# EDGAR Filing Document

**Accession Number:** 0001063946
**File Stem:** 0001104659-25-073541
**Filing Date:** 2025-8
**Character Count:** 980403
**Document Hash:** 0c13a83996de408dc0ddfb466a9cef68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-073541.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001104659-25-073541

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 184

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08817
- **FILM NUMBER:** 251179554

**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           |

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

**Voya Equity Trust**

(Exact name of registrant as specified in charter)

---

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

---

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

(Name and address of agent for service)

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

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

Date of reporting period: **May 31, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classnamefe3e4f67-34fe-490a-b903-7533321af274)<br> **[Class A - VYCAX](#classnamefe3e4f67-34fe-490a-b903-7533321af274)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname8e1c60ee-ba31-47f0-87da-2f998c9b8e9e)<br> **[Class C - VYCBX](#classname8e1c60ee-ba31-47f0-87da-2f998c9b8e9e)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classnameeaf58d89-18b3-4859-b44b-965249b0b9d4)<br> **[Class I - VYCCX](#classnameeaf58d89-18b3-4859-b44b-965249b0b9d4)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname25afe511-6222-4588-969b-193c968cbf46)<br> **[Class R - VYCFX](#classname25afe511-6222-4588-969b-193c968cbf46)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname8f892757-3fc3-431e-9547-1ee50f0baa0d)<br> **[Class R6 - VYCGX](#classname8f892757-3fc3-431e-9547-1ee50f0baa0d)**  |
|  [Voya Corporate Leaders<sup>®</sup> 100 Fund](#classname8ec00181-9d4c-4acb-88a2-297302b5938a)<br> **[Class W - VYCIX](#classname8ec00181-9d4c-4acb-88a2-297302b5938a)**  |
|  [Voya Global Income & Growth Fund](#classnamec937cc97-be58-41ef-9047-260bcc48fe71)<br> **[Class A - VYGJX](#classnamec937cc97-be58-41ef-9047-260bcc48fe71)**  |
|  [Voya Global Income & Growth Fund](#classnamebb1760a9-016e-4164-b597-4d1e6ffa8ad0)<br> **[Class C - VYGKX](#classnamebb1760a9-016e-4164-b597-4d1e6ffa8ad0)**  |
|  [Voya Global Income & Growth Fund](#classnamebfa0b089-bbeb-4510-b250-2a7a45acc7bf)<br> **[Class I - VYGLX](#classnamebfa0b089-bbeb-4510-b250-2a7a45acc7bf)**  |
|  [Voya Global Income & Growth Fund](#classnamec8e08ce9-9ec5-4753-a30a-e5c13aad1fbd)<br> **[Class R6 - VYGNX](#classnamec8e08ce9-9ec5-4753-a30a-e5c13aad1fbd)**  |
|  [Voya Global Income & Growth Fund](#classname5af23897-7d53-4e83-83bb-7009b9927917)<br> **[Class W - VYGPX](#classname5af23897-7d53-4e83-83bb-7009b9927917)**  |
|  [Voya Large Cap Value Fund](#classname9faf162e-5ced-46c4-bfc0-788285dd6c41)<br> **[Class A - IEDAX](#classname9faf162e-5ced-46c4-bfc0-788285dd6c41)**  |
|  [Voya Large Cap Value Fund](#classnamedef83bef-795e-4de8-b8f6-eb157fb772e9)<br> **[Class C - IEDCX](#classnamedef83bef-795e-4de8-b8f6-eb157fb772e9)**  |
|  [Voya Large Cap Value Fund](#classname75e1a252-84ad-4dc8-8fae-70fd4483319c)<br> **[Class I - IEDIX](#classname75e1a252-84ad-4dc8-8fae-70fd4483319c)**  |
|  [Voya Large Cap Value Fund](#classnamecb49ab30-9bdc-4ec9-9567-e37f443cf51d)<br> **[Class R - IEDRX](#classnamecb49ab30-9bdc-4ec9-9567-e37f443cf51d)**  |
|  [Voya Large Cap Value Fund](#classname6df5a5b5-eeaf-4d64-af1f-e54896b32ae0)<br> **[Class R6 - IEDZX](#classname6df5a5b5-eeaf-4d64-af1f-e54896b32ae0)**  |
|  [Voya Large Cap Value Fund](#classnamecb78e3e9-f023-4178-9208-3b1bb7dae727)<br> **[Class W - IWEDX](#classnamecb78e3e9-f023-4178-9208-3b1bb7dae727)**  |
|  [Voya Large-Cap Growth Fund](#classname03424226-6e83-46e2-95c5-c77aad700081)<br> **[Class A - NLCAX](#classname03424226-6e83-46e2-95c5-c77aad700081)**  |
|  [Voya Large-Cap Growth Fund](#classnamec9ecb00e-c3f7-4829-b83d-d8e5ba214d94)<br> **[Class C - NLCCX](#classnamec9ecb00e-c3f7-4829-b83d-d8e5ba214d94)**  |
|  [Voya Large-Cap Growth Fund](#classnamea5521ff6-6d70-4409-b887-0096ac397fdd)<br> **[Class I - PLCIX](#classnamea5521ff6-6d70-4409-b887-0096ac397fdd)**  |
|  [Voya Large-Cap Growth Fund](#classnamef9991c3e-74a6-4d2e-90a4-89fb0e2dc1c2)<br> **[Class R - VGORX](#classnamef9991c3e-74a6-4d2e-90a4-89fb0e2dc1c2)**  |
|  [Voya Large-Cap Growth Fund](#classname680bb3d3-1bb0-4a08-bf22-5f4e4d2affc9)<br> **[Class R6 - VGOSX](#classname680bb3d3-1bb0-4a08-bf22-5f4e4d2affc9)**  |
|  [Voya Large-Cap Growth Fund](#classnamea6dfc224-c5ef-4454-9944-a7e906121570)<br> **[Class W - IGOWX](#classnamea6dfc224-c5ef-4454-9944-a7e906121570)**  |
|  [Voya Mid Cap Research Enhanced Index Fund](#classname783f8709-aee5-4d73-ad53-1af0bae4f992)<br> **[Class A - VYMQX](#classname783f8709-aee5-4d73-ad53-1af0bae4f992)**  |
|  [Voya Mid Cap Research Enhanced Index Fund](#classname62e67f39-af6c-4f29-8c5a-e9e434a4fe3d)<br> **[Class C - VYMRX](#classname62e67f39-af6c-4f29-8c5a-e9e434a4fe3d)**  |
|  [Voya Mid Cap Research Enhanced Index Fund](#classnamee7c328db-882b-4bf7-ad10-109a3d05bcfe)<br> **[Class I - VYMSX](#classnamee7c328db-882b-4bf7-ad10-109a3d05bcfe)**  |
|  [Voya Mid Cap Research Enhanced Index Fund](#classname4a13cd32-a6cb-49f7-b730-38a67595cf98)<br> **[Class R - VYMVX](#classname4a13cd32-a6cb-49f7-b730-38a67595cf98)**  |
|  [Voya Mid Cap Research Enhanced Index Fund](#classnameb71f77bc-4b09-45a5-8283-2975b7db64c1)<br> **[Class W - VYMYX](#classnameb71f77bc-4b09-45a5-8283-2975b7db64c1)**  |
|  [Voya MidCap Opportunities Fund](#classname441c58a0-72ed-4eaa-baaf-cf2142d99435)<br> **[Class A - NMCAX](#classname441c58a0-72ed-4eaa-baaf-cf2142d99435)**  |
|  [Voya MidCap Opportunities Fund](#classnameacd14361-5e39-4f94-92ce-2f59c3310bbb)<br> **[Class C - NMCCX](#classnameacd14361-5e39-4f94-92ce-2f59c3310bbb)**  |
|  [Voya MidCap Opportunities Fund](#classname50964d68-8ba0-42ab-bd12-39aa435c9011)<br> **[Class I - NMCIX](#classname50964d68-8ba0-42ab-bd12-39aa435c9011)**  |
|  [Voya MidCap Opportunities Fund](#classnamef46eebab-9d1b-45ed-b1a1-0a949674d25a)<br> **[Class R - IMORX](#classnamef46eebab-9d1b-45ed-b1a1-0a949674d25a)**  |
|  [Voya MidCap Opportunities Fund](#classnamedca7a68a-660a-4b6b-b1af-786286373101)<br> **[Class R6 - IMOZX](#classnamedca7a68a-660a-4b6b-b1af-786286373101)**  |
|  [Voya MidCap Opportunities Fund](#classnamea22b4000-41de-4525-9e6e-626cefdd0af9)<br> **[Class W - IMOWX](#classnamea22b4000-41de-4525-9e6e-626cefdd0af9)**  |
|  [Voya Multi-Manager Mid Cap Value Fund](#classname9ec04dc1-2d04-43b3-a2d5-0b6abae8c78e)<br> **[Class I - IMCVX](#classname9ec04dc1-2d04-43b3-a2d5-0b6abae8c78e)**  |
|  [Voya Small Cap Growth Fund](#classname1a7a13e1-0ad5-4ee4-ad82-41f222307bc4)<br> **[Class A - VWYFX](#classname1a7a13e1-0ad5-4ee4-ad82-41f222307bc4)**  |
|  [Voya Small Cap Growth Fund](#classnamee3b00be9-3e41-46be-a2fe-48d331efb90d)<br> **[Class C - VWYGX](#classnamee3b00be9-3e41-46be-a2fe-48d331efb90d)**  |
|  [Voya Small Cap Growth Fund](#classname695b9a6e-2331-441f-8773-ed8af0fc9962)<br> **[Class I - TCMSX](#classname695b9a6e-2331-441f-8773-ed8af0fc9962)**  |
|  [Voya Small Cap Growth Fund](#classname367efd5e-e920-420d-8a8f-dfa240b6cefb)<br> **[Class R - VWYIX](#classname367efd5e-e920-420d-8a8f-dfa240b6cefb)**  |
|  [Voya Small Cap Growth Fund](#classnameec4caf3d-9d67-4cef-89b6-f07224cddadf)<br> **[Class R6 - VLNPX](#classnameec4caf3d-9d67-4cef-89b6-f07224cddadf)**  |
|  [Voya Small Cap Growth Fund](#classnamec3fa1909-3bb4-45cf-a4f4-87a6301dfb1f)<br> **[Class W - VWYKX](#classnamec3fa1909-3bb4-45cf-a4f4-87a6301dfb1f)**  |
|  [Voya Small Company Fund](#classnameb09f3950-32d9-4a58-976d-a0ff68cfa4ea)<br> **[Class A - VYSYX](#classnameb09f3950-32d9-4a58-976d-a0ff68cfa4ea)**  |
|  [Voya Small Company Fund](#classname6866a8f4-d4f8-458e-9eda-fb8c55308d30)<br> **[Class C - VYSZX](#classname6866a8f4-d4f8-458e-9eda-fb8c55308d30)**  |
|  [Voya Small Company Fund](#classname1d692a01-ef54-409e-a3d1-ac8947edcefb)<br> **[Class I - VYSAX](#classname1d692a01-ef54-409e-a3d1-ac8947edcefb)**  |
|  [Voya Small Company Fund](#classname72612055-498c-4e8e-a1b1-afb81c652e9c)<br> **[Class R - VYSDX](#classname72612055-498c-4e8e-a1b1-afb81c652e9c)**  |
|  [Voya Small Company Fund](#classname99756376-5363-4680-aff8-3fc3e0842675)<br> **[Class R6 - VYSEX](#classname99756376-5363-4680-aff8-3fc3e0842675)**  |
|  [Voya Small Company Fund](#classname4313fa78-bf10-4ac3-9d37-db379340fc04)<br> **[Class W - VYSGX](#classname4313fa78-bf10-4ac3-9d37-db379340fc04)**  |
|  [Voya VACS Series MCV Fund](#classname2a21336f-59a6-47a7-b831-3e775b22ca9a)<br> **[VACS Series - VVJEX](#classname2a21336f-59a6-47a7-b831-3e775b22ca9a)**  |

---

# Class A: VYCAX
![Image](tm2520696d2_tsrimg025.jpg)

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

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $87 | 0.81% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection within health care, communication services, & financials contributed. An overweight allocation to the financial sector also contributed. Among key individual contributors were an underweight position in Apple Inc., and overweight positions in Gilead Sciences, Inc., and Phillip Morris International Inc.

↓ Top detractors from performance: Stock selection within industrials, consumer discretionary, & utilities sectors detracted. Key individual detractors included an overweight position in Target Corp., and underweight in NVIDIA Corp., and an overweight to Nike, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg051.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $9427 | $10000 | $10000 | $10000 |
| **2016** | $9381 | $9950 | $10022 | $10172 |
| **2017** | $10788 | $11443 | $11795 | $11949 |
| **2018** | $11983 | $12711 | $13571 | $13667 |
| **2019** | $12222 | $12964 | $13910 | $14184 |
| **2020** | $12843 | $13623 | $15505 | $16005 |
| **2021** | $18793 | $19934 | $22313 | $22458 |
| **2022** | $18665 | $19799 | $21492 | $22391 |
| **2023** | $18820 | $19963 | $21928 | $23045 |
| **2024** | $23134 | $24539 | $27976 | $29540 |
| **2025** | $26560 | $28173 | $31646 | $33535 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 8.21% | 14.28% | 10.26% |
| Class A - Excluding Sales Charge | 14.81% | 15.64% | 10.91% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$1,101,317,298

* # of Portfolio Holdings100

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid4,115,095

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 1.5% |
| Broadcom, Inc. | 1.4% |
| Tesla, Inc. | 1.3% |
| Netflix, Inc. | 1.2% |
| ServiceNow, Inc. | 1.2% |
| Intuit, Inc. | 1.2% |
| NVIDIA Corp. | 1.2% |
| GE Aerospace | 1.2% |
| Microsoft Corp. | 1.2% |
| Boeing Co. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.9% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.4% |
| Information Technology | 18.4% |
| Industrials | 13.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.0% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.2% |

---

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

# Class A: VYCAX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class C: VYCBX
![Image](tm2520696d2_tsrimg025.jpg)

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

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $141 | 1.32% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection within health care, communication services, & financials contributed. An overweight allocation to the financial sector also contributed. Among key individual contributors were an underweight position in Apple Inc., and overweight positions in Gilead Sciences, Inc., and Phillip Morris International Inc.

↓ Top detractors from performance: Stock selection within industrials, consumer discretionary, & utilities sectors detracted. Key individual detractors included an overweight position in Target Corp., and underweight in NVIDIA Corp., and an overweight to Nike, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg081.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9885 | $10022 | $10172 |
| **2017** | $11305 | $11795 | $11949 |
| **2018** | $12489 | $13571 | $13667 |
| **2019** | $12673 | $13910 | $14184 |
| **2020** | $13245 | $15505 | $16005 |
| **2021** | $19276 | $22313 | $22458 |
| **2022** | $19047 | $21492 | $22391 |
| **2023** | $19106 | $21928 | $23045 |
| **2024** | $23486 | $27976 | $29540 |
| **2025** | $26964 | $31646 | $33535 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 13.24% | 15.04% | 10.43% |
| Class C - Excluding Sales Charge | 14.24% | 15.04% | 10.43% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$1,101,317,298

* # of Portfolio Holdings100

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid4,115,095

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 1.5% |
| Broadcom, Inc. | 1.4% |
| Tesla, Inc. | 1.3% |
| Netflix, Inc. | 1.2% |
| ServiceNow, Inc. | 1.2% |
| Intuit, Inc. | 1.2% |
| NVIDIA Corp. | 1.2% |
| GE Aerospace | 1.2% |
| Microsoft Corp. | 1.2% |
| Boeing Co. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg062.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.9% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg141.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.4% |
| Information Technology | 18.4% |
| Industrials | 13.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.0% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.2% |

---

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

# Class C: VYCBX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class I: VYCCX
![Image](tm2520696d2_tsrimg025.jpg)

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

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $53 | 0.49% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection within health care, communication services, & financials contributed. An overweight allocation to the financial sector also contributed. Among key individual contributors were an underweight position in Apple Inc., and overweight positions in Gilead Sciences, Inc., and Phillip Morris International Inc.

↓ Top detractors from performance: Stock selection within industrials, consumer discretionary, & utilities sectors detracted. Key individual detractors included an overweight position in Target Corp., and underweight in NVIDIA Corp., and an overweight to Nike, Inc.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $249541 | $250550 | $254300 |
| **2017** | $287839 | $294872 | $298726 |
| **2018** | $320732 | $339280 | $341683 |
| **2019** | $328078 | $347762 | $354599 |
| **2020** | $345975 | $387616 | $400129 |
| **2021** | $508047 | $557818 | $561461 |
| **2022** | $506166 | $537290 | $559777 |
| **2023** | $512036 | $548197 | $576122 |
| **2024** | $631314 | $699406 | $738512 |
| **2025** | $727076 | $791156 | $838380 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 15.17% | 16.01% | 11.27% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

## Fund Statistics
* Total Net Assets$1,101,317,298

* # of Portfolio Holdings100

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid4,115,095

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 1.5% |
| Broadcom, Inc. | 1.4% |
| Tesla, Inc. | 1.3% |
| Netflix, Inc. | 1.2% |
| ServiceNow, Inc. | 1.2% |
| Intuit, Inc. | 1.2% |
| NVIDIA Corp. | 1.2% |
| GE Aerospace | 1.2% |
| Microsoft Corp. | 1.2% |
| Boeing Co. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg053.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.9% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg090.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.4% |
| Information Technology | 18.4% |
| Industrials | 13.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.0% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.2% |

---

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

# Class I: VYCCX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class R: VYCFX
![Image](tm2520696d2_tsrimg025.jpg)

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

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $115 | 1.07% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection within health care, communication services, & financials contributed. An overweight allocation to the financial sector also contributed. Among key individual contributors were an underweight position in Apple Inc., and overweight positions in Gilead Sciences, Inc., and Phillip Morris International Inc.

↓ Top detractors from performance: Stock selection within industrials, consumer discretionary, & utilities sectors detracted. Key individual detractors included an overweight position in Target Corp., and underweight in NVIDIA Corp., and an overweight to Nike, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg087.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9912 | $10022 | $10172 |
| **2017** | $11362 | $11795 | $11949 |
| **2018** | $12585 | $13571 | $13667 |
| **2019** | $12798 | $13910 | $14184 |
| **2020** | $13409 | $15505 | $16005 |
| **2021** | $19567 | $22313 | $22458 |
| **2022** | $19376 | $21492 | $22391 |
| **2023** | $19480 | $21928 | $23045 |
| **2024** | $23890 | $27976 | $29540 |
| **2025** | $27348 | $31646 | $33535 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 14.47% | 15.32% | 10.58% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

## Fund Statistics
* Total Net Assets$1,101,317,298

* # of Portfolio Holdings100

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid4,115,095

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 1.5% |
| Broadcom, Inc. | 1.4% |
| Tesla, Inc. | 1.3% |
| Netflix, Inc. | 1.2% |
| ServiceNow, Inc. | 1.2% |
| Intuit, Inc. | 1.2% |
| NVIDIA Corp. | 1.2% |
| GE Aerospace | 1.2% |
| Microsoft Corp. | 1.2% |
| Boeing Co. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.9% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.4% |
| Information Technology | 18.4% |
| Industrials | 13.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.0% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.2% |

---

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

# Class R: VYCFX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class R6: VYCGX
![Image](tm2520696d2_tsrimg025.jpg)

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

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $52 | 0.48% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection within health care, communication services, & financials contributed. An overweight allocation to the financial sector also contributed. Among key individual contributors were an underweight position in Apple Inc., and overweight positions in Gilead Sciences, Inc., and Phillip Morris International Inc.

↓ Top detractors from performance: Stock selection within industrials, consumer discretionary, & utilities sectors detracted. Key individual detractors included an overweight position in Target Corp., and underweight in NVIDIA Corp., and an overweight to Nike, Inc.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg064.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $1000000 | $1000000 | $1000000 |
| **2016** | $997715 | $1002200 | $1017200 |
| **2017** | $1150955 | $1179500 | $1194900 |
| **2018** | $1282605 | $1357100 | $1366700 |
| **2019** | $1312781 | $1391000 | $1418400 |
| **2020** | $1384534 | $1550500 | $1600500 |
| **2021** | $2032911 | $2231300 | $2245800 |
| **2022** | $2025533 | $2149200 | $2239100 |
| **2023** | $2049031 | $2192800 | $2304500 |
| **2024** | $2525898 | $2797600 | $2954000 |
| **2025** | $2909450 | $3164600 | $3353500 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 15.18% | 16.01% | 11.27% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

## Fund Statistics
* Total Net Assets$1,101,317,298

* # of Portfolio Holdings100

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid4,115,095

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 1.5% |
| Broadcom, Inc. | 1.4% |
| Tesla, Inc. | 1.3% |
| Netflix, Inc. | 1.2% |
| ServiceNow, Inc. | 1.2% |
| Intuit, Inc. | 1.2% |
| NVIDIA Corp. | 1.2% |
| GE Aerospace | 1.2% |
| Microsoft Corp. | 1.2% |
| Boeing Co. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.9% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.4% |
| Information Technology | 18.4% |
| Industrials | 13.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.0% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.2% |

---

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

# Class R6: VYCGX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class W: VYCIX
![Image](tm2520696d2_tsrimg025.jpg)

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

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Corporate Leaders<sup>®</sup> 100 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $60 | 0.56% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index due to favorable stock selection.

↑ Top contributors to performance: Stock selection within health care, communication services, & financials contributed. An overweight allocation to the financial sector also contributed. Among key individual contributors were an underweight position in Apple Inc., and overweight positions in Gilead Sciences, Inc., and Phillip Morris International Inc.

↓ Top detractors from performance: Stock selection within industrials, consumer discretionary, & utilities sectors detracted. Key individual detractors included an overweight position in Target Corp., and underweight in NVIDIA Corp., and an overweight to Nike, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9977 | $10022 | $10172 |
| **2017** | $11500 | $11795 | $11949 |
| **2018** | $12804 | $13571 | $13667 |
| **2019** | $13091 | $13910 | $14184 |
| **2020** | $13802 | $15505 | $16005 |
| **2021** | $20255 | $22313 | $22458 |
| **2022** | $20167 | $21492 | $22391 |
| **2023** | $20384 | $21928 | $23045 |
| **2024** | $25117 | $27976 | $29540 |
| **2025** | $28902 | $31646 | $33535 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 15.07% | 15.93% | 11.20% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P 500<sup>®</sup> Index | 13.52% | 15.94% | 12.86% |

---

## Fund Statistics
* Total Net Assets$1,101,317,298

* # of Portfolio Holdings100

* Portfolio Turnover Rate29%

* Investment Advisory Fees Paid4,115,095

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 1.5% |
| Broadcom, Inc. | 1.4% |
| Tesla, Inc. | 1.3% |
| Netflix, Inc. | 1.2% |
| ServiceNow, Inc. | 1.2% |
| Intuit, Inc. | 1.2% |
| NVIDIA Corp. | 1.2% |
| GE Aerospace | 1.2% |
| Microsoft Corp. | 1.2% |
| Boeing Co. | 1.1% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Short-Term Investments | 0.9% |
| Common Stock | 98.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg076.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 18.4% |
| Information Technology | 18.4% |
| Industrials | 13.2% |
| Health Care | 12.5% |
| Consumer Staples | 9.9% |
| Communication Services | 9.2% |
| Consumer Discretionary | 9.1% |
| Utilities | 2.9% |
| Energy | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.0% |
| Short-Term Investments | 0.9% |
| Assets in Excess of Other Liabilities | 0.2% |

---

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

# Class W: VYCIX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class A: VYGJX
![Image](tm2520696d2_tsrimg127.jpg)

# Voya Global Income & Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $115 | 1.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>. The Fund's strategic allocation to global high yield bonds held back performance, as this asset class performed well but lagged global equities.

↑ Top contributors to performance: Sectors that contributed were information technology, industrials & communication services. At the subindustry level, information technology was driven by application software and semiconductors, industrials was driven by aerospace, construction and engineering as well as communication services was driven by movies and entertainment and interactive home entertainment.

↓ Top detractors from performance: The sectors that detracted were healthcare & energy. At the subindustry level, healthcare was driven by pharmaceuticals and managed healthcare, and energy was driven by oil as well as gas drilling and integrated oil and gas.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg078.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg Global Aggregate Index** | **MSCI All Country World Index℠** | **MSCI World Index℠** | **S&P Target Risk Growth Index** |
| **2015** | $9426 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9134 | $9690 | $10532 | $9458 | $9604 | $9848 |
| **2017** | $10123 | $10740 | $10613 | $11116 | $11181 | $11001 |
| **2018** | $11034 | $11706 | $10796 | $12432 | $12475 | $11801 |
| **2019** | $10786 | $11443 | $11129 | $12272 | $12438 | $11992 |
| **2020** | $10900 | $11564 | $11751 | $12938 | $13284 | $12710 |
| **2021** | $14409 | $15288 | $12277 | $18353 | $18682 | $15873 |
| **2022** | $12989 | $13781 | $10655 | $17108 | $17781 | $14800 |
| **2023** | $12510 | $13272 | $10178 | $17254 | $18149 | $14815 |
| **2024** | $14374 | $15250 | $10256 | $21318 | $22672 | $17024 |
| **2025** | $15743 | $16703 | $10978 | $24229 | $25782 | $18729 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.23% | 6.35% | 4.64% |
| Class A - Excluding Sales Charge | 9.52% | 7.63% | 5.26% |
| Bloomberg Global Aggregate Index | 7.03% | -1.35% | 0.94% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| MSCI World Index℠ | 13.72% | 14.18% | 9.93% |
| S&P Target Risk Growth Index | 10.02% | 8.06% | 6.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

The Fund's performance prior to May 1, 2024, reflects returns achieved pursuant to different principal investment strategies than those currently being pursued by the Fund. If the Fund's current strategy had been in place for the prior periods, the performance information shown would have been different.

## Fund Statistics
* Total Net Assets$424,979,011

* # of Portfolio Holdings306

* Portfolio Turnover Rate157%

* Investment Advisory Fees Paid1,949,619

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.6% |
| Amazon.com, Inc. | 1.2% |
| Microsoft Corp. | 1.1% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Apple, Inc. | 0.8% |
| Meta Platforms, Inc. - Class A | 0.8% |
| Mastercard, Inc. - Class A | 0.8% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.7% |
| Virgin Media Secured Finance PLC, 5.500%, 05/15/29 | 0.7% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/31 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Right | 0.0% |
| Preferred Stock | 1.9% |
| Equity-Linked Notes | 1.9% |
| Convertible Bonds/Notes | 28.6% |
| Common Stock | 31.3% |
| Corporate Bonds/Notes | 32.1% |

---

### Sector Allocation
![A geographical representation of Investments made.](tm2520696d2_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 16.7% |
| Financial | 15.4% |
| Consumer, Non-cyclical | 14.4% |
| Industrial | 14.2% |
| Communications | 13.9% |
| Consumer, Cyclical | 12.6% |
| Mutual Funds | 4.7% |
| Basic Materials | 3.5% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Update BB Sector Code | 1.6% |
| Liabilities in Excess of Other Assets | (2.1)% |

---

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

# Class A: VYGJX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Global Income & Growth Fund
92913K199-AR

# Class C: VYGKX
![Image](tm2520696d2_tsrimg127.jpg)

# Voya Global Income & Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $193 | 1.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>. The Fund's strategic allocation to global high yield bonds held back performance, as this asset class performed well but lagged global equities.

↑ Top contributors to performance: Sectors that contributed were information technology, industrials & communication services. At the subindustry level, information technology was driven by application software and semiconductors, industrials was driven by aerospace, construction and engineering as well as communication services was driven by movies and entertainment and interactive home entertainment.

↓ Top detractors from performance: The sectors that detracted were healthcare & energy. At the subindustry level, healthcare was driven by pharmaceuticals and managed healthcare, and energy was driven by oil as well as gas drilling and integrated oil and gas.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg132.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg Global Aggregate Index** | **MSCI All Country World Index℠** | **MSCI World Index℠** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9614 | $10532 | $9458 | $9604 | $9848 |
| **2017** | $10575 | $10613 | $11116 | $11181 | $11001 |
| **2018** | $11440 | $10796 | $12432 | $12475 | $11801 |
| **2019** | $11097 | $11129 | $12272 | $12438 | $11992 |
| **2020** | $11132 | $11751 | $12938 | $13284 | $12710 |
| **2021** | $14614 | $12277 | $18353 | $18682 | $15873 |
| **2022** | $13079 | $10655 | $17108 | $17781 | $14800 |
| **2023** | $12494 | $10178 | $17254 | $18149 | $14815 |
| **2024** | $14355 | $10256 | $21318 | $22672 | $17024 |
| **2025** | $15723 | $10978 | $24229 | $25782 | $18729 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 7.67% | 6.84% | 4.63% |
| Class C - Excluding Sales Charge | 8.67% | 6.84% | 4.63% |
| Bloomberg Global Aggregate Index | 7.03% | -1.35% | 0.94% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| MSCI World Index℠ | 13.72% | 14.18% | 9.93% |
| S&P Target Risk Growth Index | 10.02% | 8.06% | 6.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

The Fund's performance prior to May 1, 2024, reflects returns achieved pursuant to different principal investment strategies than those currently being pursued by the Fund. If the Fund's current strategy had been in place for the prior periods, the performance information shown would have been different.

## Fund Statistics
* Total Net Assets$424,979,011

* # of Portfolio Holdings306

* Portfolio Turnover Rate157%

* Investment Advisory Fees Paid1,949,619

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.6% |
| Amazon.com, Inc. | 1.2% |
| Microsoft Corp. | 1.1% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Apple, Inc. | 0.8% |
| Meta Platforms, Inc. - Class A | 0.8% |
| Mastercard, Inc. - Class A | 0.8% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.7% |
| Virgin Media Secured Finance PLC, 5.500%, 05/15/29 | 0.7% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/31 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg104.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Right | 0.0% |
| Preferred Stock | 1.9% |
| Equity-Linked Notes | 1.9% |
| Convertible Bonds/Notes | 28.6% |
| Common Stock | 31.3% |
| Corporate Bonds/Notes | 32.1% |

---

### Sector Allocation
![A geographical representation of Investments made.](tm2520696d2_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 16.7% |
| Financial | 15.4% |
| Consumer, Non-cyclical | 14.4% |
| Industrial | 14.2% |
| Communications | 13.9% |
| Consumer, Cyclical | 12.6% |
| Mutual Funds | 4.7% |
| Basic Materials | 3.5% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Update BB Sector Code | 1.6% |
| Liabilities in Excess of Other Assets | (2.1)% |

---

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

# Class C: VYGKX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Global Income & Growth Fund
92913K181-AR

# Class I: VYGLX
![Image](tm2520696d2_tsrimg127.jpg)

# Voya Global Income & Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $89 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>. The Fund's strategic allocation to global high yield bonds held back performance, as this asset class performed well but lagged global equities.

↑ Top contributors to performance: Sectors that contributed were information technology, industrials & communication services. At the subindustry level, information technology was driven by application software and semiconductors, industrials was driven by aerospace, construction and engineering as well as communication services was driven by movies and entertainment and interactive home entertainment.

↓ Top detractors from performance: The sectors that detracted were healthcare & energy. At the subindustry level, healthcare was driven by pharmaceuticals and managed healthcare, and energy was driven by oil as well as gas drilling and integrated oil and gas.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg134.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Global Aggregate Index** | **MSCI All Country World Index℠** | **MSCI World Index℠** | **S&P Target Risk Growth Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 | $250000 |
| **2016** | $242801 | $263300 | $236450 | $240100 | $246200 |
| **2017** | $269659 | $265327 | $277900 | $279524 | $275030 |
| **2018** | $294762 | $269891 | $310803 | $311865 | $295025 |
| **2019** | $288828 | $278231 | $306794 | $310961 | $299804 |
| **2020** | $292526 | $293784 | $323453 | $332106 | $317762 |
| **2021** | $387805 | $306916 | $458817 | $467041 | $396822 |
| **2022** | $350578 | $266372 | $427710 | $444530 | $369997 |
| **2023** | $338239 | $254439 | $431345 | $453732 | $370366 |
| **2024** | $389777 | $256406 | $532955 | $566798 | $425594 |
| **2025** | $427881 | $274441 | $605713 | $644544 | $468220 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.77% | 7.90% | 5.52% |
| Bloomberg Global Aggregate Index | 7.03% | -1.35% | 0.94% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| MSCI World Index℠ | 13.72% | 14.18% | 9.93% |
| S&P Target Risk Growth Index | 10.02% | 8.06% | 6.48% |

---

The Fund's performance prior to May 1, 2024, reflects returns achieved pursuant to different principal investment strategies than those currently being pursued by the Fund. If the Fund's current strategy had been in place for the prior periods, the performance information shown would have been different.

## Fund Statistics
* Total Net Assets$424,979,011

* # of Portfolio Holdings306

* Portfolio Turnover Rate157%

* Investment Advisory Fees Paid1,949,619

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.6% |
| Amazon.com, Inc. | 1.2% |
| Microsoft Corp. | 1.1% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Apple, Inc. | 0.8% |
| Meta Platforms, Inc. - Class A | 0.8% |
| Mastercard, Inc. - Class A | 0.8% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.7% |
| Virgin Media Secured Finance PLC, 5.500%, 05/15/29 | 0.7% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/31 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Right | 0.0% |
| Preferred Stock | 1.9% |
| Equity-Linked Notes | 1.9% |
| Convertible Bonds/Notes | 28.6% |
| Common Stock | 31.3% |
| Corporate Bonds/Notes | 32.1% |

---

### Sector Allocation
![A geographical representation of Investments made.](tm2520696d2_tsrimg128.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 16.7% |
| Financial | 15.4% |
| Consumer, Non-cyclical | 14.4% |
| Industrial | 14.2% |
| Communications | 13.9% |
| Consumer, Cyclical | 12.6% |
| Mutual Funds | 4.7% |
| Basic Materials | 3.5% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Update BB Sector Code | 1.6% |
| Liabilities in Excess of Other Assets | (2.1)% |

---

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

# Class I: VYGLX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Global Income & Growth Fund
92913K173-AR

# Class R6: VYGNX
![Image](tm2520696d2_tsrimg127.jpg)

# Voya Global Income & Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $89 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>. The Fund's strategic allocation to global high yield bonds held back performance, as this asset class performed well but lagged global equities.

↑ Top contributors to performance: Sectors that contributed were information technology, industrials & communication services. At the subindustry level, information technology was driven by application software and semiconductors, industrials was driven by aerospace, construction and engineering as well as communication services was driven by movies and entertainment and interactive home entertainment.

↓ Top detractors from performance: The sectors that detracted were healthcare & energy. At the subindustry level, healthcare was driven by pharmaceuticals and managed healthcare, and energy was driven by oil as well as gas drilling and integrated oil and gas.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg032.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Index** | **MSCI All Country World Index℠** | **MSCI World Index℠** | **S&P Target Risk Growth Index** |
| **9/29/2017** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **2018** | $1041609 | $1000500 | $1060200 | $1060100 | $1032900 |
| **2019** | $1017005 | $1031400 | $1046500 | $1057000 | $1049600 |
| **2020** | $1030689 | $1089000 | $1103400 | $1128900 | $1112500 |
| **2021** | $1365915 | $1137700 | $1565100 | $1587600 | $1389200 |
| **2022** | $1235610 | $987400 | $1459000 | $1511100 | $1295300 |
| **2023** | $1192445 | $943200 | $1471400 | $1542300 | $1296600 |
| **2024** | $1373642 | $950500 | $1818000 | $1926700 | $1490000 |
| **2025** | $1508595 | $1017300 | $2066200 | $2191000 | $1639200 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (9/29/2017)** |
| Class R6 | 9.82% | 7.92% | 5.51% |
| Bloomberg Global Aggregate Index | 7.03% | -1.35% | 0.22% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.90% |
| MSCI World Index℠ | 13.72% | 14.18% | 10.77% |
| S&P Target Risk Growth Index | 10.02% | 8.06% | 6.65% |

---

The Fund's performance prior to May 1, 2024, reflects returns achieved pursuant to different principal investment strategies than those currently being pursued by the Fund. If the Fund's current strategy had been in place for the prior periods, the performance information shown would have been different.

## Fund Statistics
* Total Net Assets$424,979,011

* # of Portfolio Holdings306

* Portfolio Turnover Rate157%

* Investment Advisory Fees Paid1,949,619

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.6% |
| Amazon.com, Inc. | 1.2% |
| Microsoft Corp. | 1.1% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Apple, Inc. | 0.8% |
| Meta Platforms, Inc. - Class A | 0.8% |
| Mastercard, Inc. - Class A | 0.8% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.7% |
| Virgin Media Secured Finance PLC, 5.500%, 05/15/29 | 0.7% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/31 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Right | 0.0% |
| Preferred Stock | 1.9% |
| Equity-Linked Notes | 1.9% |
| Convertible Bonds/Notes | 28.6% |
| Common Stock | 31.3% |
| Corporate Bonds/Notes | 32.1% |

---

### Sector Allocation
![A geographical representation of Investments made.](tm2520696d2_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 16.7% |
| Financial | 15.4% |
| Consumer, Non-cyclical | 14.4% |
| Industrial | 14.2% |
| Communications | 13.9% |
| Consumer, Cyclical | 12.6% |
| Mutual Funds | 4.7% |
| Basic Materials | 3.5% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Update BB Sector Code | 1.6% |
| Liabilities in Excess of Other Assets | (2.1)% |

---

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

# Class R6: VYGNX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Global Income & Growth Fund
92913K157-AR

# Class W: VYGPX
![Image](tm2520696d2_tsrimg127.jpg)

# Voya Global Income & Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Global Income & Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $89 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the MSCI World Index<sup>SM</sup>. The Fund's strategic allocation to global high yield bonds held back performance, as this asset class performed well but lagged global equities.

↑ Top contributors to performance: Sectors that contributed were information technology, industrials & communication services. At the subindustry level, information technology was driven by application software and semiconductors, industrials was driven by aerospace, construction and engineering as well as communication services was driven by movies and entertainment and interactive home entertainment.

↓ Top detractors from performance: The sectors that detracted were healthcare & energy. At the subindustry level, healthcare was driven by pharmaceuticals and managed healthcare, and energy was driven by oil as well as gas drilling and integrated oil and gas.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg072.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class W** | **Bloomberg Global Aggregate Index** | **MSCI All Country World Index℠** | **MSCI World Index℠** | **S&P Target Risk Growth Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9724 | $10532 | $9458 | $9604 | $9848 |
| **2017** | $10798 | $10613 | $11116 | $11181 | $11001 |
| **2018** | $11801 | $10796 | $12432 | $12475 | $11801 |
| **2019** | $11565 | $11129 | $12272 | $12438 | $11992 |
| **2020** | $11706 | $11751 | $12938 | $13284 | $12710 |
| **2021** | $15522 | $12277 | $18353 | $18682 | $15873 |
| **2022** | $14031 | $10655 | $17108 | $17781 | $14800 |
| **2023** | $13537 | $10178 | $17254 | $18149 | $14815 |
| **2024** | $15603 | $10256 | $21318 | $22672 | $17024 |
| **2025** | $17131 | $10978 | $24229 | $25782 | $18729 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 9.79% | 7.91% | 5.53% |
| Bloomberg Global Aggregate Index | 7.03% | -1.35% | 0.94% |
| MSCI All Country World Index℠ | 13.65% | 13.37% | 9.25% |
| MSCI World Index℠ | 13.72% | 14.18% | 9.93% |
| S&P Target Risk Growth Index | 10.02% | 8.06% | 6.48% |

---

The Fund's performance prior to May 1, 2024, reflects returns achieved pursuant to different principal investment strategies than those currently being pursued by the Fund. If the Fund's current strategy had been in place for the prior periods, the performance information shown would have been different.

## Fund Statistics
* Total Net Assets$424,979,011

* # of Portfolio Holdings306

* Portfolio Turnover Rate157%

* Investment Advisory Fees Paid1,949,619

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

### Top 10 Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 1.6% |
| Amazon.com, Inc. | 1.2% |
| Microsoft Corp. | 1.1% |
| Millicom International Cellular SA, 7.375%, 04/02/32 | 0.9% |
| Apple, Inc. | 0.8% |
| Meta Platforms, Inc. - Class A | 0.8% |
| Mastercard, Inc. - Class A | 0.8% |
| Welltower OP LLC, 3.125%, 07/15/29 | 0.7% |
| Virgin Media Secured Finance PLC, 5.500%, 05/15/29 | 0.7% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/31 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg107.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.2% |
| Right | 0.0% |
| Preferred Stock | 1.9% |
| Equity-Linked Notes | 1.9% |
| Convertible Bonds/Notes | 28.6% |
| Common Stock | 31.3% |
| Corporate Bonds/Notes | 32.1% |

---

### Sector Allocation
![A geographical representation of Investments made.](tm2520696d2_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 16.7% |
| Financial | 15.4% |
| Consumer, Non-cyclical | 14.4% |
| Industrial | 14.2% |
| Communications | 13.9% |
| Consumer, Cyclical | 12.6% |
| Mutual Funds | 4.7% |
| Basic Materials | 3.5% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Update BB Sector Code | 1.6% |
| Liabilities in Excess of Other Assets | (2.1)% |

---

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

# Class W: VYGPX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Global Income & Growth Fund
92913K132-AR

# Class A: IEDAX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $111 | 1.06% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, R, R6 and W shares outperformed and Class C shares underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection & allocation effects.

↑ Top contributors to performance: Stock selection within the communication services, real estate & consumer staples sector had the largest positive impact. Within allocation effect, underweight to information technology & overweight to consumer staples as well as communication services contributed to performance. Key contributors included the overweight positions in AT&T Inc., Philip Morris International Inc. & Welltower Inc.

↓ Top detractors from performance: Stock selection within the health care, materials & utilities sectors detracted. For allocation effect, overweight to health care & energy as well as underweight to industrials detracted from performance. At the individual stock level, owned UnitedHealth Group Inc., overweight to Alcoa Corp. & owned Hewlett Packard Enterprise Co. were the biggest detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg054.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $9428 | $10000 | $10000 | $10000 |
| **2016** | $8931 | $9472 | $10022 | $9994 |
| **2017** | $10399 | $11029 | $11795 | $11459 |
| **2018** | $11051 | $11721 | $13571 | $12404 |
| **2019** | $11218 | $11898 | $13910 | $12584 |
| **2020** | $10905 | $11566 | $15505 | $12378 |
| **2021** | $16211 | $17194 | $22313 | $17871 |
| **2022** | $16937 | $17964 | $21492 | $18038 |
| **2023** | $16295 | $17283 | $21928 | $17217 |
| **2024** | $20499 | $21743 | $27976 | $20955 |
| **2025** | $22416 | $23775 | $31646 | $22822 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.05% | 14.15% | 8.41% |
| Class A - Excluding Sales Charge | 9.35% | 15.50% | 9.05% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Value Index | 8.91% | 13.02% | 8.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$796,732,606

* # of Portfolio Holdings66

* Portfolio Turnover Rate100%

* Investment Advisory Fees Paid5,465,627

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

### Top 10 Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 4.0% |
| Bank of America Corp. | 3.2% |
| Bank of New York Mellon Corp. | 2.9% |
| Kenvue, Inc. | 2.8% |
| Philip Morris International, Inc. | 2.7% |
| Arthur J Gallagher & Co. | 2.7% |
| Intercontinental Exchange, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| American International Group, Inc. | 2.6% |
| Boeing Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg130.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg096.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.2% |
| Health Care | 13.2% |
| Industrials | 12.4% |
| Consumer Staples | 9.9% |
| Information Technology | 8.6% |
| Energy | 7.9% |
| Communication Services | 6.5% |
| Real Estate | 5.6% |
| Utilities | 5.0% |
| Materials | 3.7% |
| Consumer Discretionary | 3.4% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class A: IEDAX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large Cap Value Fund
92913K645-AR

# Class C: IEDCX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $189 | 1.81% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, R, R6 and W shares outperformed and Class C shares underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection & allocation effects.

↑ Top contributors to performance: Stock selection within the communication services, real estate & consumer staples sector had the largest positive impact. Within allocation effect, underweight to information technology & overweight to consumer staples as well as communication services contributed to performance. Key contributors included the overweight positions in AT&T Inc., Philip Morris International Inc. & Welltower Inc.

↓ Top detractors from performance: Stock selection within the health care, materials & utilities sectors detracted. For allocation effect, overweight to health care & energy as well as underweight to industrials detracted from performance. At the individual stock level, owned UnitedHealth Group Inc., overweight to Alcoa Corp. & owned Hewlett Packard Enterprise Co. were the biggest detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9405 | $10022 | $9994 |
| **2017** | $10872 | $11795 | $11459 |
| **2018** | $11457 | $13571 | $12404 |
| **2019** | $11550 | $13910 | $12584 |
| **2020** | $11152 | $15505 | $12378 |
| **2021** | $16448 | $22313 | $17871 |
| **2022** | $17060 | $21492 | $18038 |
| **2023** | $16270 | $21928 | $17217 |
| **2024** | $20468 | $27976 | $20955 |
| **2025** | $22382 | $31646 | $22822 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 7.50% | 14.62% | 8.39% |
| Class C - Excluding Sales Charge | 8.45% | 14.62% | 8.39% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Value Index | 8.91% | 13.02% | 8.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$796,732,606

* # of Portfolio Holdings66

* Portfolio Turnover Rate100%

* Investment Advisory Fees Paid5,465,627

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

### Top 10 Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 4.0% |
| Bank of America Corp. | 3.2% |
| Bank of New York Mellon Corp. | 2.9% |
| Kenvue, Inc. | 2.8% |
| Philip Morris International, Inc. | 2.7% |
| Arthur J Gallagher & Co. | 2.7% |
| Intercontinental Exchange, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| American International Group, Inc. | 2.6% |
| Boeing Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg071.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.2% |
| Health Care | 13.2% |
| Industrials | 12.4% |
| Consumer Staples | 9.9% |
| Information Technology | 8.6% |
| Energy | 7.9% |
| Communication Services | 6.5% |
| Real Estate | 5.6% |
| Utilities | 5.0% |
| Materials | 3.7% |
| Consumer Discretionary | 3.4% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class C: IEDCX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large Cap Value Fund
92913K678-AR

# Class I: IEDIX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $80 | 0.76% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, R, R6 and W shares outperformed and Class C shares underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection & allocation effects.

↑ Top contributors to performance: Stock selection within the communication services, real estate & consumer staples sector had the largest positive impact. Within allocation effect, underweight to information technology & overweight to consumer staples as well as communication services contributed to performance. Key contributors included the overweight positions in AT&T Inc., Philip Morris International Inc. & Welltower Inc.

↓ Top detractors from performance: Stock selection within the health care, materials & utilities sectors detracted. For allocation effect, overweight to health care & energy as well as underweight to industrials detracted from performance. At the individual stock level, owned UnitedHealth Group Inc., overweight to Alcoa Corp. & owned Hewlett Packard Enterprise Co. were the biggest detractors.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $237661 | $250550 | $249850 |
| **2017** | $277805 | $294872 | $286478 |
| **2018** | $295989 | $339280 | $310112 |
| **2019** | $301768 | $347762 | $314609 |
| **2020** | $294272 | $387616 | $309449 |
| **2021** | $438841 | $557818 | $446783 |
| **2022** | $459982 | $537290 | $450938 |
| **2023** | $444020 | $548197 | $430421 |
| **2024** | $560438 | $699406 | $523872 |
| **2025** | $614422 | $791156 | $570546 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.63% | 15.86% | 9.41% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Value Index | 8.91% | 13.02% | 8.60% |

---

## Fund Statistics
* Total Net Assets$796,732,606

* # of Portfolio Holdings66

* Portfolio Turnover Rate100%

* Investment Advisory Fees Paid5,465,627

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

### Top 10 Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 4.0% |
| Bank of America Corp. | 3.2% |
| Bank of New York Mellon Corp. | 2.9% |
| Kenvue, Inc. | 2.8% |
| Philip Morris International, Inc. | 2.7% |
| Arthur J Gallagher & Co. | 2.7% |
| Intercontinental Exchange, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| American International Group, Inc. | 2.6% |
| Boeing Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg136.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.2% |
| Health Care | 13.2% |
| Industrials | 12.4% |
| Consumer Staples | 9.9% |
| Information Technology | 8.6% |
| Energy | 7.9% |
| Communication Services | 6.5% |
| Real Estate | 5.6% |
| Utilities | 5.0% |
| Materials | 3.7% |
| Consumer Discretionary | 3.4% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class I: IEDIX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large Cap Value Fund
92913K686-AR

# Class R: IEDRX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $132 | 1.26% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, R, R6 and W shares outperformed and Class C shares underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection & allocation effects.

↑ Top contributors to performance: Stock selection within the communication services, real estate & consumer staples sector had the largest positive impact. Within allocation effect, underweight to information technology & overweight to consumer staples as well as communication services contributed to performance. Key contributors included the overweight positions in AT&T Inc., Philip Morris International Inc. & Welltower Inc.

↓ Top detractors from performance: Stock selection within the health care, materials & utilities sectors detracted. For allocation effect, overweight to health care & energy as well as underweight to industrials detracted from performance. At the individual stock level, owned UnitedHealth Group Inc., overweight to Alcoa Corp. & owned Hewlett Packard Enterprise Co. were the biggest detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9457 | $10022 | $9994 |
| **2017** | $10986 | $11795 | $11459 |
| **2018** | $11638 | $13571 | $12404 |
| **2019** | $11806 | $13910 | $12584 |
| **2020** | $11439 | $15505 | $12378 |
| **2021** | $16984 | $22313 | $17871 |
| **2022** | $17701 | $21492 | $18038 |
| **2023** | $16982 | $21928 | $17217 |
| **2024** | $21339 | $27976 | $20955 |
| **2025** | $23268 | $31646 | $22822 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 9.04% | 15.26% | 8.81% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Value Index | 8.91% | 13.02% | 8.60% |

---

## Fund Statistics
* Total Net Assets$796,732,606

* # of Portfolio Holdings66

* Portfolio Turnover Rate100%

* Investment Advisory Fees Paid5,465,627

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

### Top 10 Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 4.0% |
| Bank of America Corp. | 3.2% |
| Bank of New York Mellon Corp. | 2.9% |
| Kenvue, Inc. | 2.8% |
| Philip Morris International, Inc. | 2.7% |
| Arthur J Gallagher & Co. | 2.7% |
| Intercontinental Exchange, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| American International Group, Inc. | 2.6% |
| Boeing Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg137.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.2% |
| Health Care | 13.2% |
| Industrials | 12.4% |
| Consumer Staples | 9.9% |
| Information Technology | 8.6% |
| Energy | 7.9% |
| Communication Services | 6.5% |
| Real Estate | 5.6% |
| Utilities | 5.0% |
| Materials | 3.7% |
| Consumer Discretionary | 3.4% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class R: IEDRX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large Cap Value Fund
92913K751-AR

# Class R6: IEDZX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $78 | 0.74% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, R, R6 and W shares outperformed and Class C shares underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection & allocation effects.

↑ Top contributors to performance: Stock selection within the communication services, real estate & consumer staples sector had the largest positive impact. Within allocation effect, underweight to information technology & overweight to consumer staples as well as communication services contributed to performance. Key contributors included the overweight positions in AT&T Inc., Philip Morris International Inc. & Welltower Inc.

↓ Top detractors from performance: Stock selection within the health care, materials & utilities sectors detracted. For allocation effect, overweight to health care & energy as well as underweight to industrials detracted from performance. At the individual stock level, owned UnitedHealth Group Inc., overweight to Alcoa Corp. & owned Hewlett Packard Enterprise Co. were the biggest detractors.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $1000000 | $1000000 | $1000000 |
| **2016** | $950807 | $1002200 | $999400 |
| **2017** | $1110925 | $1179500 | $1145900 |
| **2018** | $1184882 | $1357100 | $1240400 |
| **2019** | $1207413 | $1391000 | $1258400 |
| **2020** | $1177588 | $1550500 | $1237800 |
| **2021** | $1756366 | $2231300 | $1787100 |
| **2022** | $1841415 | $2149200 | $1803800 |
| **2023** | $1777841 | $2192800 | $1721700 |
| **2024** | $2244158 | $2797600 | $2095500 |
| **2025** | $2461905 | $3164600 | $2282200 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 9.70% | 15.89% | 9.43% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Value Index | 8.91% | 13.02% | 8.60% |

---

## Fund Statistics
* Total Net Assets$796,732,606

* # of Portfolio Holdings66

* Portfolio Turnover Rate100%

* Investment Advisory Fees Paid5,465,627

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

### Top 10 Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 4.0% |
| Bank of America Corp. | 3.2% |
| Bank of New York Mellon Corp. | 2.9% |
| Kenvue, Inc. | 2.8% |
| Philip Morris International, Inc. | 2.7% |
| Arthur J Gallagher & Co. | 2.7% |
| Intercontinental Exchange, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| American International Group, Inc. | 2.6% |
| Boeing Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.2% |
| Health Care | 13.2% |
| Industrials | 12.4% |
| Consumer Staples | 9.9% |
| Information Technology | 8.6% |
| Energy | 7.9% |
| Communication Services | 6.5% |
| Real Estate | 5.6% |
| Utilities | 5.0% |
| Materials | 3.7% |
| Consumer Discretionary | 3.4% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class R6: IEDZX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large Cap Value Fund
92913K827-AR

# Class W: IWEDX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $85 | 0.81% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, Classes A, I, R, R6 and W shares outperformed and Class C shares underperformed the Russell 1000<sup>®</sup> Value Index due to favorable stock selection & allocation effects.

↑ Top contributors to performance: Stock selection within the communication services, real estate & consumer staples sector had the largest positive impact. Within allocation effect, underweight to information technology & overweight to consumer staples as well as communication services contributed to performance. Key contributors included the overweight positions in AT&T Inc., Philip Morris International Inc. & Welltower Inc.

↓ Top detractors from performance: Stock selection within the health care, materials & utilities sectors detracted. For allocation effect, overweight to health care & energy as well as underweight to industrials detracted from performance. At the individual stock level, owned UnitedHealth Group Inc., overweight to Alcoa Corp. & owned Hewlett Packard Enterprise Co. were the biggest detractors.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg126.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9502 | $10022 | $9994 |
| **2017** | $11094 | $11795 | $11459 |
| **2018** | $11811 | $13571 | $12404 |
| **2019** | $12037 | $13910 | $12584 |
| **2020** | $11737 | $15505 | $12378 |
| **2021** | $17482 | $22313 | $17871 |
| **2022** | $18309 | $21492 | $18038 |
| **2023** | $17664 | $21928 | $17217 |
| **2024** | $22286 | $27976 | $20955 |
| **2025** | $24425 | $31646 | $22822 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 9.60% | 15.79% | 9.34% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Value Index | 8.91% | 13.02% | 8.60% |

---

## Fund Statistics
* Total Net Assets$796,732,606

* # of Portfolio Holdings66

* Portfolio Turnover Rate100%

* Investment Advisory Fees Paid5,465,627

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

### Top 10 Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 4.0% |
| Bank of America Corp. | 3.2% |
| Bank of New York Mellon Corp. | 2.9% |
| Kenvue, Inc. | 2.8% |
| Philip Morris International, Inc. | 2.7% |
| Arthur J Gallagher & Co. | 2.7% |
| Intercontinental Exchange, Inc. | 2.7% |
| Chevron Corp. | 2.6% |
| American International Group, Inc. | 2.6% |
| Boeing Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 0.5% |
| Common Stock | 99.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 23.2% |
| Health Care | 13.2% |
| Industrials | 12.4% |
| Consumer Staples | 9.9% |
| Information Technology | 8.6% |
| Energy | 7.9% |
| Communication Services | 6.5% |
| Real Estate | 5.6% |
| Utilities | 5.0% |
| Materials | 3.7% |
| Consumer Discretionary | 3.4% |
| Short-Term Investments | 0.5% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class W: IWEDX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large Cap Value Fund
92913K736-AR

# Class A: NLCAX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large-Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $95 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index primarily due to allocation effects.

↑ Top contributors to performance: On the sector level, stock selection within the communication services & information technology sectors contributed. At the individual stock level, key contributors included not owning Merck & Co., Inc. an underweight to combined shares of Alphabet Inc. & an overweight to Netflix, Inc.

↓ Top detractors from performance: An overweight allocation to the health care sector was a key detractor. Stock selection within the consumer discretionary, health care & industrials sector also detracted. Key individual stock detractors included non-benchmark position in Micron Technology, Inc., an underweight in Tesla, Inc. & a position in Palantir Technologies, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg041.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $9426 | $10000 | $10000 | $10000 |
| **2016** | $9490 | $10068 | $10022 | $10161 |
| **2017** | $11329 | $12018 | $11795 | $12221 |
| **2018** | $13212 | $14017 | $13571 | $14789 |
| **2019** | $14020 | $14873 | $13910 | $15587 |
| **2020** | $17005 | $18041 | $15505 | $19678 |
| **2021** | $22317 | $23675 | $22313 | $27534 |
| **2022** | $19527 | $20715 | $21492 | $25813 |
| **2023** | $20991 | $22269 | $21928 | $28278 |
| **2024** | $28475 | $30209 | $27976 | $37779 |
| **2025** | $32425 | $34399 | $31646 | $44438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 7.30% | 12.44% | 12.48% |
| Class A - Excluding Sales Charge | 13.85% | 13.78% | 13.15% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Growth Index | 17.62% | 17.69% | 16.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$791,671,669

* # of Portfolio Holdings53

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid3,817,862

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.1% |
| NVIDIA Corp. | 11.5% |
| Apple, Inc. | 8.4% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.6% |
| Visa, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class A | 3.2% |
| Netflix, Inc. | 3.0% |
| Eli Lilly & Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg140.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.8% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg110.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 45.9% |
| Communication Services | 14.3% |
| Consumer Discretionary | 12.8% |
| Health Care | 8.1% |
| Financials | 6.7% |
| Industrials | 4.7% |
| Consumer Staples | 3.8% |
| Materials | 1.6% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 0.8% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class A: NLCAX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large-Cap Growth Fund
92913K801-AR

# Class C: NLCCX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large-Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $175 | 1.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index primarily due to allocation effects.

↑ Top contributors to performance: On the sector level, stock selection within the communication services & information technology sectors contributed. At the individual stock level, key contributors included not owning Merck & Co., Inc. an underweight to combined shares of Alphabet Inc. & an overweight to Netflix, Inc.

↓ Top detractors from performance: An overweight allocation to the health care sector was a key detractor. Stock selection within the consumer discretionary, health care & industrials sector also detracted. Key individual stock detractors included non-benchmark position in Micron Technology, Inc., an underweight in Tesla, Inc. & a position in Palantir Technologies, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9998 | $10022 | $10161 |
| **2017** | $11845 | $11795 | $12221 |
| **2018** | $13715 | $13571 | $14789 |
| **2019** | $14439 | $13910 | $15587 |
| **2020** | $17386 | $15505 | $19678 |
| **2021** | $22646 | $22313 | $27534 |
| **2022** | $19672 | $21492 | $25813 |
| **2023** | $20963 | $21928 | $28278 |
| **2024** | $28437 | $27976 | $37779 |
| **2025** | $32382 | $31646 | $44438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 11.98% | 12.91% | 12.47% |
| Class C - Excluding Sales Charge | 12.98% | 12.91% | 12.47% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Growth Index | 17.62% | 17.69% | 16.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$791,671,669

* # of Portfolio Holdings53

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid3,817,862

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.1% |
| NVIDIA Corp. | 11.5% |
| Apple, Inc. | 8.4% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.6% |
| Visa, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class A | 3.2% |
| Netflix, Inc. | 3.0% |
| Eli Lilly & Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.8% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg069.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 45.9% |
| Communication Services | 14.3% |
| Consumer Discretionary | 12.8% |
| Health Care | 8.1% |
| Financials | 6.7% |
| Industrials | 4.7% |
| Consumer Staples | 3.8% |
| Materials | 1.6% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 0.8% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class C: NLCCX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large-Cap Growth Fund
92913K603-AR

# Class I: PLCIX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large-Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $62 | 0.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index primarily due to allocation effects.

↑ Top contributors to performance: On the sector level, stock selection within the communication services & information technology sectors contributed. At the individual stock level, key contributors included not owning Merck & Co., Inc. an underweight to combined shares of Alphabet Inc. & an overweight to Netflix, Inc.

↓ Top detractors from performance: An overweight allocation to the health care sector was a key detractor. Stock selection within the consumer discretionary, health care & industrials sector also detracted. Key individual stock detractors included non-benchmark position in Micron Technology, Inc., an underweight in Tesla, Inc. & a position in Palantir Technologies, Inc.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg079.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $252567 | $250550 | $254025 |
| **2017** | $302538 | $294872 | $305516 |
| **2018** | $354268 | $339280 | $369735 |
| **2019** | $377195 | $347762 | $389664 |
| **2020** | $459447 | $387616 | $491951 |
| **2021** | $604824 | $557818 | $688338 |
| **2022** | $531127 | $537290 | $645317 |
| **2023** | $573238 | $548197 | $706944 |
| **2024** | $779817 | $699406 | $944487 |
| **2025** | $890855 | $791156 | $1110942 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 14.20% | 14.16% | 13.55% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Growth Index | 17.62% | 17.69% | 16.08% |

---

## Fund Statistics
* Total Net Assets$791,671,669

* # of Portfolio Holdings53

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid3,817,862

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.1% |
| NVIDIA Corp. | 11.5% |
| Apple, Inc. | 8.4% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.6% |
| Visa, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class A | 3.2% |
| Netflix, Inc. | 3.0% |
| Eli Lilly & Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg099.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.8% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 45.9% |
| Communication Services | 14.3% |
| Consumer Discretionary | 12.8% |
| Health Care | 8.1% |
| Financials | 6.7% |
| Industrials | 4.7% |
| Consumer Staples | 3.8% |
| Materials | 1.6% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 0.8% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class I: PLCIX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large-Cap Growth Fund
92913K504-AR

# Class R: VGORX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large-Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $122 | 1.14% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index primarily due to allocation effects.

