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, 2023 to November 30, 2023
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): |
Semi-Annual Report | ||||
November 30, 2023 | ||||
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 | ■ | Voya U.S. High Dividend Low Volatility Fund |
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
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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INVESTMENT MANAGEMENT
voyainvestments.com |
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TABLE OF CONTENTS
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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.
[This Page Intentionally Left Blank]
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, 2023 to November 30, 2023. 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, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | ||||||||||
Voya Large-Cap Growth Fund | |||||||||||||||||
Class A | $1,000.00 | $1,127.90 | 0.94% | $5.00 | $1,000.00 | $1,020.30 | 0.94% | $4.75 | |||||||||
Class C | 1,000.00 | 1,123.60 | 1.69 | 8.97 | 1,000.00 | 1,016.55 | 1.69 | 8.52 | |||||||||
Class I | 1,000.00 | 1,129.80 | 0.60 | 3.19 | 1,000.00 | 1,022.00 | 0.60 | 3.03 | |||||||||
Class R | 1,000.00 | 1,126.50 | 1.19 | 6.33 | 1,000.00 | 1,019.05 | 1.19 | 6.01 | |||||||||
Class R6 | 1,000.00 | 1,130.00 | 0.58 | 3.09 | 1,000.00 | 1,022.10 | 0.58 | 2.93 | |||||||||
Class W | 1,000.00 | 1,129.40 | 0.69 | 3.67 | 1,000.00 | 1,021.55 | 0.69 | 3.49 | |||||||||
Voya Large Cap Value Fund | |||||||||||||||||
Class A | $1,000.00 | $1,087.40 | 1.10% | $5.74 | $1,000.00 | $1,019.50 | 1.10% | $5.55 | |||||||||
Class C | 1,000.00 | 1,083.40 | 1.85 | 9.64 | 1,000.00 | 1,015.75 | 1.85 | 9.32 | |||||||||
Class I | 1,000.00 | 1,088.40 | 0.76 | 3.97 | 1,000.00 | 1,021.20 | 0.76 | 3.84 | |||||||||
Class R | 1,000.00 | 1,085.90 | 1.33 | 6.94 | 1,000.00 | 1,018.35 | 1.33 | 6.71 | |||||||||
Class R6 | 1,000.00 | 1,088.80 | 0.74 | 3.86 | 1,000.00 | 1,021.30 | 0.74 | 3.74 | |||||||||
Class W | 1,000.00 | 1,088.20 | 0.85 | 4.44 | 1,000.00 | 1,020.75 | 0.85 | 4.29 |
1
SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||
Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | ||||||||||
Voya MidCap Opportunities Fund | |||||||||||||||||
Class A | $1,000.00 | $1,091.70 | 1.26% | $6.59 | $1,000.00 | $1,018.70 | 1.26% | $6.36 | |||||||||
Class C | 1,000.00 | 1,088.50 | 2.01 | 10.49 | 1,000.00 | 1,014.95 | 2.01 | 10.13 | |||||||||
Class I | 1,000.00 | 1,093.90 | 0.93 | 4.87 | 1,000.00 | 1,020.35 | 0.93 | 4.70 | |||||||||
Class R | 1,000.00 | 1,090.90 | 1.51 | 7.89 | 1,000.00 | 1,017.45 | 1.51 | 7.62 | |||||||||
Class R6 | 1,000.00 | 1,094.60 | 0.83 | 4.35 | 1,000.00 | 1,020.85 | 0.83 | 4.19 | |||||||||
Class W | 1,000.00 | 1,094.00 | 1.01 | 5.29 | 1,000.00 | 1,019.95 | 1.01 | 5.10 | |||||||||
Voya Multi-Manager Mid Cap Value Fund | |||||||||||||||||
Class I | $1,000.00 | $1,082.70 | 0.78% | $4.06 | $1,000.00 | $1,021.10 | 0.78% | $3.94 | |||||||||
Voya Small Cap Growth Fund | |||||||||||||||||
Class A | $1,000.00 | $1,055.00 | 1.26% | $6.47 | $1,000.00 | $1,018.70 | 1.26% | $6.36 | |||||||||
Class C | 1,000.00 | 1,050.80 | 2.01 | 10.31 | 1,000.00 | 1,014.95 | 2.01 | 10.13 | |||||||||
Class I | 1,000.00 | 1,056.90 | 0.91 | 4.68 | 1,000.00 | 1,020.45 | 0.91 | 4.60 | |||||||||
Class R | 1,000.00 | 1,053.60 | 1.51 | 7.75 | 1,000.00 | 1,017.45 | 1.51 | 7.62 | |||||||||
Class R6 | 1,000.00 | 1,057.20 | 0.82 | 4.22 | 1,000.00 | 1,020.90 | 0.82 | 4.14 | |||||||||
Class W | 1,000.00 | 1,056.10 | 1.01 | 5.19 | 1,000.00 | 1,019.95 | 1.01 | 5.10 | |||||||||
Voya U.S. High Dividend Low Volatility Fund | |||||||||||||||||
Class A | $1,000.00 | $1,076.10 | 0.61% | $3.17 | $1,000.00 | $1,021.95 | 0.61% | $3.08 | |||||||||
Class I | 1,000.00 | 1,077.20 | 0.33 | 1.71 | 1,000.00 | 1,023.35 | 0.33 | 1.67 | |||||||||
Class R6 | 1,000.00 | 1,077.20 | 0.33 | 1.71 | 1,000.00 | 1,023.35 | 0.33 | 1.67 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
2
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)
Voya Large-Cap Growth Fund | Voya Large Cap Value Fund | Voya MidCap Opportunities Fund | |||||||||||
ASSETS: | |||||||||||||
Investments in securities at fair value+* | $ | 622,141,726 | $ | 659,150,021 | $ | 666,228,723 | |||||||
Short-term investments at fair value† | 3,521,154 | 1,385,000 | 9,535,000 | ||||||||||
Cash | 360 | 91,032 | 86,196 | ||||||||||
Foreign currencies at value‡ | – | 4,199 | – | ||||||||||
Receivables: | |||||||||||||
Investment securities sold | 3,161,028 | – | 4,846,785 | ||||||||||
Fund shares sold | 229,735 | 70,781 | 449,695 | ||||||||||
Dividends | 432,908 | 1,598,686 | 327,165 | ||||||||||
Interest | 201 | 260 | 159 | ||||||||||
Foreign tax reclaims | 10,370 | – | 29,470 | ||||||||||
Prepaid expenses | 52,757 | 45,283 | 57,396 | ||||||||||
Reimbursement due from Investment Adviser | – | 45,405 | 39,806 | ||||||||||
Other assets | 23,940 | 48,022 | 43,911 | ||||||||||
Total assets | 629,574,179 | 662,438,689 | 681,644,306 | ||||||||||
LIABILITIES: | |||||||||||||
Payable for investment securities purchased | – | – | 5,008,478 | ||||||||||
Payable for fund shares redeemed | 325,521 | 637,157 | 372,360 | ||||||||||
Payable upon receipt of securities loaned | 244,154 | – | – | ||||||||||
Payable for investment management fees | 251,824 | 397,668 | 442,643 | ||||||||||
Payable for distribution and shareholder service fees | 28,032 | 85,813 | 53,927 | ||||||||||
Payable to trustees under the deferred compensation plan (Note 6) | 23,940 | 48,022 | 43,911 | ||||||||||
Payable for trustee fees | 1,569 | 1,660 | 1,676 | ||||||||||
Other accrued expenses and liabilities | 837,580 | 311,804 | 652,076 | ||||||||||
Total liabilities | 1,712,620 | 1,482,124 | 6,575,071 | ||||||||||
NET ASSETS | $ | 627,861,559 | $ | 660,956,565 | $ | 675,069,235 | |||||||
NET ASSETS WERE COMPRISED OF: | |||||||||||||
Paid-in capital | $ | 409,508,189 | $ | 540,246,494 | $ | 602,554,571 | |||||||
Total distributable earnings | 218,353,370 | 120,710,071 | 72,514,664 | ||||||||||
NET ASSETS | $ | 627,861,559 | $ | 660,956,565 | $ | 675,069,235 | |||||||
+ | Including securities loaned at value | $ | 239,235 | $ | — | $ | — | ||||||
* | Cost of investments in securities | $ | 358,096,373 | $ | 590,280,623 | $ | 579,872,647 | ||||||
† | Cost of short-term investments | $ | 3,521,154 | $ | 1,385,000 | $ | 9,535,000 | ||||||
‡ | Cost of foreign currencies | $ | — | $ | 4,998 | $ | — |
See Accompanying Notes to Financial Statements
3
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)(continued)
Voya Large-Cap Growth Fund | Voya Large Cap Value Fund | Voya MidCap Opportunities Fund | ||||||||||
Class A | ||||||||||||
Net assets | $ | 113,542,184 | $ | 408,695,904 | $ | 241,237,838 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 3,073,171 | 35,829,240 | 14,071,461 | |||||||||
Net asset value and redemption price per share† | $ | 36.95 | $ | 11.41 | $ | 17.14 | ||||||
Maximum offering price per share (5.75%)(1) | $ | 39.20 | $ | 12.11 | $ | 18.19 | ||||||
Class C | ||||||||||||
Net assets | $ | 6,205,460 | $ | 4,701,887 | $ | 7,270,466 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 249,116 | 412,678 | 969,473 | |||||||||
Net asset value and redemption price per share† | $ | 24.91 | $ | 11.39 | $ | 7.50 | ||||||
Class I | ||||||||||||
Net assets | $ | 351,127,969 | $ | 223,867,796 | $ | 313,062,864 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 7,802,989 | 17,240,826 | 13,641,518 | |||||||||
Net asset value and redemption price per share | $ | 45.00 | $ | 12.98 | $ | 22.95 | ||||||
Class R | ||||||||||||
Net assets | $ | 1,056,352 | $ | 779,553 | $ | 2,352,794 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 24,660 | 68,114 | 147,299 | |||||||||
Net asset value and redemption price per share | $ | 42.84 | $ | 11.44 | $ | 15.97 | ||||||
Class R6 | ||||||||||||
Net assets | $ | 134,637,968 | $ | 18,169,802 | $ | 103,047,435 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 2,985,640 | 1,402,851 | 4,408,492 | |||||||||
Net asset value and redemption price per share | $ | 45.10 | $ | 12.95 | $ | 23.37 | ||||||
Class W | ||||||||||||
Net assets | $ | 21,291,626 | $ | 4,741,623 | $ | 8,097,838 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 496,674 | 365,784 | 364,302 | |||||||||
Net asset value and redemption price per share | $ | 42.87 | $ | 12.96 | $ | 22.23 |
(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
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (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+* | $ | 132,504,268 | $ | 658,897,673 | $ | 89,772,538 | |||||||
Short-term investments at fair value† | 1,978,365 | 22,649,000 | 1,283,041 | ||||||||||
Cash | 45,808 | 120,156 | 7,394 | ||||||||||
Receivables: | |||||||||||||
Investment securities sold | 495,493 | 3,651,040 | – | ||||||||||
Fund shares sold | 45,923 | 263,077 | 11,537 | ||||||||||
Dividends | 159,409 | 417,020 | 215,370 | ||||||||||
Interest | 57 | 328 | – | ||||||||||
Foreign tax reclaims | – | 10,322 | 1,802 | ||||||||||
Prepaid expenses | 16,691 | 71,433 | 24,468 | ||||||||||
Reimbursement due from Investment Adviser | 14,753 | – | 9,137 | ||||||||||
Other assets | 6,926 | 26,459 | 3,014 | ||||||||||
Total assets | 135,267,693 | 686,106,508 | 91,328,301 | ||||||||||
LIABILITIES: | |||||||||||||
Payable for investment securities purchased | 261,553 | 8,731,767 | – | ||||||||||
Payable for fund shares redeemed | 344,937 | 334,424 | 270,477 | ||||||||||
Payable upon receipt of securities loaned | – | – | 1,035,041 | ||||||||||
Payable for investment management fees | 74,063 | 416,315 | 20,998 | ||||||||||
Payable for distribution and shareholder service fees | – | 13,450 | 1,242 | ||||||||||
Payable to trustees under the deferred compensation plan (Note 6) | 6,926 | 26,459 | 3,014 | ||||||||||
Payable for trustee fees | 3,469 | 1,331 | 226 | ||||||||||
Other accrued expenses and liabilities | 38,398 | 280,567 | 92,270 | ||||||||||
Total liabilities | 729,346 | 9,804,313 | 1,423,268 | ||||||||||
NET ASSETS | $ | 134,538,347 | $ | 676,302,195 | $ | 89,905,033 | |||||||
NET ASSETS WERE COMPRISED OF: | |||||||||||||
Paid-in capital | $ | 129,274,866 | $ | 612,595,338 | $ | 86,158,545 | |||||||
Total distributable earnings | 5,263,481 | 63,706,857 | 3,746,488 | ||||||||||
NET ASSETS | $ | 134,538,347 | $ | 676,302,195 | $ | 89,905,033 | |||||||
+ | Including securities loaned at value | $ | — | $ | — | $ | 1,012,256 | ||||||
* | Cost of investments in securities | $ | 128,584,726 | $ | 572,790,144 | $ | 86,755,327 | ||||||
† | Cost of short-term investments | $ | 1,978,365 | $ | 22,649,000 | $ | 1,283,041 |
See Accompanying Notes to Financial Statements
5
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (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 | $ | 55,035,080 | $ | 6,136,025 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | 0.010 | $ | 0.010 | |||||||
Shares outstanding | n/a | 1,525,887 | 612,010 | |||||||||
Net asset value and redemption price per share† | n/a | $ | 36.07 | $ | 10.03 | |||||||
Maximum offering price per share (5.75%)(1) | n/a | $ | 38.27 | $ | 10.64 | |||||||
Class C | ||||||||||||
Net assets | n/a | $ | 3,069,014 | n/a | ||||||||
Shares authorized | n/a | unlimited | n/a | |||||||||
Par value | n/a | $ | 0.010 | n/a | ||||||||
Shares outstanding | n/a | 85,821 | n/a | |||||||||
Net asset value and redemption price per share† | n/a | $ | 35.76 | n/a | ||||||||
Class I | ||||||||||||
Net assets | $ | 134,538,347 | $ | 572,572,909 | $ | 31,903,454 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.010 | $ | 0.010 | $ | 0.010 | ||||||
Shares outstanding | 14,906,428 | 15,818,819 | 3,158,457 | |||||||||
Net asset value and redemption price per share | $ | 9.03 | $ | 36.20 | $ | 10.10 | ||||||
Class R | ||||||||||||
Net assets | n/a | $ | 288,871 | n/a | ||||||||
Shares authorized | n/a | unlimited | n/a | |||||||||
Par value | n/a | $ | 0.010 | n/a | ||||||||
Shares outstanding | n/a | 8,032 | n/a | |||||||||
Net asset value and redemption price per share | n/a | $ | 35.97 | n/a | ||||||||
Class R6 | ||||||||||||
Net assets | n/a | $ | 42,193,386 | $ | 51,865,554 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | 0.010 | $ | 0.010 | |||||||
Shares outstanding | n/a | 1,164,724 | 5,135,171 | |||||||||
Net asset value and redemption price per share | n/a | $ | 36.23 | $ | 10.10 | |||||||
Class W | ||||||||||||
Net assets | n/a | $ | 3,142,935 | n/a | ||||||||
Shares authorized | n/a | unlimited | n/a | |||||||||
Par value | n/a | $ | 0.010 | n/a | ||||||||
Shares outstanding | n/a | 86,891 | n/a | |||||||||
Net asset value and redemption price per share | n/a | $ | 36.17 | 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
STATEMENTS OF OPERATIONS for the six months ended November 30, 2023 (Unaudited)
Voya Large-Cap Growth Fund | Voya Large Cap Value Fund | Voya MidCap Opportunities Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld* | $ | 2,167,845 | $ | 8,824,840 | $ | 2,828,481 | ||||||
Interest | 1,678 | 5,537 | 2,472 | |||||||||
Securities lending income, net | — | 1,394 | 6,359 | |||||||||
Other | 2,868 | 2,903 | 2,865 | |||||||||
Total investment income | 2,172,391 | 8,834,674 | 2,840,177 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 1,599,543 | 2,489,504 | 2,805,178 | |||||||||
Distribution and shareholder service fees: | ||||||||||||
Class A | 136,624 | 507,294 | 298,663 | |||||||||
Class C | 34,427 | 24,183 | 36,160 | |||||||||
Class R | 2,416 | 1,939 | 5,639 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 61,367 | 268,091 | 215,766 | |||||||||
Class C | 3,948 | 3,194 | 6,531 | |||||||||
Class I | 55,460 | 56,985 | 202,018 | |||||||||
Class R | 512 | 512 | 2,037 | |||||||||
Class R6 | 4,645 | 180 | 1,288 | |||||||||
Class W | 17,758 | 3,295 | 9,632 | |||||||||
Shareholder reporting expense | 4,575 | 17,568 | 23,241 | |||||||||
Registration fees | 49,580 | 52,841 | 45,559 | |||||||||
Professional fees | 40,260 | 31,110 | 36,234 | |||||||||
Custody and accounting expense | 44,835 | 40,925 | 47,580 | |||||||||
Trustee fees | 7,843 | 8,299 | 8,380 | |||||||||
Miscellaneous expense | 32,002 | 20,689 | 25,105 | |||||||||
Interest expense | 18,646 | 6,992 | — | |||||||||
Total expenses | 2,114,441 | 3,533,601 | 3,769,011 | |||||||||
Waived and reimbursed fees | — | (278,838 | ) | (244,716 | ) | |||||||
Net expenses | 2,114,441 | 3,254,763 | 3,524,295 | |||||||||
Net investment income | 57,950 | 5,579,911 | (684,118 | ) | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 37,554,841 | 41,520,108 | 14,788,838 | |||||||||
Foreign currency related transactions | — | 1,941 | — | |||||||||
Net realized gain | 37,554,841 | 41,522,049 | 14,788,838 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 37,794,759 | 9,701,717 | 45,480,378 | |||||||||
Foreign currency related transactions | — | (270 | ) | — | ||||||||
Net change in unrealized appreciation (depreciation) | 37,794,759 | 9,701,447 | 45,480,378 | |||||||||
Net realized and unrealized gain | 75,349,600 | 51,223,496 | 60,269,216 | |||||||||
Increase in net assets resulting from operations | $ | 75,407,550 | $ | 56,803,407 | $ | 59,585,098 | ||||||
* Foreign taxes withheld | $ | — | $ | 6,978 | $ | — |
See Accompanying Notes to Financial Statements
7
STATEMENTS OF OPERATIONS for the six months ended November 30, 2023 (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* | $ | 1,329,510 | $ | 2,015,058 | $ | 1,368,382 | ||||||
Interest | 1,565 | 1,484 | — | |||||||||
Securities lending income, net | — | — | 156 | |||||||||
Other | 619 | 2,706 | 411 | |||||||||
Total investment income | 1,331,694 | 2,019,248 | 1,368,949 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 460,257 | 2,628,522 | 131,250 | |||||||||
Distribution and shareholder service fees: | ||||||||||||
Class A | — | 68,892 | 7,965 | |||||||||
Class C | — | 16,341 | — | |||||||||
Class R | — | 840 | — | |||||||||
Transfer agent fees: | ||||||||||||
Class A | — | 51,776 | 15,997 | |||||||||
Class C | — | 3,066 | — | |||||||||
Class I | 6,084 | 250,062 | 320 | |||||||||
Class R | — | 315 | — | |||||||||
Class R6 | — | 43 | 543 | |||||||||
Class W | — | 3,222 | — | |||||||||
Shareholder reporting expense | 824 | 4,575 | 549 | |||||||||
Registration fees | 23,433 | 72,606 | 29,073 | |||||||||
Professional fees | 22,816 | 16,470 | 5,856 | |||||||||
Custody and accounting expense | 12,401 | 22,645 | 10,065 | |||||||||
Trustee fees | 1,612 | 8,817 | 1,131 | |||||||||
Licensing fee (Note 7) | 6,693 | — | — | |||||||||
Miscellaneous expense | 7,393 | 20,302 | 6,997 | |||||||||
Interest expense | — | — | 613 | |||||||||
Total expenses | 541,513 | 3,168,494 | 210,359 | |||||||||
Waived and reimbursed fees | (16,307 | ) | (65,707 | ) | (54,020 | ) | ||||||
Net expenses | 525,206 | 3,102,787 | 156,339 | |||||||||
Net investment income | 806,488 | (1,083,539 | ) | 1,212,610 | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 2,822,340 | 10,337,887 | (8,733 | ) | ||||||||
Sale of investments in affiliates | 1,716 | — | — | |||||||||
Net realized gain (loss) | 2,824,056 | 10,337,887 | (8,733 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 6,826,209 | 24,866,622 | 5,656,940 | |||||||||
Affiliates | 32 | — | — | |||||||||
Foreign currency related transactions | — | (154 | ) | — | ||||||||
Net change in unrealized appreciation (depreciation) | 6,826,241 | 24,866,468 | 5,656,940 | |||||||||
Net realized and unrealized gain | 9,650,297 | 35,204,355 | 5,648,207 | |||||||||
Increase in net assets resulting from operations | $ | 10,456,785 | $ | 34,120,816 | $ | 6,860,817 | ||||||
* Foreign taxes withheld | $ | 992 | $ | — | $ | 270 |
See Accompanying Notes to Financial Statements
8
STATEMENTS OF CHANGES IN NET ASSETS
Voya Large-Cap Growth Fund | Voya Large Cap Value Fund | |||||||||||||||
Six Months Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | Six Months Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 57,950 | $ | 1,110,567 | $ | 5,579,911 | $ | 9,795,999 | ||||||||
Net realized gain (loss) | 37,554,841 | (31,064,308 | ) | 41,522,049 | 15,496,603 | |||||||||||
Net change in unrealized appreciation (depreciation) | 37,794,759 | 77,321,548 | 9,701,447 | (51,629,643 | ) | |||||||||||
Increase (decrease) in net assets resulting from operations | 75,407,550 | 47,367,807 | 56,803,407 | (26,337,041 | ) | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions (excluding return of capital): | ||||||||||||||||
Class A | — | (19,528,094 | ) | (2,929,448 | ) | (31,550,433 | ) | |||||||||
Class C | — | (1,952,873 | ) | (16,952 | ) | (398,576 | ) | |||||||||
Class I | — | (83,810,701 | ) | (1,799,981 | ) | (16,401,367 | ) | |||||||||
Class P3(1) | — | — | — | (8 | ) | |||||||||||
Class R | — | (118,176 | ) | (4,774 | ) | (62,636 | ) | |||||||||
Class R6 | — | (14,912,763 | ) | (143,707 | ) | (1,297,318 | ) | |||||||||
Class W | — | (7,604,953 | ) | (37,363 | ) | (346,412 | ) | |||||||||
Total distributions | — | (127,927,560 | ) | (4,932,225 | ) | (50,056,750 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 55,883,325 | 167,421,353 | 24,047,726 | 85,552,666 | ||||||||||||
Reinvestment of distributions | — | 125,374,112 | 4,734,138 | 47,937,372 | ||||||||||||
55,883,325 | 292,795,465 | 28,781,864 | 133,490,038 | |||||||||||||
Cost of shares redeemed | (205,660,502 | ) | (356,107,942 | ) | (72,301,105 | ) | (120,992,153 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (149,777,177 | ) | (63,312,477 | ) | (43,519,241 | ) | 12,497,885 | |||||||||
Net increase (decrease) in net assets | (74,369,627 | ) | (143,872,230 | ) | 8,351,941 | (63,895,906 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 702,231,186 | 846,103,416 | 652,604,624 | 716,500,530 | ||||||||||||
End of year or period | $ | 627,861,559 | $ | 702,231,186 | $ | 660,956,565 | $ | 652,604,624 |
(1) | Class P3 was fully redeemed on close of business September 8, 2022. |
See Accompanying Notes to Financial Statements
9
STATEMENTS OF CHANGES IN NET ASSETS
Voya MidCap Opportunities Fund | Voya Multi- Manager Mid Cap Value Fund | |||||||||||||||
Six Months Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | Six Months Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (684,118 | ) | $ | (2,467,080 | ) | $ | 806,488 | $ | 2,870,758 | ||||||
Net realized gain (loss) | 14,788,838 | (18,905,714 | ) | 2,824,056 | (1,817,308 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 45,480,378 | 68,462,841 | 6,826,241 | (14,820,051 | ) | |||||||||||
Increase (decrease) in net assets resulting from operations | 59,585,098 | 47,090,047 | 10,456,785 | (13,766,601 | ) | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions (excluding return of capital): | ||||||||||||||||
Class I | — | — | — | (8,442,273 | ) | |||||||||||
Class P(1) | — | — | — | (5,261,577 | ) | |||||||||||
Total distributions | — | — | — | (13,703,850 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 38,698,186 | 92,890,893 | 7,068,370 | 57,493,102 | ||||||||||||
Reinvestment of distributions | — | — | — | 13,703,850 | ||||||||||||
38,698,186 | 92,890,893 | 7,068,370 | 71,196,952 | |||||||||||||
Cost of shares redeemed | (78,062,062 | ) | (242,762,069 | ) | (12,030,269 | ) | (100,326,684 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (39,363,876 | ) | (149,871,176 | ) | (4,961,899 | ) | (29,129,732 | ) | ||||||||
Net increase (decrease) in net assets | 20,221,222 | (102,781,129 | ) | 5,494,886 | (56,600,183 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 654,848,013 | 757,629,142 | 129,043,461 | 185,643,644 | ||||||||||||
End of year or period | $ | 675,069,235 | $ | 654,848,013 | $ | 134,538,347 | $ | 129,043,461 |
(1) | Class P of Voya Multi-Manager Mid Cap Value Fund was fully redeemed on close of business March 24, 2023. |
See Accompanying Notes to Financial Statements
10
STATEMENTS OF CHANGES IN NET ASSETS
Voya Small Cap Growth Fund | Voya U.S. High Dividend Low Volatility Fund | |||||||||||||||
Six Months Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | Six Months Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (1,083,539 | ) | $ | (2,057,843 | ) | $ | 1,212,610 | $ | 2,741,432 | ||||||
Net realized gain (loss) | 10,337,887 | (18,893,716 | ) | (8,733 | ) | 2,066,724 | ||||||||||
Net change in unrealized appreciation (depreciation) | 24,866,468 | 31,942,694 | 5,656,940 | (10,586,306 | ) | |||||||||||
Increase (decrease) in net assets resulting from operations | 34,120,816 | 10,991,135 | 6,860,817 | (5,778,150 | ) | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions (excluding return of capital): | ||||||||||||||||
Class A | — | — | (73,470 | ) | (972,556 | ) | ||||||||||
Class I | — | — | (398,952 | ) | (4,987,935 | ) | ||||||||||
Class P3(1) | — | — | — | (15 | ) | |||||||||||
Class R6 | — | — | (688,244 | ) | (6,759,951 | ) | ||||||||||
Total distributions | — | — | (1,160,666 | ) | (12,720,457 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 76,890,547 | 172,673,961 | 6,303,221 | 27,369,250 | ||||||||||||
Proceeds from shares issued in merger (Note 15) | — | 91,620,459 | — | — | ||||||||||||
Reinvestment of distributions | — | — | 1,160,561 | 12,718,915 | ||||||||||||
76,890,547 | 264,294,420 | 7,463,782 | 40,088,165 | |||||||||||||
Cost of shares redeemed | (42,089,078 | ) | (94,065,431 | ) | (14,122,377 | ) | (36,871,061 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 34,801,469 | 170,228,989 | (6,658,595 | ) | 3,217,104 | |||||||||||
Net increase (decrease) in net assets | 68,922,285 | 181,220,124 | (958,444 | ) | (15,281,503 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 607,379,910 | 426,159,786 | 90,863,477 | 106,144,980 | ||||||||||||
End of year or period | $ | 676,302,195 | $ | 607,379,910 | $ | 89,905,033 | $ | 90,863,477 |
(1) | Class P3 was fully redeemed on close of business September 8, 2022. |
See Accompanying Notes to Financial Statements
11
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year
or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Large-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 32.76 | (0.04 | )• | 4.23 | 4.19 | — | — | — | — | — | 36.95 | 12.79 | 0.94 | 0.94 | 0.94 | (0.24 | ) | 113,542 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 105,826 | 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 | ) | 115,265 | 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 | ) | 139,465 | 93 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 38.36 | 0.03 | 8.04 | 8.07 | 0.15 | 1.83 | — | 1.98 | — | 44.45 | 21.30 | 0.96 | 1.04 | 1.04 | 0.06 | 104,447 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 38.75 | 0.12 | 2.02 | 2.14 | 0.01 | 2.52 | — | 2.53 | — | 38.36 | 6.11 | 0.95 | 1.04 | 1.04 | 0.31 | 80,328 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 22.17 | (0.12 | )• | 2.86 | 2.74 | — | — | — | — | — | 24.91 | 12.36 | 1.69 | 1.69 | 1.69 | (1.01 | ) | 6,205 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 7,353 | 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 | ) | 10,879 | 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 | ) | 21,109 | 93 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 31.92 | (0.23 | ) | 6.66 | 6.43 | — | 1.83 | — | 1.83 | — | 36.52 | 20.41 | 1.71 | 1.79 | 1.79 | (0.68 | ) | 20,630 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 32.92 | (0.14 | ) | 1.66 | 1.52 | — | 2.52 | — | 2.52 | — | 31.92 | 5.28 | 1.70 | 1.79 | 1.79 | (0.43 | ) | 32,386 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 39.83 | 0.02 | • | 5.15 | 5.17 | — | — | — | — | — | 45.00 | 12.98 | 0.60 | 0.60 | 0.60 | 0.09 | 351,128 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 440,942 | 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 | ) | 577,160 | 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 | 851,822 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 42.73 | 0.21 | • | 9.00 | 9.21 | 0.28 | 1.83 | — | 2.11 | — | 49.83 | 21.80 | 0.59 | 0.66 | 0.66 | 0.44 | 671,609 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 42.89 | 0.29 | 2.24 | 2.53 | 0.17 | 2.52 | — | 2.69 | — | 42.73 | 6.47 | 0.59 | 0.66 | 0.66 | 0.70 | 600,368 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 38.03 | (0.09 | )• | 4.90 | 4.81 | — | — | — | — | — | 42.84 | 12.65 | 1.19 | 1.19 | 1.19 | (0.45 | ) | 1,056 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 1,018 | 93 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 42.09 | (0.09 | )• | 8.85 | 8.76 | — | 1.83 | — | 1.83 | — | 49.02 | 21.02 | 1.21 | 1.29 | 1.29 | (0.19 | ) | 861 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 42.36 | 0.02 | • | 2.23 | 2.25 | — | 2.52 | — | 2.52 | — | 42.09 | 5.84 | 1.20 | 1.29 | 1.29 | 0.07 | 1,082 | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 39.91 | 0.02 | • | 5.17 | 5.19 | — | — | — | — | — | 45.10 | 13.00 | 0.58 | 0.58 | 0.58 | 0.12 | 134,638 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 121,250 | 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 | ) | 89,841 | 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 | 306,068 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 42.76 | 0.24 | • | 9.01 | 9.25 | 0.31 | 1.83 | — | 2.14 | — | 49.87 | 21.88 | 0.55 | 0.58 | 0.58 | 0.52 | 272,040 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 42.90 | 0.36 | • | 2.22 | 2.58 | 0.20 | 2.52 | — | 2.72 | — | 42.76 | 6.60 | 0.55 | 0.58 | 0.58 | 0.85 | 294,339 | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 37.96 | (0.01 | )• | 4.92 | 4.91 | — | — | — | — | — | 42.87 | 12.94 | 0.69 | 0.69 | 0.69 | (0.03 | ) | 21,292 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | 26,140 | 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 | ) | 52,098 | 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 | 78,049 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 41.60 | 0.16 | • | 8.74 | 8.90 | 0.25 | 1.83 | — | 2.08 | — | 48.42 | 21.64 | 0.71 | 0.79 | 0.79 | 0.35 | 73,288 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 41.79 | 0.21 | • | 2.20 | 2.41 | 0.08 | 2.52 | — | 2.60 | — | 41.60 | 6.32 | 0.70 | 0.79 | 0.79 | 0.50 | 11,341 | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Large Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.57 | 0.09 | • | 0.83 | 0.92 | 0.08 | — | — | 0.08 | — | 11.41 | 8.74 | 1.19 | 1.10 | 1.10 | 1.56 | 408,696 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 392,251 | 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 | 439,016 | 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 | 452,381 | 94 |
