# EDGAR Filing Document

**Accession Number:** 0001063946
**File Stem:** 0001104659-23-010232
**Filing Date:** 2023-2
**Character Count:** 677264
**Document Hash:** e52e5e9b4994e55110bd26d2ae3ffcc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-010232.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001104659-23-010232

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya EQUITY TRUST
- **CENTRAL INDEX KEY:** 0001063946
- **IRS NUMBER:** 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:** 23583925

**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           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105101 | Class I      | IMCVX           |
| C000210467 | Class P      | VMMCX           |

### Voya U.S. High Dividend Low Volatility Fund (Series ID: S000055625)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175116 | Class A      | VHDAX           |
| C000175117 | Class I      | VHDIX           |
| C000175118 | Class R6     | VHDRX           |

### 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 Mid Cap Research Enhanced Index 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           |

### Voya Small Company 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 Multi-Asset 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           |

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, 2022 to November 30, 2022**

**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**](#TOC)

![[MISSING IMAGE: ing_cov.jpg]](ing_cov.jpg)

## Semi-Annual Report

#### November 30, 2022
Classes A, C, I, P, R, R6 and W

■ <br>

Voya Large-Cap Growth Fund

■ <br>

Voya Large Cap Value Fund

■ <br>

Voya MidCap Opportunities Fund

■ <br>

Voya Multi-Manager Mid Cap Value Fund

■ <br>

Voya Small Cap Growth Fund

■ <br>

Voya U.S. High Dividend Low Volatility Fund

---

| |
|:---|
| As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each fund's annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds' website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
| If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com. |
| You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds. |

---

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.

---

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

---

![[MISSING IMAGE: voya_covinvmgt.jpg]](voya_covinvmgt.jpg)

------

[**TABLE OF CONTENTS**](#TOC)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Shareholder Expense Examples](#tSEE)  | [1](#tSEE) |
| [Statements of Assets and Liabilities](#tSOAA)  | [3](#tSOAA) |
| [Statements of Operations](#tSOO)  | [7](#tSOO) |
| [Statements of Changes in Net Assets](#tSOCI)  | [9](#tSOCI) |
| [Financial Highlights](#tFIHI)  | [13](#tFIHI) |
| [Notes to Financial Statements](#tNTFS)  | [19](#tNTFS) |
| [Portfolio of Investments](#tPOI)  | [33](#tPOI) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#tAASC)  | [53](#tAASC) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!**  |
| Sign up now for on-line prospectuses, fund reports, and proxy statements.  |
| Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.  |
| 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; (2) on the Funds' website at www.voyainvestments.com; and (3) 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 www.voyainvestments.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: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

------

[**TABLE OF CONTENTS**](#TOC)

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022. Each Fund's expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

#### Actual Expenses
The left section of the table shown below, "Actual Fund Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  |
| **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** | **<u>Voya Large-Cap Growth Fund</u>** |
| Class A | $1000.00 | $988.60 | 0.98% | $4.89 | $1000.00 | $1020.16 | 0.98% | $4.96 |
| Class C | 1000.00 | 984.80 | 1.73 | 8.61 | 1000.00 | 1016.39 | 1.73 | 8.74 |
| Class I | 1000.00 | 990.50 | 0.62 | 3.09 | 1000.00 | 1021.96 | 0.62 | 3.14 |
| Class R | 1000.00 | 987.20 | 1.23 | 6.13 | 1000.00 | 1018.90 | 1.23 | 6.23 |
| Class R6 | 1000.00 | 990.50 | 0.57 | 2.84 | 1000.00 | 1022.21 | 0.57 | 2.89 |
| Class W | 1000.00 | 989.90 | 0.73 | 3.64 | 1000.00 | 1021.41 | 0.73 | 3.70 |
| **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** | **<u>Voya Large Cap Value Fund</u>** |
| Class A | $1000.00 | $1020.40 | 1.07% | $5.42 | $1000.00 | $1019.70 | 1.07% | $5.42 |
| Class C | 1000.00 | 1016.30 | 1.82 | 9.20 | 1000.00 | 1015.94 | 1.82 | 9.20 |
| Class I | 1000.00 | 1021.80 | 0.76 | 3.85 | 1000.00 | 1021.26 | 0.76 | 3.85 |
| Class R | 1000.00 | 1019.20 | 1.27 | 6.43 | 1000.00 | 1018.70 | 1.27 | 6.43 |
| Class R6 | 1000.00 | 1022.00 | 0.74 | 3.75 | 1000.00 | 1021.36 | 0.74 | 3.75 |
| Class W | 1000.00 | 1021.50 | 0.82 | 4.16 | 1000.00 | 1020.96 | 0.82 | 4.15 |

---

------

[**TABLE OF CONTENTS**](#TOC)

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  |
| **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** | **<u>Voya MidCap Opportunities Fund</u>** |
| Class A | $1000.00 | $1072.30 | 1.25% | $6.49 | $1000.00 | $1018.80 | 1.25% | $6.33 |
| Class C | 1000.00 | 1067.80 | 2.00 | 10.37 | 1000.00 | 1015.04 | 2.00 | 10.10 |
| Class I | 1000.00 | 1073.70 | 0.93 | 4.83 | 1000.00 | 1020.41 | 0.93 | 4.71 |
| Class R | 1000.00 | 1070.80 | 1.50 | 7.79 | 1000.00 | 1017.55 | 1.50 | 7.59 |
| Class R6 | 1000.00 | 1074.00 | 0.83 | 4.32 | 1000.00 | 1020.91 | 0.83 | 4.20 |
| Class W | 1000.00 | 1072.80 | 1.00 | 5.20 | 1000.00 | 1020.05 | 1.00 | 5.06 |
| **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** | **<u>Voya Multi-Manager Mid Cap Value Fund</u>** |
| Class I | $1000.00 | $1018.30 | 0.78% | $3.95 | $1000.00 | $1021.16 | 0.78% | $3.95 |
| Class P | 1000.00 | 1020.90 | 0.08 | 0.41 | 1000.00 | 1024.67 | 0.08 | 0.41 |
| **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** | **<u>Voya Small</u> <u>Cap Growth Fund</u>** |
| Class A^ | $1000.00 | $1082.20 | 1.18% | $1.85 | $1000.00 | $1019.15 | 1.18% | $5.97 |
| Class C^ | 1000.00 | 1080.90 | 1.93 | 3.03 | 1000.00 | 1015.39 | 1.93 | 9.75 |
| Class I | 1000.00 | 1027.20 | 0.93 | 4.73 | 1000.00 | 1020.41 | 0.93 | 4.71 |
| Class R^ | 1000.00 | 1081.90 | 1.43 | 2.24 | 1000.00 | 1017.90 | 1.43 | 7.23 |
| Class R6 | 1000.00 | 1027.80 | 0.85 | 4.32 | 1000.00 | 1020.81 | 0.85 | 4.31 |
| Class W^ | 1000.00 | 1082.50 | 0.93 | 1.46 | 1000.00 | 1020.41 | 0.93 | 4.71 |
| **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** | **<u>Voya U.S. High Dividend Low Volatility Fund</u>** |
| Class A | $1000.00 | $1034.30 | 0.60% | $3.06 | $1000.00 | $1022.06 | 0.60% | $3.04 |
| Class I | 1000.00 | 1035.30 | 0.32 | 1.63 | 1000.00 | 1023.46 | 0.32 | 1.62 |
| Class R6 | 1000.00 | 1035.40 | 0.32 | 1.63 | 1000.00 | 1023.46 | 0.32 | 1.62 |

---

\* <br>

Expenses are equal to each Fund's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.

^ <br>

Commencement of operations was October 7, 2022. Expenses paid for the actual Fund's return reflect the 55 day period ended November 30, 2022.

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (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+\* | $775497031 | $699845399 | $688345296 |
| Short-term investments at fair value† | 18754000 | 6861114 | 18181847 |
| Cash | 109158 | 217016 | 65933 |
| Foreign currencies at value‡ |  | 3985 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  |  | 7092348 | 5582875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 1025311 | 97353 | 269040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 640067 | 1429571 | 271793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 147 | 66 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | 10370 |  | 27735 |
| Prepaid expenses | 48557 | 32365 | 55335 |
| Reimbursement due from Investment Adviser |  | 94410 | 42907 |
| Other assets | 22446 | 47857 | 42707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 796107087 | 715721484 | 712885529 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased |  | 72121 | 4171865 |
| Payable for fund shares redeemed | 1020374 | 258371 | 769936 |
| Payable upon receipt of securities loaned |  | 6861114 | 681847 |
| Payable for investment management fees | 319811 | 420946 | 470511 |
| Payable for distribution and shareholder service fees | 28297 | 90714 | 57722 |
| Payable to trustees under the deferred compensation plan (Note 6) | 22446 | 47857 | 42707 |
| Payable for trustee fees | 1999 | 1669 | 1728 |
| Payable for borrowings against line of credit |  | 2082000 |  |
| Other accrued expenses and liabilities | 1056729 | 279838 | 354691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2449656 | 10114630 | 6551007 |
| **NET ASSETS**  | $793657431 | $705606854 | $706334522 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $579272375 | $551220422 | $696544969 |
| Total distributable earnings | 214385056 | 154386432 | 9789553 |
| **NET ASSETS**  | $793657431 | $705606854 | $706334522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $— | $6692347 | $664652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $599677017 | $581354999 | $643036418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $18754000 | $6861114 | $18181847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ‡ <br>Cost of foreign currencies <br>| $— | $4967 | $— |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (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;&nbsp; Net assets  | $107153844 | $432140970 | $249783181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2863396 | 35863184 | 15888286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $37.42 | $12.05 | $15.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (5.75%)<sup>(1)</sup>  | $39.70 | $12.79 | $16.68 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $8278816 | $6125808 | $8859044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 297904 | 508933 | 1278630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $27.79 | $12.04 | $6.93 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $535885766 | $242186296 | $333126432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 12224291 | 17830311 | 15881366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $43.84 | $13.58 | $20.98 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $738216 | $857053 | $2163021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 17455 | 70907 | 147305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $42.29 | $12.09 | $14.68 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $94650104 | $19027551 | $98880295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2155049 | 1404147 | 4632878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $43.92 | $13.55 | $21.34 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $46950685 | $5269176 | $13522549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1114244 | 388499 | 665089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $42.14 | $13.56 | $20.33 |

---

<sup>(1)</sup> <br>

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.

† <br>

Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Multi- <br> Manager Mid Cap <br> Value Fund**  | **Voya Small Cap <br> Growth <br> Fund**  | **Voya U.S. High <br> Dividend Low <br> Volatility Fund**  |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $178907901 | $588700051 | $104981624 |
| Short-term investments at fair value† | 2144907 | 14783000 | 852007 |
| Cash | 92900 |  | 5493 |
| Foreign currencies at value‡ |  | 25633 |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 5457 | 1798761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 163335 | 4861973 | 189651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 337730 | 264113 | 243070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 222 | 843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  |  | 5757 | 1802 |
| Prepaid expenses | 12318 | 70397 | 27318 |
| Prepaid offering expense |  | 43528 |  |
| Reimbursement due from Investment Adviser | 1935 | 558 | 14004 |
| Other assets | 6689 |  | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 181673394 | 610554614 | 106317780 |
| **LIABILITIES:** |  |  |  |
| Payable for investment securities purchased | 265707 | 888450 |  |
| Payable for fund shares redeemed | 6194 | 174556 | 22990 |
| Payable upon receipt of securities loaned | 263302 |  | 638007 |
| Payable for investment management fees | 59992 | 386487 | 24741 |
| Payable for distribution and shareholder service fees |  | 14018 | 1261 |
| Payable to custodian due to bank overdraft |  | 2334 |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 6689 |  | 2811 |
| Payable for trustee fees | 440 | 18981 | 257 |
| Other accrued expenses and liabilities | 66802 | 381093 | 73725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 669126 | 1865919 | 763792 |
| **NET ASSETS**  | $181004268 | $608688695 | $105553988 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $156018659 | $549695369 | $85343615 |
| Total distributable earnings | 24985609 | 58993326 | 20210373 |
| **NET ASSETS**  | $181004268 | $608688695 | $105553988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $255311 | $— | $604098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $165566906 | $509558670 | $96398066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $2144907 | $14783000 | $852007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ‡ <br>Cost of foreign currencies <br>| $— | $25306 | $— |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Multi- <br> Manager Mid Cap <br> Value Fund**  | **Voya Small Cap <br> Growth <br> Fund**  | **Voya U.S. High <br> Dividend Low <br> Volatility Fund**  |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $54905047 | $6578288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 1579280 | 564435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | n/a | $34.77 | $11.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (5.75%)<sup>(1)</sup>  | n/a | $36.89 | $12.36 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $3519752 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.010 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 101349 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $34.73 | n/a |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $111285944 | $504130614 | $42103364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 11104303 | 14494920 | 3588714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.02 | $34.78 | $11.73 |
| **Class P** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $69718324 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 6780221 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.28 | n/a | n/a |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $343743 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.010 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 9890 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $34.76 | n/a |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $41837609 | $56872336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 1202922 | 4847410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $34.78 | $11.73 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | n/a | $3951930 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | n/a | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | n/a | $0.010 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | n/a | 113632 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | n/a | $34.78 | n/a |

---

<sup>(1)</sup> <br>

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.

† <br>

Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF OPERATIONS for the six months ended November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Large-Cap <br> Growth Fund**  | **Voya Large Cap <br> Value Fund**  | **Voya MidCap <br> Opportunities <br> Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $3240250 | $8312715 | $2527318 |
| Securities lending income, net | 286 | 6883 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 3240536 | 8319598 | 2528757 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 2044597 | 2510184 | 2898096 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 136599 | 511204 | 303205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 47210 | 29492 | 44586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 2083 | 2035 | 5698 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 88360 | 151159 | 197003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 7635 | 2180 | 7231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 135941 | 27561 | 193221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 673 | 301 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | 3177 | 72 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  | 39902 | 1850 | 11466 |
| Shareholder reporting expense | 4575 | 10980 | 24531 |
| Registration fees | 56945 | 53893 | 55831 |
| Professional fees | 40260 | 24372 | 35282 |
| Custody and accounting expense | 70455 | 43920 | 47425 |
| Trustee fees | 9995 | 8344 | 8641 |
| Miscellaneous expense | 32288 | 12706 | 26223 |
| Interest expense |  | 1543 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2720695 | 3391796 | 3861780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  |  | (195087) | (239687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 2720695 | 3196709 | 3622093 |
| Net investment income (loss) | 519841 | 5122889 | (1093336) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (36531324) | 777719 | (23527448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  | 36929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (36531324) | 814648 | (23527448) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 26890968 | 7692748 | 72896022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  | (116) |  |
| Net change in unrealized appreciation (depreciation) | 26890968 | 7692632 | 72896022 |
| Net realized and unrealized gain (loss) | (9640356) | 8507280 | 49368574 |
| **Increase (decrease) in net assets resulting from operations**  | $(9120515) | $13630169 | $48275238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $2103 | $1441 | $5024 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF OPERATIONS for the six months ended November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Multi- <br> Manager Mid Cap <br> Value Fund**  | **Voya Small Cap <br> Growth <br> Fund**  | **Voya U.S. High <br> Dividend Low <br> Volatility Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $1891944 | $1149064 | $1552790 |
| Securities lending income, net | 2011 |  | 22664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1893955 | 1149064 | 1575454 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 617042 | 1940995 | 149796 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | 18884 | 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | 4844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  | 271 |  |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | 8176 | 12948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | 524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 5135 | 181707 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P  | 706 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  | 95 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  |  | 597 |  |
| Shareholder reporting expense | 732 | 10065 | 549 |
| Registration fees | 25193 | 19998 | 30633 |
| Professional fees | 11382 | 21960 | 5856 |
| Custody and accounting expense | 30780 | 32940 | 10065 |
| Trustee fees | 2199 | 7686 | 1288 |
| Offering expense |  | 60165 |  |
| Licensing fee (Note 7) | 6821 |  |  |
| Miscellaneous expense | 8608 | 25788 | 6294 |
| Interest expense |  | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 708598 | 2334794 | 225349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (253259) | (58532) | (56156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 455339 | 2276262 | 169193 |
| Net investment income (loss) | 1438616 | (1127198) | 1406261 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 564831 | (28091498) | 1763134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  | 234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 564831 | (28091264) | 1763134 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1427642 | 49843123 | 636981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  | 258 |  |
| Net change in unrealized appreciation (depreciation) | 1427642 | 49843381 | 636981 |
| Net realized and unrealized gain | 1992473 | 21752117 | 2400115 |
| **Increase in net assets resulting from operations**  | $3431089 | $20624919 | $3806376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $533 | $12552 | $509 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

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 Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $519841 | $(1358793) | $5122889 | $8023115 |
| Net realized gain (loss) | (36531324) | 216123483 | 814648 | 92356285 |
| Net change in unrealized appreciation (depreciation) | 26890968 | (309590048) | 7692632 | (66769152) |
|  Increase (decrease) in net assets resulting from operations  | (9120515) | (94825358) | 13630169 | 33610248 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | (24658290) | (2643195) | (64593911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | (3288215) | (16132) | (876525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  | (122728147) | (1640024) | (36338382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3\*  |  | (447) | (8) | (419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  | (174404) | (4385) | (142709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  | (26251441) | (138386) | (2473476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  |  | (11020316) | (34290) | (660982) |
| Total distributions |  | (188121260) | (4476420) | (105086404) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 74081246 | 213171480 | 24757723 | 75635423 |
| Reinvestment of distributions |  | 185124262 | 4284224 | 100428935 |
|  | 74081246 | 398295742 | 29041947 | 176064358 |
| Cost of shares redeemed | (117406716) | (666779833) | (49089372) | (147492639) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | (43325470) | (268484091) | (20047425) | 28571719 |
| Net decrease in net assets | (52445985) | (551430709) | (10893676) | (42904437) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 846103416 | 1397534125 | 716500530 | 759404967 |
| End of year or period | $793657431 | $846103416 | $705606854 | $716500530 |

---

\* <br>

Class P3 was fully redeemed on September 9, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya MidCap Opportunities Fund**  | **Voya MidCap Opportunities Fund**  | **Voya Multi-Manager Mid Cap <br> Value Fund**  | **Voya Multi-Manager Mid Cap <br> Value Fund**  |
| | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(1093336) | $(6617424) | $1438616 | $2823539 |
| Net realized gain (loss) | (23527448) | 93602587 | 564831 | 38296785 |
| Net change in unrealized appreciation (depreciation) | 72896022 | (282133318) | 1427642 | (43779668) |
|  Increase (decrease) in net assets resulting from operations  | 48275238 | (195148155) | 3431089 | (2659344) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | (80007971) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | (6169612) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  | (95141473) |  | (18826165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P  |  |  |  | (10346472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3\*  |  | (531) |  | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  | (682966) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  | (26599826) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  |  | (15443884) |  |  |
| Total distributions |  | (224046263) |  | (29173079) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 35931207 | 207755327 | 13777537 | 28231898 |
| Reinvestment of distributions |  | 192134385 |  | 29173080 |
|  | 35931207 | 399889712 | 13777537 | 57404978 |
| Cost of shares redeemed | (135501065) | (352727938) | (21848002) | (118604080) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | (99569858) | 47161774 | (8070465) | (61199102) |
| Net decrease in net assets | (51294620) | (372032644) | (4639376) | (93031525) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 757629142 | 1129661786 | 185643644 | 278675169 |
| End of year or period | $706334522 | $757629142 | $181004268 | $185643644 |

---

\* <br>

Class P3 was fully redeemed on September 9, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | |
|:---|:---|:---|:---|
| | **Voya Small Cap Growth Fund**  | **Voya Small Cap Growth Fund**  | **Voya Small Cap Growth Fund**  |
| | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **October 1, 2021 to <br> May 31, 2022<sup>(1)</sup>**  | **Year Ended <br> September 30, 2021**  |
| **FROM OPERATIONS:** |  |  |  |
| Net investment (loss) | $(1127198) | $(1835871) | $(3201356) |
| Net realized gain | (28091264) | 20984540 | 100740789 |
| Net change in unrealized appreciation (depreciation) | 49843380 | (111865748) | 55079334 |
| Increase (decrease) in net assets resulting from operations | 20624918 | (92717079) | 152618767 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<sup>(2)</sup>  |  | (88990928) | (28271294) |
| Total distributions |  | (88990928) | (28271294) |
| **FROM CAPITAL SHARE TRANSACTIONS<sup>(3)</sup>:** |  |  |  |
| Net proceeds from sale of shares | 108801358 | 61497857 | 84906869 |
| Proceeds from shares issued in merger (Note 15) | 91620459 |  |  |
| Reinvestment of distributions |  | 87154479 | 27824008 |
|  | 200421817 | 148652336 | 112730877 |
| Cost of shares redeemed | (38517826) | (42549863) | (104387540) |
| Net increase in net assets resulting from capital share transactions | 161903991 | 106102473 | 8343337 |
| Net increase (decrease) in net assets | 182528909 | (75605534) | 132690810 |
| **NET ASSETS:** |  |  |  |
| Beginning of year or period | 426159786 | 501765320 | 369074510 |
| End of year or period | $608688695 | $426159786 | $501765320 |

---

<sup>(1)</sup> <br>

Effective close of business April 1, 2022, the fiscal year-end was changed from September 30 to May 31.

<sup>(2)</sup> <br>

For the fiscal year ended September 30, 2021, the Fund did not have a class designation.

<sup>(3)</sup> <br>

There was no net impact on the operations of the Fund as a result of the reorganization that occurred close of business April 1, 2022. See Note 10 for more information.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Voya U.S. High Dividend Low <br> Volatility Fund**  | **Voya U.S. High Dividend Low <br> Volatility Fund**  |
| | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $1406261 | $2613468 |
| Net realized gain (loss) | 1763134 | 18756084 |
| Net change in unrealized appreciation (depreciation) | 636981 | (13742272) |
| Increase (decrease) in net assets resulting from operations | 3806376 | 7627280 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | (54901) | (354838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (486002) | (17288350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3\*  | (15) | (856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | (689482) | (15793093) |
| Total distributions | (1230400) | (33437137) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 11617232 | 42939884 |
| Reinvestment of distributions | 1229724 | 33436087 |
|  | 12846956 | 76375971 |
| Cost of shares redeemed | (16013924) | (64062081) |
| Net increase (decrease) in net assets resulting from capital share transactions | (3166968) | 12313890 |
| Net increase (decrease) in net assets | (590992) | (13495967) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 106144980 | 119640947 |
| End of year or period | $105553988 | $106144980 |

---

\* <br>

Class P3 was fully redeemed on September 9, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Large-Cap Growth Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 37.85 | (0.03)<sup>•</sup> | (0.40) | (0.43) |  |  |  |  |  | 37.42 | **(1.14)** | 0.98 | 0.98  | 0.98  | (0.17)  | 107154 | 20 |
| 05-31-22 | 51.32 | (0.20)<sup>•</sup> | (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)<sup>•</sup> | 13.62 | 13.49 |  | 6.62 |  | 6.62 |  | 51.32 | 31.23 | 0.96 | 0.96  | 0.96  | (0.26)  | 139465 | 93 |
| 05-31-20 | 38.36 | 0.03 | 8.04 | 8.07 | 0.15 | 1.83 |  | 1.98 |  | 44.45 | 21.30 | 0.96 | 1.04  | 1.04  | 0.06  | 104447 | 83 |
| 05-31-19 | 38.75 | 0.12 | 2.02 | 2.14 | 0.01 | 2.52 |  | 2.53 |  | 38.36 | 6.11 | 0.95 | 1.04  | 1.04  | 0.31  | 80328 | 95 |
| 05-31-18 | 35.17 | 0.07 | 5.68 | 5.75 | 0.06 | 2.11 |  | 2.17 |  | 38.75 | 16.63 | 1.10 | 1.06  | 1.06  | 0.17  | 77434 | 90 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 28.22 | (0.13)<sup>•</sup> | (0.30) | (0.43) |  |  |  |  |  | 27.79 | **(1.52)** | 1.73 | 1.73  | 1.73  | (0.93)  | 8279 | 20 |
| 05-31-22 | 40.58 | (0.46)<sup>•</sup> | (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)<sup>•</sup> | 11.09 | 10.68 |  | 6.62 |  | 6.62 |  | 40.58 | 30.25 | 1.71 | 1.71  | 1.71  | (1.01)  | 21109 | 93 |
| 05-31-20 | 31.92 | (0.23) | 6.66 | 6.43 |  | 1.83 |  | 1.83 |  | 36.52 | 20.41 | 1.71 | 1.79  | 1.79  | (0.68)  | 20630 | 83 |
| 05-31-19 | 32.92 | (0.14) | 1.66 | 1.52 |  | 2.52 |  | 2.52 |  | 31.92 | 5.28 | 1.70 | 1.79  | 1.79  | (0.43)  | 32386 | 95 |
| 05-31-18 | 30.33 | (0.18) | 4.88 | 4.70 |  | 2.11 |  | 2.11 |  | 32.92 | 15.79 | 1.83 | 1.81  | 1.81  | (0.58)  | 31850 | 90 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 44.26 | 0.04• | (0.46) | (0.42) |  |  |  |  |  | 43.84 | **(0.95)** | 0.62 | 0.62  | 0.62  | 0.19  | 535886 | 20 |
| 05-31-22 | 58.45 | (0.03)<sup>•</sup> | (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 |
| 05-31-20 | 42.73 | 0.21• | 9.00 | 9.21 | 0.28 | 1.83 |  | 2.11 |  | 49.83 | 21.80 | 0.59 | 0.66  | 0.66  | 0.44  | 671609 | 83 |
| 05-31-19 | 42.89 | 0.29 | 2.24 | 2.53 | 0.17 | 2.52 |  | 2.69 |  | 42.73 | 6.47 | 0.59 | 0.66  | 0.66  | 0.70  | 600368 | 95 |
| 05-31-18 | 38.68 | 0.23• | 6.27 | 6.50 | 0.18 | 2.11 |  | 2.29 |  | 42.89 | 17.10 | 0.73 | 0.68  | 0.68  | 0.56  | 513009 | 90 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 42.84 | (0.09)<sup>•</sup> | (0.46) | (0.55) |  |  |  |  |  | 42.29 | **(1.28)** | 1.23 | 1.23  | 1.23  | (0.41)  | 738 | 20 |
| 05-31-22 | 57.15 | (0.36)<sup>•</sup> | (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)<sup>•</sup> | 15.03 | 14.75 |  | 6.62 |  | 6.62 |  | 57.15 | 30.87 | 1.21 | 1.21  | 1.21  | (0.51)  | 1018 | 93 |
| 05-31-20 | 42.09 | (0.09)<sup>•</sup> | 8.85 | 8.76 |  | 1.83 |  | 1.83 |  | 49.02 | 21.02 | 1.21 | 1.29  | 1.29  | (0.19)  | 861 | 83 |
| 05-31-19 | 42.36 | 0.02 | 2.23 | 2.25 |  | 2.52 |  | 2.52 |  | 42.09 | 5.84 | 1.20 | 1.29  | 1.29  | 0.07  | 1082 | 95 |
| 05-31-18 | 38.30 | (0.04) | 6.21 | 6.17 |  | 2.11 |  | 2.11 |  | 42.36 | 16.36 | 1.33 | 1.31  | 1.31  | (0.08)  | 935 | 90 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 44.34 | 0.05• | (0.47) | (0.42) |  |  |  |  |  | 43.92 | **(0.95)** | 0.57 | 0.57  | 0.57  | 0.24  | 94650 | 20 |
| 05-31-22 | 58.51 | (0.01)<sup>•</sup> | (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 |
| 05-31-20 | 42.76 | 0.24• | 9.01 | 9.25 | 0.31 | 1.83 |  | 2.14 |  | 49.87 | 21.88 | 0.55 | 0.58  | 0.58  | 0.52  | 272040 | 83 |
| 05-31-19 | 42.90 | 0.36• | 2.22 | 2.58 | 0.20 | 2.52 |  | 2.72 |  | 42.76 | 6.60 | 0.55 | 0.58  | 0.58  | 0.85  | 294339 | 95 |
| 05-31-18 | 38.67 | 0.25• | 6.29 | 6.54 | 0.20 | 2.11 |  | 2.31 |  | 42.90 | 17.18 | 0.61 | 0.60  | 0.60  | 0.61  | 43120 | 90 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Large-Cap Growth Fund (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 42.57 | 0.02• | (0.45) | (0.43) |  |  |  |  |  | 42.14 | **(1.01)** | 0.73 | 0.73  | 0.73  | 0.08  | 46951 | 20 |
| 05-31-22 | 56.58 | (0.08)<sup>•</sup> | (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 |
| 05-31-20 | 41.60 | 0.16• | 8.74 | 8.90 | 0.25 | 1.83 |  | 2.08 |  | 48.42 | 21.64 | 0.71 | 0.79  | 0.79  | 0.35  | 73288 | 83 |
| 05-31-19 | 41.79 | 0.21• | 2.20 | 2.41 | 0.08 | 2.52 |  | 2.60 |  | 41.60 | 6.32 | 0.70 | 0.79  | 0.79  | 0.50  | 11341 | 95 |
| 05-31-18 | 37.75 | 0.17• | 6.12 | 6.29 | 0.14 | 2.11 |  | 2.25 |  | 41.79 | 16.95 | 0.83 | 0.81  | 0.81  | 0.42  | 17220 | 90 |
| **Voya Large Cap Value Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.89 | 0.08• | 0.15 | 0.23 | 0.07 |  |  | 0.07 |  | 12.05 | 2.04 | 1.12 | 1.07  | 1.07  | 1.42  | 432141 | 37 |
| 05-31-22 | 13.25 | 0.12• | 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• | 4.39 | 4.51 | 0.16 | 0.84 |  | 1.00 |  | 13.25 | 48.66 | 1.16 | 1.10  | 1.10  | 1.09  | 452381 | 94 |
| 05-31-20 | 11.04 | 0.17 | (0.34) | (0.17) | 0.21 | 0.92 |  | 1.13 |  | 9.74 | **(2.79)** | 1.19 | 1.10  | 1.10  | 1.55  | 331769 | 154 |
| 05-31-19 | 12.09 | 0.19 | (0.06) | 0.13 | 0.17 | 1.01 |  | 1.18 |  | 11.04 | 1.51 | 1.18 | 1.10  | 1.10  | 1.60  | 362398 | 90 |
| 05-31-18 | 12.64 | 0.18 | 0.62 | 0.80 | 0.19 | 1.16 |  | 1.35 |  | 12.09 | 6.27 | 1.17 | 1.10  | 1.10  | 1.42  | 386969 | 85 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.88 | 0.04• | 0.15 | 0.19 | 0.03 |  |  | 0.03 |  | 12.04 | 1.63 | 1.87 | 1.82  | 1.82  | 0.71  | 6126 | 37 |
| 05-31-22 | 13.25 | 0.02• | 0.46 | 0.48 | 0.02 | 1.83 |  | 1.84 |  | 11.88 | 3.72 | 1.90 | 1.85  | 1.85  | 0.16  | 6143 | 57 |
| 05-31-21 | 9.74 | 0.04• | 4.38 | 4.42 | 0.07 | 0.84 |  | 0.91 |  | 13.25 | 47.49 | 1.91 | 1.85  | 1.85  | 0.37  | 10327 | 94 |
| 05-31-20 | 11.02 | 0.08• | (0.32) | (0.24) | 0.12 | 0.92 |  | 1.04 |  | 9.74 | **(3.44)** | 1.94 | 1.85  | 1.85  | 0.73  | 13664 | 154 |
| 05-31-19 | 12.05 | 0.11 | (0.06) | 0.05 | 0.07 | 1.01 |  | 1.08 |  | 11.02 | 0.81 | 1.93 | 1.85  | 1.85  | 0.84  | 39550 | 90 |
| 05-31-18 | 12.61 | 0.09 | 0.61 | 0.70 | 0.10 | 1.16 |  | 1.26 |  | 12.05 | 5.38 | 1.92 | 1.85  | 1.85  | 0.67  | 53290 | 85 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.39 | 0.11• | 0.17 | 0.28 | 0.09 |  |  | 0.09 |  | 13.58 | 2.18 | 0.82 | 0.76  | 0.76  | 1.73  | 242186 | 37 |
| 05-31-22 | 14.68 | 0.18• | 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• | 4.83 | 5.01 | 0.19 | 0.84 |  | 1.03 |  | 14.68 | 49.13 | 0.82 | 0.76  | 0.76  | 1.43  | 271656 | 94 |
| 05-31-20 | 12.03 | 0.22 | (0.39) | (0.17) | 0.24 | 0.92 |  | 1.16 |  | 10.70 | **(2.48)** | 0.84 | 0.76  | 0.76  | 1.90  | 230991 | 154 |
| 05-31-19 | 13.07 | 0.25 | (0.05) | 0.20 | 0.23 | 1.01 |  | 1.24 |  | 12.03 | 1.95 | 0.84 | 0.76  | 0.76  | 1.94  | 214877 | 90 |
| 05-31-18 | 13.57 | 0.24 | 0.66 | 0.90 | 0.24 | 1.16 |  | 1.40 |  | 13.07 | 6.55 | 0.84 | 0.76  | 0.76  | 1.76  | 242245 | 85 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.93 | 0.07• | 0.15 | 0.22 | 0.06 |  |  | 0.06 |  | 12.09 | 1.92 | 1.37 | 1.27  | 1.27  | 1.22  | 857 | 37 |
| 05-31-22 | 13.29 | 0.09• | 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• | 4.40 | 4.50 | 0.13 | 0.84 |  | 0.97 |  | 13.29 | 48.48 | 1.41 | 1.30  | 1.30  | 0.88  | 1032 | 94 |
| 05-31-20 | 11.06 | 0.14• | (0.35) | (0.21) | 0.17 | 0.92 |  | 1.09 |  | 9.76 | **(3.11)** | 1.44 | 1.33  | 1.33  | 1.27  | 736 | 154 |
| 05-31-19 | 12.07 | 0.16• | (0.04) | 0.12 | 0.12 | 1.01 |  | 1.13 |  | 11.06 | 1.44 | 1.43 | 1.32  | 1.32  | 1.38  | 1297 | 90 |
| 05-31-18 | 12.63 | 0.16 | 0.60 | 0.76 | 0.16 | 1.16 |  | 1.32 |  | 12.07 | 5.93 | 1.42 | 1.31  | 1.31  | 1.20  | 3785 | 85 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Large Cap Value Fund (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.36 | 0.11• | 0.17 | 0.28 | 0.09 |  |  | 0.09 |  | 13.55 | 2.20 | 0.79 | 0.74  | 0.74  | 1.74  | 19028 | 37 |
| 05-31-22 | 14.65 | 0.18• | 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• | 4.82 | 5.00 | 0.19 | 0.84 |  | 1.03 |  | 14.65 | 49.15 | 0.80 | 0.74  | 0.74  | 1.45  | 18739 | 94 |
| 05-31-20 | 12.01 | 0.22• | (0.38) | (0.16) | 0.25 | 0.92 |  | 1.17 |  | 10.68 | **(2.47)** | 0.80 | 0.74  | 0.74  | 1.82  | 14936 | 154 |
| 05-31-19 | 13.06 | 0.26 | (0.07) | 0.19 | 0.23 | 1.01 |  | 1.24 |  | 12.01 | 1.90 | 0.80 | 0.74  | 0.74  | 1.96  | 106327 | 90 |
| 05-31-18 | 13.55 | 0.24 | 0.67 | 0.91 | 0.24 | 1.16 |  | 1.40 |  | 13.06 | 6.66 | 0.80 | 0.74  | 0.74  | 1.77  | 165612 | 85 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.37 | 0.11• | 0.17 | 0.28 | 0.09 |  |  | 0.09 |  | 13.56 | 2.15 | 0.87 | 0.82  | 0.82  | 1.71  | 5269 | 37 |
| 05-31-22 | 14.66 | 0.17• | 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• | 4.82 | 4.99 | 0.18 | 0.84 |  | 1.02 |  | 14.66 | 48.94 | 0.91 | 0.85  | 0.85  | 1.35  | 5267 | 94 |
| 05-31-20 | 12.01 | 0.22• | (0.39) | (0.17) | 0.23 | 0.92 |  | 1.15 |  | 10.69 | **(2.50)** | 0.94 | 0.85  | 0.85  | 1.79  | 4762 | 154 |
| 05-31-19 | 13.03 | 0.23• | (0.04) | 0.19 | 0.20 | 1.01 |  | 1.21 |  | 12.01 | 1.92 | 0.93 | 0.85  | 0.85  | 1.81  | 6265 | 90 |
| 05-31-18 | 13.53 | 0.23 | 0.65 | 0.88 | 0.22 | 1.16 |  | 1.38 |  | 13.03 | 6.46 | 0.92 | 0.85  | 0.85  | 1.67  | 13689 | 85 |
| **Voya MidCap Opportunities Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 14.66 | (0.04)<sup>•</sup> | 1.10 | 1.06 |  |  |  |  |  | 15.72 | 7.23 | 1.31 | 1.25  | 1.25  | (0.51)  | 249783 | 23 |
| 05-31-22 | 23.82 | (0.17)<sup>•</sup> | (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)<sup>•</sup> | 8.70 | 8.50 |  | 5.09 |  | 5.09 |  | 23.82 | 43.16 | 1.27 | 1.25  | 1.25  | (0.87)  | 346695 | 82 |
| 05-31-20 | 19.28 | (0.07) | 2.67 | 2.60 |  | 1.47 |  | 1.47 |  | 20.41 | 13.68 | 1.28 | 1.27  | 1.27  | (0.34)  | 275279 | 92 |
| 05-31-19 | 22.97 | (0.07) | 0.31 | 0.24 |  | 3.93 |  | 3.93 |  | 19.28 | 2.97 | 1.26 | 1.26  | 1.26  | (0.36)  | 277900 | 103 |
| 05-31-18 | 23.52 | (0.11) | 3.05 | 2.94 |  | 3.49 |  | 3.49 |  | 22.97 | 13.13 | 1.26 | 1.26  | 1.26  | (0.42)  | 266052 | 102 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 6.49 | (0.04)<sup>•</sup> | 0.48 | 0.44 |  |  |  |  |  | 6.93 | 6.78 | 2.06 | 2.00  | 2.00  | (1.27)  | 8859 | 23 |
| 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 |
| 05-31-20 | 13.22 | (0.14)<sup>•</sup> | 1.80 | 1.66 |  | 1.47 |  | 1.47 |  | 13.41 | 12.81 | 2.03 | 2.02  | 2.02  | (1.04)  | 27377 | 92 |
| 05-31-19 | 17.21 | (0.18) | 0.12 | (0.06) |  | 3.93 |  | 3.93 |  | 13.22 | 2.14 | 2.01 | 2.01  | 2.01  | (1.12)  | 56335 | 103 |
| 05-31-18 | 18.55 | (0.21)<sup>•</sup> | 2.36 | 2.15 |  | 3.49 |  | 3.49 |  | 17.21 | 12.33 | 2.01 | 2.01  | 2.01  | (1.18)  | 83124 | 102 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 19.54 | (0.02)<sup>•</sup> | 1.46 | 1.44 |  |  |  |  |  | 20.98 | 7.37 | 1.01 | 0.93  | 0.93  | (0.20)  | 333126 | 23 |
| 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 |
| 05-31-20 | 22.84 | (0.01) | 3.17 | 3.16 |  | 1.47 |  | 1.47 |  | 24.53 | 14.01 | 0.98 | 0.97  | 0.97  | (0.01)  | 431603 | 92 |
| 05-31-19 | 26.35 | (0.02) | 0.44 | 0.42 |  | 3.93 |  | 3.93 |  | 22.84 | 3.30 | 0.96 | 0.97  | 0.97  | (0.08)  | 580296 | 103 |
| 05-31-18 | 26.44 | (0.04) | 3.44 | 3.40 |  | 3.49 |  | 3.49 |  | 26.35 | 13.44 | 0.98 | 0.98  | 0.98  | (0.15)  | 716855 | 102 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya MidCap Opportunities Fund (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.71 | (0.05)<sup>•</sup> | 1.02 | 0.97 |  |  |  |  |  | 14.68 | 7.08 | 1.56 | 1.50  | 1.50  | (0.77)  | 2163 | 23 |
| 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 |
| 05-31-20 | 18.66 | (0.11)<sup>•</sup> | 2.57 | 2.46 |  | 1.47 |  | 1.47 |  | 19.65 | 13.38 | 1.53 | 1.52  | 1.52  | (0.58)  | 2743 | 92 |
| 05-31-19 | 22.42 | (0.14) | 0.31 | 0.17 |  | 3.93 |  | 3.93 |  | 18.66 | 2.70 | 1.51 | 1.51  | 1.51  | (0.62)  | 3021 | 103 |
| 05-31-18 | 23.09 | (0.14) | 2.96 | 2.82 |  | 3.49 |  | 3.49 |  | 22.42 | 12.84 | 1.51 | 1.51  | 1.51  | (0.68)  | 3757 | 102 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 19.87 | (0.01)<sup>•</sup> | 1.48 | 1.47 |  |  |  |  |  | 21.34 | 7.40 | 0.89 | 0.83  | 0.83  | (0.10)  | 98880 | 23 |
| 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 |
| 05-31-20 | 23.04 | 0.02 | 3.19 | 3.21 |  | 1.47 |  | 1.47 |  | 24.78 | 14.11 | 0.87 | 0.86  | 0.86  | 0.08  | 133027 | 92 |
| 05-31-19 | 26.51 | 0.01 | 0.45 | 0.46 |  | 3.93 |  | 3.93 |  | 23.04 | 3.43 | 0.85 | 0.85  | 0.85  | 0.04  | 153726 | 103 |
| 05-31-18 | 26.56 | (0.01) | 3.45 | 3.44 |  | 3.49 |  | 3.49 |  | 26.51 | 13.54 | 0.87 | 0.87  | 0.87  | (0.03)  | 134196 | 102 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 18.95 | (0.02)<sup>•</sup> | 1.40 | 1.38 |  |  |  |  |  | 20.33 | 7.28 | 1.06 | 1.00  | 1.00  | (0.25)  | 13523 | 23 |
| 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 |
| 05-31-20 | 22.43 | (0.02) | 3.11 | 3.09 |  | 1.47 |  | 1.47 |  | 24.05 | 13.95 | 1.03 | 1.02  | 1.02  | (0.08)  | 82191 | 92 |
| 05-31-19 | 25.96 | (0.03) | 0.43 | 0.40 |  | 3.93 |  | 3.93 |  | 22.43 | 3.26 | 1.01 | 1.01  | 1.01  | (0.12)  | 108707 | 103 |
| 05-31-18 | 26.11 | (0.04) | 3.38 | 3.34 |  | 3.49 |  | 3.49 |  | 25.96 | 13.38 | 1.01 | 1.01  | 1.01  | (0.18)  | 136705 | 102 |
| **Voya Multi-Manager Mid Cap Value Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 9.84 | 0.06• | 0.12 | 0.18 |  |  |  |  |  | 10.02 | 1.83 | 0.81 | 0.78  | 0.78  | 1.39  | 111286 | 16 |
| 05-31-22 | 11.72 | 0.11• | (0.31) | (0.20) | 0.15 | 1.53 |  | 1.69 |  | 9.84 | **(2.44)** | 0.79 | 0.78  | 0.78  | 0.95  | 116274 | 30 |
| 05-31-21 | 7.83 | 0.09• | 4.22 | 4.31 | 0.10 | 0.32 |  | 0.42 |  | 11.72 | 56.34(4) | 0.79 | 0.78  | 0.78  | 0.93  | 175387 | 47 |
| 05-31-20 | 9.26 | 0.12 | (0.55) | (0.43) | 0.12 | 0.88 |  | 1.00 |  | 7.83 | **(6.73)** | 0.88 | 0.83  | 0.83  | 1.26  | 106294 | 63 |
| 05-31-19 | 11.99 | 0.12 | (1.15) | (1.03) | 0.13 | 1.57 |  | 1.70 |  | 9.26 | **(7.77)** | 0.92 | 0.88  | 0.88  | 1.04  | 113560 | 36 |
| 05-31-18 | 11.38 | 0.11 | 1.34 | 1.45 | 0.09 | 0.75 |  | 0.84 |  | 11.99 | 12.91 | 0.86 | 0.84  | 0.84  | 0.83  | 180650 | 26 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.07 | 0.10• | 0.11 | 0.21 |  |  |  |  |  | 10.28 | 2.09 | 0.80 | 0.08  | 0.08  | 2.03  | 69718 | 16 |
| 05-31-22 | 11.87 | 0.18• | (0.30) | (0.12) | 0.15 | 1.53 |  | 1.69 |  | 10.07 | **(1.68)** | 0.79 | 0.06  | 0.06  | 1.64  | 69366 | 30 |
| 05-31-21 | 7.91 | 0.16• | 4.23 | 4.39 | 0.11 | 0.32 |  | 0.43 |  | 11.87 | 56.66(4) | 0.79 | 0.08  | 0.08  | 1.58  | 103285 | 47 |
| 05-31-20 | 9.27 | 0.18 | (0.54) | (0.36) | 0.12 | 0.88 |  | 1.00 |  | 7.91 | **(5.97)** | 2.05 | 0.15  | 0.15  | 1.91  | 3 | 63 |
| 02-28-19<sup>(5)</sup> - <br> 05-31-19 | 9.86 | 0.04• | (0.63) | (0.59) |  |  |  |  |  | 9.27 | **(5.98)** | 1.99 | 0.15  | 0.15  | 1.77  | 3 | 36 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Small Cap Growth Fund<sup>(6)</sup>**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-07-22<sup>(5)</sup> - <br> 11-30-22<sup>+</sup> | 32.13 | (0.03)<sup>•</sup> | 2.67 | 2.64 |  |  |  |  |  | 34.77 | 8.22 | 1.22 | 1.18  | 1.18  | (0.64)  | 54905 | 46 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-07-22<sup>(5)</sup> - <br> 11-30-22<sup>+</sup> | 32.13 | (0.07)<sup>•</sup> | 2.67 | 2.60 |  |  |  |  |  | 34.73 | 8.09 | 1.97 | 1.93  | 1.93  | (1.39)  | 3520 | 46 |
| **Class I<sup>(7)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 33.86 | (0.08)<sup>•</sup> | 1.00 | 0.92 |  |  |  |  |  | 34.78 | 2.72 | 0.96 | 0.93  | 0.93  | (0.47)  | 504131 | 46 |
| 10-01-21 - 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 |
| 09-30-19 | 40.76 | (0.12)<sup>•</sup> | (2.17) | (2.29) |  | 4.11 |  | 4.11 |  | 34.36 | **(3.92)** | 0.93 | 0.93  | 0.93  | (0.37)  | 433 | 121 |
| 09-30-18 | 37.62 | (0.20)<sup>•</sup> | 8.74 | 8.54 |  | 5.40 |  | 5.40 |  | 40.76 | 26.09 | 0.93 | 0.93  | 0.93  | (0.55)  | 453 | 126 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-07-22<sup>(5)</sup> - <br> 11-30-22<sup>+</sup> | 32.13 | (0.05)<sup>•</sup> | 2.68 | 2.63 |  |  |  |  |  | 34.76 | 8.19 | 1.47 | 1.43  | 1.43  | (0.94)  | 344 | 46 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 33.84 | (0.05)<sup>•</sup> | 0.99 | 0.94 |  |  |  |  |  | 34.78 | 2.78 | 0.88 | 0.85  | 0.85  | (0.27)  | 41838 | 46 |
| 04-04-22<sup>(5)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-07-22<sup>(5)</sup> - <br> 11-30-22<sup>+</sup> | 32.13 | (0.02)<sup>•</sup> | 2.67 | 2.65 |  |  |  |  |  | 34.78 | 8.25 | 0.97 | 0.93  | 0.93  | (0.39)  | 3952 | 46 |
| **Voya U.S. High Dividend Low Volatility Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.39 | 0.13• | 0.25 | 0.38 | 0.12 |  |  | 0.12 |  | 11.65 | 3.43 | 1.13 | 0.60  | 0.60  | 2.44  | 6578 | 35 |
| 05-31-22 | 14.33 | 0.23• | 0.73 | 0.96 | 0.25 | 3.65 |  | 3.90 |  | 11.39 | 6.29 | 1.14 | 0.60  | 0.60  | 1.88  | 3953 | 91 |
| 05-31-21 | 11.05 | 0.21• | 3.34 | 3.55 | 0.27 |  |  | 0.27 |  | 14.33 | 32.50 | 1.23 | 0.72  | 0.72  | 1.72  | 916 | 97 |
| 05-31-20 | 11.31 | 0.23 | (0.07) | 0.16 | 0.28 | 0.14 |  | 0.42 |  | 11.05 | 1.29 | 1.26 | 0.80  | 0.80  | 2.07  | 766 | 61 |
| 05-31-19 | 11.51 | 0.25• | 0.16 | 0.41 | 0.20 | 0.41 |  | 0.61 |  | 11.31 | 3.87 | 1.26 | 0.80  | 0.80  | 2.19  | 281 | 62 |
| 05-31-18 | 10.74 | 0.24• | 1.02 | 1.26 | 0.30 | 0.19 |  | 0.49 |  | 11.51 | 11.77 | 1.71 | 0.80  | 0.80  | 2.09  | 130 | 33 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.47 | 0.15• | 0.24 | 0.39 | 0.13 |  |  | 0.13 |  | 11.73 | 3.53 | 0.40 | 0.32  | 0.32  | 2.74  | 42103 | 35 |
| 05-31-22 | 14.39 | 0.28• | 0.73 | 1.01 | 0.28 | 3.65 |  | 3.93 |  | 11.47 | 6.67 | 0.40 | 0.33  | 0.33  | 2.13  | 40516 | 91 |
| 05-31-21 | 11.10 | 0.25• | 3.35 | 3.60 | 0.31 |  |  | 0.31 |  | 14.39 | 32.84 | 0.49 | 0.46  | 0.46  | 2.01  | 64631 | 97 |
| 05-31-20 | 11.36 | 0.28• | (0.09) | 0.19 | 0.31 | 0.14 |  | 0.45 |  | 11.10 | 1.57 | 0.51 | 0.51  | 0.51  | 2.33  | 101037 | 61 |
| 05-31-19 | 11.55 | 0.26 | 0.20 | 0.46 | 0.24 | 0.41 |  | 0.65 |  | 11.36 | 4.28 | 0.51 | 0.52  | 0.52  | 2.39  | 299079 | 62 |
| 05-31-18 | 10.77 | 0.31• | 0.99 | 1.30 | 0.33 | 0.19 |  | 0.52 |  | 11.55 | 12.09 | 0.78 | 0.55  | 0.55  | 2.76  | 155151 | 33 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya U.S. High Dividend Low Volatility Fund (continued)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.47 | 0.15• | 0.24 | 0.39 | 0.13 |  |  | 0.13 |  | 11.73 | 3.54 | 0.40 | 0.32  | 0.32  | 2.74  | 56872 | 35 |
| 05-31-22 | 14.39 | 0.28• | 0.73 | 1.01 | 0.28 | 3.65 |  | 3.93 |  | 11.47 | 6.68 | 0.39 | 0.32  | 0.32  | 2.15  | 61673 | 91 |
| 05-31-21 | 11.10 | 0.25• | 3.35 | 3.60 | 0.31 |  |  | 0.31 |  | 14.39 | 32.85 | 0.49 | 0.45  | 0.45  | 2.02  | 54091 | 97 |
| 09-30-19<sup>(5)</sup> - <br> 05-31-20 | 12.29 | 0.18• | (1.00) | (0.82) | 0.23 | 0.14 |  | 0.37 |  | 11.10 | **(6.71)** | 0.51 | 0.51  | 0.51  | 2.25  | 92638 | 61 |