↑ Top contributors to performance: On the sector level, stock selection within the communication services & information technology sectors contributed. At the individual stock level, key contributors included not owning Merck & Co., Inc. an underweight to combined shares of Alphabet Inc. & an overweight to Netflix, Inc.

↓ Top detractors from performance: An overweight allocation to the health care sector was a key detractor. Stock selection within the consumer discretionary, health care & industrials sector also detracted. Key individual stock detractors included non-benchmark position in Micron Technology, Inc., an underweight in Tesla, Inc. & a position in Palantir Technologies, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg143.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10042 | $10022 | $10161 |
| **2017** | $11957 | $11795 | $12221 |
| **2018** | $13912 | $13571 | $14789 |
| **2019** | $14725 | $13910 | $15587 |
| **2020** | $17821 | $15505 | $19678 |
| **2021** | $23323 | $22313 | $27534 |
| **2022** | $20359 | $21492 | $25813 |
| **2023** | $21836 | $21928 | $28278 |
| **2024** | $29553 | $27976 | $37779 |
| **2025** | $33574 | $31646 | $44438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 13.56% | 13.51% | 12.88% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Growth Index | 17.62% | 17.69% | 16.08% |

---

## Fund Statistics
* Total Net Assets$791,671,669

* # of Portfolio Holdings53

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid3,817,862

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.1% |
| NVIDIA Corp. | 11.5% |
| Apple, Inc. | 8.4% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.6% |
| Visa, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class A | 3.2% |
| Netflix, Inc. | 3.0% |
| Eli Lilly & Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.8% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 45.9% |
| Communication Services | 14.3% |
| Consumer Discretionary | 12.8% |
| Health Care | 8.1% |
| Financials | 6.7% |
| Industrials | 4.7% |
| Consumer Staples | 3.8% |
| Materials | 1.6% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 0.8% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class R: VGORX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large-Cap Growth Fund
92913K561-AR

# Class R6: VGOSX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large-Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $60 | 0.56% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index primarily due to allocation effects.

↑ Top contributors to performance: On the sector level, stock selection within the communication services & information technology sectors contributed. At the individual stock level, key contributors included not owning Merck & Co., Inc. an underweight to combined shares of Alphabet Inc. & an overweight to Netflix, Inc.

↓ Top detractors from performance: An overweight allocation to the health care sector was a key detractor. Stock selection within the consumer discretionary, health care & industrials sector also detracted. Key individual stock detractors included non-benchmark position in Micron Technology, Inc., an underweight in Tesla, Inc. & a position in Palantir Technologies, Inc.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg070.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **6/2/2015** | $1000000 | $1000000 | $1000000 |
| **2016** | $1007195 | $1013900 | $1025700 |
| **2017** | $1206644 | $1193200 | $1233700 |
| **2018** | $1414017 | $1372900 | $1493000 |
| **2019** | $1507213 | $1407300 | $1573400 |
| **2020** | $1837071 | $1568500 | $1986500 |
| **2021** | $2420199 | $2257300 | $2779500 |
| **2022** | $2126596 | $2174200 | $2605700 |
| **2023** | $2294785 | $2218300 | $2854600 |
| **2024** | $3122130 | $2830200 | $3813800 |
| **2025** | $3567520 | $3160747 | $4436291 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (6/2/2015)** |
| Class R6 | 14.23% | 14.19% | 13.57% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.20% |
| Russell 1000<sup>®</sup> Growth Index | 17.62% | 17.69% | 16.07% |

---

## Fund Statistics
* Total Net Assets$791,671,669

* # of Portfolio Holdings53

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid3,817,862

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.1% |
| NVIDIA Corp. | 11.5% |
| Apple, Inc. | 8.4% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.6% |
| Visa, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class A | 3.2% |
| Netflix, Inc. | 3.0% |
| Eli Lilly & Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.8% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 45.9% |
| Communication Services | 14.3% |
| Consumer Discretionary | 12.8% |
| Health Care | 8.1% |
| Financials | 6.7% |
| Industrials | 4.7% |
| Consumer Staples | 3.8% |
| Materials | 1.6% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 0.8% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class R6: VGOSX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large-Cap Growth Fund
92913K553-AR

# Class W: IGOWX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Large-Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Large-Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $69 | 0.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 1000<sup>®</sup> Growth Index primarily due to allocation effects.

↑ Top contributors to performance: On the sector level, stock selection within the communication services & information technology sectors contributed. At the individual stock level, key contributors included not owning Merck & Co., Inc. an underweight to combined shares of Alphabet Inc. & an overweight to Netflix, Inc.

↓ Top detractors from performance: An overweight allocation to the health care sector was a key detractor. Stock selection within the consumer discretionary, health care & industrials sector also detracted. Key individual stock detractors included non-benchmark position in Micron Technology, Inc., an underweight in Tesla, Inc. & a position in Palantir Technologies, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10096 | $10022 | $10161 |
| **2017** | $12081 | $11795 | $12221 |
| **2018** | $14129 | $13571 | $14789 |
| **2019** | $15022 | $13910 | $15587 |
| **2020** | $18274 | $15505 | $19678 |
| **2021** | $24039 | $22313 | $27534 |
| **2022** | $21087 | $21492 | $25813 |
| **2023** | $22735 | $21928 | $28278 |
| **2024** | $30922 | $27976 | $37779 |
| **2025** | $35301 | $31646 | $44438 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 14.12% | 14.08% | 13.44% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 1000<sup>®</sup> Growth Index | 17.62% | 17.69% | 16.08% |

---

## Fund Statistics
* Total Net Assets$791,671,669

* # of Portfolio Holdings53

* Portfolio Turnover Rate56%

* Investment Advisory Fees Paid3,817,862

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.1% |
| NVIDIA Corp. | 11.5% |
| Apple, Inc. | 8.4% |
| Amazon.com, Inc. | 7.4% |
| Meta Platforms, Inc. - Class A | 5.4% |
| Broadcom, Inc. | 4.6% |
| Visa, Inc. - Class A | 3.3% |
| Alphabet, Inc. - Class A | 3.2% |
| Netflix, Inc. | 3.0% |
| Eli Lilly & Co. | 2.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 0.8% |
| Common Stock | 99.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 45.9% |
| Communication Services | 14.3% |
| Consumer Discretionary | 12.8% |
| Health Care | 8.1% |
| Financials | 6.7% |
| Industrials | 4.7% |
| Consumer Staples | 3.8% |
| Materials | 1.6% |
| Real Estate | 0.7% |
| Energy | 0.6% |
| Short-Term Investments | 0.8% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class W: IGOWX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Large-Cap Growth Fund
92913K579-AR

# Class A: VYMQX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Mid Cap Research Enhanced Index Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Mid Cap Research Enhanced Index Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $97 | 0.95% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the S&P Midcap 400<sup>®</sup> Index due primarily to favorable stock selection.

↑ Top contributors to performance: Stock selection within the financials, health care, & information technology sectors contributed. Among the key individual contributors were overweight positions in Jefferies Financial Group Inc., Exelixis, Inc., and Unum Group.

↓ Top detractors from performance: Stock selection within energy & consumer discretionary sectors detracted. Key individual detractors included underweight positions in Texas Pacific Land Corp., Sprouts Farmers Market, Inc., & Duolingo, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg114.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **2015** | $9423 | $10000 | $10000 | $10000 |
| **2016** | $9039 | $9592 | $10022 | $9958 |
| **2017** | $10392 | $11028 | $11795 | $11667 |
| **2018** | $11448 | $12149 | $13571 | $13400 |
| **2019** | $10608 | $11257 | $13910 | $12671 |
| **2020** | $10242 | $10869 | $15505 | $12569 |
| **2021** | $16015 | $16995 | $22313 | $19704 |
| **2022** | $15024 | $15944 | $21492 | $18419 |
| **2023** | $14356 | $15235 | $21928 | $17935 |
| **2024** | $18219 | $19334 | $27976 | $22593 |
| **2025** | $18852 | $20006 | $31646 | $23083 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | -2.48% | 11.65% | 6.55% |
| Class A - Excluding Sales Charge | 3.48% | 12.98% | 7.18% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P MidCap 400<sup>®</sup> Index | 2.17% | 12.93% | 8.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$156,518,715

* # of Portfolio Holdings300

* Portfolio Turnover Rate72%

* Investment Advisory Fees Paid739,518

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

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core S&P Mid-Cap ETF | 1.3% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.0% |
| EMCOR Group, Inc. | 1.0% |
| Curtiss-Wright Corp. | 1.0% |
| AECOM | 1.0% |
| Pure Storage, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.9% |
| Core & Main, Inc. - Class A | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.7)% |
| Short-Term Investments | 1.9% |
| Exchange-Traded Funds | 1.3% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.7% |
| Consumer Discretionary | 13.7% |
| Information Technology | 10.3% |
| Health Care | 9.0% |
| Real Estate | 6.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Energy | 3.6% |
| Utilities | 3.2% |
| Communication Services | 1.3% |
| Exchange-Traded Funds | 1.3% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.7)% |

---

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

# Class A: VYMQX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Mid Cap Research Enhanced Index Fund
92918A105-AR

# Class C: VYMRX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Mid Cap Research Enhanced Index Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Mid Cap Research Enhanced Index Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $147 | 1.45% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the S&P Midcap 400<sup>®</sup> Index due primarily to favorable stock selection.

↑ Top contributors to performance: Stock selection within the financials, health care, & information technology sectors contributed. Among the key individual contributors were overweight positions in Jefferies Financial Group Inc., Exelixis, Inc., and Unum Group.

↓ Top detractors from performance: Stock selection within energy & consumer discretionary sectors detracted. Key individual detractors included underweight positions in Texas Pacific Land Corp., Sprouts Farmers Market, Inc., & Duolingo, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9546 | $10022 | $9958 |
| **2017** | $10916 | $11795 | $11667 |
| **2018** | $11970 | $13571 | $13400 |
| **2019** | $11036 | $13910 | $12671 |
| **2020** | $10611 | $15505 | $12569 |
| **2021** | $16506 | $22313 | $19704 |
| **2022** | $15406 | $21492 | $18419 |
| **2023** | $14651 | $21928 | $17935 |
| **2024** | $18593 | $27976 | $22593 |
| **2025** | $19239 | $31646 | $23083 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.06% | 12.41% | 6.76% |
| Class C - Excluding Sales Charge | 2.98% | 12.41% | 6.76% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P MidCap 400<sup>®</sup> Index | 2.17% | 12.93% | 8.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$156,518,715

* # of Portfolio Holdings300

* Portfolio Turnover Rate72%

* Investment Advisory Fees Paid739,518

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

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core S&P Mid-Cap ETF | 1.3% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.0% |
| EMCOR Group, Inc. | 1.0% |
| Curtiss-Wright Corp. | 1.0% |
| AECOM | 1.0% |
| Pure Storage, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.9% |
| Core & Main, Inc. - Class A | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.7)% |
| Short-Term Investments | 1.9% |
| Exchange-Traded Funds | 1.3% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.7% |
| Consumer Discretionary | 13.7% |
| Information Technology | 10.3% |
| Health Care | 9.0% |
| Real Estate | 6.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Energy | 3.6% |
| Utilities | 3.2% |
| Communication Services | 1.3% |
| Exchange-Traded Funds | 1.3% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.7)% |

---

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

# Class C: VYMRX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Mid Cap Research Enhanced Index Fund
92918A204-AR

# Class I: VYMSX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Mid Cap Research Enhanced Index Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Mid Cap Research Enhanced Index Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $71 | 0.70% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the S&P Midcap 400<sup>®</sup> Index due primarily to favorable stock selection.

↑ Top contributors to performance: Stock selection within the financials, health care, & information technology sectors contributed. Among the key individual contributors were overweight positions in Jefferies Financial Group Inc., Exelixis, Inc., and Unum Group.

↓ Top detractors from performance: Stock selection within energy & consumer discretionary sectors detracted. Key individual detractors included underweight positions in Texas Pacific Land Corp., Sprouts Farmers Market, Inc., & Duolingo, Inc.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg115.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $240455 | $250550 | $248950 |
| **2017** | $277219 | $294872 | $291670 |
| **2018** | $306132 | $339280 | $335012 |
| **2019** | $284465 | $347762 | $316787 |
| **2020** | $275228 | $387616 | $314221 |
| **2021** | $431500 | $557818 | $492605 |
| **2022** | $405656 | $537290 | $460487 |
| **2023** | $388575 | $548197 | $448376 |
| **2024** | $494494 | $699406 | $564813 |
| **2025** | $513021 | $791156 | $577081 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 3.75% | 13.26% | 7.45% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P MidCap 400<sup>®</sup> Index | 2.17% | 12.93% | 8.73% |

---

## Fund Statistics
* Total Net Assets$156,518,715

* # of Portfolio Holdings300

* Portfolio Turnover Rate72%

* Investment Advisory Fees Paid739,518

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

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core S&P Mid-Cap ETF | 1.3% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.0% |
| EMCOR Group, Inc. | 1.0% |
| Curtiss-Wright Corp. | 1.0% |
| AECOM | 1.0% |
| Pure Storage, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.9% |
| Core & Main, Inc. - Class A | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg147.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.7)% |
| Short-Term Investments | 1.9% |
| Exchange-Traded Funds | 1.3% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.7% |
| Consumer Discretionary | 13.7% |
| Information Technology | 10.3% |
| Health Care | 9.0% |
| Real Estate | 6.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Energy | 3.6% |
| Utilities | 3.2% |
| Communication Services | 1.3% |
| Exchange-Traded Funds | 1.3% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.7)% |

---

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

# Class I: VYMSX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Mid Cap Research Enhanced Index Fund
92918A303-AR

# Class R: VYMVX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Mid Cap Research Enhanced Index Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Mid Cap Research Enhanced Index Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $122 | 1.20% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the S&P Midcap 400<sup>®</sup> Index due primarily to favorable stock selection.

↑ Top contributors to performance: Stock selection within the financials, health care, & information technology sectors contributed. Among the key individual contributors were overweight positions in Jefferies Financial Group Inc., Exelixis, Inc., and Unum Group.

↓ Top detractors from performance: Stock selection within energy & consumer discretionary sectors detracted. Key individual detractors included underweight positions in Texas Pacific Land Corp., Sprouts Farmers Market, Inc., & Duolingo, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg117.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9571 | $10022 | $9958 |
| **2017** | $10975 | $11795 | $11667 |
| **2018** | $12065 | $13571 | $13400 |
| **2019** | $11155 | $13910 | $12671 |
| **2020** | $10742 | $15505 | $12569 |
| **2021** | $16754 | $22313 | $19704 |
| **2022** | $15678 | $21492 | $18419 |
| **2023** | $14943 | $21928 | $17935 |
| **2024** | $18920 | $27976 | $22593 |
| **2025** | $19532 | $31646 | $23083 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 3.23% | 12.70% | 6.92% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P MidCap 400<sup>®</sup> Index | 2.17% | 12.93% | 8.73% |

---

## Fund Statistics
* Total Net Assets$156,518,715

* # of Portfolio Holdings300

* Portfolio Turnover Rate72%

* Investment Advisory Fees Paid739,518

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

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core S&P Mid-Cap ETF | 1.3% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.0% |
| EMCOR Group, Inc. | 1.0% |
| Curtiss-Wright Corp. | 1.0% |
| AECOM | 1.0% |
| Pure Storage, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.9% |
| Core & Main, Inc. - Class A | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.7)% |
| Short-Term Investments | 1.9% |
| Exchange-Traded Funds | 1.3% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.7% |
| Consumer Discretionary | 13.7% |
| Information Technology | 10.3% |
| Health Care | 9.0% |
| Real Estate | 6.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Energy | 3.6% |
| Utilities | 3.2% |
| Communication Services | 1.3% |
| Exchange-Traded Funds | 1.3% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.7)% |

---

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

# Class R: VYMVX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Mid Cap Research Enhanced Index Fund
92918A600-AR

# Class W: VYMYX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Mid Cap Research Enhanced Index Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Mid Cap Research Enhanced Index Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $71 | 0.70% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the S&P Midcap 400<sup>®</sup> Index due primarily to favorable stock selection.

↑ Top contributors to performance: Stock selection within the financials, health care, & information technology sectors contributed. Among the key individual contributors were overweight positions in Jefferies Financial Group Inc., Exelixis, Inc., and Unum Group.

↓ Top detractors from performance: Stock selection within energy & consumer discretionary sectors detracted. Key individual detractors included underweight positions in Texas Pacific Land Corp., Sprouts Farmers Market, Inc., & Duolingo, Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9620 | $10022 | $9958 |
| **2017** | $11082 | $11795 | $11667 |
| **2018** | $12253 | $13571 | $13400 |
| **2019** | $11336 | $13910 | $12671 |
| **2020** | $10972 | $15505 | $12569 |
| **2021** | $17191 | $22313 | $19704 |
| **2022** | $16172 | $21492 | $18419 |
| **2023** | $15493 | $21928 | $17935 |
| **2024** | $19716 | $27976 | $22593 |
| **2025** | $20457 | $31646 | $23083 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 3.76% | 13.27% | 7.42% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| S&P MidCap 400<sup>®</sup> Index | 2.17% | 12.93% | 8.73% |

---

## Fund Statistics
* Total Net Assets$156,518,715

* # of Portfolio Holdings300

* Portfolio Turnover Rate72%

* Investment Advisory Fees Paid739,518

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

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core S&P Mid-Cap ETF | 1.3% |
| US Foods Holding Corp. | 1.1% |
| Equitable Holdings, Inc. | 1.0% |
| EMCOR Group, Inc. | 1.0% |
| Curtiss-Wright Corp. | 1.0% |
| AECOM | 1.0% |
| Pure Storage, Inc. - Class A | 0.9% |
| Unum Group | 0.9% |
| RPM International, Inc. | 0.9% |
| Core & Main, Inc. - Class A | 0.8% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (1.7)% |
| Short-Term Investments | 1.9% |
| Exchange-Traded Funds | 1.3% |
| Common Stock | 98.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 22.4% |
| Financials | 17.7% |
| Consumer Discretionary | 13.7% |
| Information Technology | 10.3% |
| Health Care | 9.0% |
| Real Estate | 6.9% |
| Consumer Staples | 5.3% |
| Materials | 5.1% |
| Energy | 3.6% |
| Utilities | 3.2% |
| Communication Services | 1.3% |
| Exchange-Traded Funds | 1.3% |
| Short-Term Investments | 1.9% |
| Liabilities in Excess of Other Assets | (1.7)% |

---

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

# Class W: VYMYX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Mid Cap Research Enhanced Index Fund
92918A808-AR

# Class A: NMCAX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya MidCap Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $122 | 1.15% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund outperformed the Russell MidCap<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the information technology & real estate sectors contributed. On an individual stock level basis, key contributors were an overweight position in AppLovin Corp., not owning Deckers Outdoor Corp. & an overweight position in Royal Caribbean Group.

↓ Top detractors from performance: Stock selection in the industrials, health care & financials sectors detracted. On an individual stock level basis, key detractors included alantir Technologies Inc., overweight position in Saia, Inc. & underweight position in Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg039.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $9424 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9282 | $9849 | $10022 | $9630 | $9803 |
| **2017** | $10793 | $11452 | $11795 | $11236 | $11358 |
| **2018** | $12209 | $12956 | $13571 | $13306 | $12797 |
| **2019** | $12572 | $13340 | $13910 | $14220 | $13000 |
| **2020** | $14292 | $15166 | $15505 | $16642 | $13342 |
| **2021** | $20461 | $21711 | $22313 | $22929 | $20052 |
| **2022** | $16360 | $17360 | $21492 | $18639 | $18694 |
| **2023** | $17520 | $18591 | $21928 | $19711 | $17851 |
| **2024** | $21041 | $22328 | $27976 | $24029 | $21977 |
| **2025** | $23575 | $25016 | $31646 | $29612 | $24245 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 5.60% | 9.22% | 8.95% |
| Class A - Excluding Sales Charge | 12.04% | 10.53% | 9.60% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Growth Index | 23.23% | 12.22% | 11.47% |
| Russell Midcap<sup>®</sup> Index | 10.32% | 12.69% | 9.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$699,899,653

* # of Portfolio Holdings77

* Portfolio Turnover Rate87%

* Investment Advisory Fees Paid5,529,433

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 8.7% |
| AppLovin Corp. - Class A | 4.5% |
| AmerisourceBergen Corp. | 3.2% |
| Verisk Analytics, Inc. | 2.9% |
| Axon Enterprise, Inc. | 2.6% |
| Tradeweb Markets, Inc. - Class A | 2.6% |
| Comfort Systems USA, Inc. | 2.2% |
| Roblox Corp. - Class A | 2.1% |
| Chesapeake Energy Corp. | 2.1% |
| Fair Isaac Corp. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg103.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.5% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.2% |
| Financials | 11.8% |
| Health Care | 11.8% |
| Energy | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 2.7% |
| Real Estate | 2.4% |
| Materials | 1.5% |
| Utilities | 1.0% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# Class A: NMCAX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya MidCap Opportunities Fund
92913K884-AR

# Class C: NMCCX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya MidCap Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $201 | 1.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund outperformed the Russell MidCap<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the information technology & real estate sectors contributed. On an individual stock level basis, key contributors were an overweight position in AppLovin Corp., not owning Deckers Outdoor Corp. & an overweight position in Royal Caribbean Group.

↓ Top detractors from performance: Stock selection in the industrials, health care & financials sectors detracted. On an individual stock level basis, key detractors included alantir Technologies Inc., overweight position in Saia, Inc. & underweight position in Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg008.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9775 | $10022 | $9630 | $9803 |
| **2017** | $11282 | $11795 | $11236 | $11358 |
| **2018** | $12672 | $13571 | $13306 | $12797 |
| **2019** | $12943 | $13910 | $14220 | $13000 |
| **2020** | $14601 | $15505 | $16642 | $13342 |
| **2021** | $20755 | $22313 | $22929 | $20052 |
| **2022** | $16484 | $21492 | $18639 | $18694 |
| **2023** | $17500 | $21928 | $19711 | $17851 |
| **2024** | $21017 | $27976 | $24029 | $21977 |
| **2025** | $23548 | $31646 | $29612 | $24245 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 10.41% | 9.71% | 8.94% |
| Class C - Excluding Sales Charge | 11.22% | 9.71% | 8.94% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Growth Index | 23.23% | 12.22% | 11.47% |
| Russell Midcap<sup>®</sup> Index | 10.32% | 12.69% | 9.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$699,899,653

* # of Portfolio Holdings77

* Portfolio Turnover Rate87%

* Investment Advisory Fees Paid5,529,433

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 8.7% |
| AppLovin Corp. - Class A | 4.5% |
| AmerisourceBergen Corp. | 3.2% |
| Verisk Analytics, Inc. | 2.9% |
| Axon Enterprise, Inc. | 2.6% |
| Tradeweb Markets, Inc. - Class A | 2.6% |
| Comfort Systems USA, Inc. | 2.2% |
| Roblox Corp. - Class A | 2.1% |
| Chesapeake Energy Corp. | 2.1% |
| Fair Isaac Corp. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg145.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.5% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.2% |
| Financials | 11.8% |
| Health Care | 11.8% |
| Energy | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 2.7% |
| Real Estate | 2.4% |
| Materials | 1.5% |
| Utilities | 1.0% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# Class C: NMCCX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya MidCap Opportunities Fund
92913K868-AR

# Class I: NMCIX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya MidCap Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $98 | 0.92% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund outperformed the Russell MidCap<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the information technology & real estate sectors contributed. On an individual stock level basis, key contributors were an overweight position in AppLovin Corp., not owning Deckers Outdoor Corp. & an overweight position in Royal Caribbean Group.

↓ Top detractors from performance: Stock selection in the industrials, health care & financials sectors detracted. On an individual stock level basis, key detractors included alantir Technologies Inc., overweight position in Saia, Inc. & underweight position in Cloudflare Inc.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg121.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $247174 | $250550 | $240750 | $245075 |
| **2017** | $288276 | $294872 | $280907 | $283944 |
| **2018** | $327015 | $339280 | $332650 | $319920 |
| **2019** | $337792 | $347762 | $355503 | $325006 |
| **2020** | $385122 | $387616 | $416045 | $333554 |
| **2021** | $553236 | $557818 | $573227 | $501298 |
| **2022** | $443886 | $537290 | $465977 | $467360 |
| **2023** | $476598 | $548197 | $492770 | $446282 |
| **2024** | $574180 | $699406 | $600728 | $549417 |
| **2025** | $644673 | $791156 | $740306 | $606133 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.28% | 10.85% | 9.94% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Growth Index | 23.23% | 12.22% | 11.47% |
| Russell Midcap<sup>®</sup> Index | 10.32% | 12.69% | 9.26% |

---

## Fund Statistics
* Total Net Assets$699,899,653

* # of Portfolio Holdings77

* Portfolio Turnover Rate87%

* Investment Advisory Fees Paid5,529,433

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 8.7% |
| AppLovin Corp. - Class A | 4.5% |
| AmerisourceBergen Corp. | 3.2% |
| Verisk Analytics, Inc. | 2.9% |
| Axon Enterprise, Inc. | 2.6% |
| Tradeweb Markets, Inc. - Class A | 2.6% |
| Comfort Systems USA, Inc. | 2.2% |
| Roblox Corp. - Class A | 2.1% |
| Chesapeake Energy Corp. | 2.1% |
| Fair Isaac Corp. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg109.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.5% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.2% |
| Financials | 11.8% |
| Health Care | 11.8% |
| Energy | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 2.7% |
| Real Estate | 2.4% |
| Materials | 1.5% |
| Utilities | 1.0% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# Class I: NMCIX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya MidCap Opportunities Fund
92913K850-AR

# Class R: IMORX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya MidCap Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $148 | 1.40% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund outperformed the Russell MidCap<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the information technology & real estate sectors contributed. On an individual stock level basis, key contributors were an overweight position in AppLovin Corp., not owning Deckers Outdoor Corp. & an overweight position in Royal Caribbean Group.

↓ Top detractors from performance: Stock selection in the industrials, health care & financials sectors detracted. On an individual stock level basis, key detractors included alantir Technologies Inc., overweight position in Saia, Inc. & underweight position in Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg046.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9826 | $10022 | $9630 | $9803 |
| **2017** | $11397 | $11795 | $11236 | $11358 |
| **2018** | $12860 | $13571 | $13306 | $12797 |
| **2019** | $13207 | $13910 | $14220 | $13000 |
| **2020** | $14974 | $15505 | $16642 | $13342 |
| **2021** | $21392 | $22313 | $22929 | $20052 |
| **2022** | $17064 | $21492 | $18639 | $18694 |
| **2023** | $18222 | $21928 | $19711 | $17851 |
| **2024** | $21837 | $27976 | $24029 | $21977 |
| **2025** | $24397 | $31646 | $29612 | $24245 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 11.72% | 10.26% | 9.33% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Growth Index | 23.23% | 12.22% | 11.47% |
| Russell Midcap<sup>®</sup> Index | 10.32% | 12.69% | 9.26% |

---

## Fund Statistics
* Total Net Assets$699,899,653

* # of Portfolio Holdings77

* Portfolio Turnover Rate87%

* Investment Advisory Fees Paid5,529,433

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 8.7% |
| AppLovin Corp. - Class A | 4.5% |
| AmerisourceBergen Corp. | 3.2% |
| Verisk Analytics, Inc. | 2.9% |
| Axon Enterprise, Inc. | 2.6% |
| Tradeweb Markets, Inc. - Class A | 2.6% |
| Comfort Systems USA, Inc. | 2.2% |
| Roblox Corp. - Class A | 2.1% |
| Chesapeake Energy Corp. | 2.1% |
| Fair Isaac Corp. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg122.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg095.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.5% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.2% |
| Financials | 11.8% |
| Health Care | 11.8% |
| Energy | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 2.7% |
| Real Estate | 2.4% |
| Materials | 1.5% |
| Utilities | 1.0% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# Class R: IMORX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya MidCap Opportunities Fund
92913K769-AR

# Class R6: IMOZX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya MidCap Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $88 | 0.83% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund outperformed the Russell MidCap<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the information technology & real estate sectors contributed. On an individual stock level basis, key contributors were an overweight position in AppLovin Corp., not owning Deckers Outdoor Corp. & an overweight position in Royal Caribbean Group.

↓ Top detractors from performance: Stock selection in the industrials, health care & financials sectors detracted. On an individual stock level basis, key detractors included alantir Technologies Inc., overweight position in Saia, Inc. & underweight position in Cloudflare Inc.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg129.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $989498 | $1002200 | $963000 | $980300 |
| **2017** | $1155631 | $1179500 | $1123600 | $1135800 |
| **2018** | $1312053 | $1357100 | $1330600 | $1279700 |
| **2019** | $1357110 | $1391000 | $1422000 | $1300000 |
| **2020** | $1548570 | $1550500 | $1664200 | $1334200 |
| **2021** | $2226566 | $2231300 | $2292900 | $2005200 |
| **2022** | $1787802 | $2149200 | $1863900 | $1869400 |
| **2023** | $1920965 | $2192800 | $1971100 | $1785100 |
| **2024** | $2316457 | $2797600 | $2402900 | $2197700 |
| **2025** | $2603976 | $3164600 | $2961200 | $2424500 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 12.41% | 10.95% | 10.04% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Growth Index | 23.23% | 12.22% | 11.47% |
| Russell Midcap<sup>®</sup> Index | 10.32% | 12.69% | 9.26% |

---

## Fund Statistics
* Total Net Assets$699,899,653

* # of Portfolio Holdings77

* Portfolio Turnover Rate87%

* Investment Advisory Fees Paid5,529,433

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 8.7% |
| AppLovin Corp. - Class A | 4.5% |
| AmerisourceBergen Corp. | 3.2% |
| Verisk Analytics, Inc. | 2.9% |
| Axon Enterprise, Inc. | 2.6% |
| Tradeweb Markets, Inc. - Class A | 2.6% |
| Comfort Systems USA, Inc. | 2.2% |
| Roblox Corp. - Class A | 2.1% |
| Chesapeake Energy Corp. | 2.1% |
| Fair Isaac Corp. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.5% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.2% |
| Financials | 11.8% |
| Health Care | 11.8% |
| Energy | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 2.7% |
| Real Estate | 2.4% |
| Materials | 1.5% |
| Utilities | 1.0% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# Class R6: IMOZX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya MidCap Opportunities Fund
92913K835-AR

# Class W: IMOWX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya MidCap Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya MidCap Opportunities Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $96 | 0.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund outperformed the Russell MidCap<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the information technology & real estate sectors contributed. On an individual stock level basis, key contributors were an overweight position in AppLovin Corp., not owning Deckers Outdoor Corp. & an overweight position in Royal Caribbean Group.

↓ Top detractors from performance: Stock selection in the industrials, health care & financials sectors detracted. On an individual stock level basis, key detractors included alantir Technologies Inc., overweight position in Saia, Inc. & underweight position in Cloudflare Inc.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg061.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell Midcap<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9878 | $10022 | $9630 | $9803 |
| **2017** | $11514 | $11795 | $11236 | $11358 |
| **2018** | $13055 | $13571 | $13306 | $12797 |
| **2019** | $13480 | $13910 | $14220 | $13000 |
| **2020** | $15361 | $15505 | $16642 | $13342 |
| **2021** | $22045 | $22313 | $22929 | $20052 |
| **2022** | $17677 | $21492 | $18639 | $18694 |
| **2023** | $18955 | $21928 | $19711 | $17851 |
| **2024** | $22831 | $27976 | $24029 | $21977 |
| **2025** | $25643 | $31646 | $29612 | $24245 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 12.32% | 10.79% | 9.87% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Growth Index | 23.23% | 12.22% | 11.47% |
| Russell Midcap<sup>®</sup> Index | 10.32% | 12.69% | 9.26% |

---

## Fund Statistics
* Total Net Assets$699,899,653

* # of Portfolio Holdings77

* Portfolio Turnover Rate87%

* Investment Advisory Fees Paid5,529,433

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Palantir Technologies, Inc. - Class A | 8.7% |
| AppLovin Corp. - Class A | 4.5% |
| AmerisourceBergen Corp. | 3.2% |
| Verisk Analytics, Inc. | 2.9% |
| Axon Enterprise, Inc. | 2.6% |
| Tradeweb Markets, Inc. - Class A | 2.6% |
| Comfort Systems USA, Inc. | 2.2% |
| Roblox Corp. - Class A | 2.1% |
| Chesapeake Energy Corp. | 2.1% |
| Fair Isaac Corp. | 2.0% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 1.0% |
| Common Stock | 99.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg112.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.5% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.2% |
| Financials | 11.8% |
| Health Care | 11.8% |
| Energy | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 2.7% |
| Real Estate | 2.4% |
| Materials | 1.5% |
| Utilities | 1.0% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# Class W: IMOWX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya MidCap Opportunities Fund
92913K744-AR

# Class I: IMCVX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Multi-Manager Mid Cap Value Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager Mid Cap Value Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $79 | 0.78% |

---

## How did the Fund perform in the past 12 months?
For the year ended Mary 31, 2025, the Fund underperformed the Russell Midcap<sup>®</sup> Value Index.

↑ Top contributors to performance: Stock selection in the consumer staples sector was an area of strength. Top individual contributors to relative returns included US Foods Holding Corp. & BJ's Wholesale Club Holdings, Inc. The Fund's minority sleeve, sub-advised by Voya Investment Management Co. LLC and representing roughly 25% of total assets on average, outperformed the Russell Midcap Value Index, providing a partial positive offset to underperformance of the Fund's other, larger sleeve.

↓ Top detractors from performance: Underperformance was attributable mainly to lagging stock selection within the sleeve sub-advised by Victory Capital Management Inc. By sector, relative returns were weakest in information technology, industrials, energy, & financials; within these sectors, on an individual stock level, top detractors included Globant SA, FTI Consulting Inc., Chord Energy Corp., and lack of exposure to index constituent Robinhood Markets, Inc. Top individual laggards from other sectors included Westlake Corp. & Icon PLC. In terms of investment style effects, underexposure to price momentum detracted from the Fund's relative performance, as higher-momentum mid-cap stocks generally outperformed lower-momentum mid-cap stocks during the period.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg097.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $239250 | $250550 | $249225 |
| **2017** | $271941 | $294872 | $287282 |
| **2018** | $307045 | $339280 | $311183 |
| **2019** | $283195 | $347762 | $304680 |
| **2020** | $264136 | $387616 | $283626 |
| **2021** | $412945 | $557818 | $444187 |
| **2022** | $402853 | $537290 | $443921 |
| **2023** | $371027 | $548197 | $401793 |
| **2024** | $454801 | $699406 | $496889 |
| **2025** | $465442 | $791156 | $526835 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 2.34% | 12.00% | 6.41% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell Midcap<sup>®</sup> Value Index | 6.03% | 13.18% | 7.74% |

---

## Fund Statistics
* Total Net Assets$143,145,794

* # of Portfolio Holdings330

* Portfolio Turnover Rate60%

* Investment Advisory Fees Paid1,121,341

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.0% |
| US Foods Holding Corp. | 1.9% |
| Hartford Financial Services Group, Inc. | 1.7% |
| Crown Holdings, Inc. | 1.5% |
| Quest Diagnostics, Inc. | 1.5% |
| Willis Towers Watson PLC | 1.5% |
| SBA Communications Corp. | 1.4% |
| Performance Food Group Co. | 1.4% |
| American Water Works Co., Inc. | 1.4% |
| Camden Property Trust | 1.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg135.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.1% |
| Short-Term Investments | 3.4% |
| Exchange-Traded Funds | 0.2% |
| Common Stock | 96.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.2% |
| Financials | 15.5% |
| Materials | 12.2% |
| Consumer Discretionary | 8.3% |
| Information Technology | 8.2% |
| Consumer Staples | 7.9% |
| Real Estate | 6.9% |
| Utilities | 6.9% |
| Health Care | 6.3% |
| Energy | 4.2% |
| Communication Services | 0.7% |
| Exchange-Traded Funds | 0.2% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.1% |

---

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

# Class I: IMCVX
![QR Code](tm2520696d2_tsrimg049.jpg)

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

# Class A: VWYFX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $122 | 1.24% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index largely driven by stock selection.

↑ Top contributors to performance: Top positive contributors were a result of positive stock selection in the financials & consumer staples sectors. Top individual contributors were H&E Equipment Services, Inc., SiTime Corp. & ExlService Holdings, Inc.

↓ Top detractors from performance: Most notably, stock selection within the consumer discretionary, health care & information technology were the largest detractors. Allocation had a more modest contribution to underperformance, with underweights to both the consumer staples & financial sectors contributing negatively. Top individual detractors included Select Medial Holdings Corp., Saia, Inc. & Littlefuse, Inc. Also, not owning benchmark name, Sprouts Farmers Market, Inc., had a negative impact.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg060.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/7/2022** | $9425 | $10000 | $10000 | $10000 |
| **2023** | $10029 | $10641 | $11477 | $10828 |
| **2024** | $12834 | $13617 | $14643 | $12818 |
| **2025** | $12317 | $13068 | $16564 | $13073 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (10/7/2022)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | -9.53% | 8.19% |
| Class A - Excluding Sales Charge | -4.01% | 10.64% |
| Russell 3000<sup>®</sup> Index | 13.12% | 20.92% |
| Russell 2000<sup>®</sup> Growth Index | 3.45% | 10.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$1,275,974,082

* # of Portfolio Holdings96

* Portfolio Turnover Rate130%

* Investment Advisory Fees Paid9,530,233

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Western Alliance Bancorp | 2.1% |
| Rambus, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 2.0% |
| Ensign Group, Inc. | 1.9% |
| Carpenter Technology Corp. | 1.8% |
| Kirby Corp. | 1.8% |
| Granite Construction, Inc. | 1.8% |
| Lumentum Holdings, Inc. | 1.8% |
| ACI Worldwide, Inc. | 1.7% |
| Clean Harbors, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg094.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 3.4% |
| Common Stock | 96.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Information Technology | 21.6% |
| Health Care | 21.1% |
| Consumer Discretionary | 9.0% |
| Financials | 8.6% |
| Materials | 3.6% |
| Consumer Staples | 3.4% |
| Energy | 2.8% |
| Real Estate | 1.0% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class A: VWYFX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Cap Growth Fund
92918A782-AR

# Class C: VWYGX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $194 | 1.99% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index largely driven by stock selection.

↑ Top contributors to performance: Top positive contributors were a result of positive stock selection in the financials & consumer staples sectors. Top individual contributors were H&E Equipment Services, Inc., SiTime Corp. & ExlService Holdings, Inc.

↓ Top detractors from performance: Most notably, stock selection within the consumer discretionary, health care & information technology were the largest detractors. Allocation had a more modest contribution to underperformance, with underweights to both the consumer staples & financial sectors contributing negatively. Top individual detractors included Select Medial Holdings Corp., Saia, Inc. & Littlefuse, Inc. Also, not owning benchmark name, Sprouts Farmers Market, Inc., had a negative impact.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg120.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/7/2022** | $10000 | $10000 | $10000 |
| **2023** | $10591 | $11477 | $10828 |
| **2024** | $13452 | $14643 | $12818 |
| **2025** | $12812 | $16564 | $13073 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (10/7/2022)** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | -5.59% | 9.82% |
| Class C - Excluding Sales Charge | -4.71% | 9.82% |
| Russell 3000<sup>®</sup> Index | 13.12% | 20.92% |
| Russell 2000<sup>®</sup> Growth Index | 3.45% | 10.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$1,275,974,082

* # of Portfolio Holdings96

* Portfolio Turnover Rate130%

* Investment Advisory Fees Paid9,530,233

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Western Alliance Bancorp | 2.1% |
| Rambus, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 2.0% |
| Ensign Group, Inc. | 1.9% |
| Carpenter Technology Corp. | 1.8% |
| Kirby Corp. | 1.8% |
| Granite Construction, Inc. | 1.8% |
| Lumentum Holdings, Inc. | 1.8% |
| ACI Worldwide, Inc. | 1.7% |
| Clean Harbors, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg105.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 3.4% |
| Common Stock | 96.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg100.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Information Technology | 21.6% |
| Health Care | 21.1% |
| Consumer Discretionary | 9.0% |
| Financials | 8.6% |
| Materials | 3.6% |
| Consumer Staples | 3.4% |
| Energy | 2.8% |
| Real Estate | 1.0% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class C: VWYGX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Cap Growth Fund
92918A774-AR

# Class I: TCMSX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $91 | 0.93% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index largely driven by stock selection.

↑ Top contributors to performance: Top positive contributors were a result of positive stock selection in the financials & consumer staples sectors. Top individual contributors were H&E Equipment Services, Inc., SiTime Corp. & ExlService Holdings, Inc.

↓ Top detractors from performance: Most notably, stock selection within the consumer discretionary, health care & information technology were the largest detractors. Allocation had a more modest contribution to underperformance, with underweights to both the consumer staples & financial sectors contributing negatively. Top individual detractors included Select Medial Holdings Corp., Saia, Inc. & Littlefuse, Inc. Also, not owning benchmark name, Sprouts Farmers Market, Inc., had a negative impact.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $230894 | $250550 | $227175 |
| **2017** | $292296 | $294872 | $271951 |
| **2018** | $364419 | $339280 | $340157 |
| **2019** | $367186 | $347762 | $316754 |
| **2020** | $389821 | $387616 | $339940 |
| **2021** | $600428 | $557818 | $510386 |
| **2022** | $495794 | $537290 | $379166 |
| **2023** | $501505 | $548197 | $389328 |
| **2024** | $643976 | $699406 | $460897 |
| **2025** | $619897 | $791156 | $476811 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I<sup>Footnote Reference\*</sup> | -3.70% | 9.72% | 9.51% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 2000<sup>®</sup> Growth Index | 3.45% | 7.00% | 6.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance prior to April 1, 2022 reflects the historical performance, fees and expenses of the predecessor fund, which commenced operations on October 1, 2004. The returns would be different if the Fund's current fees and expenses were reflected for periods to April 1, 2022. |

---

## Fund Statistics
* Total Net Assets$1,275,974,082

* # of Portfolio Holdings96

* Portfolio Turnover Rate130%

* Investment Advisory Fees Paid9,530,233

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Western Alliance Bancorp | 2.1% |
| Rambus, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 2.0% |
| Ensign Group, Inc. | 1.9% |
| Carpenter Technology Corp. | 1.8% |
| Kirby Corp. | 1.8% |
| Granite Construction, Inc. | 1.8% |
| Lumentum Holdings, Inc. | 1.8% |
| ACI Worldwide, Inc. | 1.7% |
| Clean Harbors, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg144.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 3.4% |
| Common Stock | 96.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg133.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Information Technology | 21.6% |
| Health Care | 21.1% |
| Consumer Discretionary | 9.0% |
| Financials | 8.6% |
| Materials | 3.6% |
| Consumer Staples | 3.4% |
| Energy | 2.8% |
| Real Estate | 1.0% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class I: TCMSX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Cap Growth Fund
92913L288-AR

# Class R: VWYIX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $146 | 1.49% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index largely driven by stock selection.

↑ Top contributors to performance: Top positive contributors were a result of positive stock selection in the financials & consumer staples sectors. Top individual contributors were H&E Equipment Services, Inc., SiTime Corp. & ExlService Holdings, Inc.

↓ Top detractors from performance: Most notably, stock selection within the consumer discretionary, health care & information technology were the largest detractors. Allocation had a more modest contribution to underperformance, with underweights to both the consumer staples & financial sectors contributing negatively. Top individual detractors included Select Medial Holdings Corp., Saia, Inc. & Littlefuse, Inc. Also, not owning benchmark name, Sprouts Farmers Market, Inc., had a negative impact.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg119.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/7/2022** | $10000 | $10000 | $10000 |
| **2023** | $10626 | $11477 | $10828 |
| **2024** | $13561 | $14643 | $12818 |
| **2025** | $12983 | $16564 | $13073 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (10/7/2022)** |
| Class R | -4.24% | 10.37% |
| Russell 3000<sup>®</sup> Index | 13.12% | 20.92% |
| Russell 2000<sup>®</sup> Growth Index | 3.45% | 10.64% |

---

## Fund Statistics
* Total Net Assets$1,275,974,082

* # of Portfolio Holdings96

* Portfolio Turnover Rate130%

* Investment Advisory Fees Paid9,530,233

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Western Alliance Bancorp | 2.1% |
| Rambus, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 2.0% |
| Ensign Group, Inc. | 1.9% |
| Carpenter Technology Corp. | 1.8% |
| Kirby Corp. | 1.8% |
| Granite Construction, Inc. | 1.8% |
| Lumentum Holdings, Inc. | 1.8% |
| ACI Worldwide, Inc. | 1.7% |
| Clean Harbors, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 3.4% |
| Common Stock | 96.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg082.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Information Technology | 21.6% |
| Health Care | 21.1% |
| Consumer Discretionary | 9.0% |
| Financials | 8.6% |
| Materials | 3.6% |
| Consumer Staples | 3.4% |
| Energy | 2.8% |
| Real Estate | 1.0% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class R: VWYIX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Cap Growth Fund
92918A758-AR

# Class R6: VLNPX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $82 | 0.84% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index largely driven by stock selection.

↑ Top contributors to performance: Top positive contributors were a result of positive stock selection in the financials & consumer staples sectors. Top individual contributors were H&E Equipment Services, Inc., SiTime Corp. & ExlService Holdings, Inc.

↓ Top detractors from performance: Most notably, stock selection within the consumer discretionary, health care & information technology were the largest detractors. Allocation had a more modest contribution to underperformance, with underweights to both the consumer staples & financial sectors contributing negatively. Top individual detractors included Select Medial Holdings Corp., Saia, Inc. & Littlefuse, Inc. Also, not owning benchmark name, Sprouts Farmers Market, Inc., had a negative impact.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg142.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **4/4/2022** | $1000000 | $1000000 | $1000000 |
| **2022** | $863926 | $899100 | $842300 |
| **2023** | $874904 | $917400 | $864800 |
| **2024** | $1124075 | $1170400 | $1023800 |
| **2025** | $1083381 | $1323900 | $1059200 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (4/4/2022)** |
| Class R6 | -3.60% | 2.57% |
| Russell 3000<sup>®</sup> Index | 13.12% | 9.26% |
| Russell 2000<sup>®</sup> Growth Index | 3.45% | 1.91% |

---

## Fund Statistics
* Total Net Assets$1,275,974,082

* # of Portfolio Holdings96

* Portfolio Turnover Rate130%

* Investment Advisory Fees Paid9,530,233

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Western Alliance Bancorp | 2.1% |
| Rambus, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 2.0% |
| Ensign Group, Inc. | 1.9% |
| Carpenter Technology Corp. | 1.8% |
| Kirby Corp. | 1.8% |
| Granite Construction, Inc. | 1.8% |
| Lumentum Holdings, Inc. | 1.8% |
| ACI Worldwide, Inc. | 1.7% |
| Clean Harbors, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg138.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 3.4% |
| Common Stock | 96.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg146.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Information Technology | 21.6% |
| Health Care | 21.1% |
| Consumer Discretionary | 9.0% |
| Financials | 8.6% |
| Materials | 3.6% |
| Consumer Staples | 3.4% |
| Energy | 2.8% |
| Real Estate | 1.0% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class R6: VLNPX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Cap Growth Fund
92913L270-AR

# Class W: VWYKX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Cap Growth Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Cap Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $97 | 0.99% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index largely driven by stock selection.

↑ Top contributors to performance: Top positive contributors were a result of positive stock selection in the financials & consumer staples sectors. Top individual contributors were H&E Equipment Services, Inc., SiTime Corp. & ExlService Holdings, Inc.

↓ Top detractors from performance: Most notably, stock selection within the consumer discretionary, health care & information technology were the largest detractors. Allocation had a more modest contribution to underperformance, with underweights to both the consumer staples & financial sectors contributing negatively. Top individual detractors included Select Medial Holdings Corp., Saia, Inc. & Littlefuse, Inc. Also, not owning benchmark name, Sprouts Farmers Market, Inc., had a negative impact.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg057.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/7/2022** | $10000 | $10000 | $10000 |
| **2023** | $10660 | $11477 | $10828 |
| **2024** | $13673 | $14643 | $12818 |
| **2025** | $13156 | $16564 | $13073 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (10/7/2022)** |
| Class W | -3.75% | 10.92% |
| Russell 3000<sup>®</sup> Index | 13.12% | 20.92% |
| Russell 2000<sup>®</sup> Growth Index | 3.45% | 10.64% |

---

## Fund Statistics
* Total Net Assets$1,275,974,082

* # of Portfolio Holdings96

* Portfolio Turnover Rate130%

* Investment Advisory Fees Paid9,530,233

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Western Alliance Bancorp | 2.1% |
| Rambus, Inc. | 2.1% |
| Tower Semiconductor Ltd. | 2.0% |
| Ensign Group, Inc. | 1.9% |
| Carpenter Technology Corp. | 1.8% |
| Kirby Corp. | 1.8% |
| Granite Construction, Inc. | 1.8% |
| Lumentum Holdings, Inc. | 1.8% |
| ACI Worldwide, Inc. | 1.7% |
| Clean Harbors, Inc. | 1.6% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg088.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.0% |
| Short-Term Investments | 3.4% |
| Common Stock | 96.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.5% |
| Information Technology | 21.6% |
| Health Care | 21.1% |
| Consumer Discretionary | 9.0% |
| Financials | 8.6% |
| Materials | 3.6% |
| Consumer Staples | 3.4% |
| Energy | 2.8% |
| Real Estate | 1.0% |
| Short-Term Investments | 3.4% |
| Assets in Excess of Other Liabilities | 0.0% |

---

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

# Class W: VWYKX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Cap Growth Fund
92918A733-AR

# Class A: VYSYX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Company Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Company Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $119 | 1.17% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the Russell 2000<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the health care, information technology, & industrials sectors contributed. At the individual stock level, key contributors included overweight positions in Hims & Hers Health, Inc., Excelerate Energy, Inc., & Clear Secure, Inc.

↓ Top detractors from performance: Stock selection in the consumer discretionary, materials, & consumer staples sectors detracted. Key individual detractors included the overweights to Murphy Oil Corp. and Steven Madden, Ltd. and exposure to non-benchmark stock Bruker Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $9422 | $10000 | $10000 | $10000 |
| **2016** | $9438 | $10017 | $10022 | $9403 |
| **2017** | $11160 | $11845 | $11795 | $11317 |
| **2018** | $12509 | $13276 | $13571 | $13667 |
| **2019** | $11169 | $11854 | $13910 | $12431 |
| **2020** | $10445 | $11085 | $15505 | $12004 |
| **2021** | $16504 | $17516 | $22313 | $19753 |
| **2022** | $14422 | $15306 | $21492 | $16411 |
| **2023** | $13602 | $14436 | $21928 | $15643 |
| **2024** | $16047 | $17030 | $27976 | $18790 |
| **2025** | $16725 | $17751 | $31646 | $19013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | -1.82% | 8.58% | 5.28% |
| Class A - Excluding Sales Charge | 4.14% | 9.87% | 5.91% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 2000<sup>®</sup> Index | 1.19% | 9.64% | 6.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$149,893,779

* # of Portfolio Holdings187

* Portfolio Turnover Rate179%

* Investment Advisory Fees Paid1,340,010

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Box, Inc. - Class A | 2.0% |
| First BanCorp/Puerto Rico | 1.8% |
| QIAGEN NV | 1.6% |
| iShares Russell 2000 ETF | 1.6% |
| AvePoint, Inc. | 1.4% |
| Watts Water Technologies, Inc. - Class A | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Element Solutions, Inc. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.8% |
| Exchange-Traded Funds | 1.6% |
| Common Stock | 97.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 20.3% |
| Information Technology | 16.7% |
| Health Care | 14.8% |
| Real Estate | 6.1% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Communication Services | 3.0% |
| Exchange-Traded Funds | 1.6% |
| Consumer Staples | 1.2% |
| Short-Term Investments | 2.8% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

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

# Class A: VYSYX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Company Fund
92918A881-AR

# Class C: VYSZX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Company Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Company Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $195 | 1.92% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the Russell 2000<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the health care, information technology, & industrials sectors contributed. At the individual stock level, key contributors included overweight positions in Hims & Hers Health, Inc., Excelerate Energy, Inc., & Clear Secure, Inc.

↓ Top detractors from performance: Stock selection in the consumer discretionary, materials, & consumer staples sectors detracted. Key individual detractors included the overweights to Murphy Oil Corp. and Steven Madden, Ltd. and exposure to non-benchmark stock Bruker Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9942 | $10022 | $9403 |
| **2017** | $11674 | $11795 | $11317 |
| **2018** | $12984 | $13571 | $13667 |
| **2019** | $11488 | $13910 | $12431 |
| **2020** | $10668 | $15505 | $12004 |
| **2021** | $16740 | $22313 | $19753 |
| **2022** | $14499 | $21492 | $16411 |
| **2023** | $13592 | $21928 | $15643 |
| **2024** | $16035 | $27976 | $18790 |
| **2025** | $16713 | $31646 | $19013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.50% | 9.04% | 5.27% |
| Class C - Excluding Sales Charge | 3.29% | 9.04% | 5.27% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 2000<sup>®</sup> Index | 1.19% | 9.64% | 6.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$149,893,779

* # of Portfolio Holdings187

* Portfolio Turnover Rate179%

* Investment Advisory Fees Paid1,340,010

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Box, Inc. - Class A | 2.0% |
| First BanCorp/Puerto Rico | 1.8% |
| QIAGEN NV | 1.6% |
| iShares Russell 2000 ETF | 1.6% |
| AvePoint, Inc. | 1.4% |
| Watts Water Technologies, Inc. - Class A | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Element Solutions, Inc. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.8% |
| Exchange-Traded Funds | 1.6% |
| Common Stock | 97.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg116.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 20.3% |
| Information Technology | 16.7% |
| Health Care | 14.8% |
| Real Estate | 6.1% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Communication Services | 3.0% |
| Exchange-Traded Funds | 1.6% |
| Consumer Staples | 1.2% |
| Short-Term Investments | 2.8% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

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

# Class C: VYSZX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Company Fund
92918A873-AR

# Class I: VYSAX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Company Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Company Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $88 | 0.86% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the Russell 2000<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the health care, information technology, & industrials sectors contributed. At the individual stock level, key contributors included overweight positions in Hims & Hers Health, Inc., Excelerate Energy, Inc., & Clear Secure, Inc.

↓ Top detractors from performance: Stock selection in the consumer discretionary, materials, & consumer staples sectors detracted. Key individual detractors included the overweights to Murphy Oil Corp. and Steven Madden, Ltd. and exposure to non-benchmark stock Bruker Corp.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $251150 | $250550 | $235075 |
| **2017** | $297958 | $294872 | $282936 |
| **2018** | $335039 | $339280 | $341674 |
| **2019** | $300008 | $347762 | $310787 |
| **2020** | $281529 | $387616 | $300095 |
| **2021** | $446207 | $557818 | $493837 |
| **2022** | $391068 | $537290 | $410280 |
| **2023** | $370071 | $548197 | $391079 |
| **2024** | $437786 | $699406 | $469744 |
| **2025** | $457595 | $791156 | $475313 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 4.46% | 10.20% | 6.23% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 2000<sup>®</sup> Index | 1.19% | 9.64% | 6.64% |

---

## Fund Statistics
* Total Net Assets$149,893,779

* # of Portfolio Holdings187

* Portfolio Turnover Rate179%

* Investment Advisory Fees Paid1,340,010

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Box, Inc. - Class A | 2.0% |
| First BanCorp/Puerto Rico | 1.8% |
| QIAGEN NV | 1.6% |
| iShares Russell 2000 ETF | 1.6% |
| AvePoint, Inc. | 1.4% |
| Watts Water Technologies, Inc. - Class A | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Element Solutions, Inc. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg077.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.8% |
| Exchange-Traded Funds | 1.6% |
| Common Stock | 97.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 20.3% |
| Information Technology | 16.7% |
| Health Care | 14.8% |
| Real Estate | 6.1% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Communication Services | 3.0% |
| Exchange-Traded Funds | 1.6% |
| Consumer Staples | 1.2% |
| Short-Term Investments | 2.8% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

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

# Class I: VYSAX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Company Fund
92918A865-AR

# Class R: VYSDX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Company Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Company Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $145 | 1.42% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the Russell 2000<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the health care, information technology, & industrials sectors contributed. At the individual stock level, key contributors included overweight positions in Hims & Hers Health, Inc., Excelerate Energy, Inc., & Clear Secure, Inc.

↓ Top detractors from performance: Stock selection in the consumer discretionary, materials, & consumer staples sectors detracted. Key individual detractors included the overweights to Murphy Oil Corp. and Steven Madden, Ltd. and exposure to non-benchmark stock Bruker Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg108.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **10/4/2016** | $10000 | $10000 | $10000 |
| **2017** | $11211 | $11231 | $11099 |
| **2018** | $12537 | $12922 | $13403 |
| **2019** | $11264 | $13245 | $12192 |
| **2020** | $10611 | $14763 | $11772 |
| **2021** | $16716 | $21245 | $19372 |
| **2022** | $14571 | $20464 | $16094 |
| **2023** | $13708 | $20879 | $15341 |
| **2024** | $16140 | $26638 | $18427 |
| **2025** | $16784 | $30441 | $18646 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (10/4/2016)** |
| Class R | 3.89% | 9.60% | 6.17% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 13.72% |
| Russell 2000<sup>®</sup> Index | 1.19% | 9.64% | 7.52% |

---

## Fund Statistics
* Total Net Assets$149,893,779

* # of Portfolio Holdings187

* Portfolio Turnover Rate179%

* Investment Advisory Fees Paid1,340,010

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Box, Inc. - Class A | 2.0% |
| First BanCorp/Puerto Rico | 1.8% |
| QIAGEN NV | 1.6% |
| iShares Russell 2000 ETF | 1.6% |
| AvePoint, Inc. | 1.4% |
| Watts Water Technologies, Inc. - Class A | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Element Solutions, Inc. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.8% |
| Exchange-Traded Funds | 1.6% |
| Common Stock | 97.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 20.3% |
| Information Technology | 16.7% |
| Health Care | 14.8% |
| Real Estate | 6.1% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Communication Services | 3.0% |
| Exchange-Traded Funds | 1.6% |
| Consumer Staples | 1.2% |
| Short-Term Investments | 2.8% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

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

# Class R: VYSDX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Company Fund
92918A832-AR

# Class R6: VYSEX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Company Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Company Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $84 | 0.82% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the Russell 2000<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the health care, information technology, & industrials sectors contributed. At the individual stock level, key contributors included overweight positions in Hims & Hers Health, Inc., Excelerate Energy, Inc., & Clear Secure, Inc.

↓ Top detractors from performance: Stock selection in the consumer discretionary, materials, & consumer staples sectors detracted. Key individual detractors included the overweights to Murphy Oil Corp. and Steven Madden, Ltd. and exposure to non-benchmark stock Bruker Corp.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $1000000 | $1000000 | $1000000 |
| **2016** | $1005416 | $1002200 | $940300 |
| **2017** | $1194118 | $1179500 | $1131700 |
| **2018** | $1343547 | $1357100 | $1366700 |
| **2019** | $1203849 | $1391000 | $1243100 |
| **2020** | $1130260 | $1550500 | $1200400 |
| **2021** | $1791650 | $2231300 | $1975300 |
| **2022** | $1570907 | $2149200 | $1641100 |
| **2023** | $1486384 | $2192800 | $1564300 |
| **2024** | $1759667 | $2797600 | $1879000 |
| **2025** | $1841105 | $3164600 | $1901300 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 4.49% | 10.25% | 6.29% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 2000<sup>®</sup> Index | 1.19% | 9.64% | 6.64% |

---

## Fund Statistics
* Total Net Assets$149,893,779

* # of Portfolio Holdings187

* Portfolio Turnover Rate179%

* Investment Advisory Fees Paid1,340,010

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Box, Inc. - Class A | 2.0% |
| First BanCorp/Puerto Rico | 1.8% |
| QIAGEN NV | 1.6% |
| iShares Russell 2000 ETF | 1.6% |
| AvePoint, Inc. | 1.4% |
| Watts Water Technologies, Inc. - Class A | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Element Solutions, Inc. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.8% |
| Exchange-Traded Funds | 1.6% |
| Common Stock | 97.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 20.3% |
| Information Technology | 16.7% |
| Health Care | 14.8% |
| Real Estate | 6.1% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Communication Services | 3.0% |
| Exchange-Traded Funds | 1.6% |
| Consumer Staples | 1.2% |
| Short-Term Investments | 2.8% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

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

# Class R6: VYSEX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Company Fund
92918A824-AR

# Class W: VYSGX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya Small Company Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya Small Company Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $94 | 0.92% |

---

## How did the Fund perform in the past 12 months?
For the year ended May 31, 2025, (before fees and expenses) the Fund outperformed the Russell 2000<sup>®</sup> Index.

↑ Top contributors to performance: Stock selection within the health care, information technology, & industrials sectors contributed. At the individual stock level, key contributors included overweight positions in Hims & Hers Health, Inc., Excelerate Energy, Inc., & Clear Secure, Inc.