See Accompanying Notes to Financial Statements
12
FINANCIAL HIGHLIGHTS (continued)
Income
(loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Large Cap Value Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 11.04 | 0.17 | (0.34 | ) | (0.17 | ) | 0.21 | 0.92 | — | 1.13 | — | 9.74 | (2.79 | ) | 1.19 | 1.10 | 1.10 | 1.55 | 331,769 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 12.09 | 0.19 | (0.06 | ) | 0.13 | 0.17 | 1.01 | — | 1.18 | — | 11.04 | 1.51 | 1.18 | 1.10 | 1.10 | 1.60 | 362,398 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.55 | 0.04 | • | 0.84 | 0.88 | 0.04 | — | — | 0.04 | — | 11.39 | 8.34 | 1.94 | 1.85 | 1.85 | 0.81 | 4,702 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 4,905 | 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 | 6,143 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 9.74 | 0.04 | • | 4.38 | 4.42 | 0.07 | 0.84 | — | 0.91 | — | 13.25 | 47.49 | 1.91 | 1.85 | 1.85 | 0.37 | 10,327 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 11.02 | 0.08 | • | (0.32 | ) | (0.24 | ) | 0.12 | 0.92 | — | 1.04 | — | 9.74 | (3.44 | ) | 1.94 | 1.85 | 1.85 | 0.73 | 13,664 | 154 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 12.05 | 0.11 | (0.06 | ) | 0.05 | 0.07 | 1.01 | — | 1.08 | — | 11.02 | 0.81 | 1.93 | 1.85 | 1.85 | 0.84 | 39,550 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 12.02 | 0.12 | • | 0.94 | 1.06 | 0.10 | — | — | 0.10 | — | 12.98 | 8.84 | 0.85 | 0.76 | 0.76 | 1.89 | 223,868 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.39 | 0.21 | • | (0.67 | ) | (0.46 | ) | 0.19 | 0.72 | — | 0.91 | — | 12.02 | (3.47 | ) | 0.82 | 0.76 | 0.76 | 1.64 | 232,382 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 14.68 | 0.18 | • | 0.50 | 0.68 | 0.14 | 1.83 | — | 1.97 | — | 13.39 | 4.82 | 0.81 | 0.76 | 0.76 | 1.27 | 245,169 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 10.70 | 0.18 | • | 4.83 | 5.01 | 0.19 | 0.84 | — | 1.03 | — | 14.68 | 49.13 | 0.82 | 0.76 | 0.76 | 1.43 | 271,656 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 12.03 | 0.22 | (0.39 | ) | (0.17 | ) | 0.24 | 0.92 | — | 1.16 | — | 10.70 | (2.48 | ) | 0.84 | 0.76 | 0.76 | 1.90 | 230,991 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 13.07 | 0.25 | (0.05 | ) | 0.20 | 0.23 | 1.01 | — | 1.24 | — | 12.03 | 1.95 | 0.84 | 0.76 | 0.76 | 1.94 | 214,877 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.60 | 0.07 | - | 0.84 | 0.91 | 0.07 | — | — | 0.07 | — | 11.44 | 8.59 | 1.44 | 1.33 | 1.33 | 1.33 | 780 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 11.93 | 0.13 | - | (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 | • | 0.45 | 0.54 | 0.07 | 1.83 | — | 1.90 | — | 11.93 | 4.23 | 1.40 | 1.30 | 1.30 | 0.72 | 886 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 9.76 | 0.10 | • | 4.40 | 4.50 | 0.13 | 0.84 | — | 0.97 | — | 13.29 | 48.48 | 1.41 | 1.30 | 1.30 | 0.88 | 1,032 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 11.06 | 0.14 | • | (0.35 | ) | (0.21 | ) | 0.17 | 0.92 | — | 1.09 | — | 9.76 | (3.11 | ) | 1.44 | 1.33 | 1.33 | 1.27 | 736 | 154 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 12.07 | 0.16 | • | (0.04 | ) | 0.12 | 0.12 | 1.01 | — | 1.13 | — | 11.06 | 1.44 | 1.43 | 1.32 | 1.32 | 1.38 | 1,297 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 11.99 | 0.12 | • | 0.94 | 1.06 | 0.10 | — | — | 0.10 | — | 12.95 | 8.88 | 0.80 | 0.74 | 0.74 | 1.92 | 18,170 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.36 | 0.21 | • | (0.67 | ) | (0.46 | ) | 0.19 | 0.72 | — | 0.91 | — | 11.99 | (3.45 | ) | 0.79 | 0.74 | 0.74 | 1.67 | 17,456 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 14.65 | 0.18 | • | 0.50 | 0.68 | 0.14 | 1.83 | — | 1.97 | — | 13.36 | 4.84 | 0.79 | 0.74 | 0.74 | 1.30 | 20,126 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 10.68 | 0.18 | • | 4.82 | 5.00 | 0.19 | 0.84 | — | 1.03 | — | 14.65 | 49.15 | 0.80 | 0.74 | 0.74 | 1.45 | 18,739 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 12.01 | 0.22 | • | (0.38 | ) | (0.16 | ) | 0.25 | 0.92 | — | 1.17 | — | 10.68 | (2.47 | ) | 0.80 | 0.74 | 0.74 | 1.82 | 14,936 | 154 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 13.06 | 0.26 | (0.07 | ) | 0.19 | 0.23 | 1.01 | — | 1.24 | — | 12.01 | 1.90 | 0.80 | 0.74 | 0.74 | 1.96 | 106,327 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 12.00 | 0.11 | • | 0.94 | 1.05 | 0.09 | — | — | 0.09 | — | 12.96 | 8.82 | 0.94 | 0.85 | 0.85 | 1.80 | 4,742 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.37 | 0.20 | • | (0.67 | ) | (0.47 | ) | 0.18 | 0.72 | — | 0.90 | — | 12.00 | (3.52 | ) | 0.87 | 0.82 | 0.82 | 1.59 | 4,831 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 14.66 | 0.17 | • | 0.50 | 0.67 | 0.13 | 1.83 | — | 1.96 | — | 13.37 | 4.73 | 0.90 | 0.85 | 0.85 | 1.20 | 5,157 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 10.69 | 0.17 | • | 4.82 | 4.99 | 0.18 | 0.84 | — | 1.02 | — | 14.66 | 48.94 | 0.91 | 0.85 | 0.85 | 1.35 | 5,267 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 12.01 | 0.22 | • | (0.39 | ) | (0.17 | ) | 0.23 | 0.92 | — | 1.15 | — | 10.69 | (2.50 | ) | 0.94 | 0.85 | 0.85 | 1.79 | 4,762 | 154 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 13.03 | 0.23 | • | (0.04 | ) | 0.19 | 0.20 | 1.01 | — | 1.21 | — | 12.01 | 1.92 | 0.93 | 0.85 | 0.85 | 1.81 | 6,265 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
Voya MidCap Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 15.70 | (0.03 | )• | 1.47 | 1.44 | — | — | — | — | — | 17.14 | 9.17 | 1.32 | 1.26 | 1.26 | (0.42 | ) | 241,238 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 14.66 | (0.09 | )• | 1.13 | 1.04 | — | — | — | — | — | 15.70 | 7.09 | 1.32 | 1.25 | 1.25 | (0.57 | ) | 233,488 | 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 | ) | 246,265 | 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 | ) | 346,695 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 19.28 | (0.07 | ) | 2.67 | 2.60 | — | 1.47 | — | 1.47 | — | 20.41 | 13.68 | 1.28 | 1.27 | 1.27 | (0.34 | ) | 275,279 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 22.97 | (0.07 | ) | 0.31 | 0.24 | — | 3.93 | — | 3.93 | — | 19.28 | 2.97 | 1.26 | 1.26 | 1.26 | (0.36 | ) | 277,900 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 6.89 | (0.04 | )• | 0.65 | 0.61 | — | — | — | — | — | 7.50 | 8.85 | 2.07 | 2.01 | 2.01 | (1.17 | ) | 7,270 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 6.49 | (0.09 | )• | 0.49 | 0.40 | — | — | — | — | — | 6.89 | 6.16 | 2.07 | 2.00 | 2.00 | (1.32 | ) | 7,417 | 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 | ) | 9,451 | 62 |
See Accompanying Notes to Financial Statements
13
FINANCIAL HIGHLIGHTS (continued)
Income
(loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya MidCap Opportunities Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 23,803 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 13.22 | (0.14 | )• | 1.80 | 1.66 | — | 1.47 | — | 1.47 | — | 13.41 | 12.81 | 2.03 | 2.02 | 2.02 | (1.04 | ) | 27,377 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 17.21 | (0.18 | ) | 0.12 | (0.06 | ) | — | 3.93 | — | 3.93 | — | 13.22 | 2.14 | 2.01 | 2.01 | 2.01 | (1.12 | ) | 56,335 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 20.98 | (0.01 | )• | 1.98 | 1.97 | — | — | — | — | — | 22.95 | 9.39 | 1.02 | 0.93 | 0.93 | (0.09 | ) | 313,063 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 19.54 | (0.05 | )• | 1.49 | 1.44 | — | — | — | — | — | 20.98 | 7.37 | 1.02 | 0.93 | 0.93 | (0.25 | ) | 301,910 | 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 | ) | 346,729 | 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 | ) | 504,762 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 22.84 | (0.01 | ) | 3.17 | 3.16 | — | 1.47 | — | 1.47 | — | 24.53 | 14.01 | 0.98 | 0.97 | 0.97 | (0.01 | ) | 431,603 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 26.35 | (0.02 | ) | 0.44 | 0.42 | — | 3.93 | — | 3.93 | — | 22.84 | 3.30 | 0.96 | 0.97 | 0.97 | (0.08 | ) | 580,296 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 14.64 | (0.05 | )• | 1.38 | 1.33 | — | — | — | — | — | 15.97 | 9.09 | 1.57 | 1.51 | 1.51 | (0.65 | ) | 2,353 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.71 | (0.12 | )• | 1.05 | 0.93 | — | — | — | — | — | 14.64 | 6.78 | 1.57 | 1.50 | 1.50 | (0.82 | ) | 2,245 | 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 | ) | 2,241 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.65 | (0.25 | )• | 8.37 | 8.12 | — | 5.09 | — | 5.09 | — | 22.68 | 42.86 | 1.52 | 1.50 | 1.50 | (1.12 | ) | 3,388 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 18.66 | (0.11 | )• | 2.57 | 2.46 | — | 1.47 | — | 1.47 | — | 19.65 | 13.38 | 1.53 | 1.52 | 1.52 | (0.58 | ) | 2,743 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 22.42 | (0.14 | )• | 0.31 | 0.17 | — | 3.93 | — | 3.93 | — | 18.66 | 2.70 | 1.51 | 1.51 | 1.51 | (0.62 | ) | 3,021 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 21.35 | 0.00 | *• | 2.02 | 2.02 | — | — | — | — | — | 23.37 | 9.46 | 0.89 | 0.83 | 0.83 | 0.02 | 103,047 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 19.87 | (0.03 | )• | 1.51 | 1.48 | — | — | — | — | — | 21.35 | 7.45 | 0.90 | 0.83 | 0.83 | (0.15 | ) | 98,415 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 30.22 | (0.12 | )• | (4.56 | ) | (4.68 | ) | — | 5.67 | — | 5.67 | — | 19.87 | (19.71 | ) | 0.85 | 0.83 | 0.83 | (0.43 | ) | 95,140 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 24.78 | (0.14 | )• | 10.67 | 10.53 | — | 5.09 | — | 5.09 | — | 30.22 | 43.78 | 0.86 | 0.84 | 0.84 | (0.47 | ) | 162,052 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 23.04 | 0.02 | 3.19 | 3.21 | — | 1.47 | — | 1.47 | — | 24.78 | 14.11 | 0.87 | 0.86 | 0.86 | 0.08 | 133,027 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 26.51 | 0.01 | 0.45 | 0.46 | — | 3.93 | — | 3.93 | — | 23.04 | 3.43 | 0.85 | 0.85 | 0.85 | 0.04 | 153,726 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 20.32 | (0.02 | )• | 1.93 | 1.91 | — | — | — | — | — | 22.23 | 9.40 | 1.07 | 1.01 | 1.01 | (0.22 | ) | 8,098 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 18.95 | (0.06 | )• | 1.43 | 1.37 | — | — | — | — | — | 20.32 | 7.23 | 1.07 | 1.00 | 1.00 | (0.33 | ) | 11,373 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 29.11 | (0.15 | )• | (4.34 | ) | (4.49 | ) | — | 5.67 | — | 5.67 | — | 18.95 | (19.82 | ) | 0.98 | 0.96 | 0.96 | (0.56 | ) | 57,800 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 24.05 | (0.17 | )• | 10.32 | 10.15 | — | 5.09 | — | 5.09 | — | 29.11 | 43.51 | 1.02 | 1.00 | 1.00 | (0.61 | ) | 88,959 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 22.43 | (0.02 | ) | 3.11 | 3.09 | — | 1.47 | — | 1.47 | — | 24.05 | 13.95 | 1.03 | 1.02 | 1.02 | (0.08 | ) | 82,191 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 25.96 | (0.03 | ) | 0.43 | 0.40 | — | 3.93 | — | 3.93 | — | 22.43 | 3.26 | 1.01 | 1.01 | 1.01 | (0.12 | ) | 108,707 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||
Voya Multi-Manager Mid Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 8.34 | 0.05 | • | 0.64 | 0.69 | — | — | — | — | — | 9.03 | 8.27 | 0.81 | 0.78 | 0.78 | 1.20 | 134,538 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 9.84 | 0.14 | • | (0.88 | ) | (0.74 | ) | 0.21 | 0.55 | — | 0.76 | — | 8.34 | (7.90 | ) | 0.82 | 0.78 | 0.78 | 1.50 | 129,043 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 11.72 | 0.11 | • | (0.31 | ) | (0.20 | ) | 0.15 | 1.53 | — | 1.68 | — | 9.84 | (2.44 | ) | 0.79 | 0.78 | 0.78 | 0.95 | 116,274 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 7.83 | 0.09 | • | 4.22 | 4.31 | 0.10 | 0.32 | — | 0.42 | — | 11.72 | 56.34 | (4) | 0.79 | 0.78 | 0.78 | 0.93 | 175,387 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 9.26 | 0.12 | (0.55 | ) | (0.43 | ) | 0.12 | 0.88 | — | 1.00 | — | 7.83 | (6.73 | ) | 0.88 | 0.83 | 0.83 | 1.26 | 106,294 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 11.99 | 0.12 | (1.15 | ) | (1.03 | ) | 0.13 | 1.57 | — | 1.70 | — | 9.26 | (7.77 | ) | 0.92 | 0.88 | 0.88 | 1.04 | 113,560 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||
Voya Small Cap Growth Fund(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 34.19 | (0.12 | )• | 2.00 | 1.88 | — | — | — | — | — | 36.07 | 5.50 | 1.28 | 1.26 | 1.26 | (0.65 | ) | 55,035 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-07-22(6)- 05-31-23 | 32.13 | (0.13 | )• | 2.19 | 2.06 | — | — | — | — | — | 34.19 | 6.41 | 1.23 | 1.19 | 1.19 | (0.58 | ) | 52,722 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 34.03 | (0.25 | )• | 1.98 | 1.73 | — | — | — | — | — | 35.76 | 5.08 | 2.03 | 2.01 | 2.01 | (1.40 | ) | 3,069 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-07-22(6)- 05-31-23 | 32.13 | (0.30 | )• | 2.20 | 1.90 | — | — | — | — | — | 34.03 | 5.91 | 1.98 | 1.94 | 1.94 | (1.34 | ) | 3,124 | 100 |
See Accompanying Notes to Financial Statements
14
FINANCIAL HIGHLIGHTS (continued)
Income
(loss) from investment operations | Less Distributions | Ratios
to average net assets | Supplemental
Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Small Cap Growth Fund(5) (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I(7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 34.25 | (0.05 | )• | 2.00 | 1.95 | — | — | — | — | — | 36.20 | 5.69 | 0.93 | 0.91 | 0.91 | (0.30 | ) | 572,573 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 33.86 | (0.13 | )• | 0.52 | 0.39 | — | — | — | — | — | 34.25 | 1.15 | 0.96 | 0.92 | 0.92 | (0.37 | ) | 506,612 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-01-21 - 05-31-22 | 49.63 | (0.16 | )• | (6.98 | ) | (7.14 | ) | — | 8.63 | — | 8.63 | — | 33.86 | (18.31 | ) | 0.93 | 0.93 | 0.93 | (0.57 | ) | 426,157 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||
09-30-21 | 37.26 | (0.32 | )• | 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 | )• | 3.58 | 3.41 | — | 0.51 | — | 0.51 | — | 37.26 | 9.99 | 0.94 | 0.94 | 0.94 | (0.53 | ) | 369 | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||
09-30-19 | 40.76 | (0.12 | )• | (2.17 | ) | (2.29 | ) | — | 4.11 | — | 4.11 | — | 34.36 | (3.92 | ) | 0.93 | 0.93 | 0.93 | (0.37 | ) | 433 | 121 | ||||||||||||||||||||||||||||||||||||||||||||||
09-30-18 | 37.62 | (0.20 | )• | 8.74 | 8.54 | — | 5.40 | — | 5.40 | — | 40.76 | 26.09 | 0.93 | 0.93 | 0.93 | (0.55 | ) | 453 | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 34.14 | (0.16 | )• | 1.99 | 1.83 | — | — | — | — | — | 35.97 | 5.36 | 1.53 | 1.51 | 1.51 | (0.92 | ) | 289 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-07-22(6)- 05-31-23 | 32.13 | (0.19 | )• | 2.20 | 2.01 | — | — | — | — | — | 34.14 | 6.26 | 1.48 | 1.44 | 1.44 | (0.85 | ) | 319 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 34.27 | (0.04 | )• | 2.00 | 1.96 | — | — | — | — | — | 36.23 | 5.72 | 0.84 | 0.82 | 0.82 | (0.21 | ) | 42,193 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 33.84 | (0.08 | )• | 0.51 | 0.43 | — | — | — | — | — | 34.27 | 1.27 | 0.87 | 0.83 | 0.83 | (0.23 | ) | 41,179 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||
04-04-22(6)- 05-31-22 | 39.17 | (0.05 | )• | (5.28 | ) | (5.33 | ) | — | — | — | — | — | 33.84 | (13.61 | ) | 2.10 | 0.85 | 0.85 | (0.97 | ) | 3 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 34.25 | (0.07 | )• | 1.99 | 1.92 | — | — | — | — | — | 36.17 | 5.61 | 1.03 | 1.01 | 1.01 | (0.41 | ) | 3,143 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-07-22(6)- 05-31-23 | 32.13 | (0.07 | )• | 2.19 | 2.12 | — | — | — | — | — | 34.25 | 6.60 | 0.98 | 0.94 | 0.94 | (0.33 | ) | 3,425 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Voya U.S. High Dividend Low Volatility Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 9.43 | 0.12 | • | 0.59 | 0.71 | 0.11 | — | — | 0.11 | — | 10.03 | 7.61 | 1.16 | 0.61 | 0.61 | 2.42 | 6,136 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 11.39 | 0.25 | • | (0.86 | ) | (0.61 | ) | 0.25 | 1.10 | — | 1.35 | — | 9.43 | (6.01 | ) | 1.15 | 0.60 | 0.60 | 2.42 | 8,087 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 14.33 | 0.23 | • | 0.73 | 0.96 | 0.25 | 3.65 | — | 3.90 | — | 11.39 | 6.29 | 1.14 | 0.60 | 0.60 | 1.88 | 3,953 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 11.05 | 0.21 | • | 3.34 | 3.55 | 0.27 | — | — | 0.27 | — | 14.33 | 32.50 | 1.23 | 0.72 | 0.72 | 1.72 | 916 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 11.31 | 0.23 | (0.07 | ) | 0.16 | 0.28 | 0.14 | — | 0.42 | — | 11.05 | 1.29 | 1.26 | 0.80 | 0.80 | 2.07 | 766 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 11.51 | 0.25 | • | 0.16 | 0.41 | 0.20 | 0.41 | — | 0.61 | — | 11.31 | 3.87 | 1.26 | 0.80 | 0.80 | 2.19 | 281 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 9.50 | 0.13 | • | 0.60 | 0.73 | 0.13 | — | — | 0.13 | — | 10.10 | 7.72 | 0.41 | 0.33 | 0.33 | 2.70 | 31,903 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 11.47 | 0.29 | • | (0.89 | ) | (0.60 | ) | 0.27 | 1.10 | — | 1.37 | — | 9.50 | (5.82 | ) | 0.40 | 0.33 | 0.33 | 2.70 | 30,516 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 14.39 | 0.28 | • | 0.73 | 1.01 | 0.28 | 3.65 | — | 3.93 | — | 11.47 | 6.67 | 0.40 | 0.33 | 0.33 | 2.13 | 40,516 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 11.10 | 0.25 | • | 3.35 | 3.60 | 0.31 | — | — | 0.31 | — | 14.39 | 32.84 | 0.49 | 0.46 | 0.46 | 2.01 | 64,631 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 11.36 | 0.28 | • | (0.09 | ) | 0.19 | 0.31 | 0.14 | — | 0.45 | — | 11.10 | 1.57 | 0.51 | 0.51 | 0.51 | 2.33 | 101,037 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 11.55 | 0.26 | 0.20 | 0.46 | 0.24 | 0.41 | — | 0.65 | — | 11.36 | 4.28 | 0.51 | 0.52 | 0.52 | 2.39 | 299,079 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 9.50 | 0.13 | • | 0.60 | 0.73 | 0.13 | — | — | 0.13 | — | 10.10 | 7.72 | 0.41 | 0.33 | 0.33 | 2.70 | 51,866 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 11.47 | 0.29 | • | (0.89 | ) | (0.60 | ) | 0.27 | 1.10 | — | 1.37 | — | 9.50 | (5.81 | ) | 0.40 | 0.32 | 0.32 | 2.70 | 52,261 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 14.39 | 0.28 | • | 0.73 | 1.01 | 0.28 | 3.65 | — | 3.93 | — | 11.47 | 6.68 | 0.39 | 0.32 | 0.32 | 2.15 | 61,673 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 11.10 | 0.25 | • | 3.35 | 3.60 | 0.31 | — | — | 0.31 | — | 14.39 | 32.85 | 0.49 | 0.45 | 0.45 | 2.02 | 54,091 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||
09-30-19(6)- 05-31-20 | 12.29 | 0.18 | • | (1.00 | ) | (0.82 | ) | 0.23 | 0.14 | — | 0.37 | — | 11.10 | (6.71 | ) | 0.51 | 0.51 | 0.51 | 2.25 | 92,638 | 61 |
(1) | 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. |
See Accompanying Notes to Financial Statements
15
FINANCIAL HIGHLIGHTS (continued)
(2) | Annualized for periods less than one year. |
(3) | 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. |
(4) | 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 Class I. |
(5) | Prior to the close of business April 1, 2022, Voya Small Cap Growth Fund operated under a different name and investment adviser. Please see Note 1 for more information regarding the predecessor fund and the reorganization. Effective close of business April 1, 2022, the fiscal year end was changed from September 30 to May 31. For the fiscal years ended September 30, 2017, 2018, 2019, 2020 and 2021, the information presented was audited by a different independent registered public accounting firm and the net assets are expressed in millions. For the periods ended May 31, 2022 and after, the net assets are expressed in thousands. |
(6) | Commencement of operations. |
(7) | 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. |
* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
+ | Unaudited. |
• | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
16
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Equity Trust (the “Trust”) is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of eleven separate active investment series. This report is for: Voya Large-Cap Growth Fund (“Large-Cap Growth”), Voya Large Cap Value Fund (“Large Cap Value”), Voya MidCap Opportunities Fund (“MidCap Opportunities”), Voya Multi-Manager Mid Cap Value Fund (“Multi-Manager Mid Cap Value”), Voya Small Cap Growth Fund (“Small Cap Growth”), and Voya U.S. High Dividend Low Volatility Fund (“U.S. High Dividend Low Volatility”) (each, a “Fund” and collectively, the “Funds”). Each Fund, except Large-Cap Growth, is a diversified series of the Trust. Large-Cap Growth is a non-diversified series of the Trust.
Each Fund offers at least two or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees (if any), shareholder servicing fees (if any) and transfer agency fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.
Small Cap Growth acquired all of the assets and liabilities of TCM Small Cap Growth Fund (the “Predecessor Fund’) pursuant to an agreement and plan of reorganization (the “Reorganization”) effective close of business April 1, 2022. The Predecessor Fund was a diversified series of Professionally Managed Portfolios (“PMP Trust”), a
Massachusetts business trust. The previous fiscal year end of the Predecessor Fund was September 30, 2021. Effective with the reorganization, the fiscal year end of the Fund was changed from September 30 to May 31.
The prior year financial statements of Small Cap Growth reflect the historical results of the Predecessor Fund, which did not have a share class designation prior to the Reorganization. Upon completion of the Reorganization, Class I shares of the Fund assumed the performance, financial and other information of the Predecessor Fund’s shares. All information and references to the period prior to the close of business April 1, 2022 refer to the Predecessor Fund.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investments has engaged Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, to serve as sub-adviser to certain of the Funds. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Funds.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of 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.
17
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Fund.
The Funds’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.
Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 — unobservable inputs (including the fund’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Fund’s investments under these levels of classification is included within each Portfolio of Investments.
Each investment asset or liability of a Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund’s investments under these levels of classification is included within the Portfolios of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented
18
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
only when a Fund has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars.
Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
(2) | Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid.
Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but
are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Funds record distributions to their shareholders on the ex-dividend date. Each Fund declares and pays dividends, if any, as follows:
Annually | Quarterly | |
Large-Cap Growth | Large Cap Value | |
MidCap Opportunities | U.S. High Dividend Low Volatility | |
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
19
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds’ other risks.
H. Restricted Securities. Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
I. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended November 30, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:
Purchases | Sales | |||||
Large-Cap Growth | $ | 183,755,742 | $ | 334,392,684 | ||
Large Cap Value | 306,754,096 | 340,209,674 | ||||
MidCap Opportunities | 258,417,919 | 296,386,741 | ||||
Multi-Manager Mid Cap Value | 38,929,989 | 40,078,035 | ||||
Small Cap Growth | 370,549,417 | 334,599,494 | ||||
U.S. High Dividend Low Volatility | 32,568,803 | 38,934,821 |
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 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 Direct Investments | |
0.40% on Passively Managed Assets | ||
Small Cap Growth(1) | 0.80% on all assets | |
U.S. High Dividend Low Volatility | 0.29% on all assets |
(1) | The Investment Adviser has agreed to waive 0.02% of the management fee for Small Cap Growth. Termination or modification of this obligation requires approval by the Board. |
20
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
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* | |
U.S. High Dividend Low Volatility | Voya IM* |
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class A, Class C, and Class R shares of each respective Fund has a plan (each a “Plan” and collectively, the “Plans”), whereby the Distributor is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund’s shares (“Distribution Fees”). Pursuant to the Plans, the Distributor is entitled to a payment each month to reimburse or compensate expenses incurred in the distribution and promotion of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each share class pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:
Class A | Class C | Class R | |
Large-Cap Growth | 0.25%(1) | 1.00% | 0.50% |
Large Cap Value | 0.25% | 1.00% | 0.50%(2) |
MidCap Opportunities | 0.25% | 1.00% | 0.50% |
Small Cap Growth | 0.25% | 1.00% | 0.50% |
U.S. High Dividend Low Volatility | 0.25% | N/A | N/A |
(1) | Of this 0.25% rate, Distribution Fees shall not exceed 0.10%. |
(2) | The Distributor has agreed to waive 0.05% of the distribution fee. Termination or modification of this obligation requires approval by the Board. |
The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of
Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2023, the Distributor retained the following amounts in sales charges from the following Funds:
Class A | Class C | |||||
Initial Sales Charges: | ||||||
Large-Cap Growth | $ | 4,250 | $ | — | ||
Large Cap Value | 2,903 | — | ||||
MidCap Opportunities | 1,717 | — | ||||
Small Cap Growth | 4,020 | — | ||||
U.S. High Dividend Low Volatility | 270 | — | ||||
Contingent Deferred Sales Charges: | ||||||
Large-Cap Growth | $ | 32 | $ | 16 | ||
Large Cap Value | — | 27 | ||||
MidCap Opportunities | 1,245 | 42 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2023, the following affiliated investment companies owned more than 5% of the following Funds:
Affiliated Investment Company | Fund | Percentage | |||
Voya Global Diversified Payment Fund | Multi-Manager Mid Cap Value | 5.15 | % | ||
U.S. High Dividend Low Volatility | 15.41 | ||||
Voya Solution 2025 Portfolio | U.S. High Dividend Low Volatility | 24.06 | |||
Voya Solution 2035 Portfolio | Multi-Manager Mid Cap Value | 8.07 | |||
Voya Solution 2045 Portfolio | Multi-Manager Mid Cap Value | 7.90 | |||
Voya Solution Income Portfolio | U.S. High Dividend Low Volatility | 12.09 | |||
Voya Solution Moderately Aggressive Portfolio | Multi-Manager Mid Cap Value | 14.76 |
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
21
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
of the trustees’ fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2023, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:
Fund | Amount | |
Large-Cap Growth | $1,259 | |
Large Cap Value | 12,993 | |
MidCap Opportunities | 6,212 | |
Small Cap Growth | 1,762 | |
U.S. High Dividend Low Volatility | 67 |
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:
Fund | Class A | Class C | Class I | Class R | Class R6 | Class 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% | ||||||
U.S. High Dividend Low Volatility | 0.60% | N/A | 0.35% | N/A | 0.32% | N/A |
Pursuant to side letter agreements, through October 1, 2024, the Investment Adviser has further lowered the expense limits for the following Funds. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreements will continue. Termination or modification of these obligations requires approval by the Board.