---

<sup>(1)</sup> <br>

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> <br>

Annualized for periods less than one year.

<sup>(3)</sup> <br>

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> <br>

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%, 56.45% and 56.26% on Classes I, P and P3, respectively.

<sup>(5)</sup> <br>

Commencement of operations.

<sup>(6)</sup> <br>

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, 2017, 2018, 2019, 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 November 30, 2022, the net assets are expressed in thousands.

<sup>(7)</sup> <br>

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.

+ <br>

Unaudited.

• Calculated using average number of shares outstanding throughout the year or period.

\* <br>

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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"), Voya Small Cap Growth Fund ("Small Cap Growth"), and Voya U.S. High Dividend Low Volatility Fund ("U.S. High Dividend Low Volatility") (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 two or more of the following classes of shares: Class A, Class C, Class I, Class P, Class R, Class R6, 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 April 1, 2022. The Predecessor Fund was a diversified series of

Professionally Managed Portfolios ("PMP Trust"), 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.

The prior year financial statements of Small Cap Growth reflect the historical results of the Predecessor Fund, which did not have a share class designation prior to the Reorganization. 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 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 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 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 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.

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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 a 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 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 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 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.

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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) <br>

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

(2) <br>

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:

---

| | |
|:---|:---|
| **Annually**  | **Quarterly**  |
| Large-Cap Growth <br> MidCap Opportunities <br> Multi-Manager Mid Cap Value <br> Small Cap Growth | Large Cap Value <br> U.S. High Dividend Low Volatility |

---

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 federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on 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

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 33<sup>1</sup>∕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 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") 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 not registered for sale to the public under the 1933 Act are referred to as "restricted securities." These 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. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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. ***Offering Costs.*** Costs incurred with the offering of shares of Small Cap Growth are deferred and amortized over a twelve month period on a straight-line basis starting at the date of the Reorganization.

J. ***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, 2022, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| Large-Cap Growth | $154243621 | $180997581 |
| Large Cap Value | 248513582 | 268686753 |
| MidCap Opportunities | 154393269 | 238927361 |
| Multi-Manager Mid Cap Value | 27562514 | 32247115 |
| Small Cap Growth | 281605386 | 218468752 |
| U.S. High Dividend Low Volatility  | 35536305 | 38405452 |

---

#### 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 |

---

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

---

| | |
|:---|:---|
| **Fund**  | **As a Percentage of <br> Average Daily Net Assets**  |
| 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<sup>(1)</sup> | 0.80% on Direct Investments <br> 0.40% on Passively Managed <br> Assets |
| Small Cap Growth<sup>(2)</sup> | 0.80% on all assets |
| U.S. High Dividend Low Volatility  | 0.29% on all assets |

---

<sup>(1)</sup> <br>

The Investment Adviser is contractually obligated to waive the management fee for Class P shares of Multi-Manager Mid Cap Value through October 1, 2023. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

<sup>(2)</sup> <br>

Effective close of business October 7, 2022, the Investment Adviser has agreed to waive 0.02% of the management fee for Small Cap Growth. Termination or modification of this obligation requires 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):

---

| | |
|:---|:---|
| **Fund**  | **Sub-Adviser**  |
| Large-Cap Growth | Voya IM\* |
| Large Cap Value | Voya IM\* |
| MidCap Opportunities | Voya IM\* |
| Multi-Manager Mid Cap Value | Hahn Capital Management, LLC, LSV Asset Management and Voya IM\*  |
| Small Cap Growth | Voya IM\* |
| U.S High Dividend Low Volatility | Voya IM\* |

---

#### NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class A, Class C, and Class R 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**  |
| Large-Cap Growth | 0.25%<sup>(1)</sup> | 1.00% | 0.50% |
| Large Cap Value | 0.25% | 1.00% | 0.50%<sup>(2)</sup> |
| MidCap Opportunities | 0.25% | 1.00% | 0.50% |
| Small Cap Growth | 0.25% | 1.00% | 0.50% |
| U.S. High Dividend Low Volatility | 0.25% | N/A | N/A |

---

<sup>(1)</sup> <br>

Of this 0.25% rate, Distribution Fees shall not exceed 0.10%.

<sup>(2)</sup> <br>

The Distributor has agreed to waive 0.05% of the distribution fee. Termination or modification of this obligation 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, 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, 2022, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | | |
|:---|:---|:---|
| | **Class A**  | **Class C**  |
| **Initial Sales Charges:** |  |  |
| Large-Cap Growth | $16543 | $— |
| Large Cap Value | 16811 |  |
| MidCap Opportunities | 12394 |  |
| Small Cap Growth | 866 |  |
| U.S. High Dividend Low Volatility | 3120 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| Large-Cap Growth | $67 | $169 |
| Large Cap Value |  | 262 |
| MidCap Opportunities | 410 | 60 |

---

#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated <br> Investment Company** | **Fund**  | **Percentage**  |
|  Voya Global Diversified Payment Fund  | U.S. High Dividend Low Volatility  | 14.58% |
|  Voya Investment Trust Co.  | Multi-Manager Mid Cap Value | 37.86 |
|  Voya Solution 2025 Portfolio  | U.S. High Dividend Low Volatility  | 22.60 |

---

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated <br> Investment Company** | **Fund**  | **Percentage**  |
|  Voya Solution 2035 Portfolio  | Multi-Manager Mid Cap Value | 6.22% |
|  Voya Solution Income Portfolio  | U.S. High Dividend Low Volatility  | 9.20 |
|  Voya Solution Moderately Aggressive Portfolio  | Multi-Manager Mid Cap Value | 10.61 |

---

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 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, 2022, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund**  | **Amount**  |
| Large-Cap Growth | $1446 |
| Large Cap Value | 13110 |
| MidCap Opportunities | 6485 |
| Multi-Manager Mid Cap Value |  |
| Small Cap Growth | 445 |
| U.S. High Dividend Low Volatility | 6 |

---

#### NOTE 7 — LICENSING FEE
Multi-Manager Mid Cap Value pays an annual licensing fee to Frank Russell Company.

#### 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 and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class <br> A**  | **Class <br> C**  | **Class <br> I**  | **Class <br> P**  | **Class <br> R**  | **Class <br> R6**  | **Class <br> W**  |
| Large-Cap Growth | 1.15% | 1.90% | 0.90% | N/A | 1.40% | 0.80% | 0.90% |
| Large Cap Value | 1.25% | 2.00% | 1.00% | N/A | 1.50% | 0.78% | 1.00% |
| MidCap Opportunities | 1.35% | 2.10% | 0.98% | N/A | 1.60% | 0.88% | 1.10% |
|  Multi-Manager Mid Cap Value  | N/A | N/A | 0.78% | 0.15% | N/A | N/A | N/A |
| Small Cap Growth | 1.30% | 2.05% | 0.95% | N/A | 1.55% | 0.85% | 1.05% |
|  U.S. High Dividend Low Volatility  | 0.60% | N/A | 0.35% | N/A | N/A | 0.32% | N/A |

---

Pursuant to side letter agreements, through October 1, 2023, 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class <br> A**  | **Class <br> C**  | **Class <br> I**  | **Class <br> R**  | **Class <br> R6**  | **Class <br> W**  |
| Large-Cap Growth | 1.04% | 1.79% | 0.66% | 1.29% | 0.58% | 0.79% |
| Large Cap Value | 1.10% | 1.85% | 0.76% | 1.35% | 0.74% | 0.85% |
| MidCap Opportunities<sup>(1)</sup> | 1.26% | 2.01% | 0.93% | 1.51% | 0.83% | 1.01% |

---

<sup>(1)</sup> <br>

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

Unless otherwise specified above and with the exception of the non-recoupable Class P management fee waiver for Multi-Manager Mid Cap Value, 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, 2022, 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:

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **November 30,**  | **November 30,**  | **November 30,**  | |
| | **2023**  | **2024**  | **2025**  | **Total**  |
| Large Cap Value | $396165 | $353536 | $363570 | $1113271 |
|  Multi-Manager Mid <br> Cap Value  | 26341 | 8120 | 17077 | 51538 |
| Small Cap Growth  |  |  | 41990 | 41990 |
|  U.S. High Dividend <br> Low Volatility  | 19736 | 94345 | 82039 | 196120 |

---

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, 2022, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **November 30,**  | **November 30,**  | **November 30,**  | |
| | **2023**  | **2024**  | **2025**  | **Total**  |
| Large Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A  | $79180 | $24913 | $14191 | $118284 |
| &nbsp;&nbsp;&nbsp; Class C  | 3499 | 553 | 735 | 4787 |
| &nbsp;&nbsp;&nbsp; Class I  | 30973 | 1829 | 14143 | 46945 |
| &nbsp;&nbsp;&nbsp; Class W  | 1137 | 295 | 609 | 2041 |
|  Multi-Manager Mid Cap Value  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I  | 3815 | 7241 | 16981 | 28037 |
| &nbsp;&nbsp;&nbsp; Class P  | 16 |  |  | 16 |
| Small Cap Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class R6  |  |  | 99 | 99 |
|  U.S. High Dividend Low Volatility  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A  | 3586 | 4544 | 17790 | 25920 |
| &nbsp;&nbsp;&nbsp; Class R6  | 966 | 1412 | 941 | 3319 |

---

The expense limitation agreements are contractual through October 1, 2023, except for Small Cap Growth which is through October 1, 2024, 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 13, 2022, 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 12, 2023. 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 13, 2022, 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 13, 2022.

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, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Days <br> Utilized**  | **Approximate <br> Average <br> Daily <br> Balance For <br> Days <br> Utilized**  | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized**  |
| Large Cap Value<sup>(1)</sup> | 7 | $2726714 | 2.91% |
| MidCap Opportunities | 1 | 8773000 | 2.08 |
| Small Cap Growth | 1 | 565000 | 2.58 |

---

<sup>(1)</sup> <br>

As of November 30, 2022, Large Cap Value had an outstanding balance of $2,082,000.

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

#### NOTE 10 — 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) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from <br> shares <br> issued <br> in merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Shares <br> converted**  | **Net <br> increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** | **Large-Cap Growth** |
| **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** |
| 11/30/2022 | 65432 |  |  | (246993) |  | (181561) | 2382402 |  |  | (8896555) |  | (6514153) |
| 5/31/2022 | 331589 |  | 468565 | (472756) |  | 327397 | 17292240 |  | 22645732 | (22794968) |  | 17143004 |
| **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** |
| 11/30/2022 | 4585 |  |  | (92223) |  | (87638) | 125796 |  |  | (2539001) |  | (2413205) |
| 5/31/2022 | 37058 |  | 90433 | (262092) |  | (134602) | 1430520 |  | 3269136 | (10724891) |  | (6025235) |
| **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** |
| 11/30/2022 | 1141051 |  |  | (1955662) |  | (814611) | 48631806 |  |  | (83745642) |  | (35113836) |
| 5/31/2022 | 2581534 |  | 2158149 | (6274179) |  | (1534496) | 146741561 |  | 121762785 | (345252190) |  | (76747843) |
| **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** |
| 11/30/2022 |  |  |  | (57) |  | (57) |  |  |  | (2639) |  | (2639) |
| 5/31/2022 | (2) |  | 8 |  |  | 6 | (125) |  | 447 |  |  | 322 |
| **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** |
| 11/30/2022 | 5203 |  |  | (7767) |  | (2564) | 212222 |  |  | (320242) |  | (108020) |
| 5/31/2022 | 3481 |  | 3185 | (4462) |  | 2204 | 204181 |  | 174404 | (225631) |  | 152954 |
| **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** |
| 11/30/2022 | 415354 |  |  | (286576) |  | 128778 | 17750853 |  |  | (12281070) |  | 5469783 |
| 5/31/2022 | 702956 |  | 464627 | (4372479) |  | (3204895) | 41384222 |  | 26251442 | (261784349) |  | (194148686) |
| **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** |
| 11/30/2022 | 124573 |  |  | (234119) |  | (109546) | 4978167 |  |  | (9621567) |  | (4643400) |
| 5/31/2022 | 110930 |  | 202990 | (469649) |  | (155729) | 6118881 |  | 11020316 | (25997804) |  | (8858607) |
| **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** | **Large Cap Value** |
| **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** |
| 11/30/2022 | 351462 |  | 230488 | (1634710) |  | (1052760) | 3900681 |  | 2460952 | (18272381) |  | (11910748) |
| 5/31/2022 | 1450702 |  | 5079914 | (3747992) |  | 2782624 | 18577350 |  | 60100685 | (46739996) |  | 31938040 |
| **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** |
| 11/30/2022 | 55609 |  | 1528 | (65488) |  | (8351) | 606079 |  | 16083 | (704952) |  | (82790) |
| 5/31/2022 | 146404 |  | 74354 | (482745) |  | (261987) | 1866506 |  | 875906 | (6414193) |  | (3671781) |
| **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** |
| 11/30/2022 | 1518489 |  | 135553 | (2128988) |  | (474946) | 18915857 |  | 1632217 | (27290503) |  | (6742429) |
| 5/31/2022 | 3557651 |  | 2714433 | (6466078) |  | (193994) | 49300499 |  | 36179203 | (88503292) |  | (3023591) |
| **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** |
| 11/30/2022 |  |  | 1 | (241) |  | (240) |  |  | 8 | (3213) |  | (3205) |
| 5/31/2022 |  |  | 30 |  |  | 30 |  |  | 419 |  |  | 419 |
| **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** |
| 11/30/2022 | 7511 |  | 410 | (11279) |  | (3358) | 84331 |  | 4376 | (125498) |  | (36791) |
| 5/31/2022 | 31780 |  | 12026 | (47255) |  | (3449) | 415060 |  | 142468 | (590808) |  | (33280) |
| **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** |
| 11/30/2022 | 61732 |  | 11512 | (175198) |  | (101954) | 772572 |  | 138386 | (2229251) |  | (1318293) |
| 5/31/2022 | 371145 |  | 185982 | (329783) |  | 227344 | 5122983 |  | 2473476 | (4557014) |  | 3039445 |
| **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** |
| 11/30/2022 | 37248 |  | 2679 | (37037) |  | 2890 | 478203 |  | 32202 | (463574) |  | 46831 |
| 5/31/2022 | 25860 |  | 49376 | (48804) |  | 26431 | 353025 |  | 656778 | (687336) |  | 322467 |

---

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from <br> shares <br> issued <br> in merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Shares <br> converted**  | **Net <br> increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** | **MidCap Opportunities** |
| **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** |
| 11/30/2022 | 236162 |  |  | (1140932) |  | (904770) | 3534970 |  |  | (16831772) |  | (13296802) |
| 5/31/2022 | 1525089 |  | 3583252 | (2870720) |  | 2237621 | 33584764 |  | 67902629 | (59293944) |  | 42193448 |
| **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** |
| 11/30/2022 | 8568 |  |  | (186848) |  | (178280) | 55944 |  |  | (1214976) |  | (1159032) |
| 5/31/2022 | 85361 |  | 701974 | (1070540) |  | (283205) | 894452 |  | 5903600 | (13404518) |  | (6606466) |
| **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** |
| 11/30/2022 | 1146211 |  |  | (3013407) |  | (1867196) | 22449487 |  |  | (59333000) |  | (36883513) |
| 5/31/2022 | 4166979 |  | 3162411 | (6504448) |  | 824941 | 113395004 |  | 79724378 | (165129884) |  | 27989497 |
| **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** |
| 11/30/2022 |  |  |  | (114) |  | (114) |  |  |  | (2523) |  | (2523) |
| 5/31/2022 |  |  | 20 |  |  | 20 |  |  | 531 |  |  | 531 |
| **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** |
| 11/30/2022 | 27776 |  |  | (43857) |  | (16081) | 380041 |  |  | (614774) |  | (234733) |
| 5/31/2022 | 19157 |  | 38422 | (43586) |  | 13993 | 380864 |  | 681608 | (1015439) |  | 47033 |
| **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** |
| 11/30/2022 | 457459 |  |  | (613197) |  | (155738) | 9210248 |  |  | (12406566) |  | (3196318) |
| 5/31/2022 | 1786522 |  | 877913 | (3238955) |  | (574520) | 50289673 |  | 22500900 | (87741739) |  | (14951165) |
| **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** |
| 11/30/2022 | 15954 |  |  | (2400626) |  | (2384672) | 300517 |  |  | (45097454) |  | (44796937) |
| 5/31/2022 | 358205 |  | 630447 | (994734) |  | (6082) | 9210570 |  | 15420739 | (26142414) |  | (1511105) |
| **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** | **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** | **Multi-Manager Mid Cap Value** |
| **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** |
| 11/30/2022 | 612056 |  |  | (1318970) |  | (706914) | 5544884 |  |  | (12423482) |  | (6878598) |
| 5/31/2022 | 869769 |  | 1806734 | (5830155) |  | (3153652) | 9596879 |  | 18826166 | (66550385) |  | (38127341) |
| **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** | **Class P** |
| 11/30/2022 | 876253 |  |  | (982441) |  | (106188) | 8232653 |  |  | (9421548) |  | (1188895) |
| 5/31/2022 | 1659846 |  | 974244 | (4448675) |  | (1814585) | 18635019 |  | 10346472 | (52053694) |  | (23072204) |
| **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** |
| 11/30/2022 |  |  |  | (303) |  | (303) |  |  |  | (2972) |  | (2972) |
| 5/31/2022 |  |  | 41 |  |  | 41 |  |  | 442 |  |  | 442 |
| **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |
| **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** |
| 10/7/2022<sup>(2)</sup> - <br> 11/30/2022 | 11697 | 1615709 |  | (48126) |  | 1579280 | 378166 | 51912837 |  | (1585541) |  | 50705462 |
| **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** |
| 10/7/2022<sup>(2)</sup> - <br> 11/30/2022 | 161 | 103730 |  | (2542) |  | 101349 | 5379 | 3332845 |  | (83810) |  | 3254414 |
| **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** | **Class I<sup>(3)(4)</sup>** |
| 11/30/2022 | 1966564 | 954782 |  | (1013560) |  | 1907786 | 64632819 | 30679398 |  | (33594968) |  | 61717249 |
| 10/1/2021 - <br> 5/31/2022<sup>(5)</sup> | 1534985 |  | 1993470 | (1051274) |  | 2477181 | 61494857 |  | 87154479 | (42549863) |  | 106099473 |
| 9/30/2021 | 1818953 |  | 654991 | (2269306) |  | 204638 | 84906869 |  | 27824008 | (104387540) |  | 8343337 |
| **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** |
| 10/7/2022<sup>(2)</sup> - <br> 11/30/2022 | 227 | 13820 |  | (4156) |  | 9891 | 7414 | 444042 |  | (137638) |  | 313818 |

---

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from <br> shares <br> issued <br> in merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Shares <br> converted**  | **Net <br> increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** | **Small Cap Growth (continued)** |
| **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** |
| 11/30/2022 | 1245447 | 45502 |  | (88104) |  | 1202845 | 43773658 | 1461870 |  | (2967679) |  | 42267849 |
| 4/4/2022<sup>(2)</sup> - <br> 5/31/2022 | 77 |  |  |  |  | 77 | 3000 |  |  |  |  | 3000 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/7/2022<sup>(2)</sup> - <br> 11/30/2022 | 117 | 117942 |  | (4427) |  | 113632 | 3922 | 3789467 |  | (148190) |  | 3645199 |
| **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** | **U.S. High Dividend Low Volatility** |
| **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** |
| 11/30/2022 | 284016 |  | 5201 | (71673) |  | 217544 | 3092191 |  | 54225 | (786012) |  | 2360404 |
| 5/31/2022 | 323637 |  | 30100 | (70733) |  | 283005 | 3820541 |  | 353788 | (838994) |  | 3335335 |
| **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** |
| 11/30/2022 | 637045 |  | 46229 | (628248) |  | 55026 | 6917029 |  | 486002 | (7000082) |  | 402949 |
| 5/31/2022 | 1144958 |  | 1459401 | (3560564) |  | (956206) | 14832839 |  | 17288350 | (43162599) |  | (11041410) |
| **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** | **Class P3<sup>(1)</sup>** |
| 11/30/2022 |  |  | 1 | (286) |  | (285) |  |  | 15 | (3259) |  | (3244) |
| 5/31/2022 |  |  | 71 |  |  | 71 |  |  | 856 |  |  | 856 |
| **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** |
| 11/30/2022 | 146419 |  | 65511 | (743477) |  | (531547) | 1608012 |  | 689482 | (8224571) |  | (5927077) |
| 5/31/2022 | 1865148 |  | 1334200 | (1578355) |  | 1620992 | 24286504 |  | 15793093 | (20060489) |  | 20019109 |

---

<sup>(1)</sup> <br>

Class P3 was fully redeemed on September 9, 2022.

<sup>(2)</sup> <br>

Commencement of operations.

<sup>(3)</sup> <br>

In connection with the Reorganization that occurred close of business April 1, 2022, the shares of the Predecessor Fund were redesignated as Class I shares.

<sup>(4)</sup> <br>

For the fiscal year ended September 30, 2021, the information presented was audited by a different independent registered public accounting firm.

<sup>(5)</sup> <br>

Effective close of business April 1, 2022, the fiscal year-end was changed from September 30 to May 31.

#### 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

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

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 <br> subject to offset under the Agreement as of November 30, 2022:

#### Large Cap Value

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Capital Inc. | $739618 | $(739618) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman, Sachs & Co. LLC | 2544906 | (2544906) |  |
| Morgan Stanley & Co. LLC | 3407823 | (3407823) |  |
| Total | $6692347 | $(6692347) | $— |

---

<sup>(1)</sup> <br>

Cash Collateral with a fair value of $6,861,114 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

#### MidCap Opportunities

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Natixis Securities America LLC  | $664652 | $(664652) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $664652 | $(664652) | $— |

---

<sup>(1)</sup> <br>

Cash Collateral with a fair value of $681,847 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

#### Multi-Manager Mid Cap Value

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Cantor Fitzgerald & Co | $49487 | $(49487) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley & Co. LLC  | 205824 | (205824) |  |
| Total | $255311 | $(255311) | $— |

---

<sup>(1)</sup> <br>

Cash Collateral with a fair value of $263,302 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

#### U.S. High Dividend Low Volatility

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Citigroup Global Markets Inc. | $126219 | $(126219) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Jefferies LLC | 285579 | (285579) |  |
| TD Prime Services LLC | 192300 | (192300) |  |
| Total | $604098 | $(604098) | $— |

---

<sup>(1)</sup> <br>

Cash Collateral with a fair value of $638,007 has been 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 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 federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals and distributions in connection with redemption of fund shares (equalization).

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended May 31, 2022**  | **Year Ended May 31, 2022**  | **Year Ended May 31, 2022**  | **Year Ended May 31, 2021**  | **Year Ended May 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  | **Return of <br> Capital**  | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  |
| Large-Cap Growth | $71816890 | $116304370 | $— | $44791431 | $100356825 |
| Large Cap Value | 28238589 | 76847815 |  | 9818581 | 47536477 |
| MidCap Opportunities | 93737162 | 130309101 |  | 86068130 | 94191226 |
| Multi-Manager Mid Cap Value | 9458957 | 19714122 |  | 3478461 | 4275262 |
| Small Cap Growth<sup>(1)</sup> | 16671399 | 70798534 | 1520995 | 2551820 | 25719474 |
| U.S. High Dividend Low Volatility | 12188538 | 21248599 |  | 4797519 |  |

---

<sup>(1)</sup> <br>

Amounts are as of the Fund's tax year-ends of September 30, 2022 and September 30, 2021.

The tax-basis components of distributable earnings as of May 31, 2022 were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Late Year <br> Ordinary Losses <br> Deferred**  | **Post-October <br> Capital Losses <br> Deferred**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Other**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Large-Cap Growth | $— | $127925844 | $(323810) | $(42160558) | $138078052 | $(13957) | $223505571 |
| Large Cap Value | 6552562 | 34951551 |  |  | 103762058 | (33488) | 145232683 |
| MidCap Opportunities |  |  | (1818512) | (6294846) | (30346621) | (25706) | (38485685) |
| Multi-Manager Mid Cap Value | 1448913 | 8790234 |  |  | 11319429 | (4056) | 21554520 |
| Small Cap Growth<sup>(1)</sup> |  |  | (1784012) | (4567436) | 15434638 |  | 9083190 |
| U.S. High Dividend Low Volatility | 2761907 | 7533077 |  |  | 7341094 | (1681) | 17634397 |

---

<sup>(1)</sup> <br>

Amounts are as of the Fund's tax year-end of September 30, 2022.

At May 31, 2022, the Funds did not have any capital loss carryforwards for U.S. federal income tax purposes.

The Funds' major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2022 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 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global

regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund's existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

#### NOTE 14 — MARKET DISRUPTION
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, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund's investments, including beyond a Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in 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 investments of the portfolio and of the Funds. Any of these occurrences could disrupt the operations of a Fund and of the Funds' service providers.

#### NOTE 15 — REORGANIZATIONS
On October 7, 2022, Small Cap Growth ("Acquiring Fund") acquired all of the net assets and assumed all liabilities of Voya SmallCap Opportunities Fund ("Acquired Fund"), an open-end investment company that is 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 Fund 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, 2022, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund's *pro forma* results of operations for the period ended November 30, 2022, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $(1378606) |
| Net realized and unrealized loss on investments | $16694295 |
| Net decrease in net assets resulting from operations | $15315689 |

---

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 Fund that have been included in the Acquiring Fund's statement of operations since October 7, 2022. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Net Assets of <br> Acquired Fund (000s)**  | **Total Net Assets of <br> Acquiring Fund (000s)**  | **Acquired Fund's <br> Capital Loss <br> Carryforwards (000s)**  | **Acquired Fund's <br> Capital Loss <br> Carryforwards (000s)**  | **Acquired Fund's <br> Unrealized <br> Appreciation (000s)**  | **Acquired Fund's <br> Unrealized <br> Appreciation (000s)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Funds' <br> Conversion <br> Ratio**  |
| $91620  | $465595 | ($| 21666) | ($| 6816) | 1.3242 |

---

The net assets of the Acquiring Fund after the acquisition of Acquired Fund were $557,215,336.

On the close of business April 1, 2022, Small Cap Growth acquired all the net assets and assumed all liabilities of the Predecessor Fund. The Predecessor Fund was determined to be the accounting and performance survivor following the reorganization. The consummation of the reorganization took place immediately after the close of business on April 1, 2022 in an exchange of shares as detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net assets of Predecessor <br> Fund on April 1, 2022\***  | **Net assets of <br> Fund immediately <br> before Reorganization**  | **Net assets of Fund <br> immediately <br> after Reorganization**  | **Predecessor Fund <br> shares exchanged**  | &nbsp;&nbsp;&nbsp; **Fund Shares <br> Issued to the <br> Predecessor Fund <br> Shareholders**  |
| $473361143  | $&nbsp;&nbsp;&nbsp;&nbsp;— | $473361143 | 12087874 | 12087874 |

---

\* <br>

Final day of operations immediate prior to the merger.

------

[**TABLE OF CONTENTS**](#TOC)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 15 — REORGANIZATIONS (continued)

Assuming the acquisition had a been completed on October 1, 2021, the beginning of the reporting period of the Fund, the Fund's pro forma results of operations for the period ended May 31, 2022, are as follows:

---

| | | |
|:---|:---|:---|
| **Net Investment <br> Income (Loss)**  | &nbsp;&nbsp;&nbsp; **Net Realized and <br> Unrealized Gain <br> (Loss) on <br> Investments**  | **Net Increase <br> (Decrease) in Net <br> Assets Resulting <br> from Operations**  |
| $(1835871)  | $(90881208) | $(92717079) |

---

#### NOTE 16 — SUBSEQUENT EVENTS
*Dividends: Subsequent to November 30, 2022, the Funds declared and paid dividends and distributions of:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **PER SHARE AMOUNTS**  | **PER SHARE AMOUNTS**  | **PER SHARE AMOUNTS**  | | |
| | **Net <br> Investment <br> Income**  | **Short-term <br> Capital <br> Gains**  | **Long-term <br> Capital <br> Gains**  | **Payable Date**  | **Record Date**  |
| **Large-Cap Growth** |  |  |  |  |  |
| All Classes | $— | $— | $6.9146 | December 16, 2022  | December 14, 2022  |
| **Large Cap Value** |  |  |  |  |  |
| All Classes | $— | $0.0965 | $0.6248 | December 16, 2022  | December 14, 2022  |
| Class A | $0.0401 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class C | $0.0195 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class I | $0.0484 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class R | $0.0348 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class R6 | $0.0490 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class W | $0.0467 | $— | $— | January 3, 2023  | December 29, 2022  |
| **Multi-Manager Mid Cap Value** |  |  |  |  |  |
| Class I | $0.1483 | $0.0308 | $0.5825 | December 16, 2022  | December 14, 2022  |
| Class P | $0.1476 | $0.0308 | $0.5825 | December 16, 2022  | December 14, 2022  |
| **U.S. High Dividend Low Volatility** |  |  |  |  |  |
| All Classes | $— | $0.2758 | $0.8251 | December 16, 2022  | December 14, 2022  |
| Class A | $0.0641 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class I | $0.0698 | $— | $— | January 3, 2023  | December 29, 2022  |
| Class R6 | $0.0699 | $— | $— | January 3, 2023  | December 29, 2022  |

---

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.