↓ Top detractors from performance: Stock selection in the consumer discretionary, materials, & consumer staples sectors detracted. Key individual detractors included the overweights to Murphy Oil Corp. and Steven Madden, Ltd. and exposure to non-benchmark stock Bruker Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg086.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10039 | $10022 | $9403 |
| **2017** | $11910 | $11795 | $11317 |
| **2018** | $13377 | $13571 | $13667 |
| **2019** | $11977 | $13910 | $12431 |
| **2020** | $11235 | $15505 | $12004 |
| **2021** | $17791 | $22313 | $19753 |
| **2022** | $15580 | $21492 | $16411 |
| **2023** | $14737 | $21928 | $15643 |
| **2024** | $17417 | $27976 | $18790 |
| **2025** | $18205 | $31646 | $19013 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 4.46% | 10.14% | 6.17% |
| Russell 3000<sup>®</sup> Index | 13.12% | 15.34% | 12.21% |
| Russell 2000<sup>®</sup> Index | 1.19% | 9.64% | 6.64% |

---

## Fund Statistics
* Total Net Assets$149,893,779

* # of Portfolio Holdings187

* Portfolio Turnover Rate179%

* Investment Advisory Fees Paid1,340,010

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Box, Inc. - Class A | 2.0% |
| First BanCorp/Puerto Rico | 1.8% |
| QIAGEN NV | 1.6% |
| iShares Russell 2000 ETF | 1.6% |
| AvePoint, Inc. | 1.4% |
| Watts Water Technologies, Inc. - Class A | 1.4% |
| Hancock Whitney Corp. | 1.3% |
| Element Solutions, Inc. | 1.3% |
| Flowserve Corp. | 1.3% |
| nVent Electric PLC | 1.2% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (2.3)% |
| Short-Term Investments | 2.8% |
| Exchange-Traded Funds | 1.6% |
| Common Stock | 97.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.9% |
| Industrials | 20.3% |
| Information Technology | 16.7% |
| Health Care | 14.8% |
| Real Estate | 6.1% |
| Consumer Discretionary | 4.6% |
| Materials | 3.6% |
| Utilities | 3.4% |
| Energy | 3.3% |
| Communication Services | 3.0% |
| Exchange-Traded Funds | 1.6% |
| Consumer Staples | 1.2% |
| Short-Term Investments | 2.8% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

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

# Class W: VYSGX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya Small Company Fund
92918A790-AR

# VACS Series: VVJEX
![Image](tm2520696d2_tsrimg025.jpg)

# Voya VACS Series MCV Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31, 2025
This annual shareholder report contains important information about Voya VACS Series MCV Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $15 | 0.15% |

---

## How did the Fund perform in the past 12 months?
For the year ended Mary 31, 2025, the Fund underperformed the Russell Midcap<sup>®</sup> Value Index.

↑ Top contributors to performance: Stock selection in the consumer staples sector was an area of strength. Top individual contributors to relative returns included US Foods Holding Corp. & BJ's Wholesale Club Holdings, Inc. The Fund's minority sleeve, sub-advised by Voya Investment Management Co. LLC and representing roughly 25% of total assets on average, outperformed the Russell Midcap Value Index, providing a partial positive offset to underperformance of the Fund's other, larger sleeve.

↓ Top detractors from performance: Underperformance was attributable mainly to lagging stock selection within the sleeve sub-advised by Victory Capital Management Inc. By sector, relative returns were weakest in information technology, industrials, energy, & financials; within these sectors, on an individual stock level, top detractors included Globant SA, FTI Consulting Inc., Chord Energy Corp., and lack of exposure to index constituent Robinhood Markets, Inc. Top individual laggards from other sectors included Westlake Corp. & Icon PLC. In terms of investment style effects, underexposure to price momentum detracted from the Fund's relative performance, as higher-momentum mid-cap stocks generally outperformed lower-momentum mid-cap stocks during the period.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2520696d2_tsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VACS Series** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **3/24/2023** | $10000 | $10000 | $10000 |
| **2023** | $9930 | $10522 | $10047 |
| **2024** | $12198 | $13424 | $12425 |
| **2025** | $12562 | $15185 | $13174 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (3/24/2023)** |
| VACS Series | 2.99% | 11.00% |
| Russell 3000<sup>®</sup> Index | 13.12% | 21.05% |
| Russell Midcap<sup>®</sup> Value Index | 6.03% | 13.35% |

---

## Fund Statistics
* Total Net Assets$135,237,428

* # of Portfolio Holdings332

* Portfolio Turnover Rate72%

* Investment Advisory Fees PaidN/A

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

### Top 10 Holdings

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.0% |
| US Foods Holding Corp. | 1.9% |
| Hartford Financial Services Group, Inc. | 1.7% |
| Crown Holdings, Inc. | 1.5% |
| Quest Diagnostics, Inc. | 1.5% |
| Willis Towers Watson PLC | 1.5% |
| SBA Communications Corp. | 1.4% |
| Performance Food Group Co. | 1.4% |
| American Water Works Co., Inc. | 1.4% |
| Genpact Ltd. | 1.4% |

---

### Portfolio Composition
![A graphical representation of Investments made.](tm2520696d2_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (0.5)% |
| Short-Term Investments | 4.3% |
| Exchange-Traded Funds | 0.7% |
| Common Stock | 95.5% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2520696d2_tsrimg118.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 19.0% |
| Financials | 15.4% |
| Materials | 12.0% |
| Consumer Discretionary | 8.2% |
| Information Technology | 8.2% |
| Consumer Staples | 7.8% |
| Real Estate | 6.9% |
| Utilities | 6.9% |
| Health Care | 6.2% |
| Energy | 4.2% |
| Communication Services | 0.7% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.3% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

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

# VACS Series: VVJEX
![QR Code](tm2520696d2_tsrimg049.jpg)

# Voya VACS Series MCV Fund
92918A725-AR

(b) Not applicable.

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

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

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Christopher P. Sullivan are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

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

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal year ended May 31, 2025 and May 31, 2024.

(a) <u>Audit Fees</u>: The
aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY ,
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by
the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $236,900 for the year ended
May 31, 2025 and $241,570 for the year ended May 31, 2024.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each
of the last two fiscal years for assurance and related services by EY that are reasonably related to the performance of the audit of the
registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended May 31, 2025
and $0 for the year ended May 31, 2024.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the
last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $98,424 for the year
ended May 31, 2025 and $96,031 for the year ended May 31, 2024. Such services included review of excise distribution calculations (if
applicable), preparation of the Registrants' federal, state, and excise tax returns, tax services related to mergers and routine
consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each
of the last two fiscal years for products and services provided by EY, other than the services reported in paragraphs (a) through (c)
of this Item were $0 for the year ended May 31, 2025 and $0 for the year ended May 31, 2024.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | √ |  | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds' semi-annual and quarterly financial statements | √ |  | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ |  | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses |  | √ | Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ |  | As presented to Audit Committee<sup>2</sup> |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |  | As presented to Audit Committee<sup>2</sup> |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions |  | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| <br> Tax compliance services related to return preparation for the Funds (Adviser Fees) |  | √ | As presented to Audit Committee<sup>3</sup> |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ |  | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ |  | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| German Tax Treaty Reclaims | √ | Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs |  | √ | Not to exceed $60,000 during the Pre-Approval Period |
| Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br> Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √<br>| √<br>| Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ |  | Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax, and
other services) billed and paid to the Registrant by the independent registered public accounting firm for the Registrant's fiscal
years ended May 31, 2025 and May 31, 2024; and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates
that provide ongoing services to the registrant, by the independent registered public accounting firm for the same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Equity Trust | $98424 | $96031 |
| Voya Investments, LLC <sup>(1)</sup> | $16318367 | $19440327 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii)
of Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.** 

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

(b) Not applicable.

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

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

![](tm2520696d2_formunifinimg01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Annual Financial Statements and Other Information | Annual Financial Statements and Other Information | Annual Financial Statements and Other Information | Annual Financial Statements and Other Information |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2025** |
| Classes A, C, I, R, R6 and W | Classes A, C, I, R, R6 and W | Classes A, C, I, R, R6 and W | Classes A, C, I, R, R6 and W |
| ■ | Voya Large-Cap Growth Fund | ■ | Voya Multi-Manager Mid Cap Value Fund |
| ■ | Voya Large Cap Value Fund | ■ | Voya Small Cap Growth Fund |
| ■ | Voya MidCap Opportunities Fund |  |  |

---

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.

---

| | |
|:---|:---|
| ![](tm2520696d2_formunifinimg02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT** <br> **voyainvestments.com** | ![](tm2520696d2_formunifinimg03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#formunifin_sp1_001) | [1](#formunifin_sp1_001) |
| [Statements of Assets and Liabilities](#formunifin_sp1_002) | [3](#formunifin_sp1_002) |
| [Statements of Operations](#formunifin_sp1_003) | [7](#formunifin_sp1_003) |
| [Statements of Changes in Net Assets](#formunifin_sp1_004) | [9](#formunifin_sp1_004) |
| [Financial Highlights](#formunifin_sp1_005) | [12](#formunifin_sp1_005) |
| [Notes to Financial Statements](#formunifin_sp1_006) | [16](#formunifin_sp1_006) |
| [Portfolio of Investments](#formunifin_sp1_007) | [28](#formunifin_sp1_007) |
| [Tax Information](#formunifin_sp1_008) | [46](#formunifin_sp1_008) |

---

---

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

---

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Large-Cap Growth Fund, Voya Large Cap Value Fund, Voya MidCap Opportunities Fund, Voya Multi-Manager Mid Cap Value Fund, and Voya Small Cap Growth Fund and the Board of Trustees of Voya Equity Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Large-Cap Growth Fund, Voya Large Cap Value Fund, Voya MidCap Opportunities Fund, Voya Multi-Manager Mid Cap Value Fund, and Voya Small Cap Growth Fund (collectively referred to as the "Funds") (five of the funds constituting Voya Equity Trust (the "Trust")), including the portfolios of investments, as of May 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (five of the funds constituting Voya Equity Trust) at May 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| Individual fund constituting<br>Voya Equity Trust | Statement of<br> Operations | Statements of changes<br> in net assets | Financial highlights |
| 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>| For the year ended May 31, 2025 | For each of the two years in the period ended May 31, 2025 | For each of the five years in the period ended May 31, 2025 |
| Voya Small Cap Growth Fund | For the year ended May 31, 2025 | For each of the two years in the period ended May 31, 2025 | For each of the three years in the period then ended May 31, 2025 and the period from October 1, 2021 through May 31, 2022 |

---

For Voya Small Cap Growth Fund, the financial highlights for each of the two years in the period ended September 30, 2021, were audited by another independent registered public accounting firm whose report, dated November 29, 2021, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2520696d2_formunifinimg04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

July 23, 2025

STATEMENTS OF ASSETS AND LIABILITIES as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | |<br>**Voya Large-Cap**<br>**Growth Fund** |<br>**Voya Large Cap**<br>**Value Fund** | **Voya MidCap**<br>**Opportunities**<br>**Fund** |
| **ASSETS:** | **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $785740811 | $792433601 | $696556578 |
| Short-term investments at fair value† | Short-term investments at fair value† | 6198000 | 3887000 | 7050365 |
| Cash | Cash | 58574 | 39318 | 47396 |
| Foreign currencies at value‡ | Foreign currencies at value‡ |  | 4395 |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 241115 | 107836 | 145590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 408480 | 1056290 | 254295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 21 | 103 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 10370 | 848 | 29470 |
| Prepaid expenses | Prepaid expenses | 38520 | 35614 | 32213 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser |  | 39664 | 16239 |
| Other assets | Other assets | 30633 | 56839 | 53006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 792726524 | 797661508 | 704185182 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 508935 | 93184 | 679029 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned |  |  | 2823365 |
| Payable for investment management fees | Payable for investment management fees | 335614 | 501463 | 487233 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 32630 | 97666 | 58174 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 30633 | 56839 | 53006 |
| Payable for trustee fees | Payable for trustee fees | 1872 | 1976 | 1742 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 145171 | 177774 | 182980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1054855 | 928902 | 4285529 |
| **NET ASSETS** | **NET ASSETS** | $791671669 | $796732606 | $699899653 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $379865937 | $666166775 | $559174006 |
| Total distributable earnings | Total distributable earnings | 411805732 | 130565831 | 140725647 |
| **NET ASSETS** | **NET ASSETS** | $791671669 | $796732606 | $699899653 |
| + | Including securities loaned at value | $— | $— | $2755377 |
| \* | Cost of investments in securities | $385535618 | $655700949 | $581916159 |
| † | Cost of short-term investments | $6198000 | $3887000 | $7050365 |
| ‡ | Cost of foreign currencies | $— | $5012 | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of May 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Large-Cap**<br>**Growth Fund** | <br>**Voya Large Cap**<br>**Value Fund** | **Voya MidCap**<br>**Opportunities**<br>**Fund** |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $133228104 | $443092780 | $256527705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2752049 | 38977470 | 13876296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $48.41 | $11.37 | $18.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $51.36 | $12.06 | $19.62 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $5638716 | $4619607 | $4223461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 178667 | 406998 | 648714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $31.56 | $11.35 | $6.51 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $426193427 | $339151819 | $326618063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 7153311 | 25359453 | 12687120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $59.58 | $13.37 | $25.74 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $969570 | $1250146 | $2926809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 17228 | 109527 | 172429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $56.28 | $11.41 | $16.97 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $191424583 | $3993076 | $102197005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3205501 | 299612 | 3886441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $59.72 | $13.33 | $26.30 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $34217269 | $4625178 | $7406610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 603241 | 346576 | 298040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $56.72 | $13.35 | $24.85 |

---

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

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

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Voya Multi-**<br>**Manager Mid Cap**<br>**Value Fund** | **Voya Small Cap**<br>**Growth**<br>**Fund** |
| **ASSETS:** | **ASSETS:** |  |  |
| Investments in securities at fair value\* | Investments in securities at fair value\* | $138215786 | $1232549959 |
| Short-term investments at fair value† | Short-term investments at fair value† | 4832244 | 42974000 |
| Cash | Cash | 94019 | 283356 |
| Receivables: | Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 46314 | 2384353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 169130 | 440710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 64 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 2676 | 10208 |
| Prepaid expenses | Prepaid expenses | 7633 | 58343 |
| Other assets | Other assets | 8505 | 33824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 143376371 | 1278734810 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 49331 | 991940 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 12796 | 610351 |
| Payable for investment management fees | Payable for investment management fees | 119355 | 873419 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees |  | 15938 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 8505 | 33824 |
| Payable for trustee fees | Payable for trustee fees | 389 | 2994 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 40201 | 232262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 230577 | 2760728 |
| **NET ASSETS** | **NET ASSETS** | $143145794 | $1275974082 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | Paid-in capital | $134137602 | $1230926719 |
| Total distributable earnings | Total distributable earnings | 9008192 | 45047363 |
| **NET ASSETS** | **NET ASSETS** | $143145794 | $1275974082 |
| \* | Cost of investments in securities | $133253802 | $1146632803 |
| † | Cost of short-term investments | $4832244 | $42974000 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of May 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya Multi-**<br>**Manager Mid Cap**<br>**Value Fund** | **Voya Small Cap**<br>**Growth**<br>**Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $58001661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 1514343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | n/a | $38.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | n/a | $40.64 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $3943298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 104453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | n/a | $37.75 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $143145794 | $1051140057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 15381509 | 27284848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.31 | $38.52 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $716356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 18815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $38.07 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $144817331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 3752457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $38.59 |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $17355379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 451154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $38.47 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Voya Large-Cap**<br>**Growth Fund** |<br>**Voya Large Cap**<br>**Value Fund** | **Voya MidCap**<br>**Opportunities**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $4301697 | $17221925 | $5259036 |
| Interest | 3437 | 4001 | 4711 |
| Securities lending income, net | 1045 | 5550 | 10008 |
| Other | 4431 | 4701 | 4196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4310610 | 17236177 | 5277951 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 3817862 | 5926817 | 5821787 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 342462 | 1124472 | 644353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 59646 | 49792 | 53560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 4581 | 5303 | 13792 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 121319 | 305919 | 170729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5279 | 3388 | 3650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 88568 | 109129 | 275504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 816 | 719 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 8401 | 204 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 29331 | 3291 | 5165 |
| Shareholder reporting expense | 20111 | 28420 | 26733 |
| Registration fees | 128317 | 132999 | 95713 |
| Professional fees | 66093 | 80340 | 64272 |
| Custody and accounting expense | 46216 | 39712 | 16126 |
| Trustee fees | 18717 | 19760 | 17419 |
| Miscellaneous expense | 52355 | 56864 | 41581 |
| Interest expense |  | 3692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4810074 | 7890821 | 7253648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  | (461717) | (292354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 4810074 | 7429104 | 6961294 |
| Net investment income (loss) | (499464) | 9807073 | (1683343) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 51960644 | 43793294 | 80152869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (370) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 51960644 | 43792924 | 80152869 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 49280802 | 16851914 | 2820175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | 195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 49280802 | 16852109 | 2820175 |
| Net realized and unrealized gain | 101241446 | 60645033 | 82973044 |
| **Increase in net assets resulting from operations** | $100741982 | $70452106 | $81289701 |
| \* Foreign taxes withheld | $2211 | $57299 | $17612 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya Multi-**<br>**Manager Mid Cap**<br>**Value Fund** | **Voya Small Cap**<br>**Growth**<br>**Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $3009134 | $6919643 |
| Interest | 1255 | 2064 |
| Other | 950 | 6990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3011339 | 6928697 |
| **EXPENSES:** |  |  |
| Investment management fees | 1083469 | 9581438 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 163206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 38054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 3602 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 103995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 6062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3975 | 911099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W |  | 15635 |
| Shareholder reporting expense | 723 | 55669 |
| Registration fees | 26898 | 131823 |
| Professional fees | 17152 | 114630 |
| Custody and accounting expense | 18097 | 128980 |
| Trustee fees | 3888 | 29942 |
| Licensing fee (Note 7) | 13728 |  |
| Miscellaneous expense | 7950 | 91069 |
| Interest expense | 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1175967 | 11377232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | 37872 | (51206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1213839 | 11326026 |
| Net investment income (loss) | 1797500 | (4397329) |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 10565421 | 56754307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates | (1685) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 10563736 | 56754385 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (9131996) | (110557628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates | (1235) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (9133231) | (110557707) |
| Net realized and unrealized gain (loss) | 1430505 | (53803322) |
| **Increase (decrease) in net assets resulting from operations** | $3228005 | $(58200651) |
| \* Foreign taxes withheld | $3416 | $62 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(499464) | $304928 | $9807073 | $9697664 |
| Net realized gain | 51960644 | 73822459 | 43792924 | 88099516 |
| Net change in unrealized appreciation (depreciation) | 49280802 | 124673797 | 16852109 | 60712773 |
| Increase in net assets resulting from operations | 100741982 | 198801184 | 70452106 | 158509953 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6613746) |  | (61202558) | (42596425) |
| &nbsp;&nbsp;&nbsp;Class C | (416281) |  | (664460) | (461205) |
| &nbsp;&nbsp;&nbsp;Class I | (15803599) | (548226) | (37662792) | (21216690) |
| &nbsp;&nbsp;&nbsp;Class R | (37045) |  | (132058) | (77229) |
| &nbsp;&nbsp;&nbsp;Class R6 | (6130766) | (224010) | (474596) | (1724515) |
| &nbsp;&nbsp;&nbsp;Class W | (1387416) |  | (580085) | (442505) |
| Total distributions | (30388853) | (772236) | (100716549) | (66518569) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 168593737 | 189311229 | 118115654 | 144649644 |
| Reinvestment of distributions | 29852101 | 769197 | 97163347 | 63857632 |
|  | 198445838 | 190080426 | 215279001 | 208507276 |
| Cost of shares redeemed | (190526549) | (376941309) | (156236867) | (185148369) |
| Net increase (decrease) in net assets resulting from capital share transactions | 7919289 | (186860883) | 59042134 | 23358907 |
| Net increase in net assets | 78272418 | 11168065 | 28777691 | 115350291 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 713399251 | 702231186 | 767954915 | 652604624 |
| End of year or period | $791671669 | $713399251 | $796732606 | $767954915 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya MidCap** | **Voya MidCap** | **Voya Multi-** | **Voya Multi-** |
|  | **Opportunities Fund** | **Opportunities Fund** | **Manager Mid Cap Value Fund** | **Manager Mid Cap Value Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(1683343) | $(2090241) | $1797500 | $1555076 |
| Net realized gain | 80152869 | 57684879 | 10563736 | 9166115 |
| Net change in unrealized appreciation (depreciation) | 2820175 | 70944547 | (9133231) | 17001914 |
| Increase in net assets resulting from operations | 81289701 | 126539185 | 3228005 | 27723105 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (33114517) | (2420742) |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (1595480) | (164101) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (30507030) | (2363805) | (15367349) | (1381358) |
| &nbsp;&nbsp;&nbsp;Class R | (373631) | (25490) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (9012375) | (761336) |  |  |
| &nbsp;&nbsp;&nbsp;Class W | (768610) | (62504) |  |  |
| Total distributions | (75371643) | (5797978) | (15367349) | (1381358) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 94601818 | 128371402 | 41930770 | 41488351 |
| Reinvestment of distributions | 66082223 | 5059369 | 15367349 | 1381358 |
|  | 160684041 | 133430771 | 57298119 | 42869709 |
| Cost of shares redeemed | (165521836) | (210200601) | (72924446) | (27343452) |
| Net increase (decrease) in net assets resulting from capital share transactions | (4837795) | (76769830) | (15626327) | 15526257 |
| Net increase (decrease) in net assets | 1080263 | 43971377 | (27765671) | 41868004 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 698819390 | 654848013 | 170911465 | 129043461 |
| End of year or period | $699899653 | $698819390 | $143145794 | $170911465 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya Small Cap** | **Voya Small Cap** |
|  | **Growth Fund** | **Growth Fund** |
|  | **Year Ended**<br>**May 31,**<br>**2025** | **Year Ended**<br>**May 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment loss | $(4397329) | $(2473276) |
| Net realized gain | 56754385 | 57904432 |
| Net change in unrealized appreciation (depreciation) | (110557707) | 135233674 |
| Increase (decrease) in net assets resulting from operations | (58200651) | 190664830 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;Class A | (6326845) |  |
| &nbsp;&nbsp;Class C | (346585) |  |
| &nbsp;&nbsp;Class I | (99499260) |  |
| &nbsp;&nbsp;Class R | (74948) |  |
| &nbsp;&nbsp;Class R6 | (10234879) |  |
| &nbsp;&nbsp;Class W | (520340) |  |
| Total distributions | (117002857) |  |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 627827118 | 391172494 |
| Reinvestment of distributions | 110707357 |  |
|  | 738534475 | 391172494 |
| Cost of shares redeemed | (327427984) | (149146135) |
| Net increase in net assets resulting from capital share transactions | 411106491 | 242026359 |
| Net increase in net assets | 235902983 | 432691189 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 1040071099 | 607379910 |
| End of year or period | $1275974082 | $1040071099 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** | **Voya Large-Cap Growth Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 44.45 | (0.15) | 6.41 | 6.26 |  | 2.30 |  | 2.30 |  | 48.41 | **13.85** | 0.89 | 0.89 | 0.89 | (0.32) | 133228 | 56 |
| 05-31-24 | 32.76 | (0.06) | 11.75 | 11.69 | 0.00 \* |  |  | 0.00 \* |  | 44.45 | **35.68** | 0.84 | 0.84 | 0.84 | (0.16) | 132555 | 51 |
| 05-31-23 | 37.85 | (0.04) | 1.86 | 1.82 | 0.00 \* | 6.91 |  | 6.91 |  | 32.76 | **7.50** | 0.90 | 0.90 | 0.90 | (0.12) | 105826 | 55 |
| 05-31-22 | 51.32 | (0.20) | (4.26) | (4.46) |  | 9.01 |  | 9.01 |  | 37.85 | **(12.50)** | 0.97 | 0.97 | 0.97 | (0.40) | 115265 | 76 |
| 05-31-21 | 44.45 | (0.13) | 13.62 | 13.49 |  | 6.62 |  | 6.62 |  | 51.32 | **31.23** | 0.96 | 0.96 | 0.96 | (0.26) | 139465 | 93 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 29.87 | (0.34) | 4.33 | 3.99 |  | 2.30 |  | 2.30 |  | 31.56 | **12.98** | 1.64 | 1.64 | 1.64 | (1.07) | 5639 | 56 |
| 05-31-24 | 22.17 | (0.23) | 7.93 | 7.70 |  |  |  |  |  | 29.87 | **34.73** | 1.59 | 1.59 | 1.59 | (0.92) | 6120 | 51 |
| 05-31-23 | 28.22 | (0.21) | 1.07 | 0.86 | 0.00 \* | 6.91 |  | 6.91 |  | 22.17 | **6.56** | 1.65 | 1.65 | 1.65 | (0.88) | 7353 | 55 |
| 05-31-22 | 40.58 | (0.46) | (2.89) | (3.35) |  | 9.01 |  | 9.01 |  | 28.22 | **(13.13)** | 1.72 | 1.72 | 1.72 | (1.16) | 10879 | 76 |
| 05-31-21 | 36.52 | (0.41) | 11.09 | 10.68 |  | 6.62 |  | 6.62 |  | 40.58 | **30.25** | 1.71 | 1.71 | 1.71 | (1.01) | 21109 | 93 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 54.12 | 0.00 | 7.79 | 7.79 | 0.03 | 2.30 |  | 2.33 |  | 59.58 | **14.20** | 0.58 | 0.58 | 0.58 | 0.00 \* | 426193 | 56 |
| 05-31-24 | 39.83 | 0.05 | 14.31 | 14.36 | 0.07 |  |  | 0.07 |  | 54.12 | **36.09** | 0.57 | 0.57 | 0.57 | 0.10 | 381014 | 51 |
| 05-31-23 | 44.26 | 0.08 | 2.40 | 2.48 | 0.00 \* | 6.91 |  | 6.91 |  | 39.83 | **7.93** | 0.58 | 0.58 | 0.58 | 0.21 | 440942 | 55 |
| 05-31-22 | 58.45 | (0.03) | (5.15) | (5.18) | 0.00 \* | 9.01 |  | 9.01 |  | 44.26 | **(12.19)** | 0.61 | 0.61 | 0.61 | (0.05) | 577160 | 76 |
| 05-31-21 | 49.83 | 0.04 | 15.32 | 15.36 | 0.12 | 6.62 |  | 6.74 |  | 58.45 | **31.64** | 0.61 | 0.63 | 0.63 | 0.07 | 851822 | 93 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 51.49 | (0.31) | 7.40 | 7.09 |  | 2.30 |  | 2.30 |  | 56.28 | **13.56** | 1.14 | 1.14 | 1.14 | (0.57) | 970 | 56 |
| 05-31-24 | 38.03 | (0.17) | 13.63 | 13.46 |  |  |  |  |  | 51.49 | **35.39** | 1.09 | 1.09 | 1.09 | (0.39) | 849 | 51 |
| 05-31-23 | 42.84 | (0.14) | 2.24 | 2.10 | 0.00 \* | 6.91 |  | 6.91 |  | 38.03 | **7.25** | 1.15 | 1.15 | 1.15 | (0.36) | 721 | 55 |
| 05-31-22 | 57.15 | (0.36) | (4.94) | (5.30) |  | 9.01 |  | 9.01 |  | 42.84 | **(12.71)** | 1.22 | 1.22 | 1.22 | (0.65) | 858 | 76 |
| 05-31-21 | 49.02 | (0.28) | 15.03 | 14.75 |  | 6.62 |  | 6.62 |  | 57.15 | **30.87** | 1.21 | 1.21 | 1.21 | (0.51) | 1018 | 93 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 54.23 | 0.01 | 7.81 | 7.82 | 0.03 | 2.30 |  | 2.33 |  | 59.72 | **14.23** | 0.56 | 0.56 | 0.56 | 0.02 | 191425 | 56 |
| 05-31-24 | 39.91 | 0.06 | 14.33 | 14.39 | 0.07 |  |  | 0.07 |  | 54.23 | **36.10** | 0.55 | 0.55 | 0.55 | 0.12 | 159437 | 51 |
| 05-31-23 | 44.34 | 0.09 | 2.39 | 2.48 | 0.00 \* | 6.91 |  | 6.91 |  | 39.91 | **7.91** | 0.57 | 0.57 | 0.57 | 0.23 | 121250 | 55 |
| 05-31-22 | 58.51 | (0.01) | (5.15) | (5.16) | 0.00 \* | 9.01 |  | 9.01 |  | 44.34 | **(12.13)** | 0.56 | 0.56 | 0.56 | (0.02) | 89841 | 76 |
| 05-31-21 | 49.87 | 0.08 | 15.33 | 15.41 | 0.15 | 6.62 |  | 6.77 |  | 58.51 | **31.74** | 0.55 | 0.55 | 0.55 | 0.14 | 306068 | 93 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 51.65 | (0.04) | 7.44 | 7.40 | 0.03 | 2.30 |  | 2.33 |  | 56.72 | **14.12** | 0.64 | 0.64 | 0.64 | (0.07) | 34217 | 56 |
| 05-31-24 | 37.96 | 0.03 | 13.66 | 13.69 |  |  |  |  |  | 51.65 | **36.07** | 0.59 | 0.59 | 0.59 | 0.08 | 33424 | 51 |
| 05-31-23 | 42.57 | 0.05 | 2.25 | 2.30 | 0.00 \* | 6.91 |  | 6.91 |  | 37.96 | **7.82** | 0.65 | 0.65 | 0.65 | 0.13 | 26140 | 55 |
| 05-31-22 | 56.58 | (0.08) | (4.92) | (5.00) |  | 9.01 |  | 9.01 |  | 42.57 | **(12.28)** | 0.72 | 0.72 | 0.72 | (0.15) | 52098 | 76 |
| 05-31-21 | 48.42 | 0.01 | 14.86 | 14.87 | 0.09 | 6.62 |  | 6.71 |  | 56.58 | **31.55** | 0.71 | 0.71 | 0.71 | 0.01 | 78049 | 93 |
| **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** | **Voya Large Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.95 | 0.13 | 1.00 | 1.13 | 0.15 | 1.56 |  | 1.71 |  | 11.37 | **9.35** | 1.11 | 1.06 | 1.06 | 1.12 | 443093 | 100 |
| 05-31-24 | 10.57 | 0.15 | 2.42 | 2.57 | 0.15 | 1.04 |  | 1.19 |  | 11.95 | **25.80** | 1.16 | 1.10 | 1.10 | 1.29 | 446407 | 94 |
| 05-31-23 | 11.89 | 0.15 | (0.60) | (0.45) | 0.16 | 0.72 |  | 0.88 |  | 10.57 | **(3.79)** | 1.12 | 1.07 | 1.07 | 1.34 | 392251 | 80 |
| 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 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.94 | 0.04 | 0.99 | 1.03 | 0.06 | 1.56 |  | 1.62 |  | 11.35 | **8.45** | 1.86 | 1.81 | 1.81 | 0.37 | 4620 | 100 |
| 05-31-24 | 10.55 | 0.06 | 2.44 | 2.50 | 0.07 | 1.04 |  | 1.11 |  | 11.94 | **25.02** | 1.91 | 1.85 | 1.85 | 0.55 | 4919 | 94 |
| 05-31-23 | 11.88 | 0.06 | (0.60) | (0.54) | 0.07 | 0.72 |  | 0.79 |  | 10.55 | **(4.63)** | 1.87 | 1.82 | 1.82 | 0.58 | 4905 | 80 |
| 05-31-22 | 13.25 | 0.02 | 0.46 | 0.48 | 0.02 | 1.83 |  | 1.85 |  | 11.88 | **3.72** | 1.90 | 1.85 | 1.85 | 0.16 | 6143 | 57 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** | **Voya Large Cap Value Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-21 | 9.74 | 0.04 | <sup>•</sup> | 4.38 | 4.42 | 0.07 | 0.84 |  | 0.91 |  | 13.25 | **47.49** | 1.91 | 1.85 | 1.85 | 0.37 | 10327 | 94 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.78 | 0.20 | <sup>•</sup> | 1.13 | 1.33 | 0.18 | 1.56 |  | 1.74 |  | 13.37 | **9.63** | 0.83 | 0.76 | 0.76 | 1.42 | 339152 | 100 |
| 05-31-24 | 12.02 | 0.21 | <sup>•</sup> | 2.78 | 2.99 | 0.19 | 1.04 |  | 1.23 |  | 13.78 | **26.22** | 0.84 | 0.76 | 0.76 | 1.63 | 296362 | 94 |
| 05-31-23 | 13.39 | 0.21 | <sup>•</sup> | (0.67) | (0.46) | 0.19 | 0.72 |  | 0.91 |  | 12.02 | **(3.47)** | 0.82 | 0.76 | 0.76 | 1.64 | 232382 | 80 |
| 05-31-22 | 14.68 | 0.18 | <sup>•</sup> | 0.50 | 0.68 | 0.14 | 1.83 |  | 1.97 |  | 13.39 | **4.82** | 0.81 | 0.76 | 0.76 | 1.27 | 245169 | 57 |
| 05-31-21 | 10.70 | 0.18 | <sup>•</sup> | 4.83 | 5.01 | 0.19 | 0.84 |  | 1.03 |  | 14.68 | **49.13** | 0.82 | 0.76 | 0.76 | 1.43 | 271656 | 94 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 12.00 | 0.11 | <sup>•</sup> | 0.99 | 1.10 | 0.13 | 1.56 |  | 1.69 |  | 11.41 | **9.04** | 1.36 | 1.26 | 1.26 | 0.92 | 1250 | 100 |
| 05-31-24 | 10.60 | 0.12 | <sup>•</sup> | 2.45 | 2.57 | 0.13 | 1.04 |  | 1.17 |  | 12.00 | **25.66** | 1.41 | 1.30 | 1.30 | 1.09 | 932 | 94 |
| 05-31-23 | 11.93 | 0.13 | <sup>•</sup> | (0.61) | (0.48) | 0.13 | 0.72 |  | 0.85 |  | 10.60 | **(4.07)** | 1.37 | 1.27 | 1.27 | 1.14 | 779 | 80 |
| 05-31-22 | 13.29 | 0.09 | <sup>•</sup> | 0.45 | 0.54 | 0.07 | 1.83 |  | 1.90 |  | 11.93 | **4.23** | 1.40 | 1.30 | 1.30 | 0.72 | 886 | 57 |
| 05-31-21 | 9.76 | 0.10 | <sup>•</sup> | 4.40 | 4.50 | 0.13 | 0.84 |  | 0.97 |  | 13.29 | **48.48** | 1.41 | 1.30 | 1.30 | 0.88 | 1032 | 94 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.74 | 0.20 | <sup>•</sup> | 1.14 | 1.34 | 0.19 | 1.56 |  | 1.75 |  | 13.33 | **9.70** | 0.80 | 0.74 | 0.74 | 1.46 | 3993 | 100 |
| 05-31-24 | 11.99 | 0.21 | <sup>•</sup> | 2.77 | 2.98 | 0.19 | 1.04 |  | 1.23 |  | 13.74 | **26.23** | 0.80 | 0.74 | 0.74 | 1.66 | 14283 | 94 |
| 05-31-23 | 13.36 | 0.21 | <sup>•</sup> | (0.67) | (0.46) | 0.19 | 0.72 |  | 0.91 |  | 11.99 | **(3.45)** | 0.79 | 0.74 | 0.74 | 1.67 | 17456 | 80 |
| 05-31-22 | 14.65 | 0.18 | <sup>•</sup> | 0.50 | 0.68 | 0.14 | 1.83 |  | 1.97 |  | 13.36 | **4.84** | 0.79 | 0.74 | 0.74 | 1.30 | 20126 | 57 |
| 05-31-21 | 10.68 | 0.18 | <sup>•</sup> | 4.82 | 5.00 | 0.19 | 0.84 |  | 1.03 |  | 14.65 | **49.15** | 0.80 | 0.74 | 0.74 | 1.45 | 18739 | 94 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 13.76 | 0.19 | <sup>•</sup> | 1.14 | 1.33 | 0.18 | 1.56 |  | 1.74 |  | 13.35 | **9.60** | 0.86 | 0.81 | 0.81 | 1.37 | 4625 | 100 |
| 05-31-24 | 12.00 | 0.20 | <sup>•</sup> | 2.78 | 2.98 | 0.18 | 1.04 |  | 1.22 |  | 13.76 | **26.17** | 0.91 | 0.85 | 0.85 | 1.55 | 5051 | 94 |
| 05-31-23 | 13.37 | 0.20 | <sup>•</sup> | (0.67) | (0.47) | 0.18 | 0.72 |  | 0.90 |  | 12.00 | **(3.52)** | 0.87 | 0.82 | 0.82 | 1.59 | 4831 | 80 |
| 05-31-22 | 14.66 | 0.17 | <sup>•</sup> | 0.50 | 0.67 | 0.13 | 1.83 |  | 1.96 |  | 13.37 | **4.73** | 0.90 | 0.85 | 0.85 | 1.20 | 5157 | 57 |
| 05-31-21 | 10.69 | 0.17 | <sup>•</sup> | 4.82 | 4.99 | 0.18 | 0.84 |  | 1.02 |  | 14.66 | **48.94** | 0.91 | 0.85 | 0.85 | 1.35 | 5267 | 94 |
| **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** | **Voya MidCap Opportunities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 18.67 | (0.07) |)• | 2.43 | 2.36 |  | 2.54 |  | 2.54 |  | 18.49 | **12.04** | 1.19 | 1.15 | 1.15 | (0.39) | 256528 | 87 |
| 05-31-24 | 15.70 | (0.09) |)• | 3.23 | 3.14 |  | 0.17 |  | 0.17 |  | 18.67 | **20.10** | 1.25 | 1.20 | 1.20 | (0.50) | 260381 | 70 |
| 05-31-23 | 14.66 | (0.09) |)• | 1.13 | 1.04 |  |  |  |  |  | 15.70 | **7.09** | 1.32 | 1.25 | 1.25 | (0.57) | 233488 | 60 |
| 05-31-22 | 23.82 | (0.17) |)• | (3.32) | (3.49) |  | 5.67 |  | 5.67 |  | 14.66 | **(20.04)** | 1.23 | 1.21 | 1.21 | (0.81) | 246265 | 62 |
| 05-31-21 | 20.41 | (0.20) |)• | 8.70 | 8.50 |  | 5.09 |  | 5.09 |  | 23.82 | **43.16** | 1.27 | 1.25 | 1.25 | (0.87) | 346695 | 82 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 8.03 | (0.08) |)• | 1.10 | 1.02 |  | 2.54 |  | 2.54 |  | 6.51 | **11.22** | 1.94 | 1.90 | 1.90 | (1.14) | 4223 | 87 |
| 05-31-24 | 6.89 | (0.09) |)• | 1.40 | 1.31 |  | 0.17 |  | 0.17 |  | 8.03 | **19.23** | 2.00 | 1.95 | 1.95 | (1.24) | 6266 | 70 |
| 05-31-23 | 6.49 | (0.09) |)• | 0.49 | 0.40 |  |  |  |  |  | 6.89 | **6.16** | 2.07 | 2.00 | 2.00 | (1.32) | 7417 | 60 |
| 05-31-22 | 13.68 | (0.18) |)• | (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) |)• | 5.59 | 5.36 |  | 5.09 |  | 5.09 |  | 13.68 | **42.15** | 2.02 | 2.00 | 2.00 | (1.62) | 23803 | 82 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 25.09 | (0.04) |)• | 3.23 | 3.19 |  | 2.54 |  | 2.54 |  | 25.74 | **12.28** | 0.96 | 0.92 | 0.92 | (0.16) | 326618 | 87 |
| 05-31-24 | 20.98 | (0.04) |)• | 4.32 | 4.28 |  | 0.17 |  | 0.17 |  | 25.09 | **20.48** | 0.94 | 0.89 | 0.89 | (0.18) | 326546 | 70 |
| 05-31-23 | 19.54 | (0.05) |)• | 1.49 | 1.44 |  |  |  |  |  | 20.98 | **7.37** | 1.02 | 0.93 | 0.93 | (0.25) | 301910 | 60 |
| 05-31-22 | 29.83 | (0.14) |)• | (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) |)• | 10.55 | 10.39 |  | 5.09 |  | 5.09 |  | 29.83 | **43.65** | 0.94 | 0.92 | 0.92 | (0.55) | 504762 | 82 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 17.36 | (0.11) |)• | 2.26 | 2.15 |  | 2.54 |  | 2.54 |  | 16.97 | **11.72** | 1.44 | 1.40 | 1.40 | (0.64) | 2927 | 87 |
| 05-31-24 | 14.64 | (0.12) |)• | 3.01 | 2.89 |  | 0.17 |  | 0.17 |  | 17.36 | **19.84** | 1.50 | 1.45 | 1.45 | (0.74) | 2683 | 70 |
| 05-31-23 | 13.71 | (0.12) |)• | 1.05 | 0.93 |  |  |  |  |  | 14.64 | **6.78** | 1.57 | 1.50 | 1.50 | (0.82) | 2245 | 60 |
| 05-31-22 | 22.68 | (0.21) |)• | (3.09) | (3.30) |  | 5.67 |  | 5.67 |  | 13.71 | **(20.23)** | 1.48 | 1.46 | 1.46 | (1.05) | 2241 | 62 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** | **Voya MidCap Opportunities Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R (continued)** | **Class R (continued)** | **Class R (continued)** | **Class R (continued)** | **Class R (continued)** | **Class R (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-21 | 19.65 | (0.25) |)<sup>•</sup> | 8.37 | 8.12 |  | 5.09 |  | 5.09 |  | 22.68 | **42.86** | 1.52 | 1.50 | 1.50 | (1.12) | 3388 | 82 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 25.56 | (0.02) |)<sup>•</sup> | 3.30 | 3.28 |  | 2.54 |  | 2.54 |  | 26.30 | **12.41** | 0.87 | 0.83 | 0.83 | (0.07) | 102197 | 87 |
| 05-31-24 | 21.35 | (0.03) |)<sup>•</sup> | 4.41 | 4.38 |  | 0.17 |  | 0.17 |  | 25.56 | **20.59** | 0.88 | 0.83 | 0.83 | (0.13) | 94763 | 70 |
| 05-31-23 | 19.87 | (0.03) |)<sup>•</sup> | 1.51 | 1.48 |  |  |  |  |  | 21.35 | **7.45** | 0.90 | 0.83 | 0.83 | (0.15) | 98415 | 60 |
| 05-31-22 | 30.22 | (0.12) |)<sup>•</sup> | (4.56) | (4.68) |  | 5.67 |  | 5.67 |  | 19.87 | **(19.71)** | 0.85 | 0.83 | 0.83 | (0.43) | 95140 | 62 |
| 05-31-21 | 24.78 | (0.14) |)<sup>•</sup> | 10.67 | 10.53 |  | 5.09 |  | 5.09 |  | 30.22 | **43.78** | 0.86 | 0.84 | 0.84 | (0.47) | 162052 | 82 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 24.29 | (0.03) |)<sup>•</sup> | 3.13 | 3.10 |  | 2.54 |  | 2.54 |  | 24.85 | **12.32** | 0.94 | 0.90 | 0.90 | (0.14) | 7407 | 87 |
| 05-31-24 | 20.32 | (0.06) |)<sup>•</sup> | 4.20 | 4.14 |  | 0.17 |  | 0.17 |  | 24.29 | **20.45** | 1.00 | 0.95 | 0.95 | (0.26) | 8181 | 70 |
| 05-31-23 | 18.95 | (0.06) |)<sup>•</sup> | 1.43 | 1.37 |  |  |  |  |  | 20.32 | **7.23** | 1.07 | 1.00 | 1.00 | (0.33) | 11373 | 60 |
| 05-31-22 | 29.11 | (0.15) |)<sup>•</sup> | (4.34) | (4.49) |  | 5.67 |  | 5.67 |  | 18.95 | **(19.82)** | 0.98 | 0.96 | 0.96 | (0.56) | 57800 | 62 |
| 05-31-21 | 24.05 | (0.17) |)<sup>•</sup> | 10.32 | 10.15 |  | 5.09 |  | 5.09 |  | 29.11 | **43.51** | 1.02 | 1.00 | 1.00 | (0.61) | 88959 | 82 |
| **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** | **Voya Multi-Manager Mid Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 10.12 | 0.12 | <sup>•</sup> | 0.18 | 0.30 | 0.15 | 0.96 |  | 1.11 |  | 9.31 | **2.34** | 0.76 | 0.78 | 0.78 | 1.16 | 143146 | 60 |
| 05-31-24 | 8.34 | 0.10 | <sup>•</sup> | 1.77 | 1.87 | 0.09 |  |  | 0.09 |  | 10.12 | **22.58** | 0.80 | 0.79 | 0.79 | 1.09 | 170911 | 57 |
| 05-31-23 | 9.84 | 0.14 | <sup>•</sup> | (0.88) | (0.74) | 0.21 | 0.55 |  | 0.76 |  | 8.34 | **(7.90)** | 0.82 | 0.78 | 0.78 | 1.50 | 129043 | 133 |
| 05-31-22 | 11.72 | 0.11 | <sup>•</sup> | (0.31) | (0.20) | 0.15 | 1.53 |  | 1.68 |  | 9.84 | **(2.44)** | 0.79 | 0.78 | 0.78 | 0.95 | 116274 | 30 |
| 05-31-21 | 7.83 | 0.09 | <sup>•</sup> | 4.22 | 4.31 | 0.10 | 0.32 |  | 0.42 |  | 11.72 | **56.34** **<sup>(4)</sup>** | 0.79 | 0.78 | 0.78 | 0.93 | 175387 | 47 |
| **Voya Small Cap Growth Fund<sup>(5)</sup>** | **Voya Small Cap Growth Fund<sup>(5)</sup>** | **Voya Small Cap Growth Fund<sup>(5)</sup>** | **Voya Small Cap Growth Fund<sup>(5)</sup>** | **Voya Small Cap Growth Fund<sup>(5)</sup>** | **Voya Small Cap Growth Fund<sup>(5)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 43.74 | (0.29) |)<sup>•</sup> | (0.79) | (1.08) | 0.65 | 3.71 |  | 4.36 |  | 38.30 | **(4.01)** | 1.25 | 1.24 | 1.24 | (0.66) | 58002 | 130 |
| 05-31-24 | 34.19 | (0.24) |)<sup>•</sup> | 9.79 | 9.55 |  |  |  |  |  | 43.74 | **27.93** | 1.25 | 1.24 | 1.24 | (0.63) | 64303 | 103 |
| 10-07-22<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-23 | 32.13 | (0.13) |)<sup>•</sup> | 2.19 | 2.06 |  |  |  |  |  | 34.19 | **6.41** | 1.23 | 1.19 | 1.19 | (0.58) | 52722 | 100 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 43.20 | (0.60) |)<sup>•</sup> | (0.80) | (1.40) | 0.34 | 3.71 |  | 4.05 |  | 37.75 | **(4.71)** | 2.00 | 1.99 | 1.99 | (1.42) | 3943 | 130 |
| 05-31-24 | 34.03 | (0.53) |)<sup>•</sup> | 9.70 | 9.17 |  |  |  |  |  | 43.20 | **26.95** | 2.00 | 1.99 | 1.99 | (1.39) | 3558 | 103 |
| 10-07-22<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-23 | 32.13 | (0.30) |)<sup>•</sup> | 2.20 | 1.90 |  |  |  |  |  | 34.03 | **5.91** | 1.98 | 1.94 | 1.94 | (1.34) | 3124 | 100 |
| **Class I<sup>(7)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 43.96 | (0.15) |)<sup>•</sup> | (0.79) | (0.94) | 0.79 | 3.71 |  | 4.50 |  | 38.52 | **(3.70)** | 0.94 | 0.93 | 0.93 | (0.35) | 1051140 | 130 |
| 05-31-24 | 34.25 | (0.12) |)<sup>•</sup> | 9.83 | 9.71 |  |  |  |  |  | 43.96 | **28.35** | 0.92 | 0.91 | 0.91 | (0.30) | 888570 | 103 |
| 05-31-23 | 33.86 | (0.13) |)<sup>•</sup> | 0.52 | 0.39 |  |  |  |  |  | 34.25 | **1.15** | 0.96 | 0.92 | 0.92 | (0.37) | 506612 | 100 |
| 10-01-21- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-22 | 49.63 | (0.16) |)<sup>•</sup> | (6.98) | (7.14) |  | 8.63 |  | 8.63 |  | 33.86 | **(18.31)** | 0.93 | 0.93 | 0.93 | (0.57) | 426157 | 61 |
| 09-30-21 | 37.26 | (0.32) |)<sup>•</sup> | 15.61 | 15.29 |  | 2.92 |  | 2.92 |  | 49.63 | **42.36** | 0.93 | 0.93 | 0.93 | (0.68) | 502 | 84 |
| 09-30-20 | 34.36 | (0.17) |)<sup>•</sup> | 3.58 | 3.41 |  | 0.51 |  | 0.51 |  | 37.26 | **9.99** | 0.94 | 0.94 | 0.94 | (0.53) | 369 | 111 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 43.56 | (0.40) |)<sup>•</sup> | (0.78) | (1.18) | 0.60 | 3.71 |  | 4.31 |  | 38.07 | **(4.24)** | 1.50 | 1.49 | 1.49 | (0.92) | 716 | 130 |
| 05-31-24 | 34.14 | (0.34) |)<sup>•</sup> | 9.76 | 9.42 |  |  |  |  |  | 43.56 | **27.59** | 1.50 | 1.49 | 1.49 | (0.88) | 643 | 103 |
| 10-07-22<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-23 | 32.13 | (0.19) |)<sup>•</sup> | 2.20 | 2.01 |  |  |  |  |  | 34.14 | **6.26** | 1.48 | 1.44 | 1.44 | (0.85) | 319 | 100 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 44.02 | (0.12) |)<sup>•</sup> | (0.77) | (0.89) | 0.83 | 3.71 |  | 4.54 |  | 38.59 | **(3.60)** | 0.85 | 0.84 | 0.84 | (0.27) | 144817 | 130 |
| 05-31-24 | 34.27 | (0.08) |)<sup>•</sup> | 9.83 | 9.75 |  |  |  |  |  | 44.02 | **28.45** | 0.84 | 0.83 | 0.83 | (0.21) | 79119 | 103 |
| 05-31-23 | 33.84 | (0.08) |)<sup>•</sup> | 0.51 | 0.43 |  |  |  |  |  | 34.27 | **1.27** | 0.87 | 0.83 | 0.83 | (0.23) | 41179 | 100 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br>Data** | **Supplemental<br>Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br>period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** | **Voya Small Cap Growth Fund<sup>(5)</sup> (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-04-22<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 43.92 | (0.18) |)<sup>•</sup> | (0.78) | (0.96) | 0.78 | 3.71 |  | 4.49 |  | 38.47 | **(3.75)** | 1.00 | 0.99 | 0.99 | (0.44) | 17355 | 130 |
| 05-31-24 | 34.25 | (0.15) |)<sup>•</sup> | 9.82 | 9.67 |  |  |  |  |  | 43.92 | **28.23** | 1.00 | 0.99 | 0.99 | (0.39) | 3877 | 103 |
| 10-07-22<sup>(6)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-23 | 32.13 | (0.07) |)<sup>•</sup> | 2.19 | 2.12 |  |  |  |  |  | 34.25 | **6.60** | 0.98 | 0.94 | 0.94 | (0.33) | 3425 | 100 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Excluding a payment by affiliate in the fiscal year ended May 31, 2021, the total return for Multi-Manager Mid Cap Value would have been 56.13% on Classes I. |
| <sup>(5)</sup> | Prior to the close of business April 1, 2022, Voya Small Cap Growth Fund operated under a different name and investment adviser. Please see Note 1 for more information regarding the predecessor fund and the reorganization. Effective close of business April 1, 2022, the fiscal year end was changed from September 30 to May 31. For the fiscal years ended September 30, 2020 and 2021, the information presented was audited by a different independent registered public accounting firm and the net assets are expressed in millions. For the periods ended May 31, 2022 and after the net assets are expressed in thousands. |
| <sup>(6)</sup> | Commencement of operations. |
| <sup>(7)</sup> | Effective close of business April 1, 2022, the shares of the predecessor fund were redesignated as Class I shares of Voya Small Cap Growth Fund. Please see Note 1 for more information. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025

**NOTE 1 — ORGANIZATION**

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

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

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

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

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

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

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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 decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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

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

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

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended May 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Large-Cap Growth | $418084303 | $437269111 |
| Large Cap Value | 787215214 | 814224815 |
| MidCap Opportunities | 602405329 | 674185778 |
| Multi-Manager Mid Cap Value | 91879839 | 122056586 |
| Small Cap Growth | 1800603056 | 1509528632 |

---

**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; |
|  | 0.725% on the next $1 billion; |
|  | 0.70% on the next $1 billion; |
|  | 0.675% on the next $1 billion; and 0.65% thereafter |
| MidCap Opportunities | 0.85% on the first $500 million; |
|  | 0.80% on the next $400 million; |
|  | 0.75% on the next $450 million; and 0.70% thereafter |
| Multi-Manager Mid Cap Value | 0.80% on Actively Managed Assets |
|  | 0.40% on Passively Managed Assets |
| Small Cap Growth | 0.80% on all assets |

---

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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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

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

---

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

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C, 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% | 1.00% | 0.50% |
| Large Cap Value | 0.25% | 1.00% | 0.50% |
| MidCap Opportunities | 0.25% | 1.00% | 0.50% |
| Small Cap Growth | 0.25% | 1.00% | 0.50% |

---

For Large-Cap Growth, of this Class A 0.25% rate, Distribution Fees shall not exceed 0.10%.

For Large Cap Value, the Distributor has agreed to waive 0.05% of the Distribution Fee for Class R. 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 year ended May 31, 2025, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** |  |  |
| Large-Cap Growth | $14407 | $— |
| Large Cap Value | 15540 |  |
| MidCap Opportunities | 5231 |  |
| Small Cap Growth | 7680 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| Large-Cap Growth | $— | $130 |
| Large Cap Value |  | 136 |
| MidCap Opportunities | 185 | 111 |
| Small Cap Growth |  | 1017 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At May 31, 2025, the following affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **Fund** | **Percentage** |
| Voya Solution 2035 Portfolio | Multi-Manager Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;9.00% |
| Voya Solution 2045 Portfolio | Multi-Manager Mid Cap Value | 9.56 |
| Voya Solution Aggressive Portfolio | Multi-Manager Mid Cap Value | 6.58 |
| Voya Solution Moderately Aggressive Portfolio | Multi-Manager Mid Cap Value | 17.20 |

---

The Investment Adviser may direct the Funds' sub-advisers to use their best efforts (subject to obtaining best execution of each transaction) to allocate a Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to the Funds are reflected as brokerage commission recapture in the accompanying Statements of Operations.

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended May 31, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Large-Cap Growth | $2416 |
| Large Cap Value | 13771 |
| MidCap Opportunities | 7849 |
| Small Cap Growth | 5385 |

---

**NOTE 7 — LICENSING FEE**

Multi-Manager Mid Cap Value pays an annual licensing fee to Frank Russell Company in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class**<br>**C** | **Class**<br>**I** | **Class**<br>**R** | **Class**<br>**R6** | **Class**<br>**W** |
| Large-Cap Growth | 1.15% | 1.90% | 0.90% | 1.40% | 0.80% | 0.90% |
| Large Cap Value | 1.25% | 2.00% | 1.00% | 1.50% | 0.78% | 1.00% |
| MidCap Opportunities | 1.35% | 2.10% | 0.98% | 1.60% | 0.88% | 1.10% |
| Multi-Manager Mid Cap Value | N/A | N/A | 0.78% | N/A | N/A | N/A |
| Small Cap Growth | 1.30% | 2.05% | 0.95% | 1.55% | 0.85% | 1.05% |

---

Pursuant to side letter agreements, through October 1, 2025, 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **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 | 1.26% | 2.01% | 0.93% | 1.51% | 0.83% | 1.01% |

---

For MidCap Opportunities, any fee waived pursuant to the side letter shall not be eligible for recoupment.

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of May 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31,** | **May 31,** | **May 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Large Cap Value | $373343 | $387781 | $414816 | $1175940 |
| Multi-Manager Mid Cap Value | 35292 | 13448 |  | 48740 |

---

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 May 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31,** | **May 31,** | **May 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Large Cap Value** |  |  |  |  |
| Class I | $10270 | $43749 | $46170 | $100189 |
| Class R6 | 131 | 356 | 204 | 691 |

---

The expense limitation agreements are contractual through October 1, 2025 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

The Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9,

NOTES TO FINANCIAL STATEMENTS As OF MAY 31, 2025 (CONTINUED)

**NOTE 9 — LINE OF CREDIT (continued)**

2025. 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.

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 year ended May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Approximate** | **Approximate** | |
| | | **Average** | **Average** | |
| | | **Daily Balance** | **Daily Balance** | |
| | | **For Days** | **For Days** | |
| <br>**Fund** | <br>**Days**<br>**Utilized** | **Utilized** | **Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Large Cap Value | 7 | $— | 3067571 | 6.19% |
| Multi-Manager Mid Cap Value | 1 |  | 536000 | 5.83 |

---

**NOTE 10 — CAPITAL SHARES**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Large-Cap Growth** | **Large-Cap Growth** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 172384 |  | 121569 | (523737) |  | (229784) | 8272769 |  | 6175708 | (25262815) |  | (10814338) |
| 5/31/2024 | 176634 |  | 1 | (424991) |  | (248356) | 6882031 |  |  | (15955408) |  | (9073377) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 20016 |  | 12494 | (58734) |  | (26224) | 601120 |  | 415172 | (1827687) |  | (811395) |
| 5/31/2024 | 17141 |  |  | (143944) |  | (126803) | 433583 |  |  | (3603796) |  | (3170213) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1207704 |  | 251618 | (1346056) |  | 113266 | 68569715 |  | 15705994 | (77981988) |  | 6293721 |
| 5/31/2024 | 2385744 |  | 11971 | (6428526) |  | (4030811) | 116307042 |  | 545186 | (284314580) |  | (167462352) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2417 |  | 627 | (2308) |  | 736 | 135951 |  | 37045 | (126879) |  | 46117 |
| 5/31/2024 | 18097 |  |  | (20542) |  | (2445) | 796330 |  |  | (958200) |  | (161870) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1428991 |  | 97998 | (1261400) |  | 265589 | 84206742 |  | 6130766 | (73900511) |  | 16436997 |
| 5/31/2024 | 868135 |  | 4909 | (971141) |  | (98097) | 39417920 |  | 224011 | (44988787) |  | (5346856) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 135871 |  | 23338 | (203103) |  | (43894) | 6807440 |  | 1387416 | (11426669) |  | (3231813) |
| 5/31/2024 | 600145 |  |  | (641652) |  | (41507) | 25475129 |  |  | (27120538) |  | (1645409) |
| **Large Cap Value** | **Large Cap Value** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 874807 |  | 5000402 | (4244237) |  | 1630972 | 10227541 |  | 57772979 | (50191061) |  | 17809459 |
| 5/31/2024 | 509742 |  | 3759741 | (4044748) |  | 224735 | 5661062 |  | 40095153 | (45419707) |  | 336508 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 46179 |  | 57651 | (108951) |  | (5121) | 546413 |  | 664460 | (1251756) |  | (40883) |
| 5/31/2024 | 50709 |  | 43495 | (146867) |  | (52663) | 574576 |  | 461205 | (1641790) |  | (606009) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 6750761 |  | 2767243 | (5658702) |  | 3859302 | 91448647 |  | 37545196 | (76091639) |  | 52902204 |
| 5/31/2024 | 10480394 |  | 1713753 | (10034399) |  | 2159748 | 137419903 |  | 21062269 | (128854418) |  | 29627754 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 29547 |  | 11371 | (9098) |  | 31820 | 345287 |  | 131804 | (107126) |  | 369965 |
| 5/31/2024 | 7800 |  | 7209 | (10816) |  | 4193 | 88895 |  | 77058 | (120808) |  | 45145 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1108451 |  | 34708 | (1882702) |  | (739543) | 15443688 |  | 474596 | (27622616) |  | (11704332) |
| 5/31/2024 | 64131 |  | 140793 | (622208) |  | (417284) | 821457 |  | 1724514 | (8130263) |  | (5584292) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 8028 |  | 42423 | (71036) |  | (20585) | 104078 |  | 574312 | (972669) |  | (294279) |

---

NOTES TO FINANCIAL STATEMENTS As OF MAY 31, 2025 (CONTINUED)

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Large Cap Value (continued)** | **Large Cap Value (continued)** | **Large Cap Value (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2024 | 6486 |  | 35702 | (77783) |  | (35595) | 83751 |  | 437433 | (981383) |  | (460199) |
| **MidCap Opportunities** | **MidCap Opportunities** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 756769 |  | 1426683 | (2254720) |  | (71268) | 14256800 |  | 27549252 | (42302303) |  | (496251) |
| 5/31/2024 | 1558229 |  | 121275 | (2607912) |  | (928408) | 27776297 |  | 2110192 | (45834153) |  | (15947664) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 34874 |  | 225230 | (391556) |  | (131452) | 247304 |  | 1536068 | (2787732) |  | (1004360) |
| 5/31/2024 | 56002 |  | 21073 | (373123) |  | (296048) | 414306 |  | 158261 | (2881089) |  | (2308522) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2150650 |  | 1009659 | (3487948) |  | (327639) | 54342386 |  | 27119444 | (89323341) |  | (7861511) |
| 5/31/2024 | 3160169 |  | 88517 | (4627080) |  | (1378394) | 75461754 |  | 2067747 | (109572708) |  | (32043207) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 13483 |  | 21004 | (16643) |  | 17844 | 233320 |  | 372823 | (299288) |  | 306855 |
| 5/31/2024 | 14175 |  | 1570 | (14520) |  | 1225 | 239287 |  | 25435 | (234137) |  | 30585 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 970877 |  | 318916 | (1110631) |  | 179162 | 25051403 |  | 8744666 | (28672005) |  | 5124064 |
| 5/31/2024 | 989882 |  | 26718 | (1918028) |  | (901428) | 24053943 |  | 635897 | (46386851) |  | (21697011) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 19547 |  | 29320 | (87584) |  | (38717) | 470605 |  | 759970 | (2137167) |  | (906592) |
| 5/31/2024 | 18877 |  | 2734 | (244458) |  | (222847) | 425815 |  | 61837 | (5291663) |  | (4804011) |
| **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** | **Multi-Manager Mid Cap Value** |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 4335897 |  | 1560137 | (7409215) |  | (1513181) | 41930770 |  | 15367349 | (72924446) |  | (15626327) |
| 5/31/2024 | 4181267 |  | 151465 | (2907363) |  | 1425369 | 41488351 |  | 1381358 | (27343452) |  | 15526257 |
| **Small Cap Growth** | **Small Cap Growth** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 149083 |  | 119237 | (224227) |  | 44093 | 6456002 |  | 5400263 | (9552931) |  | 2303334 |
| 5/31/2024 | 134642 |  |  | (206278) |  | (71636) | 5183038 |  |  | (7971307) |  | (2788269) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 46168 |  | 7681 | (31742) |  | 22107 | 1913918 |  | 344096 | (1373402) |  | 884612 |
| 5/31/2024 | 32486 |  |  | (41943) |  | (9457) | 1255616 |  |  | (1612622) |  | (357006) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 11613215 |  | 2069370 | (6609997) |  | 7072588 | 491883399 |  | 94135656 | (277767515) |  | 308251540 |
| 5/31/2024 | 8565003 |  |  | (3142259) |  | 5422744 | 345066712 |  |  | (124178046) |  | 220888666 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 12403 |  | 1663 | (10016) |  | 4050 | 533794 |  | 74948 | (435151) |  | 173591 |
| 5/31/2024 | 8163 |  |  | (2745) |  | 5418 | 340409 |  |  | (99196) |  | 241213 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2545335 |  | 224701 | (815105) |  | 1954931 | 108500707 |  | 10232891 | (35461112) |  | 83272486 |
| 5/31/2024 | 960715 |  |  | (364827) |  | 595888 | 38977551 |  |  | (14540503) |  | 24437048 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 424586 |  | 11435 | (73156) |  | 362865 | 18539298 |  | 519503 | (2837873) |  | 16220928 |
| 5/31/2024 | 8457 |  |  | (20173) |  | (11716) | 349168 |  |  | (744461) |  | (395293) |

---

**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

NOTES TO FINANCIAL STATEMENTS As OF MAY 31, 2025 (CONTINUED)

**NOTE 11 — SECURITIES LENDING (continued)**

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 May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **MidCap Opportunities**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| BMO Capital Markets Corp | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223721 | $(1223721) | $— |
| BNP Paribas Securities Corp. | 242317 | (242317) |  |
| HSBC Bank PLC | 14418 | (14418) |  |
| Jefferies LLC | 849953 | (849953) |  |
| National Financial Services LLC | 424968 | (424968) |  |
| Total | $2755377 | $(2755377) | $— |

---

(1) Cash
 collateral with a fair value of $2,823,365 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs) and wash sale deferrals.