Fund | Class A | Class
C | Class
I | Class
R | Class
R6 | Class 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) | 1.26% | 2.01% | 0.93% | 1.51% | 0.83% | 1.01% |
(1) | Any fee waived pursuant to the side letter agreement shall not be eligible for recoupment. |
Unless otherwise specified above, and with the exception of the management fee waiver for Small Cap Growth, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of November 30, 2023, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:
November 30, | ||||||||||||||||
2024 | 2025 | 2026 | Total | |||||||||||||
Large Cap Value | $ | 353,536 | $ | 363,570 | $ | 388,884 | $ | 1,105,990 | ||||||||
Multi-Manager Mid Cap Value | 8,120 | 17,077 | 42,174 | 67,371 | ||||||||||||
Small Cap Growth | — | 41,990 | 84,519 | 126,509 | ||||||||||||
U.S. High Dividend Low Volatility | 94,345 | 82,039 | 71,335 | 247,719 |
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,
22
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)
and the related expiration dates, as of November 30, 2023, are as follows:
November 30, | ||||||||||||||||
2024 | 2025 | 2026 | Total | |||||||||||||
Large Cap Value | ||||||||||||||||
Class A | $ | 24,913 | $ | 13,898 | $ | 44,827 | $ | 83,638 | ||||||||
Class C | 553 | 197 | 532 | 1,282 | ||||||||||||
Class I | 1,829 | 13,915 | 33,926 | 49,670 | ||||||||||||
Class R6 | — | — | 311 | 311 | ||||||||||||
Class W | 295 | 148 | 550 | 993 | ||||||||||||
Multi-Manager Mid Cap Value | ||||||||||||||||
Class I | $ | 7,241 | $ | 16,981 | $ | 5,119 | $ | 29,341 | ||||||||
Small Cap Growth | ||||||||||||||||
Class R6 | $ | — | $ | 99 | $ | 40 | $ | 139 | ||||||||
U.S. High Dividend Low Volatility | ||||||||||||||||
Class A | $ | 4,544 | $ | 17,790 | $ | 35,825 | $ | 58,159 | ||||||||
Class R6 | 1,412 | 941 | 1,086 | 3,439 |
The expense limitation agreements are contractual through October 1, 2024 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective June 12, 2023, 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 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Funds utilized the line of credit during the period ended November 30, 2023:
Fund | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | ||||||||
Large-Cap Growth | 2 | $ | 54,931,000 | 6.11% | |||||||
Large Cap Value | 18 | 2,209,056 | 6.33 | ||||||||
U.S. High Dividend Low Volatility | 3 | 1,210,000 | 6.08 |
NOTE 10 — CAPITAL SHARES
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net
increase (decrease) |
||||||||||||||
Year
or period ended | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
Large-Cap Growth | |||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||
11/30/2023 | 71,739 | — | — | (228,757 | ) | — | (157,018 | ) | 2,489,588 | — | — | (7,941,831 | ) | — | (5,452,243 | ) | |||||||||
5/31/2023 | 198,287 | — | 633,037 | (646,091 | ) | — | 185,233 | 6,353,345 | — | 18,085,879 | (20,802,894 | ) | — | 3,636,330 | |||||||||||
Class C | |||||||||||||||||||||||||
11/30/2023 | 10,055 | — | — | (92,634 | ) | — | (82,579 | ) | 235,380 | — | — | (2,166,016 | ) | — | (1,930,636 | ) | |||||||||
5/31/2023 | 46,025 | — | 100,511 | (200,384 | ) | — | (53,848 | ) | 1,033,799 | — | 1,949,916 | (4,800,403) | — | (1,816,688 | ) | ||||||||||
Class I | |||||||||||||||||||||||||
11/30/2023 | 470,937 | — | — | (3,738,797 | ) | — | (3,267,860 | ) | 19,957,677 | — | — | (152,706,647 | ) | — | (132,748,970 | ) | |||||||||
5/31/2023 | 2,352,108 | — | 2,384,152 | (6,704,312 | ) | — | (1,968,052 | ) | 91,698,571 | — | 82,706,219 | (255,844,334 | ) | — | (81,439,544 | ) | |||||||||
Class P3(1) | |||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
5/31/2023 | — | — | — | (57 | ) | — | (57 | ) | — | — | — | (2,638 | ) | — | (2,638 | ) | |||||||||
Class R | |||||||||||||||||||||||||
11/30/2023 | 11,274 | — | — | (5,557 | ) | — | 5,717 | 456,743 | — | — | (221,900 | ) | — | 234,843 | |||||||||||
5/31/2023 | 6,357 | — | 3,445 | (10,876 | ) | — | (1,074 | ) | 252,566 | — | 114,391 | (424,966 | ) | — | (58,009 | ) | |||||||||
Class R6 | |||||||||||||||||||||||||
11/30/2023 | 478,521 | — | — | (530,891 | ) | — | (52,370 | ) | 20,329,565 | — | — | (22,505,662 | ) | — | (2,176,097 | ) | |||||||||
5/31/2023 | 1,582,257 | — | 428,897 | (999,417 | ) | — | 1,011,737 | 60,539,640 | — | 14,912,763 | (38,506,062 | ) | — | 36,946,341 |
23
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 10 — CAPITAL SHARES (continued)
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net
increase (decrease) | |||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
Large-Cap Growth (continued) | ||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 307,440 | — | — | (499,409 | ) | — | (191,969 | ) | 12,414,372 | — | — | (20,118,446 | ) | — | (7,704,074 | ) | ||||||||||||||||||||
5/31/2023 | 203,350 | — | 229,965 | (968,463 | ) | — | (535,148 | ) | 7,543,432 | — | 7,604,944 | (35,726,645 | ) | — | (20,578,269 | ) | ||||||||||||||||||||
Large Cap Value | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 184,765 | — | 249,890 | (1,727,177 | ) | — | (1,292,522 | ) | 2,047,572 | — | 2,742,986 | (19,195,042 | ) | — | (14,404,484 | ) | ||||||||||||||||||||
5/31/2023 | 760,143 | — | 2,735,645 | (3,289,971 | ) | — | 205,817 | 8,407,002 | — | 29,513,003 | (36,408,854 | ) | — | 1,511,151 | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 14,951 | — | 1,549 | (68,604 | ) | — | (52,104 | ) | 166,444 | — | 16,952 | (757,727 | ) | — | (574,331 | ) | ||||||||||||||||||||
5/31/2023 | 103,378 | — | 36,995 | (192,875 | ) | — | (52,502 | ) | 1,135,111 | — | 398,236 | (2,116,113 | ) | — | (582,766 | ) | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 1,684,590 | — | 143,264 | (3,927,430 | ) | — | (2,099,576 | ) | 21,265,494 | — | 1,790,728 | (50,381,400 | ) | — | (27,325,178 | ) | ||||||||||||||||||||
5/31/2023 | 5,928,941 | — | 1,332,732 | (6,226,527 | ) | — | 1,035,146 | 74,055,016 | — | 16,324,877 | (78,336,173 | ) | — | 12,043,720 | ||||||||||||||||||||||
Class P3(1) | ||||||||||||||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
5/31/2023 | — | 1 | (241 | ) | — | (240 | ) | — | 8 | (3,214 | ) | — | (3,206 | ) | ||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 1,965 | — | 433 | (7,799 | ) | — | (5,401 | ) | 21,910 | — | 4,764 | (85,915 | ) | — | (59,241 | ) | ||||||||||||||||||||
5/31/2023 | 12,926 | — | 5,779 | (19,456 | ) | — | (751 | ) | 145,792 | — | 62,518 | (215,615 | ) | — | (7,305 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 40,161 | — | 11,536 | (105,285 | ) | — | (53,588 | ) | 500,803 | — | 143,707 | (1,336,521 | ) | — | (692,011 | ) | ||||||||||||||||||||
5/31/2023 | 81,563 | — | 106,257 | (237,483 | ) | — | (49,663 | ) | 1,020,641 | — | 1,297,318 | (2,993,024 | ) | — | (675,065 | ) | ||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 3,611 | — | 2,808 | (43,390 | ) | — | (36,971 | ) | 45,503 | — | 35,001 | (544,500 | ) | — | (463,996 | ) | ||||||||||||||||||||
5/31/2023 | 62,152 | — | 27,937 | (72,942 | ) | — | 17,147 | 789,104 | — | 341,412 | (919,160 | ) | — | 211,356 | ||||||||||||||||||||||
MidCap Opportunities | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 367,785 | — | — | (1,172,297 | ) | — | (804,512 | ) | 5,952,938 | — | — | (19,264,673 | ) | — | (13,311,735 | ) | ||||||||||||||||||||
5/31/2023 | 503,497 | — | (7 | ) | (2,420,574 | ) | — | (1,917,084 | ) | 7,653,374 | — | — | (36,327,651 | ) | — | (28,674,277 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 39,029 | — | — | (145,770 | ) | — | (106,741 | ) | 278,115 | — | — | (1,056,014 | ) | — | (777,899 | ) | ||||||||||||||||||||
5/31/2023 | 63,697 | — | — | (444,392 | ) | — | (380,695 | ) | 424,911 | — | — | (2,957,136 | ) | — | (2,532,225 | ) | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 969,955 | — | — | (1,721,591 | ) | — | (751,636 | ) | 21,542,880 | — | — | (38,130,202 | ) | — | (16,587,322 | ) | ||||||||||||||||||||
5/31/2023 | 3,229,285 | — | — | (6,584,693 | ) | — | (3,355,408 | ) | 64,764,618 | — | — | (132,659,324 | ) | — | (67,894,706 | ) | ||||||||||||||||||||
Class P3(1) | ||||||||||||||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
5/31/2023 | — | — | — | (114 | ) | — | (114 | ) | — | — | — | (2,523 | ) | — | (2,523 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 3,968 | — | — | (10,029 | ) | — | (6,061 | ) | 61,148 | — | — | (154,975 | ) | — | (93,827 | ) | ||||||||||||||||||||
5/31/2023 | 35,151 | — | — | (45,178 | ) | — | (10,027 | ) | 485,266 | — | — | (633,816 | ) | — | (148,550 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 468,262 | — | — | (668,477 | ) | — | (200,215 | ) | 10,600,474 | — | — | (15,054,347 | ) | — | (4,453,873 | ) | ||||||||||||||||||||
5/31/2023 | 916,376 | — | — | (1,096,286 | ) | — | (179,910 | ) | 18,822,103 | — | — | (22,587,578 | ) | — | (3,765,475 | ) | ||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 12,168 | — | — | (207,470 | ) | — | (195,302 | ) | 262,631 | — | — | (4,401,851 | ) | — | (4,139,220 | ) | ||||||||||||||||||||
5/31/2023 | 38,218 | — | — | (2,528,374 | ) | — | (2,490,156 | ) | 740,621 | — | — | (47,594,041 | ) | — | (46,853,420 | ) | ||||||||||||||||||||
Multi-Manager Mid Cap Value | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 780,512 | — | — | (1,343,406 | ) | — | (562,894 | ) | 7,068,370 | — | — | (12,030,269 | ) | — | (4,961,899 | ) | ||||||||||||||||||||
5/31/2023 | 4,888,558 | — | 960,441 | (2,190,894 | ) | — | 3,658,105 | 42,412,036 | — | 8,442,273 | (20,289,145 | ) | — | 30,565,164 | ||||||||||||||||||||||
Class P(2) | ||||||||||||||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
5/31/2023 | 1,596,802 | — | 581,390 | (9,064,601 | ) | — | (6,886,409 | ) | 15,081,066 | — | 5,261,577 | (80,034,567 | ) | — | (59,691,924 | ) | ||||||||||||||||||||
Class P3(1) | ||||||||||||||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
5/31/2023 | — | — | — | (303 | ) | — | (303 | ) | — | — | — | (2,972 | ) | — | (2,972 | ) | ||||||||||||||||||||
Small Cap Growth | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 56,954 | — | — | (72,953 | ) | — | (15,999 | ) | 2,068,849 | — | — | (2,619,652 | ) | — | (550,803 | ) | ||||||||||||||||||||
10/07/2022(3)- | ||||||||||||||||||||||||||||||||||||
5/31/2023 | 49,860 | 1,615,709 | — | (123,682 | ) | — | 1,541,887 | 1,700,186 | 51,912,837 | — | (4,191,637 | ) | — | 49,421,386 |
24
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 10 — CAPITAL SHARES (continued)
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net
increase (decrease) | |||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
Small Cap Growth (continued) | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 11,567 | — | — | (17,549 | ) | — | (5,982 | ) | 416,081 | — | — | (625,172 | ) | — | (209,091 | ) | ||||||||||||||||||||
10/07/2022(3)- | ||||||||||||||||||||||||||||||||||||
5/31/2023 | 2,042 | 103,730 | — | (13,968 | ) | — | 91,804 | 70,509 | 3,332,845 | — | (479,187 | ) | — | 2,924,167 | ||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 1,994,452 | — | — | (965,148 | ) | — | 1,029,304 | 72,180,425 | — | — | (34,785,133 | ) | — | 37,395,292 | ||||||||||||||||||||||
5/31/2023 | 3,569,808 | 954,782 | — | (2,322,210 | ) | — | 2,202,380 | 20,464,382 | 30,679,398 | — | (78,764,825 | ) | — | 72,378,955 | ||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 608 | — | — | (1,923 | ) | — | (1,315 | ) | 21,747 | — | — | (64,683 | ) | — | (42,936 | ) | ||||||||||||||||||||
10/07/2022(3)- | ||||||||||||||||||||||||||||||||||||
5/31/2023 | 2,071 | 13,820 | — | (6,544 | ) | — | 9,347 | 72,718 | 444,042 | — | (221,933 | ) | — | 294,827 | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 60,449 | — | — | (97,364 | ) | — | (36,915 | ) | 2,175,664 | — | — | (3,502,838 | ) | — | (1,327,174 | ) | ||||||||||||||||||||
5/31/2023 | 1,434,972 | 45,502 | — | (278,913 | ) | — | 1,201,561 | 50,298,941 | 1,461,870 | — | (9,715,715 | ) | — | 42,045,096 | ||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 778 | — | — | (13,892 | ) | — | (13,114 | ) | 27,781 | — | — | (491,600 | ) | — | (463,819 | ) | ||||||||||||||||||||
10/07/2022(3)- | ||||||||||||||||||||||||||||||||||||
5/31/2023 | 2,015 | 117,942 | — | (19,952 | ) | — | 100,005 | 67,225 | 3,789,467 | — | (692,134 | ) | — | 3,164,558 | ||||||||||||||||||||||
U.S. High Dividend Low Volatility | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 39,695 | — | 7,518 | (293,021 | ) | — | (245,808 | ) | 393,751 | — | 73,365 | (2,868,949 | ) | — | (2,401,833 | ) | ||||||||||||||||||||
5/31/2023 | 711,600 | — | 95,490 | (296,162 | ) | — | 510,928 | 7,648,780 | — | 971,014 | (3,038,679 | ) | — | 5,581,115 | ||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 476,864 | — | 40,610 | (572,185 | ) | — | (54,711 | ) | 4,740,209 | — | 398,952 | (5,720,707 | ) | — | (581,546 | ) | ||||||||||||||||||||
5/31/2023 | 1,092,704 | — | 486,563 | (1,899,787 | ) | — | (320,520 | ) | 11,453,185 | — | 4,987,935 | (19,545,015 | ) | — | (3,103,895 | ) | ||||||||||||||||||||
Class P3(1) | ||||||||||||||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
5/31/2023 | — | 1 | (286 | ) | — | (285 | ) | — | 15 | (3,260 | ) | — | (3,245 | ) | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 117,736 | — | 70,110 | (555,940 | ) | — | (368,094 | ) | 1,169,261 | — | 688,244 | (5,532,721 | ) | — | (3,675,216 | ) | ||||||||||||||||||||
5/31/2023 | 809,505 | — | 659,203 | (1,344,400 | ) | — | 124,308 | 8,267,285 | — | 6,759,951 | (14,284,107 | ) | — | 743,129 | ||||||||||||||||||||||
(1) | Class P3 was fully redeemed on close of business September 8, 2022. |
(2) | Class P was fully redeemed on close of business March 24, 2023. |
(3) | Commencement of operations. |
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
25
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 11 — SECURITIES LENDING (continued)
life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.
The following table represents a summary of the Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2023:
Large-Cap Growth
Counterparty | Securities
Loaned at Value | Cash
Collateral Received(1) | Net Amount | |||||||||
Natixis Securities America LLC | $ | 239,235 | $ | (239,235 | ) | $ | — | |||||
Total | $ | 239,235 | $ | (239,235 | ) | $ | — |
(1) | Cash collateral with a fair value of $244,154 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
U.S. High Dividend Low Volatility
Counterparty | Securities
Loaned at Value | Cash
Collateral Received(1) | Net
Amount | |||||||||
BNP Paribas Prime Brokerage Intl Ltd | $ | 1,012,256 | $ | (1,012,256 | ) | $ | — | |||||
Total | $ | 1,012,256 | $ | (1,012,256 | ) | $ | — |
(1) | Cash collateral with a fair value of $1,035,041 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of income from passive foreign investment companies (PFICs), wash sale deferrals and distributions in connection with redemption of fund shares (equalization).
Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
Year Ended May 31, 2023 | Year Ended May 31, 2022 | |||||||||||||||
Ordinary
Income | Long-term
Capital Gains | Ordinary
Income | Long-term
Capital Gains | |||||||||||||
Large-Cap Growth | $ | 1,716 | $ | 127,925,844 | $ | 71,816,890 | $ | 116,304,370 | ||||||||
Large Cap Value | 15,105,069 | 34,951,681 | 28,238,589 | 76,847,815 | ||||||||||||
MidCap Opportunities | — | — | 93,737,162 | 130,309,101 | ||||||||||||
Multi-Manager Mid Cap Value | 4,398,054 | 9,305,796 | 9,458,957 | 19,714,122 | ||||||||||||
Small Cap Growth | — | — | 18,192,394 | 70,798,534 | ||||||||||||
U.S. High Dividend Low Volatility | 5,186,575 | 7,533,882 | 12,188,538 | 21,248,599 | ||||||||||||
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of May 31, 2023 were:
26
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 12 — FEDERAL INCOME TAXES (continued)
Undistributed Ordinary | Undistributed Long-term | Post- October Capital Losses | Unrealized Appreciation/ | Capital Loss Carryforwards | Total Distributable | |||||||||||||||||||||||||
Income | Capital Gains | Deferred | (Depreciation) | Amount | Character | Expiration | Earnings/(Loss) | |||||||||||||||||||||||
Large-Cap Growth | $ | 767,143 | $ | — | $ | — | $ | 216,476,811 | $ | (74,298,136 | ) | Short-term | None | $ | 142,945,818 | |||||||||||||||
Large Cap Value | 1,246,612 | 15,996,220 | — | 51,596,060 | — | — | — | 68,838,892 | ||||||||||||||||||||||
MidCap Opportunities | — | — | — | 33,715,669 | (20,786,105 | ) | Short-term | None | 12,929,564 | |||||||||||||||||||||
Multi-Manager Mid Cap Value | — | — | (1,669,576 | ) | (3,523,726 | ) | — | — | — | (5,193,302 | ) | |||||||||||||||||||
Small Cap Growth | — | — | — | 53,818,899 | (24,232,858 | )* | Short-term | None | 29,586,041 | |||||||||||||||||||||
U.S. High Dividend Low Volatility | 316,910 | 1,097,643 | — | (3,368,214 | ) | — | — | — | (1,953,661 | ) |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. |
The Funds’ major tax jurisdictions are U.S. federal and Arizona state.
As of November 30, 2023 no provision for income tax is required in the Funds’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by
the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 14 — MARKET DISRUPTION
A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short-or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant
27
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 14 — MARKET DISRUPTION (continued)
market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently 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 non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Funds. Any of these occurrences could disrupt the operations of a Fund and of the Funds’ service providers.
NOTE 15 — REORGANIZATIONS
On October 7, 2022, Small Cap Growth (“Acquiring Fund”) acquired all of the net assets and assumed all liabilities of Voya SmallCap Opportunities Fund (“Acquired Fund”), an open-end investment company that is not included in this report, in a tax-free reorganization in exchange for shares of the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on June 1, 2022, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund’s pro forma results of operations for the period ended May 31, 2023, are as follows (Unaudited):
Net investment income | $ | (2,309,251 | ) | |
Net realized and unrealized loss on investments | $ | 7,991,157 | ||
Net decrease in net assets resulting from operations | $ | 5,681,906 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s statement of operations since October 7, 2022. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:
Total
Net Assets of Acquired Fund (000s) |
Total
Net Assets of Acquiring Fund (000s) |
Acquired Fund’s Capital Loss |
Acquired Fund’s Unrealized Appreciation (000s) |
Funds’ Conversion Ratio | ||||
$91,620 | $465,595 | $(21,666) | $(6,816) | 1.3242 |
The net assets of the Acquiring Fund after the acquisition of Acquired Fund were $557,215,336.
NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Funds’ financial statements.
28
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 17 — SUBSEQUENT EVENTS
Dividends: Subsequent to November 30, 2023, the following Funds declared and paid dividends and distributions of:
PER SHARE AMOUNTS | ||||||||||||||||
Net Investment Income | Short-term Capital Gains | Long-term Capital Gains | Payable Date | Record Date | ||||||||||||
Large-Cap Growth | ||||||||||||||||
Class A | $ | — | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class C | $ | — | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class I | $ | 0.0704 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class R | $ | — | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class R6 | $ | 0.0748 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class W | $ | — | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Large Cap Value | ||||||||||||||||
All Classes | $ | — | $ | 0.1203 | $ | 0.9147 | December 13, 2023 | December 11, 2023 | ||||||||
Class A | $ | 0.0355 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class C | $ | 0.0157 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class I | $ | 0.0446 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class R | $ | 0.0296 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class R6 | $ | 0.0451 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class W | $ | 0.0417 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
MidCap Opportunities | ||||||||||||||||
All Classes | $ | — | $ | — | $ | 0.1728 | December 13, 2023 | December 11, 2023 | ||||||||
Multi-Manager Mid Cap Value | ||||||||||||||||
Class I | $ | 0.0929 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Small Cap Growth | ||||||||||||||||
Class A | $ | 0.0270 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class C | $ | — | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class I | $ | 0.0642 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class R | $ | — | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class R6 | $ | 0.0629 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
Class W | $ | 0.0384 | $ | — | $ | — | December 13, 2023 | December 11, 2023 | ||||||||
U.S. High Dividend Low Volatility | ||||||||||||||||
All Classes | $ | — | $ | — | $ | 0.1236 | December 13, 2023 | December 11, 2023 | ||||||||
Class A | $ | 0.0564 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class I | $ | 0.0630 | $ | — | $ | — | December 27, 2023 | December 22, 2023 | ||||||||
Class R6 | $ | 0.0631 | $ | — | $ | — | December 27, 2023 | December 22, 2023 |
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.
29
Voya Large-Cap Growth Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: 99.0% | |||||||||||
Communication Services: 11.5% | |||||||||||
158,434 (1) | Alphabet, Inc. - Class A | $ | 20,997,258 | 3.4 | |||||||
95,973 (1) | Meta Platforms, Inc. - Class A | 31,397,567 | 5.0 | ||||||||
24,161 (1) | Netflix, Inc. | 11,451,589 | 1.8 | ||||||||
79,369 (1) | ROBLOX Corp. - Class A | 3,119,996 | 0.5 | ||||||||
71,379 (1) | Trade Desk, Inc. - Class A | 5,029,364 | 0.8 | ||||||||
71,995,774 | 11.5 | ||||||||||
Consumer Discretionary: 14.5% | |||||||||||
322,332 (1) | Amazon.com, Inc. | 47,089,482 | 7.5 | ||||||||
3,887 (1) | Chipotle Mexican Grill, Inc. | 8,560,146 | 1.4 | ||||||||
137,998 | Las Vegas Sands Corp. | 6,364,468 | 1.0 | ||||||||
16,353 (1) | Lululemon Athletica, Inc. | 7,306,520 | 1.2 | ||||||||
29,486 | McDonald’s Corp. | 8,310,334 | 1.3 | ||||||||
60,499 | Ross Stores, Inc. | 7,887,860 | 1.3 | ||||||||
22,377 (1) | Tesla, Inc. | 5,372,270 | 0.8 | ||||||||
90,891,080 | 14.5 | ||||||||||
Consumer Staples: 3.4% | |||||||||||
35,519 | Constellation Brands, Inc. - Class A | 8,541,964 | 1.4 | ||||||||
92,185 | Mondelez International, Inc. - Class A | 6,550,666 | 1.0 | ||||||||
39,952 | Walmart, Inc. | 6,220,127 | 1.0 | ||||||||
21,312,757 | 3.4 | ||||||||||
Financials: 2.8% | |||||||||||
16,946 | LPL Financial Holdings, Inc. | 3,767,096 | 0.6 | ||||||||
30,325 | Marsh & McLennan Cos., Inc. | 6,047,411 | 1.0 | ||||||||
81,608 | Tradeweb Markets, Inc. - Class A | 7,907,815 | 1.2 | ||||||||
17,722,322 | 2.8 | ||||||||||
Health Care: 12.9% | |||||||||||
128,929 (1) | Boston Scientific Corp. | 7,205,842 | 1.1 | ||||||||
25,029 | Cigna Group | 6,579,624 | 1.0 | ||||||||
16,914 | Elevance Health, Inc. | 8,110,094 | 1.3 | ||||||||
36,881 | Eli Lilly & Co. | 21,798,146 | 3.5 | ||||||||
16,224 | HCA Healthcare, Inc. | 4,063,787 | 0.6 | ||||||||
32,160 (1) | Intuitive Surgical, Inc. | 9,996,614 | 1.6 | ||||||||
20,230 (1)(2) | Repligen Corp. | 3,181,167 | 0.5 | ||||||||
18,202 | Stryker Corp. | 5,393,799 | 0.9 | ||||||||
13,426 | Thermo Fisher Scientific, Inc. | 6,656,074 | 1.1 | ||||||||
23,294 (1) | Vertex Pharmaceuticals, Inc. | 8,264,944 | 1.3 | ||||||||
81,250,091 | 12.9 | ||||||||||
Industrials: 5.5% | |||||||||||
40,062 | Booz Allen Hamilton Holding Corp. | 5,012,958 | 0.8 | ||||||||
99,147 (1) | Copart, Inc. | 4,979,162 | 0.8 | ||||||||
81,500 | Ingersoll Rand, Inc. | 5,821,545 | 0.9 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Industrials: (continued) | |||||||||||
11,877 | Old Dominion Freight Line, Inc. | $ | 4,620,866 | 0.7 | |||||||
14,683 | Parker-Hannifin Corp. | 6,360,382 | 1.0 | ||||||||
8,075 | TransDigm Group, Inc. | 7,775,175 | 1.3 | ||||||||
34,570,088 | 5.5 | ||||||||||
Information Technology: 47.1% | |||||||||||
27,851 (1) | Adobe, Inc. | 17,017,240 | 2.7 | ||||||||
61,469 (1) | Advanced Micro Devices, Inc. | 7,447,584 | 1.2 | ||||||||
299,259 | Apple, Inc. | 56,844,247 | 9.0 | ||||||||
43,523 (1) | Crowdstrike Holdings, Inc. - Class A | 10,314,516 | 1.6 | ||||||||
41,859 (1) | Datadog, Inc. - Class A | 4,879,504 | 0.8 | ||||||||
107,255 | Micron Technology, Inc. | 8,164,251 | 1.3 | ||||||||
234,769 | Microsoft Corp. | 88,956,322 | 14.2 | ||||||||
12,196 (1) | MongoDB, Inc. | 5,070,365 | 0.8 | ||||||||
80,776 | NVIDIA Corp. | 37,778,935 | 6.0 | ||||||||
25,649 (1) | Palo Alto Networks, Inc. | 7,568,763 | 1.2 | ||||||||
27,255 (1) | Salesforce, Inc. | 6,865,535 | 1.1 | ||||||||
14,633 (1) | ServiceNow, Inc. | 10,034,433 | 1.6 | ||||||||
96,077 | Visa, Inc. - Class A | 24,661,044 | 3.9 | ||||||||
38,834 (1) | Workday, Inc. - Class A | 10,513,140 | 1.7 | ||||||||
296,115,879 | 47.1 | ||||||||||
Materials: 0.7% | |||||||||||
16,276 | Sherwin-Williams Co. | 4,537,749 | 0.7 | ||||||||
Utilities: 0.6% | |||||||||||
64,023 | NextEra Energy, Inc. | 3,745,986 | 0.6 | ||||||||
Total Common Stock (Cost $358,096,373) | 622,141,726 | 99.0 | |||||||||
Principal
Amount† | Value | Percentage
of Net Assets | |||||||||
SHORT-TERM INVESTMENTS: 0.6% | |||||||||||
Repurchase Agreements: 0.1% | |||||||||||
244,154 (3) | Bank of America Inc., Repurchase Agreement dated 11/30/2023, 5.320%, due 12/01/2023 (Repurchase Amount $244,190, collateralized by various U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $249,037, due 08/01/27-09/20/63) | 244,154 | 0.1 | ||||||||
Total Repurchase Agreements | |||||||||||
(Cost $244,154) | 244,154 | 0.1 |
See Accompanying Notes to Financial Statements
30
Voya Large-Cap Growth Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | |||||||||
Mutual Funds: 0.5% | |||||||||||
3,277,000 (4) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% (Cost $3,277,000) | $ | 3,277,000 | 0.5 | |||||||
Total Short-Term Investments | |||||||||||
(Cost $3,521,154) | $ | 3,521,154 | 0.6 | ||||||||
Total Investments in Securities | |||||||||||
(Cost $361,617,527) | $ | 625,662,880 | 99.6 | ||||||||
Assets in Excess of Other Liabilities | 2,198,679 | 0.4 | |||||||||
Net Assets | $ | 627,861,559 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | Non-income producing security. |
(2) | Security, or a portion of the security, is on loan. |
(3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
(4) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
31
Voya Large-Cap Growth Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted
Prices in Active Markets for Identical Investments (Level 1) | Significant
Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 622,141,726 | $ | — | $ | — | $ | 622,141,726 | ||||||||
Short-Term Investments | 3,277,000 | 244,154 | — | 3,521,154 | ||||||||||||
Total Investments, at fair value | $ | 625,418,726 | $ | 244,154 | $ | — | $ | 625,662,880 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $371,391,310. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 269,253,179 | ||
Gross Unrealized Depreciation | (14,981,608 | ) | ||
Net Unrealized Appreciation | $ | 254,271,571 |
See Accompanying Notes to Financial Statements
32
Voya Large Cap Value Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: 99.7% | ||||||||||
Communication Services: 6.0% | ||||||||||
1,652,446 | AT&T, Inc. | $ | 27,381,030 | 4.1 | ||||||
358,391 (1) | Pinterest, Inc. - Class A | 12,210,382 | 1.9 | |||||||
39,591,412 | 6.0 | |||||||||
Consumer Discretionary: 4.1% | ||||||||||
203,690 | Las Vegas Sands Corp. | 9,394,183 | 1.4 | |||||||
32,595 | McDonald's Corp. | 9,186,575 | 1.4 | |||||||
20,290 (1) | Ulta Beauty, Inc. | 8,643,337 | 1.3 | |||||||
27,224,095 | 4.1 | |||||||||
Consumer Staples: 9.5% | ||||||||||
524,917 | Kenvue, Inc. | 10,729,303 | 1.6 | |||||||
374,847 | Kraft Heinz Co. | 13,160,878 | 2.0 | |||||||
194,425 | Mondelez International, Inc. - Class A | 13,815,841 | 2.1 | |||||||
267,519 | Philip Morris International, Inc. | 24,975,574 | 3.8 | |||||||
62,681,596 | 9.5 | |||||||||
Diversified Reits: 4.3% | ||||||||||
70,798 | Prologis, Inc. | 8,136,814 | 1.2 | |||||||
52,463 | Ryman Hospitality Properties, Inc. | 5,264,662 | 0.8 | |||||||
170,150 | Welltower, Inc. | 15,160,365 | 2.3 | |||||||
28,561,841 | 4.3 | |||||||||
Energy: 8.1% | ||||||||||
304,112 | BP PLC, ADR | 11,036,225 | 1.7 | |||||||
103,713 | Chesapeake Energy Corp. | 8,329,191 | 1.3 | |||||||
104,671 | ConocoPhillips | 12,096,827 | 1.8 | |||||||
81,176 | EOG Resources, Inc. | 9,990,330 | 1.5 | |||||||
97,053 | Valero Energy Corp. | 12,166,564 | 1.8 | |||||||
53,619,137 | 8.1 | |||||||||
Financials: 19.5% | ||||||||||
127,562 | Apollo Global Management, Inc. | 11,735,704 | 1.8 | |||||||
53,179 | Arthur J Gallagher & Co. | 13,241,571 | 2.0 | |||||||
791,390 | Bank of America Corp. | 24,129,481 | 3.7 | |||||||
417,039 | Bank of New York Mellon Corp. | 20,151,324 | 3.0 | |||||||
