UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

Form N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF 

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-08817

 

Voya Equity Trust 

(Exact name of registrant as specified in charter)

 

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

 

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

(Name and address of agent for service)

 

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

 

Date of fiscal year end: May 31

 

Date of reporting period: June 1, 2022 to November 30, 2022

 

 

 

 

 

 

Item 1. Reports to Stockholders.

 

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

 

 

TABLE OF CONTENTS
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Semi-Annual Report
November 30, 2022
Classes A, C, I, P, R, R6 and W
■
Voya Large-Cap Growth Fund
​
■
Voya Large Cap Value Fund
​
■
Voya MidCap Opportunities Fund
​
■
Voya Multi-Manager Mid Cap Value Fund
​
■
Voya Small Cap Growth Fund
​
■
Voya U.S. High Dividend Low Volatility Fund
​
​ ​ As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each fund’s annual and semi-annual shareholder reports, like this semi-annual report, are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. ​ ​
​ ​ If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com. ​ ​
​ ​ You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds. ​ ​
​ ​ This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. ​ ​
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E-Delivery Sign-up – details inside
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TABLE OF CONTENTS​
TABLE OF CONTENTS
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Go Paperless with E-Delivery!
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Sign up now for on-line prospectuses, fund reports, and proxy statements.
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Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
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You will be notified by e-mail when these communications become available on the internet.
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Funds’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
TABLE OF CONTENTS​
SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
​
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022. Each Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
​ ​ ​
Actual Fund Return
​ ​
Hypothetical (5% return before expenses)
​
​ ​ ​
Beginning
Account
Value
June 1,
2022
​ ​
Ending
Account
Value
November 30,
2022
​ ​
Annualized
Expense
Ratio
​ ​
Expenses Paid
During the
Period Ended
November 30,
2022*
​ ​
Beginning
Account
Value
June 1,
2022
​ ​
Ending
Account
Value
November 30,
2022
​ ​
Annualized
Expense
Ratio
​ ​
Expenses Paid
During the
Period Ended
November 30,
2022*
​
Voya Large-Cap Growth Fund ​
Class A ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 988.60 ​ ​ ​ ​ ​ 0.98% ​ ​ ​ ​ $ 4.89 ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,020.16 ​ ​ ​ ​ ​ 0.98% ​ ​ ​ ​ $ 4.96 ​ ​
Class C ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 984.80 ​ ​ ​ ​ ​ 1.73 ​ ​ ​ ​ ​ 8.61 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,016.39 ​ ​ ​ ​ ​ 1.73 ​ ​ ​ ​ ​ 8.74 ​ ​
Class I ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 990.50 ​ ​ ​ ​ ​ 0.62 ​ ​ ​ ​ ​ 3.09 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.96 ​ ​ ​ ​ ​ 0.62 ​ ​ ​ ​ ​ 3.14 ​ ​
Class R ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 987.20 ​ ​ ​ ​ ​ 1.23 ​ ​ ​ ​ ​ 6.13 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.90 ​ ​ ​ ​ ​ 1.23 ​ ​ ​ ​ ​ 6.23 ​ ​
Class R6 ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 990.50 ​ ​ ​ ​ ​ 0.57 ​ ​ ​ ​ ​ 2.84 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,022.21 ​ ​ ​ ​ ​ 0.57 ​ ​ ​ ​ ​ 2.89 ​ ​
Class W ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 989.90 ​ ​ ​ ​ ​ 0.73 ​ ​ ​ ​ ​ 3.64 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.41 ​ ​ ​ ​ ​ 0.73 ​ ​ ​ ​ ​ 3.70 ​ ​
Voya Large Cap Value Fund ​
Class A ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,020.40 ​ ​ ​ ​ ​ 1.07% ​ ​ ​ ​ $ 5.42 ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,019.70 ​ ​ ​ ​ ​ 1.07% ​ ​ ​ ​ $ 5.42 ​ ​
Class C ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,016.30 ​ ​ ​ ​ ​ 1.82 ​ ​ ​ ​ ​ 9.20 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,015.94 ​ ​ ​ ​ ​ 1.82 ​ ​ ​ ​ ​ 9.20 ​ ​
Class I ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.80 ​ ​ ​ ​ ​ 0.76 ​ ​ ​ ​ ​ 3.85 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.26 ​ ​ ​ ​ ​ 0.76 ​ ​ ​ ​ ​ 3.85 ​ ​
Class R ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,019.20 ​ ​ ​ ​ ​ 1.27 ​ ​ ​ ​ ​ 6.43 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,018.70 ​ ​ ​ ​ ​ 1.27 ​ ​ ​ ​ ​ 6.43 ​ ​
Class R6 ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,022.00 ​ ​ ​ ​ ​ 0.74 ​ ​ ​ ​ ​ 3.75 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.36 ​ ​ ​ ​ ​ 0.74 ​ ​ ​ ​ ​ 3.75 ​ ​