The following permanent tax differences have been reclassified as of May 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| Large-Cap Growth | $(474334) | $474334 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025** | **May 31, 2025** | **May 31, 2024** | **May 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| Large-Cap Growth | $261501 | $30127352 | $772236 | $— |
| Large Cap Value | 24699945 | 76016604 | 16081142 | 50437427 |
| MidCap Opportunities |  | 75371643 |  | 5797978 |
| Multi-Manager Mid Cap Value | 7118982 | 8248367 | 1381358 |  |
| Small Cap Growth | 31769541 | 85233316 |  |  |

---

NOTES TO FINANCIAL STATEMENTS As OF MAY 31, 2025 (CONTINUED)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of May 31, 2025, were:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Undistributed**<br>**Ordinary**<br>**Income** |<br>**Undistributed**<br>**Long-term**<br>**Capital Gains** | **Late Year**<br>**Ordinary**<br>**Losses**<br>**Deferred** |<br>**Post- October**<br>**Capital Losses**<br>**Deferred** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Capital Loss**<br>**Amount** | |<br>**Carryforward**<br>**Character** |<br>**Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Large-Cap Growth | $— | $18744942 | $— | $— | $393060790 | $— |  |  | $411805732 |
| Large Cap Value | 1187820 |  |  | (2162218) | 131540229 |  |  |  | 130565831 |
| MidCap Opportunities |  | 29592367 | (157303) |  | 111290583 |  |  |  | 140725647 |
| Multi-Manager Mid Cap Value |  | 5063794 |  |  | 3944398 |  |  |  | 9008192 |
| Small Cap Growth |  |  | (12573044) | (1266421) | 74029593 | (15142765) |)\* | Short-term | 45047363 |

---

<sup>\*</sup> Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

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

As of May 31, 2025 no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations

are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also

NOTES TO FINANCIAL STATEMENTS As OF MAY 31, 2025 (CONTINUED)

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Funds' financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Funds' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTES TO FINANCIAL STATEMENTS As OF MAY 31, 2025 (CONTINUED)

**NOTE 15 — SUBSEQUENT EVENTS**

*Dividends*: Subsequent to May 31, 2025, the following Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** |<br>**Payable Date** |<br>**Record Date** |
| **Large Cap Value** |  |  |  |
| Class A | $0.0324 | July 2, 2025 | June 30, 2025 |
| Class C | $0.0105 | July 2, 2025 | June 30, 2025 |
| Class I | $0.0408 | July 2, 2025 | June 30, 2025 |
| Class R | $0.0269 | July 2, 2025 | June 30, 2025 |
| Class R6 | $0.0413 | July 2, 2025 | June 30, 2025 |
| Class W | $0.0394 | July 2, 2025 | June 30, 2025 |

---

*Line of Credit Renewal***:** Effective June 10, 2025, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

Reorganization: The Board approved a proposal to reorganize each disappearing portfolio set forth below (together, the "Disappearing Portfolios") with and into the following "Surviving Fund" (each a "Reorganization" and together, the "Reorganizations"):

---

| | |
|:---|:---|
| **Disappearing Portfolio**<br>**(not included in this report)** | **Surviving Fund** |
| Voya Large Cap Value Portfolio | Large Cap Value |
| VY® T. Rowe Price Equity Income Portfolio | |

---

Each proposed Reorganization is subject to approval by the shareholders of the relevant Disappearing Portfolio. A proxy statement/prospectus detailing the proposed Reorganizations is expected to be mailed to the Disappearing Portfolios' shareholders on or about October 1, 2025, and shareholder meetings are scheduled to be held on or about November 20, 2025. If shareholder approval is obtained, the proposed Reorganizations are expected to take place on or about December 5, 2025.

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Large-Cap Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**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: 14.3%** |  |  |
| 146856 | Alphabet, Inc. - Class A | $25221050 | 3.2 |
| 65990 | Meta Platforms, Inc. - Class A | 42727865 | 5.4 |
| 19471 <sup>(1)</sup> | Netflix, Inc. | 23505975 | 3 |
| 54330 <sup>(1)</sup> | ROBLOX Corp. - Class A | 4725623 | 0.6 |
| 16621 <sup>(1)</sup> | Spotify Technology SA | 11055292 | 1.4 |
| 24935 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 5642292 | 0.7 |
|  |  | **112878097** | **14.3** |
|  | **Consumer Discretionary: 12.8%** |  |  |
| 284181 <sup>(1)</sup> | Amazon.com, Inc. | 58259947 | 7.4 |
| 1861 | Booking Holdings, Inc. | 10270729 | 1.3 |
| 25720 <sup>(1)</sup> | Burlington Stores, Inc. | 5871104 | 0.7 |
| 35474 | Lowe's Cos., Inc. | 8007546 | 1 |
| 56730 | Starbucks Corp. | 4762483 | 0.6 |
| 42115 <sup>(1)</sup> | Tesla, Inc. | 14591163 | 1.8 |
|  |  | **101762972** | **12.8** |
|  | **Consumer Staples: 3.8%** |  |  |
| 342980 | Kenvue, Inc. | 8186933 | 1 |
| 73240 | McCormick & Co., Inc. | 5326745 | 0.7 |
| 48550 | Philip Morris International, Inc. | 8767645 | 1.1 |
| 77063 | Walmart, Inc. | 7607659 | 1 |
|  |  | **29888982** | **3.8** |
|  | **Energy: 0.6%** |  |  |
| 44705 | Chesapeake Energy Corp. | **5191592** | **0.6** |
|  | **Financials: 6.7%** |  |  |
| 178997 | Blue Owl Capital, Inc. | 3343664 | 0.4 |
| 13150 | Goldman Sachs Group, Inc. | 7895918 | 1 |
| 12620 | MSCI, Inc. | 7117932 | 0.9 |
| 58723 | Tradeweb Markets, Inc. - Class A | 8482537 | 1.1 |
| 72448 | Visa, Inc. - Class A | 26457285 | 3.3 |
|  |  | **53297336** | **6.7** |
|  | **Health Care: 8.1%** |  |  |
| 65205 <sup>(1)</sup> | Boston Scientific Corp. | 6863478 | 0.9 |
| 27515 | Danaher Corp. | 5225098 | 0.7 |
| 28265 | Eli Lilly & Co. | 20850243 | 2.6 |
| 19278 <sup>(1)</sup> | Intuitive Surgical, Inc. | 10648011 | 1.3 |
| 11248 | McKesson Corp. | 8093048 | 1 |
| 3090 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 3570557 | 0.5 |
| 20139 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 8902445 | 1.1 |
|  |  | **64152880** | **8.1** |
|  | **Industrials: 4.7%** |  |  |
| 41421 | 3M Co. | 6144805 | 0.8 |
| 13427 <sup>(1)</sup> | Axon Enterprise, Inc. | 10075084 | 1.3 |
| 22629 <sup>(1)</sup> | Builders FirstSource, Inc. | 2436691 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 10994 | Comfort Systems USA, Inc. | $5257661 | 0.7 |
| 65369 | Johnson Controls International PLC | 6626455 | 0.8 |
| 4411 | TransDigm Group, Inc. | 6477245 | 0.8 |
|  |  | **37017941** | **4.7** |
|  | **Information Technology: 45.9%** |  |  |
| 329346 | Apple, Inc. | 66149144 | 8.4 |
| 11296 <sup>(1)</sup> | AppLovin Corp. - Class A | 4439328 | 0.6 |
| 44140 <sup>(1)</sup> | Atlassian Corp. - Class A | 9164788 | 1.2 |
| 149017 | Broadcom, Inc. | 36072545 | 4.6 |
| 21352 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 10064692 | 1.3 |
| 37816 | Micron Technology, Inc. | 3572099 | 0.4 |
| 208952 | Microsoft Corp. | 96193143 | 12.1 |
| 12914 <sup>(1)</sup> | Monday.com Ltd. | 3841786 | 0.5 |
| 675425 | NVIDIA Corp. | 91270180 | 11.5 |
| 24033 | Oracle Corp. | 3978182 | 0.5 |
| 61811 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 8145454 | 1 |
| 50500 <sup>(1)</sup> | Palo Alto Networks, Inc. | 9717210 | 1.2 |
| 14928 <sup>(1)</sup> | ServiceNow, Inc. | 15093552 | 1.9 |
| 26065 <sup>(1)</sup> | Snowflake, Inc. - Class A | 5360789 | 0.7 |
|  |  | **363062892** | **45.9** |
|  | **Materials: 1.6%** |  |  |
| 21053 | Sherwin-Williams Co. | 7554027 | 0.9 |
| 19881 | Vulcan Materials Co. | 5269856 | 0.7 |
|  |  | **12823883** | **1.6** |
|  | **Real Estate: 0.7%** |  |  |
| 36714 | Welltower, Inc. | **5664236** | **0.7** |
|  | Total Common Stock |  |  |
|  | (Cost $385,535,618) | **785740811** | **99.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya Large-Cap Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |  |  |
|  | **Mutual Funds: 0.8%** |  |  |
| 6198000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220% (Cost $6,198,000) | $**6198000** | **0.8** |
|  | Total Short-Term Investments<br> (Cost $6,198,000) | $**6198000** | **0.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $391,733,618)** | $**791938811** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(267142**)** | **0.0** |
|  | **Net Assets** | $**791671669** | **100.0** |

---

<sup>(1)</sup> Non-income producing security. <br> <sup>(2)</sup> Rate shown is the 7-day yield as of May 31, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Large-Cap Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $785740811 | $— | $— | $785740811 |
| Short-Term Investments | 6198000 |  |  | 6198000 |
| Total Investments, at fair value | $791938811 | $— | $— | $791938811 |

---

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

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

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $398,878,021.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $406667529 |
| Gross Unrealized Depreciation | (13606739) |
| Net Unrealized Appreciation | $393060790 |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Value Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**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: 6.5%** |  |  |
| 1131303 | AT&T, Inc. | $31450224 | 4 |
| 176128 <sup>(1)</sup> | Pinterest, Inc. - Class A | 5479342 | 0.7 |
| 32129 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 7270150 | 0.9 |
| 753329 <sup>(1)</sup> | Warner Bros Discovery, Inc. | 7510690 | 0.9 |
|  |  | **51710406** | **6.5** |
|  | **Consumer Discretionary: 3.4%** |  |  |
| 1403 | Booking Holdings, Inc. | 7743059 | 1 |
| 39487 | Lowe's Cos., Inc. | 8913400 | 1.1 |
| 56011 | Tapestry, Inc. | 4399664 | 0.6 |
| 35301 | Williams-Sonoma, Inc. | 5710290 | 0.7 |
|  |  | **26766413** | **3.4** |
|  | **Consumer Staples: 9.9%** |  |  |
| 794270 | Albertsons Cos., Inc. - Class A | 17656622 | 2.2 |
| 927576 | Kenvue, Inc. | 22141239 | 2.8 |
| 239568 | McCormick & Co., Inc. | 17423781 | 2.2 |
| 120678 | Philip Morris International, Inc. | 21793240 | 2.7 |
|  |  | **79014882** | **9.9** |
|  | **Energy: 7.9%** |  |  |
| 163945 | Chesapeake Energy Corp. | 19038933 | 2.4 |
| 153526 | Chevron Corp. | 20987004 | 2.6 |
| 83818 | EOG Resources, Inc. | 9100120 | 1.1 |
| 384900 | HF Sinclair Corp. | 13906437 | 1.8 |
|  |  | **63032494** | **7.9** |
|  | **Financials: 23.2%** |  |  |
| 243986 | American International Group, Inc. | 20650975 | 2.6 |
| 62318 | Arthur J Gallagher & Co. | 21651766 | 2.7 |
| 574849 | Bank of America Corp. | 25368086 | 3.2 |
| 260987 | Bank of New York Mellon Corp. | 23126058 | 2.9 |
| 24721 | Goldman Sachs Group, Inc. | 14843724 | 1.8 |
| 119562 | Intercontinental Exchange, Inc. | 21497248 | 2.7 |
| 238731 | Lazard, Inc. | 10360925 | 1.3 |
| 81011 | PNC Financial Services Group, Inc. | 14080522 | 1.8 |
| 216231 | SLM Corp. | 6999398 | 0.9 |
| 90682 | State Street Corp. | 8730863 | 1.1 |
| 234551 | Wells Fargo & Co. | 17539724 | 2.2 |
|  |  | **184849289** | **23.2** |
|  | **Health Care: 13.2%** |  |  |
| 103162 | Abbott Laboratories | 13780380 | 1.7 |
| 91925 | AbbVie, Inc. | 17108162 | 2.2 |
| 45997 | Alcon, Inc. | 3952982 | 0.5 |
| 190672 <sup>(1)</sup> | Centene Corp. | 10761528 | 1.4 |
| 58610 | Danaher Corp. | 11130039 | 1.4 |
| 10325 | McKesson Corp. | 7428941 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 7114 <sup>(1)</sup> | Mettler-Toledo International, Inc. | $8220369 | 1 |
| 47247 | Quest Diagnostics, Inc. | 8189795 | 1 |
| 17971 | Stryker Corp. | 6876423 | 0.9 |
| 39632 | Universal Health Services, Inc. - Class B | 7543951 | 0.9 |
| 23663 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 10460229 | 1.3 |
|  |  | **105452799** | **13.2** |
|  | **Industrials: 12.4%** |  |  |
| 98629 | 3M Co. | 14631612 | 1.8 |
| 99230 <sup>(1)</sup> | Boeing Co. | 20572364 | 2.6 |
| 32528 | Deere & Co. | 16467625 | 2.1 |
| 143452 | Johnson Controls International PLC | 14541729 | 1.8 |
| 161141 | Leonardo DRS, Inc. | 6816264 | 0.9 |
| 20285 | Parker-Hannifin Corp. | 13483440 | 1.7 |
| 22275 <sup>(1)</sup> | Saia, Inc. | 5889733 | 0.7 |
| 4405 | TransDigm Group, Inc. | 6468434 | 0.8 |
|  |  | **98871201** | **12.4** |
|  | **Information Technology: 8.6%** |  |  |
| 45181 | Accenture PLC - Class A | 14314244 | 1.8 |
| 21026 <sup>(1)</sup> | Adobe, Inc. | 8727682 | 1.1 |
| 20605 | Broadcom, Inc. | 4987852 | 0.6 |
| 2483 | Constellation Software, Inc. | 9002669 | 1.1 |
| 48005 <sup>(1)</sup> | Globant SA | 4708810 | 0.6 |
| 113525 | Micron Technology, Inc. | 10723572 | 1.3 |
| 40062 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7744786 | 1 |
| 33797 <sup>(1)</sup> | Workday, Inc. - Class A | 8371855 | 1.1 |
|  |  | **68581470** | **8.6** |
|  | **Materials: 3.7%** |  |  |
| 316466 | Alcoa Corp. | 8471795 | 1.1 |
| 78144 | CF Industries Holdings, Inc. | 7088442 | 0.9 |
| 58539 | Crown Holdings, Inc. | 5766092 | 0.7 |
| 74011 | Nucor Corp. | 8093843 | 1 |
|  |  | **29420172** | **3.7** |
|  | **Real Estate: 5.6%** |  |  |
| 218939 | Boston Properties, Inc. | 14741163 | 1.8 |
| 72822 | Extra Space Storage, Inc. | 11007045 | 1.4 |
| 121954 | Welltower, Inc. | 18815063 | 2.4 |
|  |  | **44563271** | **5.6** |
|  | **Utilities: 5.0%** |  |  |
| 90770 | DTE Energy Co. | 12403720 | 1.6 |
| 158130 | Duke Energy Corp. | 18615064 | 2.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Large Cap Value Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (Continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 112951 | Public Service Enterprise Group, Inc. | $9152420 | 1.1 |
|  |  | **40171204** | **5.0** |
|  | Total Common Stock<br> (Cost $655,700,949) | **792433601** | **99.4** |
| **WARRANTS: —%** | **WARRANTS: —%** |  |  |
|  | **Information Technology: —%** |  |  |
| 2377 <sup>(2)</sup> | Constellation Software, Inc. |  |  |
|  | Total Warrants <br> (Cost $—) |  |  |
|  | Total Long-Term Investments <br> (Cost $655,700,949) | **792433601** | **99.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.5%** | **SHORT-TERM INVESTMENTS: 0.5%** |  |  |
|  | **Mutual Funds: 0.5%** |  |  |
| 3887000 <sup>(3)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220% (Cost $3,887,000) | $**3887000** | **0.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $3,887,000) | **3887000** | **0.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $659,587,949)** | $**796320601** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **412005** | **0.1** |
|  | **Net Assets** | $**796732606** | **100.0** |

---

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(3)</sup> Rate shown is the 7-day yield as of May 31, 2025.

See Accompanying Notes to Financial Statements

Voya Large Cap Value Fund PORTFOLIO OF INVESTMENTS <br> as of May 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $792433601 | $— | $— | $792433601 |
| Warrants |  |  |  |  |
| Short-Term Investments | 3887000 |  |  | 3887000 |
| Total Investments, at fair value | $796320601 | $— | $— | $796320601 |

---

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

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

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $664,784,767.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $151672896 |
| Gross Unrealized Depreciation | (20132667) |
| Net Unrealized Appreciation | $131540229 |

---

See Accompanying Notes to Financial Statements

<u>Voya MidCap Opportunities Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** | **COMMON STOCK: 99.5%** |
|  | **Communication Services: 3.9%** |  |  |
| 170192 <sup>(1)</sup> | Roblox Corp. - Class A | $14803300 | 2.1 |
| 22176 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 5017985 | 0.7 |
| 102831 <sup>(1)</sup> | Trade Desk, Inc. - Class A | 7734948 | 1.1 |
|  |  | **27556233** | **3.9** |
|  | **Consumer Discretionary: 14.2%** |  |  |
| 147725 <sup>(1)</sup> | Birkenstock Holding PLC | 7944650 | 1.1 |
| 54954 <sup>(1)</sup> | Burlington Stores, Inc. | 12544350 | 1.8 |
| 23957 | Domino's Pizza, Inc. | 11351306 | 1.6 |
| 124257 <sup>(1)</sup> | On Holding AG - Class A | 7379623 | 1.1 |
| 30397 | Ross Stores, Inc. | 4258316 | 0.6 |
| 52226 | Royal Caribbean Cruises Ltd. | 13420515 | 1.9 |
| 72024 <sup>(1)</sup> | SharkNinja, Inc. | 6621166 | 1 |
| 58699 | Texas Roadhouse, Inc. | 11458632 | 1.6 |
| 241816 | Tractor Supply Co. | 11703894 | 1.7 |
| 36444 | Wingstop, Inc. | 12452915 | 1.8 |
|  |  | **99135367** | **14.2** |
|  | **Consumer Staples: 2.7%** |  |  |
| 34894 | Church & Dwight Co., Inc. | 3430429 | 0.5 |
| 410090 | Kenvue, Inc. | 9788848 | 1.4 |
| 77086 | McCormick & Co., Inc. | 5606465 | 0.8 |
|  |  | **18825742** | **2.7** |
|  | **Energy: 4.2%** |  |  |
| 124178 | Chesapeake Energy Corp. | 14420791 | 2.1 |
| 43869 | Targa Resources Corp. | 6928231 | 1 |
| 255102 | TechnipFMC PLC | 7946428 | 1.1 |
|  |  | **29295450** | **4.2** |
|  | **Financials: 11.8%** |  |  |
| 30384 | Arthur J Gallagher & Co. | 10556617 | 1.5 |
| 724312 | Blue Owl Capital, Inc. | 13530148 | 1.9 |
| 17202 <sup>(1)</sup> | Coinbase Global, Inc. - Class A | 4242357 | 0.6 |
| 170654 | Lazard, Inc. | 7406384 | 1.1 |
| 19875 | MSCI, Inc. | 11209897 | 1.6 |
| 73962 <sup>(1)</sup> | Robinhood Markets, Inc. - Class A | 4892586 | 0.7 |
| 279313 | SLM Corp. | 9041362 | 1.3 |
| 78359 <sup>(1)</sup> | Toast, Inc. - Class A | 3305183 | 0.5 |
| 127588 | Tradeweb Markets, Inc. - Class A | 18430087 | 2.6 |
|  |  | **82614621** | **11.8** |
|  | **Health Care: 11.8%** |  |  |
| 151432 | Alcon, Inc. | 13014066 | 1.9 |
| 77986 | AmerisourceBergen Corp. | 22712643 | 3.2 |
| 6148 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 7104137 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 124354 <sup>(1)</sup> | MoonLake Immunotherapeutics | $4851049 | 0.7 |
| 15086 | Quest Diagnostics, Inc. | 2615007 | 0.4 |
| 29894 <sup>(1)</sup> | Repligen Corp. | 3529585 | 0.5 |
| 80289 <sup>(1)</sup> | SpringWorks Therapeutics, Inc. | 3750299 | 0.5 |
| 35048 | Universal Health Services, Inc. - Class B | 6671387 | 1 |
| 128215 <sup>(1)</sup> | Vera Therapeutics, Inc. | 2429674 | 0.3 |
| 98211 <sup>(1)(2)</sup> | Viking Therapeutics, Inc. | 2632055 | 0.4 |
| 38837 <sup>(1)</sup> | Waters Corp. | 13563434 | 1.9 |
|  |  | **82873336** | **11.8** |
|  | **Industrials: 16.5%** |  |  |
| 23650 | Applied Industrial Technologies, Inc. | 5357198 | 0.8 |
| 24709 <sup>(1)</sup> | Axon Enterprise, Inc. | 18540645 | 2.6 |
| 62129 <sup>(1)</sup> | Builders FirstSource, Inc. | 6690051 | 0.9 |
| 31912 | Comfort Systems USA, Inc. | 15261276 | 2.2 |
| 88954 | Johnson Controls International PLC | 9017267 | 1.3 |
| 262790 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 9694323 | 1.4 |
| 111664 | Leonardo DRS, Inc. | 4723387 | 0.7 |
| 24121 <sup>(1)</sup> | Saia, Inc. | 6377834 | 0.9 |
| 4615 | TransDigm Group, Inc. | 6776804 | 1 |
| 130926 <sup>(1)</sup> | Trex Co., Inc. | 7314836 | 1 |
| 63696 | Verisk Analytics, Inc. | 20009461 | 2.9 |
| 53097 | Vertiv Holdings Co. - Class A | 5730759 | 0.8 |
|  |  | **115493841** | **16.5** |
|  | **Information Technology: 29.5%** |  |  |
| 80225 <sup>(1)</sup> | AppLovin Corp. - Class A | 31528425 | 4.5 |
| 47242 <sup>(1)</sup> | Astera Labs, Inc. | 4285794 | 0.6 |
| 35474 <sup>(1)</sup> | Atlassian Corp. - Class A | 7365466 | 1 |
| 16012 <sup>(1)</sup> | Cloudflare, Inc. - Class A | 2656231 | 0.4 |
| 323461 <sup>(1)(2)</sup> | Core Scientific, Inc. | 3444860 | 0.5 |
| 17311 <sup>(1)</sup> | Crowdstrike Holdings, Inc. - Class A | 8159886 | 1.2 |
| 112747 <sup>(1)</sup> | Datadog, Inc. - Class A | 13290616 | 1.9 |
| 52434 <sup>(1)</sup> | DocuSign, Inc. | 4646177 | 0.7 |
| 8238 <sup>(1)</sup> | Fair Isaac Corp. | 14221095 | 2 |
| 16343 <sup>(1)</sup> | Gartner, Inc. | 7132412 | 1 |
| 15823 <sup>(1)</sup> | HubSpot, Inc. | 9333988 | 1.3 |
| 166103 <sup>(1)</sup> | Klaviyo, Inc. - Class A | 5647502 | 0.8 |
| 31208 <sup>(1)</sup> | Monday.com Ltd. | 9284068 | 1.3 |
| 19933 | Monolithic Power Systems, Inc. | 13193653 | 1.9 |
| 464636 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 61229732 | 8.7 |
| 61763 <sup>(1)</sup> | Rambus, Inc. | 3302467 | 0.5 |
| 20396 <sup>(1)</sup> | SiTime Corp. | 3999044 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya MidCap Opportunities Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** |  |
| 19372 <sup>(1)</sup> | Snowflake, Inc. - Class A | $3984239 | 0.6 |
|  |  | **206705655** | **29.5** |
|  | **Materials: 1.5%** |  |  |
| 39191 | Vulcan Materials Co. | **10388359** | **1.5** |
|  | **Real Estate: 2.4%** |  |  |
| 57901 | Boston Properties, Inc. | 3898474 | 0.6 |
| 81925 | Welltower, Inc. | 12639389 | 1.8 |
|  |  | **16537863** | **2.4** |
|  | **Utilities: 1.0%** |  |  |
| 44405 | Vistra Corp. | **7130111** | **1.0** |
|  | Total Common Stock |  |  |
|  | (Cost $581,916,159) | **696556578** | **99.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** | | |
|  | **Repurchase Agreements: 0.4%** |  |  |
| 823365 <sup>(3)</sup> | BNP Paribas S.A., Repurchase Agreement dated 05/30/2025, 4.330%, due 06/02/2025 (Repurchase Amount $823,658, collateralized by various U.S. Government Securities, 0.000%-0.750%, Market Value plus accrued interest $839,832, due 01/31/26-02/15/39) | 823365 | 0.1 |
| 1000000 <sup>(3)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 05/30/2025, 4.370%, due 06/02/2025 (Repurchase Amount $1,000,359, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.550%, Market Value plus accrued interest $1,020,000, due 04/01/32-03/20/75) | 1000000 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | | |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 1000000 <sup>(3)</sup> | CF Secured LLC, Repurchase Agreement dated 05/30/2025, 4.360%, due 06/02/2025 (Repurchase Amount $1,000,358, collateralized by various U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,020,000, due 05/23/28-04/20/74) | $1000000 | 0.1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $2,823,365) | **2823365** | **0.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.6%** |  |  |
| 4227000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220% |  |  |
|  | (Cost $4,227,000) | $**4227000** | **0.6** |
|  | Total Short-Term Investments | **7050365** | **1.0** |
|  | (Cost $7,050,365) |  |  |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $588,966,524)** | $**703606943** | **100.5** |
|  | **Liabilities in Excess of Other Assets** | **(3707290)** | **(0.5)** |
|  | **Net Assets** | $**699899653** | **100.0** |

---

---

| | |
|:---|:---|
| † | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of May 31, 2025. |

---

See Accompanying Notes to Financial Statements

<u>Voya MidCap Opportunities Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $696556578 | $— | $— | $696556578 |
| Short-Term Investments | 4227000 | 2823365 |  | 7050365 |
| Total Investments, at fair value | $700783578 | $2823365 | $— | $703606943 |

---

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

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

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $592,316,360.

Net unrealized appreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $149958907 |
| Gross Unrealized Depreciation | (38668324) |
| Net Unrealized Appreciation | $111290583 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Value Fund</u> <u>as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 96.3%** | **COMMON STOCK: 96.3%** | **COMMON STOCK: 96.3%** | **COMMON STOCK: 96.3%** |
|  | **Communication Services: 0.7%** |  |  |
| 233 <sup>(1)</sup> | Charter Communications, Inc. - Class A | $92331 | 0.1 |
| 1171 | Electronic Arts, Inc. | 168366 | 0.1 |
| 3574 | Fox Corp. - Class A | 196356 | 0.1 |
| 2130 | Fox Corp. - Class B | 107096 | 0.1 |
| 3482 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 33532 | 0 |
| 4599 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 45438 | 0 |
| 2169 | New York Times Co. - Class A | 123893 | 0.1 |
| 2879 | News Corp. - Class A | 81303 | 0.1 |
| 271 | Nexstar Media Group, Inc. | 46184 | 0 |
| 1867 | Omnicom Group, Inc. | 137113 | 0.1 |
|  |  | **1031612** | **0.7** |
|  | **Consumer Discretionary: 8.3%** |  |  |
| 11700 <sup>(1)</sup> | Aptiv PLC | 781677 | 0.6 |
| 2299 | Aramark | 93109 | 0.1 |
| 51500 | Bath & Body Works, Inc. | 1448180 | 1 |
| 2647 | Best Buy Co., Inc. | 175443 | 0.1 |
| 42500 | BorgWarner, Inc. | 1406325 | 1 |
| 650 | Columbia Sportswear Co. | 41457 | 0 |
| 495 | D.R. Horton, Inc. | 58440 | 0 |
| 237 | Dick's Sporting Goods, Inc. | 42504 | 0 |
| 122 | Domino's Pizza, Inc. | 57806 | 0 |
| 16437 | eBay, Inc. | 1202695 | 0.8 |
| 11150 | Expedia Group, Inc. | 1859262 | 1.3 |
| 767 | Garmin Ltd. | 155678 | 0.1 |
| 2556 | Gentex Corp. | 55133 | 0 |
| 1643 | Genuine Parts Co. | 207872 | 0.2 |
| 384 <sup>(1)</sup> | Grand Canyon Education, Inc. | 75972 | 0.1 |
| 2542 | H&R Block, Inc. | 144767 | 0.1 |
| 3438 | Hilton Worldwide Holdings, Inc. | 854137 | 0.6 |
| 1098 | Lennar Corp. - Class A | 116476 | 0.1 |
| 2050 | LKQ Corp. | 82964 | 0.1 |
| 354 <sup>(1)</sup> | Mohawk Industries, Inc. | 35616 | 0 |
| 28 <sup>(1)</sup> | NVR, Inc. | 199246 | 0.1 |
| 534 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 59514 | 0 |
| 1984 | PulteGroup, Inc. | 194492 | 0.1 |
| 3643 | Ralph Lauren Corp. | 1008419 | 0.7 |
| 7950 | Ross Stores, Inc. | 1113716 | 0.8 |
| 1250 | Service Corp. International | 97500 | 0.1 |
| 482 <sup>(1)</sup> | SharkNinja, Inc. | 44310 | 0 |
| 1825 <sup>(1)</sup> | Skechers USA, Inc. - Class A | 113223 | 0.1 |
| 973 | Tapestry, Inc. | 76429 | 0.1 |
| 647 | Toll Brothers, Inc. | 67450 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Consumer Discretionary: (continued)** |  |  |
| 376 | Yum! Brands, Inc. | $54121 | 0.0 |
|  |  | **11923933** | **8.3** |
|  | **Consumer Staples: 7.9%** |  |  |
| 2776 | Albertsons Cos., Inc. - Class A | 61710 | 0.0 |
| 5626 | Archer-Daniels-Midland Co. | 271567 | 0.2 |
| 1197 <sup>(1)</sup> | BellRing Brands, Inc. | 75351 | 0.0 |
| 3244 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. | 367253 | 0.3 |
| 1149 | Bunge Global SA | 89794 | 0.1 |
| 348 | Casey's General Stores, Inc. | 152341 | 0.1 |
| 1449 | Church & Dwight Co., Inc. | 142451 | 0.1 |
| 1230 | Coca-Cola Consolidated, Inc. | 141020 | 0.1 |
| 3677 | Conagra Brands, Inc. | 84167 | 0.1 |
| 1240 | Dollar General Corp. | 120590 | 0.1 |
| 652 <sup>(1)</sup> | Dollar Tree, Inc. | 58850 | 0.0 |
| 2764 | Flowers Foods, Inc. | 46712 | 0.0 |
| 2620 | General Mills, Inc. | 142161 | 0.1 |
| 550 | Hershey Co. | 88380 | 0.1 |
| 1928 | Hormel Foods Corp. | 59151 | 0.0 |
| 1950 | Ingredion, Inc. | 271284 | 0.2 |
| 2335 | Kellogg Co. | 192941 | 0.1 |
| 7293 | Kenvue, Inc. | 174084 | 0.1 |
| 8058 | Kroger Co. | 549797 | 0.4 |
| 848 | Lamb Weston Holdings, Inc. | 47301 | 0.0 |
| 36400 <sup>(1)</sup> | Maplebear, Inc. | 1662388 | 1.2 |
| 1039 | McCormick & Co., Inc. | 75566 | 0.1 |
| 2514 | Molson Coors Beverage Co. - Class B | 134725 | 0.1 |
| 22500 <sup>(1)</sup> | Performance Food Group Co. | 2015100 | 1.4 |
| 1178 <sup>(1)</sup> | Post Holdings, Inc. | 130275 | 0.1 |
| 33100 | Primo Brands Corp. - Class A | 1094617 | 0.8 |
| 4538 | Tyson Foods, Inc. - Class A | 254854 | 0.2 |
| 34498 <sup>(1)</sup> | US Foods Holding Corp. | 2729482 | 1.9 |
|  |  | **11233912** | **7.9** |
|  | **Energy: 4.2%** |  |  |
| 45624 | Baker Hughes Co. | 1690369 | 1.2 |
| 2459 | Chesapeake Energy Corp. | 285564 | 0.2 |
| 12700 | Chord Energy Corp. | 1143000 | 0.8 |
| 70586 | Coterra Energy, Inc. | 1715946 | 1.2 |
| 31100 | Devon Energy Corp. | 941086 | 0.6 |
| 971 | DT Midstream, Inc. | 101702 | 0.1 |
| 2448 | Kinder Morgan, Inc. | 68642 | 0.0 |
| 1695 | Williams Cos., Inc. | 102564 | 0.1 |
|  |  | **6048873** | **4.2** |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Value Fund</u> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: 15.5%** | **Financials: 15.5%** | **Financials: 15.5%** |
| 1095 | Affiliated Managers Group, Inc. | $192720 | 0.1 |
| 1221 | Aflac, Inc. | 126422 | 0.1 |
| 8937 | American Financial Group, Inc. | 1108009 | 0.8 |
| 7158 | Arch Capital Group Ltd. | 680296 | 0.5 |
| 445 | Assurant, Inc. | 90326 | 0.1 |
| 757 | Assured Guaranty Ltd. | 64004 | 0.0 |
| 765 | Axis Capital Holdings Ltd. | 79407 | 0.1 |
| 751 | Bank of New York Mellon Corp. | 66546 | 0.0 |
| 897 | Brown & Brown, Inc. | 101271 | 0.1 |
| 895 | Cboe Global Markets, Inc. | 205063 | 0.1 |
| 2608 | Cincinnati Financial Corp. | 393339 | 0.3 |
| 517 | East West Bancorp, Inc. | 47150 | 0.0 |
| 430 <sup>(1)</sup> | Euronet Worldwide, Inc. | 46560 | 0.0 |
| 378 | Evercore, Inc. - Class A | 87503 | 0.1 |
| 896 | Everest Re Group Ltd. | 311082 | 0.2 |
| 191 | FactSet Research Systems, Inc. | 87528 | 0.1 |
| 35385 | Fidelity National Financial, Inc. | 1938037 | 1.4 |
| 107 | First Citizens BancShares, Inc.- Class A | 197830 | 0.1 |
| 1842 | Globe Life, Inc. | 224485 | 0.2 |
| 18880 | Hartford Financial Services Group, Inc. | 2451379 | 1.7 |
| 784 | Houlihan Lokey, Inc. | 136949 | 0.1 |
| 99203 | Huntington Bancshares, Inc. | 1550543 | 1.1 |
| 366 | Interactive Brokers Group, Inc. - Class A | 76743 | 0.1 |
| 603 | Jack Henry & Associates, Inc. | 109246 | 0.1 |
| 2903 | Janus Henderson Group PLC | 105466 | 0.1 |
| 1276 | Loews Corp. | 113934 | 0.1 |
| 363 | M&T Bank Corp. | 66298 | 0.0 |
| 112 <sup>(1)</sup> | Markel Corp. | 217470 | 0.1 |
| 6941 | MGIC Investment Corp. | 183590 | 0.1 |
| 79 | MSCI, Inc. | 44558 | 0.0 |
| 998 | Nasdaq, Inc. | 83373 | 0.1 |
| 450 | Northern Trust Corp. | 48033 | 0.0 |
| 44989 | Old Republic International Corp. | 1700584 | 1.2 |
| 485 | Primerica, Inc. | 131241 | 0.1 |
| 16100 | Principal Financial Group, Inc. | 1254029 | 0.9 |
| 10950 | Prosperity Bancshares, Inc. | 762668 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 10424 | Raymond James Financial, Inc. | $1532120 | 1.1 |
| 1932 | Regions Financial Corp. | 41422 | 0 |
| 373 | Reinsurance Group of America, Inc. | 75827 | 0 |
| 1830 | RenaissanceRe Holdings Ltd. | 456439 | 0.3 |
| 1744 | RLI Corp. | 134061 | 0.1 |
| 1947 | SEI Investments Co. | 166001 | 0.1 |
| 4114 | Synchrony Financial | 237172 | 0.2 |
| 1864 | T. Rowe Price Group, Inc. | 174452 | 0.1 |
| 525 | Tradeweb Markets, Inc. - Class A | 75836 | 0.1 |
| 37200 | Truist Financial Corp. | 1469400 | 1 |
| 1241 | Unum Group | 101402 | 0.1 |
| 3519 | W.R. Berkley Corp. | 262834 | 0.2 |
| 6954 | Western Union Co. | 64533 | 0 |
| 100 | White Mountains Insurance Group Ltd. | 178480 | 0.1 |
| 6654 | Willis Towers Watson PLC | 2106324 | 1.5 |
|  |  | **22159985** | **15.5** |
|  | **Health Care: 6.3%** |  |  |
| 509 | Agilent Technologies, Inc. | 56967 | 0 |
| 2494 | Cardinal Health, Inc. | 385173 | 0.3 |
| 2125 <sup>(1)</sup> | Centene Corp. | 119935 | 0.1 |
| 163 | Chemed Corp. | 93699 | 0.1 |
| 19500 <sup>(1)</sup> | Cooper Cos., Inc. | 1331460 | 0.9 |
| 1606 | Encompass Health Corp. | 194166 | 0.1 |
| 2522 | GE HealthCare Technologies, Inc. | 177902 | 0.1 |
| 25874 <sup>(1)</sup> | Hologic, Inc. | 1608587 | 1.1 |
| 1309 | Humana, Inc. | 305167 | 0.2 |
| 999 <sup>(1)</sup> | Incyte Corp. | 64995 | 0.1 |
| 568 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 61384 | 0.1 |
| 4895 | Labcorp Holdings, Inc. | 1218708 | 0.9 |
| 41 <sup>(1)</sup> | Mettler-Toledo International, Inc. | 47376 | 0 |
| 1612 | Perrigo Co. PLC | 43153 | 0 |
| 2041 | Premier, Inc. - Class A | 46902 | 0 |
| 12368 | Quest Diagnostics, Inc. | 2143869 | 1.5 |
| 567 | ResMed, Inc. | 138796 | 0.1 |
| 3490 | Royalty Pharma PLC - Class A | 114751 | 0.1 |
| 2898 <sup>(1)</sup> | Solventum Corp. | 211815 | 0.2 |
| 234 | STERIS PLC | 57379 | 0 |
| 833 <sup>(1)</sup> | United Therapeutics Corp. | 265602 | 0.2 |
| 914 | Universal Health Services, Inc. - Class B | 173980 | 0.1 |
| 13154 | Viatris, Inc. | 115624 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Value Fund</u> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 592 | Zimmer Biomet Holdings, Inc. | $54565 | 0 |
|  |  | **9031955** | **6.3** |
|  | **Industrials: 19.2%** |  |  |
| 1763 | A.O. Smith Corp. | 113378 | 0.1 |
| 585 | Acuity Brands, Inc. | 152036 | 0.1 |
| 1293 | AECOM | 142036 | 0.1 |
| 14740 | AGCO Corp. | 1444225 | 1 |
| 1957 <sup>(1)</sup> | Alaska Air Group, Inc. | 99670 | 0.1 |
| 995 | Allegion PLC | 141986 | 0.1 |
| 2606 | Allison Transmission Holdings, Inc. | 269773 | 0.2 |
| 466 | AMETEK, Inc. | 83293 | 0.1 |
| 411 | Armstrong World Industries, Inc. | 63964 | 0 |
| 307 <sup>(1)</sup> | Builders FirstSource, Inc. | 33058 | 0 |
| 806 | BWX Technologies, Inc. | 101234 | 0.1 |
| 443 <sup>(1)</sup> | CACI International, Inc. - Class A | 189604 | 0.1 |
| 401 | Carlisle Cos., Inc. | 152452 | 0.1 |
| 16825 | Carrier Global Corp. | 1197940 | 0.8 |
| 626 | CH Robinson Worldwide, Inc. | 60077 | 0 |
| 298 <sup>(1)</sup> | Clean Harbors, Inc. | 67583 | 0 |
| 2424 <sup>(1)</sup> | Core & Main, Inc. - Class A | 132859 | 0.1 |
| 675 | Crane Co. | 115695 | 0.1 |
| 1045 | Cummins, Inc. | 335947 | 0.2 |
| 387 | Curtiss-Wright Corp. | 170323 | 0.1 |
| 3115 | Delta Air Lines, Inc. | 150735 | 0.1 |
| 2137 | Donaldson Co., Inc. | 148628 | 0.1 |
| 717 | Dover Corp. | 127447 | 0.1 |
| 353 | EMCOR Group, Inc. | 166567 | 0.1 |
| 463 | Esab Corp. | 56944 | 0 |
| 934 <sup>(1)</sup> | Everus Construction Group, Inc. | 54088 | 0 |
| 952 | Expeditors International of Washington, Inc. | 107319 | 0.1 |
| 496 | Ferguson Enterprises, Inc. | 90441 | 0.1 |
| 1450 | Flowserve Corp. | 72369 | 0.1 |
| 1045 | Fortive Corp. | 73349 | 0.1 |
| 7110 <sup>(1)</sup> | FTI Consulting, Inc. | 1167178 | 0.8 |
| 3741 <sup>(1)</sup> | Gates Industrial Corp. PLC | 79122 | 0.1 |
| 45266 | Genpact Ltd. | 1948701 | 1.4 |
| 1392 | Graco, Inc. | 117847 | 0.1 |
| 500 | Howmet Aerospace, Inc. | 84945 | 0.1 |
| 3425 | Hubbell, Inc. | 1334311 | 0.9 |
| 976 | Huntington Ingalls Industries, Inc. | 217707 | 0.2 |
| 364 | IDEX Corp. | 65851 | 0 |
| 1219 | Ingersoll Rand, Inc. | 99519 | 0.1 |
| 1150 | ITT, Inc. | 173121 | 0.1 |
| 2724 | Jacobs Solutions, Inc. | 344041 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 8126 | JB Hunt Transport Services, Inc. | $1128295 | 0.8 |
| 947 <sup>(1)</sup> | Kirby Corp. | 104776 | 0.1 |
| 35322 | Knight-Swift Transportation Holdings, Inc. | 1565471 | 1.1 |
| 321 | L3Harris Technologies, Inc. | 78433 | 0.1 |
| 7468 | Landstar System, Inc. | 1024759 | 0.7 |
| 1339 | Leidos Holdings, Inc. | 198868 | 0.1 |
| 6462 | Lincoln Electric Holdings, Inc. | 1250979 | 0.9 |
| 2285 | Masco Corp. | 142630 | 0.1 |
| 416 <sup>(1)</sup> | MasTec, Inc. | 64867 | 0 |
| 9700 <sup>(1)</sup> | Middleby Corp. | 1417461 | 1 |
| 577 | MSC Industrial Direct Co., Inc. - Class A | 46852 | 0 |
| 804 | nVent Electric PLC | 52903 | 0 |
| 818 | Oshkosh Corp. | 81137 | 0.1 |
| 1419 | Otis Worldwide Corp. | 135302 | 0.1 |
| 1221 | Owens Corning | 163553 | 0.1 |
| 597 <sup>(1)</sup> | Parsons Corp. | 38709 | 0 |
| 737 | Paychex, Inc. | 116380 | 0.1 |
| 1142 | Pentair PLC | 113264 | 0.1 |
| 253 | Quanta Services, Inc. | 86668 | 0.1 |
| 9700 | Regal Rexnord Corp. | 1294368 | 0.9 |
| 3400 | Republic Services, Inc. | 874786 | 0.6 |
| 835 | Robert Half International, Inc. | 38235 | 0 |
| 164 | Rockwell Automation, Inc. | 51750 | 0 |
| 861 | Ryder System, Inc. | 126679 | 0.1 |
| 1093 | Science Applications International Corp. | 126285 | 0.1 |
| 313 | Simpson Manufacturing Co., Inc. | 48734 | 0 |
| 886 | Snap-on, Inc. | 284184 | 0.2 |
| 9855 | Southwest Airlines Co. | 328960 | 0.2 |
| 819 | SS&C Technologies Holdings, Inc. | 66183 | 0 |
| 2046 | Tetra Tech, Inc. | 71487 | 0.1 |
| 20254 | Textron, Inc. | 1499404 | 1.1 |
| 13600 | TransUnion | 1164568 | 0.8 |
| 90 | United Rentals, Inc. | 63754 | 0 |
| 221 | Valmont Industries, Inc. | 70287 | 0.1 |
| 955 | Veralto Corp. | 96484 | 0.1 |
| 286 | Watsco, Inc. | 126861 | 0.1 |
| 733 | Westinghouse Air Brake Technologies Corp. | 148301 | 0.1 |
| 681 | Woodward, Inc. | 147321 | 0.1 |
| 9800 | Xylem, Inc. | 1235192 | 0.9 |
|  |  | **27422493** | **19.2** |
|  | **Information Technology: 8.2%** |  |  |
| 15300 <sup>(1)</sup> | Akamai Technologies, Inc. | 1161729 | 0.8 |
| 1736 | Amdocs Ltd. | 159295 | 0.1 |
| 127 <sup>(1)</sup> | ANSYS, Inc. | 42014 | 0 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Value Fund</u> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** |  |  |
| 6625 <sup>(1)</sup> | Check Point Software Technologies Ltd. | $1516330 | 1.1 |
| 1402 <sup>(1)</sup> | Ciena Corp. | 112244 | 0.1 |
| 612 <sup>(1)</sup> | Cirrus Logic, Inc. | 60196 | 0 |
| 1975 | Cognizant Technology Solutions Corp. - Class A | 159955 | 0.1 |
| 1689 | Corning, Inc. | 83758 | 0.1 |
| 3529 <sup>(1)</sup> | Dropbox, Inc. - Class A | 101847 | 0.1 |
| 678 <sup>(1)</sup> | F5, Inc. | 193488 | 0.1 |
| 3646 | Gen Digital, Inc. | 103838 | 0.1 |
| 8000 <sup>(1)</sup> | Globant SA | 784720 | 0.5 |
| 10848 | Hewlett Packard Enterprise Co. | 187453 | 0.1 |
| 2504 | HP, Inc. | 62350 | 0 |
| 1803 | Jabil, Inc. | 302922 | 0.2 |
| 3463 | Juniper Networks, Inc. | 124426 | 0.1 |
| 8800 <sup>(1)</sup> | Keysight Technologies, Inc. | 1381952 | 1 |
| 11725 | Microchip Technology, Inc. | 680519 | 0.5 |
| 14875 | MKS Instruments, Inc. | 1222576 | 0.9 |
| 1022 | NetApp, Inc. | 101342 | 0.1 |
| 1127 | Skyworks Solutions, Inc. | 77797 | 0.1 |
| 551 | TD SYNNEX Corp. | 66858 | 0 |
| 128 <sup>(1)</sup> | Teledyne Technologies, Inc. | 63854 | 0 |
| 23200 <sup>(1)</sup> | Trimble, Inc. | 1653464 | 1.2 |
| 4600 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1332942 | 0.9 |
|  |  | **11737869** | **8.2** |
|  | **Materials: 12.2%** |  |  |
| 22641 | Amcor PLC | 206260 | 0.1 |
| 10677 | AptarGroup, Inc. | 1691237 | 1.2 |
| 5900 | Avery Dennison Corp. | 1048607 | 0.7 |
| 45753 <sup>(1)</sup> | Axalta Coating Systems Ltd. | 1409192 | 1 |
| 1418 | Ball Corp. | 75976 | 0.1 |
| 18744 | CF Industries Holdings, Inc. | 1700268 | 1.2 |
| 1381 | Corteva, Inc. | 97775 | 0.1 |
| 22505 | Crown Holdings, Inc. | 2216742 | 1.5 |
| 1131 | DuPont de Nemours, Inc. | 75551 | 0.1 |
| 1183 | Eastman Chemical Co. | 92712 | 0.1 |
| 9225 | Franco-Nevada Corp. | 1557180 | 1.1 |
| 53141 | Graphic Packaging Holding Co. | 1180793 | 0.8 |
| 3705 | International Paper Co. | 177136 | 0.1 |
| 180 | Martin Marietta Materials, Inc. | 98559 | 0.1 |
| 126 | NewMarket Corp. | 81152 | 0.1 |
| 593 | Nucor Corp. | 64850 | 0 |
| 6552 | Packaging Corp. of America | 1265650 | 0.9 |
| 791 | Reliance Steel & Aluminum Co. | 231621 | 0.2 |
| 602 | Royal Gold, Inc. | 107228 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Materials: (continued)** |  |  |
| 12989 | RPM International, Inc. | $1478668 | 1 |
| 662 | Scotts Miracle-Gro Co. | 39429 | 0 |
| 860 | Silgan Holdings, Inc. | 47360 | 0 |
| 9468 | Steel Dynamics, Inc. | 1165227 | 0.8 |
| 273 | Vulcan Materials Co. | 72364 | 0.1 |
| 17000 | Westlake Corp. | 1207510 | 0.8 |
|  |  | **17389047** | **12.2** |
|  | **Real Estate: 6.9%** |  |  |
| 504 | AvalonBay Communities, Inc. | 104212 | 0.1 |
| 16612 | Camden Property Trust | 1951744 | 1.4 |
| 766 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 95765 | 0.1 |
| 2068 | CubeSmart | 88428 | 0.1 |
| 21044 | Equity LifeStyle Properties, Inc. | 1337767 | 0.9 |
| 1480 | Equity Residential | 103807 | 0.1 |
| 232 | Essex Property Trust, Inc. | 65865 | 0 |
| 339 | Extra Space Storage, Inc. | 51240 | 0 |
| 3236 | Host Hotels & Resorts, Inc. | 50126 | 0 |
| 14958 | Lamar Advertising Co. - Class A | 1803037 | 1.3 |
| 779 | Mid-America Apartment Communities, Inc. | 122030 | 0.1 |
| 559 <sup>(1)</sup> | Millrose Properties, Inc. | 15579 | 0 |
| 42292 | National Retail Properties, Inc. | 1766114 | 1.2 |
| 8925 | SBA Communications Corp. | 2069618 | 1.4 |
| 1954 | UDR, Inc. | 80954 | 0.1 |
| 3288 | VICI Properties, Inc. | 104263 | 0.1 |
| 1495 | Weyerhaeuser Co. | 38736 | 0 |
| 840 | WP Carey, Inc. | 52718 | 0 |
|  |  | **9902003** | **6.9** |
|  | **Utilities: 6.9%** |  |  |
| 46069 | Alliant Energy Corp. | 2866874 | 2 |
| 2411 | Ameren Corp. | 233578 | 0.2 |
| 13971 | American Water Works Co., Inc. | 1997434 | 1.4 |
| 1222 | Atmos Energy Corp. | 189019 | 0.1 |
| 5384 | CenterPoint Energy, Inc. | 200500 | 0.1 |
| 2594 | CMS Energy Corp. | 182177 | 0.1 |
| 1496 | Consolidated Edison, Inc. | 156317 | 0.1 |
| 871 | DTE Energy Co. | 119022 | 0.1 |
| 1950 | Edison International | 108517 | 0.1 |
| 4305 | Entergy Corp. | 358520 | 0.3 |
| 1785 | Essential Utilities, Inc. | 68776 | 0.1 |
| 3468 | Evergy, Inc. | 230310 | 0.2 |
| 933 | Eversource Energy | 60468 | 0 |
| 4999 | Exelon Corp. | 219056 | 0.2 |
| 2972 | FirstEnergy Corp. | 124646 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Value Fund</u> <u>as of May 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**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)** |
| 672 | IDACORP, Inc. | $| 79934 | 0.1 |
| 9061 | MDU Resources Group, Inc. |  | 155759 | 0.1 |
| 2464 | National Fuel Gas Co. |  | 203378 | 0.1 |
| 5255 | NiSource, Inc. |  | 207783 | 0.1 |
| 984 | NRG Energy, Inc. |  | 153406 | 0.1 |
| 4078 | OGE Energy Corp. |  | 181349 | 0.1 |
| 2646 | PG&E Corp. |  | 44664 | 0.0 |
| 1998 | Pinnacle West Capital Corp. |  | 182277 | 0.1 |
| 4857 | PPL Corp. |  | 168781 | 0.1 |
| 3041 | Public Service Enterprise Group, Inc. |  | 246412 | 0.2 |
| 2044 | UGI Corp. |  | 73707 | 0.1 |
| 1916 | WEC Energy Group, Inc. |  | 205855 | 0.1 |
| 13219 | Xcel Energy, Inc. |  | 926652 | 0.6 |
|  |  |  | **9945171** | **6.9** |
|  | Total Common Stock |  |  |  |
|  | (Cost $132,872,153) |  | **137826853** | **96.3** |
| **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** | **EXCHANGE-TRADED FUNDS: 0.2%** |
| 4372 | iShares Russell Mid-Cap ETF |  | **388933** | **0.2** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $381,649) |  | **388933** | **0.2** |
| **OTHER: —%** | **OTHER: —%** | **OTHER: —%** | **OTHER: —%** | **OTHER: —%** |
|  | **Communication Services: —%** | **Communication Services: —%** | **Communication Services: —%** | **Communication Services: —%** |
| 1308 <sup>(2)(3)(4)</sup> | GCI Liberty, Inc. - Class A |  | **—** | **—** |
|  | Total Other |  |  |  |
|  | (Cost $—) |  | **—** | **—** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $133,253,802) |  | **138215786** | **96.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 3.4%** | **SHORT-TERM INVESTMENTS: 3.4%** | **SHORT-TERM INVESTMENTS: 3.4%** | **SHORT-TERM INVESTMENTS: 3.4%** |
|  | **Mutual Funds: 3.4%** | **Mutual Funds: 3.4%** | **Mutual Funds: 3.4%** |
| 4832244 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.210% |  |  |
|  | (Cost $4,832,244) | $**4832244** | **3.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $4,832,244) | $**4832244** | **3.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $138,086,046)** | $**143048030** | **99.9** |
|  | **Assets in Excess of Other Liabilities** | **97764** | **0.1** |
|  | **Net Assets** | $**143145794** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(3)</sup> | Represents an escrow position for future entitlements, if any, on the stock. The escrow position was received as part of a settlement agreement. These holdings are non-income producing. |
| <sup>(4)</sup> | Restricted security as to resale, excluding Rule 144A securities. As of May 31, 2025, the Fund held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of May 31, 2025. |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Mid Cap PORTFOLIO OF INVESTMENTS <br> <u>Value Fund</u> <u>as of May 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $137826853 | $— | $— | $137826853 |
| Exchange-Traded Funds | 388933 |  |  | 388933 |
| Short-Term Investments | 4832244 |  |  | 4832244 |
| Total Investments, at fair value | $143048030 | $— | $— | $143048030 |

---

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

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

**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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Financial, Inc. | $47388 | $— | $(46153) | $(1235) | $— | $— | $(1685) | $— |
|  | $47388 | $— | $(46153) | $(1235) | $— | $— | $(1685) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At May 31, 2025, Voya Multi-Manager Mid Cap Value Fund held the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Acquisition Cost** | **Fair Value** |
| GCI Liberty, Inc. - Class A | 5/23/2023&nbsp;&nbsp;&nbsp;&nbsp; | $— | $— |
|  |  | $— | $— |

---

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $139,103,632. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $13266960 |
| Gross Unrealized Depreciation | (9322562) |
| Net Unrealized Appreciation | $3944398 |

---

See Accompanying Notes to Financial Statements

Voya Small Cap Growth Fund PORTFOLIO OF INVESTMENTS as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 96.6%** | **COMMON STOCK: 96.6%** | | |
|  | **Consumer Discretionary: 9.0%** |  |  |
| 391409 | Camping World Holdings, Inc. - Class A | $6364310 | 0.5 |
| 184972 <sup>(1)</sup> | Cava Group, Inc. | 15032674 | 1.2 |
| 117588 | Churchill Downs, Inc. | 11226126 | 0.9 |
| 100167 <sup>(1)</sup> | Five Below, Inc. | 11676467 | 0.9 |
| 1760291 <sup>(1)</sup> | Genius Sports Ltd. | 16881191 | 1.3 |
| 161427 <sup>(1)</sup> | Kura Sushi USA, Inc. - Class A | 10663868 | 0.8 |
| 110516 | Patrick Industries, Inc. | 9488904 | 0.8 |
| 298152 <sup>(1)</sup> | Skyline Champion Corp. | 19499141 | 1.5 |
| 39847 | Wingstop, Inc. | 13615720 | 1.1 |
|  |  | **114448401** | **9.0** |
|  | **Consumer Staples: 3.4%** |  |  |
| 463137 <sup>(1)</sup> | Celsius Holdings, Inc. | 17543629 | 1.4 |
| 101877 <sup>(1)</sup> | e.l.f. Beauty, Inc. | 11460144 | 0.9 |
| 406593 <sup>(1)</sup> | Vita Coco Co., Inc. | 14470645 | 1.1 |
|  |  | **43474418** | **3.4** |
|  | **Energy: 2.8%** |  |  |
| 416863 | Kodiak Gas Services, Inc. | 14719433 | 1.1 |
| 286804 | Magnolia Oil & Gas Corp. - Class A | 6166286 | 0.5 |
| 556604 | Northern Oil and Gas, Inc. | 14794534 | 1.2 |
|  |  | **35680253** | **2.8** |
|  | **Financials: 8.6%** |  |  |
| 284925 | Moelis & Co. - Class A | 16272067 | 1.3 |
| 75583 | Piper Sandler Cos. | 19005345 | 1.5 |
| 182823 <sup>(1)</sup> | Shift4 Payments, Inc. - Class A | 17329792 | 1.3 |
| 278192 <sup>(1)</sup> | Skyward Specialty Insurance Group, Inc. | 17623463 | 1.4 |
| 218328 | StepStone Group, Inc. - Class A | 12630275 | 1 |
| 367861 | Western Alliance Bancorp | 26636815 | 2.1 |
|  |  | **109497757** | **8.6** |
|  | **Health Care: 21.1%** |  |  |
| 724184 <sup>(1)</sup> | Adaptive Biotechnologies Corp. | 6894232 | 0.5 |
| 132339 <sup>(1)</sup> | Addus HomeCare Corp. | 14677719 | 1.1 |
| 441824 <sup>(1)</sup> | ADMA Biologics, Inc. | 8765788 | 0.7 |
| 833323 <sup>(1)</sup> | Alignment Healthcare, Inc. | 12808175 | 1 |
| 239493 <sup>(1)</sup> | Alkermes PLC | 7330881 | 0.6 |
| 127038 <sup>(1)</sup> | Arcellx, Inc. | 7883978 | 0.6 |
| 144745 <sup>(1)</sup> | Avidity Biosciences, Inc. | 4484200 | 0.3 |
| 59622 <sup>(1)</sup> | Axsome Therapeutics, Inc. | 6269850 | 0.5 |
| 363112 <sup>(1)</sup> | BioLife Solutions, Inc. | 7944891 | 0.6 |
| 252140 | Bio-Techne Corp. | 12203576 | 1 |
| 136495 <sup>(1)</sup> | Blueprint Medicines Corp. | 13833768 | 1.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 101183 <sup>(1)</sup> | Corcept Therapeutics, Inc. | $7847754 | 0.6 |
| 192944 <sup>(1)</sup> | Crinetics Pharmaceuticals, Inc. | 5886721 | 0.5 |
| 168360 | Ensign Group, Inc. | 24792694 | 1.9 |
| 32365 <sup>(1)</sup> | GeneDx Holdings Corp. | 2305035 | 0.2 |
| 51029 <sup>(1)</sup> | Glaukos Corp. | 4811524 | 0.4 |
| 233489 <sup>(1)</sup> | Guardant Health, Inc. | 9484323 | 0.7 |
| 126893 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 7114891 | 0.6 |
| 170071 <sup>(1)</sup> | HealthEquity, Inc. | 17110843 | 1.3 |
| 194717 <sup>(1)</sup> | Insmed, Inc. | 13577616 | 1.1 |
| 32299 <sup>(1)</sup> | Krystal Biotech, Inc. | 4068382 | 0.3 |
| 64640 <sup>(1)</sup> | Lantheus Holdings, Inc. | 4884198 | 0.4 |
| 18531 <sup>(1)</sup> | Madrigal Pharmaceuticals, Inc. | 5100843 | 0.4 |
| 107415 <sup>(1)</sup> | Merit Medical Systems, Inc. | 10207647 | 0.8 |
| 45466 <sup>(1)</sup> | Nuvalent, Inc. - Class A | 3392218 | 0.3 |
| 45634 <sup>(1)</sup> | Penumbra, Inc. | 12182909 | 0.9 |
| 215078 <sup>(1)</sup> | RadNet, Inc. | 12364834 | 1 |
| 186842 <sup>(1)</sup> | Revolution Medicines, Inc. | 7361575 | 0.6 |
| 172152 <sup>(1)</sup> | TG Therapeutics, Inc. | 6044257 | 0.5 |
| 90839 <sup>(1)</sup> | Twist Bioscience Corp. | 2661583 | 0.2 |
| 148288 <sup>(1)</sup> | Vaxcyte, Inc. | 4817877 | 0.4 |
|  |  | **269114782** | **21.1** |
|  | **Industrials: 25.5%** |  |  |
| 191619 | AAON, Inc. | 18450993 | 1.4 |
| 174048 <sup>(1)</sup> | Casella Waste Systems, Inc. - Class A | 20400166 | 1.6 |
| 415957 <sup>(1)</sup> | CECO Environmental Corp. | 11185084 | 0.9 |
| 83932 <sup>(1)</sup> | Chart Industries, Inc. | 13165574 | 1 |
| 92505 <sup>(1)</sup> | Clean Harbors, Inc. | 20979209 | 1.6 |
| 157487 <sup>(1)</sup> | Construction Partners, Inc. - Class A | 16487314 | 1.3 |
| 67494 <sup>(1)</sup> | Dycom Industries, Inc. | 15518220 | 1.2 |
| 309371 <sup>(1)</sup> | ExlService Holdings, Inc. | 14227972 | 1.1 |
| 264845 | Flowserve Corp. | 13218414 | 1 |
| 56720 | FTAI Aviation Ltd. | 6644748 | 0.5 |
| 254832 | Granite Construction, Inc. | 22794722 | 1.8 |
| 132955 | John Bean Technologies Corp. | 15264564 | 1.2 |
| 210364 <sup>(1)</sup> | Kirby Corp. | 23274673 | 1.8 |
| 547331 <sup>(1)</sup> | Kratos Defense & Security Solutions, Inc. | 20191041 | 1.6 |
| 295819 <sup>(1)</sup> | NV5 Global, Inc. | 6537600 | 0.5 |
| 373382 <sup>(1)</sup> | Rocket Lab Corp. | 10002904 | 0.8 |
| 46842 <sup>(1)</sup> | Saia, Inc. | 12385493 | 1 |
| 105747 <sup>(1)</sup> | SiteOne Landscape Supply, Inc. | 12352307 | 1 |
| 80968 | Standex International Corp. | 12221310 | 1 |
| 155224 <sup>(1)</sup> | Trex Co., Inc. | 8672365 | 0.7 |

---

See Accompanying Notes to Financial Statements

Voya Small Cap Growth Fund PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 107229 | VSE Corp. | $13949421 | 1.1 |
| 314271 <sup>(1)</sup> | WNS Holdings Ltd. | 18224575 | 1.4 |
|  |  | **326148669** | **25.5** |
|  | **Information Technology: 21.6%** |  |  |
| 480249 <sup>(1)</sup> | ACI Worldwide, Inc. | 22216319 | 1.7 |
| 181544 <sup>(1)</sup> | Agilysys, Inc. | 19227325 | 1.5 |
| 412415 <sup>(1)</sup> | Allegro MicroSystems, Inc. | 10454720 | 0.8 |
| 323263 <sup>(1)</sup> | Applied Digital Corp. | 2207886 | 0.2 |
| 40610 <sup>(1)</sup> | CyberArk Software Ltd. | 15544696 | 1.2 |
| 82639 <sup>(1)</sup> | Fannie Mae | 19244144 | 1.5 |
| 443242 <sup>(1)</sup> | FormFactor, Inc. | 13230774 | 1 |
| 284321 <sup>(1)</sup> | Gitlab, Inc. - Class A | 12939449 | 1 |
| 203069 <sup>(1)</sup> | Intapp, Inc. | 11193163 | 0.9 |
| 312736 <sup>(1)</sup> | Lumentum Holdings, Inc. | 22604558 | 1.8 |
| 256086 <sup>(1)</sup> | Procore Technologies, Inc. | 17201297 | 1.3 |
| 200265 <sup>(1)</sup> | Q2 Holdings, Inc. | 17527193 | 1.4 |
| 490209 <sup>(1)</sup> | Rambus, Inc. | 26211475 | 2.1 |
| 103370 <sup>(1)</sup> | SiTime Corp. | 20267756 | 1.6 |
| 636982 <sup>(1)</sup> | Tower Semiconductor Ltd. | 25122570 | 2 |
| 246437 <sup>(1)</sup> | Varonis Systems, Inc. | 11750116 | 0.9 |
| 869980 <sup>(1)</sup> | Weave Communications, Inc. | 8395307 | 0.7 |
|  |  | **275338748** | **21.6** |
|  | **Materials: 3.6%** |  |  |
| 100035 | Carpenter Technology Corp. | 23508225 | 1.8 |
| 103546 | Innospec, Inc. | 8809694 | 0.7 |
| 143205 <sup>(1)</sup> | Knife River Corp. | 13475590 | 1.1 |
|  |  | **45793509** | **3.6** |
|  | **Real Estate: 1.0%** |  |  |
| 74423 | FirstService Corp. | **13053422** | **1.0** |
|  | Total Common Stock |  |  |
|  | (Cost $1,146,632,803) | **1232549959** | **96.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 3.4%** | **SHORT-TERM INVESTMENTS: 3.4%** |  |  |
|  | **Mutual Funds: 3.4%** |  |  |
| 42974000 <sup>(2)</sup> | Morgan Stanley |  |  |
|  | Institutional Liquidity |  |  |
|  | Funds - Government |  |  |
|  | Portfolio (Institutional |  |  |
|  | Share Class), 4.220% |  |  |
|  | (Cost $42,974,000) | $**42974000** | **3.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $42,974,000) | $**42974000** | **3.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,189,606,803)** | $**1275523959** | **100.0** |
|  | **Assets in Excess of Other Liabilities** | **450123** | **0.0** |
|  | **Net Assets** | $**1275974082** | **100.0** |

---

<sup>(1)</sup> <sup></sup> Non-income producing security. <br> <sup>(2)</sup><sup></sup> Rate shown is the 7-day yield as of May 31, 2025.