477,452 | Equitable Holdings, Inc. | 14,653,002 | 2.2 | |||||||
211,526 | Hartford Financial Services Group, Inc. | 16,532,872 | 2.5 | |||||||
160,446 | Intercontinental Exchange, Inc. | 18,265,173 | 2.8 | |||||||
316,920 | Truist Financial Corp. | 10,185,809 | 1.5 | |||||||
128,894,936 | 19.5 | |||||||||
Health Care: 17.0% | ||||||||||
126,802 | Abbott Laboratories | 13,224,181 | 2.0 | |||||||
59,844 | AbbVie, Inc. | 8,521,187 | 1.3 | |||||||
77,343 | Alcon, Inc. | 5,849,451 | 0.9 | |||||||
134,133 (1) | Boston Scientific Corp. | 7,496,693 | 1.1 | |||||||
51,883 | Cigna Group | 13,639,003 | 2.1 | |||||||
28,812 | HCA Healthcare, Inc. | 7,216,830 | 1.1 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Health Care: (continued) | ||||||||||
126,434 | Johnson & Johnson | $ | 19,554,283 | 2.9 | ||||||
13,522 | McKesson Corp. | 6,362,912 | 0.9 | |||||||
51,610 | Quest Diagnostics, Inc. | 7,082,440 | 1.1 | |||||||
18,180 | Thermo Fisher Scientific, Inc. | 9,012,917 | 1.4 | |||||||
47,061 | Universal Health Services, Inc. - Class B | 6,469,946 | 1.0 | |||||||
22,524 (1) | Vertex Pharmaceuticals, Inc. | 7,991,741 | 1.2 | |||||||
112,421,584 | 17.0 | |||||||||
Industrials: 10.2% | ||||||||||
44,953 | Booz Allen Hamilton Holding Corp. | 5,624,969 | 0.9 | |||||||
188,795 (1) | Copart, Inc. | 9,481,285 | 1.4 | |||||||
143,703 | Emerson Electric Co. | 12,775,197 | 1.9 | |||||||
169,290 | Howmet Aerospace, Inc. | 8,904,654 | 1.4 | |||||||
143,946 | Ingersoll Rand, Inc. | 10,282,063 | 1.6 | |||||||
26,309 | Parker-Hannifin Corp. | 11,396,532 | 1.7 | |||||||
22,718 (1) | Saia, Inc. | 8,868,880 | 1.3 | |||||||
67,333,580 | 10.2 | |||||||||
Information Technology: 10.3% | ||||||||||
66,419 (1) | Advanced Micro Devices, Inc. | 8,047,326 | 1.2 | |||||||
2,297 | Constellation Software, Inc./Canada | 5,395,356 | 0.8 | |||||||
84,867 | Dolby Laboratories, Inc. - Class A | 7,309,595 | 1.1 | |||||||
250,414 (1) | Dropbox, Inc. - Class A | 7,056,666 | 1.1 | |||||||
161,476 | Micron Technology, Inc. | 12,291,553 | 1.9 | |||||||
17,235 | Roper Technologies, Inc. | 9,276,739 | 1.4 | |||||||
38,448 (1) | Salesforce, Inc. | 9,685,051 | 1.5 | |||||||
91,427 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 8,896,761 | 1.3 | |||||||
67,959,047 | 10.3 | |||||||||
Materials: 5.1% | ||||||||||
30,719 | Air Products and Chemicals, Inc. | 8,311,026 | 1.3 | |||||||
251,758 | Alcoa Corp. | 6,762,220 | 1.0 | |||||||
87,209 | CF Industries Holdings, Inc. | 6,553,756 | 1.0 | |||||||
56,831 | Crown Holdings, Inc. | 4,888,034 | 0.7 | |||||||
25,566 | Reliance Steel & Aluminum Co. | 7,037,297 | 1.1 | |||||||
33,552,333 | 5.1 | |||||||||
Utilities: 5.6% | ||||||||||
91,600 | DTE Energy Co. | 9,536,476 | 1.4 | |||||||
271,618 | NextEra Energy, Inc. | 15,892,369 | 2.4 |
See Accompanying Notes to Financial Statements
33
Voya Large Cap Value Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Utilities: (continued) | ||||||||||
190,319 | Public Service Enterprise Group, Inc. | $ | 11,881,615 | 1.8 | ||||||
37,310,460 | 5.6 | |||||||||
Total Common Stock | ||||||||||
(Cost $590,280,623) | 659,150,021 | 99.7 | ||||||||
WARRANTS: —% | ||||||||||
Information Technology: —% | ||||||||||
2,377 (2) | Constellation Software, Inc./Canada | — | — | |||||||
Total Warrants | ||||||||||
(Cost $—) | — | — | ||||||||
Total Long-Term Investments | ||||||||||
(Cost $590,280,623) | 659,150,021 | 99.7 | ||||||||
Shares | Value | Percentage of Net Assets | ||||||||
SHORT-TERM INVESTMENTS: 0.2% | ||||||||||
Mutual Funds: 0.2% | ||||||||||
1,385,000 (3) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% | |||||||||
(Cost $1,385,000) | $ | 1,385,000 | 0.2 | |||||||
Total Short-Term Investments | ||||||||||
(Cost $1,385,000) | 1,385,000 | 0.2 | ||||||||
Total Investments in Securities | ||||||||||
(Cost $591,665,623) | $ | 660,535,021 | 99.9 | |||||||
Assets in Excess of Other Liabilities | 421,544 | 0.1 | ||||||||
Net Assets | $ | 660,956,565 | 100.0 |
ADR | American Depositary Receipt |
(1) | Non-income producing security. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
(3) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
34
Voya Large Cap Value Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted
Prices in Active Markets for Identical Investments (Level 1) | Significant
Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair
Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 659,150,021 | $ | — | $ | — | $ | 659,150,021 | ||||||||
Short-Term Investments | 1,385,000 | — | — | 1,385,000 | ||||||||||||
Total Investments, at fair value | $ | 660,535,021 | $ | — | $ | — | $ | 660,535,021 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $599,241,714. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 89,636,645 | ||
Gross Unrealized Depreciation | (28,339,138) | |||
Net Unrealized Appreciation | $ | 61,297,507 |
See Accompanying Notes to Financial Statements
35
Voya MidCap Opportunities Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: 98.7% | ||||||||||
Communication Services: 5.1% | ||||||||||
349,117 (1) | Pinterest, Inc. - Class A | $ | 11,894,416 | 1.8 | ||||||
202,156 (1) | Roblox Corp. - Class A | 7,946,753 | 1.2 | |||||||
206,159 (1) | Trade Desk, Inc. - Class A | 14,525,963 | 2.1 | |||||||
34,367,132 | 5.1 | |||||||||
Consumer Discretionary: 12.7% | ||||||||||
5,280 (1) | Chipotle Mexican Grill, Inc. | 11,627,880 | 1.7 | |||||||
190,454 | Las Vegas Sands Corp. | 8,783,738 | 1.3 | |||||||
33,706 (1) | Lululemon Athletica, Inc. | 15,059,841 | 2.2 | |||||||
167,598 | Ross Stores, Inc. | 21,851,427 | 3.2 | |||||||
47,246 (1) | Royal Caribbean Cruises Ltd. | 5,077,055 | 0.8 | |||||||
57,386 | Tractor Supply Co. | 11,649,932 | 1.7 | |||||||
27,918 (1) | Ulta Beauty, Inc. | 11,892,789 | 1.8 | |||||||
85,942,662 | 12.7 | |||||||||
Consumer Staples: 4.0% | ||||||||||
107,649 (1) | Celsius Holdings, Inc. | 5,329,702 | 0.8 | |||||||
119,056 | Church & Dwight Co., Inc. | 11,504,381 | 1.7 | |||||||
41,384 | Constellation Brands, Inc. - Class A | 9,952,438 | 1.5 | |||||||
26,786,521 | 4.0 | |||||||||
Diversified Reits: 1.3% | ||||||||||
99,829 | Welltower, Inc. | 8,894,764 | 1.3 | |||||||
Energy: 3.7% | ||||||||||
41,492 | Cheniere Energy, Inc. | 7,557,768 | 1.1 | |||||||
104,789 | Halliburton Co. | 3,880,337 | 0.6 | |||||||
95,079 | Hess Corp. | 13,364,304 | 2.0 | |||||||
24,802,409 | 3.7 | |||||||||
Financials: 9.8% | ||||||||||
220,689 | Apollo Global Management, Inc. | 20,303,388 | 3.0 | |||||||
43,739 | Arthur J Gallagher & Co. | 10,891,011 | 1.6 | |||||||
75,292 | LPL Financial Holdings, Inc. | 16,737,411 | 2.5 | |||||||
186,903 | Tradeweb Markets, Inc. - Class A | 18,110,901 | 2.7 | |||||||
66,042,711 | 9.8 | |||||||||
Health Care: 18.9% | ||||||||||
20,724 (1) | Alnylam Pharmaceuticals, Inc. | 3,486,813 | 0.5 | |||||||
94,640 | AmerisourceBergen Corp. | 19,246,937 | 2.8 | |||||||
58,641 (1) | Charles River Laboratories International, Inc. | 11,556,968 | 1.7 | |||||||
69,615 | CONMED Corp. | 7,467,601 | 1.1 | |||||||
137,803 (1) | Dexcom, Inc. | 15,919,002 | 2.4 | |||||||
156,252 (1) | Inari Medical, Inc. | 9,326,682 | 1.4 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Health Care: (continued) | ||||||||||
35,410 (1) | Inspire Medical Systems, Inc. | $ | 5,145,427 | 0.8 | ||||||
9,844 (1) | Mettler-Toledo International, Inc. | 10,748,959 | 1.6 | |||||||
183,944 (1) | Progyny, Inc. | 6,320,316 | 0.9 | |||||||
53,531 (1) | Repligen Corp. | 8,417,750 | 1.2 | |||||||
42,347 (1) | Sarepta Therapeutics, Inc. | 3,441,964 | 0.5 | |||||||
123,602 (1) | Tenet Healthcare Corp. | 8,529,774 | 1.3 | |||||||
31,617 (1) | United Therapeutics Corp. | 7,588,080 | 1.1 | |||||||
78,629 | Universal Health Services, Inc. - Class B | 10,809,915 | 1.6 | |||||||
128,006,188 | 18.9 | |||||||||
Industrials: 18.3% | ||||||||||
74,672 | AMETEK, Inc. | 11,591,334 | 1.7 | |||||||
76,329 | Booz Allen Hamilton Holding Corp. | 9,551,048 | 1.4 | |||||||
381,500 (1) | Copart, Inc. | 19,158,930 | 2.9 | |||||||
179,906 | Howmet Aerospace, Inc. | 9,463,056 | 1.4 | |||||||
87,620 | Ingersoll Rand, Inc. | 6,258,697 | 0.9 | |||||||
314,074 | Rollins, Inc. | 12,795,375 | 1.9 | |||||||
32,883 (1) | Saia, Inc. | 12,837,194 | 1.9 | |||||||
52,393 | Tetra Tech, Inc. | 8,285,953 | 1.2 | |||||||
16,158 | TransDigm Group, Inc. | 15,558,053 | 2.3 | |||||||
74,434 | Verisk Analytics, Inc. | 17,970,601 | 2.7 | |||||||
123,470,241 | 18.3 | |||||||||
Information Technology: 22.4% | ||||||||||
165,310 | Bentley Systems, Inc. - Class B | 8,606,039 | 1.3 | |||||||
34,392 (1) | Cadence Design Systems, Inc. | 9,398,302 | 1.4 | |||||||
111,954 (1) | Crowdstrike Holdings, Inc. - Class A | 26,531,978 | 3.9 | |||||||
133,651 (1) | Datadog, Inc. - Class A | 15,579,697 | 2.3 | |||||||
84,769 | Entegris, Inc. | 8,849,884 | 1.3 | |||||||
27,738 (1) | HubSpot, Inc. | 13,700,630 | 2.0 | |||||||
90,659 (1) | Klaviyo, Inc. - Class A | 2,686,226 | 0.4 | |||||||
39,511 (1) | MongoDB, Inc. | 16,426,303 | 2.4 | |||||||
19,023 | Monolithic Power Systems, Inc. | 10,438,301 | 1.6 | |||||||
24,093 | Motorola Solutions, Inc. | 7,778,907 | 1.2 | |||||||
109,163 (1) | Rambus, Inc. | 7,387,060 | 1.1 | |||||||
16,854 | Roper Technologies, Inc. | 9,071,666 | 1.3 | |||||||
54,031 (1) | Workday, Inc. - Class A | 14,627,272 | 2.2 | |||||||
151,082,265 | 22.4 | |||||||||
Materials: 2.5% | ||||||||||
68,869 | Ashland, Inc. | 5,504,010 | 0.8 | |||||||
58,251 | Avery Dennison Corp. | 11,329,820 | 1.7 | |||||||
16,833,830 | 2.5 | |||||||||
Total Common Stock | ||||||||||
(Cost $579,872,647) | 666,228,723 | 98.7 |
See Accompanying Notes to Financial Statements
36
Voya MidCap Opportunities Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
SHORT-TERM INVESTMENTS: 1.4% | ||||||||||
Mutual Funds: 1.4% | ||||||||||
9,535,000 (2) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% | |||||||||
(Cost $9,535,000) | $ | 9,535,000 | 1.4 | |||||||
Total Short-Term Investments | ||||||||||
(Cost $9,535,000) | $ | 9,535,000 | 1.4 | |||||||
Total Investments in Securities | ||||||||||
(Cost $589,407,647) | $ | 675,763,723 | 100.1 | |||||||
Liabilities in Excess of Other Assets | (694,488) | (0.1 | ) | |||||||
Net Assets | $ | 675,069,235 | 100.0 |
(1) | Non-income producing security. |
(2) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
37
Voya MidCap Opportunities Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted
Prices in Active Markets for Identical Investments (Level 1) | Significant
Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair
Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 666,228,723 | $ | — | $ | — | $ | 666,228,723 | ||||||||
Short-Term Investments | 9,535,000 | — | — | 9,535,000 | ||||||||||||
Total Investments, at fair value | $ | 675,763,723 | $ | — | $ | — | $ | 675,763,723 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $596,567,675. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 107,912,834 | ||
Gross Unrealized Depreciation | (28,716,786) | |||
Net Unrealized Appreciation | $ | 79,196,048 |
See Accompanying Notes to Financial Statements
38
Voya Multi-Manager Mid Cap Value Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: 98.5% | ||||||||||
Communication Services: 0.8% | ||||||||||
548 | Electronic Arts, Inc. | $ | 75,629 | 0.1 | ||||||
1,575 | Fox Corp. - Class A | 46,526 | 0.0 | |||||||
3,475 | Interpublic Group of Cos., Inc. | 106,822 | 0.1 | |||||||
569 (1) | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | 36,223 | 0.0 | |||||||
3,995 (1) | Live Nation Entertainment, Inc. | 336,459 | 0.3 | |||||||
241 (1) | Madison Square Garden Sports Corp. | 40,775 | 0.0 | |||||||
1,413 | New York Times Co. - Class A | 66,397 | 0.1 | |||||||
5,110 | News Corp. - Class A | 112,624 | 0.1 | |||||||
336 | Nexstar Media Group, Inc. | 47,688 | 0.0 | |||||||
1,624 | Omnicom Group, Inc. | 130,943 | 0.1 | |||||||
1,000,086 | 0.8 | |||||||||
Consumer Discretionary: 12.6% | ||||||||||
14,300 (1) | Aptiv PLC | 1,184,612 | 0.9 | |||||||
1,212 | Aramark | 33,948 | 0.0 | |||||||
435 (1) | AutoNation, Inc. | 58,842 | 0.0 | |||||||
1,798 | Best Buy Co., Inc. | 127,550 | 0.1 | |||||||
42,014 | BorgWarner, Inc. | 1,415,452 | 1.1 | |||||||
1,840 | Boyd Gaming Corp. | 108,652 | 0.1 | |||||||
1,097 | Brunswick Corp. | 86,520 | 0.1 | |||||||
576 | Columbia Sportswear Co. | 45,118 | 0.0 | |||||||
8,800 | Darden Restaurants, Inc. | 1,376,936 | 1.0 | |||||||
10,674 | Dick’s Sporting Goods, Inc. | 1,388,687 | 1.0 | |||||||
938 (1) | Dollar Tree, Inc. | 115,927 | 0.1 | |||||||
1,107 | DR Horton, Inc. | 141,331 | 0.1 | |||||||
1,190 | eBay, Inc. | 48,802 | 0.0 | |||||||
1,184 | Garmin Ltd. | 144,732 | 0.1 | |||||||
3,564 | Gentex Corp. | 108,381 | 0.1 | |||||||
1,692 | Genuine Parts Co. | 224,664 | 0.2 | |||||||
572 (1) | Grand Canyon Education, Inc. | 78,204 | 0.1 | |||||||
6,250 | Hilton Worldwide Holdings, Inc. | 1,047,000 | 0.8 | |||||||
598 | Hyatt Hotels Corp. - Class A | 68,626 | 0.1 | |||||||
1,210 | Lear Corp. | 161,838 | 0.1 | |||||||
3,505 | Lennar Corp. - Class A | 448,360 | 0.3 | |||||||
5,510 | LKQ Corp. | 245,360 | 0.2 | |||||||
402 | Marriott Vacations Worldwide Corp. | 29,306 | 0.0 | |||||||
4,697 | MGM Resorts International | 185,250 | 0.1 | |||||||
70 (1) | NVR, Inc. | 430,877 | 0.3 | |||||||
867 | Penske Automotive Group, Inc. | 129,443 | 0.1 | |||||||
1,303 | Phinia, Inc. | 33,227 | 0.0 | |||||||
1,138 | Polaris, Inc. | 93,851 | 0.1 | |||||||
4,519 | PulteGroup, Inc. | 399,570 | 0.3 | |||||||
11,822 | Ralph Lauren Corp. | 1,529,530 | 1.1 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Consumer Discretionary: (continued) | ||||||||||
14,475 | Ross Stores, Inc. | $ | 1,887,251 | 1.4 | ||||||
2,863 (1) | Skechers USA, Inc. - Class A | 168,659 | 0.1 | |||||||
26,777 | Tapestry, Inc. | 848,028 | 0.6 | |||||||
1,741 | Tempur Sealy International, Inc. | 70,197 | 0.1 | |||||||
2,101 | Thor Industries, Inc. | 208,146 | 0.2 | |||||||
4,699 | Toll Brothers, Inc. | 403,597 | 0.3 | |||||||
308 (1) | TopBuild Corp. | 91,100 | 0.1 | |||||||
209 | Vail Resorts, Inc. | 45,418 | 0.0 | |||||||
785 | Williams-Sonoma, Inc. | 147,219 | 0.1 | |||||||
13,000 | Yum! Brands, Inc. | 1,632,150 | 1.2 | |||||||
16,992,361 | 12.6 | |||||||||
Consumer Staples: 4.5% | ||||||||||
5,658 | Albertsons Cos., Inc. - Class A | 123,175 | 0.1 | |||||||
21,602 (1) | BJ’s Wholesale Club Holdings, Inc. | 1,395,057 | 1.0 | |||||||
1,280 | Campbell Soup Co. | 51,430 | 0.0 | |||||||
1,186 | Casey’s General Stores, Inc. | 326,624 | 0.2 | |||||||
2,487 | Conagra Brands, Inc. | 70,357 | 0.1 | |||||||
670 (1) | Darling Ingredients, Inc. | 29,393 | 0.0 | |||||||
4,270 | Flowers Foods, Inc. | 88,859 | 0.1 | |||||||
1,255 | Ingredion, Inc. | 128,625 | 0.1 | |||||||
845 | J M Smucker Co. | 92,722 | 0.1 | |||||||
1,147 | Kellogg Co. | 60,263 | 0.0 | |||||||
4,961 | Kroger Co. | 219,624 | 0.2 | |||||||
475 | McCormick & Co., Inc. | 30,794 | 0.0 | |||||||
1,251 | Molson Coors Beverage Co. - Class B | 76,987 | 0.1 | |||||||
822 (1) | Post Holdings, Inc. | 70,224 | 0.1 | |||||||
10 | Seaboard Corp. | 35,150 | 0.0 | |||||||
16,825 | Sysco Corp. | 1,214,260 | 0.9 | |||||||
15,200 | Tyson Foods, Inc. - Class A | 711,968 | 0.5 | |||||||
29,168 (1) | US Foods Holding Corp. | 1,278,433 | 1.0 | |||||||
286 | WK Kellogg Co. | 3,203 | 0.0 | |||||||
6,007,148 | 4.5 | |||||||||
Energy: 3.9% | ||||||||||
2,906 | Chesapeake Energy Corp. | 233,381 | 0.2 | |||||||
69,583 | Coterra Energy, Inc. | 1,826,554 | 1.4 | |||||||
30,969 | Devon Energy Corp. | 1,392,676 | 1.0 | |||||||
1,097 | Diamondback Energy, Inc. | 169,388 | 0.1 | |||||||
8,100 | Hess Corp. | 1,138,536 | 0.8 | |||||||
2,161 | HF Sinclair Corp. | 113,409 | 0.1 | |||||||
2,021 | ONEOK, Inc. | 139,146 | 0.1 | |||||||
2,250 | Phillips 66 | 290,002 | 0.2 | |||||||
5,303,092 | 3.9 | |||||||||
Financials: 14.0% | ||||||||||
1,493 | Affiliated Managers Group, Inc. | 202,376 | 0.1 |
See Accompanying Notes to Financial Statements
39
Voya Multi-Manager Mid Cap Value Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Financials: (continued) | ||||||||||
1,115 | Aflac, Inc. | $ | 92,222 | 0.1 | ||||||
13,700 | American Financial Group, Inc. | 1,567,143 | 1.2 | |||||||
3,427 | Annaly Capital Management, Inc. | 61,926 | 0.0 | |||||||
1,722 (1) | Arch Capital Group Ltd. | 144,114 | 0.1 | |||||||
321 | Arthur J Gallagher & Co. | 79,929 | 0.1 | |||||||
33,200 | Bank of New York Mellon Corp. | 1,604,224 | 1.2 | |||||||
1,161 | Brown & Brown, Inc. | 86,773 | 0.1 | |||||||
585 | Cboe Global Markets, Inc. | 106,581 | 0.1 | |||||||
1,290 | Discover Financial Services | 119,970 | 0.1 | |||||||
1,306 | Evercore, Inc. - Class A | 192,700 | 0.1 | |||||||
1,951 | Everest Re Group Ltd. | 800,983 | 0.6 | |||||||
5,844 | Fidelity National Financial, Inc. | 262,045 | 0.2 | |||||||
755 | First American Financial Corp. | 44,998 | 0.0 | |||||||
2,588 | Franklin Resources, Inc. | 64,182 | 0.0 | |||||||
13,948 | Global Payments, Inc. | 1,624,105 | 1.2 | |||||||
680 | Globe Life, Inc. | 83,728 | 0.1 | |||||||
20,918 | Hartford Financial Services Group, Inc. | 1,634,951 | 1.2 | |||||||
727 | Houlihan Lokey, Inc. | 78,313 | 0.1 | |||||||
62,900 | Huntington Bancshares, Inc. | 708,254 | 0.5 | |||||||
549 | Interactive Brokers Group, Inc. - Class A | 42,734 | 0.0 | |||||||
2,464 | Janus Henderson Group PLC | 64,532 | 0.0 | |||||||
652 | Loews Corp. | 45,829 | 0.0 | |||||||
6,703 | MGIC Investment Corp. | 117,906 | 0.1 | |||||||
93 | MSCI, Inc. | 48,439 | 0.0 | |||||||
1,226 | Nasdaq, Inc. | 68,460 | 0.1 | |||||||
61,531 | Old Republic International Corp. | 1,803,474 | 1.3 | |||||||
1,217 | Principal Financial Group, Inc. | 89,851 | 0.1 | |||||||
6,050 | Progressive Corp. | 992,382 | 0.7 | |||||||
21,900 | Prosperity Bancshares, Inc. | 1,320,789 | 1.0 | |||||||
452 | Reinsurance Group of America, Inc. | 73,703 | 0.1 | |||||||
6,309 | Rithm Capital Corp. | 65,487 | 0.0 | |||||||
809 | RLI Corp. | 109,700 | 0.1 | |||||||
1,720 | SEI Investments Co. | 100,912 | 0.1 | |||||||
691 | State Street Corp. | 50,319 | 0.0 | |||||||
2,369 | Synchrony Financial | 76,661 | 0.1 | |||||||
12,814 | T Rowe Price Group, Inc. | 1,283,066 | 1.0 | |||||||
963 | Unum Group | 41,409 | 0.0 | |||||||
23,652 | W. R. Berkley Corp. | 1,715,953 | 1.3 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Financials: (continued) | ||||||||||
4,804 | Willis Towers Watson PLC | $ | 1,183,225 | 0.9 | ||||||
18,854,348 | 14.0 | |||||||||
Health Care: 7.7% | ||||||||||
876 (1) | Acadia Healthcare Co., Inc. | 63,939 | 0.0 | |||||||
9,050 | Agilent Technologies, Inc. | 1,156,590 | 0.9 | |||||||
4,079 | Cardinal Health, Inc. | 436,779 | 0.3 | |||||||
241 (1) | Charles River Laboratories International, Inc. | 47,496 | 0.0 | |||||||
73 | Chemed Corp. | 41,391 | 0.0 | |||||||
4,228 | Cooper Cos., Inc. | 1,424,498 | 1.1 | |||||||
1,942 | Encompass Health Corp. | 126,560 | 0.1 | |||||||
948 (1) | Enovis Corp. | 46,888 | 0.0 | |||||||
356 (1) | Fortrea Holdings, Inc. | 10,481 | 0.0 | |||||||
747 (1) | Globus Medical, Inc. - Class A | 33,555 | 0.0 | |||||||
2,127 (1) | Henry Schein, Inc. | 141,935 | 0.1 | |||||||
22,514 (1) | Hologic, Inc. | 1,605,248 | 1.2 | |||||||
3,800 (1) | ICON PLC | 1,014,372 | 0.8 | |||||||
356 | Laboratory Corp. of America Holdings | 77,220 | 0.1 | |||||||
432 (1) | Molina Healthcare, Inc. | 157,922 | 0.1 | |||||||
2,334 | Premier, Inc. - Class A | 48,057 | 0.0 | |||||||
999 (1) | QIAGEN NV | 41,119 | 0.0 | |||||||
14,201 | Quest Diagnostics, Inc. | 1,948,803 | 1.5 | |||||||
220 | STERIS PLC | 44,207 | 0.0 | |||||||
1,154 (1) | Tenet Healthcare Corp. | 79,638 | 0.1 | |||||||
284 (1) | United Therapeutics Corp. | 68,160 | 0.1 | |||||||
1,220 | Universal Health Services, Inc. - Class B | 167,726 | 0.1 | |||||||
13,310 | Zimmer Biomet Holdings, Inc. | 1,548,086 | 1.2 | |||||||
10,330,670 | 7.7 | |||||||||
Industrials: 23.7% | ||||||||||
1,743 | A. O. Smith Corp. | 131,352 | 0.1 | |||||||
708 | Acuity Brands, Inc. | 126,916 | 0.1 | |||||||
2,220 | AECOM | 197,269 | 0.1 | |||||||
13,074 | AGCO Corp. | 1,484,291 | 1.1 | |||||||
1,153 | Air Lease Corp. | 44,725 | 0.0 | |||||||
34,537 (1) | Alaska Air Group, Inc. | 1,305,844 | 1.0 | |||||||
2,924 | Allison Transmission Holdings, Inc. | 156,376 | 0.1 | |||||||
856 | AMETEK, Inc. | 132,877 | 0.1 | |||||||
3,108 (1) | Builders FirstSource, Inc. | 416,814 | 0.3 | |||||||
960 | BWX Technologies, Inc. | 74,909 | 0.1 | |||||||
336 (1) | CACI International, Inc. - Class A | 107,839 | 0.1 | |||||||
617 | Carlisle Cos., Inc. | 173,013 | 0.1 | |||||||
20,174 | Carrier Global Corp. | 1,048,241 | 0.8 | |||||||
601 | CH Robinson Worldwide, Inc. | 49,312 | 0.0 |
See Accompanying Notes to Financial Statements
40
Voya Multi-Manager Mid Cap Value Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Industrials: (continued) | ||||||||||
1,266 (1) | Clean Harbors, Inc. | $ | 204,662 | 0.2 | ||||||
10,487 | CNH Industrial NV | 112,630 | 0.1 | |||||||
1,530 (1) | Core & Main, Inc. - Class A | 53,596 | 0.0 | |||||||
979 | Crane Holdings Co. | 50,379 | 0.0 | |||||||
450 | Cummins, Inc. | 100,872 | 0.1 | |||||||
451 | Curtiss-Wright Corp. | 96,469 | 0.1 | |||||||
2,131 | Delta Air Lines, Inc. | 78,698 | 0.1 | |||||||
1,644 | Donaldson Co., Inc. | 100,021 | 0.1 | |||||||
755 | Dover Corp. | 106,576 | 0.1 | |||||||
1,217 | EMCOR Group, Inc. | 258,637 | 0.2 | |||||||
919 | Esab Corp. | 70,901 | 0.1 | |||||||
2,483 | Expeditors International of Washington, Inc. | 298,804 | 0.2 | |||||||
394 | Ferguson PLC | 67,508 | 0.0 | |||||||
1,510 | Fortive Corp. | 104,160 | 0.1 | |||||||
3,504 | Fortune Brands Innovations, Inc. | 239,779 | 0.2 | |||||||
8,165 (1) | FTI Consulting, Inc. | 1,800,056 | 1.3 | |||||||
38,274 | Genpact Ltd. | 1,299,785 | 1.0 | |||||||
1,228 | Graco, Inc. | 99,198 | 0.1 | |||||||
613 (1) | GXO Logistics, Inc. | 34,487 | 0.0 | |||||||
594 | Hexcel Corp. | 41,170 | 0.0 | |||||||
952 | Howmet Aerospace, Inc. | 50,075 | 0.0 | |||||||
2,422 | Hubbell, Inc. | 726,600 | 0.5 | |||||||
435 | Huntington Ingalls Industries, Inc. | 103,104 | 0.1 | |||||||
369 | IDEX Corp. | 74,420 | 0.1 | |||||||
1,169 | Ingersoll Rand, Inc. | 83,502 | 0.1 | |||||||
1,165 | ITT, Inc. | 126,135 | 0.1 | |||||||
630 | Jacobs Solutions, Inc. | 80,123 | 0.1 | |||||||
9,222 | JB Hunt Transport Services, Inc. | 1,708,560 | 1.3 | |||||||
639 (1) | Kirby Corp. | 49,043 | 0.0 | |||||||
4,886 | Knight-Swift Transportation Holdings, Inc. | 262,769 | 0.2 | |||||||
5,012 | Landstar System, Inc. | 865,322 | 0.6 | |||||||
18,309 | Leidos Holdings, Inc. | 1,964,922 | 1.5 | |||||||
395 | Lennox International, Inc. | 160,631 | 0.1 | |||||||
3,650 | Lincoln Electric Holdings, Inc. | 722,919 | 0.5 | |||||||
15,523 | ManpowerGroup, Inc. | 1,151,962 | 0.9 | |||||||
3,788 | Masco Corp. | 229,363 | 0.2 | |||||||
4,967 | MDU Resources Group, Inc. | 95,068 | 0.1 | |||||||
11,811 (1) | Middleby Corp. | 1,490,903 | 1.1 | |||||||
276 | MSA Safety, Inc. | 48,063 | 0.0 | |||||||
1,170 | MSC Industrial Direct Co., Inc. - Class A | 113,981 | 0.1 | |||||||
610 | Nordson Corp. | 143,557 | 0.1 | |||||||
1,919 | nVent Electric PLC | 102,187 | 0.1 | |||||||
1,220 | Oshkosh Corp. | 118,694 | 0.1 | |||||||
1,882 | Otis Worldwide Corp. | 161,457 | 0.1 | |||||||
6,881 | Owens Corning | 932,926 | 0.7 | |||||||
3,160 | PACCAR, Inc. | 290,151 | 0.2 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Industrials: (continued) | ||||||||||
1,939 | Parker-Hannifin Corp. | $ | 839,936 | 0.6 | ||||||
699 | Pentair PLC | 45,113 | 0.0 | |||||||
807 | Quanta Services, Inc. | 151,966 | 0.1 | |||||||
626 | Regal Rexnord Corp. | 74,995 | 0.1 | |||||||
8,911 | Republic Services, Inc. | 1,442,156 | 1.1 | |||||||
1,722 | Robert Half International, Inc. | 141,170 | 0.1 | |||||||
657 | Ryder System, Inc. | 70,391 | 0.1 | |||||||
258 (1) | Saia, Inc. | 100,721 | 0.1 | |||||||
2,924 | Schneider National, Inc. - Class B | 67,340 | 0.0 | |||||||
990 | Science Applications International Corp. | 116,236 | 0.1 | |||||||
689 | Snap-on, Inc. | 189,261 | 0.1 | |||||||
2,055 | Southwest Airlines Co. | 52,546 | 0.0 | |||||||
701 | SS&C Technologies Holdings, Inc. | 39,438 | 0.0 | |||||||
648 | Tetra Tech, Inc. | 102,481 | 0.1 | |||||||
24,600 | Textron, Inc. | 1,885,836 | 1.4 | |||||||
1,136 | Timken Co. | 82,246 | 0.1 | |||||||
12,600 | Toro Co. | 1,045,800 | 0.8 | |||||||
669 | Trane Technologies PLC | 150,799 | 0.1 | |||||||
11,800 | TransUnion | 692,896 | 0.5 | |||||||
1,847 (1) | United Airlines Holdings, Inc. | 72,772 | 0.1 | |||||||
389 | United Rentals, Inc. | 185,172 | 0.1 | |||||||
494 | Valmont Industries, Inc. | 108,468 | 0.1 | |||||||
606 (1) | Vestis Corp. | 11,096 | 0.0 | |||||||
492 | Watsco, Inc. | 188,057 | 0.1 | |||||||
1,064 | Westinghouse Air Brake Technologies Corp. | 124,020 | 0.1 | |||||||
1,042 (1) | WillScot Mobile Mini Holdings Corp. | 43,472 | 0.0 | |||||||
467 | Woodward, Inc. | 63,129 | 0.0 | |||||||
1,015 (1) | XPO, Inc. | 87,574 | 0.1 | |||||||
10,718 | Xylem, Inc. | 1,126,783 | 0.8 | |||||||
31,826,473 | 23.7 | |||||||||
Information Technology: 10.2% | ||||||||||
718 (1) | Akamai Technologies, Inc. | 82,951 | 0.1 | |||||||
2,225 | Amdocs Ltd. | 186,388 | 0.1 | |||||||
17,462 | Amphenol Corp. - Class A | 1,588,867 | 1.2 | |||||||
543 (1) | Arrow Electronics, Inc. | 64,378 | 0.1 | |||||||
1,138 | Avnet, Inc. | 53,213 | 0.0 | |||||||
737 (1) | Cirrus Logic, Inc. | 55,946 | 0.0 | |||||||
915 | Cognex Corp. | 34,495 | 0.0 | |||||||
2,075 | Cognizant Technology Solutions Corp. - Class A | 146,038 | 0.1 | |||||||
2,362 | Corning, Inc. | 67,293 | 0.1 | |||||||
847 | Dolby Laboratories, Inc. - Class A | 72,952 | 0.1 | |||||||
396 (1) | Euronet Worldwide, Inc. | 34,539 | 0.0 | |||||||
419 (1) | F5, Inc. | 71,729 | 0.1 | |||||||
58,000 (1) | Flex Ltd. | 1,476,100 | 1.1 |
See Accompanying Notes to Financial Statements
41
Voya Multi-Manager Mid Cap Value Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Information Technology: (continued) | ||||||||||
49,622 | Hewlett Packard Enterprise Co. | $ | 839,108 | 0.6 | ||||||
2,537 | HP, Inc. | 74,436 | 0.1 | |||||||
333 (1) | IPG Photonics Corp. | 31,888 | 0.0 | |||||||
1,572 | Jabil, Inc. | 181,283 | 0.1 | |||||||
251 | Jack Henry & Associates, Inc. | 39,831 | 0.0 | |||||||
1,644 | Juniper Networks, Inc. | 46,772 | 0.0 | |||||||
653 (1) | Keysight Technologies, Inc. | 88,736 | 0.1 | |||||||
205 | Littelfuse, Inc. | 47,724 | 0.0 | |||||||
15,700 | Maximus, Inc. | 1,310,793 | 1.0 | |||||||
533 | Microchip Technology, Inc. | 44,473 | 0.0 | |||||||
16,400 | MKS Instruments, Inc. | 1,353,820 | 1.0 | |||||||
3,300 | Motorola Solutions, Inc. | 1,065,471 | 0.8 | |||||||
866 | NetApp, Inc. | 79,144 | 0.1 | |||||||
969 (1) | ON Semiconductor Corp. | 69,119 | 0.1 | |||||||
16,633 | Skyworks Solutions, Inc. | 1,612,237 | 1.2 | |||||||
804 | TD SYNNEX Corp. | 79,307 | 0.1 | |||||||
188 (1) | Teledyne Technologies, Inc. | 75,756 | 0.1 | |||||||
634 (1) | VeriSign, Inc. | 134,535 | 0.1 | |||||||
1,272 | Vontier Corp. | 42,905 | 0.0 | |||||||
34,400 (1) | Western Digital Corp. | 1,661,864 | 1.2 | |||||||
3,532 (1) | Zebra Technologies Corp. - Class A | 837,013 | 0.6 | |||||||
13,651,104 | 10.2 | |||||||||
Materials: 10.7% | ||||||||||
371 | Albemarle Corp. | 44,991 | 0.0 | |||||||
5,790 | Amcor PLC | 54,889 | 0.0 | |||||||
8,354 | AptarGroup, Inc. | 1,060,039 | 0.8 | |||||||
8,542 | Avery Dennison Corp. | 1,661,419 | 1.2 | |||||||
1,611 (1) | Axalta Coating Systems Ltd. | 50,698 | 0.0 | |||||||
816 | Ball Corp. | 45,117 | 0.0 | |||||||
3,057 | Berry Global Group, Inc. | 202,129 | 0.2 | |||||||
1,254 | CF Industries Holdings, Inc. | 94,238 | 0.1 | |||||||
1,097 | Corteva, Inc. | 49,584 | 0.0 | |||||||
20,487 | Crown Holdings, Inc. | 1,762,087 | 1.3 | |||||||
1,493 | DuPont de Nemours, Inc. | 106,809 | 0.1 | |||||||
358 | Eagle Materials, Inc. | 64,816 | 0.1 | |||||||
670 | Eastman Chemical Co. | 56,166 | 0.0 | |||||||
327 | FMC Corp. | 17,547 | 0.0 | |||||||
11,225 | Franco-Nevada Corp. | 1,258,323 | 0.9 | |||||||
4,950 | Graphic Packaging Holding Co. | 112,217 | 0.1 | |||||||
2,237 | Huntsman Corp. | 55,030 | 0.0 | |||||||
1,534 | International Paper Co. | 56,666 | 0.0 | |||||||
1,043 | Louisiana-Pacific Corp. | 63,613 | 0.1 | |||||||
2,786 | LyondellBasell Industries NV - Class A | 264,949 | 0.2 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Materials: (continued) | ||||||||||
168 | Martin Marietta Materials, Inc. | $ | 78,051 | 0.1 | ||||||
181 | NewMarket Corp. | 96,022 | 0.1 | |||||||
2,421 | Nucor Corp. | 411,497 | 0.3 | |||||||
1,311 | Olin Corp. | 61,801 | 0.0 | |||||||
12,136 | Packaging Corp. of America | 2,038,969 | 1.5 | |||||||
457 | PPG Industries, Inc. | 64,889 | 0.1 | |||||||
2,747 | Reliance Steel & Aluminum Co. | 756,139 | 0.6 | |||||||
386 | Royal Gold, Inc. | 47,015 | 0.0 | |||||||
13,312 | RPM International, Inc. | 1,370,204 | 1.0 | |||||||
2,894 | Silgan Holdings, Inc. | 120,738 | 0.1 | |||||||
1,353 | Sonoco Products Co. | 74,632 | 0.1 | |||||||
2,910 | Steel Dynamics, Inc. | 346,668 | 0.3 | |||||||
3,324 | United States Steel Corp. | 119,332 | 0.1 | |||||||
297 | Vulcan Materials Co. | 63,427 | 0.0 | |||||||
13,239 | Westlake Corp. | 1,699,755 | 1.3 | |||||||
14,430,466 | 10.7 | |||||||||
Real Estate: 6.7% | ||||||||||