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Large-Cap Growth Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 97.7%** | **COMMON STOCK: 97.7%** | **COMMON STOCK: 97.7%** | **COMMON STOCK: 97.7%** |
|  | **Communication Services: 6.0%** | **Communication Services: 6.0%** | **Communication Services: 6.0%** |
| 358234 <sup>(1)</sup> | Alphabet, Inc. - Class A | $36178052 | 4.5 |
| 87694 <sup>(1)</sup> | Live Nation Entertainment, <br> Inc. | 6380615 | 0.8 |
| 53499 <sup>(1)</sup> | Walt Disney Co. | 5235947 | 0.7 |
|  |  | **47794614** | **6.0** |
|  | **Consumer Discretionary: 12.8%** | **Consumer Discretionary: 12.8%** | **Consumer Discretionary: 12.8%** |
| 337045 <sup>(1)</sup> | Amazon.com, Inc. | 32538324 | 4.1 |
| 8451 <sup>(1)</sup> | Chipotle Mexican Grill, Inc.  | 13749439 | 1.7 |
| 24835 | Domino's Pizza, Inc. | 9654110 | 1.2 |
| 63922 <sup>(1)</sup> | Etsy, Inc. | 8443457 | 1.1 |
| 74478 <sup>(1)</sup> | Expedia Group, Inc. | 7957230 | 1 |
| 37352 <sup>(1)</sup> | Lululemon Athletica, Inc. | 14205339 | 1.8 |
| 60232 | Ross Stores, Inc. | 7087499 | 0.9 |
| 41652 <sup>(1)</sup> | Tesla, Inc. | 8109644 | 1 |
|  |  | **101745042** | **12.8** |
|  | **Consumer Staples: 5.7%** | **Consumer Staples: 5.7%** | **Consumer Staples: 5.7%** |
| 88371 | Constellation Brands, Inc. | 22742277 | 2.9 |
| 54104 | Estee Lauder Cos., Inc. | 12757182 | 1.6 |
| 62079 | Walmart, Inc. | 9462081 | 1.2 |
|  |  | **44961540** | **5.7** |
|  | **Energy: 2.0%** | **Energy: 2.0%** | **Energy: 2.0%** |
| 62563 | Diamondback Energy, Inc.  | 9260575 | 1.1 |
| 51833 | Valero Energy Corp. | 6925926 | 0.9 |
|  |  | **16186501** | **2.0** |
|  | **Financials: 2.7%** | **Financials: 2.7%** | **Financials: 2.7%** |
| 18188 | LPL Financial Holdings, <br> Inc. | 4305282 | 0.6 |
| 33216 | MSCI, Inc. - Class A | 16868081 | 2.1 |
|  |  | **21173363** | **2.7** |
|  | **Health Care: 14.3%** | **Health Care: 14.3%** | **Health Care: 14.3%** |
| 317669 <sup>(1)</sup> | Boston Scientific Corp. | 14380876 | 1.8 |
| 32513 | Danaher Corp. | 8889379 | 1.1 |
| 139129 <sup>(1)</sup> | DexCom, Inc. | 16177920 | 2.1 |
| 83774 | Eli Lilly & Co. | 31086856 | 3.9 |
| 24734 | Humana, Inc. | 13601227 | 1.7 |
| 31476 <sup>(1)</sup> | Intuitive Surgical, Inc. | 8510796 | 1.1 |
| 22631 | UnitedHealth Group, Inc. | 12396356 | 1.6 |
| 25995 <sup>(1)</sup> | Vertex Pharmaceuticals, <br> Inc. | 8224818 | 1 |
|  |  | **113268228** | **14.3** |
|  | **Industrials: 6.5%** | **Industrials: 6.5%** | **Industrials: 6.5%** |
| 64468 | Booz Allen Hamilton <br> Holding Corp. | 6859395 | 0.8 |
| 82263 | Eaton Corp. PLC | 13445887 | 1.7 |
| 110405 | Quanta Services, Inc. | 16547502 | 2.1 |
| 13573 | TransDigm Group, Inc. | 8530631 | 1.1 |
| 133144 <sup>(1)</sup> | WillScot Mobile Mini <br> Holdings Corp. | 6418872 | 0.8 |
|  |  | **51802287** | **6.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 44.7%** | **Information Technology: 44.7%** | **Information Technology: 44.7%** |
| 120577 <sup>(1)</sup> | Advanced Micro Devices, <br> Inc. | $9360392 | 1.2 |
| 480499 | Apple, Inc. | 71128267 | 9 |
| 67711 <sup>(1)</sup> | Cadence Design Systems, <br> Inc. | 11649000 | 1.5 |
| 51811 <sup>(1)</sup> | Crowdstrike Holdings, Inc.  | 6095564 | 0.8 |
| 72376 <sup>(1)</sup> | Datadog, Inc. | 5484653 | 0.7 |
| 37007 <sup>(1)</sup> | Enphase Energy, Inc. | 11864074 | 1.5 |
| 34352 <sup>(1)</sup> | Gartner, Inc. | 12035910 | 1.5 |
| 29467 | Intuit, Inc. | 12010455 | 1.5 |
| 52373 <sup>(1)</sup> | Keysight Technologies, Inc.  | 9473752 | 1.2 |
| 8286 | Lam Research Corp. | 3914141 | 0.5 |
| 156265 | Marvell Technology, Inc. | 7269448 | 0.9 |
| 364564 | Microsoft Corp. | 93014859 | 11.7 |
| 33880 | Motorola Solutions, Inc. | 9222136 | 1.1 |
| 116537 | Nvidia Corp. | 19721557 | 2.5 |
| 95196 <sup>(1)</sup> | Palo Alto Networks, Inc. | 16173800 | 2 |
| 68993 | Paychex, Inc. | 8557202 | 1.1 |
| 24797 <sup>(1)</sup> | ServiceNow, Inc. | 10322991 | 1.3 |
| 172366 | Visa, Inc. - Class A | 37403422 | 4.7 |
|  |  | **354701623** | **44.7** |
|  | **Real Estate: 1.9%** | **Real Estate: 1.9%** | **Real Estate: 1.9%** |
| 58915 | ProLogis, Inc. | 6939598 | 0.9 |
| 28393 | SBA Communications <br> Corp. | 8498025 | 1 |
|  |  | **15437623** | **1.9** |
|  | **Utilities: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** |
| 99483 | NextEra Energy, Inc. | **8426210** | 1.1 |
|  | Total Common Stock <br> (Cost $599,677,017) | **775497031** | 97.7 |
| **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** | **SHORT-TERM INVESTMENTS: 2.4%** |
|  | **Mutual Funds: 2.4%** | **Mutual Funds: 2.4%** | **Mutual Funds: 2.4%** |
| 18754000 <sup>(2)</sup> | Goldman Sachs Financial <br> Square Government <br> Fund – Institutional <br> Shares, 3.740% <br> (Cost $18,754,000) | **18754000** | 2.4 |
|  | Total Short-Term <br> Investments <br> (Cost $18,754,000) | **18754000** | 2.4 |
|  | **Total Investments in <br> Securities <br> (Cost $618,431,017)** | $**794251031** | **100.1** |
|  | **Liabilities in Excess of <br> Other Assets** | **(593600)** | **(0.1)** |
|  | **Net Assets** | $**793657431** | **100.0** |

---

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Large-Cap Growth Fund as of November 30, 2022 (Unaudited) (continued)

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $775497031 | $— | $— | $775497031 |
| Short-Term Investments | 18754000 |  |  | 18754000 |
| Total Investments, at fair value | $794251031 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $794251031 |

---

^ <br>

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, 2022, 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 federal income tax purposes was $629,282,011. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $223476818 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (58507798) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $164969020 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **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: 8.7%** | **Communication Services: 8.7%** | **Communication Services: 8.7%** |
| 1560403 | AT&T, Inc. | $30084570 | 4.3 |
| 338800 <sup>(1)</sup> | Paramount Global - Class B | 6803104 | 1 |
| 395942 <sup>(2)</sup> | Pinterest, Inc. | 10064846 | 1.4 |
| 145649 <sup>(2)</sup> | Walt Disney Co. | 14254667 | 2 |
|  |  | **61207187** | **8.7** |
|  | **Consumer Discretionary: 5.4%** | **Consumer Discretionary: 5.4%** | **Consumer Discretionary: 5.4%** |
| 90426 <sup>(2)</sup> | Aptiv PLC | 9645741 | 1.4 |
| 175694 <sup>(2)</sup> | Caesars Entertainment, Inc. | 8927012 | 1.2 |
| 77148 <sup>(2)</sup> | Expedia Group, Inc. | 8242492 | 1.2 |
| 101087 | Ralph Lauren Corp. | 11434962 | 1.6 |
|  |  | **38250207** | **5.4** |
|  | **Consumer Staples: 6.7%** | **Consumer Staples: 6.7%** | **Consumer Staples: 6.7%** |
| 159123 | Coca-Cola Co. | 10121814 | 1.4 |
| 311493 | Kraft Heinz Co. | 12257250 | 1.7 |
| 251990 | Philip Morris International, <br> Inc. | 25115843 | 3.6 |
|  |  | **47494907** | **6.7** |
|  | **Energy: 7.8%** | **Energy: 7.8%** | **Energy: 7.8%** |
| 343918 | BP PLC ADR | 12346656 | 1.7 |
| 39849 | Chevron Corp. | 7304720 | 1 |
| 118371 | ConocoPhillips | 14620002 | 2.1 |
| 65677 | Diamondback Energy, Inc. | 9721510 | 1.4 |
| 83578 | Valero Energy Corp. | 11167693 | 1.6 |
|  |  | **55160581** | **7.8** |
|  | **Financials: 21.0%** | **Financials: 21.0%** | **Financials: 21.0%** |
| 265150 | Apollo Global Management, <br> Inc. | 18398759 | 2.6 |
| 80669 | Arthur J. Gallagher & Co. | 16062005 | 2.3 |
| 339805 | Bank of New York Mellon <br> Corp. | 15597050 | 2.2 |
| 487884 | Equitable Holdings, Inc. | 15485438 | 2.2 |
| 27120 | Everest Re Group Ltd. | 9164933 | 1.3 |
| 30816 | Goldman Sachs Group, Inc. | 11899598 | 1.7 |
| 244968 | JPMorgan Chase & Co. | 33849678 | 4.8 |
| 116066 | Nasdaq, Inc. | 7945878 | 1.1 |
| 425474 | Truist Financial Corp. | 19916438 | 2.8 |
|  |  | **148319777** | **21.0** |
|  | **Health Care: 15.8%** | **Health Care: 15.8%** | **Health Care: 15.8%** |
| 128851 | Alcon, Inc. | 8876546 | 1.3 |
| 300245 <sup>(2)</sup> | Boston Scientific Corp. | 13592091 | 1.9 |
| 274109 | Bristol-Myers Squibb Co. | 22005471 | 3.1 |
| 25701 | Eli Lilly & Co. | 9537127 | 1.3 |
| 25609 | Humana, Inc. | 14082389 | 2 |
| 28697 | McKesson Corp. | 10953071 | 1.6 |
| 58104 | Quest Diagnostics, Inc. | 8821930 | 1.2 |
| 26282 | Thermo Fisher Scientific, Inc.  | 14723702 | 2.1 |
| 28220 <sup>(2)</sup> | Vertex Pharmaceuticals, Inc.  | 8928808 | 1.3 |
|  |  | **111521135** | **15.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: 9.5%** | **Industrials: 9.5%** | **Industrials: 9.5%** |
| 70097 | Booz Allen Hamilton Holding <br> Corp. | $7458321 | 1 |
| 430388 | Howmet Aerospace, Inc. | 16212716 | 2.3 |
| 334612 | nVent Electric PLC | 13387826 | 1.9 |
| 133093 | Raytheon Technologies Corp.  | 13138941 | 1.9 |
| 47882 <sup>(2)</sup> | United Rentals, Inc. | 16903782 | 2.4 |
|  |  | **67101586** | **9.5** |
|  | **Information Technology: 9.6%** | **Information Technology: 9.6%** | **Information Technology: 9.6%** |
| 42835 | Analog Devices, Inc. | 7363765 | 1.1 |
| 20902 | Broadcom, Inc. | 11517629 | 1.6 |
| 4461 | Constellation Software, <br> Inc./Canada | 7191590 | 1 |
| 116295 | Dolby Laboratories, Inc. | 8707007 | 1.3 |
| 29273 | Motorola Solutions, Inc. | 7968110 | 1.1 |
| 109517 <sup>(2)</sup> | PayPal Holdings, Inc. | 8587228 | 1.2 |
| 11911 | Roper Technologies, Inc. | 5227619 | 0.8 |
| 66976 <sup>(2)</sup> | Salesforce, Inc. | 10732904 | 1.5 |
|  |  | **67295852** | **9.6** |
|  | **Materials: 5.1%** | **Materials: 5.1%** | **Materials: 5.1%** |
| 27595 | Air Products & Chemicals, <br> Inc. | 8558865 | 1.2 |
| 118461 | Alcoa Corp. | 5938450 | 0.9 |
| 61164 | CF Industries Holdings, Inc. | 6617333 | 1 |
| 100751 | Eastman Chemical Co. | 8727052 | 1.2 |
| 27432 | Reliance Steel & Aluminum <br> Co. | 5796107 | 0.8 |
|  |  | **35637807** | **5.1** |
|  | **Real Estate: 4.1%** | **Real Estate: 4.1%** | **Real Estate: 4.1%** |
| 73368 | ProLogis, Inc. | 8642017 | 1.2 |
| 55791 | Ryman Hospitality Properties  | 5106550 | 0.7 |
| 148852 | UDR, Inc. | 6172892 | 0.9 |
| 129688 | Welltower, Inc. | 9211739 | 1.3 |
|  |  | **29133198** | **4.1** |
|  | **Utilities: 5.5%** | **Utilities: 5.5%** | **Utilities: 5.5%** |
| 63542 | Ameren Corp. | 5675571 | 0.8 |
| 67889 | American Electric Power Co., <br> Inc. | 6571655 | 0.9 |
| 106002 | Entergy Corp. | 12324853 | 1.8 |
| 167073 | NextEra Energy, Inc. | 14151083 | 2 |
|  |  | **38723162** | **5.5** |
|  | Total Common Stock <br> (Cost $581,354,999) | **699845399** | 99.2 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **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%** |
|  | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| 1597088 <sup>(3)</sup> | Bank of America Inc., <br> Repurchase Agreement <br> dated 11/30/22, 3.80%, due <br> 12/01/22 (Repurchase <br> Amount $1,597,254, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 1.500%-6.500%, <br> Market Value plus accrued <br> interest $1,629,030, due <br> 10/01/28-04/01/59) | $1597088 | 0.2 |
| 1597088 <sup>(3)</sup> | Deutsche Bank Securities <br> Inc., Repurchase Agreement <br> dated 11/30/22, 3.82%, due <br> 12/01/22 (Repurchase <br> Amount $1,597,255, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 1.500%-7.500%, <br> Market Value plus accrued <br> interest $1,629,030, due <br> 02/01/24-12/01/52) | 1597088 | 0.2 |
| 1597088 <sup>(3)</sup> | HSBC Securities USA, <br> Repurchase Agreement <br> dated 11/30/22, 3.79%, due <br> 12/01/22 (Repurchase <br> Amount $1,597,254, <br> collateralized by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, 0.250%-4.500%, <br> Market Value plus accrued <br> interest $1,629,030, due <br> 04/15/23-09/20/51) | 1597088 | 0.3 |
| 472762 <sup>(3)</sup> | JPMorgan Securities LLC, <br> Repurchase Agreement <br> dated 11/30/22, 3.79%, due <br> 12/01/22 (Repurchase <br> Amount $472,811, <br> collateralized by various U.S. <br> Government Securities, <br> 0.750%-2.500%, Market <br> Value plus accrued interest <br> $482,217, due <br> 02/29/24-05/31/26) | 472762 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **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)** |
| 1597088 <sup>(3)</sup> | RBC Dominion Securities <br> Inc., Repurchase Agreement <br> dated 11/30/22, 3.81%, due <br> 12/01/22 (Repurchase <br> Amount $1,597,255, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 2.000%-5.500%, <br> Market Value plus accrued <br> interest $1,629,030, <br> due 09/01/24-10/20/52) | $1597088 | 0.2 |
|  | Total Repurchase <br> Agreements |  |  |
|  | Total Short-Term Investments <br> (Cost $6,861,114) | **6861114** | 1.0 |
|  | **Total Investments in <br> Securities <br> (Cost $588,216,113)** | $**706706513** | **100.2** |
|  | **Liabilities in Excess of <br> Other Assets** | **(1099659)** | **(0.2)** |
|  | **Net Assets** | $**705606854** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

ADR <br>

American Depositary Receipt

<sup>(1)</sup> <br>

Security, or a portion of the security, is on loan.

<sup>(2)</sup> <br>

Non-income producing security.

<sup>(3)</sup> <br>

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

---

| | |
|:---|:---|
| **Geographic Diversification as of November 30, 2022 <br> (as a percentage of net assets)**  | **Geographic Diversification as of November 30, 2022 <br> (as a percentage of net assets)**  |
| United States | 91.9%  |
| United Kingdom | 5.0%  |
| Switzerland | 1.3%  |
| Canada | 1.0%  |
| Assets in Excess of Other Liabilities\* | &nbsp;&nbsp;&nbsp;&nbsp;0.8%  |
| Net Assets | 100.0%  |

---

\* <br>

Includes short-term investments.

#### Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Large Cap Value Fund as of November 30, 2022 (Unaudited) (continued)

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $699845399 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $699845399 |
| Short-Term Investments |  | 6861114 |  | 6861114 |
| Total Investments, at fair value | $699845399 | $6861114 | $— | $706706513 |

---

^ <br>

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, 2022, 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 federal income tax purposes was $595,255,819. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $138457948 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (27003269) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $111454679 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya MidCap Opportunities Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** | **COMMON STOCK: 97.4%** |
|  | **Communication Services: 2.0%** | **Communication Services: 2.0%** | **Communication Services: 2.0%** |
| 111180 <sup>(1)</sup> | Live Nation Entertainment, Inc.  | $8089457 | 1.1 |
| 235585 <sup>(1)</sup> | Pinterest, Inc. | 5988571 | 0.9 |
|  |  | **14078028** | **2.0** |
|  | **Consumer Discretionary: 16.3%** | **Consumer Discretionary: 16.3%** | **Consumer Discretionary: 16.3%** |
| 84028 <sup>(1)</sup> | Aptiv PLC | 8963267 | 1.3 |
| 11001 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 17898187 | 2.5 |
| 30865 | Domino's Pizza, Inc. | 11998151 | 1.7 |
| 90728 <sup>(1)</sup> | Etsy, Inc. | 11984262 | 1.7 |
| 104498 <sup>(1)</sup> | Expedia Group, Inc. | 11164566 | 1.6 |
| 109100 <sup>(1)</sup> | Floor & Decor Holdings, Inc. | 8142133 | 1.1 |
| 52565 <sup>(1)</sup> | Lululemon Athletica, Inc. | 19990995 | 2.8 |
| 79106 | Ralph Lauren Corp. | 8948471 | 1.3 |
| 137604 | Ross Stores, Inc. | 16191863 | 2.3 |
|  |  | **115281895** | **16.3** |
|  | **Consumer Staples: 3.0%** | **Consumer Staples: 3.0%** | **Consumer Staples: 3.0%** |
| 60337 <sup>(1)</sup> | Celsius Holdings, Inc. | 6717921 | 0.9 |
| 37985 | Constellation Brands, Inc. | 9775440 | 1.4 |
| 193527 <sup>(1)</sup> | Hostess Brands, Inc. | 5109113 | 0.7 |
|  |  | **21602474** | **3.0** |
|  | **Energy: 4.6%** | **Energy: 4.6%** | **Energy: 4.6%** |
| 63930 | Diamondback Energy, Inc. | 9462919 | 1.4 |
| 189255 | Halliburton Co. | 7170872 | 1 |
| 108722 | Hess Corp. | 15646183 | 2.2 |
|  |  | **32279974** | **4.6** |
|  | **Financials: 4.9%** | **Financials: 4.9%** | **Financials: 4.9%** |
| 39640 | Apollo Global Management, <br> Inc. | 2750619 | 0.4 |
| 54425 | LPL Financial Holdings, Inc. | 12882942 | 1.8 |
| 36894 | MSCI, Inc. - Class A | 18735880 | 2.7 |
|  |  | **34369441** | **4.9** |
|  | **Health Care: 16.9%** | **Health Care: 16.9%** | **Health Care: 16.9%** |
| 112720 | Agilent Technologies, Inc. | 17469346 | 2.5 |
| 23700 <sup>(1)</sup> | Alnylam Pharmaceuticals, <br> Inc. | 5227983 | 0.7 |
| 122678 | Bio-Techne Corp. | 10426403 | 1.5 |
| 40205 <sup>(1)</sup> | Charles River Laboratories <br> International, Inc. | 9189657 | 1.3 |
| 64777 | Conmed Corp. | 5366775 | 0.8 |
| 201453 <sup>(1)</sup> | DexCom, Inc. | 23424955 | 3.3 |
| 50080 <sup>(1)(2)</sup> | Novocure Ltd. | 3848147 | 0.5 |
| 265715 <sup>(1)</sup> | Progyny, Inc. | 9733140 | 1.4 |
| 66175 | Resmed, Inc. | 15233485 | 2.2 |
| 78841 <sup>(1)</sup> | Seagen, Inc. | 9570509 | 1.3 |
| 36154 <sup>(1)</sup> | United Therapeutics Corp. | 10119143 | 1.4 |
|  |  | **119609543** | **16.9** |
|  | **Industrials: 16.7%** | **Industrials: 16.7%** | **Industrials: 16.7%** |
| 109436 | Ametek, Inc. | 15585875 | 2.2 |
| 106475 | Booz Allen Hamilton Holding <br> Corp. | 11328940 | 1.6 |
| 206612 | Howmet Aerospace, Inc. | 7783074 | 1.1 |
| 51607 | Hubbell, Inc. | 13111274 | 1.8 |
| 38270 | IDEX Corp. | 9088742 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| 130326 | Quanta Services, Inc. | $| 19533261 | 2.8 |
| 22711 | TransDigm Group, Inc. |  | 14273863 | 2 |
| 27820 <sup>(1)</sup> | United Rentals, Inc. |  | 9821295 | 1.4 |
| 67498 | Waste Connections, Inc. |  | 9753461 | 1.4 |
| 160098 <sup>(1)</sup> | WillScot Mobile Mini Holdings <br> Corp. |  | 7718325 | 1.1 |
|  |  |  | **117998110** | **16.7** |
|  | **Information Technology: 28.1%** | **Information Technology: 28.1%** | **Information Technology: 28.1%** | **Information Technology: 28.1%** |
| 165988 <sup>(1)</sup> | Cadence Design Systems, Inc.  |  | 28556576 | 4 |
| 58075 | CDW Corp. |  | 10955268 | 1.6 |
| 72510 <sup>(1)</sup> | Crowdstrike Holdings, Inc. |  | 8530801 | 1.2 |
| 122661 <sup>(1)</sup> | Datadog, Inc. |  | 9295251 | 1.3 |
| 237078 <sup>(1)</sup> | Dynatrace, Inc. |  | 9186773 | 1.3 |
| 45218 <sup>(1)</sup> | Enphase Energy, Inc. |  | 14496439 | 2.1 |
| 71543 | Entegris, Inc. |  | 5529558 | 0.8 |
| 49153 <sup>(1)</sup> | Gartner, Inc. |  | 17221737 | 2.4 |
| 105975 <sup>(1)</sup> | Keysight Technologies, Inc. |  | 19169818 | 2.7 |
| 89574 | Marvell Technology, Inc. |  | 4166982 | 0.6 |
| 18807 | Monolithic Power Systems, Inc.  |  | 7183522 | 1 |
| 51255 | Motorola Solutions, Inc. |  | 13951611 | 2 |
| 110587 <sup>(1)</sup> | Palo Alto Networks, Inc. |  | 18788731 | 2.7 |
| 74069 <sup>(1)</sup> | Paylocity Holding Corp. |  | 16134450 | 2.3 |
| 23325 | Roper Technologies, Inc. |  | 10237109 | 1.4 |
| 38641 <sup>(1)</sup> | Zscaler, Inc. |  | 5156641 | 0.7 |
|  |  |  | **198561267** | **28.1** |
|  | **Materials: 3.5%** | **Materials: 3.5%** | **Materials: 3.5%** | **Materials: 3.5%** |
| 62304 | Ashland, Inc. |  | 6969948 | 1 |
| 66609 | Avery Dennison Corp. |  | 12877518 | 1.8 |
| 47189 | CF Industries Holdings, Inc. |  | 5105378 | 0.7 |
|  |  |  | **24952844** | **3.5** |
|  | **Real Estate: 1.4%** | **Real Estate: 1.4%** | **Real Estate: 1.4%** | **Real Estate: 1.4%** |
| 32114 | SBA Communications Corp. |  | **9611720** | 1.4 |
|  | Total Common Stock <br> (Cost $643,036,418) |  | **688345296** | 97.4 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya MidCap Opportunities Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** |
|  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |
| 681847 <sup>(3)</sup>  | Bank of Nova Scotia, <br> Repurchase Agreement dated <br> 11/30/22, 3.80%, due 12/01/22 <br> (Repurchase Amount <br> $681,918, collateralized by <br> various U.S. Government <br> Agency Obligations, <br> 2.000%-6.000%, Market Value <br> plus accrued interest <br> $695,557, due <br> 09/01/24-10/01/52) <br> (Cost $681,847) | $**&nbsp;&nbsp;&nbsp;&nbsp;681847** | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
|  | **Mutual Funds: 2.5%** | **Mutual Funds: 2.5%** | **Mutual Funds: 2.5%** |
| 17500000 <sup>(4)</sup> | Goldman Sachs Financial <br> Square Government <br> Fund - Institutional Shares, <br> 3.740% <br> (Cost $17,500,000) | **17500000** | 2.5 |

---

---

| | | |
|:---|:---|:---|
| **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
| **Mutual Funds (continued)** | **Mutual Funds (continued)** | **Mutual Funds (continued)** |
| Total Short-Term <br> Investments <br> (Cost $18,181,847) | $**18181847** | 2.6 |
| **Total Investments in <br> Securities <br> (Cost $661,218,265)** | $**706527143** | **100.0** |
| **Liabilities in Excess of <br> Other Assets** | **(192621)** | **—** |
| **Net Assets** | $**706334522** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Security, or a portion of the security, is on loan.

<sup>(3)</sup> <br>

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $688345296 | $— | $— | $688345296 |
| Short-Term Investments | 17500000 | 681847 |  | 18181847 |
| Total Investments, at fair value | $705845296 | $681847 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $706527143 |

---

^ <br>

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, 2022, 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 federal income tax purposes was $663,977,742. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $107312292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (64762891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $42549401 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS

Value Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** | **COMMON STOCK: 98.8%** |
|  | **Communication Services: 2.0%** | **Communication Services: 2.0%** | **Communication Services: 2.0%** |
| 7300 <sup>(1)</sup> | AMC Networks, Inc. | $145708 | 0.1 |
| 1586 | Electronic Arts, Inc. | 207417 | 0.1 |
| 16605 | Fox Corp. - Class A | 538832 | 0.3 |
| 5993 | Interpublic Group of Cos., Inc.  | 205919 | 0.1 |
| 16264 <sup>(1)</sup> | Liberty Media Corp.- Liberty <br> Formula One C Tracking <br> Stock | 991128 | 0.6 |
| 3821 | Nexstar Media Group, Inc. | 724309 | 0.4 |
| 2359 | Omnicom Group | 188154 | 0.1 |
| 9900 <sup>(2)</sup> | Paramount Global - Class B | 198792 | 0.1 |
| 18500 | TEGNA, Inc. | 365190 | 0.2 |
|  |  | **3565449** | **2.0** |
|  | **Consumer Discretionary: 12.1%** | **Consumer Discretionary: 12.1%** | **Consumer Discretionary: 12.1%** |
| 888 | Advance Auto Parts, Inc. | 134079 | 0.1 |
| 39900 <sup>(1)</sup> | American Axle & <br> Manufacturing Holdings, Inc. | 415359 | 0.2 |
| 775 <sup>(1)</sup> | Autonation, Inc. | 96030 | 0.1 |
| 373 <sup>(1)</sup> | Autozone, Inc. | 961967 | 0.5 |
| 8182 | Best Buy Co., Inc. | 697925 | 0.4 |
| 7100 | Big Lots, Inc. | 138450 | 0.1 |
| 18200 | Bloomin Brands, Inc. | 409864 | 0.2 |
| 11028 | BorgWarner, Inc. | 468800 | 0.3 |
| 5400 | Brunswick Corp. | 400680 | 0.2 |
| 16793 | Carter's, Inc. | 1226561 | 0.7 |
| 103 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 167577 | 0.1 |
| 1184 | D.R. Horton, Inc. | 101824 | 0.1 |
| 3400 | Dick's Sporting Goods, Inc. | 406572 | 0.2 |
| 1831 <sup>(1)</sup> | Dollar Tree, Inc. | 275181 | 0.1 |
| 161 | Domino's Pizza, Inc. | 62586 | 0.0 |
| 10709 | eBay, Inc. | 486617 | 0.3 |
| 13100 | Foot Locker, Inc. | 521380 | 0.3 |
| 716 | Garmin Ltd. | 66581 | 0.0 |
| 2270 | Gentex Corp. | 65603 | 0.0 |
| 2106 | Genuine Parts Co. | 386093 | 0.2 |
| 30393 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 341009 | 0.2 |
| 10800 | H&R Block, Inc. | 472068 | 0.3 |
| 21900 | Hanesbrands, Inc. | 147168 | 0.1 |
| 16600 | Harley-Davidson, Inc. | 782358 | 0.4 |
| 1000 | Hibbett, Inc. | 66660 | 0.0 |
| 6600 | Kohl's Corp. | 211728 | 0.1 |
| 1700 | Lear Corp. | 245208 | 0.1 |
| 4803 | Lennar Corp. - Class A | 421847 | 0.2 |
| 218 | Lithia Motors, Inc. | 52170 | 0.0 |
| 3001 | LKQ Corp. | 163044 | 0.1 |
| 273 <sup>(1)</sup> | Lululemon Athletica, Inc. | 103825 | 0.1 |
| 14400 | Macy's, Inc. | 338400 | 0.2 |
| 22400 <sup>(1)</sup> | Modine Manufacturing Co. | 474208 | 0.3 |
| 8223 <sup>(1)</sup> | Mohawk Industries, Inc. | 833237 | 0.5 |
| 33 <sup>(1)</sup> | NVR, Inc. | 153087 | 0.1 |
| 9100 <sup>(1)</sup> | ODP Corp./The | 437983 | 0.2 |
| 966 <sup>(1)</sup> | O'Reilly Automotive, Inc. | 835146 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 4061 | Penske Auto Group, Inc. | $| 513513 | 0.3 |
| 18800 <sup>(1)</sup> | Perdoceo Education Corp. |  | 269780 | 0.1 |
| 8877 | Pulte Group, Inc. |  | 397512 | 0.2 |
| 18887 | PVH Corp. |  | 1268829 | 0.7 |
| 11000 | Rent-A-Center, Inc. |  | 264990 | 0.1 |
| 19796 | Ross Stores, Inc. |  | 2329395 | 1.3 |
| 1801 | Service Corp. International |  | 128681 | 0.1 |
| 4000 <sup>(1)</sup> | Sleep Number Corp. |  | 117000 | 0.1 |
| 1630 | Sturm Ruger & Co., Inc. |  | 89536 | 0.0 |
| 5600 | Thor Industries, Inc. |  | 482384 | 0.3 |
| 13300 | Toll Brothers, Inc. |  | 637203 | 0.3 |
| 1691 | Tractor Supply Co. |  | 382690 | 0.2 |
| 269 <sup>(1)</sup> | Ulta Beauty, Inc. |  | 125042 | 0.1 |
| 5707 | Whirlpool Corp. |  | 836247 | 0.5 |
| 2623 | Yum! Brands, Inc. |  | 337475 | 0.2 |
| 7700 <sup>(1)</sup> | Zumiez, Inc. |  | 179025 | 0.1 |
|  |  |  | **21928177** | **12.1** |
|  | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** | **Consumer Staples: 4.4%** |
| 2149 | Albertsons Cos, Inc. |  | 45022 | 0.0 |
| 8300 | Archer-Daniels-Midland Co. |  | 809250 | 0.4 |
| 2240 <sup>(1)</sup> | BJ's Wholesale Club <br> Holdings, Inc. |  | 168538 | 0.1 |
| 1697 | Bunge Ltd. |  | 177913 | 0.1 |
| 1344 | Campbell Soup Co. |  | 72132 | 0.0 |
| 376 | Casey's General Stores, Inc. |  | 91376 | 0.1 |
| 1805 | Church & Dwight Co., Inc. |  | 147775 | 0.1 |
| 740 | Clorox Co. |  | 110001 | 0.1 |
| 20542 | Conagra Brands, Inc. |  | 780185 | 0.4 |
| 1290 <sup>(1)</sup> | Darling Ingredients, Inc. |  | 92661 | 0.1 |
| 5700 | Edgewell Personal Care Co. |  | 246297 | 0.1 |
| 1205 | Hershey Co. |  | 283380 | 0.2 |
| 3800 | Ingredion, Inc. |  | 372286 | 0.2 |
| 2640 | JM Smucker Co. |  | 406586 | 0.2 |
| 2489 | Kellogg Co. |  | 181573 | 0.1 |
| 30950 | Kroger Co. |  | 1522430 | 0.8 |
| 1046 | McCormick & Co., Inc. |  | 89098 | 0.1 |
| 13328 | Molson Coors Beverage Co. |  | 734506 | 0.4 |
| 9000 | SpartanNash Co. |  | 295650 | 0.2 |
| 16600 <sup>(1)</sup> | Sprouts Farmers Market, Inc.  |  | 569878 | 0.3 |
| 10710 | Tyson Foods, Inc. |  | 709859 | 0.4 |
|  |  |  | **7906396** | **4.4** |
|  | **Energy: 4.4%** | **Energy: 4.4%** | **Energy: 4.4%** | **Energy: 4.4%** |
| 7790 | APA Corp. |  | 364962 | 0.2 |
| 3573 | Baker Hughes Co. |  | 103688 | 0.1 |
| 770 | Cheniere Energy, Inc. |  | 135027 | 0.1 |
| 2345 | Chesapeake Energy Corp. |  | 242708 | 0.1 |
| 1604 | Devon Energy Corp. |  | 109906 | 0.1 |
| 2800 | EOG Resources, Inc. |  | 397404 | 0.2 |
| 1054 | Hess Corp. |  | 151681 | 0.1 |
| 16131 | HF Sinclair Corp. |  | 1005607 | 0.5 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS

Value Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 41572 | Marathon Oil Corp. | $| 1273350 | 0.7 |
| 5500 | Marathon Petroleum Corp. |  | 669955 | 0.4 |
| 18300 <sup>(1)</sup> | National Energy Services <br> Reunited Corp. |  | 116937 | 0.1 |
| 16940 | Occidental Petroleum Corp. |  | 1177161 | 0.6 |
| 1858 | Oneok, Inc. |  | 124337 | 0.1 |
| 6000 | PDC Energy, Inc. |  | 445920 | 0.2 |
| 9889 | Phillips 66 |  | 1072363 | 0.6 |
| 2400 | Valero Energy Corp. |  | 320688 | 0.2 |
| 7059 | Williams Cos., Inc. |  | 244947 | 0.1 |
|  |  |  | **7956641** | **4.4** |
|  | **Financials: 18.8%** | **Financials: 18.8%** | **Financials: 18.8%** | **Financials: 18.8%** |
| 13492 | Aflac, Inc. |  | 970480 | 0.5 |
| 7510 | Allstate Corp. |  | 1005589 | 0.6 |
| 12100 | Ally Financial, Inc. |  | 326821 | 0.2 |
| 3244 | American Financial Group, <br> Inc. |  | 461362 | 0.3 |
| 9400 | American International Group, <br> Inc. |  | 593234 | 0.3 |
| 3440 | Ameriprise Financial, Inc. |  | 1141908 | 0.6 |
| 10675 | Annaly Capital Management, <br> Inc. |  | 231327 | 0.1 |
| 3400 | Apollo Global Management, <br> Inc. |  | 235926 | 0.1 |
| 6295 <sup>(1)</sup> | Arch Capital Group Ltd. |  | 377133 | 0.2 |
| 1054 | Arthur J. Gallagher & Co. |  | 209862 | 0.1 |
| 15900 | Associated Banc-Corp. |  | 391140 | 0.2 |
| 698 | Assurant, Inc. |  | 89498 | 0.0 |
| 11147 | Bank of New York Mellon <br> Corp. |  | 511647 | 0.3 |
| 28478 | Bank of NT Butterfield & Son <br> Ltd. |  | 991034 | 0.5 |
| 1826 | Brown & Brown, Inc. |  | 108811 | 0.1 |
| 7022 | Camden National Corp. |  | 307423 | 0.2 |
| 2573 | Carlyle Group, Inc./The |  | 80200 | 0.0 |
| 8600 | Cathay General Bancorp. |  | 399642 | 0.2 |
| 825 | Cboe Global Markets, Inc. |  | 104643 | 0.1 |
| 3466 | Cincinnati Financial Corp. |  | 384587 | 0.2 |
| 15300 | Citizens Financial Group, Inc.  |  | 648414 | 0.4 |
| 20300 | CNO Financial Group, Inc. |  | 476644 | 0.3 |
| 133 <sup>(1)(2)</sup> | Credit Acceptance Corp. |  | 63037 | 0.0 |
| 5689 | Discover Financial Services |  | 616460 | 0.3 |
| 29541 | East West Bancorp, Inc. |  | 2074074 | 1.1 |
| 6200 | Essent Group Ltd. |  | 248558 | 0.1 |
| 532 | Evercore, Inc. |  | 61276 | 0.0 |
| 1930 | Everest Re Group Ltd. |  | 652224 | 0.4 |
| 400 | Factset Research Systems, <br> Inc. |  | 184516 | 0.1 |
| 18400 | Farmers National Banc Corp.  |  | 279864 | 0.2 |
| 23466 | Fidelity National Financial, <br> Inc. |  | 947088 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 12375 | Fifth Third Bancorp | $| 449955 | 0.2 |
| 8454 | First American Financial Corp.  |  | 462011 | 0.3 |
| 9959 | First Republic Bank |  | 1270868 | 0.7 |
| 2775 | Franklin Resources, Inc. |  | 74398 | 0 |
| 16400 | FS KKR Capital Corp. |  | 325704 | 0.2 |
| 44200 <sup>(1)</sup> | Genworth Financial, Inc. |  | 222326 | 0.1 |
| 641 | Globe Life, Inc. |  | 76894 | 0 |
| 396 | Hanover Insurance Group, <br> Inc. |  | 58331 | 0 |
| 18289 | Hartford Financial Services <br> Group, Inc. |  | 1396731 | 0.8 |
| 8000 | HomeStreet, Inc. |  | 218400 | 0.1 |
| 19946 | Jefferies Financial Group, Inc.  |  | 757749 | 0.4 |
| 21300 | Keycorp |  | 400653 | 0.2 |
| 7000 | Lazard Ltd. |  | 256270 | 0.1 |
| 6500 | Lincoln National Corp. |  | 253110 | 0.1 |
| 1896 | Loews Corp. |  | 110252 | 0.1 |
| 443 | LPL Financial Holdings, Inc. |  | 104863 | 0.1 |
| 578 | M&T Bank Corp. |  | 98272 | 0.1 |
| 242 <sup>(1)</sup> | Markel Corp. |  | 320611 | 0.2 |
| 24000 | MGIC Investment Corp. |  | 329520 | 0.2 |
| 309 | MSCI, Inc. - Class A |  | 156919 | 0.1 |
| 1553 | Nasdaq, Inc. |  | 106318 | 0.1 |
| 23000 | Navient Corp. |  | 381110 | 0.2 |
| 16600 | OFG Bancorp |  | 480902 | 0.3 |
| 21693 | Old Republic International <br> Corp. |  | 531479 | 0.3 |
| 1187 | Principal Financial Group, Inc.  |  | 106450 | 0.1 |
| 44300 | Prospect Capital Corp. |  | 342882 | 0.2 |
| 1916 | Prudential Financial, Inc. |  | 206985 | 0.1 |
| 1820 | Raymond James Financial, <br> Inc. |  | 212758 | 0.1 |
| 41986 | Regions Financial Corp. |  | 974495 | 0.5 |
| 22207 | SEI Investments Co. |  | 1383052 | 0.8 |
| 120432 | SLM Corp. |  | 2102743 | 1.2 |
| 6300 | State Street Corp. |  | 501921 | 0.3 |
| 1557 | Synchrony Financial |  | 58512 | 0 |
| 1334 | T. Rowe Price Group, Inc. |  | 166630 | 0.1 |
| 8500 | Unum Group |  | 358530 | 0.2 |
| 13500 | Victory Capital Holdings, Inc.  |  | 391500 | 0.2 |
| 71411 | Virtu Financial, Inc. |  | 1583896 | 0.9 |
| 8500 | WesBanco, Inc. |  | 343825 | 0.2 |
| 1955 | Willis Towers Watson PLC |  | 481243 | 0.3 |
| 2256 | WR Berkley Corp. |  | 172088 | 0.1 |
| 14100 | Zions Bancorp NA |  | 730662 | 0.4 |
|  |  |  | **34136240** | **18.8** |
|  | **Health Care: 8.7%** | **Health Care: 8.7%** | **Health Care: 8.7%** | **Health Care: 8.7%** |
| 18395 | Agilent Technologies, Inc. |  | 2850857 | 1.6 |
| 854 | AmerisourceBergen Corp. |  | 145769 | 0.1 |
| 7418 | Becton Dickinson & Co. |  | 1849604 | 1 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS

Value Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 256 <sup>(1)</sup> | Bio-Rad Laboratories, Inc. | $| 106166 | 0.1 |
| 10314 | Cardinal Health, Inc. |  | 826873 | 0.5 |
| 172 | Chemed Corp. |  | 89440 | 0.0 |
| 437 | Cooper Cos., Inc. |  | 138245 | 0.1 |
| 5500 <sup>(1)</sup> | DaVita, Inc. |  | 405515 | 0.2 |
| 1483 | Embecta Corp. |  | 48820 | 0.0 |
| 2772 <sup>(1)</sup> | Henry Schein, Inc. |  | 224310 | 0.1 |
| 5439 <sup>(1)</sup> | Hologic, Inc. |  | 414234 | 0.2 |
| 6279 <sup>(1)</sup> | Incyte Corp., Ltd. |  | 500248 | 0.3 |
| 581 <sup>(1)</sup> | IQVIA Holdings, Inc. |  | 126670 | 0.1 |
| 6790 <sup>(1)</sup> | Jazz Pharmaceuticals PLC |  | 1065419 | 0.6 |
| 12134 | Laboratory Corp. of America <br> Holdings |  | 2920654 | 1.6 |
| 1800 | McKesson Corp. |  | 687024 | 0.4 |
| 123 <sup>(1)</sup> | Mettler Toledo International, <br> Inc. |  | 180756 | 0.1 |
| 1340 <sup>(1)</sup> | Molina Healthcare, Inc. |  | 451272 | 0.2 |
| 4646 | Organon & Co. |  | 120889 | 0.1 |
| 1787 | Premier, Inc. |  | 59597 | 0.0 |
| 1252 <sup>(1)</sup> | QIAGEN NV |  | 62024 | 0.0 |
| 3027 | Quest Diagnostics, Inc. |  | 459590 | 0.3 |
| 507 | Resmed, Inc. |  | 116711 | 0.1 |
| 14745 | Select Medical Holdings Corp.  |  | 362432 | 0.2 |
| 2023 <sup>(1)</sup> | United Therapeutics Corp. |  | 566218 | 0.3 |
| 2900 | Universal Health Services, <br> Inc. |  | 379465 | 0.2 |
| 39900 | Viatris, Inc. |  | 440097 | 0.2 |
| 364 <sup>(1)</sup> | Waters Corp. |  | 126162 | 0.1 |
| 358 | West Pharmaceutical <br> Services, Inc. |  | 84008 | 0.0 |
|  |  |  | **15809069** | **8.7** |
|  | **Industrials: 14.6%** | **Industrials: 14.6%** | **Industrials: 14.6%** | **Industrials: 14.6%** |
| 44500 | ACCO Brands Corp. |  | 247865 | 0.1 |
| 1390 | AECOM |  | 118150 | 0.1 |
| 10026 | AGCO Corp. |  | 1330651 | 0.7 |
| 41671 | Air Lease Corp. |  | 1609334 | 0.9 |
| 7000 <sup>(1)</sup> | Alaska Air Group, Inc. |  | 332080 | 0.2 |
| 16500 | Allison Transmission <br> Holdings, Inc. |  | 739200 | 0.4 |
| 137 | AMERCO |  | 8672 | 0.0 |
| 1233 <sup>(1)</sup> | AMERCO- Non-Voting |  | 77889 | 0.0 |
| 869 | Ametek, Inc. |  | 123763 | 0.1 |
| 1421 | AO Smith Corp. |  | 86312 | 0.1 |
| 8900 | Apogee Enterprises, Inc. |  | 429425 | 0.2 |
| 3900 <sup>(1)</sup> | Atkore, Inc. |  | 476385 | 0.3 |
| 5100 | Boise Cascade Co. |  | 377604 | 0.2 |
| 724 | Booz Allen Hamilton Holding <br> Corp. |  | 77034 | 0.0 |
| 6000 <sup>(1)</sup> | Builders FirstSource, Inc. |  | 383580 | 0.2 |
| 229 <sup>(1)</sup> | CACI International, Inc. |  | 71517 | 0.0 |
| 3773 | Carrier Global Corp. |  | 167219 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 2050 | CH Robinson Worldwide, Inc.  | $205451 | 0.1 |
| 470 | Cintas Corp. | 217037 | 0.1 |
| 2152 <sup>(1)</sup> | Copart, Inc. | 143237 | 0.1 |
| 2865 | Crane Holdings Co. | 303518 | 0.2 |
| 4212 | Cummins, Inc. | 1057886 | 0.6 |
| 10753 <sup>(1)</sup> | Delta Air Lines, Inc. | 380334 | 0.2 |
| 842 | Dover Corp. | 119522 | 0.1 |
| 17051 | EMCOR Group, Inc. | 2641200 | 1.5 |
| 2434 | Expeditors International <br> Washington, Inc. | 282490 | 0.2 |
| 4655 | Fastenal Co. | 239779 | 0.1 |
| 529 <sup>(1)</sup> | FTI Consulting, Inc. | 91422 | 0.1 |
| 1095 | Graco, Inc. | 76617 | 0.0 |
| 10300 <sup>(1)</sup> | Hawaiian Holdings, Inc. | 143170 | 0.1 |
| 8400 | Hillenbrand, Inc. | 420000 | 0.2 |
| 378 | Hubbell, Inc. | 96035 | 0.1 |
| 1500 | Huntington Ingalls Industries, <br> Inc. | 347940 | 0.2 |
| 1658 | IDEX Corp. | 393758 | 0.2 |
| 24500 | Interface, Inc. | 265335 | 0.1 |
| 19344 | Jacobs Solutions, Inc. | 2447790 | 1.4 |
| 1371 | JB Hunt Transport Services, <br> Inc. | 252113 | 0.1 |
| 2293 | Knight-Swift Transportation <br> Holdings, Inc. | 127101 | 0.1 |
| 731 | Landstar System, Inc. | 126448 | 0.1 |
| 1159 | Leidos Holdings, Inc. | 126714 | 0.1 |
| 514 | Lincoln Electric Holdings, Inc.  | 76010 | 0.0 |
| 5100 | Manpowergroup, Inc. | 446352 | 0.2 |
| 2235 | Masco Corp. | 113493 | 0.1 |
| 11000 | MDU Resources Group, Inc. | 346390 | 0.2 |
| 4800 | Moog, Inc. | 417744 | 0.2 |
| 355 | Nordson Corp. | 83954 | 0.0 |
| 790 | Old Dominion Freight Line | 239062 | 0.1 |
| 2856 | Otis Worldwide Corp. | 223025 | 0.1 |
| 10204 | Owens Corning, Inc. | 906523 | 0.5 |
| 3041 | Paccar, Inc. | 322072 | 0.2 |
| 530 | Parker Hannifin Corp. | 158438 | 0.1 |
| 13700 | Primoris Services Corp. | 292495 | 0.2 |
| 2154 | Republic Services, Inc. | 300031 | 0.2 |
| 1705 | Robert Half International, Inc.  | 134320 | 0.1 |
| 1845 | Rollins, Inc. | 74612 | 0.0 |
| 7100 | Rush Enterprises, Inc. - <br> Class A | 365863 | 0.2 |
| 6100 | Ryder System, Inc. | 570289 | 0.3 |
| 3614 | Snap-On, Inc. | 869528 | 0.5 |
| 1984 <sup>(1)</sup> | Southwest Airlines Co. | 79181 | 0.0 |
| 498 | Tetra Tech, Inc. | 76986 | 0.0 |
| 1634 | Textron, Inc. | 116635 | 0.1 |
| 3500 | Timken Co. | 265930 | 0.1 |
| 621 | Trane Technologies PLC | 110799 | 0.1 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS

Value Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 8400 | Triton International Ltd. | $| 566748 | 0.3 |
| 8100 <sup>(1)</sup> | United Airlines Holdings, Inc.  |  | 357777 | 0.2 |
| 244 <sup>(1)</sup> | United Rentals, Inc. |  | 86139 | 0.1 |
| 10700 | Universal Logistics Holdings, <br> Inc. |  | 406279 | 0.2 |
| 737 | Verisk Analytics, Inc. |  | 135394 | 0.1 |
| 333 | Watsco, Inc. |  | 89570 | 0.1 |
| 7039 | Westinghouse Air Brake <br> Technologies Corp. |  | 711573 | 0.4 |
| 441 | WW Grainger, Inc. |  | 265949 | 0.1 |
|  |  |  | **26370738** | **14.6** |
|  | **Information Technology: 13.6%** | **Information Technology: 13.6%** | **Information Technology: 13.6%** | **Information Technology: 13.6%** |
| 12813 <sup>(1)</sup> | Advanced Micro Devices, Inc.  |  | 994673 | 0.5 |
| 987 <sup>(1)</sup> | Akamai Technologies, Inc. |  | 93627 | 0.1 |
| 7058 | Amdocs Ltd. |  | 627174 | 0.3 |
| 32600 | Amkor Technology, Inc. |  | 913452 | 0.5 |
| 3407 | Amphenol Corp. |  | 274025 | 0.2 |
| 1249 <sup>(1)</sup> | Arista Networks, Inc. |  | 173986 | 0.1 |
| 8147 <sup>(1)</sup> | Arrow Electronics, Inc. |  | 885905 | 0.5 |
| 7110 | Avnet, Inc. |  | 321159 | 0.2 |
| 33023 <sup>(1)</sup> | Black Knight, Inc. |  | 2047096 | 1.1 |
| 722 | Broadridge Financial <br> Solutions, Inc. ADR |  | 107657 | 0.1 |
| 1875 <sup>(1)</sup> | Cadence Design Systems, <br> Inc. |  | 322575 | 0.2 |
| 5460 | Corning, Inc. |  | 186350 | 0.1 |
| 2354 | Dell Technologies, Inc. |  | 105436 | 0.1 |
| 5400 <sup>(1)</sup> | Diodes, Inc. |  | 498042 | 0.3 |
| 11200 <sup>(1)</sup> | DXC Technology Co. |  | 332304 | 0.2 |
| 18531 <sup>(1)</sup> | Euronet Worldwide, Inc. |  | 1722456 | 1 |
| 344 <sup>(1)</sup> | F5, Inc. |  | 53186 | 0 |
| 272 <sup>(1)</sup> | FleetCor Technologies, Inc. |  | 53366 | 0 |
| 3458 <sup>(1)</sup> | Fortinet, Inc. |  | 183827 | 0.1 |
| 708 <sup>(1)</sup> | Gartner, Inc. |  | 248062 | 0.1 |
| 2946 | Gen Digital, Inc. |  | 67640 | 0 |
| 46674 | Genpact Ltd. |  | 2152138 | 1.2 |
| 45994 | Hewlett Packard Enterprise <br> Co. |  | 771779 | 0.4 |
| 63175 | HP, Inc. |  | 1897777 | 1 |
| 14289 | Jabil, Inc. |  | 1031523 | 0.6 |
| 679 | Jack Henry & Associates, Inc.  |  | 128569 | 0.1 |
| 2894 | Juniper Networks, Inc. |  | 96196 | 0.1 |
| 16627 <sup>(1)</sup> | Keysight Technologies, Inc. |  | 3007658 | 1.7 |
| 8700 | Methode Electronics, Inc. |  | 397416 | 0.2 |
| 1831 | Microchip Technology, Inc. |  | 144997 | 0.1 |
| 199 | Monolithic Power Systems, <br> Inc. |  | 76010 | 0 |
| 1133 | Motorola Solutions, Inc. |  | 308403 | 0.2 |
| 1114 | NetApp, Inc. |  | 75317 | 0 |
| 2952 | Paychex, Inc. |  | 366137 | 0.2 |
| 3700 <sup>(1)</sup> | Qorvo, Inc. |  | 367225 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 2802 | Roper Technologies, Inc. | $| 1229770 | 0.7 |
| 6700 <sup>(1)</sup> | Sanmina Corp. |  | 442803 | 0.2 |
| 7300 | Seagate Technology Holdings <br> PLC |  | 386681 | 0.2 |
| 1127 <sup>(1)</sup> | Synopsys, Inc. |  | 382662 | 0.2 |
| 3800 | TD SYNNEX Corp. |  | 388740 | 0.2 |
| 710 | Teradyne, Inc. |  | 66349 | 0.0 |
| 311 <sup>(1)</sup> | VeriSign, Inc. |  | 62141 | 0.0 |
| 20000 | Western Union Co. |  | 293200 | 0.2 |
| 21000 | Xerox Holdings Corp. |  | 342510 | 0.2 |
|  |  |  | **24627999** | **13.6** |
|  | **Materials: 7.6%** | **Materials: 7.6%** | **Materials: 7.6%** | **Materials: 7.6%** |
| 7406 | Albemarle Corp. |  | 2058794 | 1.1 |
| 11835 | Amcor PLC |  | 146162 | 0.1 |
| 1407 | Ball Corp. |  | 78905 | 0.0 |
| 8056 | Berry Global Group, Inc. |  | 472082 | 0.3 |
| 5622 | Celanese Corp. - Series A |  | 603241 | 0.3 |
| 2817 | CF Industries Holdings, Inc. |  | 304771 | 0.2 |
| 12900 | Chemours Co. |  | 400545 | 0.2 |
| 8732 | Corteva, Inc. |  | 586441 | 0.3 |
| 7900 | Dow, Inc. |  | 402663 | 0.2 |
| 4891 | DuPont de Nemours, Inc. |  | 344864 | 0.2 |
| 4297 | Eastman Chemical Co. |  | 372206 | 0.2 |
| 668 | FMC Corp. |  | 87268 | 0.1 |
| 20163 | Huntsman Corp. |  | 560128 | 0.3 |
| 5980 <sup>(1)</sup> | Ingevity Corp. |  | 468055 | 0.3 |
| 11193 | International Paper Co. |  | 415484 | 0.2 |
| 10500 | Koppers Holdings, Inc. |  | 312795 | 0.2 |
| 1272 | Louisiana-Pacific Corp. |  | 81154 | 0.1 |
| 8956 | LyondellBasell Industries NV - <br> Class A |  | 761350 | 0.4 |
| 159 | Martin Marietta Materials, Inc.  |  | 58270 | 0.0 |
| 9500 | Mativ Holdings, Inc. |  | 197315 | 0.1 |
| 1825 | Mosaic Co. |  | 93622 | 0.1 |
| 8017 | Nucor Corp. |  | 1202149 | 0.7 |
| 22600 <sup>(1)</sup> | O-I Glass, Inc. |  | 370866 | 0.2 |
| 1885 | Olin Corp. |  | 107407 | 0.1 |
| 1205 | Packaging Corp. of America |  | 163747 | 0.1 |
| 592 | PPG Industries, Inc. |  | 80050 | 0.0 |
| 5558 | Reliance Steel & Aluminum <br> Co. |  | 1174350 | 0.7 |
| 864 | RPM International, Inc. |  | 89528 | 0.1 |
| 1056 | Sealed Air Corp. |  | 56211 | 0.0 |
| 8100 | Silgan Holdings, Inc. |  | 428490 | 0.2 |
| 10414 | Steel Dynamics, Inc. |  | 1082327 | 0.6 |
| 799 | Sylvamo Corp. |  | 43218 | 0.0 |
| 473 | Westlake Corp. |  | 50918 | 0.0 |
| 1513 | WestRock Co. |  | 57373 | 0.0 |
|  |  |  | **13712749** | **7.6** |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS

Value Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate: 9.0%** | **Real Estate: 9.0%** | **Real Estate: 9.0%** |
| 9189 | Alexandria Real Estate <br> Equities, Inc. | $1429900 | 0.8 |
| 30700 | Apple Hospitality REIT, Inc. | 523742 | 0.3 |
| 661 | AvalonBay Communities, Inc.  | 115609 | 0.1 |
| 20600 | Brandywine Realty Trust | 142346 | 0.1 |
| 16000 | Brixmor Property Group, Inc.  | 370880 | 0.2 |
| 402 | Camden Property Trust | 48373 | 0 |
| 31716 <sup>(1)</sup> | CBRE Group, Inc. | 2524593 | 1.4 |
| 6300 | EPR Properties | 262143 | 0.1 |
| 2697 | Equinix, Inc. | 1862683 | 1 |
| 2337 | Equity Residential | 151578 | 0.1 |
| 216 | Essex Property Trust, Inc. | 47602 | 0 |
| 1109 | Extra Space Storage, Inc. | 178205 | 0.1 |
| 62855 | Franklin Street Properties <br> Corp. | 183537 | 0.1 |
| 12500 | Industrial Logistics Properties <br> Trust | 50875 | 0 |
| 8151 | Iron Mountain, Inc. | 442844 | 0.2 |
| 492 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 82740 | 0.1 |
| 17400 | Medical Properties Trust, Inc.  | 228288 | 0.1 |
| 13810 | Mid-America Apartment <br> Communities, Inc. | 2276993 | 1.3 |
| 55600 | Necessity Retail REIT, <br> Inc./The | 371408 | 0.2 |
| 6900 | Office Properties Income <br> Trust | 105501 | 0.1 |
| 12000 | Omega Healthcare Investors, <br> Inc. | 363360 | 0.2 |
| 29400 | Paramount Group, Inc. | 191688 | 0.1 |
| 24600 | Piedmont Office Realty Trust, <br> Inc. | 256086 | 0.1 |
| 831 | Realty Income Corp. | 52411 | 0 |
| 17700 | RLJ Lodging Trust | 214524 | 0.1 |
| 28200 | Sabra Healthcare REIT, Inc. | 364062 | 0.2 |
| 4137 | SBA Communications Corp. | 1238204 | 0.7 |
| 14200 | Service Properties Trust | 111470 | 0.1 |
| 4473 | Simon Property Group, Inc. | 534255 | 0.3 |
| 21500 | SITE Centers Corp. | 292185 | 0.2 |
| 22400 | Tanger Factory Outlet <br> Centers, Inc. | 435680 | 0.2 |
| 34400 | Uniti Group, Inc. | 262128 | 0.1 |
| 2760 | VICI Properties, Inc. | 94392 | 0.1 |
| 15210 | Weyerhaeuser Co. | 497519 | 0.3 |
| 685 | WP Carey, Inc. | 53978 | 0 |
|  |  | **16361782** | **9.0** |
|  | **Utilities: 3.6%** | **Utilities: 3.6%** | **Utilities: 3.6%** |
| 1320 | Alliant Energy Corp. | 74316 | 0 |
| 1874 | Ameren Corp. | 167386 | 0.1 |
| 767 | American Water Works Co., <br> Inc. | 116400 | 0.1 |
| 3034 | Centerpoint Energy, Inc. | 94388 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 3522 | CMS Energy Corp. | $| 215088 | 0.1 |
| 3382 | Consolidated Edison, Inc. |  | 331571 | 0.2 |
| 3075 | DTE Energy Co. |  | 356731 | 0.2 |
| 1776 | Edison International |  | 118388 | 0.1 |
| 1922 | Entergy Corp. |  | 223471 | 0.1 |
| 1925 | Evergy, Inc. |  | 113979 | 0.1 |
| 2486 | Eversource Energy |  | 205990 | 0.1 |
| 5119 | FirstEnergy Corp. |  | 211108 | 0.1 |
| 7066 | National Fuel Gas Co. |  | 467981 | 0.3 |
| 3758 | NiSource, Inc. |  | 104998 | 0.1 |
| 29048 | NRG Energy, Inc. |  | 1233088 | 0.7 |
| 1415 | OGE Energy Corp. |  | 57251 | 0.0 |
| 818 | Pinnacle West Capital Corp. |  | 64066 | 0.0 |
| 3542 | PPL Corp. |  | 104560 | 0.1 |
| 2088 | Public Service Enterprise <br> Group, Inc. |  | 126428 | 0.1 |
| 18407 | UGI Corp. |  | 711431 | 0.4 |
| 37000 | Vistra Corp. |  | 900210 | 0.5 |
| 2465 | WEC Energy Group, Inc. |  | 244380 | 0.1 |
| 3868 | Xcel Energy, Inc. |  | 271611 | 0.1 |
|  |  |  | **6514820** | **3.6** |
|  | Total Common Stock <br> (Cost $165,549,246) |  | **178890060** | 98.8 |
| **EXCHANGE-TRADED FUNDS: 0.0%** | **EXCHANGE-TRADED FUNDS: 0.0%** | **EXCHANGE-TRADED FUNDS: 0.0%** | **EXCHANGE-TRADED FUNDS: 0.0%** | **EXCHANGE-TRADED FUNDS: 0.0%** |
| 249 | iShares Russell Midcap <br> Index Fund |  | **17841** | 0.0 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $17,660) |  | **17841** | 0.0 |
|  | Total Long-Term <br> Investments <br> (Cost $165,566,906) |  | **178907901** | 98.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** |
|  | **Repurchase Agreements: 0.2%** | **Repurchase Agreements: 0.2%** | **Repurchase Agreements: 0.2%** |
| 263302 <sup>(3)</sup>  | JPMorgan Securities LLC, <br> Repurchase Agreement dated <br> 11/30/22, 3.79%, due <br> 12/01/22 (Repurchase <br> Amount $263,329, <br> collateralized by various U.S. <br> Government Securities, <br> 0.750%-2.500%, Market <br> Value plus accrued interest <br> $268,568, due <br> 02/29/24-05/31/26) <br> (Cost $263,302)  | **263302** | 0.2 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS

Value Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** |
| 1881605 <sup>(4)</sup>  | BlackRock Liquidity Funds, <br> FedFund, Institutional <br> Class, 3.550% <br> (Cost $1,881,605) | $**1881605** | 1.0 |
|  | Total Short-Term <br> Investments <br> (Cost $2,144,907) | **2144907** | 1.2 |
|  | **Total Investments in <br> Securities <br> (Cost $167,711,813)** | $**181052808** | **100.0** |
|  | **Liabilities in Excess of <br> Other Assets** | **(48540)** | **—** |
|  | **Net Assets** | $**181004268** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

ADR <br>

American Depositary Receipt

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Security, or a portion of the security, is on loan.

<sup>(3)</sup> <br>

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $178890060 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $178890060 |
| Exchange-Traded Funds | 17841 |  |  | 17841 |
| Short-Term Investments | 1881605 | 263302 |  | 2144907 |
| Total Investments, at fair value | $180789506 | $263302 | $— | $181052808 |

---

^ <br>

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, 2022, 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 federal income tax purposes was $168,305,737. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $26194881 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (13447810) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $12747071 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Small Cap Growth Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 95.0%** | **COMMON STOCK: 95.0%** | **COMMON STOCK: 95.0%** | **COMMON STOCK: 95.0%** |
|  | **Consumer Discretionary: 11.0%** | **Consumer Discretionary: 11.0%** | **Consumer Discretionary: 11.0%** |
| 15748 <sup>(1)</sup> | Cavco Industries, Inc. | $3616213 | 0.6 |
| 55779 | Churchill Downs, Inc. | 12380707 | 2 |
| 168047 <sup>(1)</sup> | Dave & Buster's Entertainment, <br> Inc. | 6664744 | 1.1 |
| 45587 <sup>(1)</sup> | Dorman Products, Inc. | 4086419 | 0.7 |
| 44546 <sup>(1)</sup> | Five Below, Inc. | 7165669 | 1.2 |
| 160759 <sup>(1)</sup> | Lindblad Expeditions Holdings, <br> Inc. | 1459692 | 0.2 |
| 187388 <sup>(1)</sup> | Planet Fitness, Inc. | 14683724 | 2.4 |
| 102212 <sup>(1)</sup> | Revolve Group, Inc. | 2700441 | 0.5 |
| 55272 | Strategic Education, Inc. | 4521249 | 0.7 |
| 95094 | Texas Roadhouse, Inc. | 9444736 | 1.6 |
|  |  | **66723594** | **11.0** |
|  | **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** | **Consumer Staples: 0.5%** |
| 25508 <sup>(1)</sup> | Celsius Holdings, Inc. | **2840061** | 0.5 |
|  | **Energy: 7.8%** | **Energy: 7.8%** | **Energy: 7.8%** |
| 1358212 <sup>(1)</sup> | Helix Energy Solutions Group, <br> Inc. | 8665392 | 1.4 |
| 219018 | Matador Resources Co. | 14534034 | 2.4 |
| 281294 | Northern Oil and Gas, Inc. | 10236289 | 1.7 |
| 492917 | Patterson-UTI Energy, Inc. | 8847860 | 1.4 |
| 483519 <sup>(1)</sup> | ProPetro Holding Corp. | 5309039 | 0.9 |
|  |  | **47592614** | **7.8** |
|  | **Financials: 6.1%** | **Financials: 6.1%** | **Financials: 6.1%** |
| 149884 <sup>(1)</sup> | Focus Financial Partners, Inc. | 5719573 | 1 |
| 111683 | Hannon Armstrong Sustainable <br> Infrastructure Capital, Inc. | 3622997 | 0.6 |
| 125943 | HCI Group, Inc. | 4712787 | 0.8 |
| 16069 | Kinsale Capital Group, Inc. | 4952626 | 0.8 |
| 90906 | Western Alliance Bancorp. | 6230697 | 1 |
| 128164 | Wintrust Financial Corp. | 11718035 | 1.9 |
|  |  | **36956715** | **6.1** |
|  | **Health Care: 21.6%** | **Health Care: 21.6%** | **Health Care: 21.6%** |
| 76842 <sup>(1)</sup> | Acadia Pharmaceuticals, Inc. | 1197198 | 0.2 |
| 83820 <sup>(1)</sup> | Alkermes PLC | 2077060 | 0.4 |
| 118275 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 1431128 | 0.2 |
| 44696 <sup>(1)</sup> | Apellis Pharmaceuticals, Inc. | 2231671 | 0.4 |
| 51883 <sup>(1)</sup> | Arrowhead Pharmaceuticals, Inc.  | 1670633 | 0.3 |
| 25396 <sup>(1)</sup> | Arvinas, Inc. | 1042252 | 0.2 |
| 117963 <sup>(1)</sup> | Axonics, Inc. | 8078106 | 1.3 |
| 27211 <sup>(1)</sup> | Beam Therapeutics, Inc. | 1256876 | 0.2 |
| 28660 <sup>(1)</sup> | Blueprint Medicines Corp. | 1369662 | 0.2 |
| 49267 <sup>(1)</sup> | Charles River Laboratories <br> International, Inc. | 11260958 | 1.9 |
| 44019 <sup>(1)</sup> | Corcept Therapeutics, Inc. | 1112800 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 34041 <sup>(1)</sup> | Cytokinetics, Inc. | $| 1446743 | 0.2 |
| 42820 <sup>(1)</sup> | Denali Therapeutics, Inc. |  | 1366386 | 0.2 |
| 115521 | Ensign Group, Inc. |  | 10974495 | 1.8 |
| 134916 <sup>(1)</sup> | Establishment Labs Holdings, <br> Inc. |  | 8602244 | 1.4 |
| 274849 <sup>(1)</sup> | Evolent Health, Inc. |  | 7912903 | 1.3 |
| 65459 <sup>(1)</sup> | Halozyme Therapeutics, Inc. |  | 3748182 | 0.6 |
| 34553 <sup>(1)</sup> | ICON PLC |  | 7444098 | 1.2 |
| 62411 <sup>(1)</sup> | Insmed, Inc. |  | 1153979 | 0.2 |
| 38401 <sup>(1)</sup> | Inspire Medical Systems, Inc. |  | 9276530 | 1.5 |
| 22284 <sup>(1)</sup> | Intellia Therapeutics, Inc. |  | 1146735 | 0.2 |
| 47092 <sup>(1)</sup> | Intra-Cellular Therapies, Inc. |  | 2553328 | 0.4 |
| 13112 <sup>(1)</sup> | Karuna Therapeutics, Inc. |  | 3085385 | 0.5 |
| 58476 <sup>(1)</sup> | Lantheus Holdings, Inc. |  | 3630190 | 0.6 |
| 105481 | LeMaitre Vascular, Inc. |  | 4941785 | 0.8 |
| 84074 <sup>(1)</sup> | ModivCare, Inc. |  | 6473698 | 1.1 |
| 123289 <sup>(1)</sup> | Pacira BioSciences, Inc. |  | 5948694 | 1 |
| 47087 <sup>(1)</sup> | Penumbra, Inc. |  | 9865197 | 1.6 |
| 181818 <sup>(1)</sup> | Progyny, Inc. |  | 6659993 | 1.1 |
| 252628 <sup>(1)</sup> | R1 RCM, Inc. |  | 2286284 | 0.4 |
|  |  |  | **131245193** | **21.6** |
|  | **Industrials: 21.4%** | **Industrials: 21.4%** | **Industrials: 21.4%** | **Industrials: 21.4%** |
| 322549 <sup>(1)</sup> | Array Technologies, Inc. |  | 6754176 | 1.1 |
| 45407 <sup>(1)</sup> | ASGN, Inc. |  | 4113874 | 0.7 |
| 58679 <sup>(1)</sup> | Axon Enterprise, Inc. |  | 10798696 | 1.8 |
| 241010 <sup>(1)</sup> | Bloom Energy Corp. |  | 5131103 | 0.8 |
| 45449 <sup>(1)</sup> | CACI International, Inc. |  | 14193723 | 2.3 |
| 129177 <sup>(1)</sup> | Casella Waste Systems, Inc. |  | 11120848 | 1.8 |
| 45721 <sup>(1)</sup> | Chart Industries, Inc. |  | 6537646 | 1.1 |
| 105893 <sup>(1)</sup> | Clean Harbors, Inc. |  | 12707160 | 2.1 |
| 154261 <sup>(1)</sup> | Construction Partners, Inc. |  | 4411865 | 0.7 |
| 219749 <sup>(1)</sup> | Driven Brands Holdings, Inc. |  | 6682567 | 1.1 |
| 229319 | Flowserve Corp. |  | 7191444 | 1.2 |
| 180297 <sup>(1)</sup> | Kirby Corp. |  | 12582928 | 2.1 |
| 30928 | Quanta Services, Inc. |  | 4635489 | 0.8 |
| 139886 <sup>(1)</sup> | Sterling Infrastructure, Inc. |  | 4581266 | 0.7 |
| 83750 | TFI International, Inc. |  | 9091062 | 1.5 |
| 206290 <sup>(1)</sup> | WillScot Mobile Mini Holdings <br> Corp. |  | 9945241 | 1.6 |
|  |  |  | **130479088** | **21.4** |
|  | **Information Technology: 23.0%** | **Information Technology: 23.0%** | **Information Technology: 23.0%** | **Information Technology: 23.0%** |
| 47334 <sup>(1)</sup> | Axcelis Technologies, Inc. |  | 3780093 | 0.6 |
| 79374 <sup>(1)</sup> | Blackline, Inc. |  | 5372826 | 0.9 |
| 275658 <sup>(1)</sup> | Cohu, Inc. |  | 9874070 | 1.6 |
| 28328 <sup>(1)</sup> | CyberArk Software Ltd. |  | 4222855 | 0.7 |
| 38935 <sup>(1)</sup> | ExlService Holdings, Inc. |  | 7288632 | 1.2 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Small Cap Growth Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 59427 <sup>(1)</sup> | Fabrinet | $| 7928156 | 1.3 |
| 123551 <sup>(1)</sup> | Five9, Inc. |  | 7920855 | 1.3 |
| 362907 | Genpact Ltd. |  | 16733642 | 2.7 |
| 223156 <sup>(1)</sup> | I3 Verticals, Inc. |  | 5866771 | 1 |
| 737836 <sup>(1)</sup> | indie Semiconductor, Inc. |  | 6057634 | 1 |
| 121353 | Kulicke & Soffa Industries, Inc. |  | 5818876 | 0.9 |
| 23186 | Littelfuse, Inc. |  | 5715349 | 0.9 |
| 61423 <sup>(1)</sup> | Manhattan Associates, Inc. |  | 7735613 | 1.3 |
| 153954 | MAXIMUS, Inc. |  | 10822966 | 1.8 |
| 133002 <sup>(1)</sup> | Onto Innovation, Inc. |  | 10633510 | 1.7 |
| 49118 <sup>(1)</sup> | Sprout Social, Inc. |  | 2912697 | 0.5 |
| 76823 <sup>(1)</sup> | Varonis Systems, Inc. |  | 1631720 | 0.3 |
| 393139 <sup>(1)</sup> | Viavi Solutions, Inc. |  | 4454265 | 0.7 |
| 184766 <sup>(1)</sup> | WNS Holdings Ltd. ADR |  | 15579469 | 2.6 |
|  |  |  | **140349999** | **23.0** |
|  | **Materials: 3.6%** | **Materials: 3.6%** | **Materials: 3.6%** | **Materials: 3.6%** |
| 84858 | Innospec, Inc. |  | 9409904 | 1.5 |
| 147100 <sup>(1)</sup> | Livent Corp. |  | 4117329 | 0.7 |
| 285425 <sup>(1)</sup> | Summit Materials, Inc. |  | 8645523 | 1.4 |
|  |  |  | **22172756** | **3.6** |
|  | Total Common Stock <br> (Cost $499,134,075) |  | **578360020** | 95.0 |
| **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** | **EXCHANGE-TRADED FUNDS: 1.7%** |
| 123655 <sup>(1)</sup> | SPDR S&P Biotech ETF |  | **10340031** | 1.7 |
|  | Total Exchange-Traded Funds <br> (Cost $10,424,595) |  | **10340031** | 1.7 |
|  | Total Long-Term Investments <br> (Cost $509,558,670) |  | **588700051** | 96.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **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%** |
|  | **Mutual Funds: 2.4%** | **Mutual Funds: 2.4%** | **Mutual Funds: 2.4%** |
| 14783000 <sup>(2)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 3.740% <br> (Cost $14,783,000) | $**14783000** | 2.4 |
|  | Total Short-Term Investments <br> (Cost $14,783,000) | **14783000** | 2.4 |
|  | **Total Investments in <br> Securities <br> (Cost $524,341,670)** | $**603483051** | **99.1** |
|  | **Assets in Excess of <br> Other Liabilities** | **5205644** | **0.9** |
|  | **Net Assets** | $**608688695** | **100.0** |

---

ADR <br>

American Depositary Receipt

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $578360020 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $578360020 |
| Exchange-Traded Funds | 10340031 |  |  | 10340031 |
| Short-Term Investments | 14783000 |  |  | 14783000 |
| Total Investments, at fair value | $603483051 | $— | $— | $603483051 |

---

^ <br>

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.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

PORTFOLIO OF INVESTMENTS

Voya Small Cap Growth Fund as of November 30, 2022 (Unaudited) (continued)

At November 30, 2022, 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 federal income tax purposes was $528,423,668. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $107643587 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (32558686) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $75084901 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya U.S. High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **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: 6.6%** | **Communication Services: 6.6%** | **Communication Services: 6.6%** |
| 69951 | AT&T, Inc. | $1348655 | 1.3 |
| 38786 | Comcast Corp. - Class A | 1421119 | 1.3 |
| 5989 | Electronic Arts, Inc. | 783241 | 0.7 |
| 1630 | Fox Corp. - Class A | 52894 | 0.1 |
| 5219 | Interpublic Group of Cos., <br> Inc. | 179325 | 0.2 |
| 6756 <sup>(1)</sup> | Iridium Communications, <br> Inc. | 358744 | 0.3 |
| 1036 | Nexstar Media Group, Inc. | 196384 | 0.2 |
| 7508 | Omnicom Group | 598838 | 0.6 |
| 95195 <sup>(2)</sup> | Sirius XM Holdings, Inc. | 617816 | 0.6 |
| 35345 | Verizon Communications, <br> Inc. | 1377748 | 1.3 |
|  |  | **6934764** | **6.6** |
|  | **Consumer Discretionary: 4.7%** | **Consumer Discretionary: 4.7%** | **Consumer Discretionary: 4.7%** |
| 30257 | Ford Motor Co. | 420572 | 0.4 |
| 4687 | General Motors Co. | 190105 | 0.2 |
| 8265 | Gentex Corp. | 238858 | 0.2 |
| 4642 | Genuine Parts Co. | 851018 | 0.8 |
| 6507 | Hasbro, Inc. | 408770 | 0.4 |
| 350 | Home Depot, Inc. | 113397 | 0.1 |
| 10550 | LKQ Corp. | 573182 | 0.5 |
| 377 | McDonald's Corp. | 102842 | 0.1 |
| 9961 | Service Corp. International  | 711713 | 0.7 |
| 6189 | Travel + Leisure Co. | 240566 | 0.2 |
| 22990 | Wendy's Company | 518654 | 0.5 |
| 4801 | Yum! Brands, Inc. | 617697 | 0.6 |
|  |  | **4987374** | **4.7** |
|  | **Consumer Staples: 7.9%** | **Consumer Staples: 7.9%** | **Consumer Staples: 7.9%** |
| 14108 | Coca-Cola Co. | 897410 | 0.8 |
| 7965 | Conagra Brands, Inc. | 302511 | 0.3 |
| 23886 | Flowers Foods, Inc. | 717774 | 0.7 |
| 10856 | General Mills, Inc. | 926017 | 0.9 |
| 6043 | Kellogg Co. | 440837 | 0.4 |
| 16091 | Mondelez International, Inc.  | 1087912 | 1 |
| 4370 | PepsiCo, Inc. | 810679 | 0.8 |
| 13476 | Philip Morris International, <br> Inc. | 1343153 | 1.3 |
| 11148 | Procter & Gamble Co. | 1662836 | 1.6 |
| 2441 | Tyson Foods, Inc. | 161789 | 0.1 |
|  |  | **8350918** | **7.9** |
|  | **Energy: 8.0%** | **Energy: 8.0%** | **Energy: 8.0%** |
| 24782 | Baker Hughes Co. | 719174 | 0.7 |
| 2720 | Cheniere Energy, Inc. | 476979 | 0.5 |
| 5908 | Chevron Corp. | 1082995 | 1 |
| 2821 | ConocoPhillips | 348422 | 0.3 |
| 1073 | Diamondback Energy, Inc. | 158825 | 0.2 |
| 7070  | DT Midstream, Inc.  | 426533 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 5244 | EOG Resources, Inc. | $| 744281 | 0.7 |
| 1545 | Exxon Mobil Corp. |  | 172020 | 0.2 |
| 40246 | Kinder Morgan, Inc. |  | 769504 | 0.7 |
| 8561 | Marathon Petroleum Corp.  |  | 1042815 | 1 |
| 9122 | Phillips 66 |  | 989190 | 0.9 |
| 6748 | Targa Resources Corp. |  | 501984 | 0.5 |
| 7165 | Valero Energy Corp. |  | 957387 | 0.9 |
|  |  |  | **8390109** | **8.0** |
|  | **Financials: 19.0%** | **Financials: 19.0%** | **Financials: 19.0%** | **Financials: 19.0%** |
| 3616 | Aflac, Inc. |  | 260099 | 0.2 |
| 6138 | Allstate Corp. |  | 821878 | 0.8 |
| 2266 | Aon PLC |  | 698562 | 0.7 |
| 10368 | Axis Capital Holdings Ltd. |  | 596782 | 0.6 |
| 9458 | Bank of America Corp. |  | 357985 | 0.3 |
| 3699 | Bank of Hawaii Corp. |  | 298398 | 0.3 |
| 10021 | Bank OZK |  | 462469 | 0.4 |
| 615 | Blackrock, Inc. |  | 440340 | 0.4 |
| 1337 | Charles Schwab Corp. |  | 110356 | 0.1 |
| 13909 | Citigroup, Inc. |  | 673335 | 0.6 |
| 16076 | Citizens Financial Group, <br> Inc. |  | 681301 | 0.6 |
| 4213 | CME Group, Inc. |  | 743595 | 0.7 |
| 8044 | Commerce Bancshares, <br> Inc. |  | 602656 | 0.6 |
| 13149 | Essent Group Ltd. |  | 527143 | 0.5 |
| 453 | Everest Re Group Ltd. |  | 153087 | 0.1 |
| 12553 | Fidelity National Financial, <br> Inc. |  | 506639 | 0.5 |
| 9264 | First American Financial <br> Corp. |  | 506278 | 0.5 |
| 5791 | Hancock Whitney Corp. |  | 317578 | 0.3 |
| 2816 | Hanover Insurance Group, <br> Inc. |  | 414797 | 0.4 |
| 9524 | Hartford Financial Services <br> Group, Inc. |  | 727348 | 0.7 |
| 6348 | International Bancshares <br> Corp. |  | 334413 | 0.3 |
| 870 | JPMorgan Chase & Co. |  | 120217 | 0.1 |
| 15423 | Keycorp |  | 290107 | 0.3 |
| 7861 | Loews Corp. |  | 457117 | 0.4 |
| 3765 | Marsh & McLennan Cos., <br> Inc. |  | 652023 | 0.6 |
| 11953 | Metlife, Inc. |  | 916795 | 0.9 |
| 43282 | MGIC Investment Corp. |  | 594262 | 0.6 |
| 4758 | Morgan Stanley |  | 442827 | 0.4 |
| 25463 | Old Republic International <br> Corp. |  | 623844 | 0.6 |
| 2850  | Popular, Inc.  |  | 208107 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya U.S. High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 8324 | Prosperity Bancshares, Inc.  | $| 629045 | 0.6 |
| 22754 | Regions Financial Corp. |  | 528120 | 0.5 |
| 4335 | Travelers Cos, Inc. |  | 822826 | 0.8 |
| 3872 | UMB Financial Corp. |  | 331133 | 0.3 |
| 14275 | Unum Group |  | 602120 | 0.6 |
| 18365 | US Bancorp |  | 833587 | 0.8 |
| 8998 | Washington Federal, Inc. |  | 317359 | 0.3 |
| 14900 | Wells Fargo & Co. |  | 714455 | 0.7 |
| 3151 | Willis Towers Watson PLC |  | 775650 | 0.7 |
|  |  |  | **20094633** | **19.0** |
|  | **Health Care: 18.2%** | **Health Care: 18.2%** | **Health Care: 18.2%** | **Health Care: 18.2%** |
| 9156 | Abbott Laboratories |  | 985002 | 0.9 |
| 3576 | AbbVie, Inc. |  | 576380 | 0.5 |
| 2630 | Amgen, Inc. |  | 753232 | 0.7 |
| 19278 | Bristol-Myers Squibb Co. |  | 1547638 | 1.5 |
| 9362 | Cardinal Health, Inc. |  | 750551 | 0.7 |
| 2592 | Cigna Corp. |  | 852483 | 0.8 |
| 12205 | CVS Health Corp. |  | 1243445 | 1.2 |
| 1317 | Elevance Health, Inc. |  | 701856 | 0.7 |
| 2582 | Eli Lilly & Co. |  | 958129 | 0.9 |
| 15902 | Gilead Sciences, Inc. |  | 1396673 | 1.3 |
| 332 | Humana, Inc. |  | 182567 | 0.2 |
| 17264 | Johnson & Johnson |  | 3072992 | 2.9 |
| 2298 | McKesson Corp. |  | 877101 | 0.8 |
| 4010 | Medtronic PLC |  | 316950 | 0.3 |
| 13757 | Merck & Co., Inc. |  | 1514921 | 1.4 |
| 41784 | Pfizer, Inc. |  | 2094632 | 2.0 |
| 301 | Thermo Fisher Scientific, <br> Inc. |  | 168626 | 0.2 |
| 1528 | UnitedHealth Group, Inc. |  | 836977 | 0.8 |
| 2595 | Zoetis, Inc. |  | 399993 | 0.4 |
|  |  |  | **19230148** | **18.2** |
|  | **Industrials: 9.5%** | **Industrials: 9.5%** | **Industrials: 9.5%** | **Industrials: 9.5%** |
| 7574 | 3M Co. |  | 954097 | 0.9 |
| 4464 | AECOM |  | 379440 | 0.4 |
| 1551 | Allegion Public Ltd. |  | 176271 | 0.2 |
| 5543 | Booz Allen Hamilton <br> Holding Corp. |  | 589775 | 0.6 |
| 1710 | Caterpillar, Inc. |  | 404261 | 0.4 |
| 7145 | CSX Corp. |  | 233570 | 0.2 |
| 2081 | Cummins, Inc. |  | 522664 | 0.5 |
| 8609 | Emerson Electric Co. |  | 824484 | 0.8 |
| 905 | FedEx Corp. |  | 164909 | 0.1 |
| 6036 | Fortive Corp. |  | 407732 | 0.4 |
| 10558 | Johnson Controls <br> International plc |  | 701473 | 0.7 |
| 1401  | Lockheed Martin Corp.  |  | 679751 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 7194 | MSC Industrial Direct Co. | $| 617461 | 0.6 |
| 370 | Parker Hannifin Corp. |  | 110608 | 0.1 |
| 5501 | Robert Half International, <br> Inc. |  | 433369 | 0.4 |
| 2085 | Rockwell Automation, Inc. |  | 550899 | 0.5 |
| 3397 | United Parcel Service, Inc. - <br> Class B |  | 644513 | 0.6 |
| 3202 | Verisk Analytics, Inc. |  | 588239 | 0.5 |
| 4103 | Waste Connections, Inc. |  | 592883 | 0.6 |
| 726 | WW Grainger, Inc. |  | 437822 | 0.4 |
|  |  |  | **10014221** | **9.5** |
|  | **Information Technology: 10.1%** | **Information Technology: 10.1%** | **Information Technology: 10.1%** | **Information Technology: 10.1%** |
| 7895 | Amdocs Ltd. |  | 701550 | 0.7 |
| 2445 | Automatic Data Processing, <br> Inc. |  | 645822 | 0.6 |
| 34008 | Cisco Systems, Inc. |  | 1690878 | 1.6 |
| 11282 | Cognizant Technology <br> Solutions Corp. |  | 701853 | 0.7 |
| 6644 | Dolby Laboratories, Inc. |  | 497436 | 0.5 |
| 12205 | Genpact Ltd. |  | 562773 | 0.5 |
| 5203 | International Business <br> Machines Corp. |  | 774727 | 0.7 |
| 2966 | Jack Henry & Associates, <br> Inc. |  | 561612 | 0.5 |
| 19948 | Juniper Networks, Inc. |  | 663071 | 0.6 |
| 8837 | MAXIMUS, Inc. |  | 621241 | 0.6 |
| 1787 | Microsoft Corp. |  | 455935 | 0.4 |
| 8026 | NetApp, Inc. |  | 542638 | 0.5 |
| 3322 | Oracle Corp. |  | 275826 | 0.3 |
| 4727 | Paychex, Inc. |  | 586290 | 0.6 |
| 4931 | Texas Instruments, Inc. |  | 889848 | 0.8 |
| 2369 | Visa, Inc. - Class A |  | 514073 | 0.5 |
|  |  |  | **10685573** | **10.1** |
|  | **Materials: 3.0%** | **Materials: 3.0%** | **Materials: 3.0%** | **Materials: 3.0%** |
| 3323 | Air Products & Chemicals, <br> Inc. |  | 1030662 | 1 |
| 21071 | Amcor PLC |  | 260227 | 0.2 |
| 1319 | Linde PLC |  | 443817 | 0.4 |
| 11648 | Newmont Corp. |  | 552930 | 0.5 |
| 1270 | Packaging Corp. of <br> America |  | 172580 | 0.2 |
| 1271 | Sherwin-Williams Co. |  | 316708 | 0.3 |
| 11203 | WestRock Co. |  | 424818 | 0.4 |
|  |  |  | **3201742** | **3.0** |
|  | **Real Estate: 5.4%** | **Real Estate: 5.4%** | **Real Estate: 5.4%** | **Real Estate: 5.4%** |
| 5641 | Digital Realty Trust, Inc. |  | 634387 | 0.6 |
| 3092  | Equity Residential  |  | 200547 | 0.2 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya U.S. High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| 5754 | First Industrial Realty Trust, <br> Inc. | $| 290865 | 0.3 |
| 13066 | Highwoods Properties, Inc.  |  | 389367 | 0.4 |
| 9108 | Invitation Homes, Inc. |  | 297194 | 0.3 |
| 9902 | Iron Mountain, Inc. |  | 537976 | 0.5 |
| 4812 | Kilroy Realty Corp. |  | 207975 | 0.2 |
| 1051 | Lamar Advertising Co. |  | 105247 | 0.1 |
| 4394 | Life Storage, Inc. |  | 472311 | 0.5 |
| 3799 | Mid-America Apartment <br> Communities, Inc. |  | 626379 | 0.6 |
| 13893 | National Retail Properties, <br> Inc. |  | 644079 | 0.6 |
| 8863 | National Storage Affiliates <br> Trust |  | 352836 | 0.3 |
| 3650 | ProLogis, Inc. |  | 429934 | 0.4 |
| 2185 | Realty Income Corp. |  | 137808 | 0.1 |
| 4103 | WP Carey, Inc. |  | 323316 | 0.3 |
|  |  |  | **5650221** | **5.4** |
|  | **Utilities: 6.3%** | **Utilities: 6.3%** | **Utilities: 6.3%** | **Utilities: 6.3%** |
| 6737 | American Electric Power <br> Co., Inc. |  | 652142 | 0.6 |
| 1171 | Atmos Energy Corp. |  | 140754 | 0.1 |
| 2917 | Consolidated Edison, Inc. |  | 285983 | 0.3 |
| 5101 | DTE Energy Co. |  | 591767 | 0.6 |
| 9113 | Duke Energy Corp. |  | 910662 | 0.9 |
| 10313 | Edison International |  | 687465 | 0.6 |
| 4146 | Eversource Energy |  | 343537 | 0.3 |
| 5212 | National Fuel Gas Co. |  | 345191 | 0.3 |
| 5245 | NiSource, Inc. |  | 146545 | 0.1 |
| 23975 | PPL Corp. |  | 707742 | 0.7 |
| 3752 | Sempra Energy |  | 623545 | 0.6 |
| 13463 | Southern Co. |  | 910637 | 0.9 |
| 7648 | UGI Corp. |  | 295595 | 0.3 |
|  |  |  | **6641565** | **6.3** |
|  | Total Common Stock <br> (Cost $95,707,168) |  | **104181268** | 98.7 |
| **EXCHANGE-TRADED FUNDS: 0.8%** | **EXCHANGE-TRADED FUNDS: 0.8%** | **EXCHANGE-TRADED FUNDS: 0.8%** | **EXCHANGE-TRADED FUNDS: 0.8%** | **EXCHANGE-TRADED FUNDS: 0.8%** |
| 5034 | iShares Russell 1000 Value <br> ETF |  | **800356** | 0.8 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $690,898) |  | **800356** | 0.8 |
|  | Total Long-Term <br> Investments <br> (Cost $96,398,066) |  | **104981624** | 99.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | **Principal<br>Amount†** | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |
|  | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| 638007 <sup>(3)</sup>  | Nomura Securities, <br> Repurchase Agreement <br> dated 11/30/22, 3.81%, due <br> 12/01/22 (Repurchase <br> Amount $638,074, <br> collateralized by various U.S. <br> Government/U.S. Government <br> Agency Obligations, <br> 1.500%-8.000%, Market <br> Value plus accrued interest <br> $650,768, due <br> 01/01/23-03/01/61) <br> (Cost $638,007) | $**638007** | **&nbsp;&nbsp;&nbsp;&nbsp;0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 214000 <sup>(4)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 3.740% |  |  |
|  | (Cost $214,000) | **214000** | 0.2 |
|  | Total Short-Term <br> Investments |  |  |
|  | (Cost $852,007) | **852007** | 0.8 |
|  | **Total Investments in <br> Securities <br> (Cost $97,250,073)** | $**105833631** | **100.3** |
|  | **Liabilities in Excess of <br> Other Assets** | **(279643)** | **(0.3)** |
|  | **Net Assets** | $**105553988** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Security, or a portion of the security, is on loan.