See Accompanying Notes to Financial Statements

Voya Small Cap Growth Fund PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Signifiicant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Signifiicant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $1232549959 | $— | $— | $1232549959 |
| Short-Term Investments | 42974000 |  |  | 42974000 |
| Total Investments, at fair value | $1275523959 | $— | $— | $1275523959 |

---

^ 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 May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $1,201,494,084.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $151146499 |
| Gross Unrealized Depreciation | (77116906) |
| Net Unrealized Appreciation | $74029593 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended May 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Per Share** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Per Share** |
| **<u>Fund Name</u>** | &nbsp;&nbsp;**<u>Type</u>** | **<u>Amount</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund Name</u>** | **<u>Type</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Amount</u>** |
| Voya Large-Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya MidCap Opportunities Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | &nbsp;&nbsp;&nbsp;$2.5361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | NII | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.0266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Multi-Manager Mid Cap Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | &nbsp;&nbsp;&nbsp;$0.1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.0264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | STCG | &nbsp;&nbsp;&nbsp;$0.3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class W | NII | $0.0257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | LTCG | &nbsp;&nbsp;&nbsp;$0.5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $2.3027 |  |  |  |
| Voya Large Cap Value Fund |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Small Cap Growth Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.1469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | &nbsp;&nbsp;&nbsp;$0.6483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | NII | $0.0579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | NII | &nbsp;&nbsp;&nbsp;$0.3399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.1837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | &nbsp;&nbsp;&nbsp;$0.7935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | &nbsp;&nbsp;&nbsp;$0.6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.1888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | &nbsp;&nbsp;&nbsp;$0.8263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class W | NII | $0.1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | NII | &nbsp;&nbsp;&nbsp;$0.7767 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.2507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | &nbsp;&nbsp;&nbsp;$0.4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.3069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | &nbsp;&nbsp;&nbsp;$3.2774 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Of the ordinary distributions made during the year ended May 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Large-Cap Growth Fund | 100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Value Fund | &nbsp;&nbsp;69.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Multi-Manager Mid Cap Value Fund | &nbsp;&nbsp;49.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Small Cap Growth Fund | &nbsp;&nbsp;23.71% |

---

For the year ended May 31, 2025, the following are percentages of ordinary distributions paid by the Funds that are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Large-Cap Growth Fund | 100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Value Fund | &nbsp;&nbsp;71.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Multi-Manager Mid Cap Value Fund | &nbsp;&nbsp;50.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Small Cap Growth Fund | &nbsp;&nbsp;24.50% |

---

For the year ended May 31, 2025, the Funds designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Large-Cap Growth Fund | $30127352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Value Fund | $76016604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya MidCap Opportunities Fund | $75371643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Multi-Manager Mid Cap Value Fund | $8248367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Small Cap Growth Fund | $85233316 |

---

TAX INFORMATION (Unaudited) (continued)

The Funds designate the following amounts as Section 199A dividends:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Voya Large Cap Value Fund | $658673 |
| &nbsp;&nbsp;&nbsp;Voya Multi-Manager Mid Cap Value Fund | $397552 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

---

| | |
|:---|:---|
| **Investment Adviser** <br> Voya Investments, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258<br>**Distributor** <br> Voya Investments Distributor, LLC <br> 7337 East Doubletree Ranch Road, Suite 100 <br> Scottsdale, Arizona 85258<br>**Transfer Agent** <br> BNY Mellon Investment Servicing (U.S.) Inc. <br> 103 Bellevue Parkway <br> Wilmington, Delaware 19809<br>| **Independent Registered Public Accounting Firm** <br> Ernst & Young LLP <br> 200 Clarendon Street <br> Boston, Massachusetts 02116<br>**Custodian** <br> The Bank of New York Mellon <br> 225 Liberty Street <br> New York, New York 10286<br>**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.**

**163058 (0525)**

![](tm2520696d2_capappafinimg4.jpg)

Annual Financial Statements and Other Information

**May 31, 2025**

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

**Domestic Equity and Growth Funds**

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
 Corporate Leaders<sup>®</sup> 100 Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Small Company Fund

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.

---

| | |
|:---|:---|
| ![](tm2520696d2_capappafinimg3.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
|  | ![](tm2520696d2_capappafinimg2.jpg) |
| **INVESTMENT MANAGEMENT** | ![](tm2520696d2_capappafinimg2.jpg) |
|  | ![](tm2520696d2_capappafinimg2.jpg) |
| **voyainvestments.com** | ![](tm2520696d2_capappafinimg2.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | [1](#a_001) |
| [Statements of Assets and Liabilities](#a_002) | [2](#a_002) |
| [Statements of Operations](#a_003) | [4](#a_003) |
| [Statements of Changes in Net Assets](#a_004) | [5](#a_004) |
| [Financial Highlights](#a_005) | [6](#a_005) |
| [Notes to Financial Statements](#a_07) | [8](#a_07) |
| [Portfolio of Investments](#a_08) | [19](#a_08) |
| [Tax Information](#a_09) | [28](#a_09) |

---

---

| |
|:---|
| **Go Paperless with E-Delivery!** |
| Sign up now for on-line prospectuses, tailored shareholder 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; and (2) on the U.S. Securities and Exchange Commission's ("SEC's") website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds' website at https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Corporate Leaders<sup>®</sup> 100 Fund and Voya Small Company Fund and the Board of Trustees of Voya Equity Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Corporate Leaders<sup>®</sup> 100 Fund and Voya Small Company Fund (collectively referred to as the "Funds") (two of the funds constituting Voya Equity Trust (the "Trust")), including the portfolios of investments, as of May 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (two of the funds constituting Voya Equity Trust) at May 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2520696d2_capappafinimg1.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

July 23, 2025

STATEMENTS OF ASSETS AND LIABILITIES as of May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya Corporate**<br>**Leaders<sup>®</sup> 100 Fund** | **Voya Small**<br>**Company Fund** |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $1090072221 | $149133087 |
| Short-term investments at fair value† | 9539000 | 4251674 |
| Cash | 70326 | 33057 |
| Cash collateral for futures contracts | 723845 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 748063 | 54759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1782602 | 133092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 116 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 13948 |
| Prepaid expenses | 66091 | 30627 |
| Reimbursement due from Investment Adviser | 159389 | 16725 |
| Other assets | 56474 | 27539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1103218127 | 153694522 |
| **LIABILITIES:** |  |  |
| Payable for fund shares redeemed | 930710 | 43826 |
| Payable upon receipt of securities loaned |  | 3527674 |
| Variation margin payable on futures contracts | 11139 |  |
| Payable for investment management fees | 430052 | 95308 |
| Payable for distribution and shareholder service fees | 172863 | 6670 |
| Payable to trustees under the deferred compensation plan (Note 6) | 56474 | 27539 |
| Payable for trustee fees | 2691 | 454 |
| Other accrued expenses and liabilities | 296900 | 99272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1900829 | 3800743 |
| **NET ASSETS** | $1101317298 | $149893779 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $595552045 | $167562091 |
| Total distributable earnings (loss) | 505765253 | (17668312) |
| **NET ASSETS** | $1101317298 | $149893779 |
| + Including securities loaned at value | $— | $3404681 |
| \* Cost of investments in securities | $604767901 | $176809276 |
| † Cost of short-term investments | $9539000 | $4251674 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of May 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
|  | **Voya Corporate**<br>**Leaders<sup>®</sup> 100 Fund** | **Voya Small**<br>**Company Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $543411113 | $28378732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 21711128 | 2843839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $25.03 | $9.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $26.56 | $10.59 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $35525108 | $677915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1427481 | 124760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $24.89 | $5.43 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $408309017 | $50271864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 16275283 | 3603052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $25.09 | $13.95 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $90081788 | $87494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3640445 | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $24.74 | $9.94 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $10880893 | $45580167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 433433 | 3251779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $25.10 | $14.02 |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $13109379 | $24897607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.010 | $0.010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 519981 | 1785346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $25.21 | $13.95 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Voya Corporate**<br>**Leaders<sup>®</sup> 100 Fund** | **Voya Small**<br>**Company Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $24397059 | $2688139 |
| Interest | 24989 | 1986 |
| Securities lending income, net | 132 | 117097 |
| Other | 6393 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 24428573 | 2808340 |
| **EXPENSES:** |  |  |
| Investment management fees | 5056276 | 1362469 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1311941 | 76530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 381370 | 9922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 432648 | 413 |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 448917 | 30167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 32647 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 383146 | 43922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 74023 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 496 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 10733 | 25638 |
| Shareholder reporting expense | 71414 | 2618 |
| Registration fees | 122073 | 94674 |
| Professional fees | 122951 | 7776 |
| Custody and accounting expense | 74260 | 17065 |
| Trustee fees | 26924 | 4542 |
| Licensing fee (Note 7) | 205753 |  |
| Miscellaneous expense | 91415 | 4370 |
| Interest expense | 4756 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 8851743 | 1683968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (1036524) | (22458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 7815219 | 1661510 |
| Net investment income | 16613354 | 1146830 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 59452395 | 27181498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 333864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 59786259 | 27181498 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 66541638 | (15368864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 771039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 67312677 | (15368898) |
| Net realized and unrealized gain | 127098936 | 11812600 |
| **Increase in net assets resulting from operations** | $143712290 | $12959430 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $— | $26836 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** |
|  | **Year Ended<br> May 31,<br> 2025** | **Year Ended<br> May 31,<br> 2024** | **Year Ended<br> May 31,<br> 2025** | **Year Ended<br> May 31,<br> 2024** |
| **FROM OPERATIONS:** | | | | |
| Net investment income | $16613354 | $16094349 | $1146830 | $1845322 |
| Net realized gain | 59786259 | 55082019 | 27181498 | 15133312 |
| Net change in unrealized appreciation (depreciation) | 67312677 | 117896993 | (15368898) | 12715970 |
| Increase in net assets resulting from operations | 143712290 | 189073361 | 12959430 | 29694604 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (34348830) | (19856407) | (4813088) | (77784) |
| &nbsp;&nbsp;&nbsp;Class C | (2360119) | (1596819) | (257270) |  |
| &nbsp;&nbsp;&nbsp;Class I | (27623470) | (14540284) | (6579491) | (186700) |
| &nbsp;&nbsp;&nbsp;Class R | (5531205) | (3063289) | (12842) |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (759732) | (584462) | (6777391) | (391252) |
| &nbsp;&nbsp;&nbsp;Class W | (869490) | (582470) | (3029352) | (39757) |
| Total distributions | (71492846) | (40223731) | (21469434) | (695493) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 204427163 | 246552322 | 24609236 | 74720745 |
| Reinvestment of distributions | 65929010 | 37090642 | 21061252 | 681743 |
|  | 270356173 | 283642964 | 45670488 | 75402488 |
| Cost of shares redeemed | (251812418) | (215906826) | (94120993) | (66551374) |
| Net increase (decrease) in net assets resulting from capital share transactions | 18543755 | 67736138 | (48450505) | 8851114 |
| Net increase (decrease) in net assets | 90763199 | 216585768 | (56960509) | 37850225 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1010554099 | 793968331 | 206854288 | 169004063 |
| End of year or period | $1101317298 | $1010554099 | $149893779 | $206854288 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

------

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions |<br>Payment by affiliate |<br>Net asset value, end of year or period |<br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
|  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** | **Voya Corporate Leaders<sup>®</sup> 100 Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 23.28 | 0.36 | <sup>•</sup> | 3.06 | 3.42 | 0.39 | 1.28 |  | 1.67 |  | 25.03 | **14.81** | 0.87 | 0.81 | 0.81 | 1.46 | 543411 | 29 |
| 05-31-24 | 19.79 | 0.37 | <sup>•</sup> | 4.07 | 4.44 | 0.34 | 0.61 |  | 0.95 |  | 23.28 | **22.92** | 0.86 | 0.81 | 0.81 | 1.70 | 497913 | 24 |
| 05-31-23 | 20.76 | 0.34 | <sup>•</sup> | (0.21) | 0.13 | 0.33 | 0.77 |  | 1.10 |  | 19.79 | **0.83** | 0.92 | 0.81 | 0.81 | 1.70 | 418159 | 29 |
| 05-31-22 | 22.56 | 0.29 | <sup>•</sup> | (0.31) | (0.02) | 0.28 | 1.50 |  | 1.78 |  | 20.76 | **(0.68)** | 0.89 | 0.81 | 0.81 | 1.29 | 428157 | 28 |
| 05-31-21 | 19.35 | 0.31 | <sup>•</sup> | 7.79 | 8.10 | 0.40 | 4.49 |  | 4.89 |  | 22.56 | **46.33** | 0.96 | 0.81 | 0.81 | 1.49 | 441976 | 27 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 05-31-25 | 23.15 | 0.23 | <sup>•</sup> | 3.05 | 3.28 | 0.26 | 1.28 |  | 1.54 |  | 24.89 | **14.24** | 1.62 | 1.32 | 1.32 | 0.95 | 35525 | 29 |
| 05-31-24 | 19.66 | 0.26 | <sup>•</sup> | 4.03 | 4.29 | 0.19 | 0.61 |  | 0.80 |  | 23.15 | **22.26** | 1.61 | 1.31 | 1.31 | 1.20 | 39073 | 24 |
| 05-31-23 | 20.61 | 0.23 | <sup>•</sup> | (0.20) | 0.03 | 0.21 | 0.77 |  | 0.98 |  | 19.66 | **0.31** | 1.67 | 1.35 | 1.35 | 1.15 | 47270 | 29 |
| 05-31-22 | 22.39 | 0.17 | <sup>•</sup> | (0.31) | (0.14) | 0.14 | 1.50 |  | 1.64 |  | 20.61 | **(1.19)** | 1.64 | 1.34 | 1.34 | 0.75 | 63022 | 28 |
| 05-31-21 | 19.21 | 0.19 | <sup>•</sup> | 7.73 | 7.92 | 0.25 | 4.49 |  | 4.74 |  | 22.39 | **45.54** | 1.71 | 1.38 | 1.38 | 0.92 | 78110 | 27 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 05-31-25 | 23.33 | 0.44 | <sup>•</sup> | 3.07 | 3.51 | 0.47 | 1.28 |  | 1.75 |  | 25.09 | **15.17** | 0.63 | 0.49 | 0.49 | 1.77 | 408309 | 29 |
| 05-31-24 | 19.83 | 0.44 | <sup>•</sup> | 4.07 | 4.51 | 0.40 | 0.61 |  | 1.01 |  | 23.33 | **23.30** | 0.60 | 0.49 | 0.49 | 2.02 | 366733 | 24 |
| 05-31-23 | 20.80 | 0.40 | <sup>•</sup> | (0.20) | 0.20 | 0.40 | 0.77 |  | 1.17 |  | 19.83 | **1.16** | 0.63 | 0.49 | 0.49 | 2.02 | 243883 | 29 |
| 05-31-22 | 22.60 | 0.37 | <sup>•</sup> | (0.32) | 0.05 | 0.35 | 1.50 |  | 1.85 |  | 20.80 | **(0.37)** | 0.60 | 0.49 | 0.49 | 1.64 | 308185 | 28 |
| 05-31-21 | 19.37 | 0.38 | <sup>•</sup> | 7.80 | 8.18 | 0.46 | 4.49 |  | 4.95 |  | 22.60 | **46.84** | 0.65 | 0.49 | 0.49 | 1.80 | 213638 | 27 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 05-31-25 | 23.04 | 0.29 | <sup>•</sup> | 3.03 | 3.32 | 0.34 | 1.28 |  | 1.62 |  | 24.74 | **14.47** | 1.12 | 1.07 | 1.07 | 1.20 | 90082 | 29 |
| 05-31-24 | 19.59 | 0.31 | <sup>•</sup> | 4.03 | 4.34 | 0.28 | 0.61 |  | 0.89 |  | 23.04 | **22.63** | 1.11 | 1.06 | 1.06 | 1.45 | 81768 | 24 |
| 05-31-23 | 20.57 | 0.28 | <sup>•</sup> | (0.21) | 0.07 | 0.28 | 0.77 |  | 1.05 |  | 19.59 | **0.54** | 1.17 | 1.10 | 1.10 | 1.41 | 65878 | 29 |
| 05-31-22 | 22.37 | 0.23 | <sup>•</sup> | (0.32) | (0.09) | 0.21 | 1.50 |  | 1.71 |  | 20.57 | **(0.98)** | 1.14 | 1.09 | 1.09 | 1.02 | 62865 | 28 |
| 05-31-21 | 19.21 | 0.24 | <sup>•</sup> | 7.73 | 7.97 | 0.32 | 4.49 |  | 4.81 |  | 22.37 | **45.93** | 1.21 | 1.13 | 1.13 | 1.17 | 63791 | 27 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 05-31-25 | 23.34 | 0.44 | <sup>•</sup> | 3.08 | 3.52 | 0.48 | 1.28 |  | 1.76 |  | 25.10 | **15.18** | 0.53 | 0.48 | 0.48 | 1.78 | 10881 | 29 |
| 05-31-24 | 19.84 | 0.44 | <sup>•</sup> | 4.07 | 4.51 | 0.40 | 0.61 |  | 1.01 |  | 23.34 | **23.27** | 0.54 | 0.48 | 0.48 | 2.00 | 13489 | 24 |
| 05-31-23 | 20.81 | 0.40 | <sup>•</sup> | (0.20) | 0.20 | 0.40 | 0.77 |  | 1.17 |  | 19.84 | **1.16** | 0.56 | 0.48 | 0.48 | 2.03 | 7112 | 29 |
| 05-31-22 | 22.61 | 0.36 | <sup>•</sup> | (0.31) | 0.05 | 0.35 | 1.50 |  | 1.85 |  | 20.81 | **(0.36)** | 0.54 | 0.48 | 0.48 | 1.58 | 7323 | 28 |
| 05-31-21 | 19.38 | 0.38 | <sup>•</sup> | 7.81 | 8.19 | 0.47 | 4.49 |  | 4.96 |  | 22.61 | **46.83** | 0.56 | 0.48 | 0.48 | 1.82 | 13764 | 27 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 05-31-25 | 23.44 | 0.42 | <sup>•</sup> | 3.09 | 3.51 | 0.46 | 1.28 |  | 1.74 |  | 25.21 | **15.07** | 0.62 | 0.56 | 0.56 | 1.71 | 13109 | 29 |
| 05-31-24 | 19.92 | 0.42 | <sup>•</sup> | 4.10 | 4.52 | 0.39 | 0.61 |  | 1.00 |  | 23.44 | **23.22** | 0.61 | 0.56 | 0.56 | 1.95 | 11578 | 24 |
| 05-31-23 | 20.89 | 0.39 | <sup>•</sup> | (0.21) | 0.18 | 0.38 | 0.77 |  | 1.15 |  | 19.92 | **1.08** | 0.67 | 0.56 | 0.56 | 1.95 | 11668 | 29 |
| 05-31-22 | 22.69 | 0.35 | <sup>•</sup> | (0.32) | 0.03 | 0.33 | 1.50 |  | 1.83 |  | 20.89 | **(0.44)** | 0.64 | 0.56 | 0.56 | 1.54 | 13848 | 28 |
| 05-31-21 | 19.41 | 0.37 | <sup>•</sup> | 7.82 | 8.19 | 0.42 | 4.49 |  | 4.91 |  | 22.69 | **46.75** | 0.71 | 0.56 | 0.56 | 1.74 | 16255 | 27 |
| **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** | **Voya Small Company Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 11.20 | 0.04 | <sup>•</sup> | 0.63 | 0.67 | 0.21 | 1.68 |  | 1.89 |  | 9.98 | **4.14** | 1.17 | 1.17 | 1.17 | 0.36 | 28379 | 179 |
| 05-31-24 | 9.51 | 0.07 | <sup>•</sup> | 1.65 | 1.72 | 0.03 |  |  | 0.03 |  | 11.20 | **18.08** | 1.18 | 1.18 | 1.18 | 0.69 | 30541 | 197 |
| 05-31-23 | 10.11 | 0.04 | <sup>•</sup> | (0.61) | (0.57) | 0.03 |  |  | 0.03 |  | 9.51 | **(5.69)** | 1.21 | 1.18 | 1.18 | 0.39 | 29041 | 314 |
| 05-31-22 | 15.58 | (0.05) | <sup>)•</sup> | (1.62) | (1.67) |  | 3.80 |  | 3.80 |  | 10.11 | **(12.61)** | 1.39 | 1.34 | 1.34 | (0.42) | 34940 | 111 |
| 05-31-21 | 9.86 | (0.05) | <sup>)•</sup> | 5.77 | 5.72 |  |  |  |  |  | 15.58 | **58.01** | 1.48 | 1.35 | 1.35 | (0.41) | 44179 | 143 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 05-31-25 | 6.84 | (0.02) | <sup>)•</sup> | 0.46 | 0.44 | 0.17 | 1.68 |  | 1.85 |  | 5.43 | **3.29** | 1.92 | 1.92 | 1.92 | (0.38) | 678 | 179 |
| 05-31-24 | 5.84 | (0.00) | <sup>)\*•</sup> | 1.00 | 1.00 |  |  |  |  |  | 6.84 | **17.12** | 1.93 | 1.93 | 1.93 | (0.06) | 1118 | 197 |
| 05-31-23 | 6.23 | (0.02) | <sup>)•</sup> | (0.37) | (0.39) | 0.00 \* |  |  | 0.00 \* |  | 5.84 | **(6.26)** | 1.96 | 1.93 | 1.93 | (0.38) | 1378 | 314 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions |<br>Payment by affiliate |<br>Net asset value, end of year or period |<br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/ <br> additions<sup>(2)(3)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/ <br> additions<sup>(2)(3)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
|  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** | **Voya Small Company Fund (continued)** |
| **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** |
| 05-31-22 | 11.22 | (0.11) | <sup>)•</sup> | (1.08) | (1.19) |  | 3.80 |  | 3.80 |  | 6.23 | **(13.39)** | 2.14 | 2.09 | 2.09 | (1.19) | 2144 | 111 |
| 05-31-21 | 7.15 | (0.10) | <sup>)•</sup> | 4.17 | 4.07 |  |  |  |  |  | 11.22 | **56.92** | 2.23 | 2.10 | 2.10 | (1.16) | 4353 | 143 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 05-31-25 | 15.00 | 0.10 | <sup>•</sup> | 0.78 | 0.88 | 0.25 | 1.68 |  | 1.93 |  | 13.95 | **4.46** | 0.90 | 0.86 | 0.86 | 0.67 | 50272 | 179 |
| 05-31-24 | 12.73 | 0.14 | <sup>•</sup> | 2.19 | 2.33 | 0.06 |  |  | 0.06 |  | 15.00 | **18.38** | 0.87 | 0.87 | 0.87 | 1.00 | 56201 | 197 |
| 05-31-23 | 13.51 | 0.08 | <sup>•</sup> | (0.81) | (0.73) | 0.05 |  |  | 0.05 |  | 12.73 | **(5.37)** | 0.94 | 0.87 | 0.87 | 0.65 | 35491 | 314 |
| 05-31-22 | 19.42 | (0.02) | <sup>)•</sup> | (2.09) | (2.11) |  | 3.80 |  | 3.80 |  | 13.51 | **(12.36)** | 1.04 | 1.03 | 1.03 | (0.14) | 88522 | 111 |
| 05-31-21 | 12.27 | (0.02) | <sup>)•</sup> | 7.19 | 7.17 |  | 0.02 |  | 0.02 |  | 19.42 | **58.49** | 1.24 | 1.04 | 1.04 | (0.10) | 235238 | 143 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 05-31-25 | 11.16 | 0.01 | <sup>•</sup> | 0.63 | 0.64 | 0.18 | 1.68 |  | 1.86 |  | 9.94 | **3.89** | 1.42 | 1.42 | 1.42 | 0.11 | 87 | 179 |
| 05-31-24 | 9.47 | 0.04 | <sup>•</sup> | 1.65 | 1.69 |  |  |  |  |  | 11.16 | **17.85** | 1.43 | 1.43 | 1.43 | 0.43 | 87 | 197 |
| 05-31-23 | 10.08 | 0.02 | <sup>•</sup> | (0.62) | (0.60) | 0.01 |  |  | 0.01 |  | 9.47 | **(5.92)** | 1.46 | 1.43 | 1.43 | 0.17 | 95 | 314 |
| 05-31-22 | 15.58 | (0.08) | <sup>)•</sup> | (1.62) | (1.70) |  | 3.80 |  | 3.80 |  | 10.08 | **(12.83)** | 1.64 | 1.59 | 1.59 | (0.65) | 71 | 111 |
| 05-31-21 | 9.89 | (0.08) | <sup>)•</sup> | 5.77 | 5.69 |  |  |  |  |  | 15.58 | **57.53** | 1.73 | 1.60 | 1.60 | (0.67) | 70 | 143 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 05-31-25 | 15.07 | 0.12 | <sup>•</sup> | 0.77 | 0.89 | 0.26 | 1.68 |  | 1.94 |  | 14.02 | **4.49** | 0.82 | 0.82 | 0.82 | 0.75 | 45580 | 179 |
| 05-31-24 | 12.77 | 0.15 | <sup>•</sup> | 2.21 | 2.36 | 0.06 |  |  | 0.06 |  | 15.07 | **18.54** | 0.82 | 0.82 | 0.82 | 1.05 | 92714 | 197 |
| 05-31-23 | 13.56 | 0.10 | <sup>•</sup> | (0.83) | (0.73) | 0.06 |  |  | 0.06 |  | 12.77 | **(5.38)** | 0.85 | 0.85 | 0.85 | 0.78 | 84357 | 314 |
| 05-31-22 | 19.47 | (0.02) | <sup>)•</sup> | (2.09) | (2.11) |  | 3.80 |  | 3.80 |  | 13.56 | **(12.32)** | 1.03 | 1.00 | 1.00 | (0.09) | 41310 | 111 |
| 05-31-21 | 12.30 | (0.01) | <sup>)•</sup> | 7.20 | 7.19 |  | 0.02 |  | 0.02 |  | 19.47 | **58.52** | 1.05 | 1.03 | 1.03 | (0.09) | 108522 | 143 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 05-31-25 | 14.99 | 0.09 | <sup>•</sup> | 0.79 | 0.88 | 0.24 | 1.68 |  | 1.92 |  | 13.95 | **4.46** | 0.92 | 0.92 | 0.92 | 0.61 | 24898 | 179 |
| 05-31-24 | 12.71 | 0.14 | <sup>•</sup> | 2.18 | 2.32 | 0.04 |  |  | 0.04 |  | 14.99 | **18.26** | 0.93 | 0.93 | 0.93 | 0.96 | 26194 | 197 |
| 05-31-23 | 13.49 | 0.08 | <sup>•</sup> | (0.81) | (0.73) | 0.05 |  |  | 0.05 |  | 12.71 | **(5.41)** | 0.96 | 0.93 | 0.93 | 0.62 | 18641 | 314 |
| 05-31-22 | 19.41 | (0.03) | <sup>)•</sup> | (2.09) | (2.12) |  | 3.80 |  | 3.80 |  | 13.49 | **(12.43)** | 1.14 | 1.09 | 1.09 | (0.17) | 49206 | 111 |
| 05-31-21 | 12.27 | (0.02) | <sup>)•</sup> | 7.18 | 7.16 |  | 0.02 |  | 0.02 |  | 19.41 | **58.36** | 1.23 | 1.10 | 1.10 | (0.14) | 67110 | 143 |

---

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

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

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

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

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

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025

------

**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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board

("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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

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

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's 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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

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

and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

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

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

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

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

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input

levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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:

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

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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (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 Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D. ***Risk Exposures and the Use of Derivative Instruments.*** The Funds' investment strategies permit them to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, a Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that a Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

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

To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The 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

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

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

value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Funds' Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Funds' Statements of Operations. Realized gains (losses) are reported in the Funds' Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended May 31, 2025, Corporate Leaders<sup>®</sup> 100 purchased futures contracts on various equity indices to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Funds are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Funds' securities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended May 31, 2025, Corporate Leaders<sup>®</sup> 100 had an average notional amount on futures contracts purchased of $9,577,373. Please refer to the table within the Portfolio of Investments for open futures contracts for Corporate Leaders<sup>®</sup> 100 at May 31, 2025.

F. ***Distributions to Shareholders.*** The Funds record distributions to their shareholders on the ex-dividend date. The Funds declare and pay dividends, if any, annually. Each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a 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") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

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

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

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended May 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Corporate Leaders<sup>®</sup> 100 | $311039885 | $347000380 |
| Small Company | 324850884 | 393281950 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

---

| | |
|:---|:---|
| **Fund** | **As a Percentage of Average Daily <br> Net Assets** |
| Corporate Leaders<sup>®</sup>100 | 0.500% on first $500 million; |
|  | 0.450% on next $500 million; and |
|  | 0.400% in excess of $1 billion |
| Small Company | 0.750% on all assets |

---

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages each Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R shares of each Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is compensated by the Funds for expenses incurred in the distribution of each Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each class of shares of the Funds pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Class A</u>** | **<u>Class C</u>** | **<u>Class R</u>** |
| Corporate Leaders<sup>®</sup> 100 | 0.25% | 1.00% | 0.50% |
| Small Company | 0.25% | 1.00% | 0.50% |

---

The Distributor has agreed to waive 0.25% of the Distribution Fee for Corporate Leaders<sup>®</sup> 100 Class C. Termination or modification of this contractual waiver requires approval by the Board.

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended May 31, 2025, the Distributor retained the following amounts in sales charges:

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

**NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)**

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** | | |
| Corporate Leaders<sup>®</sup> 100 | $35685 | $— |
| Small Company | 812 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| Corporate Leaders<sup>®</sup> 100 | $— | $3546 |
| Small Company |  | 10 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At May 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/Affiliated Investment**<br>**Company** | <br>**Fund** | <br>**Percentage** |
| Voya Institutional Trust Company | Corporate Leaders<sup>®</sup> 100 | 12.30% |
| Voya Solution Moderately Aggressive Portfolio | Small Company | 7.60 |

---

The Investment Adviser may direct the Funds' Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Funds' equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amount credited to the Funds are reflected as brokerage commission recapture on the accompanying Statements of Operations.

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended May 31, 2025, the per account

fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Corporate Leaders<sup>®</sup> 100 | $199552 |
| Small Company | 4254 |

---

**NOTE 7 — LICENSING FEE**

Corporate Leaders<sup>®</sup> 100 pays an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Class<br> C** | **Class<br> I** | **Class<br> R** | **Class<br> R6** | **Class<br> W** |
| Corporate Leaders<sup>®</sup> 100 | 0.90% | 1.45% | 0.65% | 1.15% | 0.65% | 0.65% |
| Small Company | 1.17% | 1.92% | 0.86% | 1.42% | 0.86% | 0.92% |

---

Pursuant to a side letter agreement, through October 1, 2025, the Investment Adviser has further lowered the expense limits for certain share classes of shares of Corporate Leaders<sup>®</sup> 100 listed below. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of these obligations requires approval by the Board.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Class<br> C** | **Class<br> I** | **Class<br> R** | **Class<br> R6** | **<br> Class<br> W** |
| Corporate Leaders<sup>®</sup> 100 | 0.81% | 1.45% | 0.49% | 1.15% | 0.48% | 0.56% |

---

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of May 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31,** | **May 31,** | **May 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Corporate Leaders<sup>®</sup> 100 | $549991 | $456803 | $552395 | $1559189 |
| Small Company | 172 |  |  | 172 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates, as of May 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31,** | **May 31,** | **May 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Corporate Leaders<sup>®</sup> 100** |  |  |  |  |
| Class A | $158860 | $— | $37565 | $196425 |
| Class I | 178956 | 183153 | 349793 | 711902 |
| Class R6 | 470 | 502 | 496 | 1468 |
| Class W | 4860 |  | 933 | 5793 |
| **Small Company** |  |  |  |  |
| Class A | $9876 | $17 | $— | $9893 |
| Class C | 568 | 8 |  | 576 |
| Class I | 38985 |  | 22458 | 61443 |
| Class R | 31 |  |  | 31 |
| Class W | 12686 |  |  | 12686 |

---

The Expense Limitation Agreement is contractual through October 1, 2025 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

The Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. 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.

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 year ended May 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Corporate Leaders<sup>®</sup> 100 | 6 | $4878167 | 5.85% |
| Small Company | 9 | 1416889 | 5.96 |

---

**NOTE 10 — CAPITAL SHARES**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Corporate Leaders <sup>®</sup> 100** | **Corporate Leaders <sup>®</sup> 100** |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 1542663 |  | 1270480 | (2488300) |  | 324843 | 37745225 |  | 31330040 | (61186222) |  | 7889043 |
| 5/31/2024 | 1755410 |  | 858570 | (2353245) |  | 260735 | 37728085 |  | 18083867 | (50979790) |  | 4832162 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 214063 |  | 91236 | (565552) |  | (260253) | 5251389 |  | 2242580 | (13806970) |  | (6313001) |
| 5/31/2024 | 274072 |  | 73051 | (1064229) |  | (717106) | 5871779 |  | 1533555 | (22765708) |  | (15360374) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 5903614 |  | 1024036 | (6372782) |  | 554868 | 145657569 |  | 25273204 | (153305568) |  | 17625205 |
| 5/31/2024 | 8445534 |  | 631077 | (5655747) |  | 3420864 | 180873715 |  | 13298476 | (122458959) |  | 71713232 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 368050 |  | 226559 | (503268) |  | 91341 | 8902804 |  | 5530308 | (12079881) |  | 2353231 |
| 5/31/2024 | 559610 |  | 146807 | (519347) |  | 187070 | 11955249 |  | 3062814 | (11101752) |  | 3916311 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 178351 |  | 28692 | (351463) |  | (144420) | 4465295 |  | 708681 | (8874823) |  | (3700847) |
| 5/31/2024 | 309008 |  | 25221 | (114823) |  | 219406 | 6726238 |  | 531728 | (2541029) |  | 4716937 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 96506 |  | 34026 | (104546) |  | 25986 | 2404881 |  | 844197 | (2558954) |  | 690124 |
| 5/31/2024 | 155553 |  | 27403 | (274738) |  | (91782) | 3397256 |  | 580202 | (6059588) |  | (2082130) |
| **Small Company** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 88255 |  | 420053 | (391683) |  | 116625 | 946721 |  | 4704596 | (4383074) |  | 1268243 |
| 5/31/2024 | 91263 |  | 7313 | (424518) |  | (325942) | 964365 |  | 75904 | (4466072) |  | (3425803) |

---

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

**NOTE 10 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Small Company (continued)** | **Small Company (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 11276 |  | 42038 | (91972) |  | (38658) | 80175 |  | 257270 | (567479) |  | (230034) |
| 5/31/2024 | 5284 |  |  | (77971) |  | (72687) | 34589 |  |  | (508548) |  | (473959) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 399617 |  | 414838 | (957766) |  | (143311) | 5824884 |  | 6483913 | (14366189) |  | (2057392) |
| 5/31/2024 | 1977429 |  | 13174 | (1031965) |  | 958638 | 28394891 |  | 182985 | (14576053) |  | 14001823 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 2004 |  | 1151 | (2150) |  | 1005 | 20392 |  | 12842 | (23337) |  | 9897 |
| 5/31/2024 | 2314 |  |  | (4584) |  | (2270) | 23779 |  |  | (48061) |  | (24282) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 907281 |  | 418680 | (4228264) |  | (2902303) | 13256238 |  | 6573279 | (67278972) |  | (47449455) |
| 5/31/2024 | 1338410 |  | 27462 | (1815350) |  | (449478) | 18948757 |  | 383097 | (25477184) |  | (6145330) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 331683 |  | 193817 | (487117) |  | 38383 | 4480826 |  | 3029352 | (7501942) |  | 8236 |
| 5/31/2024 | 1881672 |  | 2862 | (1604251) |  | 280283 | 26354364 |  | 39757 | (21475456) |  | 4918665 |

---

**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 May 31, 2025:

**Small Company**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net <br> Amount** |
| BMO Capital Markets Corp | $14396 | $(14396) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas Securities Corp. | 993435 | (993435) |  |
| BofA Securities Inc | 481307 | (481307) |  |
| Goldman, Sachs & Co. LLC | 42347 | (42347) |  |
| Janney Montgomery Scott LLC | 334229 | (334229) |  |
| Morgan Stanley & Co. LLC | 16790 | (16790) |  |
| National Financial Services LLC | 257639 | (257639) |  |

---

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

**NOTE 11 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| Natixis Securities America LLC | $1264538 | $(1264538) | $— |
| Total | $3404681 | $(3404681) | $— |

---

(1) Cash
 collateral with a fair value of $3,527,674 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts and wash sale deferrals.

The following permanent tax differences have been reclassified as of May 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Paid-in <br> Capital** | **Distributable <br> Earnings** |
| Small Company | $4249 | $(4249) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2024** | **Year Ended<br> May 31, 2024** |
|  | **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** |
| Corporate Leaders<sup>®</sup> 100 | $28388233 | $43104613 | $22470133 | $17753598 |
| Small Company | 19775990 | 1693444 | 695493 |  |

---

The tax-basis components of distributable earnings as of May 31, 2025, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed <br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Capital Loss<br> Carryforward** | **Total <br> Distributable<br> Earnings/(Loss)** |
| Corporate Leaders<sup>®</sup> 100 | $15915832 | $25775996 | $464073425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $505765253 |
| Small Company | 10682740 | 1672885 | (30023937) |  | (17668312) |

---

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

As of May 31, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect

global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism,

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

------

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences

could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Funds' financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Funds' performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — SUBSEQUENT EVENTS**

*Line of Credit Renewal*: Effective June 10, 2025, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

<u>Voya Corporate Leaders<sup>®</sup> 100 Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **COMMON STOCK: 98.9%** | **COMMON STOCK: 98.9%** | | |
|  | **Communication Services: 9.2%** |  |  |
| 67871 | Alphabet, Inc. - Class C | $11731502 | 1.1 |
| 375855 | AT&T, Inc. | 10448769 | 1 |
| 28703 <sup>(1)</sup> | Charter Communications, Inc. - Class A | 11374138 | 1 |
| 289230 | Comcast Corp. - Class A | 9998681 | 0.9 |
| 18366 | Meta Platforms, Inc. - Class A | 11891801 | 1.1 |
| 11342 <sup>(1)</sup> | Netflix, Inc. | 13692403 | 1.2 |
| 39980 | T-Mobile US, Inc. | 9683156 | 0.9 |
| 235738 | Verizon Communications, Inc. | 10363043 | 0.9 |
| 108003 | Walt Disney Co. | 12208659 | 1.1 |
|  |  | **101392152** | **9.2** |
|  | **Consumer Discretionary: 9.1%** |  |  |
| 54960 <sup>(1)</sup> | Amazon.com, Inc. | 11267350 | 1 |
| 2286 | Booking Holdings, Inc. | 12616274 | 1.1 |
| 226900 | General Motors Co. | 11256509 | 1 |
| 29574 | Home Depot, Inc. | 10891808 | 1 |
| 46370 | Lowe's Cos., Inc. | 10467100 | 1 |
| 34490 | McDonald's Corp. | 10824686 | 1 |
| 167354 | NIKE, Inc. - Class B | 10139979 | 0.9 |
| 108379 | Starbucks Corp. | 9098417 | 0.8 |
| 40189 <sup>(1)</sup> | Tesla, Inc. | 13923881 | 1.3 |
|  |  | **100486004** | **9.1** |
|  | **Consumer Staples: 9.9%** |  |  |
| 182147 | Altria Group, Inc. | 11039930 | 1 |
| 150515 | Coca-Cola Co. | 10852132 | 1 |
| 114111 | Colgate-Palmolive Co. | 10605476 | 1 |
| 11393 | Costco Wholesale Corp. | 11850771 | 1.1 |
| 156405 | Mondelez International, Inc. - Class A | 10555773 | 0.9 |
| 70958 | PepsiCo, Inc. | 9327429 | 0.8 |
| 68264 | Philip Morris International, Inc. | 12327796 | 1.1 |
| 63034 | Procter & Gamble Co. | 10708846 | 1 |
| 102188 | Target Corp. | 9606694 | 0.9 |
| 124388 | Walmart, Inc. | 12279583 | 1.1 |
|  |  | **109154430** | **9.9** |
|  | **Energy: 2.4%** |  |  |
| 63771 | Chevron Corp. | 8717496 | 0.8 |
| 103466 | ConocoPhillips | 8830823 | 0.8 |
| 89967 | Exxon Mobil Corp. | 9203624 | 0.8 |
|  |  | **26751943** | **2.4** |
|  | **Financials: 18.4%** |  |  |
| 39898 | American Express Co. | 11732007 | 1.1 |
| 126665 | American International Group, Inc. | 10720926 | 1 |
| 256767 | Bank of America Corp. | 11331128 | 1 |
| 128060 | Bank of New York Mellon Corp. | 11347397 | 1 |
| 20125 <sup>(1)</sup> | Berkshire Hathaway, Inc. - Class B | 10142195 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Financials: (continued)** |  |  |
| 11187 | Blackrock, Inc. | $10962029 | 1 |
| 61037 | Capital One Financial Corp. | 11545148 | 1.1 |
| 136125 | Charles Schwab Corp. | 12025282 | 1.1 |
| 150601 | Citigroup, Inc. | 11343267 | 1 |
| 19503 | Goldman Sachs Group, Inc. | 11710576 | 1.1 |
| 43616 | JPMorgan Chase & Co. | 11514624 | 1 |
| 19591 | Mastercard, Inc. - Class A | 11472490 | 1 |
| 133684 | MetLife, Inc. | 10504889 | 1 |
| 91839 | Morgan Stanley | 11758147 | 1.1 |
| 162574 <sup>(1)</sup> | PayPal Holdings, Inc. | 11425701 | 1 |
| 250630 | US Bancorp | 10924962 | 1 |
| 30895 | Visa, Inc. - Class A | 11282545 | 1 |
| 149832 | Wells Fargo & Co. | 11204437 | 1 |
|  |  | **202947750** | **18.4** |
|  | **Health Care: 12.5%** |  |  |
| 80966 | Abbott Laboratories | 10815438 | 1 |
| 51596 | AbbVie, Inc. | 9602532 | 0.9 |
| 34506 | Amgen, Inc. | 9943939 | 0.9 |
| 176471 | Bristol-Myers Squibb Co. | 8520020 | 0.8 |
| 157757 | CVS Health Corp. | 10102758 | 0.9 |
| 51456 | Danaher Corp. | 9771494 | 0.9 |
| 12876 | Eli Lilly & Co. | 9498239 | 0.8 |
| 94749 | Gilead Sciences, Inc. | 10429970 | 0.9 |
| 21536 <sup>(1)</sup> | Intuitive Surgical, Inc. | 11895194 | 1.1 |
| 64699 | Johnson & Johnson | 10041932 | 0.9 |
| 120869 | Medtronic PLC | 10029710 | 0.9 |
| 118704 | Merck & Co., Inc. | 9121215 | 0.8 |
| 420136 | Pfizer, Inc. | 9868995 | 0.9 |
| 21176 | Thermo Fisher Scientific, Inc. | 8530116 | 0.8 |
|  |  | **138171552** | **12.5** |
|  | **Industrials: 13.2%** |  |  |
| 73128 | 3M Co. | 10848539 | 1 |
| 61115 <sup>(1)</sup> | Boeing Co. | 12670362 | 1.1 |
| 32128 | Caterpillar, Inc. | 11181508 | 1 |
| 22763 | Deere & Co. | 11523996 | 1 |
| 97494 | Emerson Electric Co. | 11638834 | 1.1 |
| 43821 | FedEx Corp. | 9557360 | 0.9 |
| 52991 | GE Aerospace | 13031017 | 1.2 |
| 39363 | General Dynamics Corp. | 10962202 | 1 |
| 50357 | Honeywell International, Inc. | 11414421 | 1 |
| 23991 | Lockheed Martin Corp. | 11572778 | 1.1 |
| 80412 | Raytheon Technologies Corp. | 10974630 | 1 |
| 45624 | Union Pacific Corp. | 10113016 | 0.9 |
| 96588 | United Parcel Service, Inc. - Class B | 9421193 | 0.9 |
|  |  | **144909856** | **13.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya Corporate Leaders<sup>®</sup> 100 Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Information Technology: 18.4%** |  |  |
| 34803 | Accenture PLC - Class A | $11026286 | 1 |
| 27461 <sup>(1)</sup> | Adobe, Inc. | 11398787 | 1 |
| 102612 <sup>(1)</sup> | Advanced Micro Devices, Inc. | 11362227 | 1 |
| 48609 | Apple, Inc. | 9763118 | 0.9 |
| 62628 | Broadcom, Inc. | 15160360 | 1.4 |
| 174036 | Cisco Systems, Inc. | 10971229 | 1 |
| 466386 | Intel Corp. | 9117846 | 0.8 |
| 43409 | International Business Machines Corp. | 11245536 | 1 |
| 17684 | Intuit, Inc. | 13324363 | 1.2 |
| 27963 | Microsoft Corp. | 12873047 | 1.2 |
| 96579 | NVIDIA Corp. | 13050720 | 1.2 |
| 75189 | Oracle Corp. | 12446035 | 1.1 |
| 123375 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 16258358 | 1.5 |
| 69355 | Qualcomm, Inc. | 10070346 | 0.9 |
| 39233 | Salesforce, Inc. | 10411261 | 1 |
| 13277 <sup>(1)</sup> | ServiceNow, Inc. | 13424242 | 1.2 |
| 60069 | Texas Instruments, Inc. | 10983617 | 1 |
|  |  | **202887378** | **18.4** |
|  | **Materials: 1.0%** |  |  |
| 23071 | Linde PLC US | **10787538** | **1.0** |
|  | **Real Estate: 1.9%** |  |  |
| 49137 | American Tower Corp. | 10547257 | 1 |
| 64473 | Simon Property Group, Inc. | 10513612 | 0.9 |
|  |  | **21060869** | **1.9** |
|  | **Utilities: 2.9%** |  |  |
| 88702 | Duke Energy Corp. | 10441999 | 0.9 |
| 150343 | NextEra Energy, Inc. | 10620230 | 1 |
| 116228 | Southern Co. | 10460520 | 1 |
|  |  | **31522749** | **2.9** |
|  | Total Common Stock<br> (Cost $604,767,901) | **1090072221** | **98.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: 0.9%** | **SHORT-TERM INVESTMENTS: 0.9%** |  |  |
|  | **Mutual Funds: 0.9%** |  |  |
| 9539000 <sup>(2)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220%<br> (Cost $9,539,000) | $**9539000** | **0.9** |
|  | Total Short-Term Investments<br> (Cost $9,539,000) | $**9539000** | **0.9** |
|  | **Total Investments in Securities<br> (Cost $614,306,901)** | $**1099611221** | **99.8** |
|  | **Assets in Excess of Other Liabilities** | **1706077** | **0.2** |
|  | **Net Assets** | $**1101317298** | **100.0** |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Rate shown is the 7-day yield as of May 31, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Corporate Leaders<sup>®</sup> 100 Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $1090072221 | $— | $— | $1090072221 |
| Short-Term Investments | 9539000 |  |  | 9539000 |
| Total Investments, at fair value | $1099611221 | $— | $— | $1099611221 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1019495 |  |  | 1019495 |
| Total Assets | $1100630716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $1100630716 |

---

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

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

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At May 31, 2025, the following futures contracts were outstanding for Voya Corporate Leaders<sup>®</sup> 100 Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | 33 | 06/20/25 | $9761400 | $1019495 |
|  |  |  | $9761400 | $1019495 |

---

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $1019495 |
| **Total Asset Derivatives** |  | $1019495 |

---

\* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day's unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the year ended May 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $333864 |
| **Total** | $333864 |

---

See Accompanying Notes to Financial Statements

<u>Voya Corporate Leaders<sup>®</sup> 100 Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $771039 |
| **Total** | $771039 |

---

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $636,557,291.