14,350 | Alexandria Real Estate Equities, Inc. | 1,569,890 | 1.2 | |||||||
2,508 | Apartment Income REIT Corp. | 78,049 | 0.1 | |||||||
282 | AvalonBay Communities, Inc. | 48,769 | 0.0 | |||||||
14,820 | Camden Property Trust | 1,337,653 | 1.0 | |||||||
2,124 (1) | CBRE Group, Inc. - Class A | 167,711 | 0.1 | |||||||
1,271 | CubeSmart | 50,535 | 0.0 | |||||||
293 | EastGroup Properties, Inc. | 50,909 | 0.0 | |||||||
19,300 | Equity LifeStyle Properties, Inc. | 1,372,230 | 1.0 | |||||||
832 | Extra Space Storage, Inc. | 108,301 | 0.1 | |||||||
435 | Federal Realty Investment Trust | 41,582 | 0.0 | |||||||
1,936 | First Industrial Realty Trust, Inc. | 91,089 | 0.1 | |||||||
5,499 | Host Hotels & Resorts, Inc. | 96,068 | 0.1 | |||||||
752 | Iron Mountain, Inc. | 48,241 | 0.0 | |||||||
250 (1) | Jones Lang LaSalle, Inc. | 38,880 | 0.0 | |||||||
17,300 | Lamar Advertising Co. - Class A | 1,752,317 | 1.3 | |||||||
337 | Mid-America Apartment Communities, Inc. | 41,950 | 0.0 | |||||||
44,342 | National Retail Properties, Inc. | 1,801,172 | 1.4 | |||||||
2,232 | Omega Healthcare Investors, Inc. | 70,866 | 0.1 | |||||||
854 | Regency Centers Corp. | 53,614 | 0.1 | |||||||
1,108 | Spirit Realty Capital, Inc. | 45,760 | 0.0 |
See Accompanying Notes to Financial Statements
42
Voya Multi-Manager Mid Cap Value Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Real Estate: (continued) | ||||||||||
1,006 | STAG Industrial, Inc. | $ | 36,065 | 0.0 | ||||||
1,355 | VICI Properties, Inc. | 40,501 | 0.0 | |||||||
3,520 | Weyerhaeuser Co. | 110,352 | 0.1 | |||||||
9,052,504 | 6.7 | |||||||||
Utilities: 3.7% | ||||||||||
36,510 | Alliant Energy Corp. | 1,846,311 | 1.4 | |||||||
1,023 | Ameren Corp. | 79,374 | 0.1 | |||||||
271 | American Water Works Co., Inc. | 35,729 | 0.0 | |||||||
553 | Atmos Energy Corp. | 62,937 | 0.0 | |||||||
2,281 | CenterPoint Energy, Inc. | 64,484 | 0.1 | |||||||
783 | CMS Energy Corp. | 44,443 | 0.0 | |||||||
1,199 | Consolidated Edison, Inc. | 108,042 | 0.1 | |||||||
526 | DTE Energy Co. | 54,762 | 0.0 | |||||||
1,537 | Edison International | 102,964 | 0.1 | |||||||
759 | Entergy Corp. | 76,970 | 0.1 | |||||||
1,235 | Evergy, Inc. | 63,034 | 0.1 | |||||||
790 | Eversource Energy | 46,934 | 0.0 | |||||||
1,527 | FirstEnergy Corp. | 56,407 | 0.0 | |||||||
1,126 | Hawaiian Electric Industries, Inc. | 13,726 | 0.0 | |||||||
508 | IDACORP, Inc. | 49,022 | 0.0 | |||||||
3,394 | NiSource, Inc. | 87,022 | 0.1 | |||||||
1,662 | NRG Energy, Inc. | 79,510 | 0.1 | |||||||
2,540 | OGE Energy Corp. | 89,027 | 0.1 | |||||||
1,554 | Pinnacle West Capital Corp. | 116,457 | 0.1 | |||||||
2,135 | PPL Corp. | 55,766 | 0.0 | |||||||
830 | Public Service Enterprise Group, Inc. | 51,817 | 0.0 | |||||||
680 | WEC Energy Group, Inc. | 56,862 | 0.0 | |||||||
29,060 | Xcel Energy, Inc. | 1,768,010 | 1.3 | |||||||
5,009,610 | 3.7 | |||||||||
Total Common Stock | ||||||||||
(Cost $128,538,620) | 132,457,862 | 98.5 | ||||||||
EXCHANGE-TRADED FUNDS: 0.0% | ||||||||||
640 | iShares Russell Mid- Cap ETF | 46,406 | 0.0 | |||||||
Total Exchange-Traded Funds | ||||||||||
(Cost $46,106) | 46,406 | 0.0 | ||||||||
OTHER(2): —% | ||||||||||
Communication Services: —% | ||||||||||
1,308 (3)(4) | GCI Liberty, Inc. - Class A | — | — | |||||||
Total Other | ||||||||||
(Cost $—) | — | — | ||||||||
Total Long-Term Investments | ||||||||||
(Cost $128,584,726) | 132,504,268 | 98.5 |
Shares | Value | Percentage of Net Assets | ||||||||
SHORT-TERM INVESTMENTS: 1.5% | ||||||||||
Mutual Funds: 1.5% | ||||||||||
1,978,365 (5) | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.250% | |||||||||
(Cost $1,978,365) | $ | 1,978,365 | 1.5 | |||||||
Total Short-Term Investments | ||||||||||
(Cost $1,978,365) | $ | 1,978,365 | 1.5 | |||||||
Total Investments in Securities | ||||||||||
(Cost $130,563,091) | $ | 134,482,633 | 100.0 | |||||||
Assets in Excess of Other Liabilities | 55,714 | 0.0 | ||||||||
Net Assets | $ | 134,538,347 | 100.0 |
(1) | Non-income producing security. |
(2) | Represents an escrow position for future entitlements, if any, on the defaulted bond. The escrow position was received in exchange for the defaulted bond as part of the bankruptcy reorganization of the bond issuer. These holdings are non-income producing. |
(3) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
(4) | Restricted security as to resale, excluding Rule 144A securities. As of November 30, 2023, the Fund held restricted securities with a fair value of $– or —% of net assets. Please refer to the table below for additional details. |
(5) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
43
Voya Multi-Manager Mid Cap Value Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | ||||||||||||
Asset Table | |||||||||||||||
Investments, at fair value | |||||||||||||||
Common Stock* | $ | 132,457,862 | $ | — | $ | — | $ | 132,457,862 | |||||||
Exchange-Traded Funds | 46,406 | — | — | 46,406 | |||||||||||
Short-Term Investments | 1,978,365 | — | — | 1,978,365 | |||||||||||
Total Investments, at fair value | $ | 134,482,633 | $ | — | $ | — | $ | 134,482,633 |
^ | 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 period ended November 30, 2023, where the following issuers were considered an affiliate:
Issuer | Beginning Fair Value at 5/31/2023 | Purchases at Cost | Sales at Cost | Change In Unrealized Appreciation/ (Depreciation) | Ending Fair Value at 11/30/2023 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||
Voya Financial, Inc. | $ | 66,647 | $ | — | $ | (66,679) | $ | 32 | $ | — | $ | — | $ | 1,716 | $ | — | ||||||||||||||||
$ | 66,647 | $ | — | $ | (66,679) | $ | 32 | $ | — | $ | — | $ | 1,716 | $ | — |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At November 30, 2023, 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 | $ | — | $ | — | ||||
$ | — | $ | — |
At November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $131,180,119. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 9,846,414 | ||
Gross Unrealized Depreciation | (6,543,900 | ) | ||
Net Unrealized Appreciation | $ | 3,302,514 |
See Accompanying Notes to Financial Statements
44
Voya Small Cap Growth Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: 95.7% | ||||||||||
Consumer Discretionary: 10.2% | ||||||||||
69,387 (1) | Boot Barn Holdings, Inc. | $ | 5,084,679 | 0.8 | ||||||
146,196 (1) | Cava Group, Inc. | 4,972,126 | 0.7 | |||||||
146,119 | Churchill Downs, Inc. | 16,916,197 | 2.5 | |||||||
36,684 (1) | Five Below, Inc. | 6,913,467 | 1.0 | |||||||
227,500 (1) | Modine Manufacturing Co. | 11,193,000 | 1.7 | |||||||
101,940 | Patrick Industries, Inc. | 8,363,158 | 1.2 | |||||||
148,290 (1) | Skyline Champion Corp. | 8,925,575 | 1.3 | |||||||
77,422 | Strategic Education, Inc. | 6,888,235 | 1.0 | |||||||
69,256,437 | 10.2 | |||||||||
Energy: 4.5% | ||||||||||
802,433 (1) | Helix Energy Solutions Group, Inc. | 7,478,676 | 1.1 | |||||||
84,225 | Matador Resources Co. | 4,874,943 | 0.7 | |||||||
229,239 | Northern Oil and Gas, Inc. | 8,578,123 | 1.3 | |||||||
107,766 (1) | Weatherford International PLC | 9,773,299 | 1.4 | |||||||
30,705,041 | 4.5 | |||||||||
Financials: 6.3% | ||||||||||
71,562 | FirstCash Holdings, Inc. | 8,014,944 | 1.2 | |||||||
154,865 | HCI Group, Inc. | 13,127,906 | 2.0 | |||||||
139,916 (1) | Palomar Holdings, Inc. | 8,186,485 | 1.2 | |||||||
57,860 | Piper Sandler Cos. | 8,952,678 | 1.3 | |||||||
128,358 (1) | Skyward Specialty Insurance Group, Inc. | 4,197,307 | 0.6 | |||||||
42,479,320 | 6.3 | |||||||||
Health Care: 21.5% | ||||||||||
81,793 (1) | ACADIA Pharmaceuticals, Inc. | 1,822,348 | 0.3 | |||||||
89,221 (1) | Alkermes PLC | 2,153,795 | 0.3 | |||||||
160,270 (1) | Amicus Therapeutics, Inc. | 1,766,175 | 0.3 | |||||||
146,998 (1) | Axonics, Inc. | 8,230,418 | 1.2 | |||||||
30,065 (1) | Blueprint Medicines Corp. | 2,093,727 | 0.3 | |||||||
48,651 (1) | Bridgebio Pharma, Inc. | 1,396,770 | 0.2 | |||||||
102,983 | CONMED Corp. | 11,046,986 | 1.6 | |||||||
50,800 (1) | Cytokinetics, Inc. | 1,700,784 | 0.2 | |||||||
110,101 | Ensign Group, Inc. | 11,788,514 | 1.7 | |||||||
230,811 (1) | Evolent Health, Inc. - Class A | 6,416,546 | 0.9 | |||||||
69,677 (1) | Halozyme Therapeutics, Inc. | 2,690,229 | 0.4 | |||||||
84,685 (1) | ImmunoGen, Inc. | 2,485,505 | 0.4 | |||||||
115,084 (1) | Inari Medical, Inc. | 6,869,364 | 1.0 | |||||||
66,432 (1) | Insmed, Inc. | 1,662,129 | 0.2 | |||||||
50,127 (1) | Intra-Cellular Therapies, Inc. | 3,076,294 | 0.5 | |||||||
13,258 (1) | Krystal Biotech, Inc. | 1,381,881 | 0.2 | |||||||
110,146 (1) | Lantheus Holdings, Inc. | 7,888,657 | 1.2 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Health Care: (continued) | ||||||||||
20,460 (1) | Medpace Holdings, Inc. | $ | 5,538,931 | 0.8 | ||||||
89,236 (1) | Merit Medical Systems, Inc. | 6,385,728 | 0.9 | |||||||
336,425 (1) | Natera, Inc. | 18,822,979 | 2.8 | |||||||
243,302 (1) | Option Care Health, Inc. | 7,238,234 | 1.1 | |||||||
149,055 (1) | Progyny, Inc. | 5,121,530 | 0.8 | |||||||
67,749 (1) | QuidelOrtho Corp. | 4,656,389 | 0.7 | |||||||
60,411 (1) | Repligen Corp. | 9,499,630 | 1.4 | |||||||
142,826 (1) | Tenet Healthcare Corp. | 9,856,422 | 1.5 | |||||||
49,955 (1) | Vaxcyte, Inc. | 2,586,170 | 0.4 | |||||||
29,627 (1) | Vericel Corp. | 1,052,944 | 0.2 | |||||||
145,229,079 | 21.5 | |||||||||
Industrials: 17.3% | ||||||||||
396,767 (1) | Array Technologies, Inc. | 6,137,985 | 0.9 | |||||||
37,250 (1) | CACI International, Inc. - Class A | 11,955,387 | 1.8 | |||||||
81,732 (1) | Casella Waste Systems, Inc. - Class A | 6,610,484 | 1.0 | |||||||
66,244 (1) | Chart Industries, Inc. | 8,613,707 | 1.3 | |||||||
50,654 (1) | Clean Harbors, Inc. | 8,188,726 | 1.2 | |||||||
203,362 (1) | Construction Partners, Inc. - Class A | 8,533,070 | 1.3 | |||||||
192,327 | Flowserve Corp. | 7,358,431 | 1.1 | |||||||
243,319 | FTAI Aviation Ltd. | 10,027,176 | 1.5 | |||||||
91,563 (1) | Kirby Corp. | 7,027,460 | 1.0 | |||||||
355,883 | Marten Transport Ltd. | 6,708,395 | 1.0 | |||||||
66,076 (1) | MYR Group, Inc. | 8,221,176 | 1.2 | |||||||
69,178 (1) | NV5 Global, Inc. | 6,729,636 | 1.0 | |||||||
20,403 (1) | Saia, Inc. | 7,965,127 | 1.2 | |||||||
81,368 (1) | Trex Co., Inc. | 5,717,729 | 0.8 | |||||||
175,070 | Werner Enterprises, Inc. | 7,004,551 | 1.0 | |||||||
116,799,040 | 17.3 | |||||||||
Information Technology: 31.8% | ||||||||||
73,641 (1) | Agilysys, Inc. | 6,339,754 | 0.9 | |||||||
38,198 (1) | Axcelis Technologies, Inc. | 4,747,247 | 0.7 | |||||||
39,269 (1) | CyberArk Software Ltd. | 7,825,134 | 1.2 | |||||||
347,925 (1) | ExlService Holdings, Inc. | 9,870,632 | 1.5 | |||||||
110,407 (1) | Five9, Inc. | 8,415,221 | 1.2 | |||||||
39,927 (1) | Globant SA | 8,815,882 | 1.3 | |||||||
93,991 (1) | Guidewire Software, Inc. | 9,393,461 | 1.4 | |||||||
423,850 (1) | Harmonic, Inc. | 4,687,781 | 0.7 | |||||||
268,394 (1) | I3 Verticals, Inc. - Class A | 5,402,771 | 0.8 | |||||||
98,956 | Kulicke & Soffa Industries, Inc. | 5,098,213 | 0.8 | |||||||
41,561 | Littelfuse, Inc. | 9,675,401 | 1.4 | |||||||
16,374 (1) | Manhattan Associates, Inc. | 3,652,221 | 0.5 | |||||||
209,348 | Maximus, Inc. | 17,478,464 | 2.6 | |||||||
67,111 (1) | Onto Innovation, Inc. | 9,463,322 | 1.4 |
See Accompanying Notes to Financial Statements
45
Voya Small Cap Growth Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Information Technology: (continued) | ||||||||||
28,723 (1) | Paylocity Holding Corp. | $ | 4,500,032 | 0.7 | ||||||
102,285 | Power Integrations, Inc. | 7,815,597 | 1.2 | |||||||
169,098 (1) | Rambus, Inc. | 11,442,862 | 1.7 | |||||||
286,491 (1) | SentinelOne, Inc. - Class A | 5,469,113 | 0.8 | |||||||
75,166 (1) | SiTime Corp. | 8,313,360 | 1.2 | |||||||
280,554 (1) | Smartsheet, Inc. - Class A | 11,889,878 | 1.8 | |||||||
142,854 (1) | Sprout Social, Inc. - Class A | 8,128,393 | 1.2 | |||||||
25,441 (1) | Super Micro Computer, Inc. | 6,957,350 | 1.0 | |||||||
214,630 (1) | Tenable Holdings, Inc. | 8,883,536 | 1.3 | |||||||
165,461 (1) | Tower Semiconductor Ltd. | 4,530,322 | 0.7 | |||||||
65,985 | Universal Display Corp. | 11,164,662 | 1.7 | |||||||
214,591 (1) | Varonis Systems, Inc. | 8,989,217 | 1.3 | |||||||
96,411 (1) | WNS Holdings Ltd., ADR | 5,734,526 | 0.8 | |||||||
214,684,352 | 31.8 | |||||||||
Materials: 4.1% | ||||||||||
122,916 | HB Fuller Co. | 9,302,283 | 1.4 | |||||||
68,421 | Innospec, Inc. | 7,188,994 | 1.1 | |||||||
320,545 (1) | Summit Materials, Inc. - Class A | 11,119,706 | 1.6 | |||||||
27,610,983 | 4.1 | |||||||||
Total Common Stock | ||||||||||
(Cost $560,547,069) | 646,764,252 | 95.7 | ||||||||
EXCHANGE-TRADED FUNDS: 1.8% | ||||||||||
160,665 | SPDR S&P Biotech ETF | 12,133,421 | 1.8 | |||||||
Total Exchange-Traded Funds | ||||||||||
(Cost $12,243,075) | 12,133,421 | 1.8 | ||||||||
Total Long-Term Investments | ||||||||||
(Cost $572,790,144) | 658,897,673 | 97.5 |
Shares | Value | Percentage of Net Assets | ||||||||
SHORT-TERM INVESTMENTS: 3.3% | ||||||||||
Mutual Funds: 3.3% | ||||||||||
22,649,000 (2) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% | |||||||||
(Cost $22,649,000) | $ | 22,649,000 | 3.3 | |||||||
Total Short-Term Investments | ||||||||||
(Cost $22,649,000) | $ | 22,649,000 | 3.3 | |||||||
Total Investments in Securities | ||||||||||
(Cost $595,439,144) | $ | 681,546,673 | 100.8 | |||||||
Liabilities in Excess of Other Assets | (5,244,478 | ) | (0.8 | ) | ||||||
Net Assets | $ | 676,302,195 | 100.0 | |||||||
ADR | American Depositary Receipt |
(1) | Non-income producing security. |
(2) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
46
Voya Small Cap Growth Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 646,764,252 | $ | — | $ | — | $ | 646,764,252 | ||||||||
Exchange-Traded Funds | 12,133,421 | — | — | 12,133,421 | ||||||||||||
Short-Term Investments | 22,649,000 | — | — | 22,649,000 | ||||||||||||
Total Investments, at fair value | $ | 681,546,673 | $ | — | $ | — | $ | 681,546,673 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $602,861,152. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 97,082,771 | ||
Gross Unrealized Depreciation | (18,397,403 | ) | ||
Net Unrealized Appreciation | $ | 78,685,368 |
See Accompanying Notes to Financial Statements
47
Voya U.S. High Dividend Low Volatility Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: 98.4% | |||||||||||
Communication Services: 5.4% | |||||||||||
64,086 | AT&T, Inc. | $ | 1,061,905 | 1.2 | |||||||
30,907 | Comcast Corp. - Class A | 1,294,694 | 1.4 | ||||||||
5,488 | Electronic Arts, Inc. | 757,399 | 0.8 | ||||||||
10,500 | Iridium Communications, Inc. | 400,050 | 0.5 | ||||||||
34,591 | Verizon Communications, Inc. | 1,325,873 | 1.5 | ||||||||
4,839,921 | 5.4 | ||||||||||
Consumer Discretionary: 5.8% | |||||||||||
3,797 | BorgWarner, Inc. | 127,921 | 0.1 | ||||||||
1,240 | DR Horton, Inc. | 158,311 | 0.2 | ||||||||
25,478 | Ford Motor Co. | 261,404 | 0.3 | ||||||||
4,911 | Garmin Ltd. | 600,321 | 0.7 | ||||||||
9,137 | General Motors Co. | 288,729 | 0.3 | ||||||||
16,082 | Gentex Corp. | 489,054 | 0.6 | ||||||||
3,476 | Genuine Parts Co. | 461,543 | 0.5 | ||||||||
9,665 | LKQ Corp. | 430,382 | 0.5 | ||||||||
3,636 | McDonald’s Corp. | 1,024,770 | 1.1 | ||||||||
2,377 | MGM Resorts International | 93,749 | 0.1 | ||||||||
3,851 | NIKE, Inc. - Class B | 424,650 | 0.5 | ||||||||
889 | Ralph Lauren Corp. | 115,019 | 0.1 | ||||||||
2,411 | TJX Cos., Inc. | 212,433 | 0.2 | ||||||||
22,601 | Wendy’s Co. | 423,769 | 0.5 | ||||||||
1,171 | Wynn Resorts Ltd. | 98,856 | 0.1 | ||||||||
5,210,911 | 5.8 | ||||||||||
Consumer Staples: 9.1% | |||||||||||
19,684 | Altria Group, Inc. | 827,515 | 0.9 | ||||||||
5,056 | Church & Dwight Co., Inc. | 488,561 | 0.5 | ||||||||
12,927 | Coca-Cola Co. | 755,454 | 0.8 | ||||||||
6,894 | Colgate-Palmolive Co. | 543,040 | 0.6 | ||||||||
18,454 | Flowers Foods, Inc. | 384,028 | 0.4 | ||||||||
10,178 | General Mills, Inc. | 647,931 | 0.7 | ||||||||
5,064 | Keurig Dr Pepper, Inc. | 159,871 | 0.2 | ||||||||
3,619 | Kimberly-Clark Corp. | 447,779 | 0.5 | ||||||||
12,833 | Mondelez International, Inc. - Class A | 911,913 | 1.0 | ||||||||
4,003 | PepsiCo, Inc. | 673,665 | 0.8 | ||||||||
12,346 | Philip Morris International, Inc. | 1,152,623 | 1.3 | ||||||||
8,017 | Procter & Gamble Co. | 1,230,770 | 1.4 | ||||||||
8,223,150 | 9.1 | ||||||||||
Diversified Reits: 0.7% | |||||||||||
4,516 | Prologis, Inc. | 519,024 | 0.6 | ||||||||
1,747 | Realty Income Corp. | 94,268 | 0.1 | ||||||||
613,292 | 0.7 | ||||||||||
Energy: 7.1% | |||||||||||
16,555 | Baker Hughes Co. | 558,731 | 0.6 | ||||||||
2,321 | Chevron Corp. | 333,296 | 0.4 | ||||||||
4,736 | ConocoPhillips | 547,340 | 0.6 | ||||||||
8,390 | Coterra Energy, Inc. | 220,237 | 0.2 | ||||||||
2,173 | Diamondback Energy, Inc. | 335,533 | 0.4 | ||||||||
6,478 | DT Midstream, Inc. | 371,125 | 0.4 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Energy: (continued) | |||||||||||
6,406 | EOG Resources, Inc. | $ | 788,386 | 0.9 | |||||||
15,714 | Equitrans Midstream Corp. | 147,397 | 0.2 | ||||||||
7,127 | Exxon Mobil Corp. | 732,228 | 0.8 | ||||||||
3,914 | Marathon Petroleum Corp. | 583,930 | 0.6 | ||||||||
6,391 | Phillips 66 | 823,736 | 0.9 | ||||||||
1,088 | Pioneer Natural Resources Co. | 252,024 | 0.3 | ||||||||
5,486 | Valero Energy Corp. | 687,725 | 0.8 | ||||||||
6,381,688 | 7.1 | ||||||||||
Financials: 20.5% | |||||||||||
3,793 | Aflac, Inc. | 313,719 | 0.3 | ||||||||
53,623 | AGNC Investment Corp. | 472,955 | 0.5 | ||||||||
2,617 | Allstate Corp. | 360,806 | 0.4 | ||||||||
1,046 | American Financial Group, Inc. | 119,652 | 0.1 | ||||||||
11,182 | American International Group, Inc. | 735,887 | 0.8 | ||||||||
1,396 | Ameriprise Financial, Inc. | 493,500 | 0.5 | ||||||||
2,381 | Aon PLC - Class A | 782,135 | 0.9 | ||||||||
971 | Assurant, Inc. | 163,147 | 0.2 | ||||||||
7,736 | Axis Capital Holdings Ltd. | 435,846 | 0.5 | ||||||||
7,881 | Brown & Brown, Inc. | 589,026 | 0.7 | ||||||||
3,568 | Cboe Global Markets, Inc. | 650,054 | 0.7 | ||||||||
3,067 | Chubb Ltd. | 703,662 | 0.8 | ||||||||
12,839 | Citigroup, Inc. | 591,878 | 0.7 | ||||||||
4,343 | CME Group, Inc. | 948,337 | 1.1 | ||||||||
11,856 | CNO Financial Group, Inc. | 314,184 | 0.3 | ||||||||
2,610 | Commerce Bancshares, Inc. | 131,988 | 0.1 | ||||||||
1,592 | Erie Indemnity Co. - Class A | 470,659 | 0.5 | ||||||||
6,130 | Essent Group Ltd. | 296,324 | 0.3 | ||||||||
1,446 | Everest Re Group Ltd. | 593,655 | 0.7 | ||||||||
9,803 | First Hawaiian, Inc. | 192,629 | 0.2 | ||||||||
2,579 | Hanover Insurance Group, Inc. | 320,570 | 0.4 | ||||||||
8,726 | Hartford Financial Services Group, Inc. | 682,024 | 0.8 | ||||||||
3,451 | International Bancshares Corp. | 154,846 | 0.2 | ||||||||
797 | JPMorgan Chase & Co. | 124,396 | 0.1 | ||||||||
8,337 | Loews Corp. | 586,008 | 0.7 | ||||||||
430 | MarketAxess Holdings, Inc. | 103,252 | 0.1 | ||||||||
2,930 | Marsh & McLennan Cos., Inc. | 584,300 | 0.6 | ||||||||
10,952 | MetLife, Inc. | 696,876 | 0.8 | ||||||||
29,840 | MGIC Investment Corp. | 524,886 | 0.6 | ||||||||
7,582 | OneMain Holdings, Inc. | 320,718 | 0.4 |
See Accompanying Notes to Financial Statements
48
Voya U.S. High Dividend Low Volatility Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Financials: (continued) | |||||||||||
1,976 | Prudential Financial, Inc. | $ | 193,213 | 0.2 | |||||||
1,386 | Reinsurance Group of America, Inc. | 226,001 | 0.3 | ||||||||
54,289 | Rithm Capital Corp. | 563,520 | 0.6 | ||||||||
8,960 | Synchrony Financial | 289,946 | 0.3 | ||||||||
6,313 | Tradeweb Markets, Inc. - Class A | 611,730 | 0.7 | ||||||||
3,972 | Travelers Cos., Inc. | 717,423 | 0.8 | ||||||||
10,569 | Unum Group | 454,467 | 0.5 | ||||||||
9,945 | US Bancorp | 379,103 | 0.4 | ||||||||
15,661 | Wells Fargo & Co. | 698,324 | 0.8 | ||||||||
2,681 | Willis Towers Watson PLC | 660,330 | 0.7 | ||||||||
2,524 | Wintrust Financial Corp. | 216,231 | 0.2 | ||||||||
18,468,207 | 20.5 | ||||||||||
Health Care: 15.8% | |||||||||||
3,565 | AbbVie, Inc. | 507,620 | 0.6 | ||||||||
1,861 | AmerisourceBergen Corp. | 378,472 | 0.4 | ||||||||
2,568 | Amgen, Inc. | 692,436 | 0.8 | ||||||||
18,010 | Bristol-Myers Squibb Co. | 889,334 | 1.0 | ||||||||
5,794 | Cardinal Health, Inc. | 620,422 | 0.7 | ||||||||
2,971 | Cigna Group | 781,016 | 0.9 | ||||||||
12,410 | CVS Health Corp. | 843,260 | 0.9 | ||||||||
1,536 | Elevance Health, Inc. | 736,497 | 0.8 | ||||||||
868 | Eli Lilly & Co. | 513,023 | 0.6 | ||||||||
12,100 | Gilead Sciences, Inc. | 926,860 | 1.0 | ||||||||
1,247 | Humana, Inc. | 604,620 | 0.7 | ||||||||
14,393 | Johnson & Johnson | 2,226,021 | 2.5 | ||||||||
1,552 | McKesson Corp. | 730,309 | 0.8 | ||||||||
4,512 | Medtronic PLC | 357,666 | 0.4 | ||||||||
13,801 | Merck & Co., Inc. | 1,414,326 | 1.6 | ||||||||
38,283 | Pfizer, Inc. | 1,166,483 | 1.3 | ||||||||
1,400 | UnitedHealth Group, Inc. | 774,158 | 0.8 | ||||||||
14,162,523 | 15.8 | ||||||||||
Industrials: 13.4% | |||||||||||
1,085 | Acuity Brands, Inc. | 194,497 | 0.2 | ||||||||
6,258 | AECOM | 556,086 | 0.6 | ||||||||
4,273 | AMETEK, Inc. | 663,298 | 0.7 | ||||||||
2,503 | Automatic Data Processing, Inc. | 575,490 | 0.6 | ||||||||
1,022 | Booz Allen Hamilton Holding Corp. | 127,883 | 0.1 | ||||||||
1,100 | Cintas Corp. | 608,575 | 0.7 | ||||||||
3,982 | Donaldson Co., Inc. | 242,265 | 0.3 | ||||||||
14,131 | Dun & Bradstreet Holdings, Inc. | 149,647 | 0.2 | ||||||||
7,887 | Emerson Electric Co. | 701,154 | 0.8 | ||||||||
3,021 | Fastenal Co. | 181,169 | 0.2 | ||||||||
7,433 | Fortive Corp. | 512,728 | 0.6 | ||||||||
1,459 | General Electric Co. | 177,706 | 0.2 | ||||||||
13,794 | Genpact Ltd. | 468,444 | 0.5 | ||||||||
1,478 | Ingersoll Rand, Inc. | 105,574 | 0.1 | ||||||||
1,996 | Jacobs Solutions, Inc. | 253,851 | 0.3 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Industrials: (continued) | |||||||||||
9,673 | Johnson Controls International PLC | $ | 510,734 | 0.6 | |||||||
6,225 | Leidos Holdings, Inc. | 668,067 | 0.7 | ||||||||
334 | Lockheed Martin Corp. | 149,555 | 0.2 | ||||||||
5,215 | MSC Industrial Direct Co., Inc. - Class A | 508,045 | 0.6 | ||||||||
1,460 | Otis Worldwide Corp. | 125,254 | 0.1 | ||||||||
960 | Parker-Hannifin Corp. | 415,853 | 0.5 | ||||||||
958 | Rockwell Automation, Inc. | 263,872 | 0.3 | ||||||||
13,386 | Rollins, Inc. | 545,346 | 0.6 | ||||||||
7,872 | Schneider National, Inc. - Class B | 181,292 | 0.2 | ||||||||
4,687 | Science Applications International Corp. | 550,301 | 0.6 | ||||||||
1,254 | Snap-on, Inc. | 344,461 | 0.4 | ||||||||
8,545 | SS&C Technologies Holdings, Inc. | 480,742 | 0.5 | ||||||||
730 | United Parcel Service, Inc. - Class B | 110,675 | 0.1 | ||||||||
2,157 | Verisk Analytics, Inc. | 520,765 | 0.6 | ||||||||
4,706 | Westinghouse Air Brake Technologies Corp. | 548,531 | 0.6 | ||||||||
746 | WW Grainger, Inc. | 586,498 | 0.7 | ||||||||
12,028,358 | 13.4 | ||||||||||
Information Technology: 7.4% | |||||||||||
6,140 | Amdocs Ltd. | 514,348 | 0.6 | ||||||||
3,452 | Applied Materials, Inc. | 517,041 | 0.6 | ||||||||
8,420 | Avnet, Inc. | 393,719 | 0.4 | ||||||||
28,468 | Cisco Systems, Inc. | 1,377,282 | 1.5 | ||||||||
23,463 | Hewlett Packard Enterprise Co. | 396,759 | 0.4 | ||||||||
815 | Intuit, Inc. | 465,740 | 0.5 | ||||||||
18,275 | Juniper Networks, Inc. | 519,924 | 0.6 | ||||||||
195 | KLA Corp. | 106,201 | 0.1 | ||||||||
7,353 | NetApp, Inc. | 671,991 | 0.8 | ||||||||
945 | NVIDIA Corp. | 441,976 | 0.5 | ||||||||
4,332 | Paychex, Inc. | 528,374 | 0.6 | ||||||||
2,942 | Qualcomm, Inc. | 379,665 | 0.4 | ||||||||
657 | Texas Instruments, Inc. | 100,330 | 0.1 | ||||||||
1,122 | Universal Display Corp. | 189,842 | 0.2 | ||||||||
378 | Visa, Inc. - Class A | 97,025 | 0.1 | ||||||||
6,700,217 | 7.4 | ||||||||||
Materials: 3.6% | |||||||||||
15,211 | Amcor PLC | 144,200 | 0.2 | ||||||||
4,536 | AptarGroup, Inc. | 575,573 | 0.6 | ||||||||
13,693 | Dow, Inc. | 708,613 | 0.8 | ||||||||
2,031 | Linde PLC | 840,367 | 0.9 | ||||||||
1,123 | PPG Industries, Inc. | 159,455 | 0.2 | ||||||||
1,687 | Reliance Steel & Aluminum Co. | 464,364 | 0.5 | ||||||||
978 | RPM International, Inc. | 100,665 | 0.1 | ||||||||
794 | Sherwin-Williams Co. | 221,367 | 0.3 | ||||||||
3,214,604 | 3.6 |
See Accompanying Notes to Financial Statements
49
Voya U.S. High Dividend Low Volatility Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Real Estate: 3.7% | |||||||||||
9,061 | Agree Realty Corp. | $ | 536,502 | 0.6 | |||||||
4,119 | CubeSmart | 163,771 | 0.2 | ||||||||
1,250 | EastGroup Properties, Inc. | 217,187 | 0.2 | ||||||||
4,832 | Equity Residential | 274,651 | 0.3 | ||||||||
2,078 | First Industrial Realty Trust, Inc. | 97,770 | 0.1 | ||||||||
11,203 | Gaming and Leisure Properties, Inc. | 523,516 | 0.6 | ||||||||
9,061 | Kilroy Realty Corp. | 298,832 | 0.3 | ||||||||
14,525 | National Retail Properties, Inc. | 590,006 | 0.7 | ||||||||
21,183 | VICI Properties, Inc. | 633,160 | 0.7 | ||||||||
3,335,395 | 3.7 | ||||||||||
Utilities: 5.9% | |||||||||||
6,115 | ALLETE, Inc. | 339,260 | 0.4 | ||||||||
1,140 | Ameren Corp. | 88,453 | 0.1 | ||||||||
7,773 | American Electric Power Co., Inc. | 618,342 | 0.7 | ||||||||
3,579 | Atmos Energy Corp. | 407,326 | 0.5 | ||||||||
4,687 | Clearway Energy, Inc. - Class C | 117,034 | 0.1 | ||||||||
5,369 | DTE Energy Co. | 558,967 | 0.6 | ||||||||
9,447 | Edison International | 632,855 | 0.7 | ||||||||
7,008 | Evergy, Inc. | 357,688 | 0.4 | ||||||||
5,667 | National Fuel Gas Co. | 287,827 | 0.3 | ||||||||
4,806 | NiSource, Inc. | 123,226 | 0.1 | ||||||||
7,681 | NorthWestern Corp. | 386,431 | 0.4 | ||||||||
3,710 | ONE Gas, Inc. | 213,807 | 0.3 | ||||||||
9,539 | Sempra Energy | 695,107 | 0.8 | ||||||||
7,817 | Xcel Energy, Inc. | 475,586 | 0.5 | ||||||||
5,301,909 | 5.9 | ||||||||||
Total Common Stock (Cost $85,531,708) | 88,480,175 | 98.4 | |||||||||
EXCHANGE-TRADED FUNDS: 1.5% | |||||||||||
8,206 (1) | iShares Russell 1000 Value ETF | 1,292,363 | 1.5 | ||||||||
Total Exchange-Traded Funds (Cost $1,223,619) | 1,292,363 | 1.5 | |||||||||
Total Long-Term Investments (Cost $86,755,327) | 89,772,538 | 99.9 |
Principal Amount† | Value | Percentage of Net Assets | ||||||||||
SHORT-TERM INVESTMENTS: 1.4% | ||||||||||||
Repurchase Agreements: 1.1% | ||||||||||||
1,000,000 (2) | Bank of America Inc., Repurchase Agreement dated 11/30/2023, 5.320%, due 12/01/2023 (Repurchase Amount $1,000,146, collateralized by various U.S. Government Agency Obligations, 1.500%- 7.000%, Market Value plus accrued interest $1,020,000, due 08/01/27-09/20/63) | $ | 1,000,000 | 1.1 | ||||||||
35,041 (2) | HSBC Securities (USA), Inc., Repurchase Agreement dated 11/30/2023, 5.330%, due 12/01/2023 (Repurchase Amount $35,046, collateralized by various U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $35,742, due 01/01/41-01/01/60) | 35,041 | 0.0 | |||||||||
Total Repurchase Agreements (Cost $1,035,041) | 1,035,041 | 1.1 |
Shares | Value | Percentage of Net Assets | ||||||||||
Mutual Funds: 0.3% | ||||||||||||
248,000 (3) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% (Cost $248,000) | $ | 248,000 | 0.3 | ||||||||
Total Short-Term Investments (Cost $1,283,041) | 1,283,041 | 1.4 | ||||||||||
Total Investments in Securities (Cost $88,038,368) | $ | 91,055,579 | 101.3 | |||||||||
Liabilities in Excess of Other Assets | (1,150,546 | ) | (1.3 | ) | ||||||||
Net Assets | $ | 89,905,033 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | Security, or a portion of the security, is on loan. |
(2) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
(3) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
50
Voya U.S. High Dividend Low Volatility Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 88,480,175 | $ | — | $ | — | $ | 88,480,175 | ||||||||
Exchange-Traded Funds | 1,292,363 | — | — | 1,292,363 | ||||||||||||
Short-Term Investments | 248,000 | 1,035,041 | — | 1,283,041 | ||||||||||||
Total Investments, at fair value | $ | 90,020,538 | $ | 1,035,041 | $ | — | $ | 91,055,579 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $88,766,853. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 7,358,161 | ||
Gross Unrealized Depreciation | (5,069,435 | ) | ||
Net Unrealized Appreciation | $ | 2,288,726 |
See Accompanying Notes to Financial Statements
51
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
At a meeting held on November 16, 2023, the Board of Trustees (“Board”) of Voya Equity Trust (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Large-Cap Growth Fund, Voya Large Cap Value Fund, Voya MidCap Opportunities Fund, Voya Small Cap Growth Fund, Voya U.S. High Dividend Low Volatility Fund, and Voya Multi-Manager Mid Cap Value Fund, each a series of the Trust (the “Funds”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Fund, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, sub-adviser to each Fund, and Victory Capital Management Inc., a sub-adviser to Voya Multi-Manager Mid Cap Value Fund (the “Sub-Advisers”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC
meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds’ operations and risk management and the oversight of their various other service providers.
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the
52