<sup>(3)</sup> <br>

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

Voya U.S. High Dividend PORTFOLIO OF INVESTMENTS

Low Volatility Fund as of November 30, 2022 (Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $104181268 | $— | $— | $104181268 |
| Exchange-Traded Funds | 800356 |  |  | 800356 |
| Short-Term Investments | 214000 | 638007 |  | 852007 |
| Total Investments, at fair value | $105195624 | $638007 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $105833631 |

---

^ <br>

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, 2022, 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 federal income tax purposes was $97,855,556 |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $12591238 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (4613163) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $7978075 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#TOC)

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 17, 2022, 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 U.S. High Dividend Low Volatility Fund and Voya Multi-Manager Mid Cap Value 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, Hahn Capital Management, LLC and LSV Asset Management, the respective sub-advisers to each Fund (the "Sub-Advisers"), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and a Sub-Adviser.

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

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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, 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 that 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 category and primary benchmark, a broad-based securities market index identified in the Fund's prospectus. With respect to 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 as 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 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 evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. 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.

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

#### 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/or recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager intends to propose 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 the Manager. The Board did not request profitability data from the Sub-Advisers, which are 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 these non-Voya-affiliated Sub-Advisers 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, 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, including their ability to engage in soft-dollar transactions on behalf of 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 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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. In each case, the Fund's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each 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.

#### 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

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods, and the third quintile for the three-year, five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

#### 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, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date, one-year and three-year periods, and the third quintile for the five-year and ten-year periods; and (2) the Fund outperformed its primary 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: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) 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 net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's

representations regarding the competitiveness of the Fund's net expense ratio.

#### 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, 2022: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date, one-year, and three-year periods, and the fourth quintile for the five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of stock selection and sector allocation on the Fund's performance; and (2) 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: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund's management fee rate, which result in lower fees at higher asset levels; and (2) 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 net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group.

#### 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, 2022: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the three-year, five-year and ten-year periods, and the fifth quintile for the year-to-date and one-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management's representations regarding: (1) the impact of each Sub-Adviser's investment style and security selection on the Fund's performance; and (2) that management would continue to monitor the Sub-Advisers' performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described

------

[**TABLE OF CONTENTS**](#TOC)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

#### Voya U.S. High Dividend Low Volatility Fund
In considering whether to approve the renewal of the Contracts for Voya U.S. High Dividend Low Volatility Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, and the fourth quintile for the year-to-date and three-year periods; and (2) the Fund outperformed its primary benchmark for the one-year and five-year periods and underperformed for the year-to-date and three-year periods. 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: (1) the fairness of the

compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.

#### 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, 2023.

------

[**TABLE OF CONTENTS**](#TOC)

**Investment Adviser** <br> Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Transfer Agent** <br> BNY Mellon Investment Servicing (U.S.) Inc. <br> 301 Bellevue Parkway <br> Wilmington, Delaware 19809

**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286

**Legal Counsel** <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.

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

![[MISSING IMAGE: lg_voya-r.jpg]](lg_voya-r.jpg)

163312 (1122-012523)

------

[**TABLE OF CONTENTS**](#toc-0)

![[MISSING IMAGE: ing_cov.jpg]](ing_cov.jpg)

## Semi-Annual Report

#### November 30, 2022
Classes A, C, I, R, R6 and W

#### Domestic Equity and Growth Funds
■ <br>

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

■ <br>

Voya Small Company Fund

---

| |
|:---|
| As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each fund's annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds' website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
| If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com. |
| You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds. |

---

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.

---

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

---

![[MISSING IMAGE: voya_covinvmgt.jpg]](voya_covinvmgt.jpg)

------

[**TABLE OF CONTENTS**](#toc-0)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Shareholder Expense Examples](#tSEEU)  | [1](#tSEEU) |
| [Statements of Assets and Liabilities](#tsoaa-0)  | [2](#tsoaa-0) |
| [Statements of Operations](#tSOOF)  | [4](#tSOOF) |
| [Statements of Changes in Net Assets](#tsoci-0)  | [5](#tsoci-0) |
| [Financial Highlights](#tfihi-0)  | [6](#tfihi-0) |
| [Notes to Financial Statements](#tntfs-0)  | [9](#tntfs-0) |
| [Portfolio of Investments](#tVCL1)  | [21](#tVCL1) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#taasc-0)  | [28](#taasc-0) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!**  |
| Sign up now for on-line prospectuses, fund reports, and proxy statements.  |
| Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.  |
| 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; (2) on the Funds' website at www.voyainvestments.com; and (3) 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 www.voyainvestments.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: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

------

[**TABLE OF CONTENTS**](#toc-0)

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022. The Funds' expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

#### Actual Expenses
The left section of the table shown below, "Actual Fund Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  |
| **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** | **<u>Voya Corporate Leaders</u><sup>®</sup> <u>100 Fund</u>** |
| Class A | $1000.00 | $1017.80 | 0.81% | $4.10 | $1000.00 | $1021.01 | 0.81% | $4.10 |
| Class C | 1000.00 | 1015.00 | 1.35 | 6.82 | 1000.00 | 1018.30 | 1.35 | 6.83 |
| Class I | 1000.00 | 1019.20 | 0.49 | 2.48 | 1000.00 | 1022.61 | 0.49 | 2.48 |
| Class R | 1000.00 | 1016.50 | 1.10 | 5.56 | 1000.00 | 1019.55 | 1.10 | 5.57 |
| Class R6 | 1000.00 | 1019.20 | 0.48 | 2.43 | 1000.00 | 1022.66 | 0.48 | 2.43 |
| Class W | 1000.00 | 1019.10 | 0.56 | 2.83 | 1000.00 | 1022.26 | 0.56 | 2.84 |
| **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** | **<u>Voya Small Company Fund</u>** |
| Class A | $1000.00 | $986.20 | 1.18% | $5.88 | $1000.00 | $1019.15 | 1.18% | $5.97 |
| Class C | 1000.00 | 982.30 | 1.93 | 9.59 | 1000.00 | 1015.39 | 1.93 | 9.75 |
| Class I | 1000.00 | 987.40 | 0.87 | 4.33 | 1000.00 | 1020.71 | 0.87 | 4.41 |
| Class R | 1000.00 | 985.10 | 1.43 | 7.12 | 1000.00 | 1017.90 | 1.43 | 7.23 |
| Class R6 | 1000.00 | 987.50 | 0.85 | 4.24 | 1000.00 | 1020.81 | 0.85 | 4.31 |
| Class W | 1000.00 | 987.40 | 0.93 | 4.63 | 1000.00 | 1020.41 | 0.93 | 4.71 |

---

\* <br>

Expenses are equal to each Fund's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Voya Corporate <br> Leaders<sup>®</sup> 100 <br> Fund**  | **Voya Small <br> Company Fund**  |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $889064042 | $223833592 |
| Short-term investments at fair value† | 3155000 | 4123992 |
| Cash | 395 | 18526 |
| Cash collateral for futures contracts | 233200 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  |  | 7383514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 292049 | 135603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 2222988 | 284994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 90 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  |  | 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts  | 96289 |  |
| Prepaid expenses | 47954 | 18708 |
| Reimbursement due from Investment Adviser | 75991 |  |
| Other assets | 46809 | 24177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 895234807 | 235828161 |
| **LIABILITIES:** |  |  |
| Payable for investment securities purchased |  | 6679446 |
| Payable for fund shares redeemed | 441837 | 1941320 |
| Payable upon receipt of securities loaned |  | 3710992 |
| Payable for investment management fees | 339589 | 136678 |
| Payable for distribution and shareholder service fees | 145241 | 8056 |
| Payable to trustees under the deferred compensation plan (Note 6) | 46809 | 24177 |
| Payable for trustee fees | 2049 | 560 |
| Other accrued expenses and liabilities | 598648 | 695504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1574173 | 13196733 |
| **NET ASSETS**  | $893660634 | $222631428 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $554780060 | $251616499 |
| Total distributable earnings (loss) | 338880574 | (28985071) |
| **NET ASSETS**  | $893660634 | $222631428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $— | $3554624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $560798339 | $240302233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $3155000 | $4123992 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Voya Corporate <br> Leaders<sup>®</sup> 100 <br> Fund**  | **Voya Small <br> Company Fund**  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $427857988 | $32841781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 20246826 | 3294532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $21.13 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (5.75%)<sup>(1)</sup>  | $22.42 | $10.58 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $58333143 | $1840153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2788782 | 300448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $20.92 | $6.12 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $320663877 | $47210176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 15122238 | 3538302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $21.20 | $13.34 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $65855583 | $97274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 3149673 | 9798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $20.91 | $9.93 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $7248026 | $98324555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 341654 | 7341359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $21.21 | $13.39 |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $13702017 | $42317489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 643724 | 3176409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $21.29 | $13.32 |

---

<sup>(1)</sup> <br>

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.

† <br>

Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF OPERATIONS for the six months ended November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Voya Corporate <br> Leaders<sup>®</sup> 100 <br> Fund**  | **Voya Small <br> Company Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $10245592 | $1711024 |
| Interest | 6800 | 1411 |
| Securities lending income, net | 22027 | 11616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 10274419 | 1724051 |
| **EXPENSES:** |  |  |
| Investment management fees | 1974177 | 842671 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 504781 | 40598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 286691 | 9631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 150235 | 200 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 239616 | 21441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 34022 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 108483 | 38551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3<sup>(1)</sup>  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 35658 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | 234 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  | 7741 | 28800 |
| Shareholder reporting expense | 24888 | 9876 |
| Registration fees | 66084 | 43581 |
| Professional fees | 30378 | 13267 |
| Custody and accounting expense | 51057 | 19260 |
| Trustee fees | 10243 | 2801 |
| Licensing fee (Note 7) | 81969 |  |
| Miscellaneous expense | 17589 | 16247 |
| Interest expense | 4097 | 9309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 3627957 | 1097995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (524394) | (54327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 3103563 | 1043668 |
| Net investment income | 7170856 | 680383 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (6556634) | (12936718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (1118515) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss  | (7675149) | (12936718) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 16934251 | 2444225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  |  | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 194957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 17129208 | 2443910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 9454059 | (10492808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations**  | $16624915 | $(9812425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $— | $2134 |

---

<sup>(1)</sup> <br>

Class P3 for Voya Corporate Leaders<sup>®</sup> 100 Fund was fully redeemed on September 9, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Voya Corporate Leaders<sup>®</sup> 100 Fund**  | **Voya Corporate Leaders<sup>®</sup> 100 Fund**  | **Voya Small Company Fund**  | **Voya Small Company Fund**  |
| | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $7170856 | $11750389 | $680383 | $(629455) |
| Net realized gain (loss) | (7675149) | 51233612 | (12936718) | 30792068 |
| Net change in unrealized appreciation (depreciation) | 17129208 | (73036468) | 2443910 | (70245153) |
| Increase (decrease) in net assets resulting from operations | 16624915 | (10052467) | (9812425) | (40082540) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | (34318260) |  | (10321775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | (5106144) |  | (1127065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  | (21690727) |  | (26121367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3<sup>(1)</sup>  |  | (376) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  | (4624679) |  | (17406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  | (452088) |  | (16609933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  |  | (1214707) |  | (12615556) |
| Total distributions |  | (67406981) |  | (66813102) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 89972388 | 276012808 | 91459193 | 42437959 |
| Reinvestment of distributions |  | 61399800 |  | 65042905 |
|  | 89972388 | 337412608 | 91459193 | 107480864 |
| Cost of shares redeemed | (96341361) | (204087114) | (75207360) | (243865153) |
|  Net increase (decrease) in net assets resulting from capital share transactions  | (6368973) | 133325494 | 16251833 | (136384289) |
| Net increase (decrease) in net assets | 10255942 | 55866046 | 6439408 | (243279931) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 883404692 | 827538646 | 216192020 | 459471951 |
| End of year or period | $893660634 | $883404692 | $222631428 | $216192020 |

---

<sup>(1)</sup> <br>

Class P3 for Voya Corporate Leaders<sup>®</sup> 100 Fund was fully redeemed on September 9, 2022.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expenses net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Corporate Leaders<sup>®</sup> 100 Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 20.76 | 0.17• | 0.20 | 0.37 |  |  |  |  |  | 21.13 | 1.78 | 0.92 | 0.81 | 0.81 | 1.68 | 427858 | 17 |
| 05-31-22 | 22.56 | 0.29• | (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• | 7.79 | 8.10 | 0.40 | 4.49 |  | 4.88 |  | 22.56 | 46.33 | 0.96 | 0.81 | 0.81 | 1.49 | 441976 | 27 |
| 05-31-20 | 20.14 | 0.36• | 0.86 | 1.22 | 0.38 | 1.63 |  | 2.01 |  | 19.35 | 5.08 | 0.95 | 0.82 | 0.82 | 1.73 | 323701 | 103 |
| 05-31-19 | 21.70 | 0.36• | (0.02) | 0.34 | 0.37 | 1.53 |  | 1.90 |  | 20.14 | 1.99 | 0.92 | 0.81 | 0.81 | 1.68 | 329079 | 23 |
| 05-31-18 | 20.11 | 0.31• | 1.93 | 2.24 | 0.33 | 0.32 |  | 0.65 |  | 21.70 | 11.08 | 0.90 | 0.81 | 0.81 | 1.46 | 280385 | 14 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 20.61 | 0.11• | 0.20 | 0.31 |  |  |  |  |  | 20.92 | 1.50 | 1.67 | 1.35 | 1.35 | 1.14 | 58333 | 17 |
| 05-31-22 | 22.39 | 0.17• | (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• | 7.73 | 7.92 | 0.25 | 4.49 |  | 4.74 |  | 22.39 | 45.54 | 1.71 | 1.38 | 1.38 | 0.92 | 78110 | 27 |
| 05-31-20 | 20.01 | 0.24• | 0.86 | 1.10 | 0.27 | 1.63 |  | 1.90 |  | 19.21 | 4.51 | 1.70 | 1.36 | 1.36 | 1.17 | 77642 | 103 |
| 05-31-19 | 21.54 | 0.24• | 0.00\* | 0.24 | 0.24 | 1.53 |  | 1.77 |  | 20.01 | 1.48 | 1.67 | 1.35 | 1.35 | 1.11 | 99290 | 23 |
| 05-31-18 | 19.97 | 0.20• | 1.90 | 2.10 | 0.21 | 0.32 |  | 0.53 |  | 21.54 | 10.47 | 1.65 | 1.35 | 1.35 | 0.93 | 110325 | 14 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 20.80 | 0.20• | 0.20 | 0.40 |  |  |  |  |  | 21.20 | 1.92 | 0.63 | 0.49 | 0.49 | 2.02 | 320664 | 17 |
| 05-31-22 | 22.60 | 0.37• | (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• | 7.80 | 8.18 | 0.46 | 4.49 |  | 4.95 |  | 22.60 | 46.84 | 0.65 | 0.49 | 0.49 | 1.80 | 213638 | 27 |
| 05-31-20 | 20.15 | 0.43• | 0.87 | 1.30 | 0.45 | 1.63 |  | 2.08 |  | 19.37 | 5.45 | 0.62 | 0.50 | 0.50 | 2.04 | 156971 | 103 |
| 05-31-19 | 21.71 | 0.41• | (0.01) | 0.40 | 0.43 | 1.53 |  | 1.96 |  | 20.15 | 2.29 | 0.59 | 0.49 | 0.49 | 1.92 | 191916 | 23 |
| 05-31-18 | 20.12 | 0.38• | 1.93 | 2.31 | 0.40 | 0.32 |  | 0.72 |  | 21.71 | 11.43 | 0.56 | 0.49 | 0.49 | 1.78 | 333230 | 14 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 20.57 | 0.14• | 0.20 | 0.34 |  |  |  |  |  | 20.91 | 1.65  | 1.17 | 1.10 | 1.10 | 1.40 | 65856 | 17 |
| 05-31-22 | 22.37 | 0.23• | (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• | 7.73 | 7.97 | 0.32 | 4.49 |  | 4.81 |  | 22.37 | 45.93  | 1.21 | 1.13 | 1.13 | 1.17 | 63791 | 27 |
| 05-31-20 | 20.01 | 0.30• | 0.85 | 1.15 | 0.32 | 1.63 |  | 1.95 |  | 19.21 | 4.77  | 1.20 | 1.11 | 1.11 | 1.43 | 50071 | 103 |
| 05-31-19 | 21.55 | 0.29• | (0.01) | 0.28 | 0.29 | 1.53 |  | 1.82 |  | 20.01 | 1.70  | 1.17 | 1.10 | 1.10 | 1.36 | 53994 | 23 |
| 05-31-18 | 19.98 | 0.25• | 1.91 | 2.16 | 0.27 | 0.32 |  | 0.59 |  | 21.55 | 10.76 | 1.15 | 1.10 | 1.10 | 1.18 | 59800 | 14 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 20.81 | 0.20• | 0.20 | 0.40 |  |  |  |  |  | 21.21 | 1.92 | 0.56 | 0.48 | 0.48 | 2.01 | 7248 | 17 |
| 05-31-22 | 22.61 | 0.36• | (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• | 7.81 | 8.19 | 0.47 | 4.49 |  | 4.95 |  | 22.61 | 46.83 | 0.56 | 0.48 | 0.48 | 1.82 | 13764 | 27 |
| 05-31-20 | 20.16 | 0.43• | 0.88 | 1.31 | 0.46 | 1.63 |  | 2.09 |  | 19.38 | 5.47 | 0.58 | 0.49 | 0.49 | 2.04 | 11195 | 103 |
| 05-31-19 | 21.71 | 0.42• | 0.00\* | 0.42 | 0.44 | 1.53 |  | 1.97 |  | 20.16 | 2.35 | 0.55 | 0.48 | 0.48 | 1.96 | 18207 | 23 |
| 05-31-18 | 20.12 | 0.38• | 1.93 | 2.31 | 0.40 | 0.32 |  | 0.72 |  | 21.71 | 11.44 | 0.53 | 0.48 | 0.48 | 1.79 | 24586 | 14 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 20.89 | 0.19• | 0.21 | 0.40 |  |  |  |  |  | 21.29 | 1.91 | 0.67 | 0.56 | 0.56 | 1.93 | 13702 | 17 |
| 05-31-22 | 22.69 | 0.35• | (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• | 7.82 | 8.19 | 0.42 | 4.49 |  | 4.91 |  | 22.69 | 46.75 | 0.71 | 0.56 | 0.56 | 1.74 | 16255 | 27 |
| 05-31-20 | 20.18 | 0.40• | 0.90 | 1.30 | 0.44 | 1.63 |  | 2.07 |  | 19.41 | 5.43 | 0.70 | 0.57 | 0.57 | 1.90 | 17533 | 103 |
| 05-31-19 | 21.73 | 0.40• | (0.01) | 0.39 | 0.41 | 1.53 |  | 1.94 |  | 20.18 | 2.24 | 0.67 | 0.56 | 0.56 | 1.88 | 78983 | 23 |
| 05-31-18 | 20.14 | 0.37• | 1.92 | 2.29 | 0.38 | 0.32 |  | 0.70 |  | 21.73 | 11.35 | 0.65 | 0.56 | 0.56 | 1.71 | 100787 | 14 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expenses net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Voya Small Company Fund**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.11 | 0.02• | (0.16) | (0.14) |  |  |  |  |  | 9.97 | **(1.38)** | 1.23 | 1.18 | 1.18 | 0.33 | 32842 | 196 |
| 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 |
| 05-31-20 | 10.56 | (0.02) | (0.67) | (0.69) | 0.01 |  | 0.00\* | 0.01 |  | 9.86 | **(6.49)** | 1.46 | 1.36 | 1.36 | (0.13) | 35156 | 135 |
| 05-31-19 | 14.60 | 0.00\* | (1.69) | (1.69) | 0.01 | 2.34 |  | 2.35 |  | 10.56 | **(10.71)** | 1.40 | 1.35 | 1.35 | 0.00\* | 49154 | 111 |
| 05-31-18 | 14.88 | (0.01) | 1.74 | 1.73 | 0.00\* | 2.01 |  | 2.01 |  | 14.60 | 12.08 | 1.38 | 1.35 | 1.35 | (0.07) | 64724 | 79 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 6.23 | (0.01)<sup>•</sup> | (0.10) | (0.11) |  |  |  |  |  | 6.12 | **(1.77)** | 1.98 | 1.93 | 1.93 | (0.42) | 1840 | 196 |
| 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 |
| 05-31-20 | 7.71 | (0.07)<sup>•</sup> | (0.48) | (0.55) | 0.01 |  | 0.00\* | 0.01 |  | 7.15 | **(7.14)** | 2.21 | 2.11 | 2.11 | (0.87) | 3590 | 135 |
| 05-31-19 | 11.50 | (0.08) | (1.36) | (1.44) | 0.01 | 2.34 |  | 2.35 |  | 7.71 | **(11.52)** | 2.15 | 2.10 | 2.10 | (0.76) | 7105 | 111 |
| 05-31-18 | 12.20 | (0.10) | 1.41 | 1.31 |  | 2.01 |  | 2.01 |  | 11.50 | 11.22 | 2.13 | 2.10 | 2.10 | (0.82) | 11809 | 79 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.51 | 0.04• | (0.21) | (0.17) |  |  |  |  |  | 13.34 | **(1.26)** | 0.96 | 0.87 | 0.87 | 0.66 | 47210 | 196 |
| 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 |
| 05-31-20 | 13.12 | 0.03 | (0.83) | (0.80) | 0.05 |  | 0.00\* | 0.05 |  | 12.27 | **(6.16)** | 1.23 | 1.05 | 1.05 | 0.19 | 224718 | 135 |
| 05-31-19 | 17.45 | 0.05 | (2.01) | (1.96) | 0.03 | 2.34 |  | 2.37 |  | 13.12 | **(10.46)** | 1.17 | 1.04 | 1.04 | 0.28 | 319622 | 111 |
| 05-31-18 | 17.41 | 0.04 | 2.06 | 2.10 | 0.05 | 2.01 |  | 2.06 |  | 17.45 | 12.44 | 1.16 | 1.04 | 1.04 | 0.24 | 618289 | 79 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 10.08 | 0.00\*• | (0.15) | (0.15) |  |  |  |  |  | 9.93 | **(1.49)** | 1.48 | 1.43 | 1.43 | 0.07 | 97 | 196 |
| 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 |
| 05-31-20 | 10.55 | (0.04)<sup>•</sup> | (0.57) | (0.61) | 0.05 |  | 0.00\* | 0.05 |  | 9.89 | **(5.80)** | 1.71 | 1.61 | 1.61 | (0.39) | 39 | 135 |
| 05-31-19 | 14.51 | 0.00\* | (1.61) | (1.61) | 0.01 | 2.34 |  | 2.35 |  | 10.55 | **(10.15)** | 1.65 | 1.60 | 1.60 | (0.07) | 92 | 111 |
| 05-31-18 | 14.83 | (0.05)<sup>•</sup> | 1.74 | 1.69 |  | 2.01 |  | 2.01 |  | 14.51 | 11.83 | 1.63 | 1.60 | 1.60 | (0.32) | 7 | 79 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.56 | 0.05• | (0.22) | (0.17) |  |  |  |  |  | 13.39 | **(1.25)** | 0.85 | 0.85 | 0.85 | 0.72 | 98325 | 196 |
| 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 |
| 05-31-20 | 13.13 | 0.04 | (0.84) | (0.80) | 0.03 |  | 0.00\* | 0.03 |  | 12.30 | **(6.11)** | 1.04 | 1.02 | 1.02 | 0.21 | 69755 | 135 |
| 05-31-19 | 17.47 | 0.07 | (2.02) | (1.95) | 0.05 | 2.34 |  | 2.39 |  | 13.13 | **(10.40)** | 0.98 | 0.96 | 0.96 | 0.40 | 109363 | 111 |
| 05-31-18 | 17.43 | 0.06 | 2.05 | 2.11 | 0.06 | 2.01 |  | 2.07 |  | 17.47 | 12.51 | 0.97 | 0.95 | 0.95 | 0.33 | 106249 | 79 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 13.49 | 0.04• | (0.21) | (0.17) |  |  |  |  |  | 13.32 | **(1.26)** | 0.98 | 0.93 | 0.93 | 0.57 | 42317 | 196 |
| 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 |
| 05-31-20 | 13.09 | 0.07• | (0.88) | (0.81) | 0.01 |  | 0.00\* | 0.01 |  | 12.27 | **(6.19)** | 1.21 | 1.11 | 1.11 | 0.61 | 66879 | 135 |
| 05-31-19 | 17.39 | 0.03• | (1.98) | (1.95) | 0.01 | 2.34 |  | 2.35 |  | 13.09 | **(10.47)** | 1.15 | 1.10 | 1.10 | 0.20 | 1445 | 111 |
| 05-31-18 | 17.37 | 0.03 | 2.04 | 2.07 | 0.04 | 2.01 |  | 2.05 |  | 17.39 | 12.32 | 1.13 | 1.10 | 1.10 | 0.19 | 4417 | 79 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

Financial Highlights (continued)

<sup>(1)</sup> <br>

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> <br>

Annualized for periods less than one year.

<sup>(3)</sup> <br>

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.

+ <br>

Unaudited.

• Calculated using average number of shares outstanding throughout the year or period.

\* <br>

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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 Small Company Fund ("Small Company") (each, a "Fund" and collectively, the "Funds"). 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 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 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 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 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 a 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,

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 a 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 a 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 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 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) <br>

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

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

(2) <br>

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.*** With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, 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. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

***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) 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

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2022, 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, 2022, Corporate Leaders<sup>®</sup> 100 had an average notional amount on futures contracts purchased of $5,737,333. Please refer to the table within the Portfolio of Investments for open futures contracts for Corporate Leaders<sup>®</sup> 100 at November 30, 2022.

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 federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions

taken on 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") 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 not registered for sale to the public under the 1933 Act are referred to as "restricted securities." These securities may be sold in private placement

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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, 2022, 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 | $144582475 | $139196290 |
| Small Company | 452134194 | 430652345 |

---

#### 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 Net Assets**  |
|  Corporate Leaders<sup>®</sup> 100  | 0.500% on the first $500 million; <br> 0.450% on the next $500 million; and <br> 0.400% in excess of $1 billion |
| Small Company<sup>(1)(2)</sup>  | 0.750% on all assets |

---

<sup>(1)</sup> <br>

Prior to June 1, 2022, the Investment Adviser was contractually obligated to waive 0.02% of the management fee for Small Company. This waiver was not eligible for recoupment. Termination of this obligation was approved by the Board.

<sup>(2)</sup> <br>

Prior to June 1, 2022, the management fee was 0.950% on the first $250 million; 0.900% on the next $250 million; 0.875% on the next $250 million; 0.850% on the next $1.25 billion; and 0.825% in excess of $2 billion.

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%<sup>(1)</sup> | 0.50% |
| Small Company | 0.25% | 1.00% | 0.50% |

---

<sup>(1)</sup> <br>

The Distributor has agreed to waive 0.25% of the Distribution Fee. 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

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2022, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
| | **Class A**  | **Class C**  |
| **Initial Sales Charges:** |  |  |
| Corporate Leaders<sup>®</sup> 100 | $54350 | $— |
| Small Company | 2325 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| Corporate Leaders<sup>®</sup> 100 | $— | $673 |
| Small Company | 176 | 4 |

---

#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2022, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated <br> Investment Company** | **Fund**  | **Percentage**  |
| Voya Global Perspectives Fund | Small Company | 5.41% |
| Voya Institutional Trust Company  | Corporate Leaders<sup>®</sup> 100  | 10.80 |
|  Voya Solution Moderately Aggressive Portfolio  | Small Company | 6.05 |

---

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 Fund is 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, 2022, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund**  | **Amount**  |
| Corporate Leaders<sup>®</sup> 100 | $67804 |
| Small Company | 5935 |

---

#### NOTE 7 — LICENSING FEE
Corporate Leaders<sup>®</sup> 100 pays an annual licensing fee to S&P Opco, LLC.

#### 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 and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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% |
| Small Company<sup>(1)(2)</sup> | 1.17% | 1.92% | 0.86% | 1.42% | 0.86% | 0.92% |

---

<sup>(1)</sup> <br>

Prior to June 1, 2022, the expense limits per the Expense Limitation Agreement were 1.50%, 2.25%, 1.25%, 1.75%, 1.04% and 1.25% for Class A, Class C, Class I, Class R, Class R6 and Class W, respectively.

<sup>(2)</sup> <br>

Effective June 1, 2022, the side letter agreement for Small Company was terminated. Prior to June 1, 2022, the non-recoupable side letter agreement limited expenses to 1.31%, 2.06%, 1.00%, 1.56%, 1.00% and 1.06% for Class A, Class C, Class I, Class R, Class R6 and Class W, respectively. Termination of this side letter agreement was approved by the Board.

Pursuant to a side letter agreement, through October 1, 2023, the Investment Adviser has further lowered the expense limits for certain share classes of shares of Corporate Leaders<sup>®</sup> 100. 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

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, 2022, 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,**  | |
| | **2023**  | **2024**  | **2025**  | **Total**  |
| Corporate Leaders<sup>®</sup> 100  | $700570 | $453850 | $551480 | $1705900 |
| Small Company |  |  | 1449 | 1449 |

---

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, 2022, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **November 30,**  | **November 30,**  | **November 30,**  | |
| | **2023**  | **2024**  | **2025**  | **Total**  |
| Corporate Leaders<sup>®</sup> 100 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A  | $220595 | $181139 | $130803 | $532537 |
| &nbsp;&nbsp;&nbsp; Class I  | 98202 | 138134 | 181125 | 417461 |
| &nbsp;&nbsp;&nbsp; Class R6  | 252 | 235 | 435 | 922 |
| &nbsp;&nbsp;&nbsp; Class W  | 18178 | 6926 | 4250 | 29354 |
| Small Company |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A  |  |  | 8739 | 8739 |
| &nbsp;&nbsp;&nbsp; Class C  |  |  | 494 | 494 |
| &nbsp;&nbsp;&nbsp; Class I  |  |  | 32502 | 32502 |
| &nbsp;&nbsp;&nbsp; Class R  |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Class W  |  |  | 11123 | 11123 |

---

The Expense Limitation Agreement is contractual through October 1, 2023 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 13, 2022, 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 12, 2023. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or <br>

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 13, 2022, 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 13, 2022.

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, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Days <br> Utilized**  | **Approximate <br> Average <br> Daily <br> Balance For <br> Days <br> Utilized**  | **Approximate <br> Weighted <br> Average <br> Interest Rate <br> For Days <br> Utilized**  |
| Corporate Leaders<sup>®</sup> 100 | 9 | $6302444 | 2.60% |
| Small Company | 10 | 8795900 | 3.81 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

#### NOTE 10 — 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)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Corporate Leaders<sup>®</sup> 100** | **Corporate Leaders<sup>®</sup> 100** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 534510 |  |  | (909320) |  | (374810) | 10590133 |  |  | (17876005) |  | (7285872) |
| 5/31/2022 | 2025999 |  | 1374803 | (2366262) |  | 1034540 | 45970461 |  | 30823092 | (53092993) |  | 23700561 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 149881 |  |  | (419407) |  | (269526) | 2890090 |  |  | (8159166) |  | (5269076) |
| 5/31/2022 | 391709 |  | 220494 | (1042371) |  | (430168) | 8705963 |  | 4919227 | (23325044) |  | (9699855) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 3494075 |  |  | (3188081) |  | 305994 | 67517064 |  |  | (62698049) |  | 4819015 |
| 5/31/2022 | 9104368 |  | 869014 | (4610468) |  | 5362914 | 205185714 |  | 19491987 | (102498535) |  | 122179166 |
| **Class P3<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 |  |  |  | (219) |  | (219) |  |  |  | (4645) |  | (4645) |
| 5/31/2022 |  |  | 16 |  |  | 16 |  |  | 376 |  |  | 376 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 352061 |  |  | (258126) |  | 93935 | 6998467 |  |  | (5050670) |  | 1947797 |
| 5/31/2022 | 405204 |  | 207677 | (408849) |  | 204032 | 8896044 |  | 4620818 | (9112706) |  | 4404156 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 23450 |  |  | (33706) |  | (10256) | 461777 |  |  | (659712) |  | (197935) |
| 5/31/2022 | 207613 |  | 15011 | (479464) |  | (256840) | 4587754 |  | 336847 | (10994056) |  | (6069455) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 75606 |  |  | (94859) |  | (19253) | 1514857 |  |  | (1893114) |  | (378257) |
| 5/31/2022 | 114645 |  | 53593 | (221758) |  | (53519) | 2666873 |  | 1207453 | (5063780) |  | (1189455) |
| **Small Company** | **Small Company** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 60230 |  |  | (221682) |  | (161452) | 587521 |  |  | (2135012) |  | (1547491) |
| 5/31/2022 | 173339 |  | 899367 | (451592) |  | 621114 | 2252201 |  | 9848070 | (5740160) |  | 6360111 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 4784 |  |  | (48237) |  | (43453) | 27969 |  |  | (278435) |  | (250466) |
| 5/31/2022 | 17555 |  | 160980 | (222660) |  | (44125) | 131280 |  | 1091446 | (1899260) |  | (676534) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 266234 |  |  | (3280972) |  | (3014738) | 3349388 |  |  | (38530462) |  | (35181074) |
| 5/31/2022 | 1163010 |  | 1728860 | (8450497) |  | (5558626) | 19056904 |  | 25258647 | (148435986) |  | (104120434) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 2818 |  |  | (24) |  | 2794 | 27414 |  |  | (230) |  | 27184 |
| 5/31/2022 | 1871 |  | 1592 | (927) |  | 2537 | 24909 |  | 17406 | (14166) |  | 28149 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 6204796 |  |  | (1910326) |  | 4294470 | 85206185 |  |  | (25956825) |  | 59249360 |
| 5/31/2022 | 836478 |  | 1105851 | (4468559) |  | (2526230) | 14237839 |  | 16211779 | (70839305) |  | (40389687) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 182260 |  |  | (652221) |  | (469961) | 2260716 |  |  | (8306382) |  | (6045666) |
| 5/31/2022 | 389026 |  | 864079 | (1063511) |  | 189594 | 6734826 |  | 12615556 | (16936276) |  | 2414106 |

---

<sup>(1)</sup> <br>

Class P3 was fully redeemed on September 9, 2022.

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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, 2022:

#### Small Company

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
|  BNP Paribas Prime Brokerage Intl Ltd  | $536153 | $(536153) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BofA Securities Inc. | 16440 | (16440) |  |
| Citigroup Global Markets Inc. | 162149 | (162149) |  |
| J.P. Morgan Securities LLC | 18437 | (18437) |  |
| Nomura Securities International, Inc.  | 865520 | (865520) |  |
| RBC Capital Markets, LLC | 11740 | (11740) |  |
| Scotia Capital (USA) INC | 609267 | (609267) |  |
|  State Street Bank and Trust Company  | 473552 | (473552) |  |
| UBS AG | 155047 | (155047) |  |
| Wells Fargo Securities LLC | 706319 | (706319) |  |
| Total | $3554624 | $(3554624) | $— |

---

<sup>(1)</sup> <br>

Cash Collateral with a fair value of $3,710,992 has been received in connection with the above securities lending transactions. <br> 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 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 federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals and distributions in connection with redemption of fund shares (equalization).

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended May 31, 2022**  | **Year Ended May 31, 2022**  | **Year Ended May 31, 2021**  | **Year Ended May 31, 2021**  |
| | **Ordinary <br> Income**  | **Long-term <br> Capital <br> Gains**  | **Ordinary <br> Income**  | **Long-term <br> Capital Gains**  |
| Corporate Leaders<sup>®</sup> 100 | $42551882 | $24855099 | $28588546 | $124617626 |
| Small Company | 66813102 |  | 489243 |  |

---

The tax-basis components of distributable earnings as of May 31, 2022 were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Late Year <br> Ordinary Losses <br> Deferred**  | **Post-October <br> Capital Losses <br> Deferred**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Other**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Corporate Leaders<sup>®</sup> 100  | $6615342 | $23856981 | $— | $— | $291815035 | $(31699) | $322255659 |
| Small Company |  | 6843983 | (131326) | (6165254) | (19702858) | (17191) | (19172646) |

---

At May 31, 2022, the Funds did not have any capital loss carryforwards for U.S. federal income tax purposes.

The Funds' major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2022 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 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund's existing

investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.

#### NOTE 14 — MARKET DISRUPTION
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, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In

------

[**TABLE OF CONTENTS**](#toc-0)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 14 — MARKET DISRUPTION (continued)

addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund's investments, including beyond a Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in

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 investments of the portfolio and of the Funds. Any of these occurrences could disrupt the operations of a Fund and of the Funds' service providers.

#### NOTE 15 — SUBSEQUENT EVENTS
*Dividends: Subsequent to November 30, 2022, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | NII  | $0.3321 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | NII  | $0.2099 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.3964 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | NII  | $0.2840 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.3966 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  | NII  | $0.3814 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | STCG  | $0.0204 | December 16, 2022  | December 14, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Classes  | LTCG  | $0.7535 | December 16, 2022  | December 14, 2022  |
| **Small Company** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | NII  | $0.0252 | January 3, 2023  | December 29, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | NII  | $0.0002 | January 3, 2023  | December 29, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | NII  | $0.0547 | January 3, 2023  | December 29, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | NII  | $0.0132 | January 3, 2023  | December 29, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | NII  | $0.0605 | January 3, 2023  | December 29, 2022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  | NII  | $0.0499 | January 3, 2023  | December 29, 2022  |

---

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.