Class W ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,021.50 ​ ​ ​ ​ ​ 0.82 ​ ​ ​ ​ ​ 4.16 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.96 ​ ​ ​ ​ ​ 0.82 ​ ​ ​ ​ ​ 4.15 ​ ​
1
TABLE OF CONTENTS
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
​
​ ​ ​
Actual Fund Return
​ ​
Hypothetical (5% return before expenses)
​
​ ​ ​
Beginning
Account
Value
June 1,
2022
​ ​
Ending
Account
Value
November 30,
2022
​ ​
Annualized
Expense
Ratio
​ ​
Expenses Paid
During the
Period Ended
November 30,
2022*
​ ​
Beginning
Account
Value
June 1,
2022
​ ​
Ending
Account
Value
November 30,
2022
​ ​
Annualized
Expense
Ratio
​ ​
Expenses Paid
During the
Period Ended
November 30,
2022*
​
Voya MidCap Opportunities Fund ​
Class A ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,072.30 ​ ​ ​ ​ ​ 1.25% ​ ​ ​ ​ $ 6.49 ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,018.80 ​ ​ ​ ​ ​ 1.25% ​ ​ ​ ​ $ 6.33 ​ ​
Class C ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,067.80 ​ ​ ​ ​ ​ 2.00 ​ ​ ​ ​ ​ 10.37 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,015.04 ​ ​ ​ ​ ​ 2.00 ​ ​ ​ ​ ​ 10.10 ​ ​
Class I ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,073.70 ​ ​ ​ ​ ​ 0.93 ​ ​ ​ ​ ​ 4.83 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.41 ​ ​ ​ ​ ​ 0.93 ​ ​ ​ ​ ​ 4.71 ​ ​
Class R ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,070.80 ​ ​ ​ ​ ​ 1.50 ​ ​ ​ ​ ​ 7.79 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,017.55 ​ ​ ​ ​ ​ 1.50 ​ ​ ​ ​ ​ 7.59 ​ ​
Class R6 ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,074.00 ​ ​ ​ ​ ​ 0.83 ​ ​ ​ ​ ​ 4.32 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.91 ​ ​ ​ ​ ​ 0.83 ​ ​ ​ ​ ​ 4.20 ​ ​
Class W ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,072.80 ​ ​ ​ ​ ​ 1.00 ​ ​ ​ ​ ​ 5.20 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.05 ​ ​ ​ ​ ​ 1.00 ​ ​ ​ ​ ​ 5.06 ​ ​
Voya Multi-Manager Mid Cap Value Fund ​
Class I ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,018.30 ​ ​ ​ ​ ​ 0.78% ​ ​ ​ ​ $ 3.95 ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.16 ​ ​ ​ ​ ​ 0.78% ​ ​ ​ ​ $ 3.95 ​ ​
Class P ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.90 ​ ​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ 0.41 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,024.67 ​ ​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ 0.41 ​ ​
Voya Small Cap Growth Fund ​
Class A^ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,082.20 ​ ​ ​ ​ ​ 1.18% ​ ​ ​ ​ $ 1.85 ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,019.15 ​ ​ ​ ​ ​ 1.18% ​ ​ ​ ​ $ 5.97 ​ ​
Class C^ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,080.90 ​ ​ ​ ​ ​ 1.93 ​ ​ ​ ​ ​ 3.03 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,015.39 ​ ​ ​ ​ ​ 1.93 ​ ​ ​ ​ ​ 9.75 ​ ​
Class I ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,027.20 ​ ​ ​ ​ ​ 0.93 ​ ​ ​ ​ ​ 4.73 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.41 ​ ​ ​ ​ ​ 0.93 ​ ​ ​ ​ ​ 4.71 ​ ​
Class R^ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,081.90 ​ ​ ​ ​ ​ 1.43 ​ ​ ​ ​ ​ 2.24 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,017.90 ​ ​ ​ ​ ​ 1.43 ​ ​ ​ ​ ​ 7.23 ​ ​
Class R6 ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,027.80 ​ ​ ​ ​ ​ 0.85 ​ ​ ​ ​ ​ 4.32 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.81 ​ ​ ​ ​ ​ 0.85 ​ ​ ​ ​ ​ 4.31 ​ ​
Class W^ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,082.50 ​ ​ ​ ​ ​ 0.93 ​ ​ ​ ​ ​ 1.46 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,020.41 ​ ​ ​ ​ ​ 0.93 ​ ​ ​ ​ ​ 4.71 ​ ​
Voya U.S. High Dividend Low Volatility Fund ​
Class A ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,034.30 ​ ​ ​ ​ ​ 0.60% ​ ​ ​ ​ $ 3.06 ​ ​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,022.06 ​ ​ ​ ​ ​ 0.60% ​ ​ ​ ​ $ 3.04 ​ ​
Class I ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,035.30 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ 1.63 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,023.46 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ 1.62 ​ ​
Class R6 ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,035.40 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ 1.63 ​ ​ ​ ​ ​ 1,000.00 ​ ​ ​ ​ ​ 1,023.46 ​ ​ ​ ​ ​ 0.32 ​ ​ ​ ​ ​ 1.62 ​ ​
​
*
Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year.
​
^
Commencement of operations was October 7, 2022. Expenses paid for the actual Fund’s return reflect the 55 day period ended November 30, 2022.
​
2
TABLE OF CONTENTS​
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited)
​
​ ​ ​
Voya Large-Cap
Growth Fund
​ ​
Voya Large Cap
Value Fund
​ ​
Voya MidCap
Opportunities
Fund
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in securities at fair value+* ​ ​ ​ $ 775,497,031 ​ ​ ​ ​ $ 699,845,399 ​ ​ ​ ​ $ 688,345,296 ​ ​
Short-term investments at fair value† ​ ​ ​ ​ 18,754,000 ​ ​ ​ ​ ​ 6,861,114 ​ ​ ​ ​ ​ 18,181,847 ​ ​
Cash ​ ​ ​ ​ 109,158 ​ ​ ​ ​ ​ 217,016 ​ ​ ​ ​ ​ 65,933 ​ ​