---

| | |
|:---|:---|
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $493253061 |
| Gross Unrealized Depreciation | (29179636) |
| Net Unrealized Appreciation | $464073425 |

---

See Accompanying Notes to Financial Statements

VOYA SMALL COMPANY FUND PORTFOLIO OF INVESTMENTS <br> AS OF MAY 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** |
|  | **Communication Services: 3.0%** |  |  |
| 12937 <sup>(1)</sup> | Cargurus, Inc. | $405446 | 0.3 |
| 38399 <sup>(1)</sup> | Grindr, Inc. | 937704 | 0.6 |
| 50416 <sup>(1)(2)</sup> | Magnite, Inc. | 824806 | 0.6 |
| 113503 <sup>(1)</sup> | Vimeo, Inc. | 494873 | 0.3 |
| 22967 <sup>(1)</sup> | Yelp, Inc. | 876650 | 0.6 |
| 101939 <sup>(1)</sup> | ZipRecruiter, Inc. - Class A | 608576 | 0.4 |
| 32659 <sup>(1)</sup> | ZoomInfo Technologies, Inc. | 311893 | 0.2 |
|  |  | **4459948** | **3.0** |
|  | **Consumer Discretionary: 4.6%** |  |  |
| 381840 <sup>(1)</sup> | GrowGeneration Corp. | 412387 | 0.3 |
| 12531 | H&R Block, Inc. | 713640 | 0.5 |
| 5313 | Monarch Casino & Resort, Inc. | 444911 | 0.3 |
| 23035 | Red Rock Resorts, Inc. - Class A | 1107293 | 0.7 |
| 215582 <sup>(1)</sup> | Sabre Corp. | 543267 | 0.3 |
| 58170 <sup>(1)</sup> | Sonos, Inc. | 597988 | 0.4 |
| 30600 | Steven Madden Ltd. | 754290 | 0.5 |
| 39834 <sup>(1)</sup> | Tri Pointe Homes, Inc. | 1174306 | 0.8 |
| 59219 <sup>(1)</sup> | Udemy, Inc. | 433483 | 0.3 |
| 115606 <sup>(1)</sup> | Under Armour, Inc. - Class A | 775716 | 0.5 |
|  |  | **6957281** | **4.6** |
|  | **Consumer Staples: 1.2%** |  |  |
| 59989 | Dole PLC | 849444 | 0.6 |
| 9259 | John B Sanfilippo & Son, Inc. | 575354 | 0.4 |
| 11713 | Primo Brands Corp. - Class A | 387349 | 0.2 |
|  |  | **1812147** | **1.2** |
|  | **Energy: 3.3%** |  |  |
| 380254 <sup>(1)</sup> | Clean Energy Fuels Corp. | 680655 | 0.5 |
| 42826 | Excelerate Energy, Inc. - Class A | 1204695 | 0.8 |
| 75983 <sup>(1)</sup> | Helix Energy Solutions Group, Inc. | 470335 | 0.3 |
| 30839 | HighPeak Energy, Inc. | 304998 | 0.2 |
| 62879 | Murphy Oil Corp. | 1316057 | 0.9 |
| 108650 | SFL Corp. Ltd. | 932217 | 0.6 |
|  |  | **4908957** | **3.3** |
|  | **Financials: 20.9%** |  |  |
| 33939 | Arrow Financial Corp. | 873929 | 0.6 |
| 64214 | BCB Bancorp, Inc. | 520134 | 0.3 |
| 37284 | Berkshire Hills Bancorp, Inc. | 923152 | 0.6 |
| 95676 | BGC Group, Inc. - Class A | 887873 | 0.6 |
| 18498 <sup>(2)</sup> | Blackstone Mortgage Trust, Inc. - Class A | 349427 | 0.2 |
| 13494 | Cathay General Bancorp | 578285 | 0.4 |
| 12755 | CNO Financial Group, Inc. | 484180 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Financials: (continued)** |  |  |
| 44554 | ConnectOne Bancorp, Inc. | $1023406 | 0.7 |
| 75277 | Eastern Bankshares, Inc. | 1129155 | 0.8 |
| 50292 | Farmers National Banc Corp. | 665363 | 0.4 |
| 131324 | First BanCorp/Puerto Rico | 2623854 | 1.8 |
| 42852 | First Commonwealth Financial Corp. | 669348 | 0.4 |
| 61956 | Fulton Financial Corp. | 1068741 | 0.7 |
| 122803 <sup>(1)</sup> | Genworth Financial, Inc. - Class A | 865761 | 0.6 |
| 36915 | Hancock Whitney Corp. | 2018143 | 1.3 |
| 25027 | Hilltop Holdings, Inc. | 746305 | 0.5 |
| 75356 | Hope Bancorp, Inc. | 756574 | 0.5 |
| 39871 | KKR Real Estate Finance Trust, Inc. | 356048 | 0.2 |
| 88574 | Ladder Capital Corp. | 931799 | 0.6 |
| 144871 <sup>(1)</sup> | Marqeta, Inc. - Class A | 779406 | 0.5 |
| 90190 | MFA Financial, Inc. | 838767 | 0.6 |
| 12021 | NBT Bancorp, Inc. | 503079 | 0.3 |
| 17320 | Origin Bancorp, Inc. | 590439 | 0.4 |
| 26934 <sup>(1)</sup> | Oscar Health, Inc. - Class A | 371689 | 0.3 |
| 76642 | P10, Inc. - Class A | 832332 | 0.6 |
| 64267 | Pagseguro Digital Ltd. - Class A | 572619 | 0.4 |
| 119851 <sup>(1)</sup> | Payoneer Global, Inc. | 816185 | 0.5 |
| 92447 <sup>(2)</sup> | Ready Capital Corp. | 413238 | 0.3 |
| 144947 | Redwood Trust, Inc. | 789961 | 0.5 |
| 20137 | Renasant Corp. | 705802 | 0.5 |
| 46112 | Simmons First National Corp. - Class A | 865061 | 0.6 |
| 48268 | United Community Banks, Inc. | 1387222 | 0.9 |
| 151321 | Valley National Bancorp | 1328598 | 0.9 |
| 25443 | Victory Capital Holdings, Inc. - Class A | 1577721 | 1.1 |
| 73218 | WisdomTree, Inc. | 691178 | 0.5 |
| 39309 | XP, Inc. - Class A | 761022 | 0.5 |
|  |  | **31295796** | **20.9** |
|  | **Health Care: 14.8%** |  |  |
| 22174 <sup>(1)</sup> | ADMA Biologics, Inc. | 439932 | 0.3 |
| 58534 <sup>(1)</sup> | Alignment Healthcare, Inc. | 899668 | 0.6 |
| 116949 <sup>(1)</sup> | Amicus Therapeutics, Inc. | 709880 | 0.5 |
| 53263 <sup>(1)</sup> | Avanos Medical, Inc. | 669516 | 0.4 |
| 102415 <sup>(1)</sup> | BioCryst Pharmaceuticals, Inc. | 1100961 | 0.7 |
| 12574 | Bio-Techne Corp. | 608582 | 0.4 |
| 43200 <sup>(1)</sup> | BrightSpring Health Services, Inc. | 1028592 | 0.7 |
| 26975 | Bruker Corp. | 989983 | 0.7 |
| 388807 <sup>(1)</sup> | Cerus Corp. | 493785 | 0.3 |
| 63810 <sup>(1)</sup> | Fortrea Holdings, Inc. | 274383 | 0.2 |

---

See Accompanying Notes to Financial Statements

VOYA SMALL COMPANY FUND PORTFOLIO OF INVESTMENTS <br> AS OF MAY 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Health Care: (continued)** |  |  |
| 20781 <sup>(1)</sup> | Guardant Health, Inc. | $844124 | 0.6 |
| 10636 <sup>(1)</sup> | HealthEquity, Inc. | 1070088 | 0.7 |
| 6558 <sup>(1)</sup> | Hims & Hers Health, Inc. | 370920 | 0.2 |
| 9004 <sup>(1)</sup> | Insmed, Inc. | 627849 | 0.4 |
| 63808 <sup>(1)(2)</sup> | Intellia Therapeutics, Inc. | 438361 | 0.3 |
| 106685 <sup>(1)</sup> | MannKind Corp. | 442743 | 0.3 |
| 5855 <sup>(1)</sup> | Merit Medical Systems, Inc. | 556401 | 0.4 |
| 12837 <sup>(1)</sup> | Mirum Pharmaceuticals, Inc. | 570733 | 0.4 |
| 263311 <sup>(1)</sup> | OPKO Health, Inc. | 358103 | 0.2 |
| 40099 <sup>(1)</sup> | Option Care Health, Inc. | 1310435 | 0.9 |
| 26446 <sup>(1)</sup> | Orthofix Medical, Inc. | 297518 | 0.2 |
| 24613 <sup>(1)</sup> | Phreesia, Inc. | 602772 | 0.4 |
| 19482 <sup>(1)</sup> | Privia Health Group, Inc. | 443410 | 0.3 |
| 27840 <sup>(1)</sup> | Progyny, Inc. | 598560 | 0.4 |
| 13249 <sup>(1)</sup> | PTC Therapeutics, Inc. | 642841 | 0.4 |
| 53255 | QIAGEN NV | 2403398 | 1.6 |
| 10921 <sup>(1)</sup> | Rhythm Pharmaceuticals, Inc. | 669785 | 0.4 |
| 20546 <sup>(1)</sup> | Rigel Pharmaceuticals, Inc. | 394483 | 0.3 |
| 35373 | Select Medical Holdings Corp. | 540853 | 0.4 |
| 16924 <sup>(1)</sup> | Surgery Partners, Inc. | 399576 | 0.3 |
| 24389 <sup>(1)</sup> | Tandem Diabetes Care, Inc. | 483390 | 0.3 |
| 72331 <sup>(1)</sup> | Teladoc Health, Inc. | 500531 | 0.3 |
| 32434 <sup>(1)</sup> | Travere Therapeutics, Inc. | 487159 | 0.3 |
|  |  | **22269315** | **14.8** |
|  | **Industrials: 20.3%** |  |  |
| 7183 | Albany International Corp. - Class A | 474581 | 0.3 |
| 12785 | Allison Transmission Holdings, Inc. | 1323503 | 0.9 |
| 17825 | Apogee Enterprises, Inc. | 688936 | 0.5 |
| 5979 | Applied Industrial Technologies, Inc. | 1354363 | 0.9 |
| 7619 | Armstrong World Industries, Inc. | 1185745 | 0.8 |
| 17205 | Atmus Filtration Technologies, Inc. | 619724 | 0.4 |
| 23623 <sup>(2)</sup> | Cadre Holdings, Inc. | 774126 | 0.5 |
| 50651 <sup>(1)</sup> | CoreCivic, Inc. | 1112296 | 0.7 |
| 12848 | CSG Systems International, Inc. | 848739 | 0.6 |
| 23660 | Enerpac Tool Group Corp. | 1014541 | 0.7 |
| 32210 <sup>(1)</sup> | ExlService Holdings, Inc. | 1481338 | 1 |
| 11675 | Federal Signal Corp. | 1098267 | 0.7 |
| 37278 <sup>(1)(2)</sup> | First Advantage Corp. | 638199 | 0.4 |
| 37586 | Flowserve Corp. | 1875917 | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Industrials: (continued)** |  |  |
| 8577 | Franklin Electric Co., Inc. | $740967 | 0.5 |
| 47665 <sup>(1)</sup> | GEO Group, Inc. | 1293628 | 0.9 |
| 12620 | Insperity, Inc. | 816766 | 0.5 |
| 33232 | Kennametal, Inc. | 715485 | 0.5 |
| 61770 <sup>(1)</sup> | Legalzoom.com, Inc. | 563960 | 0.4 |
| 4102 | Lincoln Electric Holdings, Inc. | 794106 | 0.5 |
| 119175 <sup>(1)</sup> | Manitowoc Co., Inc. | 1252529 | 0.8 |
| 31739 | Marten Transport Ltd. | 413877 | 0.3 |
| 60991 | Mueller Water Products, Inc. - Class A | 1496109 | 1 |
| 50523 <sup>(1)</sup> | NOW, Inc. | 728542 | 0.5 |
| 26895 | nVent Electric PLC | 1769691 | 1.2 |
| 12733 | Pentair PLC | 1262859 | 0.8 |
| 16707 | REV Group, Inc. | 626345 | 0.4 |
| 65279 | Shyft Group, Inc. | 684777 | 0.5 |
| 7660 | TriNet Group, Inc. | 637389 | 0.4 |
| 8588 | Watts Water Technologies, Inc. - Class A | 2079327 | 1.4 |
|  |  | **30366632** | **20.3** |
|  | **Information Technology: 16.7%** |  |  |
| 327804 <sup>(1)</sup> | 8x8, Inc. | 537599 | 0.3 |
| 49794 | A10 Networks, Inc. | 859444 | 0.6 |
| 28593 <sup>(1)</sup> | ACI Worldwide, Inc. | 1322712 | 0.9 |
| 37265 <sup>(1)</sup> | Amplitude, Inc. - Class A | 461713 | 0.3 |
| 14484 <sup>(1)</sup> | ASGN, Inc. | 764900 | 0.5 |
| 113928 <sup>(1)</sup> | AvePoint, Inc. | 2124757 | 1.4 |
| 77868 <sup>(1)</sup> | Box, Inc. - Class A | 2944968 | 2 |
| 44479 <sup>(1)</sup> | Clearwater Analytics Holdings, Inc. - Class A | 1027465 | 0.7 |
| 77449 <sup>(1)</sup> | Cohu, Inc. | 1322054 | 0.9 |
| 5540 <sup>(1)</sup> | Credo Technology Group Holding Ltd. | 337718 | 0.2 |
| 20909 | CTS Corp. | 850787 | 0.6 |
| 29837 <sup>(1)</sup> | Dropbox, Inc. - Class A | 861096 | 0.6 |
| 30872 <sup>(2)</sup> | Ingram Micro Holding Corp. | 590581 | 0.4 |
| 16112 <sup>(1)</sup> | Intapp, Inc. | 888094 | 0.6 |
| 39699 <sup>(1)</sup> | Knowles Corp. | 651461 | 0.4 |
| 4424 | Littelfuse, Inc. | 907186 | 0.6 |
| 38982 <sup>(1)</sup> | MaxLinear, Inc. | 444005 | 0.3 |
| 31277 <sup>(1)</sup> | PagerDuty, Inc. | 446010 | 0.3 |
| 37427 <sup>(1)</sup> | Photronics, Inc. | 625405 | 0.4 |
| 16063 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 860816 | 0.6 |
| 8061 <sup>(1)</sup> | Rambus, Inc. | 431022 | 0.3 |
| 20253 | Sapiens International Corp. NV | 581261 | 0.4 |
| 102424 <sup>(1)</sup> | Sprinklr, Inc. - Class A | 864459 | 0.6 |
| 40410 <sup>(1)</sup> | Verint Systems, Inc. | 708791 | 0.5 |
| 36227 <sup>(1)</sup> | Vertex, Inc. - Class A | 1433502 | 0.9 |
| 39150 <sup>(1)</sup> | Viavi Solutions, Inc. | 356657 | 0.2 |
| 136911 <sup>(1)</sup> | Yext, Inc. | 918673 | 0.6 |

---

See Accompanying Notes to Financial Statements

VOYA SMALL COMPANY FUND PORTFOLIO OF INVESTMENTS <br> AS OF MAY 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 64709 <sup>(1)</sup> | Zeta Global Holdings Corp. - Class A | $850276 | 0.6 |
|  |  | **24973412** | **16.7** |
|  | **Materials: 3.6%** |  |  |
| 16249 | Avient Corp. | 587076 | 0.4 |
| 4744 | Balchem Corp. | 790825 | 0.5 |
| 153247 <sup>(1)</sup> | Cleveland-Cliffs, Inc. | 893430 | 0.6 |
| 89886 | Element Solutions, Inc. | 1921763 | 1.3 |
| 4811 | Innospec, Inc. | 409320 | 0.3 |
| 96944 <sup>(1)</sup> | Rayonier Advanced Materials, Inc. | 373234 | 0.2 |
| 89400 | Tronox Holdings PLC | 507792 | 0.3 |
|  |  | **5483440** | **3.6** |
|  | **Real Estate: 6.1%** |  |  |
| 71818 | Acadia Realty Trust | 1383215 | 0.9 |
| 29119 | Alexander & Baldwin, Inc. | 521521 | 0.4 |
| 104202 | Apartment Investment and Management Co. - Class A | 831532 | 0.6 |
| 22512 | Broadstone Net Lease, Inc. | 358166 | 0.2 |
| 118616 | DiamondRock Hospitality Co. | 906226 | 0.6 |
| 17747 | First Industrial Realty Trust, Inc. | 877234 | 0.6 |
| 37687 | Gladstone Land Corp. | 372536 | 0.3 |
| 227782 | Hudson Pacific Properties, Inc. | 423675 | 0.3 |
| 16323 | LTC Properties, Inc. | 577671 | 0.4 |
| 69410 <sup>(2)</sup> | Medical Properties Trust, Inc. | 317204 | 0.2 |
| 17889 | National Storage Affiliates Trust | 615382 | 0.4 |
| 41485 | Peakstone Realty Trust | 513999 | 0.3 |
| 29000 | Plymouth Industrial REIT, Inc. | 469800 | 0.3 |
| 150477 | Summit Hotel Properties, Inc. | 659089 | 0.4 |
| 9783 | Tanger Factory Outlet Centers, Inc. | 291533 | 0.2 |
|  |  | **9118783** | **6.1** |
|  | **Utilities: 3.4%** |  |  |
| 34145 | Avista Corp. | 1314924 | 0.9 |
| 13286 | Black Hills Corp. | 776833 | 0.5 |
| 57546 <sup>(1)</sup> | Hawaiian Electric Industries, Inc. | 614591 | 0.4 |
| 13445 | Northwest Natural Holding Co. | 550842 | 0.4 |
| 18016 | NorthWestern Corp. | 996825 | 0.6 |
| 20701 | Portland General Electric Co. | 877722 | 0.6 |
|  |  | **5131737** | **3.4** |
|  | Total Common Stock |  |  |
|  | (Cost $174,243,509) | **146777448** | **97.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EXCHANGE-TRADED FUNDS: 1.6%** | **EXCHANGE-TRADED FUNDS: 1.6%** | **EXCHANGE-TRADED FUNDS: 1.6%** | **EXCHANGE-TRADED FUNDS: 1.6%** |
| 11487 | iShares Russell 2000 ETF | $**2355639** | **1.6** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $2,565,767) | **2355639** | **1.6** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $176,809,276) | **149133087** | **99.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** |
|  | **Repurchase Agreements: 2.3%** |  |  |
| 527674 <sup>(3)</sup> | Bank of America Securities, Inc., Repurchase Agreement dated 05/30/2025, 4.340%, due 06/02/2025 (Repurchase Amount $527,862, collateralized by various U.S. Government Securities, 0.000%-5.250%, Market Value plus accrued interest $538,227, due 02/15/29-11/15/52) | 527674 | 0.3 |
| 1000000 <sup>(3)</sup> | Citadel Securities LLC, Repurchase Agreement dated 05/30/2025, 4.400%, due 06/02/2025 (Repurchase Amount $1,000,362, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $1,022,348, due 11/30/26-05/15/54) | 1000000 | 0.7 |

---

See Accompanying Notes to Financial Statements

VOYA SMALL COMPANY FUND PORTFOLIO OF INVESTMENTS <br> AS OF MAY 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**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> | State of Wisconsin Investment Board, Repurchase Agreement dated 05/30/2025, 4.430%, due 06/02/2025 (Repurchase Amount $1,000,364, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,017,371, due 07/15/26-02/15/53) | $1000000 | 0.7 |
| 1000000 <sup>(3)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 05/30/2025, 4.340%, due 06/02/2025 (Repurchase Amount $1,000,357, collateralized by various U.S. Government Securities, 0.000%-4.750%, Market Value plus accrued interest $1,020,000, due 07/10/25-11/15/53) | 1000000 | 0.6 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $3,527,674) | **3527674** | **2.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.5%** |  |  |
| 724000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220% |  |  |
|  | (Cost $724,000) | $**724000** | **0.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $4,251,674) | **4251674** | **2.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $181,060,950)** | $**153384761** | **102.3** |
|  | **Liabilities in Excess of Other Assets** | **(3490982)** | **(2.3)** |
|  | **Net Assets** | $**149893779** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of May 31, 2025.

See Accompanying Notes to Financial Statements

VOYA SMALL COMPANY FUND PORTFOLIO OF INVESTMENTS <br> AS OF MAY 31, 2025 (CONTINUED) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $146777448 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $146777448 |
| Exchange-Traded Funds | 2355639 |  |  | 2355639 |
| Short-Term Investments | 724000 | 3527674 |  | 4251674 |
| Total Investments, at fair value | $149857087 | $3527674 | $— | $153384761 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

<sup>\*</sup> For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $183,408,267. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $3677615 |
| Gross Unrealized Depreciation | (33701552) |
| Net Unrealized Depreciation | $(30023937) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  |  | **Per Share** |
| **<u>Fund Name</u>** | **<u>Type</u>** | **<u>Amount</u>** |
| Voya Corporate Leaders<sup>®</sup> 100 Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.3948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | NII | $0.2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.4721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.4780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class W | NII | $0.4567 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.0209 |
| Voya Small Company Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | NII | $0.1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | NII | $0.2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class W | NII | $0.2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $1.5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $0.1512 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Of the ordinary distributions made during the year ended May 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

---

| | |
|:---|:---|
| Voya Corporate Leaders<sup>®</sup> 100 Fund | 71.24% |
| Voya Small Company Fund | 14.66% |

---

For the year ended May 31, 2025, the following are percentages of ordinary distributions paid by the Funds that are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals:

---

| | |
|:---|:---|
| Voya Corporate Leaders<sup>®</sup> 100 Fund | 73.24% |
| Voya Small Company Fund | 17.61% |

---

The Funds designate the following amount of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| Voya Corporate Leaders<sup>®</sup> 100 Fund | $43104613 |
| Voya Small Company Fund | $1693444 |

---

The Funds designate the following amounts as Section 199A dividends:

---

| | |
|:---|:---|
| Voya Corporate Leaders<sup>®</sup> 100 Fund | $813457 |
| Voya Small Company Fund | $610157 |

---

TAX INFORMATION (UNAUDITED) (CONTINUED)

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163050 (0525)**

![](tm2520696d2_midcapre-img01.jpg)

Annual Financial Statements and Other Information

**May 31, 2025**

Classes A, C, I, R and W

**Domestic Equity Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Mid Cap Research Enhanced Index Fund

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.

---

| | |
|:---|:---|
| ![](tm2520696d2_midcapre-img02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2520696d2_midcapre-img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#he_01) | [1](#he_01) |
| [Statement of Assets and Liabilities](#he_02) | [2](#he_02) |
| [Statement of Operations](#he_03) | [4](#he_03) |
| [Statements of Changes in Net Assets](#he_04) | [5](#he_04) |
| [Financial Highlights](#mid_001) | [6](#mid_001) |
| [Notes to Financial Statements](#mid_002) | [7](#mid_002) |
| [Portfolio of Investments](#va_001) | [15](#va_001) |
| [Tax Information](#va_002) | [21](#va_002) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#va_003) | [22](#va_003) |

---

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

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya Mid Cap Research Enhanced Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Mid Cap Research Enhanced Index Fund (the "Fund") (one of the funds constituting Voya Equity Trust (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Equity Trust) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2520696d2_midcapre-img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

July 23, 2025

STATEMENT OF ASSETS AND LIABILITIES AS OF MAY 31, 2025

---

| | | |
|:---|:---|:---|
| **ASSETS:** | **ASSETS:** |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $156227401 |
| Short-term investments at fair value† | Short-term investments at fair value† | 2991048 |
| Cash | Cash | 16181 |
| Receivables: | Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 14418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 79467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 9 |
| Prepaid expenses | Prepaid expenses | 26467 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 20140 |
| Other assets | Other assets | 18077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 159393208 |
| **LIABILITIES:** | **LIABILITIES:** |  |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 36133 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 2620048 |
| Payable for investment management fees | Payable for investment management fees | 72619 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 28329 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 18077 |
| Payable for trustee fees | Payable for trustee fees | 419 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 98868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2874493 |
| **NET ASSETS** | **NET ASSETS** | $156518715 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | Paid-in capital | $126428366 |
| Total distributable earnings | Total distributable earnings | 30090349 |
| **NET ASSETS** | **NET ASSETS** | $156518715 |
| + | Including securities loaned at value | $2558683 |
| \* | Cost of investments in securities | $133293011 |
| † | Cost of short-term investments | $2991048 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES AS OF MAY 31, 2025 (CONTINUED)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $108550295 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 6043094 |
| Net asset value and redemption price per share† | $17.96 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $19.06 |
| **Class C** |  |
| Net assets | $442956 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 27695 |
| Net asset value and redemption price per share† | $15.99 |
| **Class I** |  |
| Net assets | $10221953 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 542018 |
| Net asset value and redemption price per share | $18.86 |
| **Class R** |  |
| Net assets | $12412926 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 712573 |
| Net asset value and redemption price per share | $17.42 |
| **Class W** |  |
| Net assets | $24890585 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 1313642 |
| Net asset value and redemption price per share | $18.95 |

---

<sup>(1)</sup> Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.

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

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends, net of foreign taxes withheld\* | $2561575 |
| Interest | 658 |
| Securities lending income, net | 2852 |
| Other | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2566098 |
| **EXPENSES:** |  |
| Investment management fees | 921658 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 282584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 65168 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 155658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 17950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 34907 |
| Shareholder reporting expense | 22339 |
| Registration fees | 82195 |
| Professional fees | 38373 |
| Custody and accounting expense | 21128 |
| Trustee fees | 4190 |
| Licensing fee (Note 7) | 26139 |
| Miscellaneous expense | 21286 |
| Interest expense | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1711219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (182140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1529079 |
| Net investment income | 1037019 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 16343853 |
| Net change in unrealized appreciation (depreciation) on investments | (10026194) |
| Net realized and unrealized gain | 6317659 |
| **Increase in net assets resulting from operations** | $7354678 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $1072 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**May 31, 2025** | **Year Ended**<br>**May 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $1037019 | $1143197 |
| Net realized gain | 16343853 | 12876023 |
| Net change in unrealized appreciation (depreciation) | (10026194) | 22424814 |
| Increase in net assets resulting from operations | 7354678 | 36444034 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12266751) | (841101) |
| &nbsp;&nbsp;&nbsp;Class C | (54705) | (1814) |
| &nbsp;&nbsp;&nbsp;Class I | (1215534) | (149502) |
| &nbsp;&nbsp;&nbsp;Class R | (1438600) | (70295) |
| &nbsp;&nbsp;&nbsp;Class W | (2642921) | (138571) |
| Total distributions | (17618511) | (1201283) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 11902397 | 52344988 |
| Reinvestment of distributions | 17465998 | 1189396 |
|  | 29368395 | 53534384 |
| Cost of shares redeemed | (35194202) | (54522316) |
| Net decrease in net assets resulting from capital share transactions | (5825807) | (987932) |
| Net increase (decrease) in net assets | (16089640) | 34254819 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 172608355 | 138353536 |
| End of year or period | $156518715 | $172608355 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year<br> or <br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net <br> assets,<br> end of <br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 05-31-25 | 19.31 | 0.11 | • | 0.72 | 0.83 | 0.14 | 2.04 |  | 2.18 |  | 17.96 | **3.48** | 1.07 | 0.95 | 0.95 | 0.58 | 108550 | 72 |
| 05-31-24 | 15.34 | 0.12 | • | 3.99 | 4.11 | 0.14 |  |  | 0.14 |  | 19.31 | **26.90** | 1.05 | 0.96 | 0.96 | 0.70 | 113786 | 107 |
| 05-31-23 | 17.14 | 0.13 | • | (0.88) | (0.75) | 0.10 | 0.95 |  | 1.05 |  | 15.34 | **(4.45)** | 1.11 | 0.95 | 0.95 | 0.82 | 97951 | 91 |
| 05-31-22 | 21.15 | 0.09 | • | (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 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 05-31-25 | 17.41 | 0.01 | • | 0.67 | 0.68 | 0.06 | 2.04 |  | 2.10 |  | 15.99 | **2.98** | 1.57 | 1.45 | 1.45 | 0.07 | 443 | 72 |
| 05-31-24 | 13.85 | 0.03 | • | 3.59 | 3.62 | 0.06 |  |  | 0.06 |  | 17.41 | **26.22** | 1.55 | 1.46 | 1.46 | 0.21 | 425 | 107 |
| 05-31-23 | 15.57 | 0.05 | • | (0.80) | (0.75) | 0.02 | 0.95 |  | 0.97 |  | 13.85 | **(4.90)** | 1.61 | 1.45 | 1.45 | 0.31 | 420 | 91 |
| 05-31-22 | 19.48 | (0.00) |)\*• | (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) |)\*• | 6.96 | 6.96 | 0.01 |  |  | 0.01 |  | 19.48 | **55.55** | 1.68 | 1.45 | 1.45 | (0.01) | 816 | 65 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 05-31-25 | 20.17 | 0.17 | • | 0.75 | 0.92 | 0.19 | 2.04 |  | 2.23 |  | 18.86 | **3.75** | 0.76 | 0.70 | 0.70 | 0.86 | 10222 | 72 |
| 05-31-24 | 16.01 | 0.17 | • | 4.17 | 4.34 | 0.18 |  |  | 0.18 |  | 20.17 | **27.26** | 0.74 | 0.71 | 0.71 | 0.93 | 20041 | 107 |
| 05-31-23 | 17.84 | 0.18 | • | (0.92) | (0.74) | 0.14 | 0.95 |  | 1.09 |  | 16.01 | **(4.21)** | 0.80 | 0.70 | 0.70 | 1.09 | 11314 | 91 |
| 05-31-22 | 21.90 | 0.15 | • | (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 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 05-31-25 | 18.79 | 0.06 | • | 0.71 | 0.77 | 0.10 | 2.04 |  | 2.14 |  | 17.42 | **3.23** | 1.32 | 1.20 | 1.20 | 0.33 | 12413 | 72 |
| 05-31-24 | 14.93 | 0.08 | • | 3.88 | 3.96 | 0.10 |  |  | 0.10 |  | 18.79 | **26.62** | 1.30 | 1.21 | 1.21 | 0.45 | 12893 | 107 |
| 05-31-23 | 16.71 | 0.09 | • | (0.86) | (0.77) | 0.06 | 0.95 |  | 1.01 |  | 14.93 | **(4.69)** | 1.36 | 1.20 | 1.20 | 0.57 | 10760 | 91 |
| 05-31-22 | 20.69 | 0.04 | • | (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 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 05-31-25 | 20.26 | 0.16 | • | 0.76 | 0.92 | 0.19 | 2.04 |  | 2.23 |  | 18.95 | **3.76** | 0.82 | 0.70 | 0.70 | 0.82 | 24891 | 72 |
| 05-31-24 | 16.08 | 0.17 | • | 4.19 | 4.36 | 0.18 |  |  | 0.18 |  | 20.26 | **27.26** | 0.80 | 0.71 | 0.71 | 0.92 | 25463 | 107 |
| 05-31-23 | 17.91 | 0.19 | • | (0.93) | (0.74) | 0.14 | 0.95 |  | 1.09 |  | 16.08 | **(4.20)** | 0.86 | 0.70 | 0.70 | 1.10 | 17908 | 91 |
| 05-31-22 | 21.96 | 0.15 | • | (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 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025

**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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic

946 Financial Services - Investment Companies.

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

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

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends,

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

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

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

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

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

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

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

associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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

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

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

C. ***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

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

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close,

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaim recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no 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 331/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Fund. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended May 31, 2025, the cost of purchases and the proceeds from sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $121391432 | $143883950 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of the Fund, at the following annual rates: 0.550% on the first $500 million, 0.525% on the next $250 million, 0.500% on the next $1.25 billion, and 0.475% in excess of $2 billion.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C, and Class R shares of the Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution of the Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each class of shares of the Fund pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | | |
|:---|:---|:---|
|  **<u>Class A</u>** |  **<u>Class C</u>** |  **<u>Class R</u>** |
| 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 year ended May 31, 2025, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| Initial Sales Charges: | $1312 | $— |
| Contingent Deferred Sales Charges: | $— | $84 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At May 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 7.67% |

---

The Investment Adviser may direct the Fund's Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended May 31, 2025, the per account fees for affiliated recordkeeping services paid by the Fund were $17,061.

**NOTE 7 — LICENSING FEE**

The Fund pays an annual licensing fee to S&P Opco, LLC. in order to obtain data and permissions necessary to achieve its principal investment strategy.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses 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, 2025, the Investment Adviser had 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 May 31, 2025, the Fund did not have any amount of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual through October 1, 2025 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**

The Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. 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.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Fund utilized the line of credit during the year ended May 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| 3 | $1965000 | 5.83% |

---

**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)** |
| <br>**Year or <br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 78540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 626353 | (555198) |  | 149695 | 1493261 |  | 12138715 | (10622236) |  | 3009740 |
| 5/31/2024 | 54041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 48865 | (595446) |  | (492540) | 966899 |  | 832180 | (10319320) |  | (8520241) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 11374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3141 | (11255) |  | 3260 | 189771 |  | 54310 | (190970) |  | 53111 |
| 5/31/2024 | 3165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 117 | (9178) |  | (5896) | 48374 |  | 1802 | (145440) |  | (95264) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 251521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58634 | (761893) |  | (451738) | 4945966 |  | 1191452 | (16141863) |  | (10004445) |
| 5/31/2024 | 1373450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8265 | (1094503) |  | 287212 | 24866627 |  | 146865 | (20018858) |  | 4994634 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 31077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 76481 | (81227) |  | 26331 | 572814 |  | 1438600 | (1480742) |  | 530672 |
| 5/31/2024 | 30777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4237 | (69406) |  | (34392) | 538209 |  | 70295 | (1189155) |  | (580651) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 262172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 129491 | (335066) |  | 56597 | 4700585 |  | 2642921 | (6758391) |  | 585115 |
| 5/31/2024 | 1440678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7750 | (1304889) |  | 143539 | 25924879 |  | 138254 | (22849543) |  | 3213590 |

---

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**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 May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| BNP Paribas |  |  |  |
| Securities Corp. | $246372 | $(246372) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| BofA Securities Inc | 44198 | (44198) |  |
| Citadel Clearing LLC | 74595 | (74595) |  |
| Citadel Securities LLC | 141666 | (141666) |  |
| HSBC Bank PLC | 650747 | (650747) |  |
| National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;274066 | &nbsp;&nbsp;&nbsp;&nbsp;(274066) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Natixis Securities America LLC | &nbsp;&nbsp;&nbsp;&nbsp;539564 | &nbsp;&nbsp;&nbsp;&nbsp;(539564) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS AG | 587475 | (587475) |  |
| Total | $2558683 | $(2558683) | $— |

---

(1) Cash
 collateral with a fair value of $2,620,048 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2024** | **Year Ended<br> May 31, 2024** |
| **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** |
| $3496290 | $14122221 | $1201283 | $— |

---

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings as of May 31, 2025, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Capital Loss**<br>**Carryforward** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $1162766 | $7700931 | $21226652 |  | $30090349 |

---

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

As of May 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and

introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 14 — SEGMENT REPORTING (continued)**

and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — SUBSEQUENT EVENTS**

*Fund Events*: The Fund will experience the following changes effective on or about at the close of business on July 28, 2025: (i) the appointment of Voya Investment

Management (UK) Limited ("Voya UK") as sub-sub-adviser to the Fund; (ii) changing the Fund's secondary benchmark from the "S&P MidCap 400<sup>®</sup> Index" to the "Russell 2500<sup>TM</sup> Index"; (iii) changing the Fund's investment objective, principal investment strategies, including changes to the Fund's policy to invest, under normal circumstances, at least 80% of the value of its assets in investments in accordance with the investment focus that its name suggests, principal risks, and portfolio managers; and (iv) changing the Fund's name to "Voya MI Dynamic SMID Cap Fund".

*Line of Credit Renewal*: Effective June 10, 2025, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events"), to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

VOYA MID CAP RESEARCH ENHANCED INDEX FUND PORTFOLIO OF INVESTMENTS AS OF MAY 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** | | |
|  | **Communication Services: 1.3%** |  |  |
| 20175 | Iridium Communications, Inc. | $512445 | 0.3 |
| 1239 <sup>(1)</sup> | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | 119601 | 0.1 |
| 19913 | New York Times Co. - Class A | 1137431 | 0.7 |
| 3343 | News Corp. - Class A | 94406 | 0.1 |
| 1133 <sup>(1)</sup> | Roku, Inc. | 82097 | 0.0 |
| 8860 <sup>(1)</sup> | TripAdvisor, Inc. | 126166 | 0.1 |
|  |  | **2072146** | **1.3** |
|  | **Consumer Discretionary: 13.7%** |  |  |
| 3754 <sup>(1)</sup> | Abercrombie & Fitch Co. - Class A | 294651 | 0.2 |
| 43554 | ADT, Inc. | 362369 | 0.2 |
| 13400 | Aramark | 542700 | 0.3 |
| 12221 | Bath & Body Works, Inc. | 343655 | 0.2 |
| 2299 | BorgWarner, Inc. | 76074 | 0.0 |
| 994 <sup>(1)</sup> | Burlington Stores, Inc. | 226900 | 0.1 |
| 4873 <sup>(1)</sup> | CarMax, Inc. | 314114 | 0.2 |
| 5172 <sup>(1)</sup> | Cava Group, Inc. | 420328 | 0.3 |
| 7765 <sup>(1)</sup> | Chewy, Inc. - Class A | 351366 | 0.2 |
| 4232 | Columbia Sportswear Co. | 269917 | 0.2 |
| 6233 <sup>(1)</sup> | Crocs, Inc. | 635766 | 0.4 |
| 2309 <sup>(1)</sup> | Deckers Outdoor Corp. | 243646 | 0.2 |
| 765 | Dick's Sporting Goods, Inc. | 137195 | 0.1 |
| 356 <sup>(2)</sup> | Dillard's, Inc. - Class A | 140983 | 0.1 |
| 1814 <sup>(1)</sup> | Duolingo, Inc. | 942573 | 0.6 |
| 1192 | Expedia Group, Inc. | 198766 | 0.1 |
| 22230 <sup>(1)(2)</sup> | GameStop Corp. - Class A | 662454 | 0.4 |
| 19840 | Gap, Inc. | 442630 | 0.3 |
| 32755 | Gentex Corp. | 706525 | 0.5 |
| 7211 <sup>(1)</sup> | Goodyear Tire & Rubber Co. | 82278 | 0.1 |
| 747 | Graham Holdings Co. - Class B | 712944 | 0.5 |
| 5714 <sup>(1)</sup> | Grand Canyon Education, Inc. | 1130486 | 0.7 |
| 13493 | H&R Block, Inc. | 768426 | 0.5 |
| 7590 | Harley-Davidson, Inc. | 183754 | 0.1 |
| 10319 <sup>(1)(2)</sup> | Hilton Grand Vacations, Inc. | 393876 | 0.3 |
| 4329 | Hyatt Hotels Corp. - Class A | 571558 | 0.4 |
| 6613 | Lear Corp. | 597947 | 0.4 |
| 5949 <sup>(1)</sup> | Light & Wonder, Inc. | 536124 | 0.3 |
| 2228 | Lithia Motors, Inc. | 706076 | 0.4 |
| 33141 | Macy's, Inc. | 394047 | 0.3 |
| 13604 <sup>(1)</sup> | Mattel, Inc. | 257660 | 0.2 |
| 303 | Murphy USA, Inc. | 129317 | 0.1 |
| 1518 <sup>(1)</sup> | Planet Fitness, Inc. - Class A | 156096 | 0.1 |
| 548 | Pool Corp. | 164723 | 0.1 |
| 7603 | PVH Corp. | 636903 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Consumer Discretionary: (continued)** |  |  |
| 2252 | Ralph Lauren Corp. | $623376 | 0.4 |
| 7160 <sup>(1)</sup> | Skechers USA, Inc. - Class A | 444206 | 0.3 |
| 3743 | Tapestry, Inc. | 294013 | 0.2 |
| 1647 <sup>(1)</sup> | Taylor Morrison Home Corp. | 92693 | 0.1 |
| 1154 <sup>(2)</sup> | Tempur Sealy International, Inc. | 75079 | 0.0 |
| 5576 | Texas Roadhouse, Inc. | 1088491 | 0.7 |
| 5058 | Toll Brothers, Inc. | 527297 | 0.3 |
| 3601 <sup>(1)</sup> | TopBuild Corp. | 1018687 | 0.6 |
| 13150 | Travel + Leisure Co. | 638696 | 0.4 |
| 9589 | VF Corp. | 119479 | 0.1 |
| 6499 <sup>(1)</sup> | Visteon Corp. | 548678 | 0.3 |
| 43254 | Wendy's Co. | 493096 | 0.3 |
| 1421 | Wingstop, Inc. | 485556 | 0.3 |
| 1627 | Wyndham Hotels & Resorts, Inc. | 134683 | 0.1 |
| 1616 | Wynn Resorts Ltd. | 146313 | 0.1 |
|  |  | **21465170** | **13.7** |
|  | **Consumer Staples: 5.3%** |  |  |
| 16904 <sup>(1)</sup> | BellRing Brands, Inc. | 1064107 | 0.7 |
| 768 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. | 86945 | 0.0 |
| 866 <sup>(1)</sup> | Boston Beer Co., Inc. - Class A | 199050 | 0.1 |
| 621 | Casey's General Stores, Inc. | 271849 | 0.2 |
| 2899 <sup>(1)</sup> | Celsius Holdings, Inc. | 109814 | 0.1 |
| 7900 | Coca-Cola Consolidated, Inc. | 905735 | 0.6 |
| 3330 <sup>(1)</sup> | Darling Ingredients, Inc. | 103763 | 0.1 |
| 7832 | Ingredion, Inc. | 1089588 | 0.7 |
| 2663 | Lancaster Colony Corp. | 445786 | 0.3 |
| 9041 <sup>(1)</sup> | Maplebear, Inc. | 412902 | 0.3 |
| 9384 <sup>(1)</sup> | Performance Food Group Co. | 840431 | 0.5 |
| 690 <sup>(1)</sup> | Post Holdings, Inc. | 76307 | 0.0 |
| 5541 <sup>(1)</sup> | Sprouts Farmers Market, Inc. | 957817 | 0.6 |
| 22579 <sup>(1)</sup> | US Foods Holding Corp. | 1786451 | 1.1 |
|  |  | **8350545** | **5.3** |
|  | **Energy: 3.6%** |  |  |
| 27021 <sup>(1)</sup> | Antero Resources Corp. | 1011936 | 0.6 |
| 14744 | Baker Hughes Co. | 546265 | 0.3 |
| 10568 | ChampionX Corp. | 254372 | 0.2 |
| 3457 <sup>(1)</sup> | CNX Resources Corp. | 111592 | 0.1 |
| 19613 | Coterra Energy, Inc. | 476792 | 0.3 |
| 10293 | Devon Energy Corp. | 311466 | 0.2 |
| 8973 | DT Midstream, Inc. | 939832 | 0.6 |
| 3968 | HF Sinclair Corp. | 143364 | 0.1 |
| 9861 | Matador Resources Co. | 424122 | 0.3 |
| 1725 | ONEOK, Inc. | 139449 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA MID CAP RESEARCH ENHANCED INDEX FUND PORTFOLIO OF INVESTMENTS AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 13938 | Permian Resources Corp. | $175758 | 0.1 |
| 21076 | Range Resources Corp. | 801731 | 0.5 |
| 5403 | Weatherford International PLC | 235571 | 0.2 |
|  |  | **5572250** | **3.6** |
|  | **Financials: 17.7%** |  |  |
| 3839 | Affiliated Managers Group, Inc. | 675664 | 0.4 |
| 1016 | Ameriprise Financial, Inc. | 517388 | 0.3 |
| 870 | Assurant, Inc. | 176593 | 0.1 |
| 5213 | Axis Capital Holdings Ltd. | 541109 | 0.3 |
| 21549 | Blue Owl Capital, Inc. | 402535 | 0.3 |
| 26691 | Cadence Bank | 808737 | 0.5 |
| 400 | Cboe Global Markets, Inc. | 91648 | 0.1 |
| 14809 | Citizens Financial Group, Inc. | 597543 | 0.4 |
| 4304 | CNO Financial Group, Inc. | 163380 | 0.1 |
| 13364 | Commerce Bancshares, Inc. | 842066 | 0.5 |
| 833 | East West Bancorp, Inc. | 75970 | 0.1 |
| 30859 | Equitable Holdings, Inc. | 1631515 | 1 |
| 13089 | Essent Group Ltd. | 759162 | 0.5 |
| 7617 <sup>(1)</sup> | Euronet Worldwide, Inc. | 824769 | 0.5 |
| 3931 | Evercore, Inc. - Class A | 909987 | 0.6 |
| 12505 | F.N.B. Corp. | 173444 | 0.1 |
| 3870 | Fidelity National Financial, Inc. | 211960 | 0.1 |
| 3009 | Fifth Third Bancorp | 114914 | 0.1 |
| 2833 | Globe Life, Inc. | 345258 | 0.2 |
| 17570 | Hancock Whitney Corp. | 960552 | 0.6 |
| 3849 | Hanover Insurance Group, Inc. | 677347 | 0.4 |
| 4372 | Hartford Financial Services Group, Inc. | 567660 | 0.4 |
| 2572 | Interactive Brokers Group, Inc. - Class A | 539297 | 0.3 |
| 12616 | Janus Henderson Group PLC | 458339 | 0.3 |
| 10132 | Kemper Corp. | 645712 | 0.4 |
| 6254 | Loews Corp. | 558420 | 0.4 |
| 674 | LPL Financial Holdings, Inc. | 260946 | 0.2 |
| 1767 | Morningstar, Inc. | 544978 | 0.4 |
| 508 | MSCI, Inc. | 286522 | 0.2 |
| 30390 | Old Republic International Corp. | 1148742 | 0.7 |
| 8802 | OneMain Holdings, Inc. | 456296 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 6089 | Popular, Inc. | $630394 | 0.4 |
| 591 | Primerica, Inc. | 159925 | 0.1 |
| 11836 | Prosperity Bancshares, Inc. | 824377 | 0.5 |
| 2264 | Reinsurance Group of America, Inc. | 460249 | 0.3 |
| 297 | RenaissanceRe Holdings Ltd. | 74078 | 0.1 |
| 40904 | Rithm Capital Corp. | 456080 | 0.3 |
| 6211 | Ryan Specialty Holdings, Inc. | 444521 | 0.3 |
| 4632 <sup>(1)(2)</sup> | Shift4 Payments, Inc. - Class A | 439067 | 0.3 |
| 29171 | SLM Corp. | 944265 | 0.6 |
| 12307 | SouthState Corp. | 1080555 | 0.7 |
| 744 | Stifel Financial Corp. | 70100 | 0.0 |
| 11072 | Synchrony Financial | 638301 | 0.4 |
| 22168 | Synovus Financial Corp. | 1060295 | 0.7 |
| 4464 <sup>(1)</sup> | Toast, Inc. - Class A | 188291 | 0.1 |
| 1967 | Tradeweb Markets, Inc. - Class A | 284133 | 0.2 |
| 17332 | Unum Group | 1416198 | 0.9 |
| 6911 | Western Alliance Bancorp | 500425 | 0.3 |
| 22607 | Zions Bancorp NA | 1070668 | 0.7 |
|  |  | **27710375** | **17.7** |
|  | **Health Care: 9.0%** |  |  |
| 13958 <sup>(1)</sup> | 10X Genomics, Inc. - Class A | 133020 | 0.1 |
| 334 <sup>(1)</sup> | Alnylam Pharmaceuticals, Inc. | 101723 | 0.1 |
| 268 | AmerisourceBergen Corp. | 78052 | 0.1 |
| 8816 <sup>(1)</sup> | BioMarin Pharmaceutical, Inc. | 511945 | 0.3 |
| 1459 | Cardinal Health, Inc. | 225328 | 0.1 |
| 6989 <sup>(1)</sup> | Centene Corp. | 394459 | 0.3 |
| 13042 <sup>(1)</sup> | Doximity, Inc. - Class A | 679358 | 0.4 |
| 24399 <sup>(1)</sup> | Exelixis, Inc. | 1050133 | 0.7 |
| 3849 <sup>(1)</sup> | Globus Medical, Inc. - Class A | 227784 | 0.1 |
| 6494 <sup>(1)</sup> | Haemonetics Corp. | 439709 | 0.3 |
| 10811 <sup>(1)</sup> | Halozyme Therapeutics, Inc. | 606173 | 0.4 |
| 3994 <sup>(1)</sup> | HealthEquity, Inc. | 401836 | 0.3 |
| 308 | Humana, Inc. | 71804 | 0.0 |
| 11053 <sup>(1)</sup> | Illumina, Inc. | 908999 | 0.6 |
| 5267 <sup>(1)</sup> | Incyte Corp. | 342671 | 0.2 |
| 965 <sup>(1)</sup> | Inspire Medical Systems, Inc. | 133363 | 0.1 |
| 812 <sup>(1)</sup> | Insulet Corp. | 263924 | 0.2 |
| 6434 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 695322 | 0.4 |
| 6897 <sup>(1)</sup> | Lantheus Holdings, Inc. | 521137 | 0.3 |
| 12623 <sup>(1)</sup> | LivaNova PLC | 545945 | 0.3 |
| 1584 <sup>(1)</sup> | Medpace Holdings, Inc. | 467122 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA MID CAP RESEARCH ENHANCED INDEX FUND PORTFOLIO OF INVESTMENTS AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 365 <sup>(1)</sup> | Molina Healthcare, Inc. | $111340 | 0.1 |
| 1589 <sup>(1)</sup> | Natera, Inc. | 250633 | 0.2 |
| 9078 <sup>(1)</sup> | Neurocrine Biosciences, Inc. | 1116776 | 0.7 |
| 12590 <sup>(1)</sup> | Option Care Health, Inc. | 411441 | 0.3 |
| 1849 <sup>(1)</sup> | Penumbra, Inc. | 493627 | 0.3 |
| 8798 <sup>(1)</sup> | Sarepta Therapeutics, Inc. | 330805 | 0.2 |
| 6698 <sup>(1)</sup> | Tenet Healthcare Corp. | 1130421 | 0.7 |
| 3376 <sup>(1)</sup> | United Therapeutics Corp. | 1076438 | 0.7 |
| 1223 <sup>(1)</sup> | Veeva Systems, Inc. - Class A | 342073 | 0.2 |
|  |  | **14063361** | **9.0** |
|  | **Industrials: 22.4%** |  |  |
| 4167 | Acuity Brands, Inc. | 1082962 | 0.7 |
| 13725 | AECOM | 1507691 | 1 |
| 1501 <sup>(1)</sup> | Alaska Air Group, Inc. | 76446 | 0.1 |
| 1241 | Allison Transmission Holdings, Inc. | 128468 | 0.1 |
| 54624 <sup>(1)</sup> | American Airlines Group, Inc. | 623260 | 0.4 |
| 1988 | AMETEK, Inc. | 355335 | 0.2 |
| 4471 | Applied Industrial Technologies, Inc. | 1012771 | 0.6 |
| 10079 <sup>(1)</sup> | ATI, Inc. | 802692 | 0.5 |
| 2952 | Carlisle Cos., Inc. | 1122291 | 0.7 |
| 3838 <sup>(1)</sup> | Chart Industries, Inc. | 602029 | 0.4 |
| 52096 <sup>(1)</sup> | Clarivate PLC | 219845 | 0.1 |
| 2284 <sup>(1)</sup> | Clean Harbors, Inc. | 517988 | 0.3 |
| 2196 | Comfort Systems USA, Inc. | 1050193 | 0.7 |
| 3471 <sup>(2)</sup> | Concentrix Corp. | 194255 | 0.1 |
| 23601 <sup>(1)</sup> | Core & Main, Inc. - Class A | 1293571 | 0.8 |
| 3520 | Curtiss-Wright Corp. | 1549187 | 1 |
| 7398 | Delta Air Lines, Inc. | 357989 | 0.2 |
| 16040 | Donaldson Co., Inc. | 1115582 | 0.7 |
| 3354 | EMCOR Group, Inc. | 1582618 | 1 |
| 1260 | Equifax, Inc. | 332879 | 0.2 |
| 1763 | Esab Corp. | 216831 | 0.1 |
| 18055 | Flowserve Corp. | 901125 | 0.6 |
| 11726 <sup>(1)</sup> | Fluor Corp. | 487567 | 0.3 |
| 7437 | Fortive Corp. | 522003 | 0.3 |
| 1424 <sup>(1)</sup> | FTI Consulting, Inc. | 233764 | 0.2 |
| 3644 <sup>(1)</sup> | Gates Industrial Corp. PLC | 77071 | 0.1 |
| 22168 | Genpact Ltd. | 954332 | 0.6 |
| 952 | Graco, Inc. | 80596 | 0.1 |
| 2263 <sup>(1)</sup> | GXO Logistics, Inc. | 93100 | 0.1 |
| 11789 | Hexcel Corp. | 623520 | 0.4 |
| 4763 | Ingersoll Rand, Inc. | 388851 | 0.2 |
| 7490 <sup>(1)</sup> | Kirby Corp. | 828694 | 0.5 |
| 2916 | Leidos Holdings, Inc. | 433084 | 0.3 |
| 33322 <sup>(1)</sup> | Lyft, Inc. - Class A | 507827 | 0.3 |
| 6406 <sup>(1)</sup> | MasTec, Inc. | 998888 | 0.6 |
| 2211 <sup>(1)</sup> | Middleby Corp. | 323093 | 0.2 |
| 3451 | MSA Safety, Inc. | 562410 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 936 | MSC Industrial Direct Co., Inc. - Class A | $76003 | 0.0 |
| 4810 <sup>(1)</sup> | Nextracker, Inc. - Class A | 272679 | 0.2 |
| 17186 | nVent Electric PLC | 1130839 | 0.7 |
| 537 | Old Dominion Freight Line, Inc. | 86011 | 0.1 |
| 8893 | Owens Corning | 1191217 | 0.8 |
| 2939 <sup>(1)</sup> | Paylocity Holding Corp. | 561055 | 0.4 |
| 845 | Pentair PLC | 83807 | 0.1 |
| 4084 | RB Global, Inc. | 430045 | 0.3 |
| 6014 | Regal Rexnord Corp. | 802508 | 0.5 |
| 6065 | Ryder System, Inc. | 892343 | 0.6 |
| 8948 | Schneider National, Inc. - Class B | 207325 | 0.1 |
| 5179 | Sensata Technologies Holding PLC | 134965 | 0.1 |
| 8128 | SS&C Technologies Holdings, Inc. | 656824 | 0.4 |
| 4850 | Terex Corp. | 218299 | 0.1 |
| 2382 | TransUnion | 203971 | 0.1 |
| 4163 <sup>(1)(2)</sup> | U-Haul Holding Co. | 266432 | 0.2 |
| 4761 <sup>(1)</sup> | United Airlines Holdings, Inc. | 378238 | 0.2 |
| 3179 | Vertiv Holdings Co. - Class A | 343110 | 0.2 |
| 1850 | Watsco, Inc. | 820605 | 0.5 |
| 4507 | Watts Water Technologies, Inc. - Class A | 1091235 | 0.7 |
| 5656 | WESCO International, Inc. | 949586 | 0.6 |
| 2369 | Westinghouse Air Brake Technologies Corp. | 479296 | 0.3 |
| 706 <sup>(1)</sup> | XPO, Inc. | 80364 | 0.1 |
|  |  | **35117565** | **22.4** |
|  | **Information Technology: 10.3%** |  |  |
| 2268 <sup>(1)</sup> | Arrow Electronics, Inc. | 268486 | 0.2 |
| 14980 | Avnet, Inc. | 749150 | 0.5 |
| 6494 <sup>(1)</sup> | BILL Holdings, Inc. | 283658 | 0.2 |
| 8975 <sup>(1)</sup> | Ciena Corp. | 718539 | 0.5 |
| 5863 <sup>(1)</sup> | Cirrus Logic, Inc. | 576685 | 0.4 |
| 5686 <sup>(1)</sup> | Coherent Corp. | 430032 | 0.3 |
| 1094 <sup>(1)</sup> | CommVault Systems, Inc. | 200366 | 0.1 |
| 1816 <sup>(1)</sup> | Datadog, Inc. - Class A | 214070 | 0.1 |
| 11585 <sup>(1)</sup> | DocuSign, Inc. | 1026547 | 0.7 |
| 16963 <sup>(1)</sup> | Dropbox, Inc. - Class A | 489552 | 0.3 |
| 13852 <sup>(1)</sup> | DXC Technology Co. | 210550 | 0.1 |
| 16124 <sup>(1)</sup> | Dynatrace, Inc. | 870857 | 0.6 |
| 983 | Entegris, Inc. | 67571 | 0.0 |
| 2362 <sup>(1)</sup> | F5, Inc. | 674068 | 0.4 |
| 3283 <sup>(1)</sup> | Fannie Mae | 764512 | 0.5 |
| 26927 <sup>(1)</sup> | Flex Ltd. | 1139012 | 0.7 |
| 3708 <sup>(1)</sup> | Guidewire Software, Inc. | 797294 | 0.5 |

---

See Accompanying Notes to Financial Statements

VOYA MID CAP RESEARCH ENHANCED INDEX FUND PORTFOLIO OF INVESTMENTS AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Information Technology: (continued)** |  |  |
| 24000 | Hewlett Packard Enterprise Co. | $414720 | 0.3 |
| 7350 <sup>(1)</sup> | Kyndryl Holdings, Inc. | 286944 | 0.2 |
| 2476 <sup>(1)</sup> | Manhattan Associates, Inc. | 467419 | 0.3 |
| 376 | Monolithic Power Systems, Inc. | 248874 | 0.2 |
| 4164 | NetApp, Inc. | 412902 | 0.3 |
| 3317 <sup>(1)</sup> | Nutanix, Inc. - Class A | 254381 | 0.2 |
| 9428 <sup>(1)</sup> | Okta, Inc. | 972687 | 0.6 |
| 2107 <sup>(1)</sup> | Onto Innovation, Inc. | 193718 | 0.1 |
| 27257 <sup>(1)</sup> | Pure Storage, Inc. - Class A | 1460703 | 0.9 |
| 15020 <sup>(1)</sup> | Rambus, Inc. | 803119 | 0.5 |
| 4968 <sup>(1)</sup> | Samsara, Inc. - Class A | 231211 | 0.1 |
| 1595 <sup>(1)</sup> | Silicon Laboratories, Inc. | 192245 | 0.1 |
| 1228 | Skyworks Solutions, Inc. | 84769 | 0.0 |
| 1111 <sup>(1)</sup> | Synaptics, Inc. | 65282 | 0.0 |
| 3886 | TD SYNNEX Corp. | 471527 | 0.3 |
| 1478 <sup>(1)</sup> | Zoom Video Communications, Inc. - Class A | 120088 | 0.1 |
|  |  | **16161538** | **10.3** |
|  | **Materials: 5.1%** |  |  |
| 18342 | Alcoa Corp. | 491015 | 0.3 |
| 7117 | AptarGroup, Inc. | 1127333 | 0.7 |
| 14331 <sup>(1)</sup> | Axalta Coating Systems Ltd. | 441395 | 0.3 |
| 5197 | Cabot Corp. | 388164 | 0.2 |
| 3223 | Carpenter Technology Corp. | 757405 | 0.5 |
| 13811 | Commercial Metals Co. | 643455 | 0.4 |
| 6231 | DuPont de Nemours, Inc. | 416231 | 0.3 |
| 1751 | Eastman Chemical Co. | 137226 | 0.1 |
| 16281 | Element Solutions, Inc. | 348088 | 0.2 |
| 3345 | Louisiana-Pacific Corp. | 301284 | 0.2 |
| 415 | Reliance Steel & Aluminum Co. | 121520 | 0.1 |
| 7166 | Royal Gold, Inc. | 1276408 | 0.8 |
| 12317 | RPM International, Inc. | 1402167 | 0.9 |
| 2085 | Smurfit WestRock PLC | 90343 | 0.1 |
|  |  | **7942034** | **5.1** |
|  | **Real Estate: 6.9%** |  |  |
| 21877 | American Homes 4 Rent - Class A | 828044 | 0.5 |
| 43400 | Brixmor Property Group, Inc. | 1102794 | 0.7 |
| 1923 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 240413 | 0.2 |
| 30135 | COPT Defense Properties | 827206 | 0.5 |
| 1838 | Digital Realty Trust, Inc. | 315254 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Real Estate: (continued)** |  |  |
| 13988 | EPR Properties | $778992 | 0.5 |
| 1138 | Equity LifeStyle Properties, Inc. | 72343 | 0.0 |
| 290 | Essex Property Trust, Inc. | 82331 | 0.1 |
| 20315 | First Industrial Realty Trust, Inc. | 1004170 | 0.6 |
| 23610 | Gaming and Leisure Properties, Inc. | 1102587 | 0.7 |
| 26259 | Host Hotels & Resorts, Inc. | 406752 | 0.3 |
| 4921 <sup>(1)</sup> | Jones Lang LaSalle, Inc. | 1095907 | 0.7 |
| 25999 | National Retail Properties, Inc. | 1085718 | 0.7 |
| 51956 <sup>(2)</sup> | Park Hotels & Resorts, Inc. | 538264 | 0.3 |
| 43970 | Sabra Health Care REIT, Inc. | 768596 | 0.5 |
| 669 | Simon Property Group, Inc. | 109094 | 0.1 |
| 10445 | STAG Industrial, Inc. | 371633 | 0.2 |
| 1258 | WP Carey, Inc. | 78952 | 0.1 |
|  |  | **10809050** | **6.9** |
|  | **Utilities: 3.2%** |  |  |
| 11840 | Black Hills Corp. | 692285 | 0.4 |
| 4298 | Edison International | 239184 | 0.1 |
| 14608 | National Fuel Gas Co. | 1205744 | 0.8 |
| 12927 | NorthWestern Corp. | 715251 | 0.5 |
| 17115 | OGE Energy Corp. | 761104 | 0.5 |
| 7566 | ONE Gas, Inc. | 565634 | 0.4 |
| 6661 | PG&E Corp. | 112437 | 0.1 |
| 18898 | UGI Corp. | 681462 | 0.4 |
|  |  | **4973101** | **3.2** |
|  | Total Common Stock<br> (Cost $131,353,394) | **154237135** | **98.5** |
| **EXCHANGE-TRADED FUNDS: 1.3%** | **EXCHANGE-TRADED FUNDS: 1.3%** |  |  |
| 33149 | iShares Core S&P Mid- Cap ETF | **1990266** | **1.3** |
|  | Total Exchange-Traded Funds<br> (Cost $1,939,617) | **1990266** | **1.3** |
|  | Total Long-Term Investments<br> (Cost $133,293,011) | **156227401** | **99.8** |

---

See Accompanying Notes to Financial Statements

VOYA MID CAP RESEARCH ENHANCED INDEX FUND PORTFOLIO OF INVESTMENTS AS OF MAY 31, 2025 (CONTINUED)

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.9%** | **SHORT-TERM INVESTMENTS: 1.9%** | | |
|  | **Repurchase Agreements: 1.7%** | | |
| 620048 <sup>(3)</sup> | BNP Paribas S.A., Repurchase Agreement dated 05/30/2025, 4.330%, due 06/02/2025 (Repurchase Amount $620,269, collateralized by various U.S. Government Securities, 0.000%- 0.750%, Market Value plus accrued interest $632,449, due 01/31/26-02/15/39) | $620048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.4 |
| 1000000 <sup>(3)</sup> | CF Secured LLC, Repurchase Agreement dated 05/30/2025, 4.360%, due 06/02/2025 (Repurchase Amount $1,000,358, collateralized by various U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $1,020,000, due 05/23/28-04/20/74) | 1000000 | 0.6 |
| 1000000 <sup>(3)</sup> | Clear Street LLC, Repurchase Agreement dated 05/30/2025, 4.410%, due 06/02/2025 (Repurchase Amount $1,000,362, collateralized by various U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,020,005, due 09/17/29-05/01/55) | 1000000 | 0.7 |
|  | Total Repurchase Agreements<br> (Cost $2,620,048) | **2620048** | **1.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.2%** | | |
| 371000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220% (Cost $371,000) | $**371000** | **0.2** |
|  | Total Short-Term Investments<br> (Cost $2,991,048) | $**2991048** | **1.9** |
|  | **Total Investments in Securities<br> (Cost $136,284,059)** | $**159218449** | **101.7** |
|  | **Liabilities in Excess of Other Assets** | **(2699734)** | **(1.7)** |
|  | **Net Assets** | $**156518715** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(4)</sup> | Rate shown is the 7-day yield as of May 31, 2025. |

---

See Accompanying Notes to Financial Statements

VOYA MID CAP RESEARCH ENHANCED INDEX FUND PORTFOLIO OF INVESTMENTS AS OF MAY 31, 2025 (CONTINUED)

------

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $154237135 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $154237135 |
| Exchange-Traded Funds | 1990266 |  |  | 1990266 |
| Short-Term Investments | 371000 | 2620048 |  | 2991048 |
| Total Investments, at fair value | $156598401 | $2620048 | $— | $159218449 |

---

_____________

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

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

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $137,991,797. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $29641378 |
| Gross Unrealized Depreciation | (8414726) |
| Net Unrealized Appreciation | $21226652 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

------

Dividends and distributions paid during the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Type</u>** | **<u>Per Share Amount</u>** |
| Voya Mid Cap Research Enhanced Index Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | NII | $0.1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | NII | $0.0575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | NII | $0.1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | NII | $0.0963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class W | NII | $0.1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | STCG | $0.2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Classes | LTCG | $1.7531 |

---

_________

NII — Net investment income

STCG— Short-term capital gain

LTCG — Long-term capital gain

Of the ordinary distributions made during the year ended May 31, 2025, 51.12% qualify for the dividends received deduction (DRD) available to corporate shareholders.

For the year ended May 31, 2025, 53.86% of ordinary distributions paid by the Fund is designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals.

The Fund designates $547,140 as Section 199A dividends.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

------

**BOARD CONSIDERATION AND APPROVAL OF NEW SUB-SUB-ADVISORY CONTRACT WITH VOYA INVESTMENT MANAGEMENT (UK) LIMITED**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Mid Cap Research Enhanced Index Fund (the "Fund"), a series of Voya Equity Trust ("VET"), can enter into a new sub-sub-advisory agreement only if the Board of Trustees of VET (the "Board"), including a majority of the Board members who have no direct or indirect interest in the sub-sub-advisory agreement, and who are not "interested persons" of VET, as such term is defined in the 1940 Act (the "Independent Trustees"), determines to approve the new arrangement. Thus, at its meeting held on May 15, 2025 (the "May Meeting"), the Board, including a majority of the Independent Trustees, considered (1) a proposal by Management to appoint Voya Investment Management (UK) Limited ("Voya UK") as the sub-sub-adviser to the Fund; and (2) the initial approval of a new sub-sub-advisory agreement between Voya Investment Management Co. LLC ("Voya IM") and Voya UK (the "Sub-Sub-Advisory Agreement") under which Voya UK would serve as the sub-sub-adviser to the Fund. The Fund has been sub-advised by Voya IM (or a predecessor entity) since February 26, 2002.