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Corporate Leaders<sup>®</sup> 100 Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** | **COMMON STOCK: 99.4%** |
|  | **Communication Services: 7.9%** | **Communication Services: 7.9%** | **Communication Services: 7.9%** |
| 79016 <sup>(1)</sup> | Alphabet, Inc. - Class C | $8016173 | 0.9 |
| 499076 | AT&T, Inc. | 9622185 | 1.1 |
| 24794 <sup>(1)</sup> | Charter Communications, Inc. | 9701644 | 1.1 |
| 254700 | Comcast Corp. – Class A | 9332208 | 1 |
| 32333 <sup>(1)</sup> | NetFlix, Inc. | 9878702 | 1.1 |
| 57564 <sup>(1)</sup> | T-Mobile US, Inc. | 8718644 | 1 |
| 200582 | Verizon Communications, Inc. | 7818686 | 0.9 |
| 79534 <sup>(1)</sup> | Walt Disney Co. | 7783993 | 0.8 |
|  |  | **70872235** | **7.9** |
|  | **Consumer Discretionary: 9.9%** | **Consumer Discretionary: 9.9%** | **Consumer Discretionary: 9.9%** |
| 67513 <sup>(1)</sup> | Amazon.com, Inc. | 6517705 | 0.7 |
| 4616 <sup>(1)</sup> | Booking Holdings, Inc. | 9598741 | 1.1 |
| 675729 | Ford Motor Co. | 9392633 | 1 |
| 233028 | General Motors Co. | 9451616 | 1.1 |
| 27848 | Home Depot, Inc. | 9022474 | 1 |
| 40694 | Lowe's Cos, Inc. | 8649510 | 1 |
| 33066 | McDonald's Corp. | 9020074 | 1 |
| 81302 | Nike, Inc. - Class B | 8918016 | 1 |
| 89530 | Starbucks Corp. | 9149966 | 1 |
| 51061 | Target Corp. | 8530761 | 1 |
|  |  | **88251496** | **9.9** |
|  | **Consumer Staples: 11.0%** | **Consumer Staples: 11.0%** | **Consumer Staples: 11.0%** |
| 188256 | Altria Group, Inc. | 8768965 | 1 |
| 137008 | Coca-Cola Co. | 8715079 | 1 |
| 107991 | Colgate-Palmolive Co. | 8367143 | 0.9 |
| 16182 | Costco Wholesale Corp. | 8726144 | 1 |
| 230945 | Kraft Heinz Co. | 9087686 | 1 |
| 136766 | Mondelez International, Inc. | 9246749 | 1 |
| 46518 | PepsiCo, Inc. | 8629554 | 1 |
| 90029 | Philip Morris International, Inc. | 8973190 | 1 |
| 60221 | Procter & Gamble Co. | 8982564 | 1 |
| 245658 | Walgreens Boots Alliance, Inc. | 10194807 | 1.1 |
| 58605 | Walmart, Inc. | 8932574 | 1 |
|  |  | **98624455** | **11.0** |
|  | **Energy: 3.2%** | **Energy: 3.2%** | **Energy: 3.2%** |
| 53537 | Chevron Corp. | 9813868 | 1.1 |
| 74768 | ConocoPhillips | 9234596 | 1 |
| 87398 | Exxon Mobil Corp. | 9730893 | 1.1 |
|  |  | **28779357** | **3.2** |
|  | **Financials: 15.6%** | **Financials: 15.6%** | **Financials: 15.6%** |
| 56249 | American Express Co. | 8864280 | 1 |
| 162621 | American International Group, <br> Inc. | 10263011 | 1.1 |
| 252789 | Bank of America Corp. | 9568064 | 1.1 |
| 199344 | Bank of New York Mellon Corp.  | 9149890 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 28751 <sup>(1)</sup> | Berkshire Hathaway, Inc. – <br> Class B | $| 9160069 | 1 |
| 13743 | Blackrock, Inc. |  | 9839988 | 1.1 |
| 82735 | Capital One Financial Corp. |  | 8541561 | 1 |
| 106698 | Charles Schwab Corp. |  | 8806853 | 1 |
| 182838 | Citigroup, Inc. |  | 8851188 | 1 |
| 26175 | Goldman Sachs Group, Inc. |  | 10107476 | 1.1 |
| 73008 | JPMorgan Chase & Co. |  | 10088245 | 1.1 |
| 126912 | Metlife, Inc. |  | 9734150 | 1.1 |
| 97051 | Morgan Stanley |  | 9032537 | 1 |
| 190290 | US Bancorp |  | 8637263 | 1 |
| 191370 | Wells Fargo & Co. |  | 9176191 | 1 |
|  |  |  | **139820766** | **15.6** |
|  | **Health Care: 13.7%** | **Health Care: 13.7%** | **Health Care: 13.7%** | **Health Care: 13.7%** |
| 78854 | Abbott Laboratories |  | 8483113 | 1 |
| 54305 | AbbVie, Inc. |  | 8752880 | 1 |
| 33933 | Amgen, Inc. |  | 9718411 | 1.1 |
| 108081 | Bristol-Myers Squibb Co. |  | 8676743 | 1 |
| 79920 | CVS Health Corp. |  | 8142250 | 0.9 |
| 29566 | Danaher Corp. |  | 8083640 | 0.9 |
| 23487 | Eli Lilly & Co. |  | 8715556 | 1 |
| 122889 | Gilead Sciences, Inc. |  | 10793341 | 1.2 |
| 47106 | Johnson & Johnson |  | 8384868 | 0.9 |
| 94209 | Medtronic PLC |  | 7446279 | 0.8 |
| 89457 | Merck & Co., Inc. |  | 9851005 | 1.1 |
| 175510 | Pfizer, Inc. |  | 8798316 | 1 |
| 15002 | Thermo Fisher Scientific, Inc. |  | 8404420 | 0.9 |
| 15231 | UnitedHealth Group, Inc. |  | 8342933 | 0.9 |
|  |  |  | **122593755** | **13.7** |
|  | **Industrials: 13.0%** | **Industrials: 13.0%** | **Industrials: 13.0%** | **Industrials: 13.0%** |
| 69017 | 3M Co. |  | 8694071 | 1 |
| 61841 <sup>(1)</sup> | Boeing Co. |  | 11062118 | 1.2 |
| 46717 | Caterpillar, Inc. |  | 11044366 | 1.2 |
| 104454 | Emerson Electric Co. |  | 10003560 | 1.1 |
| 50886 | FedEx Corp. |  | 9272447 | 1 |
| 36145 | General Dynamics Corp. |  | 9122637 | 1 |
| 123554 | General Electric Co. |  | 10621937 | 1.2 |
| 45572 | Honeywell International, Inc. |  | 10005333 | 1.1 |
| 19883 | Lockheed Martin Corp. |  | 9647033 | 1.1 |
| 94128 | Raytheon Technologies Corp. |  | 9292316 | 1.1 |
| 38908 | Union Pacific Corp. |  | 8459766 | 1 |
| 46880 | United Parcel Service, Inc. - <br> Class B |  | 8894542 | 1 |
|  |  |  | **116120126** | **13.0** |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Corporate Leaders<sup>®</sup> 100 Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: 17.3%** | **Information Technology: 17.3%** | **Information Technology: 17.3%** |
| 30010 | Accenture PLC | $9030909 | 1 |
| 27855 <sup>(1)</sup> | Adobe, Inc. | 9608025 | 1.1 |
| 120838 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 9380654 | 1 |
| 54397 | Apple, Inc. | 8052388 | 0.9 |
| 17218 | Broadcom, Inc. | 9487635 | 1.1 |
| 191040 | Cisco Systems, Inc. | 9498509 | 1.1 |
| 293805 | Intel Corp. | 8834716 | 1 |
| 63722 | International Business <br> Machines Corp. | 9488206 | 1.1 |
| 27028 | Mastercard, Inc. - Class A | 9632779 | 1.1 |
| 32634 | Microsoft Corp. | 8326239 | 0.9 |
| 63424 | Nvidia Corp. | 10733244 | 1.2 |
| 126230 | Oracle Corp. | 10480877 | 1.2 |
| 87379 <sup>(1)</sup> | PayPal Holdings, Inc. | 6851387 | 0.8 |
| 67491 | Qualcomm, Inc. | 8536937 | 0.9 |
| 52793 <sup>(1)</sup> | Salesforce, Inc. | 8460078 | 0.9 |
| 48914 | Texas Instruments, Inc. | 8827020 | 1 |
| 43044 | Visa, Inc. - Class A | 9340548 | 1 |
|  |  | **154570151** | **17.3** |
|  | **Materials: 2.1%** | **Materials: 2.1%** | **Materials: 2.1%** |
| 175510 | Dow, Inc. | 8945745 | 1 |
| 28748 | Linde PLC | 9673127 | 1.1 |
|  |  | **18618872** | **2.1** |
|  | **Real Estate: 2.1%** | **Real Estate: 2.1%** | **Real Estate: 2.1%** |
| 36265 | American Tower Corp. | 8023631 | 0.9 |
| 86957 | Simon Property Group, Inc. | 10386144 | 1.2 |
|  |  | **18409775** | **2.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Utilities: 3.6%** | **Utilities: 3.6%** | **Utilities: 3.6%** |
| 81500 | Duke Energy Corp. | $8144295 | 0.9 |
| 205312 | Exelon Corp. | 8493757 | 1 |
| 96917 | NextEra Energy, Inc. | 8208870 | 0.9 |
| 111711 | Southern Co. | 7556132 | 0.8 |
|  |  | **32403054** | **3.6** |
|  | Total Common Stock <br> (Cost $560,798,339) | **889064042** | 99.4 |
| **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 3155000 <sup>(2)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 3.740% <br> (Cost $3,155,000) | **3155000** | 0.4 |
|  | Total Short-Term <br> Investments <br> (Cost $3,155,000) | **3155000** | 0.4 |
|  | **Total Investments in <br> Securities <br> (Cost $563,953,339)** | $**892219042** | **99.8** |
|  | **Assets in Excess of <br> Other Liabilities** | **1441592** | **0.2** |
|  | **Net Assets** | $**893660634** | **100.0** |

---

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $889064042 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $889064042 |
| Short-Term Investments | 3155000 |  |  | 3155000 |
| Total Investments, at fair value | $892219042 | $— | $— | $892219042 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 299854 |  |  | 299854 |
| Total Assets | $892518896 | $— | $— | $892518896 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Corporate Leaders<sup>®</sup> 100 Fund as of November 30, 2022 (Unaudited) (continued)

^ <br>

See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+ <br>

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.

\* <br>

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At November 30, 2022, 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/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> E-Mini  | 16 | 12/16/22 | $3265000 | $299854 |
|  |  |  | $3265000 | $299854 |

---

#### 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, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Location on Statement of <br> Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $299854 |
| **Total Asset Derivatives**  |  | $299854 |

---

\* <br>

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the table 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 year ended November 30, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Amount of Realized Gain or (Loss) on <br> Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $(1118515) |
| **Total**  | $(1118515) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation or (Depreciation) <br> on Derivatives Recognized in Income**  |
| **Derivatives not accounted for as hedging instruments**  | **Futures**  |
| Equity contracts | $194957 |
| **Total**  | $194957 |

---

At November 30, 2022, 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 federal income tax purposes was $583,574,653. |  |
| Net unrealized appreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $336895003 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (27950760) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $308944243 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Small Company Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: 100.2%** | **COMMON STOCK: 100.2%** | **COMMON STOCK: 100.2%** | **COMMON STOCK: 100.2%** |
|  | **Communication Services: 2.8%** | **Communication Services: 2.8%** | **Communication Services: 2.8%** |
| 440875 <sup>(1)</sup> | Globalstar, Inc. | $837662 | 0.4 |
| 43194 <sup>(1)</sup> | Cargurus, Inc. | 564978 | 0.2 |
| 45811 <sup>(1)</sup> | Imax Corp. | 773748 | 0.3 |
| 124799 <sup>(1)</sup> | Playtika Holding Corp. | 1179351 | 0.5 |
| 135544 <sup>(1)</sup> | Vimeo, Inc. | 580128 | 0.3 |
| 26308 <sup>(1)</sup> | Yelp, Inc. | 814233 | 0.4 |
| 16943 <sup>(1)</sup> | Ziff Davis, Inc. | 1563161 | 0.7 |
|  |  | **6313261** | **2.8** |
|  | **Consumer Discretionary: 7.7%** | **Consumer Discretionary: 7.7%** | **Consumer Discretionary: 7.7%** |
| 22346 | Acushnet Holdings Corp. | 1015626 | 0.5 |
| 65715 | Arko Corp. | 619692 | 0.3 |
| 48272 | Gentex Corp. | 1395061 | 0.6 |
| 82585 | International Game <br> Technology PLC | 2026636 | 0.9 |
| 74884 <sup>(1)</sup> | Leslie's, Inc. | 1093306 | 0.5 |
| 59468 <sup>(1)(2)</sup> | Lindblad Expeditions <br> Holdings, Inc. | 539969 | 0.2 |
| 113231 <sup>(1)</sup> | Sonos, Inc. | 1984939 | 0.9 |
| 63958 | Steven Madden Ltd. | 2209109 | 1 |
| 58745 <sup>(1)</sup> | Taylor Morrison Home Corp. | 1785261 | 0.8 |
| 110458 <sup>(1)</sup> | Tri Pointe Homes, Inc. | 2036846 | 0.9 |
| 64221 <sup>(1)</sup> | Udemy, Inc. | 911296 | 0.4 |
| 133514 | Wolverine World Wide, Inc. | 1495357 | 0.7 |
|  |  | **17113098** | **7.7** |
|  | **Energy: 2.6%** | **Energy: 2.6%** | **Energy: 2.6%** |
| 91903 | Archrock, Inc. | 800475 | 0.4 |
| 144577 <sup>(1)</sup> | Clean Energy Fuels Corp. | 977340 | 0.4 |
| 139772 <sup>(1)</sup> | Kosmos Energy Ltd. | 929484 | 0.4 |
| 9425 | Murphy Oil Corp. | 444860 | 0.2 |
| 44126 <sup>(1)</sup> | US Silica Holdings, Inc. | 577609 | 0.3 |
| 71459 | World Fuel Services Corp. | 2033009 | 0.9 |
|  |  | **5762777** | **2.6** |
|  | **Financials: 17.7%** | **Financials: 17.7%** | **Financials: 17.7%** |
| 214596 | AGNC Investment Corp. | 2143814 | 1 |
| 86991 | Argo Group International <br> Holdings Ltd. | 2364415 | 1.1 |
| 86896 | Associated Banc-Corp. | 2137642 | 1 |
| 18839 | Atlantic Union Bankshares <br> Corp. | 671987 | 0.3 |
| 52045 | BankUnited, Inc. | 1911092 | 0.9 |
| 30791 | Berkshire Hills Bancorp, Inc. | 960063 | 0.4 |
| 32496 | Brown & Brown, Inc. | 1936437 | 0.9 |
| 41961 | Capstar Financial Holdings, <br> Inc. | 751102 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 19958 | Cathay General Bancorp. | $| 927448 | 0.4 |
| 69603 | ConnectOne Bancorp, Inc. |  | 1826383 | 0.8 |
| 47617 | Eastern Bankshares, Inc. |  | 933769 | 0.4 |
| 79767 | Ellington Financial, Inc. |  | 1088022 | 0.5 |
| 36271 | Essent Group Ltd. |  | 1454104 | 0.7 |
| 61029 | First BanCorp. Puerto Rico |  | 938626 | 0.4 |
| 17687 | HCI Group, Inc. |  | 661848 | 0.3 |
| 45789 | KKR Real Estate Finance <br> Trust, Inc. |  | 757808 | 0.3 |
| 58239 | Ladder Capital Corp. |  | 646453 | 0.3 |
| 39431 | Mercury General Corp. |  | 1430557 | 0.6 |
| 43572 <sup>(1)</sup> | NMI Holdings, Inc. |  | 938105 | 0.4 |
| 142053 | Old Republic International <br> Corp. |  | 3480298 | 1.6 |
| 21852 | Origin Bancorp, Inc. |  | 894184 | 0.4 |
| 100708 | Pacific Premier Bancorp, Inc.  |  | 3721161 | 1.7 |
| 28145 | ProAssurance Corp. |  | 562619 | 0.2 |
| 26704 | Provident Financial Services, <br> Inc. |  | 601641 | 0.3 |
| 69540 | Radian Group, Inc. |  | 1360898 | 0.6 |
| 218776 | Redwood Trust, Inc. |  | 1728330 | 0.8 |
| 15749 | SEI Investments Co. |  | 980848 | 0.4 |
| 51410 | Simmons First National Corp.  |  | 1193226 | 0.5 |
| 18188 <sup>(1)</sup> | Third Coast Bancshares, Inc.  |  | 357212 | 0.2 |
|  |  |  | **39360092** | **17.7** |
|  | **Health Care: 15.1%** | **Health Care: 15.1%** | **Health Care: 15.1%** | **Health Care: 15.1%** |
| 85408 <sup>(1)</sup> | Alignment Healthcare, Inc. |  | 1135926 | 0.5 |
| 103811 <sup>(1)</sup> | Allscripts Healthcare <br> Solutions, Inc. |  | 1966180 | 0.9 |
| 144212 <sup>(1)</sup> | Amicus Therapeutics, Inc. |  | 1744965 | 0.8 |
| 44784 <sup>(1)</sup> | Arrowhead Pharmaceuticals, <br> Inc. |  | 1442045 | 0.6 |
| 29198 <sup>(1)</sup> | Avanos Medical, Inc. |  | 785426 | 0.4 |
| 111230 <sup>(1)</sup> | BioCryst Pharmaceuticals, <br> Inc. |  | 1486033 | 0.7 |
| 19536 | Bruker Corp. |  | 1316922 | 0.6 |
| 26318 <sup>(1)</sup> | Castle Biosciences, Inc. |  | 620842 | 0.3 |
| 440875 <sup>(1)</sup> | Cerus Corp. |  | 1763500 | 0.8 |
| 332851 <sup>(1)</sup> | Geron Corp. |  | 772214 | 0.3 |
| 18467 <sup>(1)</sup> | Globus Medical, Inc. |  | 1364527 | 0.6 |
| 19123 <sup>(1)</sup> | Guardant Health, Inc. |  | 1000898 | 0.4 |
| 25082 <sup>(1)</sup> | HealthEquity, Inc. |  | 1592205 | 0.7 |
| 126090 <sup>(1)</sup> | Immunogen, Inc. |  | 654407 | 0.3 |
| 109880 <sup>(1)</sup> | Kodiak Sciences, Inc. |  | 810914 | 0.4 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Small Company Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 22993 <sup>(1)</sup> | Lantheus Holdings, Inc. | $| 1427406 | 0.6 |
| 297985 <sup>(1)(2)</sup> | MannKind Corp. |  | 1394570 | 0.6 |
| 39146 <sup>(1)</sup> | Maravai LifeSciences <br> Holdings, Inc. |  | 582493 | 0.3 |
| 24974 <sup>(1)</sup> | Merit Medical Systems, Inc. |  | 1798128 | 0.8 |
| 56172 <sup>(1)</sup> | NextGen Healthcare, Inc. |  | 1168378 | 0.5 |
| 548370 <sup>(1)</sup> | Opko Health, Inc. |  | 822555 | 0.4 |
| 58231 <sup>(1)</sup> | Option Care Health, Inc. |  | 1753335 | 0.8 |
| 22146 <sup>(1)</sup> | PROCEPT BioRobotics Corp.  |  | 950063 | 0.4 |
| 29856 <sup>(1)</sup> | PTC Therapeutics, Inc. |  | 1238725 | 0.6 |
| 1490997 <sup>(1)</sup> | Rigel Pharmaceuticals, Inc. |  | 1001354 | 0.4 |
| 79467 | Select Medical Holdings <br> Corp. |  | 1953299 | 0.9 |
| 16251 <sup>(1)</sup> | TransMedics Group, Inc. |  | 1005449 | 0.5 |
|  |  |  | **33552759** | **15.1** |
|  | **Industrials: 19.7%** | **Industrials: 19.7%** | **Industrials: 19.7%** | **Industrials: 19.7%** |
| 44140 | ABM Industries, Inc. |  | 2082525 | 0.9 |
| 11418 <sup>(1)</sup> | Aerojet Rocketdyne Holdings, <br> Inc. |  | 593736 | 0.3 |
| 5241 | Alamo Group, Inc. |  | 788771 | 0.4 |
| 65574 | Allison Transmission <br> Holdings, Inc. |  | 2937715 | 1.3 |
| 54263 | Barnes Group, Inc. |  | 2311061 | 1 |
| 36624 | Brady Corp. |  | 1754290 | 0.8 |
| 45923 <sup>(1)</sup> | CoreCivic, Inc. |  | 609857 | 0.3 |
| 5859 | CSW Industrials, Inc. |  | 708646 | 0.3 |
| 100151 <sup>(1)</sup> | First Advantage Corp. |  | 1332008 | 0.6 |
| 10615 | Franklin Electric Co., Inc. |  | 884230 | 0.4 |
| 120776 | Hillenbrand, Inc. |  | 6038800 | 2.7 |
| 75219 | Kennametal, Inc. |  | 1987286 | 0.9 |
| 67551 <sup>(1)(2)</sup> | Legalzoom.com, Inc. |  | 597826 | 0.3 |
| 41971 | Marten Transport Ltd. |  | 894402 | 0.4 |
| 142374 | Mueller Water Products, Inc. |  | 1660081 | 0.7 |
| 102599 <sup>(1)</sup> | NOW, Inc. |  | 1280436 | 0.6 |
| 72097 <sup>(1)</sup> | Resideo Technologies, Inc. |  | 1167971 | 0.5 |
| 148364 | Shyft Group, Inc./The |  | 3639369 | 1.6 |
| 16852 | Simpson Manufacturing Co., <br> Inc. |  | 1568079 | 0.7 |
| 25983 <sup>(1)</sup> | SunPower Corp. |  | 630088 | 0.3 |
| 42584 | Terex Corp. |  | 1955031 | 0.9 |
| 17687 | Toro Co. |  | 1963080 | 0.9 |
| 94989 <sup>(1)</sup> | Upwork, Inc. |  | 1163615 | 0.5 |
| 19083 | Watts Water Technologies, <br> Inc. |  | 3023701 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 16072 | Werner Enterprises, Inc. | $| 706847 | 0.3 |
| 17464 | Woodward, Inc. |  | 1673051 | 0.7 |
|  |  |  | **43952502** | **19.7** |
|  | **Information Technology: 18.6%** | **Information Technology: 18.6%** | **Information Technology: 18.6%** | **Information Technology: 18.6%** |
| 130185 <sup>(1)(2)</sup> | 8x8, Inc. |  | 557192 | 0.2 |
| 123245 <sup>(1)</sup> | ACI Worldwide, Inc. |  | 2575820 | 1.2 |
| 65473 | Adeia, Inc. |  | 723477 | 0.3 |
| 31727 <sup>(1)</sup> | Altair Engineering, Inc. |  | 1556844 | 0.7 |
| 4828 <sup>(1)</sup> | Appfolio, Inc. |  | 550827 | 0.2 |
| 54983 <sup>(1)</sup> | Avid Technology, Inc. |  | 1543923 | 0.7 |
| 9548 <sup>(1)</sup> | Blackbaud, Inc. |  | 565910 | 0.3 |
| 82903 <sup>(1)</sup> | Box, Inc. |  | 2275687 | 1 |
| 28816 <sup>(1)</sup> | Commvault Systems, Inc. |  | 1901856 | 0.9 |
| 11005 | CSG Systems International, <br> Inc. |  | 680549 | 0.3 |
| 42153 <sup>(1)</sup> | Domo, Inc. |  | 602788 | 0.3 |
| 135718 <sup>(1)</sup> | Dropbox, Inc. |  | 3197516 | 1.4 |
| 111084 <sup>(1)</sup> | Duck Creek Technologies, <br> Inc. |  | 1243030 | 0.6 |
| 35241 | EVERTEC, Inc. |  | 1190089 | 0.5 |
| 64761 <sup>(1)</sup> | Formfactor, Inc. |  | 1494036 | 0.7 |
| 124595 <sup>(1)(2)</sup> | Infinera Corp. |  | 841016 | 0.4 |
| 99420 <sup>(1)</sup> | Knowles Corp. |  | 1550952 | 0.7 |
| 31892 <sup>(1)</sup> | LiveRamp Holdings, Inc. |  | 700348 | 0.3 |
| 92307 <sup>(1)</sup> | Momentive Global, Inc. |  | 731994 | 0.3 |
| 37111 | National Instruments Corp. |  | 1522293 | 0.7 |
| 36657 <sup>(1)</sup> | Nutanix, Inc. |  | 1035927 | 0.5 |
| 27427 <sup>(1)</sup> | PowerSchool Holdings, Inc. |  | 559785 | 0.2 |
| 15901 <sup>(1)</sup> | Procore Technologies, Inc. |  | 778672 | 0.3 |
| 24213 <sup>(1)</sup> | PROS Holdings, Inc. |  | 576754 | 0.3 |
| 67527 <sup>(1)</sup> | Repay Holdings Corp. |  | 598289 | 0.3 |
| 147038 <sup>(1)</sup> | Sabre Corp. |  | 898402 | 0.4 |
| 46553 | Sapiens International Corp. <br> NV |  | 905921 | 0.4 |
| 20418 <sup>(1)</sup> | Semtech Corp. |  | 627649 | 0.3 |
| 38005 <sup>(1)</sup> | Smartsheet, Inc. |  | 1168274 | 0.5 |
| 176938 <sup>(1)</sup> | Sumo Logic, Inc. |  | 1344729 | 0.6 |
| 26003 <sup>(1)</sup> | Tenable Holdings, Inc. |  | 992795 | 0.4 |
| 70733 <sup>(1)</sup> | Varonis Systems, Inc. |  | 1502369 | 0.7 |
| 227644 <sup>(1)</sup> | Viavi Solutions, Inc. |  | 2579207 | 1.2 |
| 132447 <sup>(1)</sup> | Yext, Inc. |  | 705943 | 0.3 |
| 135887 <sup>(1)</sup> | Zuora, Inc. |  | 1043612 | 0.5 |
|  |  |  | **41324475** | **18.6** |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Small Company Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: 7.4%** | **Materials: 7.4%** | **Materials: 7.4%** |
| 33026 | Avient Corp. | $1143030 | 0.5 |
| 8361 | Balchem Corp. | 1177229 | 0.5 |
| 190013 | Element Solutions, Inc. | 3716654 | 1.7 |
| 241921 | Glatfelter Corp. | 839466 | 0.4 |
| 10282 <sup>(1)</sup> | Ingevity Corp. | 804772 | 0.4 |
| 8860 | Innospec, Inc. | 982485 | 0.4 |
| 28532 | Minerals Technologies, Inc. | 1720194 | 0.8 |
| 52798 | Sensient Technologies Corp.  | 3944539 | 1.8 |
| 48833 <sup>(1)</sup> | TimkenSteel Corp. | 913177 | 0.4 |
| 20151 | Worthington Industries, Inc. | 1143368 | 0.5 |
|  |  | **16384914** | **7.4** |
|  | **Real Estate: 6.4%** | **Real Estate: 6.4%** | **Real Estate: 6.4%** |
| 19739 | American Assets Trust, Inc. | 578155 | 0.3 |
| 74665 | Americold Realty Trust, Inc. | 2228750 | 1 |
| 103641 | Apartment Investment and <br> Management Co. | 868512 | 0.4 |
| 57994 | Broadstone Net Lease, Inc. | 984158 | 0.4 |
| 41313 | CareTrust REIT, Inc. | 817997 | 0.4 |
| 49321 <sup>(1)</sup> | Cushman & Wakefield PLC | 563246 | 0.2 |
| 35340 | Easterly Government <br> Properties, Inc. | 559786 | 0.2 |
| 53013 | Essential Properties Realty <br> Trust, Inc. | 1230432 | 0.5 |
| 29164 | Gladstone Land Corp. | 599029 | 0.3 |
| 27740 | Plymouth Industrial REIT, Inc.  | 574218 | 0.3 |
| 44288 | Sabra Healthcare REIT, Inc. | 571758 | 0.2 |
| 143612 | Service Properties Trust | 1127354 | 0.5 |
| 64993 | STAG Industrial, Inc. | 2138920 | 1 |
| 25196 | Terreno Realty Corp. | 1477493 | 0.7 |
|  |  | **14319808** | **6.4** |
|  | **Utilities: 2.2%** | **Utilities: 2.2%** | **Utilities: 2.2%** |
| 20384 | ALLETE, Inc. | 1349421 | 0.6 |
| 62260 | Avista Corp. | 2570093 | 1.1 |
| 18913 | NorthWestern Corp. | 1104708 | 0.5 |
|  |  | **5024222** | **2.2** |
|  | Total Common Stock <br> (Cost $239,605,892) | **223107908** | 100.2 |
| **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** | **EXCHANGE-TRADED FUNDS: 0.3%** |
| 3873 <sup>(2)</sup> | iShares Russell 2000 ETF | **725684** | 0.3 |

---

---

| | | |
|:---|:---|:---|
| **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: (continued)** | **EXCHANGE-TRADED FUNDS: (continued)** | **EXCHANGE-TRADED FUNDS: (continued)** |
| Total Exchange-Traded <br> Funds <br> (Cost $696,341) | $**725684** | 0.3 |
| Total Long-Term <br> Investments <br> (Cost $240,302,233) | **223833592** | 100.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | **Principal 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: 1.7%** | **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** |
| 1000000 <sup>(3)</sup> | Bank of America Inc., <br> Repurchase Agreement <br> dated 11/30/22, 3.80%, due <br> 12/01/22 (Repurchase <br> Amount $1,000,104, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 1.500%-6.500%, <br> Market Value plus accrued <br> interest $1,020,000, due <br> 10/01/28-04/01/59) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| 710992 <sup>(3)</sup> | Bank of Nova Scotia, <br> Repurchase Agreement <br> dated 11/30/22, 3.80%, due <br> 12/01/22 (Repurchase <br> Amount $711,066, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 2.000%-6.000%, <br> Market Value plus accrued <br> interest $725,288, due <br> 09/01/24-10/01/52) | 710992 | 0.3 |
| 1000000 <sup>(3)</sup> | MUFG Securities America <br> Inc., Repurchase Agreement <br> dated 11/30/22, 3.80%, due <br> 12/01/22 (Repurchase <br> Amount $1,000,104, <br> collateralized by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, 2.149%-7.000%, <br> Market Value plus accrued <br> interest $1,020,001, due <br> 05/01/25-11/01/52) | 1000000 | 0.5 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

PORTFOLIO OF INVESTMENTS

Voya Small Company Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†**  | **Principal 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)** |
| 1000000 <sup>(3)</sup> | RBC Dominion Securities <br> Inc., Repurchase Agreement <br> dated 11/30/22, 3.81%, due <br> 12/01/22 (Repurchase <br> Amount $1,000,104, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 2.000%-5.500%, <br> Market Value plus accrued <br> interest $1,020,000, due <br> 09/01/24-10/20/52) | $1000000 | 0.4 |
|  | Total Repurchase <br> Agreements <br> (Cost $3,710,992) | **3710992** | 1.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
|  | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** | **Mutual Funds: 0.2%** |
| 413000 <sup>(4)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 3.740% <br> (Cost $413,000) | **&nbsp;&nbsp;&nbsp;&nbsp;413000** | 0.2 |

---

---

| | | |
|:---|:---|:---|
| **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | |
| **Mutual Funds (continued)** | **Mutual Funds (continued)** | **Mutual Funds (continued)** |
| Total Short-Term Investments <br> (Cost $4,123,992) | $**4123992** | 1.9 |
| **Total Investments in <br> Securities <br> (Cost $244,426,225)** | $**227957584** | **102.4** |
| **Liabilities in Excess of <br> Other Assets** | **(5326156)** | **(2.4)** |
| **Net Assets** | $**222631428** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Security, or a portion of the security, is on loan.

<sup>(3)</sup> <br>

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $223107908 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $223107908 |
| Exchange-Traded Funds | 725684 |  |  | 725684 |
| Short-Term Investments | 413000 | 3710992 |  | 4123992 |
| Total Investments, at fair value | $224246592 | $3710992 | $— | $227957584 |

---

^ <br>

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, 2022, 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 federal income tax purposes was $245,216,199. |  |
| Net unrealized depreciation consisted of: |  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $8572490 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (25831437) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Depreciation  | $(17258947) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-0)

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 17, 2022, 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 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") for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

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

------

[**TABLE OF CONTENTS**](#toc-0)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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-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, 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 each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the 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 and 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 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 each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar category and primary benchmark, a broad-based securities market index identified in the Fund's prospectus. 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-Adviser as a 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 when one of the Funds 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. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

#### 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 a 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 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 for sub-advisory services for each Fund, including the portion of the contractual and net

------

[**TABLE OF CONTENTS**](#toc-0)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

management fee rates that are paid to the 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 intends to propose 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 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 the 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 the Manager.

Although the Methodology Guide establishes a framework for profit calculation, 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-Adviser and their respective affiliates from their association with the Funds, including their ability to engage in soft-dollar transactions on behalf of 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 and 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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. In each case, the Fund's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each 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.

#### Voya Corporate Leaders <sup>®</sup> 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, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the third quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund's management fee rate, which result in lower fees at higher asset levels; and (2) 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 net management fee rate for the Fund is ranked in the third

------

[**TABLE OF CONTENTS**](#toc-0)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Fund's management fee rate and net expense ratio.

#### Voya Small Company Fund
In considering whether to approve the renewal of the Contracts for Voya Small Company Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date period, the fourth quintile for the one-year and ten-year periods, and the fifth quintile for the three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed. In analyzing this performance data, the Board took into account: (1) the impact of security selection on the Fund's performance during certain periods; (2) the competitiveness of the Fund's performance during certain periods; and (3) recent changes to the Fund, including a change to the Fund's investment strategy and portfolio management team, effective June 1, 2022 and the Fund's improved performance during more recent periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the

compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that lower fee rates and expense limits were implemented for the Fund, effective June 1, 2022.

#### 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, 2023.

------

[**TABLE OF CONTENTS**](#toc-0)

**Investment Adviser** <br> Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Transfer Agent** <br> BNY Mellon Investment Servicing (U.S.) Inc. <br> 301 Bellevue Parkway <br> Wilmington, Delaware 19809

**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286

**Legal Counsel** <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.

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

![[MISSING IMAGE: lg_voya-r.jpg]](lg_voya-r.jpg)

163306 (1122-012523)

------

[**TABLE OF CONTENTS**](#toc-1)

![[MISSING IMAGE: ing_cov.jpg]](ing_cov1.jpg)

## Semi-Annual Report

#### November 30, 2022
Classes A, C, I, R and W

#### Domestic Equity Fund
■ <br>

Voya Mid Cap Research Enhanced Index Fund

---

| |
|:---|
| As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund's annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds' website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
| If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from the fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com. |
| You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let the fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds. |

---

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 fund's investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

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

---

![[MISSING IMAGE: voya_covinvmgt.jpg]](voya_covinvmgt.jpg)

------

[**TABLE OF CONTENTS**](#toc-1)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Shareholder Expense Example](#tsee-0)  | [1](#tsee-0) |
| [Statement of Assets and Liabilities](#tsoaa-1)  | [2](#tsoaa-1) |
| [Statement of Operations](#tsoo-0)  | [4](#tsoo-0) |
| [Statements of Changes in Net Assets](#tsoci-1)  | [5](#tsoci-1) |
| [Financial Highlights](#tfihi-1)  | [6](#tfihi-1) |
| [Notes to Financial Statements](#tntfs-1)  | [8](#tntfs-1) |
| [Portfolio of Investments](#tpoi-0)  | [16](#tpoi-0) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#taasc-1)  | [22](#taasc-1) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!**  |
| Sign up now for on-line prospectuses, fund reports, and proxy statements.  |
| Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.  |
| 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 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; (2) on the Fund's website at www.voyainvestments.com; and (3) 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 www.voyainvestments.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: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

------

[**TABLE OF CONTENTS**](#toc-1)

SHAREHOLDER EXPENSE EXAMPLE (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022. The Fund's expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

#### Actual Expenses
The left section of the table shown below, "Actual Fund Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio**  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\***  |
| Class A | $1000.00 | $1015.20 | 0.95% | $4.80 | $1000.00 | $1020.31 | 0.95% | $4.81 |
| Class C | 1000.00 | 1012.80 | 1.45 | 7.32 | 1000.00 | 1017.80 | 1.45 | 7.33 |
| Class I | 1000.00 | 1016.80 | 0.70 | 3.54 | 1000.00 | 1021.56 | 0.70 | 3.55 |
| Class R | 1000.00 | 1014.40 | 1.20 | 6.06 | 1000.00 | 1019.05 | 1.20 | 6.07 |
| Class W | 1000.00 | 1017.30 | 0.70 | 3.54 | 1000.00 | 1021.56 | 0.70 | 3.55 |

---

\* <br>

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.

------

[**TABLE OF CONTENTS**](#toc-1)

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities at fair value+\* | $179922859 |
| Short-term investments at fair value† | 1852056 |
| Cash | 3524 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 264593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 86156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 165090 |
| Prepaid expenses | 23528 |
| Reimbursement due from Investment Adviser | 23679 |
| Other assets | 17688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 182359173 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 169906 |
| Payable upon receipt of securities loaned | 1722056 |
| Payable for investment management fees | 78793 |
| Payable for distribution and shareholder service fees | 26241 |
| Payable to trustees under the deferred compensation plan (Note 6) | 17688 |
| Payable for trustee fees | 432 |
| Other accrued expenses and liabilities | 169148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2184264 |
| **NET ASSETS**  | $180174909 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $154816212 |
| Total distributable earnings | 25358697 |
| **NET ASSETS**  | $180174909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; + <br>Including securities loaned at value <br>| $1678621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $160161758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $1852056 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $107664861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 6186005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $17.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (5.75%)<sup>(1)</sup>  | $18.46 |
| **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $573994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 36387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $15.77 |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $19044501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 1049632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $18.14 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $11643642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 686963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $16.95 |
| **Class W** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $41247911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding  | 2264306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $18.22 |

---

<sup>(1)</sup> <br>

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.

† <br>

Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

STATEMENT OF OPERATIONS for the six months ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends, net of foreign taxes withheld\* | $1481159 |
| Securities lending income, net | 29919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1511078 |
| **EXPENSES:** |  |
| Investment management fees | 476200 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 127594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 27937 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 85656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3<sup>(1)</sup>  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  | 9377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  | 34493 |
| Shareholder reporting expense | 4575 |
| Registration fees | 42709 |
| Professional fees | 20862 |
| Custody and accounting expense | 26718 |
| Trustee fees | 2159 |
| Licensing fee (Note 7) | 12989 |
| Miscellaneous expense | 9669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 893204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (127274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 765930 |
| Net investment income | 745148 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (4415298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss  | (4415298) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 6624669 |
| Net change in unrealized appreciation (depreciation) | 6624669 |
| Net realized and unrealized gain | 2209371 |
| **Increase in net assets resulting from operations**  | $2954519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Foreign taxes withheld <br>| $354 |

---

<sup>(1)</sup> <br>

Class P3 was fully redeemed on September 9, 2022

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $745148 | $659590 |
| Net realized gain (loss) | (4415298) | 20201452 |
| Net change in unrealized appreciation (depreciation) | 6624669 | (28726457) |
| Increase (decrease) in net assets resulting from operations | 2954519 | (7865415) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | (16500306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | (99395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  | (892850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P3<sup>(1)</sup>  |  | (569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R  |  | (1870501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  |  | (17256) |
| Total distributions |  | (19380877) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 51002492 | 14825872 |
| Reinvestment of distributions |  | 19109607 |
|  | 51002492 | 33935479 |
| Cost of shares redeemed | (13385760) | (13050481) |
| Net increase in net assets resulting from capital share transactions | 37616732 | 20884998 |
| Net increase (decrease) in net assets | 40571251 | (6361294) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 139603658 | 145964952 |
| End of year or period | $180174909 | $139603658 |

---

<sup>(1)</sup> <br>

Class P3 was fully redeemed on September 9, 2022

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year or <br> period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)  | Expense net of all <br> reductions/additions(2)(3)  | Net investment income (loss)(2)(3)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 17.14 | 0.06• | 0.20 | 0.26 |  |  |  |  |  | 17.40 | 1.52 | 1.11 | 0.95 | 0.95 | 0.79 | 107665 | 40 |
| 05-31-22 | 21.15 | 0.09• | (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• | 7.57 | 7.65 | 0.11 |  |  | 0.11 |  | 21.15 | 56.36 | 1.18 | 0.95 | 0.95 | 0.48 | 122817 | 65 |
| 05-31-20 | 14.21 | 0.13 | (0.60) | (0.47) | 0.13 |  |  | 0.13 |  | 13.61 | **(3.44)** | 1.20 | 0.96 | 0.96 | 0.86 | 87097 | 51 |
| 05-31-19 | 17.34 | 0.14• | (1.50) | (1.36) | 0.15 | 1.62 |  | 1.77 |  | 14.21 | **(7.34)** | 1.14 | 0.95 | 0.95 | 0.92 | 96138 | 66 |
| 05-31-18 | 16.93 | 0.09 | 1.61 | 1.70 | 0.08 | 1.21 |  | 1.29 |  | 17.34 | 10.16 | 1.12 | 0.98 | 0.98 | 0.50 | 45219 | 83 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 15.57 | 0.02• | 0.18 | 0.20 |  |  |  |  |  | 15.77 | 1.28 | 1.61 | 1.45 | 1.45 | 0.29 | 574 | 40 |
| 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 |
| 05-31-20 | 13.07 | 0.05• | (0.55) | (0.50) | 0.04 |  |  | 0.04 |  | 12.53 | **(3.85)** | 1.70 | 1.46 | 1.46 | 0.37 | 749 | 51 |
| 05-31-19 | 16.07 | 0.06 | (1.39) | (1.33) | 0.05 | 1.62 |  | 1.67 |  | 13.07 | **(7.80)** | 1.64 | 1.45 | 1.45 | 0.39 | 4252 | 66 |
| 05-31-18 | 15.77 | 0.01 | 1.50 | 1.51 |  | 1.21 |  | 1.21 |  | 16.07 | 9.65 | 1.62 | 1.48 | 1.48 | (0.00)<sup>\*</sup> | 5315 | 83 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 17.84 | 0.09• | 0.21 | 0.30 |  |  |  |  |  | 18.14 | 1.68 | 0.80 | 0.70 | 0.70 | 1.04 | 19045 | 40 |
| 05-31-22 | 21.90 | 0.15• | (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• | 7.83 | 7.96 | 0.14 |  |  | 0.14 |  | 21.90 | 56.78 | 0.88 | 0.70 | 0.70 | 0.74 | 7901 | 65 |
| 05-31-20 | 14.70 | 0.17• | (0.62) | (0.45) | 0.17 |  |  | 0.17 |  | 14.08 | **(3.25)** | 0.89 | 0.71 | 0.71 | 1.11 | 6603 | 51 |
| 05-31-19 | 17.83 | 0.19• | (1.54) | (1.35) | 0.16 | 1.62 |  | 1.78 |  | 14.70 | **(7.08)** | 0.83 | 0.70 | 0.70 | 1.14 | 8015 | 66 |
| 05-31-18 | 17.38 | 0.13 | 1.66 | 1.79 | 0.13 | 1.21 |  | 1.34 |  | 17.83 | 10.43 | 0.82 | 0.73 | 0.73 | 0.75 | 9844 | 83 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 16.71 | 0.04• | 0.20 | 0.24 |  |  |  |  |  | 16.95 | 1.44 | 1.36 | 1.20 | 1.20 | 0.54 | 11644 | 40 |
| 05-31-22 | 20.69 | 0.04• | (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• | 7.40 | 7.44 | 0.07 |  |  | 0.07 |  | 20.69 | 55.97 | 1.43 | 1.20 | 1.20 | 0.23 | 14249 | 65 |
| 05-31-20 | 13.98 | 0.09 | (0.58) | (0.49) | 0.17 |  |  | 0.17 |  | 13.32 | **(3.70)** | 1.45 | 1.21 | 1.21 | 0.61 | 9927 | 51 |
| 05-31-19 | 17.06 | 0.11 | (1.48) | (1.37) | 0.09 | 1.62 |  | 1.71 |  | 13.98 | **(7.54)** | 1.39 | 1.20 | 1.20 | 0.64 | 11824 | 66 |
| 05-31-18 | 16.67 | 0.05 | 1.59 | 1.64 | 0.04 | 1.21 |  | 1.25 |  | 17.06 | 9.93 | 1.37 | 1.23 | 1.23 | 0.25 | 13969 | 83 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 17.91 | 0.09• | 0.22 | 0.31 |  |  |  |  |  | 18.22 | 1.73 | 0.86 | 0.70 | 0.70 | 1.05 | 41248 | 40 |
| 05-31-22 | 21.96 | 0.15• | (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• | 7.85 | 7.98 | 0.15 |  |  | 0.15 |  | 21.96 | 56.68 | 0.93 | 0.70 | 0.70 | 0.73 | 178 | 65 |
| 05-31-20 | 14.60 | 0.17• | (0.64) | (0.47) |  |  |  |  |  | 14.13 | **(3.22)** | 0.95 | 0.71 | 0.71 | 1.11 | 84 | 51 |
| 05-31-19 | 17.81 | 0.19 | (1.61) | (1.42) | 0.17 | 1.62 |  | 1.79 |  | 14.60 | **(7.48)** | 0.89 | 0.70 | 0.70 | 1.14 | 105 | 66 |
| 05-31-18 | 17.34 | 0.14 | 1.67 | 1.81 | 0.13 | 1.21 |  | 1.34 |  | 17.81 | 10.57 | 0.87 | 0.73 | 0.73 | 0.71 | 136 | 83 |

---

<sup>(1)</sup> <br>

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> <br>

Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> <br>

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.