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers’ investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser’s management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Advisers to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Funds.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.
Fund Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. With respect to
Voya Multi-Manager Mid Cap Value Fund, the Board also reviewed the performance of the Fund assets allocated by the Manager to each Sub-Adviser. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers as a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Funds do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm’s-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Adviser with respect to sub-advisory fee schedules and that the Manager is responsible for paying the fees of the Sub-Adviser.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate
53
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
payable by each Fund to the Manager compared to the Fund’s Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Fund, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Adviser that is not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm’s-length nature of the relationship between the Manager and the non-Voya-affiliated Sub-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not
be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Funds and the Manager and Sub-Advisers’ potential fall-out benefits were not unreasonable.
Fund-by-Fund Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Fund’s more recent performance, asset levels and asset flows. Each Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
Voya Large-Cap Growth Fund
In considering whether to approve the renewal of the Contracts for Voya Large-Cap Growth Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date and ten-year periods, and the fourth quintile for the one-year, three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board
54
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
took into account management’s representations regarding: (1) the competitiveness of the Fund’s performance during certain periods; (2) the impact of security selection on the Fund’s performance; and (3) the recent changes to the Fund’s portfolio management team and that it is reasonable to provide more time for the purpose of evaluating any impact on performance.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Large Cap Value Fund
In considering whether to approve the renewal of the Contracts for Voya Large Cap Value Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year and five-year periods, the second quintile for the year-to-date period, and the third quintile for the ten-year period; and (2) the Fund outperformed its primary benchmark for all periods presented.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s
representations regarding the competitiveness of the Fund’s net expense ratio.
Voya MidCap Opportunities Fund
In considering whether to approve the renewal of the Contracts for Voya MidCap Opportunities Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year period, the third quintile for the three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its primary benchmark for all periods presented.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Fund’s pricing is competitive.
Voya Multi-Manager Mid Cap Value Fund
In considering whether to approve the renewal of the Contracts for Voya Multi-Manager Mid Cap Value Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the third quintile of its Morningstar category for the one-year period and the fourth quintile for the year-to-date, three-year, five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Fund’s performance during certain periods; and (2) the recent changes of one of the Sub-Advisers, effective March 17, 2023, and the Board’s consideration that it is reasonable to provide more time for the purpose of evaluating any impact on performance.
55
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
Voya Small Cap Growth Fund
In considering whether to approve the renewal of the Contracts for Voya Small Cap Growth Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the one-year, three-year and five-year periods, and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account that the Fund was reorganized in, and managed by a different investment adviser prior to, April 2022 and that the Fund has assumed the performance, and other information, of the predecessor fund.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.
Voya U.S. High Dividend Low Volatility Fund
In considering whether to approve the renewal of the Contracts for Voya U.S. High Dividend Low Volatility Fund,
the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year and five-year periods, the fourth quintile for the three-year period, and the fifth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the one-year and five-year periods and underperformed for the year-to-date and three-year periods. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Fund’s performance during certain periods.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Fund’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2024.
56
Investment Adviser | Custodian |
Voya Investments, LLC | The Bank of New York Mellon |
7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
Scottsdale, Arizona 85258 | New York, New York 10286 |
Distributor | Legal Counsel |
Voya Investments Distributor, LLC | Ropes & Gray LLP |
7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
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Boston, Massachusetts 02199 | |
Transfer Agent |
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For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.
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Semi-Annual Report
November 30, 2023
Classes A, C, I, R, R6 and W
Domestic Equity and Growth Funds
■ | Voya Corporate Leaders® 100 Fund |
■ | Voya Small Company Fund |
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
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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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.
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, 2023 to November 30, 2023. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||
Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | |||||||||
Voya Corporate Leaders® 100 Fund | ||||||||||||||||
Class A | $1,000.00 | $1,089.50 | 0.81% | $4.23 | $1,000.00 | $1,020.95 | 0.81% | $4.09 | ||||||||
Class C | 1,000.00 | 1,086.00 | 1.32 | 6.88 | 1,000.00 | 1,018.40 | 1.32 | 6.66 | ||||||||
Class I | 1,000.00 | 1,090.80 | 0.49 | 2.56 | 1,000.00 | 1,022.55 | 0.49 | 2.48 | ||||||||
Class R | 1,000.00 | 1,087.80 | 1.07 | 5.58 | 1,000.00 | 1,019.65 | 1.07 | 5.40 | ||||||||
Class R6 | 1,000.00 | 1,090.70 | 0.48 | 2.51 | 1,000.00 | 1,022.60 | 0.48 | 2.43 | ||||||||
Class W | 1,000.00 | 1,090.40 | 0.56 | 2.93 | 1,000.00 | 1,022.20 | 0.56 | 2.83 | ||||||||
Voya Small Company Fund | ||||||||||||||||
Class A | $1,000.00 | $1,065.20 | 1.18% | $6.09 | $1,000.00 | $1,019.10 | 1.18% | $5.96 | ||||||||
Class C | 1,000.00 | 1,061.60 | 1.93 | 9.95 | 1,000.00 | 1,015.35 | 1.93 | 9.72 | ||||||||
Class I | 1,000.00 | 1,066.80 | 0.87 | 4.50 | 1,000.00 | 1,020.65 | 0.87 | 4.39 | ||||||||
Class R | 1,000.00 | 1,064.40 | 1.43 | 7.38 | 1,000.00 | 1,017.85 | 1.43 | 7.21 | ||||||||
Class R6 | 1,000.00 | 1,067.40 | 0.83 | 4.29 | 1,000.00 | 1,020.85 | 0.83 | 4.19 | ||||||||
Class W | 1,000.00 | 1,066.10 | 0.93 | 4.80 | 1,000.00 | 1,020.35 | 0.93 | 4.70 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
1
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)
Voya Corporate Leaders® 100 Fund | Voya Small Company Fund | ||||||||
ASSETS: | |||||||||
Investments in securities at fair value+* | $ | 887,800,820 | $ | 169,523,722 | |||||
Short-term investments at fair value† | 6,680,000 | 1,799,411 | |||||||
Cash | 93,611 | 35,848 | |||||||
Cash collateral for futures contracts | 336,000 | – | |||||||
Receivables: | |||||||||
Fund shares sold | 415,654 | 7,869 | |||||||
Dividends | 2,417,275 | 217,462 | |||||||
Interest | 140 | 95 | |||||||
Foreign tax reclaims | – | 7,113 | |||||||
Variation margin on futures contracts | 26,250 | – | |||||||
Prepaid expenses | 41,973 | 23,954 | |||||||
Reimbursement due from Investment Adviser | 45,455 | 8,879 | |||||||
Other assets | 46,948 | 23,953 | |||||||
Total assets | 897,904,126 | 171,648,306 | |||||||
LIABILITIES: | |||||||||
Payable for investment securities purchased | – | 11,906 | |||||||
Payable for fund shares redeemed | 666,283 | 303,565 | |||||||
Payable upon receipt of securities loaned | – | 1,373,411 | |||||||
Payable for investment management fees | 343,164 | 100,874 | |||||||
Payable for distribution and shareholder service fees | 144,757 | 6,891 | |||||||
Payable to trustees under the deferred compensation plan (Note 6) | 46,948 | 23,953 | |||||||
Payable for trustee fees | 2,105 | 465 | |||||||
Other accrued expenses and liabilities | 507,496 | 547,897 | |||||||
Total liabilities | 1,710,753 | 2,368,962 | |||||||
NET ASSETS | $ | 896,193,373 | $ | 169,279,344 | |||||
NET ASSETS WERE COMPRISED OF: | |||||||||
Paid-in capital | $ | 538,265,309 | $ | 196,766,043 | |||||
Total distributable earnings (loss) | 357,928,064 | (27,486,699 | ) | ||||||
NET ASSETS | $ | 896,193,373 | $ | 169,279,344 | |||||
+ | Including securities loaned at value | $ | — | $ | 1,335,956 | ||||
* | Cost of investments in securities | $ | 542,537,197 | $ | 194,558,644 | ||||
† | Cost of short-term investments | $ | 6,680,000 | $ | 1,799,411 |
See Accompanying Notes to Financial Statements
2
STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)(continued)
Voya Corporate Leaders® 100 Fund | Voya Small Company Fund | |||||||
Class A | ||||||||
Net assets | $ | 452,486,211 | $ | 29,108,144 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.010 | $ | 0.010 | ||||
Shares outstanding | 20,989,383 | 2,872,626 | ||||||
Net asset value and redemption price per share† | $ | 21.56 | $ | 10.13 | ||||
Maximum offering price per share (5.75%)(1) | $ | 22.88 | $ | 10.75 | ||||
Class C | ||||||||
Net assets | $ | 43,066,081 | $ | 1,293,751 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.010 | $ | 0.010 | ||||
Shares outstanding | 2,016,844 | 208,821 | ||||||
Net asset value and redemption price per share† | $ | 21.35 | $ | 6.20 | ||||
Class I | ||||||||
Net assets | $ | 307,299,995 | $ | 39,593,064 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.010 | $ | 0.010 | ||||
Shares outstanding | 14,207,194 | 2,914,841 | ||||||
Net asset value and redemption price per share | $ | 21.63 | $ | 13.58 | ||||
Class R | ||||||||
Net assets | $ | 73,350,914 | $ | 88,986 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.010 | $ | 0.010 | ||||
Shares outstanding | 3,441,703 | 8,829 | ||||||
Net asset value and redemption price per share | $ | 21.31 | $ | 10.08 | ||||
Class R6 | ||||||||
Net assets | $ | 7,332,221 | $ | 85,007,427 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.010 | $ | 0.010 | ||||
Shares outstanding | 338,777 | 6,235,755 | ||||||
Net asset value and redemption price per share | $ | 21.64 | $ | 13.63 | ||||
Class W | ||||||||
Net assets | $ | 12,657,951 | $ | 14,187,972 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.010 | $ | 0.010 | ||||
Shares outstanding | 582,762 | 1,046,716 | ||||||
Net asset value and redemption price per share | $ | 21.72 | $ | 13.55 |
(1) | 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. |
† | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
See Accompanying Notes to Financial Statements
3
STATEMENTS OF OPERATIONS for the six months ended November 30, 2023 (Unaudited)
Voya Corporate Leaders® 100 Fund | Voya Small Company Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividends, net of foreign taxes withheld* | $ | 11,083,582 | $ | 1,869,396 | ||||
Interest | 12,513 | 2,729 | ||||||
Securities lending income, net | — | 7,167 | ||||||
Other | 3,506 | 825 | ||||||
Total investment income | 11,099,601 | 1,880,117 | ||||||
EXPENSES: | ||||||||
Investment management fees | 2,019,234 | 696,963 | ||||||
Distribution and shareholder service fees: | ||||||||
Class A | 548,483 | 37,645 | ||||||
Class C | 232,893 | 6,847 | ||||||
Class R | 175,763 | 237 | ||||||
Transfer agent fees: | ||||||||
Class A | 201,863 | 14,270 | ||||||
Class C | 21,413 | 649 | ||||||
Class I | 93,052 | 8,881 | ||||||
Class R | 32,346 | 45 | ||||||
Class R6 | 241 | 492 | ||||||
Class W | 5,620 | 11,784 | ||||||
Shareholder reporting expense | 24,888 | 3,096 | ||||||
Registration fees | 51,453 | 39,780 | ||||||
Professional fees | 40,484 | 5,676 | ||||||
Custody and accounting expense | 30,699 | 12,040 | ||||||
Trustee fees | 10,523 | 2,324 | ||||||
Licensing fee (Note 7) | 73,860 | — | ||||||
Miscellaneous expense | 16,557 | 12,553 | ||||||
Interest expense | — | 2,872 | ||||||
Total expenses | 3,579,372 | 856,154 | ||||||
Waived and reimbursed fees | (419,645 | ) | (1,576 | ) | ||||
Net expenses | 3,159,727 | 854,578 | ||||||
Net investment income | 7,939,874 | 1,025,539 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | 20,919,385 | 9,652,538 | ||||||
Futures | (95,594 | ) | — | |||||
Net realized gain | 20,823,791 | 9,652,538 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 44,499,399 | (11,608 | ) | |||||
Foreign currency related transactions | — | 2 | ||||||
Futures | (31,179 | ) | — | |||||
Net change in unrealized appreciation (depreciation) | 44,468,220 | (11,606 | ) | |||||
Net realized and unrealized gain | 65,292,011 | 9,640,932 | ||||||
Increase in net assets resulting from operations | $ | 73,231,885 | $ | 10,666,471 | ||||
* Foreign taxes withheld | $ | — | $ | 8,957 |
See Accompanying Notes to Financial Statements
4
STATEMENTS OF CHANGES IN NET ASSETS
Voya Corporate Leaders® 100 Fund | Voya Small Company Fund | |||||||||||||||
Six
Months Ended November 30, 2023 (Unaudited) | Year
Ended May 31, 2023 | Six
Months Ended November 30, 2023 (Unaudited) | Year
Ended May 31, 2023 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 7,939,874 | $ | 14,306,061 | $ | 1,025,539 | $ | 1,360,602 | ||||||||
Net realized gain (loss) | 20,823,791 | 3,217,699 | 9,652,538 | (12,716,454 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 44,468,220 | (10,322,204 | ) | (11,606 | ) | (6,110,807 | ) | |||||||||
Increase (decrease) in net assets resulting from operations | 73,231,885 | 7,201,556 | 10,666,471 | (17,466,659 | ) | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions (excluding return of capital): | ||||||||||||||||
Class A | — | (22,405,653 | ) | — | (82,150 | ) | ||||||||||
Class C | — | (2,654,453 | ) | — | (58 | ) | ||||||||||
Class I | — | (15,213,771 | ) | — | (158,404 | ) | ||||||||||
Class R | — | (3,357,719 | ) | — | (129 | ) | ||||||||||
Class R6 | — | (402,103 | ) | — | (440,526 | ) | ||||||||||
Class W | — | (727,336 | ) | — | (153,869 | ) | ||||||||||
Total distributions | — | (44,761,035 | ) | — | (835,136 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 121,093,336 | 153,425,577 | 28,007,953 | 108,568,030 | ||||||||||||
Reinvestment of distributions | — | 41,046,526 | — | 822,278 | ||||||||||||
121,093,336 | 194,472,103 | 28,007,953 | 109,390,308 | |||||||||||||
Cost of shares redeemed | (92,100,179 | ) | (246,348,985 | ) | (38,399,143 | ) | (138,276,470 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 28,993,157 | (51,876,882 | ) | (10,391,190 | ) | (28,886,162 | ) | |||||||||
Net increase (decrease) in net assets | 102,225,042 | (89,436,361 | ) | 275,281 | (47,187,957 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year or period | 793,968,331 | 883,404,692 | 169,004,063 | 216,192,020 | ||||||||||||
End of year or period | $ | 896,193,373 | $ | 793,968,331 | $ | 169,279,344 | $ | 169,004,063 |
See Accompanying Notes to Financial Statements
5
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Corporate Leaders® 100 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 19.79 | 0.19• | 1.58 | 1.77 | — | — | — | — | — | 21.56 | 8.95 | 0.88 | 0.81 | 0.81 | 1.82 | 452,486 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 20.76 | 0.34• | (0.21 | ) | 0.13 | 0.33 | 0.77 | — | 1.10 | — | 19.79 | 0.83 | 0.92 | 0.81 | 0.81 | 1.70 | 418,159 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 22.56 | 0.29• | (0.31 | ) | (0.02 | ) | 0.28 | 1.50 | — | 1.78 | — | 20.76 | (0.68 | ) | 0.89 | 0.81 | 0.81 | 1.29 | 428,157 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.35 | 0.31• | 7.79 | 8.10 | 0.40 | 4.49 | — | 4.88 | — | 22.56 | 46.33 | 0.96 | 0.81 | 0.81 | 1.49 | 441,976 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 20.14 | 0.36• | 0.86 | 1.22 | 0.38 | 1.63 | — | 2.01 | — | 19.35 | 5.08 | 0.95 | 0.82 | 0.82 | 1.73 | 323,701 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 21.70 | 0.36• | (0.02 | ) | 0.34 | 0.37 | 1.53 | — | 1.90 | — | 20.14 | 1.99 | 0.92 | 0.81 | 0.81 | 1.68 | 329,079 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 19.66 | 0.13• | 1.56 | 1.69 | — | — | — | — | — | 21.35 | 8.60 | 1.63 | 1.32 | 1.32 | 1.29 | 43,066 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 20.61 | 0.23• | (0.20 | ) | 0.03 | 0.21 | 0.77 | — | 0.98 | — | 19.66 | 0.31 | 1.67 | 1.35 | 1.35 | 1.15 | 47,270 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 22.39 | 0.17• | (0.31 | ) | (0.14 | ) | 0.14 | 1.50 | — | 1.64 | — | 20.61 | (1.19 | ) | 1.64 | 1.34 | 1.34 | 0.75 | 63,022 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.21 | 0.19• | 7.73 | 7.92 | 0.25 | 4.49 | — | 4.74 | — | 22.39 | 45.54 | 1.71 | 1.38 | 1.38 | 0.92 | 78,110 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 20.01 | 0.24• | 0.86 | 1.10 | 0.27 | 1.63 | — | 1.90 | — | 19.21 | 4.51 | 1.70 | 1.36 | 1.36 | 1.17 | 77,642 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 21.54 | 0.24• | 0.00 | * | 0.24 | 0.24 | 1.53 | — | 1.77 | — | 20.01 | 1.48 | 1.67 | 1.35 | 1.35 | 1.11 | 99,290 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 19.83 | 0.23• | 1.57 | 1.80 | — | — | — | — | — | 21.63 | 9.08 | 0.61 | 0.49 | 0.49 | 2.17 | 307,300 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 20.80 | 0.40• | (0.20 | ) | 0.20 | 0.40 | 0.77 | — | 1.17 | — | 19.83 | 1.16 | 0.63 | 0.49 | 0.49 | 2.02 | 243,883 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 22.60 | 0.37• | (0.32 | ) | 0.05 | 0.35 | 1.50 | — | 1.85 | — | 20.80 | (0.37 | ) | 0.60 | 0.49 | 0.49 | 1.64 | 308,185 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.37 | 0.38• | 7.80 | 8.18 | 0.46 | 4.49 | — | 4.95 | — | 22.60 | 46.84 | 0.65 | 0.49 | 0.49 | 1.80 | 213,638 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 20.15 | 0.43• | 0.87 | 1.30 | 0.45 | 1.63 | — | 2.08 | — | 19.37 | 5.45 | 0.62 | 0.50 | 0.50 | 2.04 | 156,971 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 21.71 | 0.41• | (0.01 | ) | 0.40 | 0.43 | 1.53 | — | 1.96 | — | 20.15 | 2.29 | 0.59 | 0.49 | 0.49 | 1.92 | 191,916 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 19.59 | 0.16• | 1.56 | 1.72 | — | — | — | — | — | 21.31 | 8.78 | 1.13 | 1.07 | 1.07 | 1.56 | 73,351 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 20.57 | 0.28• | (0.21 | ) | 0.07 | 0.28 | 0.77 | — | 1.05 | — | 19.59 | 0.54 | 1.17 | 1.10 | 1.10 | 1.41 | 65,878 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 22.37 | 0.23• | (0.32 | ) | (0.09 | ) | 0.21 | 1.50 | — | 1.71 | — | 20.57 | (0.98 | ) | 1.14 | 1.09 | 1.09 | 1.02 | 62,865 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.21 | 0.24• | 7.73 | 7.97 | 0.32 | 4.49 | — | 4.81 | — | 22.37 | 45.93 | 1.21 | 1.13 | 1.13 | 1.17 | 63,791 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 20.01 | 0.30• | 0.85 | 1.15 | 0.32 | 1.63 | — | 1.95 | — | 19.21 | 4.77 | 1.20 | 1.11 | 1.11 | 1.43 | 50,071 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 21.55 | 0.29• | (0.01 | ) | 0.28 | 0.29 | 1.53 | — | 1.82 | — | 20.01 | 1.70 | 1.17 | 1.10 | 1.10 | 1.36 | 53,994 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 19.84 | 0.22• | 1.58 | 1.80 | — | — | — | — | — | 21.64 | 9.07 | 0.54 | 0.48 | 0.48 | 2.14 | 7,332 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 20.81 | 0.40• | (0.20 | ) | 0.20 | 0.40 | 0.77 | — | 1.17 | — | 19.84 | 1.16 | 0.56 | 0.48 | 0.48 | 2.03 | 7,112 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 22.61 | 0.36• | (0.31 | ) | 0.05 | 0.35 | 1.50 | — | 1.85 | — | 20.81 | (0.36 | ) | 0.54 | 0.48 | 0.48 | 1.58 | 7,323 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.38 | 0.38• | 7.81 | 8.19 | 0.47 | 4.49 | — | 4.95 | — | 22.61 | 46.83 | 0.56 | 0.48 | 0.48 | 1.82 | 13,764 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 20.16 | 0.43• | 0.88 | 1.31 | 0.46 | 1.63 | — | 2.09 | — | 19.38 | 5.47 | 0.58 | 0.49 | 0.49 | 2.04 | 11,195 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 21.71 | 0.42• | 0.00 | * | 0.42 | 0.44 | 1.53 | — | 1.97 | — | 20.16 | 2.35 | 0.55 | 0.48 | 0.48 | 1.96 | 18,207 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 19.92 | 0.22• | 1.58 | 1.80 | — | — | — | — | — | 21.72 | 9.04 | 0.63 | 0.56 | 0.56 | 2.07 | 12,658 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 20.89 | 0.39• | (0.21 | ) | 0.18 | 0.38 | 0.77 | — | 1.15 | — | 19.92 | 1.08 | 0.67 | 0.56 | 0.56 | 1.95 | 11,668 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 22.69 | 0.35• | (0.32 | ) | 0.03 | 0.33 | 1.50 | — | 1.83 | — | 20.89 | (0.44 | ) | 0.64 | 0.56 | 0.56 | 1.54 | 13,848 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 19.41 | 0.37• | 7.82 | 8.19 | 0.42 | 4.49 | — | 4.91 | — | 22.69 | 46.75 | 0.71 | 0.56 | 0.56 | 1.74 | 16,255 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 20.18 | 0.40• | 0.90 | 1.30 | 0.44 | 1.63 | — | 2.07 | — | 19.41 | 5.43 | 0.70 | 0.57 | 0.57 | 1.90 | 17,533 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 21.73 | 0.40• | (0.01 | ) | 0.39 | 0.41 | 1.53 | — | 1.94 | — | 20.18 | 2.24 | 0.67 | 0.56 | 0.56 | 1.88 | 78,983 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Small Company Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 9.51 | 0.04• | 0.58 | 0.62 | — | — | — | — | — | 10.13 | 6.52 | 1.18 | 1.18 | 1.18 | 0.84 | 29,108 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 10.11 | 0.04• | (0.61 | ) | (0.57 | ) | 0.03 | — | — | 0.03 | — | 9.51 | (5.69 | ) | 1.21 | 1.18 | 1.18 | 0.39 | 29,041 | 314 | ||||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 15.58 | (0.05)• | (1.62 | ) | (1.67 | ) | — | 3.80 | — | 3.80 | — | 10.11 | (12.61 | ) | 1.39 | 1.34 | 1.34 | (0.42 | ) | 34,940 | 111 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 9.86 | (0.05)• | 5.77 | 5.72 | — | — | — | — | — | 15.58 | 58.01 | 1.48 | 1.35 | 1.35 | (0.41 | ) | 44,179 | 143 |
See Accompanying Notes to Financial Statements
6
FINANCIAL HIGHLIGHTS (continued)
Income
(loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental
Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Voya Small Company Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 10.56 | (0.02 | ) | (0.67 | ) | (0.69 | ) | 0.01 | — | 0.00 | * | 0.01 | — | 9.86 | (6.49 | ) | 1.46 | 1.36 | 1.36 | (0.13 | ) | 35,156 | 135 | |||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 14.60 | 0.00 | * | (1.69 | ) | (1.69 | ) | 0.01 | 2.34 | — | 2.35 | — | 10.56 | (10.71 | ) | 1.40 | 1.35 | 1.35 | 0.00 | * | 49,154 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 5.84 | 0.00 | *• | 0.36 | 0.36 | — | — | — | — | — | 6.20 | 6.16 | 1.93 | 1.93 | 1.93 | 0.08 | 1,294 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 6.23 | (0.02 | )• | (0.37 | ) | (0.39 | ) | — | — | — | — | — | 5.84 | (6.26 | ) | 1.96 | 1.93 | 1.93 | (0.38 | ) | 1,378 | 314 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 11.22 | (0.11 | )• | (1.08 | ) | (1.19 | ) | — | 3.80 | — | 3.80 | — | 6.23 | (13.39 | ) | 2.14 | 2.09 | 2.09 | (1.19 | ) | 2,144 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 7.15 | (0.10 | )• | 4.17 | 4.07 | — | — | — | — | — | 11.22 | 56.92 | 2.23 | 2.10 | 2.10 | (1.16 | ) | 4,353 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 7.71 | (0.07 | )• | (0.48 | ) | (0.55 | ) | 0.01 | — | 0.00 | * | 0.01 | — | 7.15 | (7.14 | ) | 2.21 | 2.11 | 2.11 | (0.87 | ) | 3,590 | 135 | |||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 11.50 | (0.08 | ) | (1.36 | ) | (1.44 | ) | 0.01 | 2.34 | — | 2.35 | — | 7.71 | (11.52 | ) | 2.15 | 2.10 | 2.10 | (0.76 | ) | 7,105 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 12.73 | 0.08 | • | 0.77 | 0.85 | — | — | — | — | — | 13.58 | 6.68 | 0.88 | 0.87 | 0.87 | 1.15 | 39,593 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.51 | 0.08 | • | (0.81 | ) | (0.73 | ) | 0.05 | — | — | 0.05 | — | 12.73 | (5.37 | ) | 0.94 | 0.87 | 0.87 | 0.65 | 35,491 | 314 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 19.42 | (0.02 | )• | (2.09 | ) | (2.11 | ) | — | 3.80 | — | 3.80 | — | 13.51 | (12.36 | ) | 1.04 | 1.03 | 1.03 | (0.14 | ) | 88,522 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 12.27 | (0.02 | )• | 7.19 | 7.17 | — | 0.02 | — | 0.02 | — | 19.42 | 58.49 | 1.24 | 1.04 | 1.04 | (0.10 | ) | 235,238 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 13.12 | 0.03 | (0.83 | ) | (0.80 | ) | 0.05 | — | 0.00 | * | 0.05 | — | 12.27 | (6.16 | ) | 1.23 | 1.05 | 1.05 | 0.19 | 224,718 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 17.45 | 0.05 | (2.01 | ) | (1.96 | ) | 0.03 | 2.34 | — | 2.37 | — | 13.12 | (10.46 | ) | 1.17 | 1.04 | 1.04 | 0.28 | 319,622 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 9.47 | 0.03 | • | 0.58 | 0.61 | — | — | — | — | — | 10.08 | 6.44 | 1.43 | 1.43 | 1.43 | 0.56 | 89 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 10.08 | 0.02 | • | (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 | )• | (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 | )• | 5.77 | 5.69 | — | — | — | — | — | 15.58 | 57.53 | 1.73 | 1.60 | 1.60 | (0.67 | ) | 70 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 10.55 | (0.04 | )• | (0.57 | ) | (0.61 | ) | 0.05 | — | 0.00 | * | 0.05 | — | 9.89 | (5.80 | ) | 1.71 | 1.61 | 1.61 | (0.39 | ) | 39 | 135 | |||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 14.51 | 0.00 | * | (1.61 | ) | (1.61 | ) | 0.01 | 2.34 | — | 2.35 | — | 10.55 | (10.15 | ) | 1.65 | 1.60 | 1.60 | (0.07 | ) | 92 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 12.77 | 0.08 | • | 0.78 | 0.86 | — | — | — | — | — | 13.63 | 6.74 | 0.83 | 0.83 | 0.83 | 1.19 | 85,007 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.56 | 0.10 | • | (0.83 | ) | (0.73 | ) | 0.06 | — | — | 0.06 | — | 12.77 | (5.38 | ) | 0.85 | 0.85 | 0.85 | 0.78 | 84,357 | 314 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 19.47 | (0.02 | )• | (2.09 | ) | (2.11 | ) | — | 3.80 | — | 3.80 | — | 13.56 | (12.32 | ) | 1.03 | 1.00 | 1.00 | (0.09 | ) | 41,310 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 12.30 | (0.01 | )• | 7.20 | 7.19 | — | 0.02 | — | 0.02 | — | 19.47 | 58.52 | 1.05 | 1.03 | 1.03 | (0.09 | ) | 108,522 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 13.13 | 0.04 | (0.84 | ) | (0.80 | ) | 0.03 | — | 0.00 | * | 0.03 | — | 12.30 | (6.11 | ) | 1.04 | 1.02 | 1.02 | 0.21 | 69,755 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 17.47 | 0.07 | (2.02 | ) | (1.95 | ) | 0.05 | 2.34 | — | 2.39 | — | 13.13 | (10.40 | ) | 0.98 | 0.96 | 0.96 | 0.40 | 109,363 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 12.71 | 0.08 | • | 0.76 | 0.84 | — | — | — | — | — | 13.55 | 6.61 | 0.93 | 0.93 | 0.93 | 1.12 | 14,188 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 13.49 | 0.08 | • | (0.81 | ) | (0.73 | ) | 0.05 | — | — | 0.05 | — | 12.71 | (5.41 | ) | 0.96 | 0.93 | 0.93 | 0.62 | 18,641 | 314 | |||||||||||||||||||||||||||||||||||||||||||||||
05-31-22 | 19.41 | (0.03 | )• | (2.09 | ) | (2.12 | ) | — | 3.80 | — | 3.80 | — | 13.49 | (12.43 | ) | 1.14 | 1.09 | 1.09 | (0.17 | ) | 49,206 | 111 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-21 | 12.27 | (0.02 | )• | 7.18 | 7.16 | — | 0.02 | — | 0.02 | — | 19.41 | 58.36 | 1.23 | 1.10 | 1.10 | (0.14 | ) | 67,110 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
05-31-20 | 13.09 | 0.07 | • | (0.88 | ) | (0.81 | ) | 0.01 | — | 0.00 | * | 0.01 | — | 12.27 | (6.19 | ) | 1.21 | 1.11 | 1.11 | 0.61 | 66,879 | 135 | ||||||||||||||||||||||||||||||||||||||||||||||
05-31-19 | 17.39 | 0.03 | • | (1.98 | ) | (1.95 | ) | 0.01 | 2.34 | — | 2.35 | — | 13.09 | (10.47 | ) | 1.15 | 1.10 | 1.10 | 0.20 | 1,445 | 111 |
(1) | 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. |
(2) | Annualized for periods less than one year. |
(3) | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
See Accompanying Notes to Financial Statements
7
FINANCIAL HIGHLIGHTS (continued)
+ | Unaudited. |
• | Calculated using average number of shares outstanding throughout the year or period. |
* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
See Accompanying Notes to Financial Statements
8
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Equity Trust (the “Trust”) is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of eleven separate active investment series. This report is for: Voya Corporate Leaders® 100 Fund (“Corporate Leaders® 100”) and Voya Small Company Fund (“Small Company”) (each, a “Fund” and collectively, the “Funds”).
