,537) | **670797** | **0.6** |
|  | Total Long-Term Investments <br> (Cost $104,234,691) | **109467783** | **96.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** |  | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 3.4%** | **SHORT-TERM INVESTMENTS: 3.4%** |  |  |
|  | **Repurchase Agreements: 0.1%** |  |  |
| 150990 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 11/30/2025, 4.170%, due 12/01/2025 (Repurchase Amount $151,042, collateralized by various U.S. Government Securities, 0.000%- 4.750%, Market Value plus accrued interest $154,063, due 12/11/25-11/15/55) | $150990 | 0.1 |
| 10696 <sup>(3)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 11/30/2025, 4.090%, due 12/01/2025 (Repurchase Amount $10,700, collateralized by various U.S. Government Securities, 0.375%- 4.875%, Market Value plus accrued interest $10,910, due 12/31/25-05/15/55) | 10696 | 0.0 |
|  | Total Repurchase Agreements <br> (Cost $161,686) | **161686** | **0.1** |
| **Shares** |  | **Value** | **Percentage <br> of Net <br> Assets** |
|  | **Mutual Funds: 3.3%** |  |  |
| 3668009 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.880% <br> (Cost $3,668,009) | $**3668009** | **3.3** |
|  | Total Short-Term Investments <br> (Cost $3,829,695) | **3829695** | **3.4** |
|  | **Total Investments in Securities <br> (Cost $108,064,386)** | $**113297478** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(250095)** | **(0.2)** |
|  | **Net Assets** | $**113047383** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series MCV Fund PORTFOLIO OF INVESTMENTS as of November 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of November 30, 2025. |

---

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** | **Fair Value <br> at <br> November 30,<br> 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $108796986 | $— | $— | $108796986 |
| Exchange-Traded Funds | 670797 |  |  | 670797 |
| Short-Term Investments | 3668009 | 161686 |  | 3829695 |
| Total Investments, at fair value | $113135792 | $161686 | $— | $113297478 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $109,207,363. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $8553519 |
| Gross Unrealized Depreciation | (4463404) |
| Net Unrealized Appreciation | $4090115 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 13, 2025, the Board of Trustees ("Board") of Voya Equity Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya VACS Series MCV Fund, a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC and Victory Capital Management Inc., the respective sub-advisers to the Fund (the "Sub-Advisers"), for an additional one-year period ending November 30, 2026.

In addition to the Board meeting on November 13, 2025, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 16, 2025 and November 11, 2025. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund ("Selected Peer Group") based on the Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar") category (Morningstar is an independent provider of mutual fund data) and primary benchmark, a broad-based securities market index. The Board also reviewed the performance of the Fund assets allocated by the Manager to each Sub-Adviser. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers if and when the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted that there is no management fee charged pursuant to the Management Contract or the Sub-Advisory Contract between the Manager and Voya Investment Management Co. LLC. The Board also considered that the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees charged pursuant to the Sub-Advisory Contract between the Manager and Victory Capital Management Inc., the Board considered that breakpoints would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Adviser with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Adviser.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Adviser that is not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and the non-Voya-affiliated Sub-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Fund and the Manager's and Sub-Advisers' potential fall-out benefits were not unreasonable.

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2025. In addition, the Board also considered at its October 16, 2025, November 11, 2025, and/or November 13, 2025 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2025: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period and the fourth quintile for the one-year period; and (2) the Fund outperformed its performance benchmark for the year-to-date period and underperformed for the one-year period.

In analyzing this performance data, the Board took into account that the Fund commenced operations in March 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the second quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2026.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**221172 (1125)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included in the financial statements filed under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $117,210 was paid by the series of the Trust during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | The Code of Ethics is not required for the semi-annual filing. |
| (a)(2) | Not applicable. |
| [(a)(3)](tm262763d2_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm262763d2_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| [(b)](tm262763d2_ex99-906cert.htm) | [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm262763d2_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Equity Trust

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: February 6, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: February 6, 2026

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: February 6, 2026

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya
 Equity Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with
 respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial
 condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and
 for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are
 responsible for establishing and maintaining disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
 Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made
 known to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure
 controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing
 date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal
 control over financial reporting that occurred during the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have
 disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant's ability to record, process, summarize, and report
 financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: February 6, 2026 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya
 Equity Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with
 respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial
 condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and
 for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are
 responsible for establishing and maintaining disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
 Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made
 known to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure
 controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to the filing
 date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal
 control over financial reporting that occurred during the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have
 disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant's ability to record, process, summarize, and report
 financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: February 6, 2026 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Equity Trust <br>Date of Form N-CSR: November 30, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Equity Trust and will be retained by Voya Equity Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 6<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Equity Trust <br>Date of Form N-CSR: November 30, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Equity Trust and will be retained by Voya Equity Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 6<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---