+ <br>

Unaudited.

• Calculated using average number of shares outstanding throughout the year or period.

\* <br>

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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 Mid Cap Research Enhanced Index Fund ("Mid Cap Research Enhanced Index" or the "Fund"), a diversified series of the Trust.

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R 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 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 of restrictions on disposition of the security,

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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) <br>

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

(2) <br>

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

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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 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. 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 federal income tax provision is required.

Management has considered the sustainability of the Fund's tax positions taken on 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<sup>1</sup>∕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, 2022, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases**  | **Sales**  |
| $105550915  | $67106819 |

---

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

#### 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. 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, 2022, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
| | **Class A**  | **Class C**  |
| Initial Sales Charges: | $2090 | $— |
| Contingent Deferred Sales Charges: | $— | $31 |

---

#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2022, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. or affiliated investment company owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary/Affiliated Investment Company**  | **Percentage**  |
| Voya Global Perspectives Fund | 6.95% |
| Voya Institutional Trust Company | 6.37 |

---

The Investment Advisor 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, 2022, the per account fees for affiliated recordkeeping services paid by the Fund were $13,713.

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

#### NOTE 7 — LICENSING FEE
The Fund pays an annual licensing fee to S&P Opco, LLC.

#### NOTE 8 — EXPENSE LIMITATION AGREEMENTS
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 and acquired fund fees and expenses to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class W**  |
| 1.00%  | 1.50%  | 0.75%  | 1.25%  | 0.75%  |

---

Pursuant to a side letter agreement, through October 1, 2023, 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 W**  |
| 0.95%  | 1.45%  | 0.70%  | 1.20%  | 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, 2022, the Fund did not have any amount of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Advisor.

The Expense Limitation Agreement is contractual through October 1, 2023 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 13, 2022, 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 12, 2023. 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 13, 2022, 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 13, 2022.

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, 2022.

#### NOTE 10 — 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**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net <br> increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 18910 |  |  | (170657) | (151747) | 306862 |  |  | (2770727) | (2463865) |
| 5/31/2022 | 99471 |  | 877585 | (447353) | 529703 | 1966083 |  | 16270425 | (8738935) | 9497573 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 1233 |  |  | (2333) | (1100) | 18207 |  |  | (34324) | (16117) |
| 5/31/2022 | 5851 |  | 5818 | (16074) | (4405) | 102714 |  | 98261 | (297817) | (96842) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 122471 |  |  | (99938) | 22533 | 2023771 |  |  | (1650864) | 372907 |
| 5/31/2022 | 705823 |  | 44472 | (84028) | 666267 | 12112010 |  | 857860 | (1861874) | 11107996 |

---

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares <br> sold**  | **Shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net increase <br> (decrease) <br> in shares <br> outstanding**  | **Shares <br> sold**  | **Proceeds <br> from shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Net <br> increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Class P3<sup>(1)</sup>** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 |  |  |  | (218) | (218) |  |  |  | (3939) | (3939) |
| 5/31/2022 |  |  | 28 |  | 28 |  |  | 570 |  | 570 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 14639 |  |  | (44204) | (29565) | 231857 |  |  | (683591) | (451734) |
| 5/31/2022 | 33146 |  | 103342 | (108676) | 27812 | 644956 |  | 1870501 | (2097667) | 417790 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 2744484 |  |  | (486390) | 2258094 | 48421795 |  |  | (8242315) | 40179480 |
| 5/31/2022 | 5 |  | 619 | (2510) | (1886) | 109 |  | 11990 | (54188) | (42089) |

---

<sup>(1)</sup> <br>

Class P3 was fully redeemed on September 9, 2022.

#### 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, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Securities <br> Loaned at <br> Value**  | **Cash <br> Collateral <br> Received<sup>(1)</sup>**  | **Net <br> Amount**  |
| Barclays Capital Inc. | $135539 | $(135539) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| BofA Securities Inc | 92045 | (92045) |  |
| Citigroup Global Markets Inc. | 3533 | (3533) |  |
|  Cowen Excecution Services LLC  | 443270 | (443270) |  |
| Goldman, Sachs & Co. LLC | 301363 | (301363) |  |
| TD PRIME SERVICES LLC | 702871 | (702871) |  |
| Total | $1678621 | $(1678621) | $— |

---

<sup>(1)</sup> <br>

Cash Collateral with a fair value of $1,722,056 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

#### NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with 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 federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals and distributions in connection with redemption of fund shares (equalization).

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | |
|:---|:---|:---|
| **Year Ended May 31, 2022**  | **Year Ended May 31, 2022**  | **Year Ended May 31, 2021**  |
| **Ordinary <br> Income**  | **Long-term <br> Capital Gain**  | **Ordinary <br> Income**  |
| $6119908  | $13260969 | $745546 |

---

The tax-basis components of distributable earnings as of May 31, 2022 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital Gains**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Other**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| $897421  | $8913003 | $12613014 | $(19260) | $22404178 |

---

At May 31, 2022, the Fund did not have any capital loss carryforwards for U.S. federal income tax purposes.

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2022, 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 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR

reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund's existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.

#### NOTE 14 — MARKET DISRUPTION
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, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund's investments,

------

[**TABLE OF CONTENTS**](#toc-1)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 14 — MARKET DISRUPTION (continued)

including beyond a Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in 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 investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

#### NOTE 15 — SUBSEQUENT EVENTS
*Dividends:* Subsequent to November 30, 2022, the Fund declared and paid dividends and distributions of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type**  | **Per Share <br> Amount**  | **Payable <br> Date**  | **Record <br> Date**  |
| Class A | NII  | $0.1007 | December 16, 2022  | December 14, 2022  |
| Class C | NII  | $0.0210 | December 16, 2022  | December 14, 2022  |
| Class I | NII  | $0.1409 | December 16, 2022  | December 14, 2022  |
| Class R | NII  | $0.0598 | December 16, 2022  | December 14, 2022  |
| Class W | NII  | $0.1402 | December 16, 2022  | December 14, 2022  |
| All Classes  | STCG  | $0.0715 | December 16, 2022  | December 14, 2022  |
| All Classes  | LTCG  | $0.8765 | December 16, 2022  | December 14, 2022  |

---

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.

------

[**TABLE OF CONTENTS**](#toc-1)

Voya Mid Cap Research Enhanced PORTFOLIO OF INVESTMENTS

Index Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: 98.0%** | **COMMON STOCK: 98.0%** | **COMMON STOCK: 98.0%** | **COMMON STOCK: 98.0%** |
|  | **Communication Services: 1.6%** | **Communication Services: 1.6%** | **Communication Services: 1.6%** |
| 17925 <sup>(1)(2)</sup> | Frontier Communications <br> Parent, Inc. | $461927 | 0.3 |
| 24831 <sup>(2)</sup> | Iridium Communications, Inc.  | 1318526 | 0.7 |
| 4276 <sup>(2)</sup> | Live Nation Entertainment, <br> Inc. | 311122 | 0.2 |
| 970 | Nexstar Media Group, Inc. | 183873 | 0.1 |
| 13851 | TEGNA, Inc. | 273419 | 0.1 |
| 5545 <sup>(2)</sup> | TripAdvisor, Inc. | 113063 | 0.1 |
| 2139 <sup>(2)</sup> | Ziff Davis, Inc. | 197344 | 0.1 |
|  |  | **2859274** | **1.6** |
|  | **Consumer Discretionary: 14.8%** | **Consumer Discretionary: 14.8%** | **Consumer Discretionary: 14.8%** |
| 12214 | ADT, Inc. | 114079 | 0.1 |
| 8747 <sup>(2)</sup> | Autonation, Inc. | 1083841 | 0.6 |
| 119 <sup>(2)</sup> | Autozone, Inc. | 306901 | 0.2 |
| 4572 | BorgWarner, Inc. | 194356 | 0.1 |
| 16832 | Boyd Gaming Corp. | 1032307 | 0.6 |
| 10035 | Brunswick Corp. | 744597 | 0.4 |
| 2172 <sup>(2)</sup> | Carmax, Inc. | 150650 | 0.1 |
| 10566 <sup>(2)</sup> | CROCS, Inc. | 1067166 | 0.6 |
| 39033 | Dana, Inc. | 687371 | 0.4 |
| 2437 <sup>(2)</sup> | Deckers Outdoor Corp. | 972071 | 0.5 |
| 10253 | Dick's Sporting Goods, Inc. | 1226054 | 0.7 |
| 752 <sup>(2)</sup> | Five Below, Inc. | 120967 | 0.1 |
| 12031 <sup>(1)(2)</sup> | GameStop Corp. | 315332 | 0.2 |
| 37397 | Gentex Corp. | 1080773 | 0.6 |
| 4275 | Genuine Parts Co. | 783736 | 0.4 |
| 40992 <sup>(2)</sup> | Goodyear Tire & Rubber Co.  | 459930 | 0.2 |
| 20264 | Harley-Davidson, Inc. | 955042 | 0.5 |
| 9637 | Kohl's Corp. | 309155 | 0.2 |
| 5351 | Lear Corp. | 771828 | 0.4 |
| 2140 | Lennar Corp. - Class A | 187956 | 0.1 |
| 1201 | Lithia Motors, Inc. | 287411 | 0.2 |
| 10586 | LKQ Corp. | 575137 | 0.3 |
| 587 <sup>(2)</sup> | Lululemon Athletica, Inc. | 223242 | 0.1 |
| 26532 | Macy's, Inc. | 623502 | 0.3 |
| 5964 | Marriott Vacations <br> Worldwide Corp. | 888517 | 0.5 |
| 24138 <sup>(2)</sup> | Mattel, Inc. | 440036 | 0.2 |
| 4242 | MGM Resorts International | 156360 | 0.1 |
| 7118 | Nordstrom, Inc. | 149264 | 0.1 |
| 1955 <sup>(2)</sup> | Ollie's Bargain Outlet <br> Holdings, Inc. | 119059 | 0.1 |
| 20073 <sup>(2)</sup> | Penn Entertainment, Inc. | 706369 | 0.4 |
| 985 | Penske Auto Group, Inc. | 124553 | 0.1 |
| 9145 | PVH Corp. | 614361 | 0.3 |
| 11959 <sup>(2)</sup> | Scientific Games Corp. | 774584 | 0.4 |
| 14658 | Service Corp. International | 1047314 | 0.6 |
| 31798 <sup>(2)</sup> | Taylor Morrison Home Corp.  | 966341 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 16152 | Tempur Sealy International, <br> Inc. | $| 513149 | 0.3 |
| 2135 | Thor Industries, Inc. |  | 183909 | 0.1 |
| 6820 | Toll Brothers, Inc. |  | 326746 | 0.2 |
| 2184 <sup>(2)</sup> | TopBuild Corp. |  | 336511 | 0.2 |
| 18041 | Travel + Leisure Co. |  | 701254 | 0.4 |
| 69177 <sup>(2)</sup> | Under Armour, Inc. - Class A  |  | 691770 | 0.4 |
| 3933 <sup>(2)</sup> | Victoria's Secret & Co. |  | 180918 | 0.1 |
| 40619 | Wendy's Company |  | 916365 | 0.5 |
| 6834 | Williams-Sonoma, Inc. |  | 798895 | 0.4 |
| 883 | Wingstop, Inc. |  | 146145 | 0.1 |
| 13708 | Wyndham Hotels & Resorts, <br> Inc. |  | 1005071 | 0.6 |
| 12116 <sup>(2)</sup> | YETI Holdings, Inc. |  | 543887 | 0.3 |
|  |  |  | **26604782** | **14.8** |
|  | **Consumer Staples: 3.8%** | **Consumer Staples: 3.8%** | **Consumer Staples: 3.8%** | **Consumer Staples: 3.8%** |
| 19446 <sup>(2)</sup> | BellRing Brands, Inc. |  | 484400 | 0.3 |
| 7918 <sup>(2)</sup> | BJ's Wholesale Club <br> Holdings, Inc. |  | 595750 | 0.3 |
| 1251 <sup>(2)</sup> | Boston Beer Co., Inc. |  | 480847 | 0.3 |
| 2018 <sup>(2)</sup> | Celsius Holdings, Inc. |  | 224684 | 0.1 |
| 953 | Coca-Cola Consolidated, <br> Inc. |  | 468685 | 0.3 |
| 12296 <sup>(2)</sup> | Darling Ingredients, Inc. |  | 883222 | 0.5 |
| 44418 | Flowers Foods, Inc. |  | 1334761 | 0.7 |
| 15481 | Nu Skin Enterprises, Inc. |  | 645712 | 0.4 |
| 13481 <sup>(2)</sup> | Performance Food Group <br> Co. |  | 822071 | 0.4 |
| 6691 <sup>(2)</sup> | Post Holdings, Inc. |  | 626345 | 0.3 |
| 5084 | Tyson Foods, Inc. |  | 336968 | 0.2 |
|  |  |  | **6903445** | **3.8** |
|  | **Energy: 3.6%** | **Energy: 3.6%** | **Energy: 3.6%** | **Energy: 3.6%** |
| 16644 | Baker Hughes Co. |  | 483009 | 0.3 |
| 5591 | ChampionX Corp. |  | 172426 | 0.1 |
| 2465 | Cheniere Energy, Inc. |  | 432262 | 0.2 |
| 35658 <sup>(2)</sup> | CNX Resources Corp. |  | 619379 | 0.3 |
| 3335 | Devon Energy Corp. |  | 228514 | 0.1 |
| 1489 | Diamondback Energy, Inc. |  | 220402 | 0.1 |
| 17390 | EQT Corp. |  | 737510 | 0.4 |
| 68099 | Equitrans Midstream Corp. |  | 571351 | 0.3 |
| 9247 | Halliburton Co. |  | 350369 | 0.2 |
| 7159 | HF Sinclair Corp. |  | 446292 | 0.3 |
| 8291 | Matador Resources Co. |  | 550191 | 0.3 |
| 24040 | Range Resources Corp. |  | 694035 | 0.4 |
| 70266 <sup>(2)</sup> | Southwestern Energy Co. |  | 486241 | 0.3 |
| 7613 | Targa Resources Corp. |  | 566331 | 0.3 |
|  |  |  | **6558312** | **3.6** |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Voya Mid Cap Research Enhanced PORTFOLIO OF INVESTMENTS

Index Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: 16.0%** | **Financials: 16.0%** | **Financials: 16.0%** |
| 1145 | Affiliated Managers Group, <br> Inc. | $183681 | 0.1 |
| 2390 | American Financial Group, <br> Inc. | 339906 | 0.2 |
| 1387 | Ameriprise Financial, Inc. | 460415 | 0.3 |
| 49679 | Annaly Capital Management, <br> Inc. | 1076544 | 0.6 |
| 1689 | Ares Management Corp. | 132401 | 0.1 |
| 16909 | Bank OZK | 780350 | 0.4 |
| 10704 | Citizens Financial Group, <br> Inc. | 453636 | 0.2 |
| 28740 | CNO Financial Group, Inc. | 674815 | 0.4 |
| 17445 | Commerce Bancshares, Inc.  | 1306979 | 0.7 |
| 18716 | East West Bancorp, Inc. | 1314050 | 0.7 |
| 25621 | Essent Group Ltd. | 1027146 | 0.6 |
| 4159 | Evercore, Inc. | 479034 | 0.3 |
| 358 | Everest Re Group Ltd. | 120983 | 0.1 |
| 15625 | First American Financial <br> Corp. | 853906 | 0.5 |
| 77182 | FNB Corp. | 1088266 | 0.6 |
| 24822 | Hancock Whitney Corp. | 1361238 | 0.7 |
| 8312 | Hanover Insurance Group, <br> Inc. | 1224358 | 0.7 |
| 5099 | Hartford Financial Services <br> Group, Inc. | 389411 | 0.2 |
| 14200 | International Bancshares <br> Corp. | 748056 | 0.4 |
| 24796 | Invesco Ltd. | 473852 | 0.3 |
| 33134 | Jefferies Financial Group, <br> Inc. | 1258761 | 0.7 |
| 1691 | Lincoln National Corp. | 65848 | 0.0 |
| 8418 | Loews Corp. | 489507 | 0.3 |
| 79336 | MGIC Investment Corp. | 1089283 | 0.6 |
| 31734 | Navient Corp. | 525832 | 0.3 |
| 91456 <sup>(1)</sup> | New York Community <br> Bancorp., Inc. | 855114 | 0.5 |
| 60587 | Old Republic International <br> Corp. | 1484381 | 0.8 |
| 3548 | Popular, Inc. | 259075 | 0.1 |
| 12205 | Prosperity Bancshares, Inc.  | 922332 | 0.5 |
| 8696 | Reinsurance Group of <br> America, Inc. | 1255702 | 0.7 |
| 35768 | Rithm Capital Corp. | 323700 | 0.2 |
| 17983 | Starwood Property Trust, <br> Inc. | 385016 | 0.2 |
| 13854 | Stifel Financial Corp. | 890119 | 0.5 |
| 7894 | Synovus Financial Corp. | 332574 | 0.2 |
| 11167 | UMB Financial Corp. | 955002 | 0.5 |
| 30983 | Unum Group | 1306863 | 0.7 |
| 19309 | Washington Federal, Inc. | 681028 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 783 | Willis Towers Watson PLC | $| 192743 | 0.1 |
| 12021 | Wintrust Financial Corp. |  | 1099080 | 0.6 |
|  |  |  | **28860987** | **16.0** |
|  | **Health Care: 9.9%** | **Health Care: 9.9%** | **Health Care: 9.9%** | **Health Care: 9.9%** |
| 4349 | Agilent Technologies, Inc. |  | 674008 | 0.4 |
| 2742 <sup>(2)</sup> | Amedisys, Inc. |  | 249769 | 0.1 |
| 9115 | Bruker Corp. |  | 614442 | 0.3 |
| 5687 | Cardinal Health, Inc. |  | 455927 | 0.3 |
| 2892 <sup>(1)(2)</sup> | Doximity, Inc. |  | 98299 | 0.1 |
| 7528 <sup>(2)</sup> | Envista Holdings Corp. |  | 256855 | 0.1 |
| 41030 <sup>(2)</sup> | Exelixis, Inc. |  | 700792 | 0.4 |
| 13366 <sup>(2)</sup> | Globus Medical, Inc. |  | 987614 | 0.5 |
| 14884 <sup>(2)</sup> | Halozyme Therapeutics, Inc.  |  | 852258 | 0.5 |
| 7113 <sup>(2)</sup> | Hologic, Inc. |  | 541726 | 0.3 |
| 6438 <sup>(2)</sup> | Inari Medical, Inc. |  | 473708 | 0.3 |
| 399 <sup>(2)</sup> | IQVIA Holdings, Inc. |  | 86990 | 0.0 |
| 7165 <sup>(2)</sup> | Jazz Pharmaceuticals PLC |  | 1124260 | 0.6 |
| 1896 | Laboratory Corp. of America <br> Holdings |  | 456367 | 0.3 |
| 4498 <sup>(2)</sup> | LivaNova PLC |  | 249054 | 0.1 |
| 756 <sup>(2)</sup> | Masimo Corp. |  | 109575 | 0.1 |
| 4130 <sup>(2)</sup> | Medpace Holdings, Inc. |  | 866846 | 0.5 |
| 118 <sup>(2)</sup> | Mettler Toledo International, <br> Inc. |  | 173408 | 0.1 |
| 2415 <sup>(2)</sup> | Molina Healthcare, Inc. |  | 813300 | 0.4 |
| 17813 <sup>(2)</sup> | Neogen Corp. |  | 294983 | 0.2 |
| 10346 <sup>(2)</sup> | Neurocrine Biosciences, Inc.  |  | 1314563 | 0.7 |
| 7635 <sup>(2)</sup> | NuVasive, Inc. |  | 296543 | 0.2 |
| 12540 <sup>(2)</sup> | Option Care Health, Inc. |  | 377579 | 0.2 |
| 23428 | Patterson Cos., Inc. |  | 666292 | 0.4 |
| 2568 | Perrigo Co. PLC |  | 82767 | 0.0 |
| 10755 <sup>(2)</sup> | Progyny, Inc. |  | 393956 | 0.2 |
| 5189 <sup>(2)</sup> | QuidelOrtho Corp. |  | 454608 | 0.3 |
| 641 <sup>(2)</sup> | Repligen Corp. |  | 114637 | 0.1 |
| 1637 <sup>(2)</sup> | Seagen, Inc. |  | 198715 | 0.1 |
| 4122 <sup>(2)</sup> | Shockwave Medical, Inc. |  | 1045339 | 0.6 |
| 7623 <sup>(2)</sup> | Staar Surgical Co. |  | 435350 | 0.2 |
| 6952 <sup>(2)</sup> | Syneos Health, Inc. |  | 245267 | 0.1 |
| 12066 <sup>(2)</sup> | Tandem Diabetes Care, Inc.  |  | 507375 | 0.3 |
| 3523 <sup>(2)</sup> | Tenet Healthcare Corp. |  | 162692 | 0.1 |
| 3332 <sup>(2)</sup> | United Therapeutics Corp. |  | 932594 | 0.5 |
| 2520 <sup>(2)</sup> | Veeva Systems, Inc. |  | 479707 | 0.3 |
|  |  |  | **17788165** | **9.9** |
|  | **Industrials: 18.3%** | **Industrials: 18.3%** | **Industrials: 18.3%** | **Industrials: 18.3%** |
| 6432 | Acuity Brands, Inc. |  | 1211081 | 0.7 |
| 22633 | AECOM |  | 1923805 | 1.1 |
| 4918 | AGCO Corp. |  | 652717 | 0.4 |
| 5526 | AO Smith Corp. |  | 335649 | 0.2 |
| 6851 <sup>(2)</sup> | ASGN, Inc. |  | 620701 | 0.3 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Voya Mid Cap Research Enhanced PORTFOLIO OF INVESTMENTS

Index Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 3236 <sup>(2)</sup> | Avis Budget Group, Inc. | $723570 | 0.4 |
| 19038 <sup>(2)</sup> | Builders FirstSource, Inc. | 1217099 | 0.7 |
| 513 <sup>(2)</sup> | CACI International, Inc. | 160210 | 0.1 |
| 1542 | Carlisle Cos., Inc. | 405716 | 0.2 |
| 872 <sup>(2)</sup> | Chart Industries, Inc. | 124687 | 0.1 |
| 6498 <sup>(2)</sup> | Clean Harbors, Inc. | 779760 | 0.4 |
| 4122 <sup>(2)</sup> | Copa Holdings S.A.- Class A  | 361211 | 0.2 |
| 8582 <sup>(2)</sup> | Copart, Inc. | 571218 | 0.3 |
| 2396 <sup>(2)</sup> | CoStar Group, Inc. | 194172 | 0.1 |
| 12311 | Crane Holdings Co. | 1304227 | 0.7 |
| 1235 | Curtiss-Wright Corp. | 218163 | 0.1 |
| 13080 | Dun & Bradstreet Holdings, <br> Inc. | 176057 | 0.1 |
| 2394 | EnerSys | 180938 | 0.1 |
| 22561 | Flowserve Corp. | 707513 | 0.4 |
| 16539 <sup>(2)</sup> | Fluor Corp. | 555876 | 0.3 |
| 9129 | Fortive Corp. | 616664 | 0.3 |
| 2546 <sup>(2)</sup> | FTI Consulting, Inc. | 440000 | 0.2 |
| 2054 | Graco, Inc. | 143718 | 0.1 |
| 7616 <sup>(2)</sup> | Hayward Holdings, Inc. | 72733 | 0.0 |
| 5128 | Hubbell, Inc. | 1302820 | 0.7 |
| 7851 | Ingersoll Rand, Inc. | 423718 | 0.2 |
| 5347 | Insperity, Inc. | 633887 | 0.4 |
| 69683 <sup>(2)</sup> | JetBlue Airways Corp. | 554677 | 0.3 |
| 2777 | KBR, Inc. | 143488 | 0.1 |
| 12888 | Knight-Swift Transportation <br> Holdings, Inc. | 714382 | 0.4 |
| 434 | Lennox International, Inc. | 113027 | 0.1 |
| 4495 | Manpowergroup, Inc. | 393402 | 0.2 |
| 9536 <sup>(2)</sup> | Mastec, Inc. | 866155 | 0.5 |
| 2027 <sup>(2)</sup> | Middleby Corp. | 292273 | 0.2 |
| 27166 | nVent Electric PLC | 1086912 | 0.6 |
| 15577 | Owens Corning, Inc. | 1383861 | 0.8 |
| 994 | Parker Hannifin Corp. | 297146 | 0.2 |
| 8943 | Pentair PLC | 409321 | 0.2 |
| 9672 | Regal Rexnord Corp. | 1268096 | 0.7 |
| 4474 | Robert Half International, <br> Inc. | 352462 | 0.2 |
| 726 | Rockwell Automation, Inc. | 191824 | 0.1 |
| 7157 | Ryder System, Inc. | 669108 | 0.4 |
| 4559 <sup>(2)</sup> | Saia, Inc. | 1110527 | 0.6 |
| 2213 | Sensata Technologies <br> Holding PLC | 99806 | 0.1 |
| 1734 | Snap-On, Inc. | 417200 | 0.2 |
| 2871 <sup>(2)</sup> | Sunrun, Inc. | 93537 | 0.1 |
| 14631 | Terex Corp. | 671709 | 0.4 |
| 1228 | Tetra Tech, Inc. | 189836 | 0.1 |
| 5963 | Textron, Inc. | 425639 | 0.2 |
| 11917 | Timken Co. | 905454 | 0.5 |
| 4198 <sup>(2)</sup> | Trex Co., Inc. | 192646 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 1644 <sup>(2)</sup> | United Rentals, Inc. | $| 580381 | 0.3 |
| 24516 <sup>(2)</sup> | Univar Solutions, Inc. |  | 812215 | 0.5 |
| 928 | Verisk Analytics, Inc. |  | 170483 | 0.1 |
| 823 | Watsco, Inc. |  | 221370 | 0.1 |
| 5537 | Watts Water Technologies, <br> Inc. |  | 877338 | 0.5 |
| 3959 | Westinghouse Air Brake <br> Technologies Corp. |  | 400215 | 0.2 |
| 2830 <sup>(2)</sup> | WillScot Mobile Mini <br> Holdings Corp. |  | 136434 | 0.1 |
| 8419 | Woodward, Inc. |  | 806540 | 0.4 |
|  |  |  | **32905374** | **18.3** |
|  | **Information Technology: 12.0%** | **Information Technology: 12.0%** | **Information Technology: 12.0%** | **Information Technology: 12.0%** |
| 25221 <sup>(2)</sup> | ACI Worldwide, Inc. |  | 527119 | 0.3 |
| 2466 <sup>(2)</sup> | Akamai Technologies, Inc. |  | 233925 | 0.1 |
| 9796 <sup>(2)</sup> | Allegro MicroSystems, Inc. |  | 305047 | 0.2 |
| 5932 | Amdocs Ltd. |  | 527118 | 0.3 |
| 9047 <sup>(2)</sup> | Arrow Electronics, Inc. |  | 983771 | 0.5 |
| 1134 <sup>(2)</sup> | Aspen Technology, Inc. |  | 261387 | 0.1 |
| 20001 | Avnet, Inc. |  | 903445 | 0.5 |
| 2095 <sup>(2)</sup> | Cadence Design Systems, <br> Inc. |  | 360424 | 0.2 |
| 9947 <sup>(2)</sup> | Calix, Inc. |  | 709221 | 0.4 |
| 12780 | Cognex Corp. |  | 636188 | 0.4 |
| 13152 <sup>(2)</sup> | Coherent Corp. |  | 482284 | 0.3 |
| 1790 <sup>(2)</sup> | Commvault Systems, Inc. |  | 118140 | 0.1 |
| 1900 | Concentrix Corp. |  | 232522 | 0.1 |
| 742 <sup>(2)</sup> | Crowdstrike Holdings, Inc. |  | 87296 | 0.0 |
| 21341 <sup>(2)</sup> | Dropbox, Inc. |  | 502794 | 0.3 |
| 16230 <sup>(2)</sup> | Dynatrace, Inc. |  | 628913 | 0.3 |
| 2667 <sup>(2)</sup> | Envestnet, Inc. |  | 157406 | 0.1 |
| 256 <sup>(2)</sup> | EPAM Systems, Inc. |  | 94357 | 0.1 |
| 958 <sup>(2)</sup> | Euronet Worldwide, Inc. |  | 89046 | 0.0 |
| 2326 <sup>(2)</sup> | F5, Inc. |  | 359623 | 0.2 |
| 521 <sup>(2)</sup> | Fair Isaac Corp. |  | 322874 | 0.2 |
| 3689 <sup>(2)</sup> | First Solar, Inc. |  | 636463 | 0.4 |
| 31093 | Genpact Ltd. |  | 1433698 | 0.8 |
| 708 <sup>(2)</sup> | HubSpot, Inc. |  | 214545 | 0.1 |
| 16318 | Juniper Networks, Inc. |  | 542410 | 0.3 |
| 2224 <sup>(2)</sup> | Keysight Technologies, Inc. |  | 402299 | 0.2 |
| 19725 <sup>(2)</sup> | Lattice Semiconductor Corp.  |  | 1436572 | 0.8 |
| 2240 <sup>(2)</sup> | Lumentum Holdings, Inc. |  | 123066 | 0.1 |
| 6487 <sup>(2)</sup> | MACOM Technology <br> Solutions Holdings, Inc. |  | 445592 | 0.2 |
| 10618 | MAXIMUS, Inc. |  | 746445 | 0.4 |
| 4264 | MKS Instruments, Inc. |  | 357579 | 0.2 |
| 334 <sup>(2)</sup> | MongoDB, Inc. |  | 50999 | 0.0 |
| 867 | Monolithic Power Systems, <br> Inc. |  | 331159 | 0.2 |
| 17319 | National Instruments Corp. |  | 710425 | 0.4 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Voya Mid Cap Research Enhanced PORTFOLIO OF INVESTMENTS

Index Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **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)** |
| 16633 <sup>(2)</sup> | Palantir Technologies, Inc. | $| 124748 | 0.1 |
| 854 <sup>(2)</sup> | Paycom Software, Inc. |  | 289591 | 0.2 |
| 4344 <sup>(2)</sup> | Paylocity Holding Corp. |  | 946254 | 0.5 |
| 11138 <sup>(2)</sup> | Pure Storage, Inc. - Class A  |  | 325118 | 0.2 |
| 7027 <sup>(2)</sup> | Qualys, Inc. |  | 866570 | 0.5 |
| 13324 <sup>(2)</sup> | Semtech Corp. |  | 409580 | 0.2 |
| 4600 <sup>(2)</sup> | Silicon Laboratories, Inc. |  | 669024 | 0.4 |
| 848 <sup>(2)</sup> | SiTime Corp. |  | 89430 | 0.0 |
| 626 <sup>(2)</sup> | SolarEdge Technologies, Inc.  |  | 187086 | 0.1 |
| 2041 <sup>(2)</sup> | Synaptics, Inc. |  | 216285 | 0.1 |
| 3387 | Teradyne, Inc. |  | 316515 | 0.2 |
| 8365 | Universal Display Corp. |  | 942066 | 0.5 |
| 2297 <sup>(2)</sup> | Viasat, Inc. |  | 78305 | 0.0 |
| 3234 <sup>(2)</sup> | Wolfspeed, Inc. |  | 294035 | 0.2 |
|  |  |  | **21708759** | **12.0** |
|  | **Materials: 7.0%** | **Materials: 7.0%** | **Materials: 7.0%** | **Materials: 7.0%** |
| 17792 | Alcoa Corp. |  | 891913 | 0.5 |
| 1840 | Aptargroup, Inc. |  | 195298 | 0.1 |
| 7950 | Ashland, Inc. |  | 889366 | 0.5 |
| 19339 | Avient Corp. |  | 669323 | 0.4 |
| 2635 | Berry Global Group, Inc. |  | 154411 | 0.1 |
| 2863 | Chemours Co. |  | 88896 | 0.1 |
| 17666 <sup>(2)</sup> | Cleveland-Cliffs, Inc. |  | 273470 | 0.2 |
| 2341 | DuPont de Nemours, Inc. |  | 165064 | 0.1 |
| 5806 | Eagle Materials, Inc. |  | 791590 | 0.4 |
| 12425 <sup>(2)</sup> | Ingevity Corp. |  | 972505 | 0.5 |
| 12514 | Louisiana-Pacific Corp. |  | 798393 | 0.4 |
| 4903 | Olin Corp. |  | 279373 | 0.2 |
| 7200 | Reliance Steel & Aluminum <br> Co. |  | 1521288 | 0.8 |
| 9794 | Royal Gold, Inc. |  | 1100160 | 0.6 |
| 5008 | RPM International, Inc. |  | 518929 | 0.3 |
| 7616 | Sealed Air Corp. |  | 405400 | 0.2 |
| 12555 | Steel Dynamics, Inc. |  | 1304841 | 0.7 |
| 30579 | United States Steel Corp. |  | 803922 | 0.4 |
| 3571 | Valvoline, Inc. |  | 117771 | 0.1 |
| 16703 | WestRock Co. |  | 633378 | 0.4 |
|  |  |  | **12575291** | **7.0** |
|  | **Real Estate: 7.2%** | **Real Estate: 7.2%** | **Real Estate: 7.2%** | **Real Estate: 7.2%** |
| 46935 | Brixmor Property Group, Inc.  |  | 1087953 | 0.6 |
| 5191 <sup>(2)</sup> | CBRE Group, Inc. |  | 413204 | 0.2 |
| 14821 | Cousins Properties, Inc. |  | 390978 | 0.2 |
| 22553 | First Industrial Realty Trust, <br> Inc. |  | 1140054 | 0.6 |
| 30797 | Highwoods Properties, Inc. |  | 917751 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Value**  | **Percentage <br>of Net <br>Assets**  |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| 9987 | Independence Realty Trust, <br> Inc. | $| 180964 | 0.1 |
| 8828 | Iron Mountain, Inc. |  | 479625 | 0.3 |
| 6383 <sup>(2)</sup> | Jones Lang LaSalle, Inc. |  | 1073429 | 0.6 |
| 21809 | Kilroy Realty Corp. |  | 942585 | 0.5 |
| 14317 | Lamar Advertising Co. |  | 1433704 | 0.8 |
| 6076 | Life Storage, Inc. |  | 653109 | 0.4 |
| 2760 | Mid-America Apartment <br> Communities, Inc. |  | 455069 | 0.3 |
| 15749 | National Retail Properties, <br> Inc. |  | 730124 | 0.4 |
| 12501 | National Storage Affiliates <br> Trust |  | 497665 | 0.3 |
| 48344 | Physicians Realty Trust |  | 721776 | 0.4 |
| 1545 | Rexford Industrial Realty, Inc.  |  | 85423 | 0.1 |
| 14658 | SL Green Realty Corp. |  | 615050 | 0.3 |
| 26829 | Spirit Realty Capital, Inc. |  | 1111257 | 0.6 |
|  |  |  | **12929720** | **7.2** |
|  | **Utilities: 3.8%** | **Utilities: 3.8%** | **Utilities: 3.8%** | **Utilities: 3.8%** |
| 4612 | Atmos Energy Corp. |  | 554362 | 0.3 |
| 6643 | Black Hills Corp. |  | 475838 | 0.3 |
| 3325 | Edison International |  | 221644 | 0.1 |
| 2287 | Essential Utilities, Inc. |  | 110325 | 0.1 |
| 3941 | Eversource Energy |  | 326551 | 0.2 |
| 19852 | National Fuel Gas Co. |  | 1314798 | 0.7 |
| 7536 | New Jersey Resources Corp.  |  | 374916 | 0.2 |
| 11272 | NiSource, Inc. |  | 314940 | 0.2 |
| 8649 | ONE Gas, Inc. |  | 752031 | 0.4 |
| 14170 | PPL Corp. |  | 418298 | 0.2 |
| 8375 | Southwest Gas Holdings, <br> Inc. |  | 573353 | 0.3 |
| 34881 | UGI Corp. |  | 1348151 | 0.8 |
|  |  |  | **6785207** | **3.8** |
|  | Total Common Stock <br> (Cost $156,935,221) |  | **176479316** | 98.0 |
| **EXCHANGE-TRADED FUNDS: 1.9%** | **EXCHANGE-TRADED FUNDS: 1.9%** | **EXCHANGE-TRADED FUNDS: 1.9%** | **EXCHANGE-TRADED FUNDS: 1.9%** | **EXCHANGE-TRADED FUNDS: 1.9%** |
| 13399 | iShares Core S&P Mid-Cap <br> ETF |  | **3443543** | 1.9 |
|  | Total Exchange-Traded <br> Funds <br> (Cost $3,226,537) |  | **3443543** | 1.9 |
|  | Total Long-Term <br> Investments <br> (Cost $160,161,758) |  | **179922859** | 99.9 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Voya Mid Cap Research Enhanced PORTFOLIO OF INVESTMENTS

Index Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount†**  | **Principal Amount†**  | **Principal Amount†**  | **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%** | **SHORT-TERM INVESTMENTS: 1.0%** |
|  |  | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** | **Repurchase Agreements: 0.9%** |
| 722056 | <sup>(3)</sup> | Nomura Securities, <br> Repurchase Agreement <br> dated 11/30/22, 3.81%, due <br> 12/01/22 (Repurchase <br> Amount $722,131, <br> collateralized by various U.S. <br> Government/U.S. <br> Government Agency <br> Obligations, 1.500%-8.000%, <br> Market Value plus accrued <br> interest $736,498, due <br> 01/01/23-03/01/61) | $722056 | 0.4 |
| 1000000 | <sup>(3)</sup> | RBC Dominion Securities <br> Inc., Repurchase Agreement <br> dated 11/30/22, 3.81%, due <br> 12/01/22 (Repurchase <br> Amount $1,000,104, <br> collateralized by various U.S. <br> Government Agency <br> Obligations, 2.000%-5.500%, <br> Market Value plus accrued <br> interest $1,020,000, due <br> 09/01/24-10/20/52) | 1000000 | 0.5 |
|  |  | Total Repurchase <br> Agreements <br> (Cost $1,722,056) | **1722056** | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** | **Mutual Funds: 0.1%** |
| 130000 <sup>(4)</sup> | Goldman Sachs Financial <br> Square Government Fund - <br> Institutional Shares, 3.740% <br> (Cost $130,000) | $**130000** | 0.1 |
|  | Total Short-Term <br> Investments <br> (Cost $1,852,056) | **1852056** | 1.0 |
|  | **Total Investments in <br> Securities <br> (Cost $162,013,814)** | $**181774915** | **100.9** |
|  | **Liabilities in Excess of <br> Other Assets** | **(1600006)** | **(0.9)** |
|  | **Net Assets** | $**180174909** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> <br>

Security, or a portion of the security, is on loan.

<sup>(2)</sup> <br>

Non-income producing security.

<sup>(3)</sup> <br>

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $176479316 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $176479316 |
| Exchange-Traded Funds | 3443543 |  |  | 3443543 |
| Short-Term Investments | 130000 | 1722056 |  | 1852056 |
| Total Investments, at fair value | $180052859 | $1722056 | $— | $181774915 |

---

^ <br>

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.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

Voya Mid Cap Research Enhanced PORTFOLIO OF INVESTMENTS

Index Fund as of November 30, 2022 (Unaudited) (continued)

At November 30, 2022, 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 federal income tax purposes was $162,537,232.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $28441134 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (9203451) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $19237683 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-1)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

#### BOARD CONSIDERATION AND APPROVAL OF NEW MANAGEMENT AND SUB-ADVISORY CONTRACTS FOR VOYA SMALL CAP GROWTH FUND
At a meeting held on November 17, 2022, 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 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, 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, 2023.

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure, and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

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

------

[**TABLE OF CONTENTS**](#toc-1)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 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 category and primary benchmark, a broad-based securities market index identified in the Fund's prospectus. 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 as 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 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 or the Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. 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-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

------

[**TABLE OF CONTENTS**](#toc-1)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 intends to propose 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 the Manager.