Each Fund offers at least five or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution, and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investments has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Funds. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Funds.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment
company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of 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 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.
9
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Fund.
The Funds’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.
Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).
Level 3 — unobservable inputs (including the fund’s own assumptions in determining fair value).
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
A table summarizing each Fund’s investments under these levels of classification is included within the Portfolio of Investments.
Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund’s investments under these levels of classification is included within each Portfolios of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
(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
10
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on each Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D. Risk Exposures and the Use of Derivative Instruments. The Funds’ investment strategies permit them to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, a Fund may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could
be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Fund through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.
11
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Further, recent and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. The Funds’ use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”), with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
E. Foreign Currency Transactions and Futures Contracts. For the purposes of hedging only, each Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Funds may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Funds’ assets are valued.
Upon entering into a futures contract, the Funds are required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following each Fund’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Funds’ Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Funds’ Statements of Operations. Realized gains (losses) are reported in the Funds’ Statements of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended November 30, 2023, Corporate Leaders® 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
12
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Fund’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Funds are unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Funds’ securities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the period ended November 30, 2023, Corporate Leaders® 100 had an average notional amount on futures contracts purchased of $7,877,758. Please refer to the table within the Portfolio of Investments for open futures contracts for Corporate Leaders® 100 at November 30, 2023.
F. Distributions to Shareholders. The Funds record distributions to their shareholders on the ex-dividend date. The Funds declare and pay dividends, if any, annually. Each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
G. Federal Income Taxes. It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain for income tax purposes.
H. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
I. Securities Lending. Each Fund has the option to temporarily loan securities representing up to 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds’ other risks.
J. Restricted Securities. Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
13
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
K. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended November 30, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:
Purchases | Sales | |||||||
Corporate Leaders® 100 | $ | 124,332,006 | $ | 88,738,325 | ||||
Small Company | 185,109,242 | 194,718,782 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Funds have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:
Fund | As
a Percentage of Average Daily Net Assets | |
Corporate Leaders®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:
Class A | Class C | Class R | ||||||||||
Corporate Leaders® 100 | 0.25 | % | 1.00 | %(1) | 0.50 | % | ||||||
Small Company | 0.25 | % | 1.00 | % | 0.50 | % |
(1) | The Distributor has agreed to waive 0.25% of the Distribution Fee. Termination or modification of this contractual waiver requires approval by the Board. |
The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2023, the Distributor retained the following amounts in sales charges:
Class A | Class C | |||||||
Initial Sales Charges: | ||||||||
Corporate Leaders® 100 | $ | 11,872 | $ | — | ||||
Small Company | 331 | — | ||||||
Contingent Deferred Sales Charges: | ||||||||
Corporate Leaders® 100 | $ | — | $ | 1,015 | ||||
Small Company | 5 | 3 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2023, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:
Subsidiary/Affiliated Investment Company |
Fund | Percentage | ||
Voya Institutional Trust Company | Corporate | |||
Leaders® 100 | 13.65% |
14
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
Voya Solution 2035 Portfolio | Small Company | 5.94 |
Voya Solution 2045 Portfolio | Small Company | 5.78 |
Voya Solution Moderately Aggressive Portfolio | Small Company | 7.22 |
The Investment Adviser may direct the Funds’ Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Funds’ equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amount credited to the Funds are reflected as brokerage commission recapture on the accompanying Statements of Operations.
The Funds have adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statements of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2023, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:
Fund | Amount | |||
Corporate Leaders® 100 | $58,626 | |||
Small Company | 4,274 |
NOTE 7 — LICENSING FEE
Corporate Leaders® 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 A | Class C | Class I | Class R | Class R6 | Class W | ||||||
Corporate Leaders® 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, 2024, the Investment Adviser has further lowered the expense limits for certain share classes of shares of Corporate Leaders® 100. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that the side letter agreement will continue. Termination or modification of these obligations requires approval by the Board.
Fund | Class A | Class C | Class I | Class R | Class R6 | Class W | ||||||
Corporate Leaders® 100 | 0.81% | 1.45% | 0.49% | 1.15% | 0.48% | 0.56% |
Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.
As of November 30, 2023, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:
November 30, | ||||||||||||||||
2024 | 2025 | 2026 | Total | |||||||||||||
Corporate Leaders® 100 | $ | 453,850 | $ | 551,480 | $ | 527,830 | $ | 1,533,160 | ||||||||
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 November 30, 2023, are as follows:
15
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)
November 30, | ||||||||||||||||
2024 | 2025 | 2026 | Total | |||||||||||||
Corporate Leaders® 100 | ||||||||||||||||
Class A | $ | 181,139 | $ | 130,803 | $ | 107,075 | $ | 419,017 | ||||||||
Class I | 138,134 | 181,125 | 163,406 | 482,665 | ||||||||||||
Class R6 | 235 | 435 | 479 | 1,149 | ||||||||||||
Class W | 6,926 | 4,250 | 3,068 | 14,244 | ||||||||||||
Small Company | ||||||||||||||||
Class A | $ | — | $ | 8,739 | $ | 1,137 | $ | 9,876 | ||||||||
Class C | — | 494 | 74 | 568 | ||||||||||||
Class I | — | 32,502 | 8,059 | 40,561 | ||||||||||||
Class R | — | 20 | 11 | 31 | ||||||||||||
Class W | — | 11,123 | 1,563 | 12,686 |
The Expense Limitation Agreement is contractual through October 1, 2024 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective June 12, 2023, 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 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The below Funds utilized the line of credit during the period ended November 30, 2023, as follows:
Approximate | ||||||||||
Approximate | Weighted | |||||||||
Average | Average | |||||||||
Daily Balance | Interest Rate | |||||||||
Days | For Days | For Days | ||||||||
Fund | Utilized | Utilized | Utilized | |||||||
Small Company | 3 | $ | 5,453,667 | 6.32% |
16
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 10 — CAPITAL SHARES
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net
increase (decrease) | ||||||||||||||
Year
or period ended | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
Corporate Leaders® 100 | |||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||
11/30/2023 | 951,841 | — | — | (1,088,007 | ) | — | (136,166 | ) | 19,707,660 | — | — | (22,662,132 | ) | — | (2,954,472 | ) | |||||||||
5/31/2023 | 1,720,235 | — | 1,054,672 | (2,270,994 | ) | — | 503,913 | 34,199,223 | — | 20,207,513 | (44,824,778 | ) | — | 9,581,958 | |||||||||||
Class C | |||||||||||||||||||||||||
11/30/2023 | 151,208 | — | — | (539,205 | ) | — | (387,997 | ) | 3,149,212 | — | — | (11,085,595 | ) | — | (7,936,383 | ) | |||||||||
5/31/2023 | 252,202 | — | 133,988 | (1,039,657 | ) | — | (653,467 | ) | 4,921,676 | — | 2,555,152 | (20,506,883 | ) | — | (13,030,055 | ) | |||||||||
Class I | |||||||||||||||||||||||||
11/30/2023 | 4,324,635 | — | — | (2,416,992 | ) | — | 1,907,643 | 88,760,233 | — | — | (50,187,453 | ) | — | 38,572,780 | |||||||||||
5/31/2023 | 5,054,267 | — | 724,541 | (8,295,502 | ) | — | (2,516,694 | ) | 98,504,552 | — | 13,882,201 | (165,388,745 | ) | — | (53,001,992 | ) | |||||||||
Class R | |||||||||||||||||||||||||
11/30/2023 | 350,834 | — | — | (271,166 | ) | — | 79,668 | 7,302,427 | — | — | (5,540,536 | ) | — | 1,761,891 | |||||||||||
5/31/2023 | 592,378 | — | 176,641 | (462,723 | ) | — | 306,296 | 11,763,945 | — | 3,354,404 | (9,060,402 | ) | — | 6,057,947 | |||||||||||
Class R6 | |||||||||||||||||||||||||
11/30/2023 | 21,416 | — | — | (41,085 | ) | — | (19,669 | ) | 451,115 | — | — | (871,696 | ) | — | (420,581 | ) | |||||||||
5/31/2023 | 64,205 | — | 16,825 | (74,495 | ) | — | 6,535 | 1,261,228 | — | 322,545 | (1,469,238 | ) | — | 114,535 | |||||||||||
Class W | |||||||||||||||||||||||||
11/30/2023 | 81,890 | — | — | (84,904 | ) | — | (3,014 | ) | 1,722,689 | — | — | (1,752,767 | ) | — | (30,078 | ) | |||||||||
5/31/2023 | 139,084 | — | 37,647 | (253,932 | ) | — | (77,201 | ) | 2,774,953 | — | 724,711 | (5,094,294 | ) | — | (1,594,630 | ) | |||||||||
Small Company | |||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||
11/30/2023 | 32,783 | — | — | (213,314 | ) | — | (180,531 | ) | 334,271 | — | — | (2,154,511 | ) | — | (1,820,240 | ) | |||||||||
5/31/2023 | 137,053 | — | 8,252 | (548,132 | ) | — | (402,827 | ) | 1,367,732 | — | 78,724 | (5,349,476 | ) | — | (3,903,020 | ) | |||||||||
Class C | |||||||||||||||||||||||||
11/30/2023 | 1,786 | — | — | (29,070 | ) | — | (27,284 | ) | 11,028 | — | — | (181,186 | ) | — | (170,158 | ) | |||||||||
5/31/2023 | 7,204 | — | 10 | (115,010 | ) | — | (107,796 | ) | 42,852 | — | 58 | (681,272 | ) | — | (638,362 | ) | |||||||||
Class I | |||||||||||||||||||||||||
11/30/2023 | 442,131 | — | — | (315,014 | ) | — | 127,117 | 5,988,806 | — | — | (4,273,241 | ) | — | 1,715,565 | |||||||||||
5/31/2023 | 562,366 | — | 12,311 | (4,339,993 | ) | — | (3,765,316 | ) | 7,341,132 | — | 156,844 | (52,317,979 | ) | — | (44,820,003 | ) | |||||||||
Class R | |||||||||||||||||||||||||
11/30/2023 | 2,011 | — | — | (3,255 | ) | — | (1,244 | ) | 20,486 | — | — | (33,907 | ) | — | (13,421 | ) | |||||||||
5/31/2023 | 3,142 | — | 14 | (87 | ) | — | 3,069 | 30,594 | — | 129 | (830 | ) | — | 29,893 | |||||||||||
Class R6 | |||||||||||||||||||||||||
11/30/2023 | 611,052 | — | — | (978,857 | ) | — | (367,805 | ) | 8,326,431 | — | — | (13,222,906 | ) | — | (4,896,475 | ) | |||||||||
5/31/2023 | 7,091,089 | — | 33,828 | (3,568,245 | ) | — | 3,556,672 | 96,835,117 | — | 432,654 | (48,278,467 | ) | — | 48,989,304 | |||||||||||
Class W | |||||||||||||||||||||||||
11/30/2023 | 983,226 | — | — | (1,403,190 | ) | — | (419,964 | ) | 13,326,931 | — | — | (18,533,392 | ) | — | (5,206,461 | ) | |||||||||
5/31/2023 | 234,756 | — | 12,087 | (2,426,533 | ) | — | (2,179,690 | ) | 2,950,603 | — | 153,869 | (31,648,446 | ) | — | (28,543,974 | ) |
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
17
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 11 — SECURITIES LENDING (continued)
certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.
The following table represents a summary of the Fund’s securities lending agreements by counterparty which are
subject to offset under the Agreement as of November 30, 2023:
Small Company
Counterparty | Securities
Loaned at Value | Cash
Collateral Received(1) | Net
Amount | |||||||||
Goldman Sachs & Co. LLC | $ | 18,999 | $ | (18,999 | ) | $ | — | |||||
Janney Montgomery Scott LLC | 119,223 | (119,223 | ) | — | ||||||||
Morgan Stanley & Co. LLC | 1,197,734 | (1,197,734 | ) | — | ||||||||
Total | $ | 1,335,956 | $ | (1,335,956 | ) | $ | — |
(1) | Cash collateral with a fair value of $1,373,411 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals and distributions in connection with redemption of fund shares (equalization).
Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
Year
Ended May 31, 2023 | Year
Ended May 31, 2022 | |||||||||||||||
Ordinary
Income | Long-term
Capital Gains | Ordinary
Income | Long-term
Capital Gains | |||||||||||||
Corporate Leaders® 100 | $ | 14,543,155 | $ | 30,217,880 | $ | 42,551,882 | $ | 24,855,099 | ||||||||
Small Company | 835,136 | — | 66,813,102 | — | ||||||||||||
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of May 31, 2023 were:
Undistributed Ordinary | Undistributed Long-term | Unrealized Appreciation/ | Capital Loss Carryforwards | Total Distributable | ||||||||||||||||||||||
Income | Capital Gains | (Depreciation) | Amount | Character | Expiration | Earnings/(Loss) | ||||||||||||||||||||
Corporate Leaders® 100 | $ | 6,337,707 | $ | 6,760,109 | $ | 271,598,364 | $ | — | Short-Term | None | $ | 284,696,180 | ||||||||||||||
Small Company | 376,949 | — | (27,490,536 | ) | (4,085,646 | ) | Short-term | None | (38,153,170 | ) | ||||||||||||||||
(6,953,937 | ) | Long-term | None | |||||||||||||||||||||||
$ | (11,039,583 | ) |
The Funds’ major tax jurisdictions are U.S. federal and Arizona state.
18
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 12 — FEDERAL INCOME TAXES (continued)
As of November 30, 2023 no provision for income tax is required in the Funds’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 14 — MARKET DISRUPTION
A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets,
conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short-or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently 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 non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Funds. Any of these occurrences could disrupt the operations of a Fund and of the Funds’ service providers.
NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities
19
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)
Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for
fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Funds’ financial statements.
NOTE 16 — SUBSEQUENT EVENTS
Dividends: Subsequent to November 30, 2023, the Funds declared and paid dividends and distributions of:
Type | Per Share Amount | Payable
Date |
Record
Date | ||||
Corporate Leaders® 100 | |||||||
Class A | NII | $0.3337 | December 13, 2023 | December 11, 2023 | |||
Class C | NII | $0.1912 | December 13, 2023 | December 11, 2023 | |||
Class I | NII | $0.3980 | December 13, 2023 | December 11, 2023 | |||
Class R | NII | $0.2779 | December 13, 2023 | December 11, 2023 | |||
Class R6 | NII | $0.3962 | December 13, 2023 | December 11, 2023 | |||
Class W | NII | $0.3849 | December 13, 2023 | December 11, 2023 | |||
All Classes | STCG | $0.1862 | December 13, 2023 | December 11, 2023 | |||
All Classes | LTCG | $0.4233 | December 13, 2023 | December 11, 2023 | |||
All Classes | NII | $0.0034 | December 29, 2023 | December 27, 2023 | |||
Small Company | |||||||
Class A | NII | $0.0270 | December 13, 2023 | December 11, 2023 | |||
Class C | NII | $0.0000 | December 13, 2023 | December 11, 2023 | |||
Class I | NII | $0.0642 | December 13, 2023 | December 11, 2023 | |||
Class R | NII | $0.0000 | December 13, 2023 | December 11, 2023 | |||
Class R6 | NII | $0.0629 | December 13, 2023 | December 11, 2023 | |||
Class W | NII | $0.0384 | December 13, 2023 | December 11, 2023 |
NII – Net investment income
STCG – Short-term capital gain
LTCG – Long-term capital gain
The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
20
Voya Corporate Leaders® 100 Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: 99.1% | |||||||||||
Communication Services: 9.1% | |||||||||||
63,232 (1) | Alphabet, Inc. - Class C | $ | 8,468,030 | 0.9 | |||||||
560,832 | AT&T, Inc. | 9,292,986 | 1.0 | ||||||||
18,939 (1) | Charter Communications, Inc. - Class A | 7,578,062 | 0.9 | ||||||||
187,652 | Comcast Corp. - Class A | 7,860,742 | 0.9 | ||||||||
27,695 (1) | Meta Platforms, Inc. - Class A | 9,060,419 | 1.0 | ||||||||
22,368 (1) | Netflix, Inc. | 10,601,761 | 1.2 | ||||||||
60,258 | T-Mobile US, Inc. | 9,065,816 | 1.0 | ||||||||
258,620 | Verizon Communications, Inc. | 9,912,905 | 1.1 | ||||||||
105,056 (1) | Walt Disney Co. | 9,737,641 | 1.1 | ||||||||
81,578,362 | 9.1 | ||||||||||
Consumer Discretionary: 10.8% | |||||||||||
66,821 (1) | Amazon.com, Inc. | 9,761,880 | 1.1 | ||||||||
2,712 (1) | Booking Holdings, Inc. | 8,476,898 | 0.9 | ||||||||
670,229 | Ford Motor Co. | 6,876,550 | 0.8 | ||||||||
253,862 | General Motors Co. | 8,022,039 | 0.9 | ||||||||
27,738 | Home Depot, Inc. | 8,695,586 | 1.0 | ||||||||
40,514 | Lowe’s Cos., Inc. | 8,055,399 | 0.9 | ||||||||
31,696 | McDonald’s Corp. | 8,933,201 | 1.0 | ||||||||
93,920 | NIKE, Inc. - Class B | 10,356,558 | 1.2 | ||||||||
92,426 | Starbucks Corp. | 9,177,902 | 1.0 | ||||||||
76,836 | Target Corp. | 10,281,425 | 1.1 | ||||||||
34,167 (1) | Tesla, Inc. | 8,202,813 | 0.9 | ||||||||
96,840,251 | 10.8 | ||||||||||
Consumer Staples: 9.6% | |||||||||||
199,764 | Altria Group, Inc. | 8,398,079 | 0.9 | ||||||||
150,835 | Coca-Cola Co. | 8,814,797 | 1.0 | ||||||||
118,049 | Colgate-Palmolive Co. | 9,298,720 | 1.0 | ||||||||
14,804 | Costco Wholesale Corp. | 8,774,923 | 1.0 | ||||||||
249,425 | Kraft Heinz Co. | 8,757,312 | 1.0 | ||||||||
121,316 | Mondelez International, Inc. - Class A | 8,620,715 | 1.0 | ||||||||
49,665 | PepsiCo, Inc. | 8,358,123 | 0.9 | ||||||||
90,468 | Philip Morris International, Inc. | 8,446,092 | 0.9 | ||||||||
57,524 | Procter & Gamble Co. | 8,831,084 | 1.0 | ||||||||
51,791 | Walmart, Inc. | 8,063,341 | 0.9 | ||||||||
86,363,186 | 9.6 | ||||||||||
Energy: 2.5% | |||||||||||
49,347 | Chevron Corp. | 7,086,229 | 0.8 | ||||||||
68,596 | ConocoPhillips | 7,927,640 | 0.9 | ||||||||
70,461 | Exxon Mobil Corp. | 7,239,163 | 0.8 | ||||||||
22,253,032 | 2.5 | ||||||||||
Financials: 15.4% | |||||||||||
56,034 | American Express Co. | 9,568,926 | 1.1 | ||||||||
137,371 | American International Group, Inc. | 9,040,385 | 1.0 | ||||||||
305,446 | Bank of America Corp. | 9,313,049 | 1.0 | ||||||||
197,236 | Bank of New York Mellon Corp. | 9,530,444 | 1.1 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Financials: (continued) | |||||||||||
23,576 (1) | Berkshire Hathaway, Inc. - Class B | $ | 8,487,360 | 0.9 | |||||||
13,047 | BlackRock, Inc. | 9,801,298 | 1.1 | ||||||||
86,775 | Capital One Financial Corp. | 9,689,296 | 1.1 | ||||||||
154,319 | Charles Schwab Corp. | 9,462,841 | 1.1 | ||||||||
204,322 | Citigroup, Inc. | 9,419,244 | 1.1 | ||||||||
25,886 | Goldman Sachs Group, Inc. | 8,841,104 | 1.0 | ||||||||
57,037 | JPMorgan Chase & Co. | 8,902,335 | 1.0 | ||||||||
133,833 | MetLife, Inc. | 8,515,794 | 0.9 | ||||||||
102,423 | Morgan Stanley | 8,126,241 | 0.9 | ||||||||
259,257 | US Bancorp | 9,882,877 | 1.1 | ||||||||
205,771 | Wells Fargo & Co. | 9,175,329 | 1.0 | ||||||||
137,756,523 | 15.4 | ||||||||||
Health Care: 13.0% | |||||||||||
85,794 | Abbott Laboratories | 8,947,456 | 1.0 | ||||||||
55,292 | AbbVie, Inc. | 7,873,028 | 0.9 | ||||||||
31,083 | Amgen, Inc. | 8,381,220 | 0.9 | ||||||||
144,790 | Bristol-Myers Squibb Co. | 7,149,730 | 0.8 | ||||||||
120,207 | CVS Health Corp. | 8,168,066 | 0.9 | ||||||||
34,055 | Danaher Corp. | 7,604,822 | 0.9 | ||||||||
15,462 | Eli Lilly & Co. | 9,138,660 | 1.0 | ||||||||
111,616 | Gilead Sciences, Inc. | 8,549,786 | 1.0 | ||||||||
53,660 | Johnson & Johnson | 8,299,056 | 0.9 | ||||||||
106,977 | Medtronic PLC | 8,480,067 | 1.0 | ||||||||
80,710 | Merck & Co., Inc. | 8,271,161 | 0.9 | ||||||||
262,328 | Pfizer, Inc. | 7,993,134 | 0.9 | ||||||||
16,737 | Thermo Fisher Scientific, Inc. | 8,297,535 | 0.9 | ||||||||
16,504 | UnitedHealth Group, Inc. | 9,126,217 | 1.0 | ||||||||
116,279,938 | 13.0 | ||||||||||
Industrials: 12.7% | |||||||||||
90,265 | 3M Co. | 8,942,554 | 1.0 | ||||||||
44,205 (1) | Boeing Co. | 10,239,204 | 1.1 | ||||||||
30,474 | Caterpillar, Inc. | 7,640,441 | 0.9 | ||||||||
21,880 | Deere & Co. | 7,973,291 | 0.9 | ||||||||
86,775 | Emerson Electric Co. | 7,714,297 | 0.9 | ||||||||
31,594 | FedEx Corp. | 8,177,475 | 0.9 | ||||||||
37,853 | General Dynamics Corp. | 9,348,555 | 1.0 | ||||||||
74,933 | General Electric Co. | 9,126,839 | 1.0 | ||||||||
44,990 | Honeywell International, Inc. | 8,814,441 | 1.0 | ||||||||
20,484 | Lockheed Martin Corp. | 9,172,121 | 1.0 | ||||||||
116,918 | Raytheon Technologies Corp. | 9,526,479 | 1.1 | ||||||||
41,244 | Union Pacific Corp. | 9,291,036 | 1.0 | ||||||||
54,136 | United Parcel Service, Inc. - Class B | 8,207,559 | 0.9 | ||||||||
114,174,292 | 12.7 | ||||||||||
Information Technology: 17.8% | |||||||||||
27,988 | Accenture PLC - Class A | 9,323,922 | 1.0 |
See Accompanying Notes to Financial Statements
21
Voya Corporate Leaders® 100 Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Information Technology: (continued) | |||||||||||
16,680 (1) | Adobe, Inc. | $ | 10,191,647 | 1.1 | |||||||
81,919 (1) | Advanced Micro Devices, Inc. | 9,925,306 | 1.1 | ||||||||
49,318 | Apple, Inc. | 9,367,954 | 1.1 | ||||||||
10,117 | Broadcom, Inc. | 9,365,610 | 1.1 | ||||||||
156,236 | Cisco Systems, Inc. | 7,558,698 | 0.9 | ||||||||
239,286 | Intel Corp. | 10,696,084 | 1.2 | ||||||||
59,458 | International Business Machines Corp. | 9,427,661 | 1.1 | ||||||||
21,074 | Mastercard, Inc. - Class A | 8,721,053 | 1.0 | ||||||||
26,840 | Microsoft Corp. | 10,169,944 | 1.1 | ||||||||
19,536 | NVIDIA Corp. | 9,136,987 | 1.0 | ||||||||
79,305 | Oracle Corp. | 9,216,034 | 1.0 | ||||||||
144,690 (1) | PayPal Holdings, Inc. | 8,335,591 | 0.9 | ||||||||
75,771 | Qualcomm, Inc. | 9,778,248 | 1.1 | ||||||||
41,428 (1) | Salesforce, Inc. | 10,435,713 | 1.2 | ||||||||
52,914 | Texas Instruments, Inc. | 8,080,497 | 0.9 | ||||||||
36,338 | Visa, Inc. - Class A | 9,327,238 | 1.0 | ||||||||
159,058,187 | 17.8 | ||||||||||
Materials: 2.0% | |||||||||||
165,288 | Dow, Inc. | 8,553,654 | 1.0 | ||||||||
22,539 | Linde PLC | 9,325,962 | 1.0 | ||||||||
17,879,616 | 2.0 | ||||||||||
Real Estate: 2.3% | |||||||||||
51,861 | American Tower Corp. | 10,827,540 | 1.2 | ||||||||
77,351 | Simon Property Group, Inc. | 9,660,366 | 1.1 | ||||||||
20,487,906 | 2.3 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Utilities: 3.9% | |||||||||||
94,926 | Duke Energy Corp. | $ | 8,759,771 | 1.0 | |||||||
222,230 | Exelon Corp. | 8,558,077 | 0.9 | ||||||||
147,479 | NextEra Energy, Inc. | 8,628,996 | 1.0 | ||||||||
129,370 | Southern Co. | 9,182,683 | 1.0 | ||||||||
35,129,527 | 3.9 | ||||||||||
Total Common Stock (Cost $542,537,197) | 887,800,820 | 99.1 | |||||||||
Shares | Value | Percentage
of Net Assets | |||||||||
SHORT-TERM INVESTMENTS: 0.7% | |||||||||||
Mutual Funds: 0.7% | |||||||||||
6,680,000 (2) | Morgan Stanley Institutional
Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% (Cost $6,680,000) | $ | 6,680,000 | 0.7 | |||||||
Total Short-Term Investments (Cost $6,680,000) | 6,680,000 | 0.7 | |||||||||
Total Investments in Securities | |||||||||||
(Cost $549,217,197) | $ | 894,480,820 | 99.8 | ||||||||
Assets in Excess of Other Liabilities | 1,712,553 | 0.2 | |||||||||
Net Assets | $ | 896,193,373 | 100.0 |
(1) | Non-income producing security. |
(2) | Rate shown is the 7-day yield as of November 30, 2023. |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 887,800,820 | $ | — | $ | — | $ | 887,800,820 | ||||||||
Short-Term Investments | 6,680,000 | — | — | 6,680,000 | ||||||||||||
Total Investments, at fair value | $ | 894,480,820 | $ | — | $ | — | $ | 894,480,820 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Futures | 318,742 | — | — | 318,742 | ||||||||||||
Total Assets | $ | 894,799,562 | $ | — | $ | — | $ | 894,799,562 |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | 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. |
* | For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments. |
See Accompanying Notes to Financial Statements
22
Voya Corporate Leaders® 100 Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
At November 30, 2023, the following futures contracts were outstanding for Voya Corporate Leaders® 100 Fund:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation | ||||||||||
Long Contracts: | ||||||||||||||
S&P 500 E-Mini | 30 | 12/15/23 | $ | 6,865,125 | $ | 318,742 | ||||||||
$ | 6,865,125 | $ | 318,742 |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended November 30, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (95,594 | ) | |
Total | $ | (95,594 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Futures | |||
Equity contracts | $ | (31,179 | ) | |
Total | $ | (31,179 | ) |
At November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $578,732,978. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 353,801,551 | ||
Gross Unrealized Depreciation | (37,734,967 | ) | ||
Net Unrealized Appreciation | $ | 316,066,584 |