In determining whether to initially approve the Sub-Sub-Advisory Agreement with Voya UK with respect to the Fund, the Board requested, received, evaluated and discussed such information and supporting materials related to that information as it deemed necessary for an informed determination of whether to approve the Sub-Sub-Advisory Agreement. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the Sub-Sub-Advisory Agreement.

The materials provided included the following: (1) Voya IM's presentation before the Investment Review Committees (the "IRCs") at their May 14, 2025 joint meeting; (2) materials provided to the Board in advance of the May Meeting discussing: (a) Voya IM's rationale for recommending that Voya UK be added as the sub-sub-adviser to the Fund, including Voya IM's view that adding Voya UK as the sub-sub-adviser to the Fund would provide the Fund with the opportunity for potential future growth; (b) the performance of the new sub-sub-advisory team in managing its related investment strategy with such performance being

compared against a relevant benchmark index; and (c) Voya UK's investment philosophy and how it supports Voya IM's overall investment process for the Fund; (2) Voya IM's and Voya UK's responses to inquiries from K&L Gates LLP, counsel to the Independent Trustees; (3) supporting documentation, including a copy of the proposed Sub-Sub-Advisory Agreement; and (4) other information relevant to the Board's evaluation. The Board also considered that the Fund would not experience any increase in aggregate fees paid for services under the Sub-Sub-Advisory Agreement.

In reviewing the proposed Sub-Sub-Advisory Agreement, the Board, including a majority of the Independent Trustees, considered a number of factors, including, but not limited to: (1) the information that had been provided by Voya IM and Voya UK in advance of the May Meeting; (2) presentations made to the Board or a committee of the Board by Voya UK's portfolio management team with respect to their investing philosophy and process; (3) the nature, extent, and quality of the services to be provided by Voya UK under the Sub-Sub-Advisory Agreement; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM and Voya UK; (5) the fairness of the compensation under the Sub-Sub-Advisory Agreement in light of the services to be provided by Voya UK; (6) the sub-sub-advisory fee rate payable to Voya UK; (7) Voya UK's operations and compliance programs, including the policies and procedures intended to assure compliance with the federal securities laws; (8) the potential fall-out benefits to Voya IM and Voya UK's respective affiliates from their relationship with the Fund; and (9) the appropriateness of the selection of Voya UK in light of the Fund's newly approved principal investment strategies, its investment objective, and its investor base.

With respect to the nature, extent and quality of services to be provided by Voya UK, the Board was mindful of the "manager-of-managers" platform that has been developed by Voya Investments, LLC, the Fund's investment adviser ("Adviser"). The Board recognized that the Adviser would be responsible for monitoring the investment program, performance and developments/on-going operations of Voya IM and Voya UK under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services Voya IM and Voya UK provide to the Fund and Voya IM's and Voya UK's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers and sub-sub-advisers, the Adviser has developed an oversight process formulated by Voya Manager Research & Selection Group ("MR&S"), which analyzes both qualitative

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

------

(such as in-person meetings and telephonic meetings with sub-advisers and sub-sub-advisers, and research on sub-advisers and sub-sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers and sub-sub-advisers.

The Board considered that MR&S also typically provides reports to the IRCs at their meetings prior to sub-adviser and sub-sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding sub-advisers and sub-sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers and sub-sub-advisers' investment processes and to try to identify issues that may be relevant to a sub-adviser's and sub-sub-adviser's services to a Voya fund and/or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya family of funds.

The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers and sub-sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and sub-sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought

before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.

The Board considered that the Fund also can benefit from the services of the Adviser's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also considered the techniques used by the Adviser to monitor sub-adviser and sub-sub-adviser performance.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgement, the terms of the Sub-Sub-Advisory Agreement, with respect to the Fund, are fair and reasonable to the Fund and that approval of the Sub-Sub-Advisory Agreement 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 Sub-Sub-Advisory Agreement, 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 fees payable by the Sub-Adviser under the Sub-Sub-Advisory Agreement. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Sub-Sub-Advisory Agreement for the Fund.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163060 (0525)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](tm2520696d2_glomul-img01.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| **May 31, 2025** |
| **Voya Global Income & Growth Fund** |
| Classes A, C, I, R6 and W |

---

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.

---

| | |
|:---|:---|
| ![](tm2520696d2_glomul-img02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT** <br> **voyainvestments.com** | ![](tm2520696d2_glomul-img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#ya_001) | [1](#ya_001) |
| [Statement of Assets and Liabilities](#ya_002) | [2](#ya_002) |
| [Statement of Operations](#ya_003) | [4](#ya_003) |
| [Statements of Changes in Net Assets](#ya_004) | [5](#ya_004) |
| [Financial Highlights](#globasa_006) | [6](#globasa_006) |
| [Notes to Financial Statements](#globasa_007) | [7](#globasa_007) |
| [Portfolio of Investments](#d007) | [20](#d007) |
| [Tax Information](#glo_003) | [31](#glo_003) |

---

---

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

---

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya Global Income & Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Global Income & Growth Fund (the "Fund"), (one of the funds constituting Voya Equity Trust (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Equity Trust) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2520696d2_glomul-img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

July 23, 2025

STATEMENT OF ASSETS AND LIABILITIES AS OF MAY 31, 2025

---

| | | |
|:---|:---|:---|
| **ASSETS:** | **ASSETS:** | |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $406939777 |
| Short-term investments at fair value† | Short-term investments at fair value† | 26965036 |
| Cash | Cash | 757513 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 888864 |
| Receivables: | Receivables: |  |
|  | Investment securities and currencies sold | 4001380 |
|  | Fund shares sold | 32036 |
|  | Dividends | 394604 |
|  | Interest | 2886386 |
|  | Foreign tax reclaims | 35487 |
| Prepaid expenses | Prepaid expenses | 33211 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 75694 |
| Other assets | Other assets | 39287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 443049275 |
| **LIABILITIES:** | **LIABILITIES:** |  |
| Income distribution payable | Income distribution payable | 57743 |
| Payable for investment securities and currencies purchased | Payable for investment securities and currencies purchased | 9643530 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 838535 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 6770915 |
| Payable for investment management fees | Payable for investment management fees | 268788 |
| Payable for distribution and shareholder service fees | Payable for distribution and shareholder service fees | 81963 |
| Payable to trustees under the deferred compensation plan (Note 6) | Payable to trustees under the deferred compensation plan (Note 6) | 39287 |
| Payable for trustee fees | Payable for trustee fees | 786 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 285280 |
| Written options, at fair value^ | Written options, at fair value^ | 83437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18070264 |
| **NET ASSETS** | **NET ASSETS** | $424979011 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | Paid-in capital | $428867432 |
| Total distributable loss | Total distributable loss | (3888421) |
| **NET ASSETS** | **NET ASSETS** | $424979011 |
| + | Including securities loaned at value | $6553738 |
| \* | Cost of investments in securities | $380555545 |
| † | Cost of short-term investments | $26965036 |
| ‡ | Cost of foreign currencies | $864389 |
| ^ | Premiums received on written options | $119451 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES AS OF MAY 31, 2025 (CONTINUED)

---

| | |
|:---|:---|
| **Class A** | |
| Net assets | $328463251 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 28665274 |
| Net asset value and redemption price per share† | $11.46 |
| Maximum offering price per share (5.75%)<sup>(1)</sup> | $12.16 |
| **Class C** |  |
| Net assets | $14891780 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 1271787 |
| Net asset value and redemption price per share† | $11.71 |
| **Class I** |  |
| Net assets | $53803808 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 4583437 |
| Net asset value and redemption price per share | $11.74 |
| **Class R6** |  |
| Net assets | $1770014 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 150107 |
| Net asset value and redemption price per share | $11.79 |
| **Class W** |  |
| Net assets | $26050158 |
| Shares authorized | unlimited |
| Par value | $0.010 |
| Shares outstanding | 2222794 |
| Net asset value and redemption price per share | $11.72 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends, net of foreign taxes withheld\* | $2056054 |
| Interest | 8344408 |
| Securities lending income, net | 16045 |
| Other | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10418205 |
| **EXPENSES:** |  |
| Investment management fees | 2349740 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 605556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 108933 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 270028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 12121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 18456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 17863 |
| Shareholder reporting expense | 180945 |
| Registration fees | 86564 |
| Professional fees | 58747 |
| Custody and accounting expense | 49415 |
| Trustee fees | 7855 |
| Miscellaneous expense | 23984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3790327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (400121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3390206 |
| Net investment income | 7027999 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7932740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (33307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 14744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (7951303) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 26755952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 32553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 36014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 26824519 |
| Net realized and unrealized gain | 18873216 |
| **Increase in net assets resulting from operations** | $25901215 |
| \*&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | $83614 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS MAY 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**May 31, 2025** | **Year Ended**<br>**May 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $7027999 | $2893471 |
| Net realized gain (loss) | (7951303) | 15847161 |
| Net change in unrealized appreciation (depreciation) | 26824519 | (1822391) |
| Increase in net assets resulting from operations | 25901215 | 16918241 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10313355) | (2733699) |
| &nbsp;&nbsp;&nbsp;Class C | (266032) | (18884) |
| &nbsp;&nbsp;&nbsp;Class I | (1894776) | (410491) |
| &nbsp;&nbsp;&nbsp;Class R6 | (63318) | (19247) |
| &nbsp;&nbsp;&nbsp;Class W | (497862) | (2919) |
| Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9759501) |  |
| &nbsp;&nbsp;&nbsp;Class C | (485023) |  |
| &nbsp;&nbsp;&nbsp;Class I | (1632208) |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (43208) |  |
| &nbsp;&nbsp;&nbsp;Class W | (768555) |  |
| Total distributions | (25723838) | (3185240) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 23186986 | 11482957 |
| Proceeds from shares issued in merger (Note 13) | 347374750 |  |
| Reinvestment of distributions | 24926057 | 3009796 |
|  | 395487793 | 14492753 |
| Cost of shares redeemed | (95149918) | (22637405) |
| Net increase (decrease) in net assets resulting from capital share transactions | 300337875 | (8144652) |
| Net increase in net assets | 300515252 | 5588349 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 124463759 | 118875410 |
| End of year or period | $424979011 | $124463759 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | **Income (loss) <br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) |  | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)(4)</sup> | Expenses <br> net of all<br> reductions/<br> additions<sup>(2)(3)(4)</sup> | Net investment income (loss)<sup>(2)(3)(4)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.49 | &nbsp;&nbsp;0.25 | <sup>•</sup> | 0.79 | 1.04 | 0.18 | 0.55 | 0.34 | 1.07 |  | 11.46 | **9.52** | 1.24 | 1.10 | 1.10 | 2.22 | 328463 | 157 |
| 05-31-24 | 10.26 | &nbsp;&nbsp;0.26 | <sup>•</sup> | 1.26 | 1.52 | 0.29 |  |  | 0.29 |  | 11.49 | **14.90** | 0.75 | 0.74 | 0.74 | 2.35 | 107553 | 116 |
| 05-31-23 | 11.09 | &nbsp;&nbsp;0.16 | <sup>•</sup> | (0.59) | (0.43) | 0.11 | 0.29 |  | 0.40 |  | 10.26 | **(3.69)** | 0.88 | 0.72 | 0.72 | 1.57 | 102002 | 38 |
| 05-31-22 | 13.66 | &nbsp;&nbsp;0.16 | <sup>•</sup> | (1.30) | (1.14) | 0.47 | 0.96 |  | 1.43 |  | 11.09 | **(9.86)** | 0.86 | 0.70 | 0.70 | 1.20 | 114575 | 44 |
| 05-31-21 | 10.58 | &nbsp;&nbsp;0.18 | <sup>•</sup> | 3.21 | 3.39 | 0.31 |  |  | 0.31 |  | 13.66 | **32.20** | 0.90 | 0.65 | 0.65 | 1.49 | 134478 | 38 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.76 | &nbsp;&nbsp;0.17 | <sup>•</sup> | 0.80 | 0.97 | 0.13 | 0.55 | 0.34 | 1.02 |  | 11.71 | **8.67** | 1.99 | 1.85 | 1.85 | 1.47 | 14892 | 157 |
| 05-31-24 | 10.48 | &nbsp;&nbsp;0.18 | <sup>•</sup> | 1.30 | 1.48 | 0.20 |  |  | 0.20 |  | 11.76 | **14.16** | 1.50 | 1.49 | 1.49 | 1.61 | 1084 | 116 |
| 05-31-23 | 11.31 | &nbsp;&nbsp;0.08 | <sup>•</sup> | (0.60) | (0.52) | 0.02 | 0.29 |  | 0.31 |  | 10.48 | **(4.48)** | 1.63 | 1.47 | 1.47 | 0.81 | 1126 | 38 |
| 05-31-22 | 13.85 | &nbsp;&nbsp;0.05 | <sup>•</sup> | (1.32) | (1.27) | 0.31 | 0.96 |  | 1.27 |  | 11.31 | **(10.50)** | 1.61 | 1.45 | 1.45 | 0.38 | 1426 | 44 |
| 05-31-21 | 10.70 | &nbsp;&nbsp;0.09 | <sup>•</sup> | 3.25 | 3.34 | 0.19 |  |  | 0.19 |  | 13.85 | **31.29** | 1.65 | 1.40 | 1.40 | 0.69 | 2863 | 38 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.75 | &nbsp;&nbsp;0.29 | <sup>•</sup> | 0.80 | 1.09 | 0.21 | 0.55 | 0.34 | 1.10 |  | 11.74 | **9.77** | 0.92 | 0.85 | 0.85 | 2.46 | 53804 | 157 |
| 05-31-24 | 10.48 | &nbsp;&nbsp;0.29 | <sup>•</sup> | 1.29 | 1.58 | 0.31 |  |  | 0.31 |  | 11.75 | **15.24** | 0.49 | 0.49 | 0.49 | 2.59 | 14864 | 116 |
| 05-31-23 | 11.33 | &nbsp;&nbsp;0.19 | <sup>•</sup> | (0.61) | (0.42) | 0.14 | 0.29 |  | 0.43 |  | 10.48 | **(3.52)** | 0.58 | 0.47 | 0.47 | 1.85 | 14992 | 38 |
| 05-31-22 | 13.92 | &nbsp;&nbsp;0.19 | <sup>•</sup> | (1.31) | (1.12) | 0.51 | 0.96 |  | 1.47 |  | 11.33 | **(9.60)** | 0.56 | 0.45 | 0.45 | 1.42 | 14443 | 44 |
| 05-31-21 | 10.77 | &nbsp;&nbsp;0.21 | <sup>•</sup> | 3.27 | 3.48 | 0.33 |  |  | 0.33 |  | 13.92 | **32.57** | 0.60 | 0.40 | 0.40 | 1.69 | 16811 | 38 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.79 | &nbsp;&nbsp;0.29 | <sup>•</sup> | 0.81 | 1.10 | 0.21 | 0.55 | 0.34 | 1.10 |  | 11.79 | **9.82** | 0.89 | 0.85 | 0.85 | 2.49 | 1770 | 157 |
| 05-31-24 | 10.52 | &nbsp;&nbsp;0.30 | <sup>•</sup> | 1.28 | 1.58 | 0.31 |  |  | 0.31 |  | 11.79 | **15.20** | 0.42 | 0.42 | 0.42 | 2.66 | 863 | 116 |
| 05-31-23 | 11.37 | &nbsp;&nbsp;0.20 | <sup>•</sup> | (0.62) | (0.42) | 0.14 | 0.29 |  | 0.43 |  | 10.52 | **(3.49)** | 0.50 | 0.47 | 0.47 | 1.87 | 640 | 38 |
| 05-31-22 | 13.96 | &nbsp;&nbsp;0.19 | <sup>•</sup> | (1.31) | (1.12) | 0.51 | 0.96 |  | 1.47 |  | 11.37 | **(9.54)** | 1.11 | 0.45 | 0.45 | 1.47 | 637 | 44 |
| 05-31-21 | 10.81 | &nbsp;&nbsp;0.19 | <sup>•</sup> | 3.30 | 3.49 | 0.34 |  |  | 0.34 |  | 13.96 | **32.52** | 1.17 | 0.40 | 0.40 | 1.49 | 611 | 38 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 05-31-25 | 11.73 | &nbsp;&nbsp;0.29 | <sup>•</sup> | 0.80 | 1.09 | 0.21 | 0.55 | 0.34 | 1.10 |  | 11.72 | **9.79** | 0.99 | 0.85 | 0.85 | 2.49 | 26050 | 157 |
| 05-31-24 | 10.46 | &nbsp;&nbsp;0.28 | <sup>•</sup> | 1.30 | 1.58 | 0.31 |  |  | 0.31 |  | 11.73 | **15.27** | 0.50 | 0.49 | 0.49 | 2.56 | 100 | 116 |
| 05-31-23 | 11.31 | &nbsp;&nbsp;0.19 | <sup>•</sup> | (0.61) | (0.42) | 0.14 | 0.29 |  | 0.43 |  | 10.46 | **(3.52)** | 0.63 | 0.47 | 0.47 | 1.82 | 116 | 38 |
| 05-31-22 | 13.90 | &nbsp;&nbsp;0.19 | <sup>•</sup> | (1.31) | (1.12) | 0.51 | 0.96 |  | 1.47 |  | 11.31 | **(9.61)** | 0.61 | 0.45 | 0.45 | 1.45 | 123 | 44 |
| 05-31-21 | 10.75 | &nbsp;&nbsp;0.22 | <sup>•</sup> | 3.26 | 3.48 | 0.33 |  |  | 0.33 |  | 13.90 | **32.60** | 0.65 | 0.40 | 0.40 | 1.72 | 134 | 38 |

---

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

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

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

<sup>(4)</sup> Ratios do not include expenses of the Underlying Funds.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025

**NOTE 1 — ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for Voya Global Income & Growth Fund ("Global Income & Growth" or the "Fund"), a diversified series of the Trust.

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

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

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board

("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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

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

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

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

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

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

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

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input

levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments. The Fund classifies each of its investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds.

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

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

C. ***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

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

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

***Risk Exposures and the Use of Derivative Instruments.*** The Fund's investment strategies permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.

***Foreign Exchange Rate Risk.*** To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International 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.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

The Fund's Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund's net assets and or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund's Master Agreements.

As of May 31, 2025, the Fund did not have any open OTC derivatives.

D. ***Forward Foreign Currency Contracts and Futures Contracts.*** The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

During the year ended year, the Fund did not enter into any forward foreign currency contracts.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within the Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund's Statement of Operations. Realized gains (losses) are reported in the Fund's Statement of Operations at the closing or expiration of futures contracts.

During the year ended May 31, 2025, the Fund did not enter into any futures contracts.

E. ***Options Contracts.*** The Fund may purchase put and call options and may write (sell) put options and covered call options. The Fund may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

During the year ended May 31, 2025, the Fund had written exchange-traded options on equity securities to generate income from option premiums. The Fund had an average notional value on written exchange-traded options of $20,817,025. Please refer to the tables within the Portfolio of Investments for open written exchange-traded options at May 31, 2025.

F. ***Swap Agreements.*** The Fund may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange ("centrally cleared swaps").

The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by the Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statement of Operations upon termination or maturity of the swap. The Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and a

Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statement of Operations. Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on the Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Total Return Swap Agreements.*** Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. The Fund's use of a total return swap exposes the Fund to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

During the year ended May 31, 2025, the Fund did not enter into any total return swaps.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

G. ***Equity-Linked Notes.*** The Fund invests in equity-linked notes. Equity-linked notes are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income earned from equity-linked notes is recorded as Interest income in the Statement of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The Fund records the net change in the fair value of the equity-linked note on the accompanying Statement of Operations as a change in unrealized appreciation or depreciation on investments. The Fund records a realized gain or loss on the Statement of Operations upon the sale or maturity of the equity-linked note. The risks of investing in equity-linked notes include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-linked notes and the appreciation potential may be limited. Equity-linked notes may be more volatile and less liquid than other investments held by the Fund. Please refer to the Portfolio of Investments for open equity-linked notes at May 31, 2025.

H. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays capital gain distributions, if any, at least annually. Effective November 1, 2024, dividend distributions, if any, are declared and paid at least monthly to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. Prior to November 1, 2024, the Fund paid dividend distributions, if any, at least annually. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

I. ***Convertible Securities.*** The Fund may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Fund's investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Fund is exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

J. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax 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.

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

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended May 31, 2025, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $735639751 | $464543925 |

---

**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 0.18% of the Fund's average daily net assets invested in affiliated Underlying Funds;

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

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

0.750% on the Fund's average daily net assets invested in direct investments; and 0.40% the Fund's average daily net assets invested in all other investments.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A and Class C shares of the Fund each has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution of the Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, Class A and Class C shares of the Fund pay the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| 0.25% | 1.00% |

---

The Distributor may also retain the proceeds of the initial sales charge paid by the shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended May 31, 2025, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| Initial Sales Charges: | $2247 | $— |
| Contingent Deferred Sales Charges: | $— | $57 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At May 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 26.67% |

---

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 year ended May 31, 2025, the per account fees for affiliated recordkeeping services paid by the Fund were $87,245.

**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** | **Class C** | **Class I** | **Class R6** | **Class W** |
| 1.10% | 1.85% | 0.85% | 0.85% | 0.85% |

---

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 May 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)**

by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **May 31,** | **May 31,** | **May 31,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $31805 | $— | $131379 | $163184 |

---

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 May 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **May 31,** | **May 31,** | **May 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Class A | $134382 | $17849 | $235094 | $387325 |
| Class C | 1644 | 192 | 9350 | 11186 |
| Class I | 11137 | 617 | 10476 | 22230 |
| Class R6 |  |  | 120 | 120 |
| Class W | 152 | 20 | 13702 | 13874 |

---

The Expense Limitation Agreement is contractual through October 1, 2026 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

The Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. 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.

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 year ended May 31, 2025.

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** |<br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br><br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 965521 | 20771677 | 1719242 | (4153394) |  | 19303046 | 10887861 | 237650702 | 19362967 | (47046856) |  | 220854674 |
| 5/31/2024 | 158316 |  | 233792 | (975592) |  | (583484) | 1715182 |  | 2578726 | (10639064) |  | (6345156) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 13081 | 1676811 | 64408 | (574749) |  | 1179551 | 149683 | 19592921 | 744880 | (6669686) |  | 13817798 |
| 5/31/2024 | 14094 |  | 1667 | (31202) |  | (15441) | 159466 |  | 18853 | (348220) |  | (169901) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 958117 | 5206958 | 299538 | (3146433) |  | 3318180 | 11063626 | 61044485 | 3462692 | (36745954) |  | 38824849 |
| 5/31/2024 | 826300 |  | 34610 | (1026039) |  | (165129) | 9388100 |  | 390051 | (11521856) |  | (1743705) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 66183 | 26847 | 9224 | (25324) |  | 76930 | 766813 | 316071 | 106526 | (289271) |  | 900139 |
| 5/31/2024 | 19524 |  | 1703 | (8905) |  | 12322 | 219640 |  | 19247 | (96381) |  | 142506 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 5/31/2025 | 27246 | 2458057 | 107789 | (378839) |  | 2214253 | 319003 | 28770571 | 1248992 | (4398151) |  | 25940415 |
| 5/31/2024 | 51 |  | 260 | (2861) |  | (2550) | 569 |  | 2919 | (31884) |  | (28396) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government

securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market close of the Fund at its last sale price or official closing price on the principal exchange or system on which it is traded and

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 10 — SECURITIES LENDING (continued)**

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 May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| BofA Securities Inc | $3032975 | $(3032975) | $— |
| Cantor Fitzgerald & Co | 199073 | (199073) |  |
| JP Morgan Securities Plc. | 1120431 | (1120431) |  |
| Wells Fargo Securities LLC | 2201259 | (2201259) |  |
| Total | $6553738 | $(6553738) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $6,770,915 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs), foreign currency transactions and wash sale deferrals.

Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **May 31, 2025** | **May 31, 2025** | **May 31, 2025** | **May 31, 2024** | **May 31, 2024** |
| **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Return of**<br>**Capital** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| $7155637 | $5879706 | $12688495 | $3185240 | $— |

---

The tax-basis components of distributable earnings as of May 31, 2025 were:

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | |
| **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $24045027 | $(5625475) | Short-term | $(3888421) |
|  | (22307973 | Long-term |  |
|  | $(27933448 |  |  |

---

<sup>\*</sup> Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

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

As of May 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red

Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 13 — REORGANIZATIONS**

On October 25, 2024, Global Income & Growth ("Acquiring Fund") acquired all of the net assets and assumed all liabilities of Voya Global Diversified Payment Fund ("Acquired Fund 1") and Voya Global Perspectives<sup>®</sup> Fund ("Acquired Fund 2" and, together with Acquired Fund 1, the "Acquired Funds"), open-end investment companies that are not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on June 1, 2024, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund's *pro forma* results of operations for the year ended May 31, 2025, are as follows (Unaudited):

---

| | |
|:---|:---|
| Net investment income | $17276210 |
| Net realized and unrealized gain on investments | $83915402 |
| Net increase in net assets resulting from operations | $101191612 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Fund's statement of operations since October 25, 2024. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Acquired Funds** | **Total Net**<br>**Assets of**<br>**Acquired**<br>**Funds (000s)** | <br>**Total Net Assets of**<br>**Acquiring Fund**<br>**(000s)** | **Acquired Funds'**<br>**Capital Loss**<br>**Carryforwards**<br>**(000s)** | <br>**Acquired Funds'**<br>**Unrealized**<br>**Depreciation (000s)** | <br>**Funds'**<br>**Conversion**<br>**Ratio** |
| **Acquired Fund 1** | $237081 | $128445 | $(11693) | $(1664) | 0.5996 |
| **Acquired Fund 2** | $110294 | $128445 | $(10669) | $(785) | 0.9321 |

---

The net assets of the Acquiring Fund after the acquisition of Acquired Fund were $475,819,963.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net

assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTES TO FINANCIAL STATEMENTS as of May 31, 2025 (continued)

**NOTE 15 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to May 31, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $0.0640 | July 1, 2025 | June 30, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | $0.0580 | July 1, 2025 | June 30, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | $0.0680 | July 1, 2025 | June 30, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | $0.0680 | July 1, 2025 | June 30, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | $0.0680 | July 1, 2025 | June 30, 2025 |

---

*Line of Credit Renewal***:** Effective June 10, 2025, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS <br> as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 31.3%** | **COMMON STOCK: 31.3%** |  |  |
|  | **Australia: 0.1%** |  |  |
| 3655 | REA Group Ltd. | $**564571** | **0.1** |
|  | **Brazil: 0.6%** |  |  |
| 695 <sup>(1)</sup> | MercadoLibre, Inc. | 1781486 | 0.4 |
| 9870 | Wheaton Precious Metals Corp. | 855206 | 0.2 |
|  |  | **2636692** | **0.6** |
|  | **Canada: 1.8%** |  |  |
| 380 | Constellation Software, Inc. | 1377774 | 0.3 |
| 7990 <sup>(1)</sup> | Descartes Systems Group, Inc. | 926417 | 0.2 |
| 9720 | Dollarama, Inc. | 1250104 | 0.3 |
| 490 | Fairfax Financial Holdings Ltd. | 833744 | 0.2 |
| 8070 | Loblaw Cos. Ltd. | 1361495 | 0.3 |
| 5807 | Royal Bank of Canada | 736015 | 0.2 |
| 5216 | WSP Global, Inc. | 1068817 | 0.3 |
|  |  | **7554366** | **1.8** |
|  | **China: 0.4%** |  |  |
| 13504 | Tencent Holdings Ltd., ADR | 847781 | 0.2 |
| 47045 | Tencent Music Entertainment Group, ADR | 792238 | 0.2 |
|  |  | **1640019** | **0.4** |
|  | **France: 0.8%** |  |  |
| 10770 | Cie de Saint-Gobain | 1212527 | 0.3 |
| 4825 | EssilorLuxottica SA | 1340639 | 0.3 |
| 3005 | Thales SA | 920344 | 0.2 |
|  |  | **3473510** | **0.8** |
|  | **Germany: 2.2%** |  |  |
| 5000 | Adidas AG | 1247064 | 0.3 |
| 16585 <sup>(1)</sup> | Birkenstock Holding PLC | 891941 | 0.2 |
| 23918 | Deutsche Telekom AG, Reg | 905735 | 0.2 |
| 27260 | Infineon Technologies AG | 1059859 | 0.3 |
| 1656 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 1072875 | 0.3 |
| 8705 | Nemetschek SE | 1210175 | 0.3 |
| 5595 | SAP SE | 1692597 | 0.4 |
| 10820 <sup>(1)</sup> | Siemens Energy AG | 1057388 | 0.2 |
|  |  | **9137634** | **2.2** |
|  | **Italy: 0.7%** |  |  |
| 15295 | Coca-Cola HBC AG - Class DI | 797060 | 0.2 |
| 46670 | Lottomatica Group SpA | 1227279 | 0.3 |
| 14765 | UniCredit SpA | 949483 | 0.2 |
|  |  | **2973822** | **0.7** |
|  | **Japan: 0.9%** |  |  |
| 18800 | Chugai Pharmaceutical Co. Ltd. | 982893 | 0.2 |
| 6145 | Konami Group Corp. | 834138 | 0.2 |
| 36675 | Sompo Holdings, Inc. | 1109835 | 0.3 |
| 37690 | Sony Group Corp., ADR | 994262 | 0.2 |
|  |  | **3921128** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Netherlands: 0.3%** |  |  |
| 1925 <sup>(1)</sup> | Argenx SE, ADR | $**1103526** | **0.3** |
|  | **Norway: 0.2%** |  |  |
| 36965 | DNB Bank ASA | **988659** | **0.2** |
|  | **Singapore: 0.4%** |  |  |
| 127785 | Singapore Technologies Engineering Ltd. | 772555 | 0.2 |
| 368075 | Singapore Telecommunications Ltd. | 1086686 | 0.2 |
|  |  | **1859241** | **0.4** |
|  | **South Korea: 0.6%** |  |  |
| 1305 | Hanwha Aerospace Co. Ltd. | 765286 | 0.2 |
| 2825 | HD Hyundai Heavy Industries Co. Ltd. | 827190 | 0.2 |
| 9525 | KB Financial Group, Inc., ADR | 711994 | 0.2 |
|  |  | **2304470** | **0.6** |
|  | **Switzerland: 0.5%** |  |  |
| 1540 | Lonza Group AG | 1068614 | 0.3 |
| 41548 <sup>(1)</sup> | Sportradar Group AG - Class A | 993413 | 0.2 |
|  |  | **2062027** | **0.5** |
|  | **Taiwan: 0.3%** |  |  |
| 6795 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | **1313609** | **0.3** |
|  | **United Kingdom: 2.6%** |  |  |
| 20805 | 3i Group PLC | 1142715 | 0.2 |
| 10225 | AstraZeneca PLC, ADR | 744687 | 0.2 |
| 41156 | Barclays PLC, ADR | 733812 | 0.2 |
| 3075 <sup>(1)</sup> | Flutter Entertainment PLC - Class DI | 778473 | 0.2 |
| 30890 | Halma PLC | 1211010 | 0.3 |
| 89055 | HSBC Holdings PLC | 1049156 | 0.2 |
| 1240845 | Lloyds Banking Group PLC | 1292472 | 0.3 |
| 30150 | RELX PLC - GBP | 1622492 | 0.4 |
| 161811 | Rolls-Royce Holdings PLC | 1882986 | 0.4 |
| 23561 | TechnipFMC PLC | 733925 | 0.2 |
|  |  | **11191728** | **2.6** |
|  | **United States: 18.9%** |  |  |
| 7240 | 3M Co. | 1074054 | 0.3 |
| 4482 | AbbVie, Inc. | 834145 | 0.2 |
| 5174 | Allstate Corp. | 1085867 | 0.3 |
| 16000 | Alphabet, Inc. - Class A | 2747840 | 0.6 |
| 24727 <sup>(1)</sup> | Amazon.com, Inc. | 5069282 | 1.2 |
| 2550 | Aon PLC - Class A | 948804 | 0.2 |
| 17477 | Apple, Inc. | 3510255 | 0.8 |
| 31775 | AT&T, Inc. | 883345 | 0.2 |
| 11570 | Bank of America Corp. | 510584 | 0.1 |
| 15180 <sup>(1)</sup> | Boston Scientific Corp. | 1597847 | 0.4 |
| 7535 | Broadcom, Inc. | 1823997 | 0.4 |
| 5906 | Capital One Financial Corp. | 1117120 | 0.3 |
| 1620 | Caterpillar, Inc. | 563809 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 5463 <sup>(1)</sup> | CBRE Group, Inc. - Class A | $682984 | 0.2 |
| 13210 | Charles Schwab Corp. | 1166971 | 0.3 |
| 16200 <sup>(1)</sup> | Chewy, Inc. - Class A | 733050 | 0.2 |
| 11015 <sup>(1)</sup> | Chipotle Mexican Grill, Inc. | 551631 | 0.1 |
| 4655 | Cintas Corp. | 1054358 | 0.2 |
| 26405 | Cisco Systems, Inc. | 1664571 | 0.4 |
| 16695 | Corteva, Inc. | 1182006 | 0.3 |
| 760 | Costco Wholesale Corp. | 790537 | 0.2 |
| 9040 | Crown Castle, Inc. | 907164 | 0.2 |
| 1425 | Deere & Co. | 721421 | 0.2 |
| 2761 | Ecolab, Inc. | 733377 | 0.2 |
| 2757 | Eli Lilly & Co. | 2033756 | 0.5 |
| 1100 | Equinix, Inc. | 977702 | 0.2 |
| 19595 | Ferrovial SE | 998260 | 0.2 |
| 2160 <sup>(1)</sup> | First Solar, Inc. | 341453 | 0.1 |
| 3735 | GE Aerospace | 918474 | 0.2 |
| 5730 <sup>(1)</sup> | GoDaddy, Inc. - Class A | 1043720 | 0.2 |
| 955 | Intuit, Inc. | 719564 | 0.2 |
| 2215 <sup>(1)</sup> | Intuitive Surgical, Inc. | 1223433 | 0.3 |
| 11340 | JPMorgan Chase & Co. | 2993760 | 0.7 |
| 1800 | Linde PLC DE | 836754 | 0.2 |
| 5444 | Mastercard, Inc. - Class A | 3188006 | 0.8 |
| 3034 | McDonald's Corp. | 952221 | 0.2 |
| 1560 | McKesson Corp. | 1122436 | 0.3 |
| 5178 | Meta Platforms, Inc. - Class A | 3352703 | 0.8 |
| 10326 | Microsoft Corp. | 4753677 | 1.1 |
| 1735 | Moody's Corp. | 831620 | 0.2 |
| 7280 | Morgan Stanley | 932058 | 0.2 |
| 905 <sup>(1)</sup> | Netflix, Inc. | 1092543 | 0.3 |
| 49774 | NVIDIA Corp. | 6725961 | 1.6 |
| 4690 <sup>(1)</sup> | Palantir Technologies, Inc. - Class A | 618048 | 0.1 |
| 1545 | Parker-Hannifin Corp. | 1026962 | 0.2 |
| 3610 <sup>(1)</sup> | Paylocity Holding Corp. | 689149 | 0.2 |
| 3717 | Quanta Services, Inc. | 1273296 | 0.3 |
| 1580 | Roper Technologies, Inc. | 901027 | 0.2 |
| 1115 <sup>(1)</sup> | ServiceNow, Inc. | 1127365 | 0.3 |
| 2375 <sup>(1)</sup> | Take-Two Interactive Software, Inc. | 537415 | 0.1 |
| 7565 <sup>(1)</sup> | Tesla, Inc. | 2620970 | 0.6 |
| 5889 | Tradeweb Markets, Inc. - Class A | 850666 | 0.2 |
| 2060 | UnitedHealth Group, Inc. | 621935 | 0.1 |
| 1380 <sup>(1)</sup> | Vertex Pharmaceuticals, Inc. | 610029 | 0.1 |
| 15259 | Walmart, Inc. | 1506368 | 0.4 |
| 15160 | Williams Cos., Inc. | 917332 | 0.2 |
|  |  | **80293682** | **18.9** |
|  | Total Common Stock |  |  |
|  | (Cost $116,636,642) | **133018684** | **31.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CONVERTIBLE BONDS/NOTES: 28.6%** | **CONVERTIBLE BONDS/NOTES: 28.6%** |  |  |
|  | **Australia: 0.3%** |  |  |
| <sup>AUD</sup>1600000 | Telix Pharmaceuticals Ltd., 2.375%, 07/30/2029 | $1353610 | 0.3 |
|  | **Canada: 0.5%** |  |  |
| 2165000 | Shopify, Inc., 0.125%, 11/01/2025 | 2184485 | 0.5 |
|  | **China: 2.3%** |  |  |
| 550000 <sup>(2)</sup> | Alibaba Group Holding Ltd., 0.500%, 06/01/2031 | 698637 | 0.2 |
| 400000 <sup>(3)</sup> | Baidu, Inc., 0.270%, 03/12/2032 | 392800 | 0.1 |
| 1000000 <sup>(2)</sup> | Bilibili, Inc., 0.625%, 06/01/2030 | 1073750 | 0.2 |
| 400000 | China Hongqiao Group Ltd., 1.500%, 03/26/2030 | 400952 | 0.1 |
| 815000 <sup>(2)</sup> | GDS Holdings Ltd., 2.250%, 06/01/2032 | 820914 | 0.2 |
| 1200000 | Gold Pole Capital Co. Ltd., 1.000%, 06/25/2029 | 1320600 | 0.3 |
| 500000 | Lenovo Group Ltd., 2.500%, 08/26/2029 | 617500 | 0.1 |
| 1200000 | Ping An Insurance Group Co. of China Ltd., 0.875%, 07/22/2029 | 1467327 | 0.3 |
| 1020000 <sup>(2)</sup> | Trip.com Group Ltd., 0.750%, 06/15/2029 | 1180531 | 0.3 |
| 1100000 <sup>(3)</sup> | Wuxi Apptec Hongkong Ltd., (9.360)%, 10/19/2025 | 1141250 | 0.3 |
| 500000 <sup>(3)</sup> | Xiaomi Best Time International Ltd., (13.090)%, 12/17/2027 | 714750 | 0.2 |
|  |  | **9829011** | **2.3** |
|  | **Denmark: 0.3%** |  |  |
| 1040000 | Ascendis Pharma A/S, 2.250%, 04/01/2028 | 1270100 | 0.3 |
|  | **France: 0.6%** |  |  |
| <sup>EUR</sup>20000 | Accor SA, 0.700%, 12/07/2027 | 1273571 | 0.3 |
| <sup>EUR</sup>400000 | SPIE SA, 2.000%, 01/17/2028 | 652667 | 0.1 |
| <sup>EUR</sup>700000 | Vinci SA, 0.700%, 02/18/2030 | 850511 | 0.2 |
|  |  | **2776749** | **0.6** |
|  | **Germany: 1.3%** |  |  |
| <sup>EUR</sup>600000 | Deutsche Lufthansa AG LHA, 2.000%, 11/17/2025 | 687082 | 0.2 |
| <sup>EUR</sup>900000 <sup>(4)</sup> | MTU Aero Engines AG MTX, 0.050%, 03/18/2027 | 1123100 | 0.3 |
| <sup>EUR</sup>800000 | Nordex SE, 4.250%, 04/14/2030 | 1283905 | 0.3 |
| <sup>EUR</sup>800000 <sup>(3)</sup> | RAG-Stiftung EVK, (2.530)%, 06/17/2026 | 933086 | 0.2 |
| <sup>EUR</sup>200000 | Rheinmetall AG A, 1.875%, 02/07/2028 | 1382318 | 0.3 |
|  |  | **5409491** | **1.3** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |  |  |
|  | **Japan: 0.5%** |  |  |
| <sup>JPY</sup>290000000 <sup>(3)</sup> | Daiwa House Industry Co. Ltd., (1.060)%, 03/30/2029 | $2099752 | 0.5 |
|  | **Macao: 0.3%** |  |  |
| 1100000 <sup>(2)</sup> | Wynn Macau Ltd., 4.500%, 03/07/2029 | 1094500 | 0.3 |
|  | **New Zealand: 0.6%** |  |  |
| 1300000 <sup>(3)</sup> | Xero Investments Ltd., 0.300%, 12/02/2025 | 1298063 | 0.3 |
| 1000000 | Xero Investments Ltd., 1.625%, 06/12/2031 | 1266826 | 0.3 |
|  |  | **2564889** | **0.6** |
|  | **Singapore: 0.7%** |  |  |
| 700000 | Sea Ltd., 2.375%, 12/01/2025 | 1252650 | 0.3 |
| 1600000 <sup>(3)</sup> | STMicroelectronics NV A, 5.260%, 08/04/2025 | 1585170 | 0.4 |
|  |  | **2837820** | **0.7** |
|  | **South Korea: 0.4%** |  |  |
| 800000 | SK Hynix, Inc., 1.750%, 04/11/2030 | 1517000 | 0.4 |
|  | **Spain: 1.2%** |  |  |
| <sup>EUR</sup>2100000 | Cellnex Telecom SA, CLNX, 0.500%, 07/05/2028 | 2552399 | 0.6 |
| <sup>EUR</sup>1800000 | Iberdrola Finanzas SA IBE, 0.800%, 12/07/2027 | 2542017 | 0.6 |
|  |  | **5094416** | **1.2** |
|  | **Switzerland: 0.2%** |  |  |
| <sup>CHF</sup>600000 | ELM BV for Swiss Prime Site AG, 1.625%, 05/31/2030 | 1015206 | 0.2 |
|  | **Taiwan: 0.2%** |  |  |
| 800000 <sup>(3)</sup> | Quanta Computer, Inc., (3.610)%, 09/16/2029 | 937040 | 0.2 |
|  | **United Kingdom: 0.7%** |  |  |
| 2100000 | Barclays Bank PLC MSFT, 1.000%, 02/16/2029 | 2224433 | 0.5 |
| <sup>EUR</sup>400000 | International Consolidated Airlines Group SA IAG, 1.125%, 05/18/2028 | 585881 | 0.2 |
|  |  | **2810314** | **0.7** |
|  | **United States: 18.5%** |  |  |
| 1200000 | Advanced Energy Industries, Inc., 2.500%, 09/15/2028 | 1351680 | 0.3 |
| 1465000 <sup>(2)</sup> | Affirm Holdings, Inc., 0.750%, 12/15/2029 | 1377196 | 0.3 |
| 630000 <sup>(2)</sup> | Alignment Healthcare, Inc., 4.250%, 11/15/2029 | 830844 | 0.2 |
| 1520000 | Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/2027 | 1883342 | 0.4 |
| 800000 <sup>(2)</sup> | Alphatec Holdings, Inc., 0.750%, 03/15/2030 | 859820 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 575000 | American Airlines Group, Inc., 6.500%, 07/01/2025 | $575961 | 0.1 |
| 245000 | Axon Enterprise, Inc., 0.500%, 12/15/2027 | 810014 | 0.2 |
| 825000 <sup>(2)</sup> | Box, Inc., 1.500%, 09/15/2029 | 884812 | 0.2 |
| 1210000 <sup>(2)</sup> | Bridgebio Pharma, Inc., 1.750%, 03/01/2031 | 1250813 | 0.3 |
| 585000 | Burlington Stores, Inc., 1.250%, 12/15/2027 | 747923 | 0.2 |
| 2445000 <sup>(3)</sup> | Cloudflare, Inc., (8.500)%, 08/15/2026 | 2721896 | 0.6 |
| 1510000 | Coinbase Global, Inc., 0.500%, 06/01/2026 | 1560585 | 0.4 |
| 750000 <sup>(2)(3)</sup> | Datadog, Inc., 1.580%, 12/01/2029 | 699000 | 0.2 |
| 2450000 <sup>(2)</sup> | Digital Realty Trust L.P., 1.875%, 11/15/2029 | 2592100 | 0.6 |
| 1025000 <sup>(2)(3)</sup> | DoorDash, Inc., (0.070)%, 05/15/2030 | 1028516 | 0.2 |
| 1940000 <sup>(3)</sup> | DraftKings Holdings, Inc., 4.300%, 03/15/2028 | 1724660 | 0.4 |
| 500000 <sup>(2)</sup> | Galaxy Digital Holdings L.P., 2.500%, 12/01/2029 | 538750 | 0.1 |
| 700000 <sup>(2)</sup> | Granite Construction, Inc., 3.250%, 06/15/2030 | 931525 | 0.2 |
| 870000 <sup>(4)</sup> | Guardant Health, Inc., 1.250%, 02/15/2031 | 897840 | 0.2 |
| 1620000 <sup>(2)</sup> | Guidewire Software, Inc., 1.250%, 11/01/2029 | 1826550 | 0.4 |
| 1040000 | Halozyme Therapeutics, Inc., 0.250%, 03/01/2027 | 1063184 | 0.3 |
| 1170000 | IMAX Corp., 0.500%, 04/01/2026 | 1308599 | 0.3 |
| 950000 | Insulet Corp., 0.375%, 09/01/2026 | 1401676 | 0.3 |
| 770000 | iRhythm Technologies, Inc., 1.500%, 09/01/2029 | 941902 | 0.2 |
| 1200000 <sup>(2)</sup> | Itron, Inc., 1.375%, 07/15/2030 | 1320991 | 0.3 |
| 1130000 <sup>(2)</sup> | Jazz Investments I Ltd., 3.125%, 09/15/2030 | 1210795 | 0.3 |
| 2000000 <sup>(2)</sup> | Liberty Broadband Corp., 3.125%, 03/31/2053 | 2000891 | 0.5 |
| 1205000 | Liberty Media Corp.- Liberty Formula One, 2.250%, 08/15/2027 | 1530952 | 0.4 |
| 2640000 <sup>(2)</sup> | Live Nation Entertainment, Inc., 2.875%, 01/15/2030 | 2782560 | 0.7 |
| 1920000 | Lumentum Holdings, Inc., 0.500%, 12/15/2026 | 2061120 | 0.5 |
| 900000 | Lumentum Holdings, Inc., 0.500%, 06/15/2028 | 866250 | 0.2 |
| 2285000 <sup>(2)(3)</sup> | MACOM Technology Solutions Holdings, Inc., 0.070%, 12/15/2029 | 2278145 | 0.5 |
| 2100000 <sup>(2)(3)</sup> | MicroStrategy, Inc., 2.290%, 12/01/2029 | 1896597 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CONVERTIBLE BONDS/NOTES: (continued)** | **CONVERTIBLE BONDS/NOTES: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 1015000 <sup>(2)</sup> | Mirion Technologies, Inc., 0.250%, 06/01/2030 | $1095185 | 0.3 |
| 2050000 | NCL Corp. Ltd., 1.125%, 02/15/2027 | 1976200 | 0.5 |
| 730000 | NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/2027 | 838405 | 0.2 |
| 1350000 <sup>(2)</sup> | Nutanix, Inc., 0.500%, 12/15/2029 | 1527371 | 0.4 |
| 1065000 <sup>(2)</sup> | OSI Systems, Inc., 2.250%, 08/01/2029 | 1424437 | 0.3 |
| 700000 <sup>(2)</sup> | PAR Technology Corp., 1.000%, 01/15/2030 | 681170 | 0.2 |
| 940000 | PAR Technology Corp., 1.500%, 10/15/2027 | 1053482 | 0.2 |
| 655000 | Parsons Corp., 2.625%, 03/01/2029 | 674978 | 0.2 |
| 1930000 | PG&E Corp., 4.250%, 12/01/2027 | 2007200 | 0.5 |
| 650000 | Repligen Corp., 1.000%, 12/15/2028 | 638610 | 0.2 |
| 1120000 | Seagate HDD Cayman, 3.500%, 06/01/2028 | 1697460 | 0.4 |
| 600000 | Semtech Corp., 1.625%, 11/01/2027 | 766500 | 0.2 |
| 755000 <sup>(3)</sup> | Shake Shack, Inc., (1.330)%, 03/01/2028 | 783312 | 0.2 |
| 675000 | Shift4 Payments, Inc., 0.500%, 08/01/2027 | 719887 | 0.2 |
| 1515000 <sup>(2)(3)</sup> | Snowflake, Inc., (8.490)%, 10/01/2029 | 2226103 | 0.5 |
| 1595000 <sup>(2)</sup> | Southern Co., 3.250%, 06/15/2028 | 1594203 | 0.4 |
| 950000 <sup>(3)</sup> | Spotify USA, Inc., (33.140)%, 03/15/2026 | 1287820 | 0.3 |
| 710000 | Super Micro Computer, Inc., 3.500%, 03/01/2029 | 716745 | 0.2 |
| 1605000 <sup>(3)</sup> | Uber Technologies, Inc., (21.380)%, 12/15/2025 | 1815255 | 0.4 |
| 1055000 <sup>(2)</sup> | UGI Corp., 5.000%, 06/01/2028 | 1437965 | 0.3 |
| 685000 <sup>(2)(3)</sup> | Unity Software, Inc., (0.900)%, 03/15/2030 | 715483 | 0.2 |
| 965000 <sup>(2)</sup> | Varonis Systems, Inc., 1.000%, 09/15/2029 | 961381 | 0.2 |
| 630000 | Viavi Solutions, Inc., 1.625%, 03/15/2026 | 634333 | 0.1 |
| 2360000 <sup>(2)</sup> | Welltower OP LLC, 3.125%, 07/15/2029 | 3181280 | 0.7 |
| 700000 | Western Digital Corp., 3.000%, 11/15/2028 | 1060150 | 0.3 |
| 5000 | Xometry, Inc., 1.000%, 02/01/2027 | 5169 | 0 |
| 800000 | Zscaler, Inc., 0.125%, 07/01/2025 | 1461200 | 0.3 |
|  |  | **78738773** | **18.5** |
|  | Total Convertible Bonds/Notes |  |  |
|  | (Cost $112,121,027) | **121533156** | **28.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 32.1%** | **CORPORATE BONDS/NOTES: 32.1%** |  |  |
|  | **Australia: 0.4%** |  |  |
| 1820000 <sup>(2)</sup> | FMG Resources August 2006 Pty Ltd., 4.375%, 04/01/2031 | $1672279 | 0.4 |
|  | **Canada: 2.0%** |  |  |
| 2925000 <sup>(2)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | 2985778 | 0.7 |
| 1985000 <sup>(2)(4)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 | 2056030 | 0.5 |
| 2390000 <sup>(2)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 2391593 | 0.6 |
| 1105000 <sup>(2)</sup> | Hudbay Minerals, Inc., 6.125%, 04/01/2029 | 1108632 | 0.2 |
|  |  | **8542033** | **2.0** |
|  | **Finland: 0.3%** |  |  |
| 1015000 <sup>(2)</sup> | Amer Sports Co., 6.750%, 02/16/2031 | 1051814 | 0.3 |
|  | **Guatemala: 0.9%** |  |  |
| 3630000 <sup>(2)</sup> | Millicom International Cellular SA, 7.375%, 04/02/2032 | 3680820 | 0.9 |
|  | **Mexico: 0.3%** |  |  |
| 1445000 <sup>(2)</sup> | Cemex SAB de CV, 5.200%, 09/17/2030 | 1434614 | 0.3 |
|  | **United Kingdom: 0.7%** |  |  |
| 3205000 <sup>(2)</sup> | Virgin Media Secured Finance PLC, 5.500%, 05/15/2029 | 3119970 | 0.7 |
|  | **United States: 27.5%** |  |  |
| 1970000 <sup>(2)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | 2020205 | 0.5 |
| 1355000 <sup>(2)</sup> | Adient Global Holdings Ltd., 7.500%, 02/15/2033 | 1345225 | 0.3 |
| 1080000 | American Axle & Manufacturing, Inc., 6.875%, 07/01/2028 | 1071757 | 0.3 |
| 1490000 <sup>(2)</sup> | Arsenal AIC Parent LLC, 8.000%, 10/01/2030 | 1566555 | 0.4 |
| 1505000 <sup>(2)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | 1524422 | 0.4 |
| 1690000 <sup>(2)</sup> | Axon Enterprise, Inc., 6.250%, 03/15/2033 | 1718862 | 0.4 |
| 1240000 <sup>(2)</sup> | Builders FirstSource, Inc., 6.375%, 06/15/2032 | 1252596 | 0.3 |
| 690000 <sup>(2)</sup> | CACI International, Inc., 6.375%, 06/15/2033 | 704276 | 0.2 |
| 2430000 <sup>(2)(4)</sup> | Caesars Entertainment, Inc., 6.000%, 10/15/2032 | 2332589 | 0.6 |
| 2980000 <sup>(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 03/01/2031 | 3086162 | 0.7 |
| 695000 <sup>(4)</sup> | Celanese US Holdings LLC, 6.750%, 04/15/2033 | 677079 | 0.2 |
| 1925000 <sup>(2)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 2011723 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 1140000 <sup>(2)</sup> | Chemours Co., 8.000%, 01/15/2033 | $995021 | 0.2 |
| 690000 <sup>(2)</sup> | Churchill Downs, Inc., 6.750%, 05/01/2031 | 703590 | 0.2 |
| 1390000 <sup>(2)</sup> | CITGO Petroleum Corp., 8.375%, 01/15/2029 | 1414034 | 0.3 |
| 1400000 <sup>(2)</sup> | Civitas Resources, Inc., 8.750%, 07/01/2031 | 1370538 | 0.3 |
| 1950000 <sup>(2)</sup> | Clarios Global L.P. / Clarios US Finance Co., 8.500%, 05/15/2027 | 1962078 | 0.5 |
| 1485000 <sup>(2)(4)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 | 1282739 | 0.3 |
| 1740000 <sup>(2)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 1739495 | 0.4 |
| 1415000 <sup>(2)</sup> | CNX Resources Corp., 7.375%, 01/15/2031 | 1449723 | 0.3 |
| 1785000 <sup>(2)</sup> | Coherent Corp., 5.000%, 12/15/2029 | 1731510 | 0.4 |
| 1345000 <sup>(2)</sup> | Concentra Escrow Issuer Corp., 6.875%, 07/15/2032 | 1385454 | 0.3 |
| 780000 <sup>(2)</sup> | DaVita, Inc., 6.750%, 07/15/2033 | 788589 | 0.2 |
| 2020000 <sup>(2)</sup> | EquipmentShare.com, Inc., 8.000%, 03/15/2033 | 2077069 | 0.5 |
| 2345000 <sup>(2)</sup> | Fortress Transportation and Infrastructure Investors LLC, 7.875%, 12/01/2030 | 2465835 | 0.6 |
| 695000 <sup>(2)</sup> | Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.750%, 05/31/2032 | 709831 | 0.2 |
| 2375000 <sup>(2)</sup> | Gen Digital, Inc., 6.250%, 04/01/2033 | 2407307 | 0.6 |
| 645000 <sup>(2)</sup> | Gen Digital, Inc., 7.125%, 09/30/2030 | 666181 | 0.2 |
| 1315000 <sup>(2)</sup> | GFL Environmental, Inc., 6.750%, 01/15/2031 | 1365692 | 0.3 |
| 630000 | Goodyear Tire & Rubber Co., 5.250%, 07/15/2031 | 588335 | 0.1 |
| 1620000 | Goodyear Tire & Rubber Co., 6.625%, 07/15/2030 | 1623593 | 0.4 |
| 1695000 <sup>(2)</sup> | Herc Holdings Escrow, Inc., 7.250%, 06/15/2033 | 1745684 | 0.4 |
| 2040000 <sup>(2)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 2099305 | 0.5 |
| 2345000 <sup>(2)</sup> | Iron Mountain, Inc., 7.000%, 02/15/2029 | 2424327 | 0.6 |
| 1495000 <sup>(2)</sup> | Mauser Packaging Solutions Holding Co., 7.875%, 04/15/2027 | 1511050 | 0.4 |
| 2280000 <sup>(2)</sup> | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | 2322896 | 0.5 |
| 2100000 <sup>(2)</sup> | Nationstar Mortgage Holdings, Inc., 7.125%, 02/01/2032 | 2188280 | 0.5 |
| 1435000 | Navient Corp., 9.375%, 07/25/2030 | 1564058 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 1755000 <sup>(2)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | $1756424 | 0.4 |
| 1375000 <sup>(2)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 | 1425942 | 0.3 |
| 2175000 <sup>(2)</sup> | Nexstar Media, Inc., 5.625%, 07/15/2027 | 2167662 | 0.5 |
| 950000 <sup>(2)</sup> | Northern Oil and Gas, Inc., 8.750%, 06/15/2031 | 958761 | 0.2 |
| 1705000 | OneMain Finance Corp., 7.125%, 11/15/2031 | 1736115 | 0.4 |
| 1045000 | OneMain Finance Corp., 7.125%, 09/15/2032 | 1052808 | 0.3 |
| 1650000 <sup>(2)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 7.875%, 05/15/2034 | 1425108 | 0.3 |
| 990000 <sup>(2)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 992928 | 0.2 |
| 2740000 <sup>(2)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 2836253 | 0.7 |
| 2180000 <sup>(2)</sup> | PennyMac Financial Services, Inc., 7.875%, 12/15/2029 | 2297515 | 0.5 |
| 2010000 <sup>(2)</sup> | Performance Food Group, Inc., 6.125%, 09/15/2032 | 2028685 | 0.5 |
| 1065000 <sup>(2)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 1051695 | 0.2 |
| 2400000 <sup>(2)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 2388459 | 0.6 |
| 1865000 <sup>(2)</sup> | PRA Group, Inc., 8.375%, 02/01/2028 | 1882484 | 0.4 |
| 2405000 <sup>(2)</sup> | Quikrete Holdings, Inc., 6.750%, 03/01/2033 | 2442400 | 0.6 |
| 1690000 <sup>(2)</sup> | Scientific Games International, Inc., 7.000%, 05/15/2028 | 1692670 | 0.4 |
| 2075000 | Seagate HDD Cayman,8.500%, 07/15/2031 | 2217260 | 0.5 |
| 720000 <sup>(2)</sup> | SeaWorld Parks & Entertainment, Inc., 5.250%, 08/15/2029 | 692544 | 0.2 |
| 1675000 <sup>(2)</sup> | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.750%, 08/15/2032 | 1710044 | 0.4 |
| 2410000 <sup>(2)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 2372091 | 0.6 |
| 1075000 <sup>(2)</sup> | SM Energy Co., 7.000%, 08/01/2032 | 1032993 | 0.2 |
| 1075000 <sup>(2)</sup> | Snap, Inc., 6.875%, 03/01/2033 | 1089981 | 0.3 |
| 715000 <sup>(2)</sup> | Station Casinos LLC, 6.625%, 03/15/2032 | 716427 | 0.2 |
| 1395000 <sup>(2)</sup> | Stonepeak Nile Parent LLC, 7.250%, 03/15/2032 | 1445848 | 0.3 |
| 1415000 <sup>(2)</sup> | Sunoco L.P., 6.250%, 07/01/2033 | 1416120 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 1885000 | TEGNA, Inc., 5.000%, 09/15/2029 | $1797105 | 0.4 |
| 1040000 | Tenet Healthcare Corp., 6.125%, 10/01/2028 | 1042208 | 0.2 |
| 815000 <sup>(2)</sup> | Tenneco, Inc., 8.000%, 11/17/2028 | 803102 | 0.2 |
| 1335000 <sup>(2)</sup> | TransDigm, Inc., 6.375%, 05/31/2033 | 1322319 | 0.3 |
| 1310000 <sup>(2)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 1339809 | 0.3 |
| 765000 <sup>(2)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 640383 | 0.2 |
| 1725000 <sup>(2)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 1778578 | 0.4 |
| 1635000 <sup>(2)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 1680500 | 0.4 |
| 1025000 <sup>(2)</sup> | Weatherford International Ltd., 8.625%, 04/30/2030 | 1041958 | 0.2 |
| 1425000 <sup>(2)</sup> | WESCO Distribution, Inc., 6.375%, 03/15/2033 | 1452507 | 0.3 |
| 1405000 <sup>(2)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 1441151 | 0.3 |
| 1660000 <sup>(2)</sup> | XPO, Inc., 7.125%, 06/01/2031 | 1719773 | 0.4 |
|  |  | **116782275** | **27.5** |
|  | Total Corporate Bonds/Notes |  |  |
|  | (Cost $136,501,968) | **136283805** | **32.1** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Assets** |
| **EQUITY-LINKED NOTES: 1.9%** | **EQUITY-LINKED NOTES: 1.9%** |  |  |
|  | **Canada: 0.2%** |  |  |
| 680000 <sup>(2)(5)</sup> | National Bank of Canada, 1.500% (Guarantor: National Bank of Canada, Index: iShares MSCI India ETF), 09/27/2027 | 707064 | 0.2 |
|  | **United Kingdom: 0.7%** |  |  |
| 2000000 <sup>(5)</sup> | Barclays Bank PLC, 1.250% (Guarantor: Barclays Bank PLC, Index: iShares MSCI India ETF), 11/04/2027 | 2004800 | 0.5 |
| 690000 <sup>(5)</sup> | Barclays Bank PLC, 1.250% (Guarantor: Barclays Bank PLC, Stock: Cadence Design Systems, Inc.), 05/26/2028 | 737265 | 0.2 |
|  |  | **2742065** | **0.7** |
|  | **United States: 1.0%** |  |  |
| 1450000 <sup>(5)</sup> | Citigroup Global Markets Holdings, Inc., 1.250% (Guarantor: Citigroup Global Markets Inc., Stock: Broadcom, Inc.), 04/13/2028 | 1895585 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **EQUITY-LINKED NOTES: (continued)** | **EQUITY-LINKED NOTES: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 1390000 <sup>(5)</sup> | GS Finance Corp., 1.500% (Guarantor: The Goldman Sachs Group, Inc., Index: iShares MSCI India ETF), 08/23/2027 | $1495223 | 0.4 |
| <sup>EUR</sup>900000 | Merrill Lynch BV, 0.100% (Guarantor: Bank of America Corporation, Stock: SAP SE), 04/28/2030 | 1027651 | 0.2 |
|  |  | **4418459** | **1.0** |
|  | Total Equity-Linked Notes |  |  |
|  | (Cost $7,764,290) | **7867588** | **1.9** |
| **Shares** |  |  |  |
| **PREFERRED STOCK: 1.9%** | **PREFERRED STOCK: 1.9%** |  |  |
|  | **United States: 1.9%** |  |  |
| 11385 | Ares Management Corp. | 599648 | 0.1 |
| 1050 | Bank of America Corp. | 1219050 | 0.3 |
| 36030 | Boeing Co. | 2445896 | 0.6 |
| 9755 | BrightSpring Health Services, Inc. | 818152 | 0.2 |
| 20500 | KKR & Co., Inc. | 1031765 | 0.2 |
| 12370 <sup>(4)</sup> | Microchip Technology, Inc. | 680845 | 0.2 |
| 12335 | PG&E Corp. | 533674 | 0.1 |
| 17510 | QXO, Inc. | 902640 | 0.2 |
|  |  | **8231670** | **1.9** |
|  | Total Preferred Stock |  |  |
|  | (Cost $7,531,618) | **8231670** | **1.9** |
| **RIGHT: 0.0%** | **RIGHT: 0.0%** |  |  |
|  | **South Korea: 0.0%** |  |  |
| 51 <sup>(1)</sup> | Hanwha Aerospace Co. Ltd. | **4874** | **0.0** |
|  | Total Right |  |  |
|  | (Cost $–) | **4874** | **0.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $380,555,545) | **406939777** | **95.8** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 6.3%** | **SHORT-TERM INVESTMENTS: 6.3%** | | |
|  | **Repurchase Agreements: 1.6%** |  |  |
| 1585883 <sup>(6)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 05/30/2025, 4.370%, due 06/02/2025 (Repurchase Amount $1,586,453, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.550%, Market Value plus accrued interest $1,617,601, due 04/01/32-03/20/75) | $1585883 | 0.3 |
| 1585883 <sup>(6)</sup> | CF Secured LLC, Repurchase Agreement dated 05/30/2025, 4.360%, due 06/02/2025 (Repurchase Amount $1,586,451, collateralized by various U.S. Government Agency Obligations, 0.000%- 7.000%, Market Value plus accrued interest $1,617,601, due 05/23/28-04/20/74) | 1585883 | 0.4 |
| 1585883 <sup>(6)</sup> | Clear Street LLC, Repurchase Agreement dated 05/30/2025, 4.410%, due 06/02/2025 (Repurchase Amount $1,586,458, collateralized by various U.S. Government Agency Obligations, 2.000%- 7.000%, Market Value plus accrued interest $1,617,609, due 09/17/29-05/01/55) | 1585883 | 0.4 |
| 1585883 <sup>(6)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 05/30/2025, 4.350%, due 06/02/2025 (Repurchase Amount $1,586,450, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.500%, Market Value plus accrued interest $1,617,601, due 09/16/25-06/01/55) | 1585883 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | | |
|  | **Repurchase Agreements (continued)** |  |  |
| 427383 <sup>(6)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 05/30/2025, 4.350%, due 06/02/2025 (Repurchase Amount $427,536, collateralized by various U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $435,931, due 12/01/31-04/01/55) | $427383 | 0.1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $6,770,915) | **6770915** | **1.6** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
|  | **Mutual Funds: 4.7%** |  |  |
| 20194121 <sup>(7)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.210%<br> (Cost $20,194,121) | $**20194121** | **4.7** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $26,965,036) | **26965036** | **6.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $407,520,581)** | $**433904813** | **102.1** |
|  | **Liabilities in Excess of Other Assets** | **(8925802)** | **(2.1)** |
|  | **Net Assets** | $**424979011** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| |  |
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(3)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of May 31, 2025. |
| <sup>(4)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(5)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(6)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(7)</sup> | Rate shown is the 7-day yield as of May 31, 2025. |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| EUR | EU Euro |
| JPY | Japanese Yen |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Income & Growth Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of May 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| **Sector Diversification** | **Sector Diversification** |
| **as of May 31, 2025** | **as of May 31, 2025** |
| (as a percentage of net assets) | (as a percentage of net assets) |
| Industrial | 10.3% |
| Technology | 9.7% |
| Consumer, Non-cyclical | 9.0% |
| Consumer, Cyclical | 8.7% |
| Communications | 8.7% |
| Financial | 8.6% |
| Information Technology | 7.5% |
| Financials | 6.1% |
| Industrials | 4.9% |
| Consumer Discretionary | 4.5% |
| Health Care | 3.3% |
| Communication Services | 3.2% |
| Energy | 3.2% |
| Basic Materials | 2.8% |
| Utilities | 2.0% |
| Consumer Staples | 1.1% |
| Materials | 0.9% |
| Preferred Stock | 0.7% |
| Real Estate | 0.6% |
| Assets in Excess of Other Liabilities<sup>\*</sup> | 4.2% |
| Net Assets | 100.0% |