Foreign currencies at value‡ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,985 ​ ​ ​ ​ ​ — ​ ​
Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities sold
​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,092,348 ​ ​ ​ ​ ​ 5,582,875 ​ ​
Fund shares sold
​ ​ ​ ​ 1,025,311 ​ ​ ​ ​ ​ 97,353 ​ ​ ​ ​ ​ 269,040 ​ ​
Dividends
​ ​ ​ ​ 640,067 ​ ​ ​ ​ ​ 1,429,571 ​ ​ ​ ​ ​ 271,793 ​ ​
Interest
​ ​ ​ ​ 147 ​ ​ ​ ​ ​ 66 ​ ​ ​ ​ ​ 61 ​ ​
Foreign tax reclaims
​ ​ ​ ​ 10,370 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,735 ​ ​
Prepaid expenses ​ ​ ​ ​ 48,557 ​ ​ ​ ​ ​ 32,365 ​ ​ ​ ​ ​ 55,335 ​ ​
Reimbursement due from Investment Adviser ​ ​ ​ ​ — ​ ​ ​ ​ ​ 94,410 ​ ​ ​ ​ ​ 42,907 ​ ​
Other assets ​ ​ ​ ​ 22,446 ​ ​ ​ ​ ​ 47,857 ​ ​ ​ ​ ​ 42,707 ​ ​
Total assets
​ ​ ​ ​ 796,107,087 ​ ​ ​ ​ ​ 715,721,484 ​ ​ ​ ​ ​ 712,885,529 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for investment securities purchased ​ ​ ​ ​ — ​ ​ ​ ​ ​ 72,121 ​ ​ ​ ​ ​ 4,171,865 ​ ​
Payable for fund shares redeemed ​ ​ ​ ​ 1,020,374 ​ ​ ​ ​ ​ 258,371 ​ ​ ​ ​ ​ 769,936 ​ ​
Payable upon receipt of securities loaned ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,861,114 ​ ​ ​ ​ ​ 681,847 ​ ​
Payable for investment management fees ​ ​ ​ ​ 319,811 ​ ​ ​ ​ ​ 420,946 ​ ​ ​ ​ ​ 470,511 ​ ​
Payable for distribution and shareholder service fees ​ ​ ​ ​ 28,297 ​ ​ ​ ​ ​ 90,714 ​ ​ ​ ​ ​ 57,722 ​ ​
Payable to trustees under the deferred compensation plan (Note 6) ​ ​ ​ ​ 22,446 ​ ​ ​ ​ ​ 47,857 ​ ​ ​ ​ ​ 42,707 ​ ​
Payable for trustee fees ​ ​ ​ ​ 1,999 ​ ​ ​ ​ ​ 1,669 ​ ​ ​ ​ ​ 1,728 ​ ​
Payable for borrowings against line of credit ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,082,000 ​ ​ ​ ​ ​ — ​ ​
Other accrued expenses and liabilities ​ ​ ​ ​ 1,056,729 ​ ​ ​ ​ ​ 279,838 ​ ​ ​ ​ ​ 354,691 ​ ​
Total liabilities
​ ​ ​ ​ 2,449,656 ​ ​ ​ ​ ​ 10,114,630 ​ ​ ​ ​ ​ 6,551,007 ​ ​
NET ASSETS
​ ​ ​ $ 793,657,431 ​ ​ ​ ​ $ 705,606,854 ​ ​ ​ ​ $ 706,334,522 ​ ​
NET ASSETS WERE COMPRISED OF: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital ​ ​ ​ $ 579,272,375 ​ ​ ​ ​ $ 551,220,422 ​ ​ ​ ​ $ 696,544,969 ​ ​
Total distributable earnings ​ ​ ​ ​ 214,385,056 ​ ​ ​ ​ ​ 154,386,432 ​ ​ ​ ​ ​ 9,789,553 ​ ​
NET ASSETS
​ ​ ​ $ 793,657,431 ​ ​ ​ ​ $ 705,606,854 ​ ​ ​ ​ $ 706,334,522 ​ ​
+
Including securities loaned at value
​
 ​ ​ ​ $ — ​ ​ ​ ​ $ 6,692,347 ​ ​ ​ ​ $ 664,652 ​ ​
*
Cost of investments in securities
​
 ​ ​ ​ $ 599,677,017 ​ ​ ​ ​ $ 581,354,999 ​ ​ ​ ​ $ 643,036,418 ​ ​
†
Cost of short-term investments
​
 ​ ​ ​ $ 18,754,000 ​ ​ ​ ​ $ 6,861,114 ​ ​ ​ ​ $ 18,181,847 ​ ​
‡
Cost of foreign currencies
​
 ​ ​ ​ $ — ​ ​ ​ ​ $ 4,967 ​ ​ ​ ​ $ — ​ ​
See Accompanying Notes to Financial Statements
3
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited) (continued)
​
​ ​ ​
Voya Large-Cap
Growth Fund
​ ​
Voya Large Cap
Value Fund
​ ​
Voya MidCap
Opportunities
Fund
​
Class A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 107,153,844 ​ ​ ​ ​ $ 432,140,970 ​ ​ ​ ​ $ 249,783,181 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 2,863,396 ​ ​ ​ ​ ​ 35,863,184 ​ ​ ​ ​ ​ 15,888,286 ​ ​
Net asset value and redemption price per share†
​ ​ ​ $ 37.42 ​ ​ ​ ​ $ 12.05 ​ ​ ​ ​ $ 15.72 ​ ​
Maximum offering price per share (5.75%)(1)
​ ​ ​ $ 39.70 ​ ​ ​ ​ $ 12.79 ​ ​ ​ ​ $ 16.68 ​ ​
Class C ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 8,278,816 ​ ​ ​ ​ $ 6,125,808 ​ ​ ​ ​ $ 8,859,044 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 297,904 ​ ​ ​ ​ ​ 508,933 ​ ​ ​ ​ ​ 1,278,630 ​ ​
Net asset value and redemption price per share†
​ ​ ​ $ 27.79 ​ ​ ​ ​ $ 12.04 ​ ​ ​ ​ $ 6.93 ​ ​
Class I ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 535,885,766 ​ ​ ​ ​ $ 242,186,296 ​ ​ ​ ​ $ 333,126,432 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 12,224,291 ​ ​ ​ ​ ​ 17,830,311 ​ ​ ​ ​ ​ 15,881,366 ​ ​
Net asset value and redemption price per share
​ ​ ​ $ 43.84 ​ ​ ​ ​ $ 13.58 ​ ​ ​ ​ $ 20.98 ​ ​
Class R ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 738,216 ​ ​ ​ ​ $ 857,053 ​ ​ ​ ​ $ 2,163,021 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 17,455 ​ ​ ​ ​ ​ 70,907 ​ ​ ​ ​ ​ 147,305 ​ ​
Net asset value and redemption price per share
​ ​ ​ $ 42.29 ​ ​ ​ ​ $ 12.09 ​ ​ ​ ​ $ 14.68 ​ ​
Class R6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 94,650,104 ​ ​ ​ ​ $ 19,027,551 ​ ​ ​ ​ $ 98,880,295 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 2,155,049 ​ ​ ​ ​ ​ 1,404,147 ​ ​ ​ ​ ​ 4,632,878 ​ ​
Net asset value and redemption price per share
​ ​ ​ $ 43.92 ​ ​ ​ ​ $ 13.55 ​ ​ ​ ​ $ 21.34 ​ ​
Class W ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 46,950,685 ​ ​ ​ ​ $ 5,269,176 ​ ​ ​ ​ $ 13,522,549 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 1,114,244 ​ ​ ​ ​ ​ 388,499 ​ ​ ​ ​ ​ 665,089 ​ ​
Net asset value and redemption price per share
​ ​ ​ $ 42.14 ​ ​ ​ ​ $ 13.56 ​ ​ ​ ​ $ 20.33 ​ ​
​
(1)
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.