Although the Methodology Guide establishes a framework for profit calculation, 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, including their ability to engage in soft-dollar transactions on behalf of 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 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Fund's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Voya Mid Cap Research Enhanced Index Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date and one-year periods, the fourth quintile for the three-year and five-year periods, and the fifth quintile for the ten-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed. In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Fund's performance during certain periods; (2) the fact that longer-term performance data represents a different investment strategy and portfolio

------

[**TABLE OF CONTENTS**](#toc-1)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

management team as changes were implemented to both in May 2016; and (3) the Fund's improved performance during more recent periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) 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 net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee 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, 2023.

------

[**TABLE OF CONTENTS**](#toc-1)

**Investment Adviser** <br> Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Transfer Agent** <br> BNY Mellon Investment Servicing (U.S.) Inc. <br> 301 Bellevue Parkway <br> Wilmington, Delaware 19809

**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286

**Legal Counsel** <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.

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

![[MISSING IMAGE: lg_voya-r.jpg]](lg_voya-r.jpg)

166400 (1122-012523)

------

[**TABLE OF CONTENTS**](#toc-2)

![[MISSING IMAGE: ing_cov.jpg]](ing_cov.jpg)

## Semi-Annual Report

#### November 30, 2022

#### Voya Global Multi-Asset Fund
Classes A, C, I, R6 and W

---

| |
|:---|
| As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund's annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds' website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
| If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from the fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com. |
| You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let the fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds. |

---

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 fund's investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

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

---

![[MISSING IMAGE: voya_covinvmgt.jpg]](voya_covinvmgt.jpg)

------

[**TABLE OF CONTENTS**](#toc-2)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Shareholder Expense Example](#tseeu-0)  | [1](#tseeu-0) |
| [Statement of Assets and Liabilities](#tsoaa-2)  | [2](#tsoaa-2) |
| [Statement of Operations](#tsoof-0)  | [4](#tsoof-0) |
| [Statements of Changes in Net Assets](#tsoci-2)  | [5](#tsoci-2) |
| [Financial Highlights](#tfihi-2)  | [6](#tfihi-2) |
| [Notes to Financial Statements](#tntfs-2)  | [8](#tntfs-2) |
| [Portfolio of Investments](#tVGMF)  | [18](#tVGMF) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#taasc-2)  | [23](#taasc-2) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!**  |
| Sign up now for on-line prospectuses, fund reports, and proxy statements.  |
| Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.  |
| 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 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; (2) on the Fund's website at www.voyainvestments.com; and (3) 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 www.voyainvestments.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: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

------

[**TABLE OF CONTENTS**](#toc-2)

SHAREHOLDER EXPENSE EXAMPLE (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022. The Fund's expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

#### Actual Expenses
The left section of the table shown below, "Actual Fund Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Actual Fund Return**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  | **Hypothetical (5% return before expenses)**  |
| | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\*\***  | **Beginning <br> Account <br> Value <br> June 1, <br> 2022**  | **Ending <br> Account <br> Value <br> November 30, <br> 2022**  | **Annualized <br> Expense <br> Ratio\***  | **Expenses Paid <br> During the <br> Period Ended <br> November 30, <br> 2022\*\***  |
| Class A | $1000.00 | $955.80 | 0.73% | $3.58 | $1000.00 | $1021.41 | 0.73% | $3.70 |
| Class C | 1000.00 | 952.30 | 1.48 | 7.24 | 1000.00 | 1017.65 | 1.48 | 7.49 |
| Class I | 1000.00 | 956.80 | 0.48 | 2.35 | 1000.00 | 1022.66 | 0.48 | 2.43 |
| Class R6 | 1000.00 | 956.90 | 0.48 | 2.35 | 1000.00 | 1022.66 | 0.48 | 2.43 |
| Class W | 1000.00 | 956.70 | 0.48 | 2.35 | 1000.00 | 1022.66 | 0.48 | 2.43 |

---

\* <br>

The annualized expense ratios do not include expenses of the underlying funds.

\*\* <br>

Expenses are equal to the Fund's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.

------

[**TABLE OF CONTENTS**](#toc-2)

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities at fair value\* | $2355 |
| Investments in affiliated underlying funds at fair value\*\* | 70143150 |
| Investments in unaffiliated underlying funds at fair value\*\*\* | 50877865 |
| Short-term investments at fair value† | 2213125 |
| Cash collateral for futures contracts | 500000 |
| Cash pledged as collateral for OTC derivatives (Note 2) | 650000 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 4683 |
| Unrealized appreciation on forward foreign currency contracts | 768076 |
| Unrealized appreciation on OTC swap agreements | 162448 |
| Prepaid expenses | 15098 |
| Other assets | 19808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 125356608 |
| **LIABILITIES:** |  |
| Payable for investments in unaffiliated underlying funds purchased | 329710 |
| Payable for fund shares redeemed | 32340 |
| Unrealized depreciation on forward foreign currency contracts | 993746 |
| Unrealized depreciation on OTC swap agreements | 172879 |
| Variation margin payable on futures contracts | 118326 |
| Cash received as collateral for OTC derivatives (Note 2) | 450000 |
| Payable for investment management fees | 40138 |
| Payable for distribution and shareholder service fees | 21815 |
| Payable to custodian due to foreign currency overdraft§ | 165 |
| Payable to trustees under the deferred compensation plan (Note 6) | 19808 |
| Payable for trustee fees | 303 |
| Other accrued expenses and liabilities | 199370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2378600 |
| **NET ASSETS**  | $122978008 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $124874480 |
| Total distributable loss | (1896472) |
| **NET ASSETS**  | $122978008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* <br>Cost of investments in securities <br>| $2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* <br>Cost of investments in affiliated underlying funds <br>| $75371627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\* <br>Cost of investments in unaffiliated underlying funds <br>| $41246927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; † <br>Cost of short-term investments <br>| $2213125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; § <br>Cost of foreign currency overdraft <br>| $154 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Class A** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $106106658 |
| &nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 10007555 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $10.60 |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (5.75%)<sup>(1)</sup>  | $11.25 |
| **Class C** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $1233423 |
| &nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 114563 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share†  | $10.77 |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $14895410 |
| &nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 1373914 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.84 |
| **Class R6** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $624924 |
| &nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 57456 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.88 |
| **Class W** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $117593 |
| &nbsp;&nbsp;&nbsp; Shares authorized  | unlimited |
| &nbsp;&nbsp;&nbsp; Par value  | $0.010 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 10863 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.82 |

---

<sup>(1)</sup> <br>

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.

† <br>

Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

STATEMENT OF OPERATIONS for the Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated underlying funds | $405467 |
| Dividends from unaffiliated underlying funds | 175816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 581283 |
| **EXPENSES:** |  |
| Investment management fees | 181762 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 132031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 6621 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 93204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 8752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  | 102 |
| Shareholder reporting expense | 4575 |
| Registration fees | 37849 |
| Professional fees | 19581 |
| Custody and accounting expense | 28731 |
| Trustee fees | 1515 |
| Miscellaneous expense | 11043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 527009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived and reimbursed fees  | (95123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 431886 |
| Net investment income | 149397 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of affiliated underlying funds  | (1906037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of unaffiliated underlying funds  | (1664823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | (876699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | 434216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (76528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | (69568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss  | (4159439) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated underlying funds  | (1517873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated underlying funds  | 545334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | (253176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions  | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | (321390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps  | (234621) |
| Net change in unrealized appreciation (depreciation) | (1780659) |
| Net realized and unrealized loss | (5940098) |
| **Decrease in net assets resulting from operations**  | $(5790701) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Six Months Ended <br> November 30, 2022 <br> (Unaudited)**  | **Year Ended <br> May 31, 2022**  |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $149397 | $1805975 |
| Net realized gain (loss) | (4159439) | 6876011 |
| Net change in unrealized appreciation (depreciation) | (1780659) | (22909689) |
| Decrease in net assets resulting from operations | (5790701) | (14227703) |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  |  | (13645677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  |  | (176074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  |  | (1628380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6  |  | (72172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W  |  | (14271) |
| Total distributions |  | (15536574) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 2890729 | 5572144 |
| Reinvestment of distributions |  | 14624764 |
|  | 2890729 | 20196908 |
| Cost of shares redeemed | (5325123) | (14126863) |
| Net increase (decrease) in net assets resulting from capital share transactions | (2434394) | 6070045 |
| Net decrease in net assets | (8225095) | (23694232) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 131203103 | 154897335 |
| End of year or period | $122978008 | $131203103 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

Financial Highlights

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) <br> from <br> investment <br> operations**  | **Income (loss) <br> from <br> investment <br> operations**  | | **Less <br> Distributions**  | **Less <br> Distributions**  | **Less <br> 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**  |
| | Net asset value, beginning of year <br> or period  | Net investment income (loss)  | Net realized and unrealized <br> gain (loss)  | Total from investment operations  | From net investment income  | From net realized gains  | From return of capital  | Total distributions  | Payment by affiliate  | Net asset value, end of year <br> or period  | **Total Return(1)**  | Expenses before <br> reductions/additions(2)(3)(4)  | Expenses net of fee waivers <br> and/or recoupments if any(2)(3)(4)  | Expenses net of all <br> reductions/additions(2)(3)(4)  | Net investment income (loss)(2)(3)(4)  | Net assets, end of year or period  | Portfolio turnover rate  |
| Year or <br> period ended | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | ($)  | (%)  | (%)  | (%)  | (%)  | (%)  | ($000's)  | (%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.09 | 0.01• | (0.50) | (0.49) |  |  |  |  |  | 10.60 | **(4.42)**  | 0.90 | 0.73 | 0.73 | 0.22 | 106107 | 14 |
| 05-31-22 | 13.66 | 0.16• | (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• | 3.21 | 3.39 | 0.31 |  |  | 0.31 |  | 13.66 | 32.20  | 0.90 | 0.65 | 0.65 | 1.49 | 134478 | 38 |
| 05-31-20 | 11.12 | 0.27• | (0.09) | 0.18 | 0.22 | 0.50 |  | 0.72 |  | 10.58 | 1.05  | 0.88 | 0.59 | 0.59 | 2.41 | 109357 | 47 |
| 05-31-19 | 11.93 | 0.19• | (0.49) | (0.30) | 0.26 | 0.25 |  | 0.51 |  | 11.12 | **(2.24)**  | 0.80 | 0.58 | 0.58 | 1.69 | 111044 | 118 |
| 05-31-18 | 11.24 | 0.22 | 0.79 | 1.01 | 0.32 |  |  | 0.32 |  | 11.93 | 8.99  | 0.87 | 0.52 | 0.52 | 1.76 | 69448 | 78 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.31 | (0.03)<sup>•</sup> | (0.51) | (0.54) |  |  |  |  |  | 10.77 | **(4.77)**  | 1.65 | 1.48 | 1.48 | (0.53) | 1233 | 14 |
| 05-31-22 | 13.85 | 0.05• | (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• | 3.25 | 3.34 | 0.19 |  |  | 0.19 |  | 13.85 | 31.29  | 1.65 | 1.40 | 1.40 | 0.69 | 2863 | 38 |
| 05-31-20 | 11.22 | 0.24• | (0.15) | 0.09 | 0.11 | 0.50 |  | 0.61 |  | 10.70 | 0.31  | 1.63 | 1.34 | 1.34 | 2.07 | 3058 | 47 |
| 05-31-19 | 12.00 | 0.10 | (0.49) | (0.39) | 0.14 | 0.25 |  | 0.39 |  | 11.22 | **(2.99)**  | 1.55 | 1.33 | 1.33 | 0.83 | 11076 | 118 |
| 05-31-18 | 11.29 | 0.12 | 0.80 | 0.92 | 0.21 |  |  | 0.21 |  | 12.00 | 8.18  | 1.62 | 1.27 | 1.27 | 1.01 | 15241 | 78 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.33 | 0.02• | (0.51) | (0.49) |  |  |  |  |  | 10.84 | **(4.32)**  | 0.60 | 0.48 | 0.48 | 0.47 | 14895 | 14 |
| 05-31-22 | 13.92 | 0.19• | (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• | 3.27 | 3.48 | 0.33 |  |  | 0.33 |  | 13.92 | 32.57  | 0.60 | 0.40 | 0.40 | 1.69 | 16811 | 38 |
| 05-31-20 | 11.31 | 0.31• | (0.10) | 0.21 | 0.25 | 0.50 |  | 0.75 |  | 10.77 | 1.28  | 0.57 | 0.34 | 0.34 | 2.68 | 11115 | 47 |
| 05-31-19 | 12.11 | 0.22 | (0.50) | (0.28) | 0.27 | 0.25 |  | 0.52 |  | 11.31 | **(2.01)**  | 0.53 | 0.33 | 0.33 | 1.82 | 11885 | 118 |
| 05-31-18 | 11.40 | 0.24 | 0.82 | 1.06 | 0.35 |  |  | 0.35 |  | 12.11 | 9.31  | 0.56 | 0.27 | 0.27 | 2.03 | 13541 | 78 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.37 | 0.03• | (0.52) | (0.49) |  |  |  |  |  | 10.88 | **(4.31)**  | 0.50 | 0.48 | 0.48 | 0.48 | 625 | 14 |
| 05-31-22 | 13.96 | 0.19• | (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• | 3.30 | 3.49 | 0.34 |  |  | 0.34 |  | 13.96 | 32.52  | 1.17 | 0.40 | 0.40 | 1.49 | 611 | 38 |
| 05-31-20 | 11.35 | 0.29 | (0.07) | 0.22 | 0.26 | 0.50 |  | 0.76 |  | 10.81 | 1.35  | 1.22 | 0.34 | 0.34 | 2.53 | 50 | 47 |
| 05-31-19 | 12.04 | 0.21 | (0.52) | (0.31) | 0.13 | 0.25 |  | 0.38 |  | 11.35 | **(2.36)**  | 1.34 | 0.33 | 0.33 | 1.81 | 3 | 118 |
| 09-29-17<sup>(5)</sup> - <br> 05-31-18 | 11.90 | 0.19• | 0.31 | 0.50 | 0.36 |  |  | 0.36 |  | 12.04 | 4.16  | 1.09 | 0.27 | 0.27 | 2.30 | 3 | 78 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11-30-22<sup>+</sup> | 11.31 | 0.03• | (0.52) | (0.49) |  |  |  |  |  | 10.82 | **(4.33)**  | 0.65 | 0.48 | 0.48 | 0.48 | 118 | 14 |
| 05-31-22 | 13.90 | 0.19• | (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• | 3.26 | 3.48 | 0.33 |  |  | 0.33 |  | 13.90 | 32.60  | 0.65 | 0.40 | 0.40 | 1.72 | 134 | 38 |
| 05-31-20 | 11.30 | 0.32• | (0.12) | 0.20 | 0.25 | 0.50 |  | 0.75 |  | 10.75 | 1.22  | 0.63 | 0.34 | 0.34 | 2.79 | 171 | 47 |
| 05-31-19 | 12.10 | 0.22 | (0.50) | (0.28) | 0.27 | 0.25 |  | 0.52 |  | 11.30 | **(2.00)**  | 0.55 | 0.33 | 0.33 | 1.77 | 118 | 118 |
| 05-31-18 | 11.39 | 0.23• | 0.83 | 1.06 | 0.35 |  |  | 0.35 |  | 12.10 | 9.29  | 0.62 | 0.27 | 0.27 | 1.91 | 78 | 78 |

---

<sup>(1)</sup> <br>

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> <br>

Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> <br>

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> <br>

Ratios do not include expenses of Underlying Funds.

<sup>(5)</sup> <br>

Commencement of operations.

+ <br>

Unaudited.

• Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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 Multi-Asset Fund ("Global Multi-Asset" 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.

The investment companies in which the Fund invests are collectively referred to as the "Underlying Funds."

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
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,

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

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.

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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) <br>

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

(2) <br>

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 the difference between the amounts of foreign withholding tax reclaims recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received. Net unrealized foreign exchange gains and losses arise from changes in the value of foreign/withholding tax reclaim receivables, resulting from changes in the exchange rate.

D. ***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.*** With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, 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. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

***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 Swap 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.

As of November 30, 2022, the maximum amount of loss the Fund would incur if the counterparties to its derivative transactions failed to perform would be $930,524 which represents the gross payments to be received by the Fund on open forward foreign currency contracts and OTC total return swaps were they to be unwound as of November 30, 2022. As of November 30, 2022, certain counterparties have pledged $450,000 in cash collateral for open OTC derivatives.

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

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

net liability owed to the counterparty. The contingent features are established within the Fund's Master Agreements.

As of November 30, 2022, the Fund had a liability position of $1,166,625 on open forward foreign currency contracts and OTC total return swaps. If a contingent feature would have been triggered as of November 30, 2022, the Fund could have been required to pay this amount in cash to its counterparties. As of November 30, 2022, the Fund has pledged $650,000 cash collateral for its open OTC derivatives.

E. ***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, 2022, the Fund had an average contract amount on forward foreign currency contracts to buy and sell of $16,948,026 and $16,583,067, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at November 30, 2022.

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.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended November 30, 2022, the Fund had purchased and sold futures contracts on various equity indices and U.S. Treasuries as part of its tactical asset allocation strategies. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is 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 Fund's securities. With futures, there is minimal counterparty credit risk to the Fund 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, 2022, the Fund had average notional amounts on futures contracts purchased and sold of $9,171,412 and $9,011,810, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at November 30, 2022.

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").

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, a 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.

For the period ended November 30, 2022, the Fund entered into total return swaps on equity indices with an average notional amount of $4,099,245 and $4,097,256 on payer and receiver total return swaps, respectively. Please refer to the table within the Portfolio of Investments for open total return swaps at November 30, 2022.

G. ***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.

H. ***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 federal income tax

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on 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.

I. ***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.

J. ***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, 2022, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases**  | **Sales**  |
| $16437095  | $18870520 |

---

#### 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. The Management Agreement compensates the Investment Adviser with a management fee equal to (1) 0.18% of the Fund's average daily net assets invested in affiliated

Underlying Funds; (2) 0.900% on the first $500 million; 0.875% on the next $500 million; 0.850% on the next $500 million; 0.825% on the next $500 million; and 0.800% thereafter of the Fund's average daily net assets invested in direct investments; and (3) 0.40% of the Fund's average daily net assets invested in 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, 2022, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
| | **Class A**  | **Class C**  |
| Initial Sales Charges: | $3277 | $— |
| Contingent Deferred Sales Charges:  | $— | $38 |

---

#### NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2022, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies that owned more than 5% of the Fund.

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

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, 2022, the per account fees for affiliated recordkeeping services paid by the Fund were $3,783.

#### 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 and extraordinary expenses to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A<sup>(1)</sup>**  | **Class C<sup>(1)</sup>**  | **Class I<sup>(1)</sup>**  | **Class R6<sup>(1)</sup>**  | **Class W<sup>(1)</sup>**  |
| 1.15%  | 1.90% | 0.90% | 0.90% | 0.90% |

---

<sup>(1)</sup> <br>

These operating expense limits take into account operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by the Fund will vary based on the Fund's allocation of assets to, and the net expenses of, a particular Underlying Fund.

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, 2022, 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,**  | |
| **2023**  | **2024**  | **2025**  | **Total**  |
| $335152  | $225463 | $73164 | $633779 |

---

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, 2022, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **November 30,**  | **November 30,**  | **November 30,**  | |
| | **2023**  | **2024**  | **2025**  |<br> **Total**  |
| Class A | $58700 | $71590 | $109313 | $239603 |
| Class C | 1111 | 1427 | 1374 | 3912 |
| Class I |  |  | 6775 | 6775 |
| Class R6 | 346 | 2341 | 1827 | 4514 |
| Class W | 87 | 72 | 120 | 279 |

---

The Expense Limitation Agreement is contractual through October 1, 2023 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 13, 2022, 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 12, 2023. 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 13, 2022, 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 13, 2022.

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, 2022.

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (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 shares <br> issued in <br> merger**  | **Reinvestment <br> of <br> distributions**  | **Shares <br> redeemed**  | **Shares <br> converted**  | **Net <br> increase <br> (decrease)**  |
| **Year or <br> period ended** | **#**  | **#**  | **#**  | **#**  | **#**  | **#**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  | **($)**  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 81567 |  |  | (401451) |  | (319884) | 834252 |  |  | (4149660) |  | (3315408) |
| 5/31/2022 | 302279 |  | 987945 | (807130) |  | 483094 | 3927790 |  | 12793891 | (10468163) |  | 6253519 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 20397 |  |  | (31895) |  | (11498) | 223964 |  |  | (338011) |  | (114047) |
| 5/31/2022 | 16747 |  | 13299 | (110729) |  | (80684) | 223841 |  | 176074 | (1525669) |  | (1125754) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 172477 |  |  | (73311) |  | 99166 | 1760467 |  |  | (780782) |  | 979685 |
| 5/31/2022 | 101259 |  | 118725 | (153010) |  | 66974 | 1289525 |  | 1568356 | (2099434) |  | 758447 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 6658 |  |  | (5213) |  | 1445 | 71846 |  |  | (56670) |  | 15176 |
| 5/31/2022 | 9370 |  | 5447 | (2558) |  | 12259 | 129088 |  | 72172 | (33597) |  | 167663 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022 | 19 |  |  |  |  | 19 | 200 |  |  |  |  | 200 |
| 5/31/2022 | 133 |  | 1082 |  |  | 1215 | 1900 |  | 14271 |  |  | 16171 |

---

#### NOTE 10 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with 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 federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, straddle loss deferrals and wash sale deferrals.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

---

| | | |
|:---|:---|:---|
| **Year Ended May 31, 2022**  | **Year Ended May 31, 2022**  | **Year Ended May 31, 2021**  |
| **Ordinary <br> Income**  | **Long-Term <br> Capital Gains**  | **Ordinary <br> Income**  |
| $11259825  | $4276749 | $3368483 |

---

The tax-basis components of distributable earnings as of May 31, 2022 were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-term <br> Capital <br> Gains**  | **Post-October <br> Capital <br> Losses <br> Deferred**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  | **Other**  | **Total <br> Distributable <br> Earnings/<br>(Loss)**  |
| $460556  | $3346350 | $(2548055) | $3873923 | $(1238545) | $3894229 |

---

At May 31, 2022, the Fund did not have any capital loss carryforwards for U.S. federal income tax purposes.

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of November 30, 2022, 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 11 — LONDON INTERBANK OFFERED RATE ("LIBOR")
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into

------

[**TABLE OF CONTENTS**](#toc-2)

NOTES TO FINANCIAL STATEMENTS as of November 30, 2022 (Unaudited) (continued)

NOTE 11 — LONDON INTERBANK OFFERED RATE ("LIBOR") (continued)

after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund's existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.

#### NOTE 12 — MARKET DISRUPTION
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, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher

default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund's investments, including beyond a Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial.Those events as well as other changes in 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 investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

#### NOTE 13 — SUBSEQUENT EVENTS
*Dividends:* Subsequent to November 30, 2022, the Fund declared and paid dividends and distributions of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type**  | **Per Share <br> Amount**  | **Payable Date**  | **Record Date**  |
| Class A | NII  | $0.1118  | January 3, 2023  | December 29, 2022  |
| Class C | NII  | $0.0197  | January 3, 2023  | December 29, 2022  |
| Class I | NII  | $0.1405  | January 3, 2023  | December 29, 2022  |
| Class R6 | NII  | $0.1416  | January 3, 2023  | December 29, 2022  |
| Class W | NII  | $0.1405  | January 3, 2023  | December 29, 2022  |
| All Classes | LTCG  | $0.2914  | January 3, 2023  | December 29, 2022  |

---

NII – Net investment income

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.

------

[**TABLE OF CONTENTS**](#toc-2)

PORTFOLIO OF INVESTMENTS

Voya Global Multi-Asset Fund as of November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage<br>of Net<br>Assets**  |
| **EXCHANGE-TRADED FUNDS: 8.0%** | **EXCHANGE-TRADED FUNDS: 8.0%** | **EXCHANGE-TRADED FUNDS: 8.0%** | **EXCHANGE-TRADED FUNDS: 8.0%** |
| 23394 | iShares 20+ Year Treasury <br> Bond ETF | $2403266 | 1.9 |
| 22956 | Schwab U.S. TIPS ETF | 1218963 | 1 |
| 58650 | Vanguard Global ex-U.S. Real <br> Estate ETF | 2480895 | 2 |
| 42746 | Vanguard Real Estate ETF | 3765068 | 3.1 |
|  | Total Exchange-Traded Funds <br> (Cost $10,941,279) | **9868192** | 8.0 |
| **MUTUAL FUNDS: 90.4%** | **MUTUAL FUNDS: 90.4%** | **MUTUAL FUNDS: 90.4%** | **MUTUAL FUNDS: 90.4%** |
|  | **Affiliated Investment Companies: 57.0%** | **Affiliated Investment Companies: 57.0%** | **Affiliated Investment Companies: 57.0%** |
| 1167998 | Voya Global Bond Fund - <br> Class R6 | 8526384 | 6.9 |
| 360412 | Voya High Yield Bond <br> Fund - Class R6 | 2432783 | 2 |
| 1972230 | Voya Intermediate Bond <br> Fund - Class R6 | 16980903 | 13.8 |
| 274369 | Voya Large Cap Value Fund - <br> Class R6 | 3717704 | 3 |
| 115996 <sup>(1)</sup> | Voya MidCap Opportunities <br> Fund - Class R6 | 2475357 | 2 |
| 411450 | Voya Multi-Manager Emerging <br> Markets Equity Fund - Class I | 3789454 | 3.1 |
| 1492437 | Voya Multi-Manager <br> International Equity Fund - <br> Class I | 13700576 | 11.1 |
| 1166446 | Voya Multi-Manager <br> International Factors Fund - <br> Class I | 9891463 | 8.1 |
| 247152 | Voya Multi-Manager Mid Cap <br> Value Fund - Class I | 2476458 | 2 |
| 263043 | Voya Short Term Bond <br> Fund - Class R6 | 2422623 | 2 |
| 35679 <sup>(1)</sup> | Voya Small Cap Growth <br> Fund - Class R6 | 1240906 | 1 |
| 185851 <sup>(1)</sup> | Voya Small Company <br> Fund - Class R6 | 2488539 | 2 |
|  |  | **70143150** | **57.0** |
|  | **Unaffiliated Investment Companies: 33.4%** | **Unaffiliated Investment Companies: 33.4%** | **Unaffiliated Investment Companies: 33.4%** |
| 906091 | TIAA-CREF S&P 500 Index <br> Fund - Institutional Class | **41009673** | 33.4 |
|  | Total Mutual Funds <br> (Cost $105,677,275) | **111152823** | 90.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount†** | | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **ASSET-BACKED SECURITIES: 0.0%** | **ASSET-BACKED SECURITIES: 0.0%** | **ASSET-BACKED SECURITIES: 0.0%** | **ASSET-BACKED SECURITIES: 0.0%** |
|  | **Other Asset-Backed Securities: 0.0%** | **Other Asset-Backed Securities: 0.0%** | **Other Asset-Backed Securities: 0.0%** |
| 2517 | Chase Funding Trust <br> Series 2003-5 2A2, 4.644%, <br> (US0001M + 0.600%), <br> 07/25/2033 | $**2355** | 0.0 |
|  | Total Asset-Backed <br> Securities <br> (Cost $2,517) | **2355** | 0.0 |
|  | Total Long-Term <br> Investments <br> (Cost $116,621,071) | **121023370** | 98.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | | **Value**  | **Percentage <br>of Net<br>Assets**  |
| **SHORT-TERM INVESTMENTS: 1.8%** | **SHORT-TERM INVESTMENTS: 1.8%** | **SHORT-TERM INVESTMENTS: 1.8%** | **SHORT-TERM INVESTMENTS: 1.8%** |
|  | **Mutual Funds: 1.8%** | **Mutual Funds: 1.8%** | **Mutual Funds: 1.8%** |
| 2213125 <sup>(2)</sup> | BlackRock Liquidity <br> Funds, FedFund, <br> Institutional Class, 3.550% <br> (Cost $2,213,125) | **2213125** | 1.8 |
|  | Total Short-Term <br> Investments <br> (Cost $2,213,125) | **2213125** | 1.8 |
|  | **Total Investments in <br> Securities <br> (Cost $118,834,196)** | $**123236495** | **100.2** |
|  | **Liabilities in Excess of <br> Other Assets** | **(258487)** | **(0.2)** |
|  | **Net Assets** | $**122978008** | **100.0** |

---

† <br>

Unless otherwise indicated, principal amount is shown in USD.

<sup>(1)</sup> <br>

Non-income producing security.

<sup>(2)</sup> <br>

Rate shown is the 7-day yield as of November 30, 2022.

Reference Rate Abbreviations: <br> US0001M 1-month LIBOR

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

PORTFOLIO OF INVESTMENTS

Voya Global Multi-Asset Fund as of November 30, 2022 (Unaudited) (continued)

#### Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices <br> in Active Markets <br> for Identical <br> Investments <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Fair Value <br> at <br> November 30, <br> 2022**  |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Exchange-Traded Funds | $9868192 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $9868192 |
| Mutual Funds | 111152823 |  |  | 111152823 |
| Asset-Backed Securities |  | 2355 |  | 2355 |
| Short-Term Investments | 2213125 |  |  | 2213125 |
| Total Investments, at fair value | $123234140 | $2355 | $— | $123236495 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 768076 |  | 768076 |
| Futures | 68207 |  |  | 68207 |
| OTC Swaps |  | 162448 |  | 162448 |
| Total Assets | $123302347 | $932879 | $— | $124235226 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(993746) | $— | $(993746) |
| Futures | (145817) |  |  | (145817) |
| OTC Swaps |  | (172879) |  | (172879) |
| Total Liabilities | $(145817) | $(1166625) | $— | $(1312442) |

---

^ <br>

See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+ <br>

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.

#### Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended November 30, 2022, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair <br> Value at <br> 5/31/2022**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair <br> Value at <br> 11/30/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net <br> Capital Gain <br> Distributions**  |
| Voya Global Bond Fund - Class R6 | $9147067 | $118588 | $(223389) | $(509885) | $8526384 | $3347 | $(44696) | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| Voya High Yield Bond Fund - Class R6 | 2633679 | 78385 | (122403) | (156849) | 2432783 | 71688 | (8246) |  |
| Voya Intermediate Bond Fund - Class R6 | 19607595 | 552431 | (2407374) | (768498) | 16980903 | 275557 | (325768) |  |
| Voya Large Cap Value Fund - Class R6 | 3889129 | 79995 | (319634) | 68214 | 3717704 | 26791 | (21164) |  |
| Voya MidCap Opportunities Fund - Class R6 | 2577654 | 7584 | (449463) | 339582 | 2475357 |  | (154483) |  |
|  Voya Multi-Manager Emerging Markets Equity Fund - Class I  | 6656721 | 246674 | (3202031) | 88090 | 3789454 |  | (742295) |  |
| Voya Multi-Manager International Equity Fund - Class I  | 15794041 | 521328 | (2501859) | (112934) | 13700576 |  | (464523) |  |
| Voya Multi-Manager International Factors Fund - Class I  | 10466476 | 475949 | (644304) | (406658) | 9891463 |  | (81871) |  |
| Voya Multi-Manager Mid Cap Value Fund - Class I | 2596337 | 79561 | (295295) | 95855 | 2476458 |  | (49261) |  |
| Voya Short Term Bond Fund - Class R6 | 2622837 | 170525 | (301732) | (68940) | 2422623 | 28084 | (9573) |  |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

PORTFOLIO OF INVESTMENTS

Voya Global Multi-Asset Fund as of November 30, 2022 (Unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer**  | **Beginning <br> Fair <br> Value at <br> 5/31/2022**  | **Purchases <br> at Cost**  | **Sales <br> at Cost**  | **Change in <br> Unrealized <br> Appreciation/<br>(Depreciation)**  | **Ending <br> Fair <br> Value at <br> 11/30/2022**  | **Investment <br> Income**  | **Realized <br> Gains/<br>(Losses)**  | **Net <br> Capital Gain <br> Distributions**  |
| Voya Small Cap Growth Fund - Class R6 | $— | $1279358 | $(22753) | $(15699) | $1240906 | $— | $(904) | $— |
| Voya Small Company Fund - Class R6 |  | 2614922 | (56232) | (70151) | 2488539 |  | (3253) |  |
|  | $75991536 | $6225300 | $(10546469) | $(1517873) | $70143150 | $405467 | $(1906037) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At November 30, 2022, the following forward foreign currency contracts were outstanding for Voya Global Multi-Asset Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency Purchased**  | **Currency Sold**  | **Counterparty**  | **Settlement Date**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| USD 1,484,122 | EUR 1,500,000  | Bank of America N.A.  | 12/05/22 | $(77225) |
| USD 5,098,967 | JPY 753,000,000  | Bank of America N.A.  | 12/05/22 | (356416) |
| USD 6,078,006 | NOK 62,900,000  | Bank of America N.A.  | 12/05/22 | (309920) |
| USD 2,307,764 | CHF 2,300,000  | BNP Paribas  | 12/05/22 | (123968) |
| SGD 7,700,000 | USD 5,440,831  | Brown Brothers Harriman & Co.  | 12/05/22 | 217886 |
| USD 2,559,703 | SEK 28,200,000  | Citibank N.A.  | 12/05/22 | (126217) |
| AUD 6,400,000 | USD 4,091,226  | Morgan Stanley Capital Services LLC  | 12/05/22 | 253389 |
| CAD 5,400,000 | USD 3,957,772  | Morgan Stanley Capital Services LLC  | 12/05/22 | 56890 |
| GBP 2,400,000 | USD 2,750,734  | Morgan Stanley Capital Services LLC  | 12/05/22 | 142242 |
| NZD 2,100,000 | USD 1,225,713  | Morgan Stanley Capital Services LLC  | 12/05/22 | 97669 |
|  |  |  |  | $(225670) |

---

At November 30, 2022, the following futures contracts were outstanding for Voya Global Multi-Asset Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Number of <br> Contracts**  | **Expiration <br> Date**  | **Notional <br> Amount**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| <u>Long Contracts:</u> |  |  |  |  |
| E-mini Russell 2000<sup>®</sup> Index | 26 | 12/16/22 | $2453750 | $(30067) |
| U.S. Treasury 2-Year Note | 9 | 03/31/23 | 1848234 | 2513 |
| U.S. Treasury Ultra Long Bond | 18 | 03/22/23 | 2453063 | (33828) |
|  |  |  | $6755047 | $(61382) |
| <u>Short Contracts:</u> |  |  |  |  |
| MSCI EAFE Index | (12) | 12/16/22 | (1187880) | (81922) |
| S&P 500<sup>®</sup> E-Mini | (27) | 12/16/22 | (5509688) | 65694 |
|  |  |  | $(6697568) | $(16228) |

---

At November 30, 2022, the following OTC total return swaps were outstanding for Voya Global Multi-Asset Fund:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br> Total <br> Return<sup>(1)</sup>** | **Reference <br> Entity**  | **Reference <br> Entity <br> Payment <br> Frequency**  | **(Pay)/Receive <br> Financing <br> Rate**  | **Floating Rate <br> Payment <br> Frequency**  | **Counterparty**  | **Termination <br> Date**  | **Notional <br> Amount**  | **Fair <br> Value**  | **Upfront <br> Payments <br> Paid/<br>(Received)**  | **Unrealized <br> Appreciation/<br>(Depreciation)**  |
| Pay | iShares S&P <br> 500 Growth <br> ETF  | At Maturity  | Secured Overnight Financing Rate + 0.30%  | At Maturity  | Wells Fargo  | 12/01/22 | USD 2,897,074 | $(172879) |  | $(172879) |
| Receive | iShares S&P <br> 500 Value <br> ETF  | At Maturity  | (Secured Overnight Financing Rate + 0.20%)  | At Maturity  | JPMorgan <br> Chase Bank <br> N.A.  | 12/01/22 | USD 2,897,720 | 162448 |  | 162448 |
|  |  |  |  |  |  |  |  | $(10431) |  | $(10431) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

PORTFOLIO OF INVESTMENTS

Voya Global Multi-Asset Fund as of November 30, 2022 (Unaudited) (continued)

<sup>(1)</sup> <br>

The Fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

Currency Abbreviations

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – EU Euro

GBP – British Pound

JPY – Japanese Yen

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

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, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Location on Statement <br> of Assets and Liabilities**  | **Fair Value**  |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts\*  | $65694 |
| Interest rate contracts | Variation margin receivable on futures contracts\*  | 2513 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts  | 768076 |
| Equity contracts | Unrealized appreciation on OTC swap agreements  | 162448 |
| **Total Asset Derivatives**  |  | $998731 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts\*  | $111989 |
| Interest rate contracts | Variation margin payable on futures contracts\*  | 33828 |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts  | 993746 |
| Equity contracts | Unrealized depreciation on OTC swap agreements  | 172879 |
| **Total Liability Derivatives**  |  | $1312442 |

---

\* <br>

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the table 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, 2022 was as follows:

#### Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Forward foreign <br> currency contracts**  | **Futures**  | **Swaps**  | &nbsp;&nbsp;&nbsp;&nbsp; **Total**  |
| Foreign exchange contracts | $(876699) | $— | $— | $(876699) |
| Equity contracts |  | 124066 | (69568) | 54498 |
| Interest rate contracts |  | (200594) |  | (200594) |
| **Total**  | $(876699) | $(76528) | $(69568) | $(1022795) |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

PORTFOLIO OF INVESTMENTS

Voya Global Multi-Asset Fund as of November 30, 2022 (Unaudited) (continued)

#### Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments**  | **Forward foreign <br> currency contracts**  | **Futures**  | &nbsp;&nbsp; **Swaps**  | &nbsp;&nbsp;&nbsp; **Total**  |
| Foreign exchange contracts | $(253176) | $— | $— | $(253176) |
| Equity contracts |  | (299658) | (234621) | (534279) |
| Interest rate contracts |  | (21732) |  | (21732) |
| **Total**  | $(253176) | $(321390) | $(234621) | $(809187) |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Bank of <br> America N.A.**  | **BNP Paribas**  | **Brown Brothers <br> Harriman & Co.**  | **Citibank N.A.**  | **JPMorgan <br> Chase <br> Bank N.A.**  | **Morgan <br> Stanley Capital <br> Services LLC**  | **Wells Fargo**  | **Totals**  |
| **Assets:** |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts  | $— | $— | $217886 | $— | $— | $550190 | $— | $768076 |
| OTC Total Return Swaps |  |  |  |  | 162448 |  |  | 162448 |
| **Total Assets**  | $— | $— | $217886 | $— | $162448 | $550190 | $— | $930524 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
|  Forward foreign currency contracts  | $743561 | $123968 | $— | $126217 | $— | $— | $— | $993746 |
| OTC Total Return Swaps |  |  |  |  |  |  | 172879 | 172879 |
| **Total Liabilities**  | $743561 | $123968 | $— | $126217 | $— | $— | $172879 | $1166625 |
|  **Net OTC derivative instruments <br> by counterparty, at fair value**  | $(743561) | $(123968) | $217886 | $(126217) | $162448 | $550190 | $(172879) | $(236101) |
|  **Total collateral pledged by the <br> Fund/(Received from <br> counterparty)**  | $650000 | $— | $— | $— | $— | $(450000) | $— | $200000 |
| **Net Exposure<sup>(1)</sup>**  | $(93561) | $(123968) | $217886 | $(126217) | $162448 | $100190 | $(172879) | $(36101) |

---

<sup>(1)</sup> <br>

Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

At November 30, 2022, 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 federal income tax purposes was $120,829,509.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Gross Unrealized Appreciation  | $11561095 |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation  | (8942296) |
| &nbsp;&nbsp;&nbsp; Net Unrealized Appreciation  | $2618799 |

---

See Accompanying Notes to Financial Statements

------

[**TABLE OF CONTENTS**](#toc-2)

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 17, 2022, 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 Multi-Asset 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, 2023.

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data ("Morningstar")), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

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

------

[**TABLE OF CONTENTS**](#toc-2)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 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 category and primary benchmark, a broad-based securities market index identified in the Fund's prospectus. 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 as 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 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 or the Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. 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-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

------

[**TABLE OF CONTENTS**](#toc-2)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 intends to propose 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 the Manager.

Although the Methodology Guide establishes a framework for profit calculation, 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, including their ability to engage in soft-dollar transactions on behalf of 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 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Fund's performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the three-year, five-year and ten-year periods, the third quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Fund underperformed its primary 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: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule on assets invested in direct investments where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund, and level-fee rates that do not include breakpoints on assets invested in unaffiliated funds and affiliated funds; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as

------

[**TABLE OF CONTENTS**](#toc-2)

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses ("AFFE"), is ranked in the third quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

#### 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, 2023.

------

[**TABLE OF CONTENTS**](#toc-2)

**Investment Adviser** <br> Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258

**Transfer Agent** <br> BNY Mellon Investment Servicing (U.S.) Inc. <br> 301 Bellevue Parkway <br> Wilmington, Delaware 19809

**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286

**Legal Counsel** <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.

RETIREMENT \| INVESTMENTS \| INSURANCE

voyainvestments.com

![[MISSING IMAGE: lg_voya-r.jpg]](lg_voya-r.jpg)

163311 (1122-012523)

------

(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. Schedule of Investments.**

(a) Schedule is included as part of the report to shareholders filed
under Item 1 of this Form.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11. 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
second fiscal quarter of 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a)(1) The Code of Ethics is not required for the semi-annual filing.

---

| | |
|:---|:---|
| [(a)(2)](tm231769d6_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.](tm231769d6_ex99-cert.htm) |

---

(a)(2)(1) Not applicable.

(a)(2)(2) Not required for semi-annual filing.

[(b)](tm231769d6_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm231769d6_ex99-906cert.htm)

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/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: February 3, 2023

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/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

Date: February 3, 2023

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief Financial Officer |

---

Date: February 3, 2023

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Andy Simonoff, 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 3, 2023 | /s/ Andy Simonoff |
|  | Andy Simonoff |
|  | Chief Executive Officer |

---

**<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 3, 2023 | /s/ Todd Modic |
|  | Todd Modic |
|  | Senior Vice President and Chief 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

Date of Form N-CSR: November 30, 2022

The undersigned, the principle 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 3rd day of February, 2023.

---

| |
|:---|
| /s/ Andy Simonoff |
| Andy Simonoff |
| Chief Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Equity Trust

Date of Form N-CSR: November 30, 2022

The undersigned, the principle 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 3rd day of February, 2023.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Senior Vice President and Chief Financial Officer |

---