---

**\***&nbsp;&nbsp;&nbsp;&nbsp; Includes short-term investments.

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS <br> as of May 31, 2025 (continued)

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $564571 | $— | $564571 |
| &nbsp;&nbsp;&nbsp;Brazil | 2636692 |  |  | 2636692 |
| &nbsp;&nbsp;&nbsp;Canada | 7554366 |  |  | 7554366 |
| &nbsp;&nbsp;&nbsp;China | 1640019 |  |  | 1640019 |
| &nbsp;&nbsp;&nbsp;France |  | 3473510 |  | 3473510 |
| &nbsp;&nbsp;&nbsp;Germany | 891941 | 8245693 |  | 9137634 |
| &nbsp;&nbsp;&nbsp;Italy | 1227279 | 1746543 |  | 2973822 |
| &nbsp;&nbsp;&nbsp;Japan | 994262 | 2926866 |  | 3921128 |
| &nbsp;&nbsp;&nbsp;Netherlands | 1103526 |  |  | 1103526 |
| &nbsp;&nbsp;&nbsp;Norway |  | 988659 |  | 988659 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 1859241 |  | 1859241 |
| &nbsp;&nbsp;&nbsp;South Korea | 711994 | 1592476 |  | 2304470 |
| &nbsp;&nbsp;&nbsp;Switzerland | 993413 | 1068614 |  | 2062027 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1313609 |  |  | 1313609 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2212424 | 8979304 |  | 11191728 |
| &nbsp;&nbsp;&nbsp;United States | 78458668 | 1835014 |  | 80293682 |
| Total Common Stock | 99738193 | 33280491 |  | 133018684 |
| Convertible Bonds/Notes |  | 121533156 |  | 121533156 |
| Corporate Bonds/Notes |  | 136283805 |  | 136283805 |
| Equity-Linked Notes |  | 1027651 | 6839937 | 7867588 |
| Preferred Stock | 902640 | 7329030 |  | 8231670 |
| Right |  | 4874 |  | 4874 |
| Short-Term Investments | 20194121 | 6770915 |  | 26965036 |
| Total Investments, at fair value | $120834954 | $306229922 | $6839937 | $433904813 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Written Options | $(83437) | $— | $— | $(83437) |
| Total Liabilities | $(83437) | $— | $— | $(83437) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund's investments are categorized as Level 2 investments. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At May 31, 2025, the following exchange-traded written options were outstanding for Voya Global Income & Growth Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Expiration** | **Exercise** | **Number of** | **Number of** | **Notional** | **Notional** | **Premiums** | |
| **Description** | **Date** | **Price** | **Contracts** | **Contracts** | **Amount** | **Amount** | **Received** | **Fair Value** |
| AbbVie, Inc. Call | 06/20/25 | 210.00 | USD | 31 | USD | 576941 | $1060 | $(496) |
| Allstate Corp. (The) Call | 06/20/25 | 220.00 | USD | 25 | USD | 524675 | 672 | (1500) |
| Alphabet, Inc. Call | 06/20/25 | 180.00 | USD | 70 | USD | 1209950 | 3333 | (11060) |
| Amazon.com, Inc. Call | 06/20/25 | 220.00 | USD | 88 | USD | 1804088 | 8239 | (8360) |
| Apple, Inc. Call | 06/20/25 | 240.00 | USD | 126 | USD | 2530710 | 6403 | (1638) |
| Bank of America Corp. Call | 06/20/25 | 48.50 | USD | 110 | USD | 485430 | 1278 | (330) |
| Boston Scientific Corp. Call | 06/20/25 | 115.00 | USD | 38 | USD | 399988 | 898 | (190) |
| Capital One Financial Corp. Call | 06/20/25 | 210.00 | USD | 30 | USD | 567450 | 2059 | (1500) |
| CBRE Group, Inc. Call | 06/20/25 | 140.00 | USD | 38 | USD | 475076 | 3748 | (1140) |
| Charles Schwab Corp. (The) Call | 06/20/25 | 97.00 | USD | 125 | USD | 1104250 | 2836 | (625) |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS <br> as of May 31, 2025 (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Expiration** | **Exercise** | **Number of** | **Number of** | **Notional** | **Notional** | **Premiums** | |
| **Description** | **Date** | **Price** | **Contracts** | **Contracts** | **Amount** | **Amount** | **Received** | **Fair Value** |
| Cintas Corp. Call | 06/20/25 | 237.50 | USD | 12 | USD | 271800 | $764 | $(930) |
| Cisco Systems, Inc. Call | 06/20/25 | 69.00 | USD | 132 | USD | 832128 | 874 | (1056) |
| Costco Wholesale Corp. Call | 06/20/25 | 1115.00 | USD | 6 | USD | 624108 | 1090 | (1110) |
| Deere & Co. Call | 06/20/25 | 580.00 | USD | 7 | USD | 354382 | 1089 | (151) |
| Ecolab, Inc. Call | 06/20/25 | 270.00 | USD | 14 | USD | 371868 | 1247 | (3360) |
| Eli Lilly & Co. Call | 06/20/25 | 940.00 | USD | 14 | USD | 1032738 | 6476 | (952) |
| Equinix, Inc. Call | 06/20/25 | 970.00 | USD | 6 | USD | 533292 | 1510 | (1038) |
| GE Aerospace Call | 06/20/25 | 255.00 | USD | 19 | USD | 467229 | 3033 | (7296) |
| GoDaddy, Inc. Call | 06/20/25 | 200.00 | USD | 29 | USD | 528235 | 2005 | (377) |
| Intuitive Surgical, Inc. Call | 06/20/25 | 610.00 | USD | 11 | USD | 607574 | 3113 | (825) |
| JPMorgan Chase & Co. Call | 06/20/25 | 287.50 | USD | 57 | USD | 1504800 | 3193 | (855) |
| Mastercard, Inc. Call | 06/20/25 | 605.00 | USD | 27 | USD | 1581120 | 2944 | (5940) |
| McDonald's Corp. Call | 06/20/25 | 345.00 | USD | 14 | USD | 436912 | 1269 | (140) |
| Meta Platforms, Inc. Call | 06/20/25 | 700.00 | USD | 24 | USD | 1553976 | 5974 | (6000) |
| Microsoft Corp. Call | 06/20/25 | 490.00 | USD | 41 | USD | 1887476 | 2762 | (1558) |
| Morgan Stanley Call | 06/20/25 | 142.00 | USD | 69 | USD | 883407 | 2244 | (621) |
| Netflix, Inc. Call | 06/20/25 | 1340.00 | USD | 5 | USD | 603615 | 2616 | (1090) |
| NVIDIA Corp. Call | 06/20/25 | 160.00 | USD | 249 | USD | 3364737 | 13247 | (4980) |
| Parker-Hannifin Corp. Call | 06/20/25 | 700.00 | USD | 8 | USD | 531760 | 997 | (3320) |
| Quanta Services, Inc. Call | 06/20/25 | 380.00 | USD | 16 | USD | 548096 | 3866 | (1360) |
| Roper Technologies, Inc. Call | 06/20/25 | 610.00 | USD | 8 | USD | 456216 | 2335 | (1740) |
| ServiceNow, Inc. Call | 06/20/25 | 1120.00 | USD | 6 | USD | 606654 | 3575 | (1326) |
| Tesla, Inc. Call | 06/20/25 | 440.00 | USD | 38 | USD | 1316548 | 15553 | (8018) |
| Vertex Pharmaceuticals, Inc. Call | 06/20/25 | 500.00 | USD | 12 | USD | 530460 | 3297 | (1140) |
| Walmart, Inc. Call | 06/20/25 | 110.00 | USD | 98 | USD | 967456 | 1004 | (392) |
| Williams Cos., Inc. (The) Call | 06/20/25 | 65.00 | USD | 93 | USD | 562743 | 2848 | (1023) |
|  |  |  |  |  |  |  | $119451 | $(83437) |

---

Currency Abbreviations:

USD — United States Dollar

**A summary of derivative instruments by primary risk exposure is outlined in the following tables.**

The fair value of derivative instruments as of May 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Written options, at fair value | $83437 |
| **Total Liability Derivatives** |  | $83437 |

---

The effect of derivative instruments on the Fund's Statement of Operations for the year ended May 31, 2025 was as follows:

**Amount of Realized Gain or (Loss) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Written**<br>**options** |
| Equity contracts | $14744 |
| **Total** | $14744 |

---

**Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income**

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Written**<br>**options** |
| Equity contracts | $36014 |
| **Total** | $36014 |

---

See Accompanying Notes to Financial Statements

Voya Global Income & Growth Fund PORTFOLIO OF INVESTMENTS <br> as of May 31, 2025 (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund's assets and liabilities during the year ended May 31, 2025:

---

| | |
|:---|:---|
|  | **Equity-Linked**<br>**Notes\*** |
| Beginning balance at May 31, 2024 | $1644212 |
| Purchases | 10360426 |
| Sales | (4989392) |
| Accrued discounts/(premiums) |  |
| Total realized gain (loss) | (278892) |
| Net change in unrealized appreciation (depreciation)<sup>\*\*</sup> | 103583 |
| Transfers into Level 3 |  |
| Transfers out of Level 3 |  |
| Ending balance at May 31, 2025 | $6839937 |
| Net change in unrealized appreciation (depreciation) on Level 3 securities still held as of May 31, 2025<sup>\*\*</sup> | $103583 |

---

\* Securities categorized as Level 3 were fair valued based on a single quotation obtained from a broker. The Fund does not have access to the unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation.

\*\* Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on Level 3 securities still held at May 31, 2025 may be due to securities no longer held or categorized as Level 3 at year end.

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $410,670,600. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $29449033 |
| Gross Unrealized Depreciation | (5404006) |
| Net Unrealized Appreciation | $24045027 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the tax year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Type** | **Per Share Amount** |
| Voya Global Income & Growth Fund |  |  |
| Class A | NII | $0.1743 |
| Class C | NII | $0.1243 |
| Class I | NII | $0.2043 |
| Class R6 | NII | $0.2043 |
| Class W | NII | $0.2043 |
| All Classes | LTCG | $0.5503 |
| All Classes | ROC | $0.3357 |

---

NII — Net investment income

LTCG— Long-term capital gain

ROC — Return of capital

Of the ordinary distributions made during the year ended May 31, 2025, 8.24% qualify for the dividends received deduction (DRD) available to corporate shareholders.

For the year ended May 31, 2025, 18.92% of ordinary income dividends paid by the Fund are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals.

Pursuant to Internal Revenue Code Section 871(k)(1), the Fund designates 49.04% of net investment income distributions as interest-related dividends.

The Fund designates $5,879,706 of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C).

The Fund designates $44,515 as Section 199A dividends.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |

---

---

| | |
|:---|:---|
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |

---

---

| | |
|:---|:---|
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street <br> Boston, Massachusetts 02199 |

---

**For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.**

**163055 (0525)**

![](tm2520696d2_vacsermimg01.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| **May 31, 2025** |
| **Voya VACS Series MCV Fund** |

---

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.

---

| | |
|:---|:---|
| ![](tm2420207d2_img157.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT** <br> **voyainvestments.com** | ![](tm2420207d2_img136.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#ss_001) | [1](#ss_001) |
| [Statement of Assets and Liabilities](#ss_002) | [2](#ss_002) |
| [Statement of Operations](#ss_003) | [3](#ss_003) |
| [Statements of Changes in Net Assets](#ss_004) | [4](#ss_004) |
| [Financial Highlights](#ss_005) | [5](#ss_005) |
| [Notes to Financial Statements](#ss_006) | [6](#ss_006) |
| [Portfolio of Investments](#ABC1) | [13](#ABC1) |
| [Tax Information](#ABC2) | [19](#ABC2) |

---

---

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

---

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov.

[This Page Intentionally Left Blank]

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya VACS Series MCV Fund and the Board of Trustees of Voya Equity Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya VACS Series MCV Fund (the "Fund") (one of the funds constituting Voya Equity Trust (the "Trust")), including the portfolio of investments, as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from March 24, 2023 (commencement of operations) through May 31, 2023 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Equity Trust) at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from March 24, 2023 (commencement of operations) through May 31, 2023, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](tm2520696d2_vacsermimg02.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

July 23, 2025

STATEMENT OF ASSETS AND LIABILITIES as of May 31, 2025

---

| | | |
|:---|:---|:---|
| **ASSETS:** | **ASSETS:** | |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $130154018 |
| Short-term investments at fair value† | Short-term investments at fair value† | 5765985 |
| Cash | Cash | 5048 |
| Receivables: | Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 31235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 159832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 2077 |
| Prepaid expenses | Prepaid expenses | 14353 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 44707 |
| Other assets | Other assets | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 136177765 |
| **LIABILITIES:** | **LIABILITIES:** |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 755674 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 41328 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 44232 |
| Payable to trustees under the deferred compensation plan (Note 5) | Payable to trustees under the deferred compensation plan (Note 5) | 505 |
| Payable for trustee fees | Payable for trustee fees | 348 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 98250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 940337 |
| **NET ASSETS** | **NET ASSETS** | $135237428 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | Paid-in capital | $130137452 |
| Total distributable earnings | Total distributable earnings | 5099976 |
| **NET ASSETS** | **NET ASSETS** | $135237428 |
| + | Including securities loaned at value | $42954 |
| \* | Cost of investments in securities | $128148579 |
| † | Cost of short-term investments | $5765985 |
| Net assets | Net assets | $135237428 |
| Shares authorized | Shares authorized | unlimited |
| Par value | Par value | $0.001 |
| Shares outstanding | Shares outstanding | 12097416 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $11.18 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2025

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $2779852 |
| Securities lending income, net | Securities lending income, net | 709 |
| Other | Other | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2781408 |
| **EXPENSES:** | **EXPENSES:** |  |
| Transfer agent fees | Transfer agent fees | 192 |
| Shareholder reporting expense | Shareholder reporting expense | 1698 |
| Registration fees | Registration fees | 32479 |
| Professional fees | Professional fees | 115138 |
| Custody and accounting expense | Custody and accounting expense | 35134 |
| Trustee fees | Trustee fees | 3485 |
| Licensing fee (Note 6) | Licensing fee (Note 6) | 60800 |
| Miscellaneous expense | Miscellaneous expense | 8009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 256935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (44708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 212227 |
| Net investment income | Net investment income | 2569181 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 7006063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investments in affiliates | (1303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 7004760 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7904154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates | (1248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7905402) |
| Net realized and unrealized loss | Net realized and unrealized loss | (900642) |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $1668539 |
| \* | Foreign taxes withheld | $3032 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**May 31, 2025** | **Year Ended**<br>**May 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2569181 | $1870056 |
| Net realized gain | 7004760 | 5716740 |
| Net change in unrealized appreciation (depreciation) | (7905402) | 11261354 |
| Increase in net assets resulting from operations | 1668539 | 18848150 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (11841212) | (2573681) |
| Total distributions | (11841212) | (2573681) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 51360850 | 67451945 |
| Reinvestment of distributions | 11841212 | 2573681 |
|  | 63202062 | 70025626 |
| Cost of shares redeemed | (69874448) | (17609026) |
| Net increase (decrease) in net assets resulting from capital share transactions | (6672386) | 52416600 |
| Net increase (decrease) in net assets | (16845059) | 68691069 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 152082487 | 83391418 |
| End of year or period | $135237428 | $152082487 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment <br> operations** | **Income (loss)<br> from investment <br> operations** | **Income (loss)<br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net<br> asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| 05-31-25 | 11.86 | 0.22 | <sup>•</sup> | 0.19 | 0.41 | 0.26 | 0.83 |  | 1.09 |  | 11.18 | **2.99** | 0.18 | 0.15 | 0.15 | 1.84 | 135237 | 72 |
| 05-31-24 | 9.93 | 0.20 | <sup>•</sup> | 2.04 | 2.24 | 0.15 | 0.16 |  | 0.31 |  | 11.86 | **22.84** | 0.12 | 0.12 | 0.12 | 1.84 | 152082 | 48 |
| 03-24-23<sup>(4)</sup>-05-31-23 | 10.00 | 0.04 | <sup>•</sup> | (0.11) | (0.07) |  |  |  |  |  | 9.93 | **(0.70)** | 0.18 | 0.17 | 0.17 | 1.93 | 83391 | 5 |

---

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

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

---

| | |
|:---|:---|
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Commencement of operations. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025

**NOTE 1** — **ORGANIZATION**

Voya Equity Trust (the "Trust") is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of ten separate active investment series. This report is for Voya VACS Series MCV Fund ("MCV" or the "Fund"), a diversified series of the Trust.

The Fund does not have a share class designation. All shareholders are allocated the common expenses of the Fund and earn income and realized gains/losses from the Fund. Expenses that are specific to the Fund are charged directly to the Fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets.

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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

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

and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025 (CONTINUED)

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

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

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

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

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

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

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

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes

attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

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

C. ***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

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

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S.

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025 (CONTINUED)

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

government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. ***Federal Income Taxes*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no 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 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Loans

are subject to termination at the option of the borrower or the Fund. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

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

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended May 31, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $99441552 | $116181245 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. There is no management fee charged per the Management Agreement for MCV.

The Investment Adviser has entered into a sub-advisory agreement with Victory Capital Management Inc. and Voya IM with respect to the Fund. These sub-advisers provide investment advice for the Fund and are paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At May 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Investment Trust Co. | 100% |

---

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025 (CONTINUED)

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

The Investment Adviser may direct the Fund's sub-adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the fund's selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Fund's, 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 year ended May 31, 2025, the Fund did not pay any amounts for affiliated recordkeeping services.

**NOTE 6 — LICENSING FEE**

MCV pays an annual licensing fee to Frank Russell Company in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with the Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses and extraordinary

expenses and acquired fund fees and expenses to 0.15% of average net assets.

The Investment Adviser may at a later date recoup from the Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of May 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **May 31,** | **May 31,** | **May 31,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $— | $— | $44708 | $44708 |

---

The Expense Limitation Agreement is contractual through October 1, 2025 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

The Fund, in addition to certain other fund's managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. 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 fund's managed by the Investment Adviser. The fund's 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.

Borrowings under the Credit Agreement accrue interest at the federal fund's rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

During the year ended May 31, 2025, the Fund did not utilize the line of credit.

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025 (CONTINUED)

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net**<br> **increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| 5/31/2025 | 4423381 |  | 1004344 | (6157124) |  | (729399) | 51360850 |  | 11841212 | (69874448) |  | (6672386) |
| 5/31/2024 | 5786067 |  | 240904 | (1599968) |  | 4427003 | 67451945 |  | 2573681 | (17609026) |  | 52416600 |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Fund at its last sale price or official closing price on the principal exchange or system on which it is traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Fund bears the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market fund's, 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 fund's, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-

backed programs. Permitted Investments are subject to certain guidelines established by the Investment Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net Amount** |
| Mizuho Securities USA LLC. | $41346 | $(41346) | $— |
| State Street Bank and Trust Co. | 1608 | (1608) |  |
| Total | $42954 | $(42954) | $— |

---

(1) Cash collateral with a fair value
of $44,232 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash
collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs) and wash sale deferrals.

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

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

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025 (CONTINUED)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2025** | **Year Ended<br> May 31, 2024** | **Year Ended<br> May 31, 2024** |
| **Ordinary<br> Income** | **Long-term<br> Capital Gains** | **Ordinary<br> Income** | **Long-term<br> Capital Gains** |
| $6066653 | $5774559 | $2549175 | $24506 |

---

The tax-basis components of distributable earnings as of May 31, 2025, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Capital Loss**<br>**Carryforward** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $634345 | $3603168 | $862463 | $— | $5099976 |

---

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

As of May 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged

conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure

NOTES TO FINANCIAL STATEMENTS AS OF MAY 31, 2025 (CONTINUED)

**NOTE 13 — SEGMENT REPORTING (continued)**

requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS:**

*Line of Credit Renewal***:** Effective June 10, 2025, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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.

<u>Voya VACS Series MCV Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 95.5%** | **COMMON STOCK: 95.5%** |  |  |
|  | **Communication Services: 0.7%** |  |  |
| 216 <sup>(1)</sup> | Charter Communications, Inc. - Class A | $85594 | 0.1 |
| 1084 | Electronic Arts, Inc. | 155858 | 0.1 |
| 3308 | Fox Corp. - Class A | 181742 | 0.1 |
| 1971 | Fox Corp. - Class B | 99102 | 0.1 |
| 3166 <sup>(1)</sup> | Liberty Global Ltd. - Class A | 30489 | 0 |
| 4257 <sup>(1)</sup> | Liberty Global Ltd. - Class C | 42059 | 0 |
| 2008 | New York Times Co. - Class A | 114697 | 0.1 |
| 2664 | News Corp. - Class A | 75231 | 0.1 |
| 251 | Nexstar Media Group, Inc. | 42775 | 0 |
| 1728 | Omnicom Group, Inc. | 126904 | 0.1 |
|  |  | **954451** | **0.7** |
|  | **Consumer Discretionary: 8.2%** |  |  |
| 10400 <sup>(1)</sup> | Aptiv PLC | 694824 | 0.5 |
| 2128 | Aramark | 86184 | 0.1 |
| 48700 | Bath & Body Works, Inc. | 1369444 | 1 |
| 2450 | Best Buy Co., Inc. | 162386 | 0.1 |
| 38982 | BorgWarner, Inc. | 1289914 | 1 |
| 602 | Columbia Sportswear Co. | 38396 | 0 |
| 458 | D.R. Horton, Inc. | 54072 | 0 |
| 219 | Dick's Sporting Goods, Inc. | 39275 | 0 |
| 113 | Domino's Pizza, Inc. | 53542 | 0 |
| 15296 | eBay, Inc. | 1119208 | 0.8 |
| 10500 | Expedia Group, Inc. | 1750875 | 1.3 |
| 710 | Garmin Ltd. | 144109 | 0.1 |
| 2366 | Gentex Corp. | 51035 | 0 |
| 1521 | Genuine Parts Co. | 192437 | 0.2 |
| 356 <sup>(1)</sup> | Grand Canyon Education, Inc. | 70433 | 0.1 |
| 2353 | H&R Block, Inc. | 134003 | 0.1 |
| 3274 | Hilton Worldwide Holdings, Inc. | 813393 | 0.6 |
| 1016 | Lennar Corp. - Class A | 107777 | 0.1 |
| 1898 | LKQ Corp. | 76812 | 0.1 |
| 322 <sup>(1)</sup> | Mohawk Industries, Inc. | 32396 | 0 |
| 26 <sup>(1)</sup> | NVR, Inc. | 185014 | 0.1 |
| 494 <sup>(1)</sup> | Ollie's Bargain Outlet Holdings, Inc. | 55056 | 0 |
| 1836 | PulteGroup, Inc. | 179983 | 0.1 |
| 3409 | Ralph Lauren Corp. | 943645 | 0.7 |
| 7471 | Ross Stores, Inc. | 1046612 | 0.8 |
| 1157 | Service Corp. International | 90246 | 0.1 |
| 439 <sup>(1)</sup> | SharkNinja, Inc. | 40357 | 0 |
| 1689 <sup>(1)</sup> | Skechers USA, Inc. - Class A | 104786 | 0.1 |
| 901 | Tapestry, Inc. | 70774 | 0.1 |
| 599 | Toll Brothers, Inc. | 62446 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Shares** | |<br>**Value** | **Assets** | **Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | | |
|  | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** | **Consumer Discretionary: (continued)** |  |
| 348 | Yum! Brands, Inc. | $50091 |  | 0.0 |
|  |  | **11109525** |  | **8.2** |
|  | **Consumer Staples: 7.8%** |  |  |  |
| 2570 | Albertsons Cos., Inc. - Class A | 57131 |  | 0.0 |
| 5207 | Archer-Daniels-Midland Co. | 251342 |  | 0.2 |
| 1108 <sup>(1)</sup> | BellRing Brands, Inc. | 69749 |  | 0.0 |
| 3002 <sup>(1)</sup> | BJ's Wholesale Club Holdings, Inc. | 339856 |  | 0.2 |
| 1063 | Bunge Global SA | 83073 |  | 0.1 |
| 322 | Casey's General Stores, Inc. | 140959 |  | 0.1 |
| 1342 | Church & Dwight Co., Inc. | 131932 |  | 0.1 |
| 1140 | Coca-Cola Consolidated, Inc. | 130701 |  | 0.1 |
| 3403 | Conagra Brands, Inc. | 77895 |  | 0.1 |
| 1147 | Dollar General Corp. | 111546 |  | 0.1 |
| 604 <sup>(1)</sup> | Dollar Tree, Inc. | 54517 |  | 0.0 |
| 2558 | Flowers Foods, Inc. | 43230 |  | 0.0 |
| 2425 | General Mills, Inc. | 131581 |  | 0.1 |
| 509 | Hershey Co. | 81791 |  | 0.1 |
| 1784 | Hormel Foods Corp. | 54733 |  | 0.0 |
| 1805 | Ingredion, Inc. | 251112 |  | 0.2 |
| 2161 | Kellogg Co. | 178563 |  | 0.1 |
| 6750 | Kenvue, Inc. | 161123 |  | 0.1 |
| 7458 | Kroger Co. | 508859 |  | 0.4 |
| 785 | Lamb Weston Holdings, Inc. | 43787 |  | 0.0 |
| 34300 <sup>(1)</sup> | Maplebear, Inc. | 1566481 |  | 1.2 |
| 962 | McCormick & Co., Inc. Molson Coors | 69966 |  | 0.1 |
| 2327 | Beverage Co. - Class B | 124704 |  | 0.1 |
| 21250 <sup>(1)</sup> | Performance Food Group Co. | 1903150 |  | 1.4 |
| 1090 <sup>(1)</sup> | Post Holdings, Inc. | 120543 |  | 0.1 |
| 31400 | Primo Brands Corp. - Class A | 1038398 |  | 0.8 |
| 4200 | Tyson Foods, Inc. - Class A | 235872 |  | 0.2 |
| 32544 <sup>(1)</sup> | US Foods Holding Corp. | 2574881 |  | 1.9 |
|  |  | **10537475** |  | **7.8** |
|  | **Energy: 4.2%** |  |  |  |
| 43129 | Baker Hughes Co. | 1597929 |  | 1.2 |
| 2276 | Chesapeake Energy Corp. | 264312 |  | 0.2 |
| 11900 | Chord Energy Corp. | 1071000 |  | 0.8 |
| 66633 | Coterra Energy, Inc. | 1619848 |  | 1.2 |
| 29100 | Devon Energy Corp. | 880566 |  | 0.6 |
| 898 | DT Midstream, Inc. | 94057 |  | 0.1 |
| 2265 | Kinder Morgan, Inc. | 63511 |  | 0.0 |
| 1569 | Williams Cos., Inc. | 94940 |  | 0.1 |
|  |  | **5686163** |  | **4.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series MCV Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: 15.4%** |  |  |
| 1014 | Affiliated Managers Group, Inc. | $178464 | 0.1 |
| 1130 | Aflac, Inc. | 117000 | 0.1 |
| 8497 | American Financial Group, Inc. | 1053458 | 0.8 |
| 6625 | Arch Capital Group Ltd. | 629640 | 0.5 |
| 411 | Assurant, Inc. | 83425 | 0.1 |
| 701 | Assured Guaranty Ltd. | 59270 | 0.0 |
| 708 | Axis Capital Holdings Ltd. | 73490 | 0.1 |
| 695 | Bank of New York Mellon Corp. | 61584 | 0.0 |
| 830 | Brown & Brown, Inc. | 93707 | 0.1 |
| 829 | Cboe Global Markets, Inc. | 189940 | 0.1 |
| 2414 | Cincinnati Financial Corp. | 364080 | 0.3 |
| 479 | East West Bancorp, Inc. | 43685 | 0.0 |
| 398 <sup>(1)</sup> | Euronet Worldwide, Inc. | 43095 | 0.0 |
| 350 | Evercore, Inc. - Class A | 81022 | 0.1 |
| 829 | Everest Re Group Ltd. | 287821 | 0.2 |
| 177 | FactSet Research Systems, Inc. | 81112 | 0.1 |
| 33565 | Fidelity National Financial, Inc. | 1838355 | 1.4 |
| 99 | First Citizens BancShares, Inc. - Class A | 183039 | 0.1 |
| 1704 | Globe Life, Inc. | 207666 | 0.2 |
| 17763 | Hartford Financial Services Group, Inc. | 2306348 | 1.7 |
| 725 | Houlihan Lokey, Inc. | 126643 | 0.1 |
| 93572 | Huntington Bancshares, Inc. | 1462530 | 1.1 |
| 339 | Interactive Brokers Group, Inc. - Class A | 71082 | 0.1 |
| 558 | Jack Henry & Associates, Inc. | 101093 | 0.1 |
| 2687 | Janus Henderson Group PLC | 97619 | 0.1 |
| 1181 | Loews Corp. | 105452 | 0.1 |
| 336 | M&T Bank Corp. | 61367 | 0.0 |
| 103 <sup>(1)</sup> | Markel Corp. | 199995 | 0.1 |
| 6424 | MGIC Investment Corp. | 169915 | 0.1 |
| 72 | MSCI, Inc. | 40609 | 0.0 |
| 924 | Nasdaq, Inc. | 77191 | 0.1 |
| 417 | Northern Trust Corp. | 44511 | 0.0 |
| 42482 | Old Republic International Corp. | 1605820 | 1.2 |
| 449 | Primerica, Inc. | 121499 | 0.1 |
| 15100 | Principal Financial Group, Inc. | 1176139 | 0.9 |
| 10225 | Prosperity Bancshares, Inc. | 712171 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Financials: (continued)** |  |  |
| 9849 | Raymond James Financial, Inc. | $1447606 | 1.1 |
| 1757 | Regions Financial | 37670 | 0 |
| 346 | Reinsurance Group of America, Inc. | 70338 | 0 |
| 1694 | RenaissanceRe Holdings Ltd. | 422517 | 0.3 |
| 1614 | RLI Corp. | 124068 | 0.1 |
| 1802 | SEI Investments Co. | 153639 | 0.1 |
| 3808 | Synchrony Financial | 219531 | 0.2 |
| 1726 | T. Rowe Price Group, Inc. | 161536 | 0.1 |
| 485 | Tradeweb Markets, Inc. - Class A | 70058 | 0 |
| 35100 | Truist Financial Corp. | 1386450 | 1 |
| 1149 | Unum Group | 93885 | 0.1 |
| 3257 | W.R. Berkley Corp. | 243265 | 0.2 |
| 6437 | Western Union Co. | 59735 | 0 |
| 92 | White Mountains Insurance Group Ltd. | 164202 | 0.1 |
| 6252 | Willis Towers Watson PLC | 1979071 | 1.5 |
|  |  | **20783408** | **15.4** |
|  | **Health Care: 6.2%** |  |  |
| 471 | Agilent Technologies, Inc. | 52714 | 0 |
| 2308 | Cardinal Health, Inc. | 356448 | 0.3 |
| 1966 <sup>(1)</sup> | Centene Corp. | 110961 | 0.1 |
| 151 | Chemed Corp. | 86801 | 0.1 |
| 18200 <sup>(1)</sup> | Cooper Cos., Inc. | 1242696 | 0.9 |
| 1487 | Encompass Health Corp. | 179778 | 0.1 |
| 2334 | GE HealthCare Technologies, Inc. | 164640 | 0.1 |
| 24196 <sup>(1)</sup> | Hologic, Inc. | 1504265 | 1.1 |
| 1212 | Humana, Inc. | 282554 | 0.2 |
| 925 <sup>(1)</sup> | Incyte Corp. | 60181 | 0.1 |
| 525 <sup>(1)</sup> | Jazz Pharmaceuticals PLC | 56737 | 0 |
| 4608 | Labcorp Holdings, Inc. | 1147254 | 0.9 |
| <sub>38</sub> (1) | Mettler-Toledo International, Inc. | 43910 | 0 |
| 1492 | Perrigo Co. PLC | 39941 | 0 |
| 1889 <sup>(2)</sup> | Premier, Inc. - Class A | 43409 | 0 |
| 11553 | Quest Diagnostics, Inc. | 2002597 | 1.5 |
| 525 | ResMed, Inc. | 128515 | 0.1 |
| 3230 | Royalty Pharma PLC - Class A | 106203 | 0.1 |
| 2682 <sup>(1)</sup> | Solventum Corp. | 196027 | 0.2 |
| 216 | STERIS PLC | 52965 | 0 |
| 771 <sup>(1)</sup> | United Therapeutics Corp. | 245833 | 0.2 |
| 846 | Universal Health Services, Inc. - Class B | 161036 | 0.1 |
| 12175 | Viatris, Inc. | 107018 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series MCV Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Health Care: (continued)** |  |  |
| 548 | Zimmer Biomet Holdings, Inc. | $50509 | 0 |
|  |  | **8422992** | **6.2** |
|  | **Industrials: 19.0%** |  |  |
| 1632 | A.O. Smith Corp. | 104954 | 0.1 |
| 542 | Acuity Brands, Inc. | 140860 | 0.1 |
| 1197 | AECOM | 131490 | 0.1 |
| 13800 | AGCO Corp. | 1352124 | 1 |
| 1812 <sup>(1)</sup> | Alaska Air Group, Inc. | 92285 | 0.1 |
| 921 | Allegion PLC | 131427 | 0.1 |
| 2412 | Allison Transmission Holdings, Inc. | 249690 | 0.2 |
| 431 | AMETEK, Inc. | 77037 | 0.1 |
| 381 | Armstrong World Industries, Inc. | 59295 | 0 |
| 284 <sup>(1)</sup> | Builders FirstSource, Inc. | 30581 | 0 |
| 746 | BWX Technologies, Inc. | 93698 | 0.1 |
| 410 <sup>(1)</sup> | CACI International, Inc. - Class A | 175480 | 0.1 |
| 371 | Carlisle Cos., Inc. | 141047 | 0.1 |
| 15775 | Carrier Global Corp. | 1123180 | 0.8 |
| 579 | CH Robinson Worldwide, Inc. | 55567 | 0 |
| 276 <sup>(1)</sup> | Clean Harbors, Inc. | 62594 | 0 |
| 2243 <sup>(1)</sup> | Core & Main, Inc. - Class A | 122939 | 0.1 |
| 625 | Crane Co. | 107125 | 0.1 |
| 967 | Cummins, Inc. | 310871 | 0.2 |
| 358 | Curtiss-Wright Corp. | 157559 | 0.1 |
| 2883 | Delta Air Lines, Inc. | 139508 | 0.1 |
| 1978 | Donaldson Co., Inc. | 137570 | 0.1 |
| 664 | Dover Corp. | 118026 | 0.1 |
| 327 | EMCOR Group, Inc. | 154298 | 0.1 |
| 428 | Esab Corp. | 52640 | 0 |
| 850 <sup>(1)</sup> | Everus Construction Group, Inc. | 49224 | 0 |
| 881 | Expeditors International of Washington, Inc. | 99315 | 0.1 |
| 459 | Ferguson Enterprises, Inc. | 83694 | 0.1 |
| 1342 | Flowserve Corp. | 66979 | 0.1 |
| 967 | Fortive Corp. | 67874 | 0.1 |
| 6687 <sup>(1)</sup> | FTI Consulting, Inc. | 1097738 | 0.8 |
| 3462 <sup>(1)</sup> | Gates Industrial Corp. PLC | 73221 | 0.1 |
| 42813 | Genpact Ltd. | 1843100 | 1.4 |
| 1289 | Graco, Inc. | 109127 | 0.1 |
| 462 | Howmet Aerospace, Inc. | 78489 | 0.1 |
| 3234 | Hubbell, Inc. | 1259902 | 0.9 |
| 903 | Huntington Ingalls Industries, Inc. | 201423 | 0.2 |
| 337 | IDEX Corp. | 60967 | 0 |
| 1129 | Ingersoll Rand, Inc. | 92172 | 0.1 |
| 1065 | ITT, Inc. | 160325 | 0.1 |
| 2521 | Jacobs Solutions, Inc. | 318402 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Industrials: (continued)** |  |  |
| 7575 | JB Hunt Transport Services, Inc. | $1051789 | 0.8 |
| 876 <sup>(1)</sup> | Kirby Corp. | 96921 | 0.1 |
| 33348 | Knight-Swift Transportation Holdings, Inc. | 1477983 | 1.1 |
| 298 | L3Harris Technologies, Inc. | 72813 | 0.1 |
| 7041 | Landstar System, Inc. | 966166 | 0.7 |
| 1239 | Leidos Holdings, Inc. | 184016 | 0.1 |
| 6089 | Lincoln Electric Holdings, Inc. | 1178770 | 0.9 |
| 2115 | Masco Corp. | 132018 | 0.1 |
| 385 <sup>(1)</sup> | MasTec, Inc. | 60033 | 0 |
| 9100 <sup>(1)</sup> | Middleby Corp. | 1329783 | 1 |
| 534 | MSC Industrial Direct Co., Inc. - Class A | 43361 | 0 |
| 744 | nVent Electric PLC | 48955 | 0 |
| 757 | Oshkosh Corp. | 75087 | 0.1 |
| 1314 | Otis Worldwide Corp. | 125290 | 0.1 |
| 1130 | Owens Corning | 151364 | 0.1 |
| 543 <sup>(1)</sup> | Parsons Corp. | 35208 | 0 |
| 682 | Paychex, Inc. | 107695 | 0.1 |
| 1057 | Pentair PLC | 104833 | 0.1 |
| 235 | Quanta Services, Inc. | 80502 | 0.1 |
| 9100 | Regal Rexnord Corp. | 1214304 | 0.9 |
| 3200 | Republic Services, Inc. | 823328 | 0.6 |
| 760 | Robert Half International, Inc. | 34800 | 0 |
| 152 | Rockwell Automation, Inc. | 47964 | 0 |
| 797 | Ryder System, Inc. | 117263 | 0.1 |
| 1012 | Science Applications International Corp. | 116926 | 0.1 |
| 290 | Simpson Manufacturing Co., Inc. | 45153 | 0 |
| 820 | Snap-on, Inc. | 263015 | 0.2 |
| 9122 | Southwest Airlines Co. | 304492 | 0.2 |
| 758 | SS&C Technologies Holdings, Inc. | 61254 | 0 |
| 1894 | Tetra Tech, Inc. | 66176 | 0.1 |
| 19016 | Textron, Inc. | 1407754 | 1 |
| 12800 | TransUnion | 1096064 | 0.8 |
| 82 | United Rentals, Inc. | 58087 | 0 |
| 205 | Valmont Industries, Inc. | 65198 | 0 |
| 884 | Veralto Corp. | 89311 | 0.1 |
| 265 | Watsco, Inc. | 117546 | 0.1 |
| 679 | Westinghouse Air Brake Technologies Corp. | 137375 | 0.1 |
| 631 | Woodward, Inc. | 136504 | 0.1 |
| 9250 | Xylem, Inc. | 1165870 | 0.9 |
|  |  | **25674768** | **19.0** |
|  | **Information Technology: 8.2%** |  |  |
| 14300 <sup>(1)</sup> | Akamai Technologies, Inc. | 1085799 | 0.8 |
| 1607 | Amdocs Ltd. | 147458 | 0.1 |
| 116 <sup>(1)</sup> | ANSYS, Inc. | 38375 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series MCV Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Information Technology: (continued)** | **Information Technology: (continued)** | **Information Technology: (continued)** |
| 6250 <sup>(1)</sup> | Check Point Software Technologies Ltd. | $1430500 | 1.1 |
| 1297 <sup>(1)</sup> | Ciena Corp. | 103838 | 0.1 |
| 566 <sup>(1)</sup> | Cirrus Logic, Inc. | 55672 | 0 |
| 1828 | Cognizant Technology Solutions Corp. - Class A | 148050 | 0.1 |
| 1563 | Corning, Inc. | 77509 | 0.1 |
| 3266 <sup>(1)</sup> | Dropbox, Inc. - Class A | 94257 | 0.1 |
| 628 <sup>(1)</sup> | F5, Inc. | 179219 | 0.1 |
| 3375 | Gen Digital, Inc. | 96120 | 0.1 |
| 7600 <sup>(1)</sup> | Globant SA | 745484 | 0.6 |
| 10041 | Hewlett Packard Enterprise Co. | 173508 | 0.1 |
| 2318 | HP, Inc. | 57718 | 0 |
| 1669 | Jabil, Inc. | 280409 | 0.2 |
| 3205 | Juniper Networks, Inc. | 115156 | 0.1 |
| 8325 <sup>(1)</sup> | Keysight Technologies, Inc. | 1307358 | 1 |
| 11000 | Microchip Technology, Inc. | 638440 | 0.5 |
| 14000 | MKS Instruments, Inc. | 1150660 | 0.8 |
| 946 | NetApp, Inc. | 93805 | 0.1 |
| 1043 | Skyworks Solutions, Inc. | 71998 | 0.1 |
| 510 | TD SYNNEX Corp. | 61883 | 0 |
| <sub>118</sub> (1) | Teledyne Technologies, Inc. | 58865 | 0 |
| 22000 <sup>(1)</sup> | Trimble, Inc. | 1567940 | 1.2 |
| 4350 <sup>(1)</sup> | Zebra Technologies Corp. - Class A | 1260500 | 0.9 |
|  |  | **11040521** | **8.2** |
|  | **Materials: 12.0%** |  |  |
| 20956 | Amcor PLC | 190909 | 0.1 |
| 10112 | AptarGroup, Inc. | 1601741 | 1.2 |
| 5425 | Avery Dennison Corp. | 964185 | 0.7 |
| 43049 <sup>(1)</sup> | Axalta Coating Systems Ltd. | 1325909 | 1 |
| 1312 | Ball Corp. | 70297 | 0.1 |
| 17506 | CF Industries Holdings, Inc. | 1587969 | 1.2 |
| 1279 | Corteva, Inc. | 90553 | 0.1 |
| 20964 | Crown Holdings, Inc. | 2064954 | 1.5 |
| 1047 | DuPont de Nemours, Inc. | 69940 | 0 |
| 1095 | Eastman Chemical Co. | 85815 | 0.1 |
| 8600 | Franco-Nevada Corp. | 1451680 | 1.1 |
| 49678 | Graphic Packaging Holding Co. | 1103845 | 0.8 |
| 3430 | International Paper Co. | 163988 | 0.1 |
| 167 | Martin Marietta Materials, Inc. | 91441 | 0.1 |
| 117 | NewMarket Corp. | 75355 | 0.1 |
| 549 | Nucor Corp. | 60039 | 0 |
| 6189 | Packaging Corp. of America | 1195529 | 0.9 |
| 732 | Reliance Steel & Aluminum Co. | 214344 | 0.2 |
| 557 | Royal Gold, Inc. | 99213 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Materials: (continued)** |  |  |
| 12308 | RPM International, Inc. | $1401143 | 1 |
| 602 | Scotts Miracle-Gro Co. | 35855 | 0 |
| 796 | Silgan Holdings, Inc. | 43836 | 0 |
| 8889 | Steel Dynamics, Inc. | 1093969 | 0.8 |
| 253 | Vulcan Materials Co. | 67063 | 0 |
| 16100 | Westlake Corp. | 1143583 | 0.8 |
|  |  | **16293155** | **12.0** |
|  | **Real Estate: 6.9%** |  |  |
| 467 | AvalonBay Communities, Inc. | 96562 | 0.1 |
| 15606 | Camden Property Trust | 1833549 | 1.4 |
| 709 <sup>(1)</sup> | CBRE Group, Inc. - Class A | 88639 | 0.1 |
| 1914 | CubeSmart | 81843 | 0.1 |
| 19939 | Equity LifeStyle Properties, Inc. | 1267522 | 0.9 |
| 1369 | Equity Residential | 96022 | 0.1 |
| 214 | Essex Property Trust, Inc. | 60755 | 0 |
| 314 | Extra Space Storage, Inc. | 47461 | 0 |
| 2995 | Host Hotels & Resorts, Inc. | 46393 | 0 |
| 14109 | Lamar Advertising Co. - Class A | 1700699 | 1.3 |
| 721 | Mid-America Apartment Communities, Inc. | 112945 | 0.1 |
| 498 <sup>(1)</sup> | Millrose Properties, Inc. | 13879 | 0 |
| 39810 | National Retail Properties, Inc. | 1662466 | 1.2 |
| 8450 | SBA Communications Corp. | 1959470 | 1.4 |
| 1808 | UDR, Inc. | 74905 | 0.1 |
| 3043 | VICI Properties, Inc. | 96493 | 0.1 |
| 1360 | Weyerhaeuser Co. | 35238 | 0 |
| 777 | WP Carey, Inc. | 48764 | 0 |
|  |  | **9323605** | **6.9** |
|  | **Utilities: 6.9%** |  |  |
| 43422 | Alliant Energy Corp. | 2702151 | 2 |
| 2231 | Ameren Corp. | 216139 | 0.2 |
| 13136 | American Water Works Co., Inc. | 1878054 | 1.4 |
| 1131 | Atmos Energy Corp. | 174943 | 0.1 |
| 4984 | CenterPoint Energy, Inc. | 185604 | 0.1 |
| 2401 | CMS Energy Corp. | 168622 | 0.1 |
| 1385 | Consolidated Edison, Inc. | 144719 | 0.1 |
| 806 | DTE Energy Co. | 110140 | 0.1 |
| 1805 | Edison International | 100448 | 0.1 |
| 3985 | Entergy Corp. | 331871 | 0.3 |
| 1652 | Essential Utilities, Inc. | 63652 | 0.1 |
| 3210 | Evergy, Inc. | 213176 | 0.2 |
| 863 | Eversource Energy | 55931 | 0 |
| 4627 | Exelon Corp. | 202755 | 0.2 |
| 2751 | FirstEnergy Corp. | 115377 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya VACS Series MCV Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Utilities: (continued)** |  |  |
| 622 | IDACORP, Inc. | $73987 | 0.1 |
| 8387 | MDU Resources Group, Inc. | 144173 | 0.1 |
| 2281 | National Fuel Gas Co. | 188274 | 0.1 |
| 4864 | NiSource, Inc. | 192323 | 0.1 |
| 911 | NRG Energy, Inc. | 142025 | 0.1 |
| 3774 | OGE Energy Corp. | 167830 | 0.1 |
| 2449 | PG&E Corp. | 41339 | 0.0 |
| 1850 | Pinnacle West Capital Corp. | 168775 | 0.1 |
| 4495 | PPL Corp. | 156201 | 0.1 |
| 2814 | Public Service Enterprise Group, Inc. | 228018 | 0.2 |
| 1892 | UGI Corp. | 68225 | 0.1 |
| 1774 | WEC Energy Group, Inc. | 190599 | 0.1 |
| 12329 | Xcel Energy, Inc. | 864263 | 0.6 |
|  |  | **9289614** | **6.9** |
|  | Total Common Stock |  |  |
|  | (Cost $127,131,385) | **129115677** | **95.5** |
| **EXCHANGE-TRADED FUNDS: 0.7%** | **EXCHANGE-TRADED FUNDS: 0.7%** |  |  |
| 11672 | iShares Russell Mid-Cap ETF | **1038341** | **0.7** |
|  | Total Exchange-Traded Funds |  |  |
|  | (Cost $1,017,194) | **1038341** | **0.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $128,148,579) | **130154018** | **96.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 4.3%** | **SHORT-TERM INVESTMENTS: 4.3%** |  |  |
|  | **Repurchase Agreements: 0.1%** |  |  |
| 44232 <sup>(3)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 05/30/2025, 4.340%, due 06/02/2025 (Repurchase Amount $44,248, collateralized by various U.S. Government Securities, 0.000%- 4.625%, Market Value plus accrued interest $45,117, due 08/15/25-02/15/55) | 44232 | 0.1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $44,232) | **44232** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 4.2%** | | |
| 5585753 <sup>(4)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.210% | $5585753 | 4.1 |
| 136000 <sup>(4)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.220% | 136000 | 0.1 |
|  | Total Mutual Funds |  |  |
|  | (Cost $5,721,753) | **5721753** | **4.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $5,765,985) | **5765985** | **4.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $133,914,564)** | $**135920003** | **100.5** |
|  | **Liabilities in Excess of Other Assets** | **(682575)** | **(0.5)** |
|  | **Net Assets** | $**135237428** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |

---

<sup>(3)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(4)</sup> Rate shown is the 7-day yield as of May 31, 2025.

See Accompanying Notes to Financial Statements

<u>Voya VACS Series MCV Fund</u> <u>PORTFOLIO OF INVESTMENTS as of May 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of May 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**May 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock\* | $129115677 | $— | $— | $129115677 |
| Exchange-Traded Funds | 1038341 |  |  | 1038341 |
| Short-Term Investments | 5721753 | 44232 |  | 5765985 |
| Total Investments, at fair value | $135875771 | $44232 | $— | $135920003 |

---

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

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

**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 year ended May 31, 2025, where the following issuers were considered an affiliate:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Beginning**<br>**Fair Value**<br>**at 5/31/2024** |<br>**Purchases**<br>**at Cost** |<br>**Sales**<br>**at Cost** | **Change In**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Ending**<br>**Fair**<br>**Value at**<br>**5/31/2025** |<br>**Investment**<br>**Income** |<br>**Realized**<br>**Gains/**<br>**(Losses)** | **Net**<br>**Capital**<br>**Gain**<br>**Distributions** |
| Voya Financial, Inc. | $41398 | $— | $(40150) | $(1248) | $— | $— | $(1303) | $— |
|  | $41398 | $— | $(40150) | $(1248) | $— | $— | $(1303) | $— |

---

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At May 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $135,057,540. | Cost for U.S. federal income tax purposes was $135,057,540. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $9943059 |
| Gross Unrealized Depreciation | (9080596) |
| Net Unrealized Appreciation | $862463 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Fund Name</u>** | **<u>Type</u>** | **<u>Per Share Amount</u>** |
| &nbsp;&nbsp;&nbsp;Voya VACS Series MCV Fund | NII | $0.2545 |
|  | STCG | $0.3042 |
|  | LTCG | $0.5318 |

---

NII — Net investment income

STCG— Short-term capital gain

LTCG — Long-term capital gain

Of the ordinary distributions made during the year ended May 31, 2025, 41.38% qualify for the dividends received deductions (DRD) available to corporate shareholders.

For the year ended May 31, 2025, 44.13% of ordinary income dividends paid by the Fund is designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals.

The Fund designates $5,774,559 of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C).

The Fund designates $330,422 as Section 199A dividends.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |

---

---

| | |
|:---|:---|
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |

---

---

| | |
|:---|:---|
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street <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.**

**221172 (0525)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None during the reporting period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $149,699 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibits.** 

[(a)(1)](tm2520696d2_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm2520696d2_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2520696d2_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm2520696d2_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2520696d2_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2520696d2_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Equity Trust

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: August 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

Date: August 4, 2025

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

Date: August 4, 2025

## Ex-99.Code

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I.</u>**  **<u>Adoption</u>** 

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II.</u>**  **<u>Policy</u>** 

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the
 ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable
 disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities
 and Exchange Commission ("SEC") and in other public communications made by a
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental
 laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt internal reporting of violations
 of this Code to an appropriate person or persons identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct themself in an honest and ethical
 manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in activity that
 would compromise their professional ethics or otherwise prejudice their ability faithfully
 to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use
 material non-public information acquired through their work for the Funds for unethical or
 illegal advantage, either directly or indirectly, through others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their
 shareholders before their personal interests and manage actual or apparent conflicts of interest
 between their personal interests and the interests of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements
 generally applicable to the Funds and take all reasonable actions, consistent with their
 position(s) with a Fund and/or a Fund's service providers(s) to ensure full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a Fund
 files with, or submits to, the SEC or other governmental authorities, and in other public
 communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable governmental laws,
 rules, and regulations in their dealings with or on behalf of a Fund, and take all reasonable
 actions, consistent with their positions(s) with a Fund and/or Fund's service
 provider(s), to ensure compliance by the Fund with applicable governmental laws, rules, and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent
 with their position(s) with a Fund and/or a Fund's service provider(s), to ensure
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly
 cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
 directors, counsel, or auditors, to governmental regulators or self-regulatory organizations,
 or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers of a Fund,
 and its adviser(s), administrator, and principal underwriter, with the goal of promoting
 full, fair, accurate, timely, and understandable disclosure in the reports and documents
 the Fund files with, or submits to, the SEC, and in other public communications made by the
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the
 standards and restrictions imposed by applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or
 financial or other reporting by the Fund whereby the Covered Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or
 fail to take an action, whereby the Covered Officer would benefit personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action
 against, or cause or permit any retaliation or adverse action to be taken against, any other
 Covered Officer or any employee of the Funds or their affiliated persons for reports of potential
 violations of this Code or of applicable governmental laws, rules, and regulations that are
 made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an actual conflict of interest is a situation
 in which a Covered Officer, a member of a Covered Officer's immediate family, or an
 entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered
 Officer may receive compensation or other personal benefit, has an interest in a transaction
 or the results of a transaction in which a Fund is involved that is different from the interests
 of the Funds with regarding to that same transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "apparent conflict of interest"
 is a situation in which a Covered Officer, a member of a Covered Officer's immediate
 family, or an entity other than a Fund on whose behalf a Covered Officers is acting or from
 which a Covered Officer may receive compensation or other personal benefit, appears to have
 an actual conflict of interest, without regard to whether an actual conflict of interest
 in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Activities Requiring Prior Approval*** 

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director, partner, officer, manager, or managing
member on the board of any public or private company<sup>4</sup> other than a Fund's investment adviser, administrator, principal
underwriter, or an affiliate or any of the foregoing, if such company has current or prospective business dealings with a Fund or if
a Fund may invest in securities issued by such company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment<sup>5</sup> or meals from
any company with which a Fund has current or prospective business dealings unless such entertainment or meals are business-related, reasonable
in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. For the purposes of this Code,
entertainment and meals that are incidental to a business conference, seminar or meeting shall be deemed business-related, reasonable
in cost, and appropriate as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have any ownership interest in, or any consulting, employment,
or compensation relationship with, any of a Fund's service providers, other than its investment adviser(s), administrator, principal
underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for their own personal gain any opportunity which
a Fund may exploit. This prohibition shall not apply to securities trading undertaken in conformance with the Funds' and an investment
adviser's code of ethics adopted pursuant to Rule 17j-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have a direct or indirect financial interest, such as compensation
or equity ownership, in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transaction or for selling
or redeeming shares other than an interest arising from the Covered Officer's employment with a Fund's investment adviser,
administrator, principal underwriters, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year
from any entity or person that directly or indirectly currently or prospectively does or will do business with or receives compensation
or other benefits from a Fund. For the purposes of this restriction, gifts from different persons employed by the same entity shall be
aggregated, along with any gifts from the entity itself, in order to determine whether the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's
investment adviser(s), administrator, or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
business dealings within one year after the latest to occur of such Covered Officer's termination of employment at the Fund or
at the Fund's investment adviser(s) administrator or principal underwriter (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have
any other financial transactions with any company, other than a Fund's investment adviser(s), administrator or principal underwriter
(or any affiliate thereof), with which the Fund has current or prospective business dealings, other than routine retail transactions
that are effected on the same terms and conditions as are available to the general public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund,
except that this prohibition shall not apply to the purchase or redemption of the shares of any Fund on the same terms and conditions
as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally
at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of this Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing to the CLO and the Board that they have received, read, and understand this Code.
Such affirmation shall be substantially in the form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm to the CLO and the Board that they have complied
with the requirements of this Code. Such affirmation shall be substantially in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually all employment, ownership, affiliations,
or other relationships related to conflicts of interest that are included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the CLO promptly if they know of any violation of
this Code or of any applicable governmental laws, rules, and regulations. Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CLO shall take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the CLO believes that no violation
has occurred, the CLO shall not be required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If, after such investigation, the CLO believes that a violation
has occurred, the CLO shall report such violation to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If the Compliance Committee concurs that a violation has
occurred, it shall inform and make a recommendation to the Board, which shall consider appropriate action that may include review of,
and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of the investment adviser
or its board, and a recommendation to discipline or dismiss the Covered Officer or to require reimbursement or disgorgement by the Covered
Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.***  ***Amendments*** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Equity Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 4, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal 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: August 4, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Equity Trust

Date of Form N-CSR: May 31, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Equity Trust and will be retained by Voya Equity Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 4<sup>th</sup> day of August, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal 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: May 31, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Equity Trust and will be retained by Voya Equity Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 4<sup>th</sup> day of August, 2025.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---