​
†
Redemption price per share may be reduced for any applicable contingent deferred sales charges.
​
See Accompanying Notes to Financial Statements
4
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited)
​
​ ​ ​
Voya Multi-
Manager Mid Cap
Value Fund
​ ​
Voya Small Cap
Growth
Fund
​ ​
Voya U.S. High
Dividend Low
Volatility Fund
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in securities at fair value+* ​ ​ ​ $ 178,907,901 ​ ​ ​ ​ $ 588,700,051 ​ ​ ​ ​ $ 104,981,624 ​ ​
Short-term investments at fair value† ​ ​ ​ ​ 2,144,907 ​ ​ ​ ​ ​ 14,783,000 ​ ​ ​ ​ ​ 852,007 ​ ​
Cash ​ ​ ​ ​ 92,900 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,493 ​ ​
Foreign currencies at value‡ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 25,633 ​ ​ ​ ​ ​ — ​ ​
Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities sold
​ ​ ​ ​ 5,457 ​ ​ ​ ​ ​ 1,798,761 ​ ​ ​ ​ ​ — ​ ​
Fund shares sold
​ ​ ​ ​ 163,335 ​ ​ ​ ​ ​ 4,861,973 ​ ​ ​ ​ ​ 189,651 ​ ​
Dividends
​ ​ ​ ​ 337,730 ​ ​ ​ ​ ​ 264,113 ​ ​ ​ ​ ​ 243,070 ​ ​
Interest
​ ​ ​ ​ 222 ​ ​ ​ ​ ​ 843 ​ ​ ​ ​ ​ — ​ ​
Foreign tax reclaims
​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,757 ​ ​ ​ ​ ​ 1,802 ​ ​
Prepaid expenses ​ ​ ​ ​ 12,318 ​ ​ ​ ​ ​ 70,397 ​ ​ ​ ​ ​ 27,318 ​ ​
Prepaid offering expense ​ ​ ​ ​ — ​ ​ ​ ​ ​ 43,528 ​ ​ ​ ​ ​ — ​ ​
Reimbursement due from Investment Adviser ​ ​ ​ ​ 1,935 ​ ​ ​ ​ ​ 558 ​ ​ ​ ​ ​ 14,004 ​ ​
Other assets ​ ​ ​ ​ 6,689 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,811 ​ ​
Total assets
​ ​ ​ ​ 181,673,394 ​ ​ ​ ​ ​ 610,554,614 ​ ​ ​ ​ ​ 106,317,780 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for investment securities purchased ​ ​ ​ ​ 265,707 ​ ​ ​ ​ ​ 888,450 ​ ​ ​ ​ ​ — ​ ​
Payable for fund shares redeemed ​ ​ ​ ​ 6,194 ​ ​ ​ ​ ​ 174,556 ​ ​ ​ ​ ​ 22,990 ​ ​
Payable upon receipt of securities loaned ​ ​ ​ ​ 263,302 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 638,007 ​ ​
Payable for investment management fees ​ ​ ​ ​ 59,992 ​ ​ ​ ​ ​ 386,487 ​ ​ ​ ​ ​ 24,741 ​ ​
Payable for distribution and shareholder service fees ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,018 ​ ​ ​ ​ ​ 1,261 ​ ​
Payable to custodian due to bank overdraft ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,334 ​ ​ ​ ​ ​ — ​ ​
Payable to trustees under the deferred compensation plan (Note 6) ​ ​ ​ ​ 6,689 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,811 ​ ​
Payable for trustee fees ​ ​ ​ ​ 440 ​ ​ ​ ​ ​ 18,981 ​ ​ ​ ​ ​ 257 ​ ​
Other accrued expenses and liabilities ​ ​ ​ ​ 66,802 ​ ​ ​ ​ ​ 381,093 ​ ​ ​ ​ ​ 73,725 ​ ​
Total liabilities
​ ​ ​ ​ 669,126 ​ ​ ​ ​ ​ 1,865,919 ​ ​ ​ ​ ​ 763,792 ​ ​
NET ASSETS
​ ​ ​ $ 181,004,268 ​ ​ ​ ​ $ 608,688,695 ​ ​ ​ ​ $ 105,553,988 ​ ​
NET ASSETS WERE COMPRISED OF: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital ​ ​ ​ $ 156,018,659 ​ ​ ​ ​ $ 549,695,369 ​ ​ ​ ​ $ 85,343,615 ​ ​
Total distributable earnings ​ ​ ​ ​ 24,985,609 ​ ​ ​ ​ ​ 58,993,326 ​ ​ ​ ​ ​ 20,210,373 ​ ​
NET ASSETS
​ ​ ​ $ 181,004,268 ​ ​ ​ ​ $ 608,688,695 ​ ​ ​ ​ $ 105,553,988 ​ ​
+
Including securities loaned at value
​
 ​ ​ ​ $ 255,311 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 604,098 ​ ​
*
Cost of investments in securities
​
 ​ ​ ​ $ 165,566,906 ​ ​ ​ ​ $ 509,558,670 ​ ​ ​ ​ $ 96,398,066 ​ ​
†
Cost of short-term investments
​
 ​ ​ ​ $ 2,144,907 ​ ​ ​ ​ $ 14,783,000 ​ ​ ​ ​ $ 852,007 ​ ​
‡
Cost of foreign currencies
​
 ​ ​ ​ $ — ​ ​ ​ ​ $ 25,306 ​ ​ ​ ​ $ — ​ ​
See Accompanying Notes to Financial Statements
5
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2022 (Unaudited) (continued)
​
​ ​ ​
Voya Multi-
Manager Mid Cap
Value Fund
​ ​
Voya Small Cap
Growth
Fund
​ ​
Voya U.S. High
Dividend Low
Volatility Fund
​
Class A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 54,905,047 ​ ​ ​ ​ $ 6,578,288 ​ ​
Shares authorized
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 1,579,280 ​ ​ ​ ​ ​ 564,435 ​ ​
Net asset value and redemption price per share†
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 34.77 ​ ​ ​ ​ $ 11.65 ​ ​
Maximum offering price per share (5.75%)(1)
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 36.89 ​ ​ ​ ​ $ 12.36 ​ ​
Class C ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 3,519,752 ​ ​ ​ ​ ​ n/a ​ ​
Shares authorized
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ n/a ​ ​
Par value
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ ​ n/a ​ ​
Shares outstanding
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 101,349 ​ ​ ​ ​ ​ n/a ​ ​
Net asset value and redemption price per share
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 34.73 ​ ​ ​ ​ ​ n/a ​ ​
Class I ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 111,285,944 ​ ​ ​ ​ $ 504,130,614 ​ ​ ​ ​ $ 42,103,364 ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ 11,104,303 ​ ​ ​ ​ ​ 14,494,920 ​ ​ ​ ​ ​ 3,588,714 ​ ​
Net asset value and redemption price per share
​ ​ ​ $ 10.02 ​ ​ ​ ​ $ 34.78 ​ ​ ​ ​ $ 11.73 ​ ​
Class P ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ $ 69,718,324 ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​
Shares authorized
​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​
Par value
​ ​ ​ $ 0.010 ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​
Shares outstanding
​ ​ ​ ​ 6,780,221 ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​
Net asset value and redemption price per share
​ ​ ​ $ 10.28 ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​
Class R ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 343,743 ​ ​ ​ ​ ​ n/a ​ ​
Shares authorized
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ n/a ​ ​
Par value
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ ​ n/a ​ ​
Shares outstanding
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 9,890 ​ ​ ​ ​ ​ n/a ​ ​
Net asset value and redemption price per share
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 34.76 ​ ​ ​ ​ ​ n/a ​ ​
Class R6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 41,837,609 ​ ​ ​ ​ $ 56,872,336 ​ ​
Shares authorized
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ unlimited ​ ​
Par value
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ $ 0.010 ​ ​
Shares outstanding
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 1,202,922 ​ ​ ​ ​ ​ 4,847,410 ​ ​
Net asset value and redemption price per share
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 34.78 ​ ​ ​ ​ $ 11.73 ​ ​
Class W ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 3,951,930 ​ ​ ​ ​ ​ n/a ​ ​
Shares authorized
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ unlimited ​ ​ ​ ​ ​ n/a ​ ​
Par value
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 0.010 ​ ​ ​ ​ ​ n/a ​ ​
Shares outstanding
​ ​ ​ ​ n/a ​ ​ ​ ​ ​ 113,632 ​ ​ ​ ​ ​ n/a ​ ​
Net asset value and redemption price per share
​ ​ ​ ​ n/a ​ ​ ​ ​ $ 34.78 ​ ​ ​ ​ ​ n/a ​ ​
​
(1)
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.
​
†
Redemption price per share may be reduced for any applicable contingent deferred sales charges.
​
See Accompanying Notes to Financial Statements
6
TABLE OF CONTENTS​
STATEMENTS OF OPERATIONS for the six months ended November 30, 2022 (Unaudited)
​
​ ​ ​
Voya Large-Cap
Growth Fund
​ ​
Voya Large Cap
Value Fund
​ ​
Voya MidCap
Opportunities
Fund
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends, net of foreign taxes withheld* ​ ​ ​ $ 3,240,250 ​ ​ ​ ​ $ 8,312,715 ​ ​ ​ ​ $ 2,527,318 ​ ​
Securities lending income, net ​ ​ ​ ​ 286 ​ ​ ​ ​ ​ 6,883 ​ ​ ​ ​ ​ 1,439 ​ ​
Total investment income
​ ​ ​ ​ 3,240,536 ​ ​ ​ ​ ​ 8,319,598 ​ ​ ​ ​ ​ 2,528,757 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment management fees ​ ​ ​ ​ 2,044,597 ​ ​ ​ ​ ​ 2,510,184 ​ ​ ​ ​ ​ 2,898,096 ​ ​
Distribution and shareholder service fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ 136,599 ​ ​ ​ ​ ​ 511,204 ​ ​ ​ ​ ​ 303,205 ​ ​
Class C
​ ​ ​ ​ 47,210 ​ ​ ​ ​ ​ 29,492 ​ ​ ​ ​ ​ 44,586 ​ ​
Class R
​ ​ ​ ​ 2,083 ​ ​ ​ ​ ​ 2,035 ​ ​ ​ ​ ​ 5,698 ​ ​
Transfer agent fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ 88,360 ​ ​ ​ ​ ​ 151,159 ​ ​ ​ ​ ​ 197,003 ​ ​
Class C
​ ​ ​ ​ 7,635 ​ ​ ​ ​ ​ 2,180 ​ ​ ​ ​ ​ 7,231 ​ ​
Class I
​ ​ ​ ​ 135,941 ​ ​ ​ ​ ​ 27,561 ​ ​ ​ ​ ​ 193,221 ​ ​
Class R
​ ​ ​ ​ 673 ​ ​ ​ ​ ​ 301 ​ ​ ​ ​ ​ 1,854 ​ ​
Class R6
​ ​ ​ ​ 3,177 ​ ​ ​ ​ ​ 72 ​ ​ ​ ​ ​ 980 ​ ​
Class W
​ ​ ​ ​ 39,902 ​ ​ ​ ​ ​ 1,850 ​ ​ ​ ​ ​ 11,466 ​ ​
Shareholder reporting expense ​ ​ ​ ​ 4,575 ​ ​ ​ ​ ​ 10,980 ​ ​ ​ ​ ​ 24,531 ​ ​
Registration fees ​ ​ ​ ​ 56,945 ​ ​ ​ ​ ​ 53,893 ​ ​ ​ ​ ​ 55,831 ​ ​
Professional fees ​ ​ ​ ​ 40,260 ​ ​ ​ ​ ​ 24,372 ​ ​ ​ ​ ​ 35,282 ​ ​
Custody and accounting expense ​ ​ ​ ​ 70,455 ​ ​ ​ ​ ​ 43,920 ​ ​ ​ ​ ​ 47,425 ​ ​
Trustee fees ​ ​ ​ ​ 9,995 ​ ​ ​ ​ ​ 8,344 ​ ​ ​ ​ ​ 8,641 ​ ​
Miscellaneous expense ​ ​ ​ ​ 32,288 ​ ​ ​ ​ ​ 12,706 ​ ​ ​ ​ ​ 26,223 ​ ​
Interest expense ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,543 ​ ​ ​ ​ ​ 507 ​ ​
Total expenses
​ ​ ​ ​ 2,720,695 ​ ​ ​ ​ ​ 3,391,796 ​ ​ ​ ​ ​ 3,861,780 ​ ​
Waived and reimbursed fees
​ ​ ​ ​ — ​ ​ ​ ​ ​ (195,087) ​ ​ ​ ​ ​ (239,687) ​ ​
Net expenses
​ ​ ​ ​ 2,720,695 ​ ​ ​ ​ ​ 3,196,709 ​ ​ ​ ​ ​ 3,622,093 ​ ​
Net investment income (loss) ​ ​ ​ ​ 519,841 ​ ​ ​ ​ ​ 5,122,889 ​ ​ ​ ​ ​ (1,093,336) ​ ​
REALIZED AND UNREALIZED GAIN (LOSS): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ (36,531,324) ​ ​ ​ ​ ​ 777,719 ​ ​ ​ ​ ​ (23,527,448) ​ ​
Foreign currency related transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ 36,929 ​ ​ ​ ​ ​ — ​ ​
Net realized gain (loss)
​ ​ ​ ​ (36,531,324) ​ ​ ​ ​ ​ 814,648 ​ ​ ​ ​ ​ (23,527,448) ​ ​
Net change in unrealized appreciation (depreciation) on: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 26,890,968 ​ ​ ​ ​ ​ 7,692,748 ​ ​ ​ ​ ​ 72,896,022 ​ ​
Foreign currency related transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (116) ​ ​ ​ ​ ​ — ​ ​
Net change in unrealized appreciation (depreciation) ​ ​ ​ ​ 26,890,968 ​ ​ ​ ​ ​ 7,692,632 ​ ​ ​ ​ ​ 72,896,022 ​ ​
Net realized and unrealized gain (loss) ​ ​ ​ ​ (9,640,356) ​ ​ ​ ​ ​ 8,507,280 ​ ​ ​ ​ ​ 49,368,574 ​ ​
Increase (decrease) in net assets resulting from operations
​ ​ ​ $ (9,120,515) ​ ​ ​ ​ $ 13,630,169 ​ ​ ​ ​ $ 48,275,238 ​ ​
*
Foreign taxes withheld
​
 ​ ​ ​ $ 2,103 ​ ​ ​ ​ $ 1,441 ​ ​ ​ ​ $ 5,024 ​ ​
See Accompanying Notes to Financial Statements
7
TABLE OF CONTENTS
STATEMENTS OF OPERATIONS for the six months ended November 30, 2022 (Unaudited)
​
​ ​ ​
Voya Multi-
Manager Mid Cap
Value Fund
​ ​
Voya Small Cap
Growth
Fund
​ ​
Voya U.S. High
Dividend Low
Volatility Fund
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends, net of foreign taxes withheld* ​ ​ ​ $ 1,891,944 ​ ​ ​ ​ $ 1,149,064 ​ ​ ​ ​ $ 1,552,790 ​ ​
Securities lending income, net ​ ​ ​ ​ 2,011 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 22,664 ​ ​
Total investment income
​ ​ ​ ​ 1,893,955 ​ ​ ​ ​ ​ 1,149,064 ​ ​ ​ ​ ​ 1,575,454 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment management fees ​ ​ ​ ​ 617,042 ​ ​ ​ ​ ​ 1,940,995 ​ ​ ​ ​ ​ 149,796 ​ ​
Distribution and shareholder service fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ — ​ ​ ​ ​ ​ 18,884 ​ ​ ​ ​ ​ 6,469 ​ ​
Class C
​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,844 ​ ​ ​ ​ ​ — ​ ​
Class R
​ ​ ​ ​ — ​ ​ ​ ​ ​ 271 ​ ​ ​ ​ ​ — ​ ​
Transfer agent fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,176 ​ ​ ​ ​ ​ 12,948 ​ ​
Class C
​ ​ ​ ​ — ​ ​ ​ ​ ​ 524 ​ ​ ​ ​ ​ — ​ ​
Class I
​ ​ ​ ​ 5,135 ​ ​ ​ ​ ​ 181,707 ​ ​ ​ ​ ​ 843 ​ ​
Class P
​ ​ ​ ​ 706 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Class R
​ ​ ​ ​ — ​ ​ ​ ​ ​ 59 ​ ​ ​ ​ ​ — ​ ​
Class R6
​ ​ ​ ​ — ​ ​ ​ ​ ​ 95 ​ ​ ​ ​ ​ 608 ​ ​
Class W
​ ​ ​ ​ — ​ ​ ​ ​ ​ 597 ​ ​ ​ ​ ​ — ​ ​
Shareholder reporting expense ​ ​ ​ ​ 732 ​ ​ ​ ​ ​ 10,065 ​ ​ ​ ​ ​ 549 ​ ​
Registration fees ​ ​ ​ ​ 25,193 ​ ​ ​ ​ ​ 19,998 ​ ​ ​ ​ ​ 30,633 ​ ​
Professional fees ​ ​ ​ ​ 11,382 ​ ​ ​ ​ ​ 21,960 ​ ​ ​ ​ ​ 5,856 ​ ​
Custody and accounting expense ​ ​ ​ ​ 30,780 ​ ​ ​ ​ ​ 32,940 ​ ​ ​ ​ ​ 10,065 ​ ​
Trustee fees ​ ​ ​ ​ 2,199 ​ ​ ​ ​ ​ 7,686 ​ ​ ​ ​ ​ 1,288 ​ ​
Offering expense ​ ​ ​ ​ — ​ ​ ​ ​ ​ 60,165 ​ ​ ​ ​ ​ — ​ ​
Licensing fee (Note 7) ​ ​ ​ ​ 6,821 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Miscellaneous expense ​ ​ ​ ​ 8,608 ​ ​ ​ ​ ​ 25,788 ​ ​ ​ ​ ​ 6,294 ​ ​
Interest expense ​ ​ ​ ​ — ​ ​ ​ ​ ​ 40 ​ ​ ​ ​ ​ — ​ ​
Total expenses
​ ​ ​ ​ 708,598 ​ ​ ​ ​ ​ 2,334,794 ​ ​ ​ ​ ​ 225,349 ​ ​
Waived and reimbursed fees
​ ​ ​ ​ (253,259) ​ ​ ​ ​ ​ (58,532) ​ ​ ​ ​ ​ (56,156) ​ ​
Net expenses
​ ​ ​ ​ 455,339 ​ ​ ​ ​ ​ 2,276,262 ​ ​ ​ ​ ​ 169,193 ​ ​
Net investment income (loss) ​ ​ ​ ​ 1,438,616 ​ ​ ​ ​ ​ (1,127,198) ​ ​ ​ ​ ​ 1,406,261 ​ ​
REALIZED AND UNREALIZED GAIN (LOSS): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 564,831 ​ ​ ​ ​ ​ (28,091,498) ​ ​ ​ ​ ​ 1,763,134 ​ ​
Foreign currency related transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ 234 ​ ​ ​ ​ ​ — ​ ​
Net realized gain (loss)
​ ​ ​ ​ 564,831 ​ ​ ​ ​ ​ (28,091,264) ​ ​ ​ ​ ​ 1,763,134 ​ ​
Net change in unrealized appreciation (depreciation) on: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ 1,427,642 ​ ​ ​ ​ ​ 49,843,123 ​ ​ ​ ​ ​ 636,981 ​ ​
Foreign currency related transactions
​ ​ ​ ​ — ​ ​ ​ ​ ​ 258 ​ ​ ​ ​ ​ — ​ ​
Net change in unrealized appreciation (depreciation) ​ ​ ​ ​ 1,427,642 ​ ​ ​ ​ ​ 49,843,381 ​ ​ ​ ​ ​ 636,981 ​ ​
Net realized and unrealized gain ​ ​ ​ ​ 1,992,473 ​ ​ ​ ​ ​ 21,752,117 ​ ​ ​ ​ ​ 2,400,115 ​ ​
Increase in net assets resulting from operations
​ ​ ​ $ 3,431,089 ​ ​ ​ ​ $ 20,624,919 ​ ​ ​ ​ $ 3,806,376 ​ ​
*
Foreign taxes withheld
​
 ​ ​ ​ $ 533 ​ ​ ​ ​ $ 12,552 ​ ​ ​ ​ $ 509 ​ ​
See Accompanying Notes to Financial Statements
8
TABLE OF CONTENTS​
STATEMENTS OF CHANGES IN NET ASSETS
​
​ ​ ​
Voya Large-Cap Growth Fund
​ ​
Voya Large Cap Value Fund
​
​ ​ ​
Six Months Ended
November 30, 2022
(Unaudited)
​ ​
Year Ended
May 31, 2022
​ ​
Six Months Ended
November 30, 2022
(Unaudited)
​ ​
Year Ended
May 31, 2022
​
FROM OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss) ​ ​ ​ $ 519,841 ​ ​ ​ ​ $ (1,358,793) ​ ​ ​ ​ $ 5,122,889 ​ ​ ​ ​ $ 8,023,115 ​ ​
Net realized gain (loss) ​ ​ ​ ​ (36,531,324) ​ ​ ​ ​ ​ 216,123,483 ​ ​ ​ ​ ​ 814,648 ​ ​ ​ ​ ​ 92,356,285 ​ ​
Net change in unrealized appreciation (depreciation) ​ ​ ​ ​ 26,890,968 ​ ​ ​ ​ ​ (309,590,048) ​ ​ ​ ​ ​ 7,692,632 ​ ​ ​ ​ ​ (66,769,152) ​ ​
Increase (decrease) in net assets resulting from operations
​ ​ ​ ​ (9,120,515) ​ ​ ​ ​ ​ (94,825,358) ​ ​ ​ ​ ​ 13,630,169 ​ ​ ​ ​ ​ 33,610,248 ​ ​
FROM DISTRIBUTIONS TO SHAREHOLDERS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total distributions (excluding return of capital): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ — ​ ​ ​ ​ ​ (24,658,290) ​ ​ ​ ​ ​ (2,643,195) ​ ​ ​ ​ ​ (64,593,911) ​ ​
Class C
​ ​ ​ ​ — ​ ​ ​ ​ ​ (3,288,215) ​ ​ ​ ​ ​ (16,132) ​ ​ ​ ​ ​ (876,525) ​ ​
Class I
​ ​ ​ ​ — ​ ​ ​ ​ ​ (122,728,147) ​ ​ ​ ​ ​ (1,640,024) ​ ​ ​ ​ ​ (36,338,382) ​ ​
Class P3*
​ ​ ​ ​ — ​ ​ ​ ​ ​ (447) ​ ​ ​ ​ ​ (8) ​ ​ ​ ​ ​ (419) ​ ​
Class R
​ ​ ​ ​ — ​ ​ ​ ​ ​ (174,404) ​ ​ ​ ​ ​ (4,385) ​ ​ ​ ​ ​ (142,709) ​ ​
Class R6
​ ​ ​ ​ — ​ ​ ​ ​ ​ (26,251,441) ​ ​ ​ ​ ​ (138,386) ​ ​ ​ ​ ​ (2,473,476) ​ ​
Class W
​ ​ ​ ​ — ​ ​ ​ ​ ​ (11,020,316) ​ ​ ​ ​ ​ (34,290) ​ ​ ​ ​ ​ (660,982) ​ ​
Total distributions ​ ​ ​ ​ — ​ ​ ​ ​ ​ (188,121,260) ​ ​ ​ ​ ​ (4,476,420) ​ ​ ​ ​ ​ (105,086,404) ​ ​
FROM CAPITAL SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares ​ ​ ​ ​ 74,081,246 ​ ​ ​ ​ ​ 213,171,480 ​ ​ ​ ​ ​ 24,757,723 ​ ​ ​ ​ ​ 75,635,423 ​ ​
Reinvestment of distributions ​ ​ ​ ​ — ​ ​ ​ ​ ​ 185,124,262 ​ ​ ​ ​ ​ 4,284,224 ​ ​ ​ ​ ​ 100,428,935 ​ ​
​ ​ ​ ​ ​ 74,081,246 ​ ​ ​ ​ ​ 398,295,742 ​ ​ ​ ​ ​ 29,041,947 ​ ​ ​ ​ ​ 176,064,358 ​ ​
Cost of shares redeemed ​ ​ ​ ​ (117,406,716) ​ ​ ​ ​ ​ (666,779,833) ​ ​ ​ ​ ​ (49,089,372) ​ ​ ​ ​ ​ (147,492,639) ​ ​
Net increase (decrease) in net assets resulting from capital share transactions
​ ​ ​ ​ (43,325,470) ​ ​ ​ ​ ​ (268,484,091) ​ ​ ​ ​ ​ (20,047,425) ​ ​ ​ ​ ​ 28,571,719 ​ ​
Net decrease in net assets ​ ​ ​ ​ (52,445,985) ​ ​ ​ ​ ​ (551,430,709) ​ ​ ​ ​ ​ (10,893,676) ​ ​ ​ ​ ​ (42,904,437) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of year or period ​ ​ ​ ​ 846,103,416 ​ ​ ​ ​ ​ 1,397,534,125 ​ ​ ​ ​ ​ 716,500,530 ​ ​ ​ ​ ​ 759,404,967 ​ ​
End of year or period ​ ​ ​ $ 793,657,431 ​ ​ ​ ​ $ 846,103,416 ​ ​ ​ ​ $ 705,606,854 ​ ​ ​ ​ $ 716,500,530 ​ ​
​
*
Class P3 was fully redeemed on September 9, 2022.
​
See Accompanying Notes to Financial Statements
9
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
​
​ ​ ​
Voya MidCap Opportunities Fund
​ ​
Voya Multi-Manager Mid Cap
Value Fund
​
​ ​ ​
Six Months Ended
November 30, 2022
(Unaudited)
​ ​
Year Ended
May 31, 2022
​ ​
Six Months Ended
November 30, 2022
(Unaudited)
​ ​
Year Ended
May 31, 2022
​
FROM OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss) ​ ​ ​ $ (1,093,336) ​ ​ ​ ​ $ (6,617,424) ​ ​ ​ ​ $ 1,438,616 ​ ​ ​ ​ $ 2,823,539 ​ ​
Net realized gain (loss) ​ ​ ​ ​ (23,527,448) ​ ​ ​ ​ ​ 93,602,587 ​ ​ ​ ​ ​ 564,831 ​ ​ ​ ​ ​ 38,296,785 ​ ​
Net change in unrealized appreciation (depreciation) ​ ​ ​ ​ 72,896,022 ​ ​ ​ ​ ​ (282,133,318) ​ ​ ​ ​ ​ 1,427,642 ​ ​ ​ ​ ​ (43,779,668) ​ ​
Increase (decrease) in net assets resulting from operations
​ ​ ​ ​ 48,275,238 ​ ​ ​ ​ ​ (195,148,155) ​ ​ ​ ​ ​ 3,431,089 ​ ​ ​ ​ ​ (2,659,344) ​ ​
FROM DISTRIBUTIONS TO SHAREHOLDERS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total distributions (excluding return of capital): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ — ​ ​ ​ ​ ​ (80,007,971) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Class C
​ ​ ​ ​ — ​ ​ ​ ​ ​ (6,169,612) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Class I
​ ​ ​ ​ — ​ ​ ​ ​ ​ (95,141,473) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (18,826,165) ​ ​
Class P
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (10,346,472) ​ ​
Class P3*
​ ​ ​ ​ — ​ ​ ​ ​ ​ (531) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (442) ​ ​
Class R
​ ​ ​ ​ — ​ ​ ​ ​ ​ (682,966) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Class R6
​ ​ ​ ​ — ​ ​ ​ ​ ​ (26,599,826) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Class W
​ ​ ​ ​ — ​ ​ ​ ​ ​ (15,443,884) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions ​ ​ ​ ​ — ​ ​ ​ ​ ​ (224,046,263) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (29,173,079) ​ ​
FROM CAPITAL SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares ​ ​ ​ ​ 35,931,207 ​ ​ ​ ​ ​ 207,755,327 ​ ​ ​ ​ ​ 13,777,537 ​ ​ ​ ​ ​ 28,231,898 ​ ​
Reinvestment of distributions ​ ​ ​ ​ — ​ ​ ​ ​ ​ 192,134,385 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 29,173,080 ​ ​
​ ​ ​ ​ ​ 35,931,207 ​ ​ ​ ​ ​ 399,889,712 ​ ​ ​ ​ ​ 13,777,537 ​ ​ ​ ​ ​ 57,404,978 ​ ​
Cost of shares redeemed ​ ​ ​ ​ (135,501,065) ​ ​ ​ ​ ​ (352,727,938) ​ ​ ​ ​ ​ (21,848,002) ​ ​ ​ ​ ​ (118,604,080) ​ ​
Net increase (decrease) in net assets resulting from capital share transactions
​ ​ ​ ​ (99,569,858) ​ ​ ​ ​ ​ 47,161,774 ​ ​ ​ ​ ​ (8,070,465) ​ ​ ​ ​ ​ (61,199,102) ​ ​
Net decrease in net assets ​ ​ ​ ​ (51,294,620) ​ ​ ​ ​ ​ (372,032,644) ​ ​ ​ ​ ​ (4,639,376) ​ ​ ​ ​ ​ (93,031,525) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of year or period ​ ​ ​ ​ 757,629,142 ​ ​ ​ ​ ​ 1,129,661,786 ​ ​ ​ ​ ​ 185,643,644 ​ ​ ​ ​ ​ 278,675,169 ​ ​
End of year or period ​ ​ ​ $ 706,334,522 ​ ​ ​ ​ $ 757,629,142 ​ ​ ​ ​ $ 181,004,268 ​ ​ ​ ​ $ 185,643,644 ​ ​
​
*
Class P3 was fully redeemed on September 9, 2022.
​
See Accompanying Notes to Financial Statements
10
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
​
​ ​ ​
Voya Small Cap Growth Fund
​
​ ​ ​
Six Months Ended
November 30, 2022
(Unaudited)
​ ​
October 1, 2021 to
May 31, 2022(1)
​ ​
Year Ended
September 30, 2021
​
FROM OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment (loss) ​ ​ ​ $ (1,127,198) ​ ​ ​ ​ $ (1,835,871) ​ ​ ​ ​ $ (3,201,356) ​ ​
Net realized gain ​ ​ ​ ​ (28,091,264) ​ ​ ​ ​ ​ 20,984,540 ​ ​ ​ ​ ​ 100,740,789 ​ ​
Net change in unrealized appreciation (depreciation) ​ ​ ​ ​ 49,843,380 ​ ​ ​ ​ ​ (111,865,748) ​ ​ ​ ​ ​ 55,079,334 ​ ​
Increase (decrease) in net assets resulting from operations ​ ​ ​ ​ 20,624,918 ​ ​ ​ ​ ​ (92,717,079) ​ ​ ​ ​ ​ 152,618,767 ​ ​
FROM DISTRIBUTIONS TO SHAREHOLDERS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total distributions (excluding return of capital): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I(2)
​ ​ ​ ​ — ​ ​ ​ ​ ​ (88,990,928) ​ ​ ​ ​ ​ (28,271,294) ​ ​
Total distributions ​ ​ ​ ​ — ​ ​ ​ ​ ​ (88,990,928) ​ ​ ​ ​ ​ (28,271,294) ​ ​
FROM CAPITAL SHARE TRANSACTIONS(3): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares ​ ​ ​ ​ 108,801,358 ​ ​ ​ ​ ​ 61,497,857 ​ ​ ​ ​ ​ 84,906,869 ​ ​
Proceeds from shares issued in merger (Note 15) ​ ​ ​ ​ 91,620,459 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Reinvestment of distributions ​ ​ ​ ​ — ​ ​ ​ ​ ​ 87,154,479 ​ ​ ​ ​ ​ 27,824,008 ​ ​
​ ​ ​ ​ ​ 200,421,817 ​ ​ ​ ​ ​ 148,652,336 ​ ​ ​ ​ ​ 112,730,877 ​ ​
Cost of shares redeemed ​ ​ ​ ​ (38,517,826) ​ ​ ​ ​ ​ (42,549,863) ​ ​ ​ ​ ​ (104,387,540) ​ ​
Net increase in net assets resulting from capital share transactions ​ ​ ​ ​ 161,903,991 ​ ​ ​ ​ ​ 106,102,473 ​ ​ ​ ​ ​ 8,343,337 ​ ​
Net increase (decrease) in net assets ​ ​ ​ ​ 182,528,909 ​ ​ ​ ​ ​ (75,605,534) ​ ​ ​ ​ ​ 132,690,810 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of year or period ​ ​ ​ ​ 426,159,786 ​ ​ ​ ​ ​ 501,765,320 ​ ​ ​ ​ ​ 369,074,510 ​ ​
End of year or period ​ ​ ​ $ 608,688,695 ​ ​ ​ ​ $ 426,159,786 ​ ​ ​ ​ $ 501,765,320 ​ ​
​
(1)
Effective close of business April 1, 2022, the fiscal year-end was changed from September 30 to May 31.
​
(2)
For the fiscal year ended September 30, 2021, the Fund did not have a class designation.
​
(3)
There was no net impact on the operations of the Fund as a result of the reorganization that occurred close of business April 1, 2022. See Note 10 for more information.
​
See Accompanying Notes to Financial Statements
11
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
​
​ ​ ​
Voya U.S. High Dividend Low
Volatility Fund
​
​ ​ ​
Six Months Ended
November 30, 2022
(Unaudited)
​ ​
Year Ended
May 31, 2022
​
FROM OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income (loss) ​ ​ ​ $ 1,406,261 ​ ​ ​ ​ $ 2,613,468 ​ ​
Net realized gain (loss) ​ ​ ​ ​ 1,763,134 ​ ​ ​ ​ ​ 18,756,084 ​ ​
Net change in unrealized appreciation (depreciation) ​ ​ ​ ​ 636,981 ​ ​ ​ ​ ​ (13,742,272) ​ ​
Increase (decrease) in net assets resulting from operations ​ ​ ​ ​ 3,806,376 ​ ​ ​ ​ ​ 7,627,280 ​ ​
FROM DISTRIBUTIONS TO SHAREHOLDERS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Total distributions (excluding return of capital): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A
​ ​ ​ ​ (54,901) ​ ​ ​ ​ ​ (354,838) ​ ​
Class I
​ ​ ​ ​ (486,002) ​ ​ ​ ​ ​ (17,288,350) ​ ​
Class P3*
​ ​ ​ ​ (15) ​ ​ ​ ​ ​ (856) ​ ​
Class R6
​ ​ ​ ​ (689,482) ​ ​ ​ ​ ​ (15,793,093) ​ ​
Total distributions ​ ​ ​ ​ (1,230,400) ​ ​ ​ ​ ​ (33,437,137) ​ ​
FROM CAPITAL SHARE TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from sale of shares ​ ​ ​ ​ 11,617,232 ​ ​ ​ ​ ​ 42,939,884 ​ ​
Reinvestment of distributions ​ ​ ​ ​ 1,229,724 ​ ​ ​ ​ ​ 33,436,087 ​ ​
​ ​ ​ ​ ​ 12,846,956 ​ ​ ​ ​ ​ 76,375,971 ​ ​
Cost of shares redeemed ​ ​ ​ ​ (16,013,924) ​ ​ ​ ​ ​ (64,062,081) ​ ​
Net increase (decrease) in net assets resulting from capital share transactions ​ ​ ​ ​ (3,166,968) ​ ​ ​ ​ ​ 12,313,890 ​ ​
Net increase (decrease) in net assets ​ ​ ​ ​ (590,992) ​ ​ ​ ​ ​ (13,495,967) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of year or period ​ ​ ​ ​ 106,144,980 ​ ​ ​ ​ ​ 119,640,947 ​ ​
End of year or period ​ ​ ​ $ 105,553,988 ​ ​ ​ ​ $ 106,144,980 ​ ​
​
*
Class P3 was fully redeemed on September 9, 2022.
​
See Accompanying Notes to Financial Statements
12
TABLE OF CONTENTS​
Financial Highlights
​
Selected data for a share of beneficial interest outstanding throughout each year or period.
​ ​ ​ ​ ​ ​ ​ ​ ​
Income (loss)
from
investment
operations
​ ​ ​ ​ ​ ​ ​ ​
Less Distributions
​ ​ ​ ​ ​
Ratios to average net assets
​ ​
Supplemental
Data
​
​ ​ ​
Net asset value, beginning of year
or period
​ ​
Net investment income (loss)
​ ​
Net realized and unrealized
gain (loss)
​ ​
Total from investment operations
​ ​
From net investment income
​ ​
From net realized gains
​ ​
From return of capital
​ ​
Total distributions
​ ​
Payment by affiliate
​ ​
Net asset value, end of year
or period
​ ​
Total Return(1)
​ ​
Expenses before
reductions/additions(2)(3)
​ ​
Expenses net of fee waivers
and/or recoupments if any(2)(3)
​ ​
Expense net of all
reductions/additions(2)(3)
​ ​
Net investment income (loss)(2)(3)
​ ​
Net assets, end of year or period
​ ​
Portfolio turnover rate
​