See Accompanying Notes to Financial Statements
23
Voya Small Company Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: 99.4% | |||||||||||
Communication Services: 2.5% | |||||||||||
274,904 (1) | Globalstar, Inc. | $ | 437,097 | 0.3 | |||||||
87,257 (1) | Magnite, Inc. | 705,037 | 0.4 | ||||||||
62,927 (1) | Playtika Holding Corp. | 546,836 | 0.3 | ||||||||
276,093 (1) | Vimeo, Inc. | 971,847 | 0.6 | ||||||||
6,725 (1) | Ziff Davis, Inc. | 429,190 | 0.3 | ||||||||
80,128 (1) | ZipRecruiter, Inc. - Class A | 1,074,516 | 0.6 | ||||||||
4,164,523 | 2.5 | ||||||||||
Consumer Discretionary: 8.1% | |||||||||||
25,598 | Acushnet Holdings Corp. | 1,446,287 | 0.9 | ||||||||
81,959 | Arko Corp. | 613,053 | 0.4 | ||||||||
44,015 | Gentex Corp. | 1,338,496 | 0.8 | ||||||||
219,854 (1) | GrowGeneration Corp. | 584,812 | 0.3 | ||||||||
39,456 | International Game Technology PLC | 1,054,659 | 0.6 | ||||||||
21,045 | KB Home | 1,096,444 | 0.7 | ||||||||
66,342 (1) | Lindblad Expeditions Holdings, Inc. | 520,785 | 0.3 | ||||||||
15,433 | MDC Holdings, Inc. | 683,065 | 0.4 | ||||||||
268,315 (1) | Peloton Interactive, Inc. - Class A | 1,518,663 | 0.9 | ||||||||
20,300 | Red Rock Resorts, Inc. - Class A | 903,959 | 0.5 | ||||||||
43,069 | Steven Madden Ltd. | 1,633,176 | 1.0 | ||||||||
52,184 (1) | Tri Pointe Homes, Inc. | 1,522,729 | 0.9 | ||||||||
49,852 (1) | Udemy, Inc. | 741,798 | 0.4 | ||||||||
13,657,926 | 8.1 | ||||||||||
Consumer Staples: 2.2% | |||||||||||
13,280 (1) | BellRing Brands, Inc. | 702,512 | 0.4 | ||||||||
70,418 | Dole PLC | 810,511 | 0.5 | ||||||||
8,975 (1) | National Beverage Corp. | 426,672 | 0.2 | ||||||||
124,436 | Primo Water Corp. | 1,788,145 | 1.1 | ||||||||
3,727,840 | 2.2 | ||||||||||
Energy: 4.8% | |||||||||||
386,087 (1) | Clean Energy Fuels Corp. | 1,393,774 | 0.8 | ||||||||
138,249 | Excelerate Energy, Inc. - Class A | 2,311,523 | 1.4 | ||||||||
43,028 (2) | HighPeak Energy, Inc. | 661,771 | 0.4 | ||||||||
114,947 (1) | Kosmos Energy Ltd. | 780,490 | 0.4 | ||||||||
34,387 | Murphy Oil Corp. | 1,470,732 | 0.9 | ||||||||
38,940 | Permian Resources Corp. | 511,671 | 0.3 | ||||||||
93,430 | SFL Corp. Ltd. | 1,061,365 | 0.6 | ||||||||
8,191,326 | 4.8 | ||||||||||
Financials: 16.5% | |||||||||||
107,064 | AGNC Investment Corp. | 944,304 | 0.5 | ||||||||
57,225 (1) | Ambac Financial Group, Inc. | 844,069 | 0.5 | ||||||||
38,442 | Arrow Financial Corp. | 947,595 | 0.6 | ||||||||
64,468 | Associated Banc-Corp. | 1,143,662 | 0.7 | ||||||||
54,443 | Atlantic Union Bankshares Corp. | 1,664,322 | 1.0 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Financials: (continued) | |||||||||||
19,013 | BankUnited, Inc. | $ | 524,569 | 0.3 | |||||||
58,994 | BCB Bancorp, Inc. | 683,151 | 0.4 | ||||||||
36,229 | Berkshire Hills Bancorp, Inc. | 758,273 | 0.4 | ||||||||
199,659 | BGC Group, Inc. - Class A | 1,297,783 | 0.8 | ||||||||
45,816 | ConnectOne Bancorp, Inc. | 900,743 | 0.5 | ||||||||
87,895 | Eastern Bankshares, Inc. | 1,051,224 | 0.6 | ||||||||
45,185 | Farmers National Banc Corp. | 556,227 | 0.3 | ||||||||
92,007 | First BanCorp/Puerto Rico | 1,380,105 | 0.8 | ||||||||
141,144 (1) | Genworth Financial, Inc. - Class A | 831,338 | 0.5 | ||||||||
7,194 | HCI Group, Inc. | 609,835 | 0.4 | ||||||||
38,786 | Hilltop Holdings, Inc. | 1,142,248 | 0.7 | ||||||||
107,670 | KKR Real Estate Finance Trust, Inc. | 1,352,335 | 0.8 | ||||||||
87,053 | Ladder Capital Corp. | 975,864 | 0.6 | ||||||||
72,136 | MFA Financial, Inc. | 779,069 | 0.5 | ||||||||
31,233 | NBT Bancorp, Inc. | 1,109,708 | 0.6 | ||||||||
19,963 | Origin Bancorp, Inc. | 634,225 | 0.4 | ||||||||
26,610 | Pacific Premier Bancorp, Inc. | 599,257 | 0.3 | ||||||||
92,907 (1) | Pagseguro Digital Ltd. - Class A | 936,503 | 0.5 | ||||||||
51,422 | ProAssurance Corp. | 636,090 | 0.4 | ||||||||
34,407 | Provident Financial Services, Inc. | 523,675 | 0.3 | ||||||||
157,847 | Redwood Trust, Inc. | 1,122,292 | 0.7 | ||||||||
52,770 | Simmons First National Corp. - Class A | 843,792 | 0.5 | ||||||||
40,081 (1) | StoneCo Ltd. - Class A | 625,264 | 0.4 | ||||||||
20,695 | United Community Banks, Inc. | 510,132 | 0.3 | ||||||||
117,076 | Valley National Bancorp | 1,065,392 | 0.6 | ||||||||
30,140 | Victory Capital Holdings, Inc. - Class A | 969,001 | 0.6 | ||||||||
27,962,047 | 16.5 | ||||||||||
Health Care: 12.5% | |||||||||||
1,355,734 (1) | 23andMe Holding Co. - Class A | 1,166,609 | 0.7 | ||||||||
29,371 (1) | ACELYRIN, Inc. | 197,373 | 0.1 | ||||||||
78,535 (1) | Alignment Healthcare, Inc. | 589,012 | 0.3 | ||||||||
63,408 (1) | Allscripts Healthcare Solutions, Inc. | 727,924 | 0.4 | ||||||||
103,954 (1) | Amicus Therapeutics, Inc. | 1,145,573 | 0.7 | ||||||||
19,344 (1) | Amphastar Pharmaceuticals, Inc. | 1,089,454 | 0.6 | ||||||||
38,273 (1) | Avanos Medical, Inc. | 824,783 | 0.5 | ||||||||
148,200 (1) | BioCryst Pharmaceuticals, Inc. | 871,416 | 0.5 | ||||||||
10,604 | Bio-Techne Corp. | 666,992 | 0.4 | ||||||||
16,176 | Bruker Corp. | 1,052,896 | 0.6 |
See Accompanying Notes to Financial Statements
24
Voya Small Company Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Health Care: (continued) | |||||||||||
781,016 (1) | Cerus Corp. | $ | 1,257,436 | 0.7 | |||||||
229,691 (1) | Community Health Systems, Inc. | 590,306 | 0.4 | ||||||||
9,374 (1) | Cymabay Therapeutics, Inc. | 179,325 | 0.1 | ||||||||
12,332 | DENTSPLY SIRONA, Inc. | 391,541 | 0.2 | ||||||||
9,178 (1) | Haemonetics Corp. | 742,225 | 0.4 | ||||||||
69,122 (1) | Hims & Hers Health, Inc. | 614,494 | 0.4 | ||||||||
5,342 (1) | ImmunoGen, Inc. | 156,788 | 0.1 | ||||||||
20,946 (1) | Insmed, Inc. | 524,069 | 0.3 | ||||||||
263,489 (1) | MannKind Corp. | 953,830 | 0.6 | ||||||||
16,833 (1) | Merit Medical Systems, Inc. | 1,204,569 | 0.7 | ||||||||
20,395 (1) | NeoGenomics, Inc. | 370,577 | 0.2 | ||||||||
433,260 (1) | OPKO Health, Inc. | 632,560 | 0.4 | ||||||||
49,222 (1) | Orthofix Medical, Inc. | 543,903 | 0.3 | ||||||||
65,302 | Patterson Cos., Inc. | 1,659,324 | 1.0 | ||||||||
33,256 (1) | QIAGEN NV | 1,368,817 | 0.8 | ||||||||
700,620 (1) | Rigel Pharmaceuticals, Inc. | 798,707 | 0.5 | ||||||||
19,534 | Select Medical Holdings Corp. | 441,468 | 0.3 | ||||||||
16,332 (1) | Supernus Pharmaceuticals, Inc. | 445,047 | 0.3 | ||||||||
21,207,018 | 12.5 | ||||||||||
Industrials: 18.5% | |||||||||||
29,383 | AAON, Inc. | 1,839,376 | 1.1 | ||||||||
34,011 | ABM Industries, Inc. | 1,394,111 | 0.8 | ||||||||
26,039 | Allison Transmission Holdings, Inc. | 1,392,566 | 0.8 | ||||||||
16,224 | Apogee Enterprises, Inc. | 731,702 | 0.4 | ||||||||
33,165 | Barnes Group, Inc. | 874,893 | 0.5 | ||||||||
96,879 (1) | CoreCivic, Inc. | 1,401,839 | 0.8 | ||||||||
16,440 | Crane Holdings Co. | 846,002 | 0.5 | ||||||||
18,954 | First Advantage Corp. | 293,977 | 0.2 | ||||||||
15,472 | Franklin Electric Co., Inc. | 1,377,008 | 0.8 | ||||||||
44,468 | Hillenbrand, Inc. | 1,722,690 | 1.0 | ||||||||
11,663 | Insperity, Inc. | 1,326,666 | 0.8 | ||||||||
93,014 (1) | Legalzoom.com, Inc. | 1,072,451 | 0.6 | ||||||||
81,747 (1) | Manitowoc Co., Inc. | 1,171,435 | 0.7 | ||||||||
36,354 | Marten Transport Ltd. | 685,273 | 0.4 | ||||||||
169,137 | Mueller Water Products, Inc. - Class A | 2,247,831 | 1.3 | ||||||||
14,424 (1) | NEXTracker, Inc. - Class A | 586,191 | 0.4 | ||||||||
109,642 (1) | NOW, Inc. | 1,093,131 | 0.7 | ||||||||
18,602 | nVent Electric PLC | 990,557 | 0.6 | ||||||||
18,566 | Pentair PLC | 1,198,250 | 0.7 | ||||||||
510,605 (1) | Planet Labs PBC | 1,240,770 | 0.7 | ||||||||
67,716 (1) | Resideo Technologies, Inc. | 1,112,574 | 0.7 | ||||||||
115,503 | Shyft Group, Inc. | 1,278,618 | 0.8 | ||||||||
18,591 | Timken Co. | 1,345,988 | 0.8 | ||||||||
21,583 (1) | Titan Machinery, Inc. | 493,387 | 0.3 | ||||||||
46,705 | Wabash National Corp. | 1,023,774 | 0.6 |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Industrials: (continued) | |||||||||||
13,334 | Watts Water Technologies, Inc. - Class A | $ | 2,566,928 | 1.5 | |||||||
31,307,988 | 18.5 | ||||||||||
Information Technology: 18.7% | |||||||||||
414,092 (1) | 8x8, Inc. | 1,279,544 | 0.8 | ||||||||
120,110 | A10 Networks, Inc. | 1,500,174 | 0.9 | ||||||||
57,366 (1) | ACI Worldwide, Inc. | 1,533,967 | 0.9 | ||||||||
6,516 (1) | Agilysys, Inc. | 560,962 | 0.3 | ||||||||
14,613 (1) | Altair Engineering, Inc. - Class A | 1,058,858 | 0.6 | ||||||||
67,011 (1) | Box, Inc. - Class A | 1,753,678 | 1.0 | ||||||||
24,805 | Clear Secure, Inc. - Class A | 529,091 | 0.3 | ||||||||
20,600 | Cognex Corp. | 776,620 | 0.5 | ||||||||
26,863 | CSG Systems International, Inc. | 1,321,391 | 0.8 | ||||||||
15,515 | CTS Corp. | 601,206 | 0.4 | ||||||||
74,029 (1) | Dropbox, Inc. - Class A | 2,086,137 | 1.2 | ||||||||
31,687 (1) | EngageSmart, Inc. | 722,780 | 0.4 | ||||||||
35,506 | EVERTEC, Inc. | 1,312,657 | 0.8 | ||||||||
62,769 (1) | ExlService Holdings, Inc. | 1,780,757 | 1.1 | ||||||||
76,455 (1) | Freshworks, Inc. - Class A | 1,530,629 | 0.9 | ||||||||
51,197 | Gen Digital, Inc. | 1,130,430 | 0.7 | ||||||||
4,482 (1) | Intapp, Inc. | 168,075 | 0.1 | ||||||||
59,583 (1) | Knowles Corp. | 945,582 | 0.6 | ||||||||
10,156 (1) | MACOM Technology Solutions Holdings, Inc. | 852,901 | 0.5 | ||||||||
36,434 (1) | N-able, Inc. | 433,929 | 0.3 | ||||||||
21,266 (1) | Nutanix, Inc. - Class A | 916,352 | 0.5 | ||||||||
31,655 (1) | PowerSchool Holdings, Inc. - Class A | 738,195 | 0.4 | ||||||||
17,160 (1) | Procore Technologies, Inc. | 1,013,984 | 0.6 | ||||||||
16,423 (1)(2) | Riot Platforms, Inc. | 206,109 | 0.1 | ||||||||
229,036 (1) | Sabre Corp. | 808,497 | 0.5 | ||||||||
18,315 | Sapiens International Corp. NV | 471,245 | 0.3 | ||||||||
68,439 (1) | Sprinklr, Inc. - Class A | 1,073,124 | 0.6 | ||||||||
14,837 (1) | Squarespace, Inc. - Class A | 415,881 | 0.2 | ||||||||
152,466 (1) | Viavi Solutions, Inc. | 1,231,925 | 0.7 | ||||||||
108,534 (1) | Yext, Inc. | 719,580 | 0.4 | ||||||||
89,296 (1) | Zeta Global Holdings Corp. - Class A | 729,548 | 0.4 | ||||||||
164,955 (1) | Zuora, Inc. - Class A | 1,504,390 | 0.9 | ||||||||
31,708,198 | 18.7 | ||||||||||
Materials: 8.6% | |||||||||||
10,530 | Ashland, Inc. | 841,558 | 0.5 | ||||||||
43,492 | Avient Corp. | 1,493,950 | 0.9 | ||||||||
8,833 | Balchem Corp. | 1,101,652 | 0.6 | ||||||||
23,526 (1) | Cleveland-Cliffs, Inc. | 403,706 | 0.2 | ||||||||
25,116 (1) | Constellium SE | 437,018 | 0.3 | ||||||||
136,330 | Element Solutions, Inc. | 2,857,477 | 1.7 | ||||||||
246,879 (1) | Glatfelter Corp. | 362,912 | 0.2 |
See Accompanying Notes to Financial Statements
25
Voya Small Company Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | |||||||||
COMMON STOCK: (continued) | |||||||||||
Materials: (continued) | |||||||||||
323,989 | Hecla Mining Co. | $ | 1,613,465 | 1.0 | |||||||
31,015 | Minerals Technologies, Inc. | 1,942,780 | 1.1 | ||||||||
66,633 (1) | O-I Glass, Inc. | 983,503 | 0.6 | ||||||||
363,460 (1) | Rayonier Advanced Materials, Inc. | 1,199,418 | 0.7 | ||||||||
22,021 | Sensient Technologies Corp. | 1,275,897 | 0.8 | ||||||||
14,513,336 | 8.6 | ||||||||||
Real Estate: 5.4% | |||||||||||
52,908 | Acadia Realty Trust | 799,969 | 0.5 | ||||||||
173,910 (1) | Anywhere Real Estate, Inc. | 935,636 | 0.5 | ||||||||
125,701 (1) | Apartment Investment and Management Co. - Class A | 866,080 | 0.5 | ||||||||
28,690 | Broadstone Net Lease, Inc. | 459,040 | 0.3 | ||||||||
73,919 | Empire State Realty Trust, Inc. - Class A | 662,314 | 0.4 | ||||||||
53,000 | Essential Properties Realty Trust, Inc. | 1,258,750 | 0.7 | ||||||||
23,888 | Gladstone Land Corp. | 342,793 | 0.2 | ||||||||
50,497 | Global Net Lease, Inc. | 443,364 | 0.3 | ||||||||
24,944 | Peakstone Realty Trust | 398,106 | 0.2 | ||||||||
27,682 | Plymouth Industrial REIT, Inc. | 602,083 | 0.3 | ||||||||
63,332 | Retail Opportunity Investments Corp. | 815,083 | 0.5 | ||||||||
132,759 | Summit Hotel Properties, Inc. | 831,071 | 0.5 | ||||||||
141,671 | Uniti Group, Inc. | 783,441 | 0.5 | ||||||||
9,197,730 | 5.4 | ||||||||||
Utilities: 1.6% | |||||||||||
16,772 | ALLETE, Inc. | 930,511 | 0.6 | ||||||||
40,139 | Avista Corp. | 1,362,719 | 0.8 | ||||||||
9,505 | Portland General Electric Co. | 390,275 | 0.2 | ||||||||
2,683,505 | 1.6 | ||||||||||
Total Common Stock | |||||||||||
(Cost $193,256,693) | 168,321,437 | 99.4 | |||||||||
EXCHANGE-TRADED FUNDS: 0.7% | |||||||||||
6,692 (2) | iShares Russell 2000 ETF | 1,202,285 | 0.7 | ||||||||
Total Exchange-Traded Funds | |||||||||||
(Cost $1,301,951) | 1,202,285 | 0.7 | |||||||||
Total Long-Term Investments | |||||||||||
(Cost $194,558,644) | 169,523,722 | 100.1 |
Principal Amount† |
Value | Percentage of Net Assets | |||||||||
SHORT-TERM INVESTMENTS: 1.1% | |||||||||||
Repurchase Agreements: 0.8% | |||||||||||
1,000,000 (3) | Bank of America Inc., Repurchase Agreement dated 11/30/2023, 5.320%, due 12/01/2023 (Repurchase Amount $1,000,146, collateralized by various U.S. Government Agency Obligations, 1.500%- 7.000%, Market Value plus accrued interest $1,020,000, due 08/01/27-09/20/63) | $ | 1,000,000 | 0.6 | |||||||
373,411 (3) | MUFG Securities America Inc., Repurchase Agreement dated 11/30/2023, 5.320%, due 12/01/2023 (Repurchase Amount $373,465, collateralized by various U.S. Government Agency Obligations, 2.000%- 6.000%, Market Value plus accrued interest $380,879, due 04/01/25-08/01/53) | 373,411 | 0.2 | ||||||||
Total Repurchase Agreements | |||||||||||
(Cost $1,373,411) | 1,373,411 | 0.8 | |||||||||
Shares | RA | Value | Percentage of Net Assets | ||||||||
Mutual Funds: 0.3% | |||||||||||
426,000 (4) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% | ||||||||||
(Cost $426,000) | $ | 426,000 | 0.3 | ||||||||
Total Short-Term Investments | |||||||||||
(Cost $1,799,411) | 1,799,411 | 1.1 | |||||||||
Total Investments in Securities | |||||||||||
(Cost $196,358,055) | $ | 171,323,133 | 101.2 | ||||||||
Liabilities in Excess of Other Assets | (2,043,789) | (1.2) | |||||||||
Net Assets | $ | 169,279,344 | 100.0 |
See Accompanying Notes to Financial Statements
26
Voya Small Company Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | Non-income producing security. |
(2) | Security, or a portion of the security, is on loan. |
(3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
(4) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
27
Voya Small Company Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted
Prices in Active Markets for Identical Investments (Level 1) | Significant
Other Observable Inputs (Level 2) | Significant
Unobservable Inputs (Level 3) | Fair
Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 168,321,437 | $ | — | $ | — | $ | 168,321,437 | ||||||||
Exchange-Traded Funds | 1,202,285 | — | — | 1,202,285 | ||||||||||||
Short-Term Investments | 426,000 | 1,373,411 | — | 1,799,411 | ||||||||||||
Total Investments, at fair value | $ | 169,949,722 | $ | 1,373,411 | $ | — | $ | 171,323,133 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $198,824,900. | ||||
Net unrealized depreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 4,950,522 | ||
Gross Unrealized Depreciation | (32,452,665) | |||
Net Unrealized Depreciation | $ | (27,502,143) |
See Accompanying Notes to Financial Statements
28
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
At a meeting held on November 16, 2023, the Board of Trustees (“Board”) of Voya Equity Trust (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Corporate Leaders® 100 Fund and Voya Small Company Fund, each a series of the Trust (the “Funds”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Funds, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to each Fund (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds’ operations and risk management and the oversight of their various other service providers.
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program,
29
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.
Fund Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted the breakpoints in the management fee schedule that will result in a lower management fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while one of the Funds does not have management fee breakpoints, each Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Fund to the Manager compared to the Fund’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
For each Fund, the Board considered information on
30
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Funds and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Fund-by-Fund Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for
various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Fund’s more recent performance, asset levels and asset flows. Each Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
Voya Corporate Leaders® 100 Fund
In considering whether to approve the renewal of the Contracts for Voya Corporate Leaders® 100 Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date, five-year and ten-year periods, and the second quintile for the one-year and three-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it outperformed.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Fund’s pricing is competitive.
Voya Small Company Fund
In considering whether to approve the renewal of the Contracts for Voya Small Company Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the
31
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
year-to-date period, the third quintile for the one-year period, the fourth quintile for the three-year and ten-year periods, and the fifth quintile for the five-year period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the five-year and ten-year periods, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Portfolio’s performance during certain periods; and (2) the changes to the Fund’s investment strategy and portfolio management team, effective June 1, 2022, as well as the Fund’s improved performance for the more recent periods.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the second quintile of contractual
management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Fund’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2024.
32
Investment Adviser | Custodian |
Voya Investments, LLC | The Bank of New York Mellon |
7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
Scottsdale, Arizona 85258 | New York, New York 10286 |
Distributor | Legal Counsel |
Voya Investments Distributor, LLC | Ropes & Gray LLP |
7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
Scottsdale, Arizona 85258 | 800 Boylston Street |
Boston, Massachusetts 02199 | |
Transfer Agent | |
BNY Mellon Investment Servicing (U.S.) Inc. | |
301 Bellevue Parkway | |
Wilmington, Delaware 19809 |
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.
RETIREMENT | INVESTMENTS | INSURANCE | ![]() |
voyainvestments.com | 163306 (1123) |
Semi-Annual Report
November 30, 2023
Classes A, C, I, R and W
Domestic Equity Fund
■ | Voya Mid Cap Research Enhanced Index Fund |
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
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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INVESTMENT MANAGEMENT
voyainvestments.com |
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TABLE OF CONTENTS
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Sign up now for on-line prospectuses, fund reports, and proxy statements.
Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
You will be notified by e-mail when these communications become available on the internet. |
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund’s Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
SHAREHOLDER EXPENSE EXAMPLE (Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2023 to November 30, 2023. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | |||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,080.80 | 0.97 | % | $ | 5.05 | $ | 1,000.00 | $ | 1,020.15 | 0.97 | % | $ | 4.90 | ||||||||||||||||
Class C | 1,000.00 | 1,078.00 | 1.47 | 7.64 | 1,000.00 | 1,017.65 | 1.47 | 7.41 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,082.50 | 0.72 | 3.75 | 1,000.00 | 1,021.40 | 0.72 | 3.64 | ||||||||||||||||||||||||
Class R | 1,000.00 | 1,079.70 | 1.22 | 6.34 | 1,000.00 | 1,018.90 | 1.22 | 6.16 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,082.10 | 0.72 | 3.75 | 1,000.00 | 1,021.40 | 0.72 | 3.64 |
* | Expenses are equal to the Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
1
STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2023 (unaudited)
ASSETS: | ||||
Investments in securities at fair value+* | $ | 140,364,829 | ||
Short-term investments at fair value† | 1,525,537 | |||
Cash | 9,259 | |||
Receivables: | ||||
Fund shares sold | 2,485 | |||
Dividends | 130,045 | |||
Interest | 42 | |||
Prepaid expenses | 26,006 | |||
Reimbursement due from Investment Adviser | 9,258 | |||
Other assets | 16,591 | |||
Total assets | 142,084,052 | |||
LIABILITIES: | ||||
Payable for fund shares redeemed | 102,445 | |||
Payable upon receipt of securities loaned | 1,170,537 | |||
Payable for investment management fees | 61,447 | |||
Payable for distribution and shareholder service fees | 24,780 | |||
Payable to trustees under the deferred compensation plan (Note 6) | 16,591 | |||
Payable for trustee fees | 390 | |||
Other accrued expenses and liabilities | 186,307 | |||
Total liabilities | 1,562,497 | |||
NET ASSETS | $ | 140,521,555 | ||
NET ASSETS WERE COMPRISED OF: | ||||
Paid-in capital | $ | 125,001,831 | ||
Total distributable earnings | 15,519,724 | |||
NET ASSETS | $ | 140,521,555 | ||
+ Including securities loaned at value | $ | 1,125,959 | ||
* Cost of investments in securities | $ | 123,533,507 | ||
† Cost of short-term investments | $ | 1,525,537 |
See Accompanying Notes to Financial Statements
2
STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2023 (unaudited)(continued)
Class A | ||||
Net assets | $ | 100,863,693 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 6,085,272 | |||
Net asset value and redemption price per share† | $ | 16.58 | ||
Maximum offering price per share (5.75%)(1) | $ | 17.59 | ||
Class C | ||||
Net assets | $ | 430,058 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 28,809 | |||
Net asset value and redemption price per share† | $ | 14.93 | ||
Class I | ||||
Net assets | $ | 14,487,766 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 836,200 | |||
Net asset value and redemption price per share | $ | 17.33 | ||
Class R | ||||
Net assets | $ | 11,153,645 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 692,109 | |||
Net asset value and redemption price per share | $ | 16.12 | ||
Class W | ||||
Net assets | $ | 13,586,393 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 780,887 | |||
Net asset value and redemption price per share | $ | 17.40 |
(1) | 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. |
† | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
See Accompanying Notes to Financial Statements
3
STATEMENT OF OPERATIONS for the Six Months Ended November 30, 2023 (unaudited)
INVESTMENT INCOME: | ||||
Dividends | $ | 1,321,734 | ||
Interest | 2,310 | |||
Securities lending income, net | 3,368 | |||
Other | 691 | |||
Total investment income | 1,328,103 | |||
EXPENSES: | ||||
Investment management fees | 429,337 | |||
Distribution and shareholder service fees: | ||||
Class A | 128,380 | |||
Class C | 1,608 | |||
Class R | 28,184 | |||
Transfer agent fees: | ||||
Class A | 86,160 | |||
Class C | 360 | |||
Class I | 9,479 | |||
Class R | 9,457 | |||
Class W | 20,117 | |||
Shareholder reporting expense | 4,575 | |||
Registration fees | 38,762 | |||
Professional fees | 20,862 | |||
Custody and accounting expense | 9,194 | |||
Trustee fees | 1,952 | |||
Licensing fee (Note 7) | 11,708 | |||
Miscellaneous expense | 18,073 | |||
Interest expense | 3,755 | |||
Total expenses | 821,963 | |||
Waived and reimbursed fees | (105,216 | ) | ||
Net expenses | 716,747 | |||
Net investment income | 611,356 | |||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||
Net realized gain (loss) on investments | 3,501,385 | |||
Net change in unrealized appreciation on investments | 6,295,552 | |||
Net realized and unrealized gain | 9,796,937 | |||
Increase in net assets resulting from operations | $ | 10,408,293 |
See Accompanying Notes to Financial Statements
4
STATEMENTS OF CHANGES IN NET ASSETS
Six Months
Ended November 30, 2023 (Unaudited) | Year Ended May 31, 2023 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 611,356 | $ | 1,498,463 | ||||
Net realized gain (loss) | 3,501,385 | (5,426,891 | ) | |||||
Net change in unrealized appreciation (depreciation) | 6,295,552 | (2,600,662 | ) | |||||
Increase (decrease) in net assets resulting from operations | 10,408,293 | (6,529,090 | ) | |||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions (excluding return of capital): | ||||||||
Class A | — | (6,472,959 | ) | |||||
Class C | — | (35,155 | ) | |||||
Class I | — | (1,145,609 | ) | |||||
Class R | — | (689,581 | ) | |||||
Class W | — | (2,420,353 | ) | |||||
Total distributions | — | (10,763,657 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Net proceeds from sale of shares | 23,655,161 | 53,604,256 | ||||||
Reinvestment of distributions | — | 10,675,437 | ||||||
23,655,161 | 64,279,693 | |||||||
Cost of shares redeemed | (31,895,435 | ) | (48,237,068 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | (8,240,274 | ) | 16,042,625 | |||||
Net increase (decrease) in net assets | 2,168,019 | (1,250,122 | ) | |||||
NET ASSETS: | ||||||||
Beginning of year or period | 138,353,536 | 139,603,658 | ||||||
End of year or period | $ | 140,521,555 | $ | 138,353,536 |
See Accompanying Notes to Financial Statements
5
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
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Year
or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 15.34 | 0.06 | • | 1.18 | 1.24 | — | — | — | — | — | 16.58 | 8.08 | 1.11 | 0.97 | 0.97 | 0.74 | 100,864 | 58 | |||||||||||||||||||||||||||||||||
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 | 97,951 | 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 | 108,606 | 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 | 122,817 | 65 | |||||||||||||||||||||||||||||||||
05-31-20 | 14.21 | 0.13 | (0.60 | ) | (0.47 | ) | 0.13 | — | — | 0.13 | — | 13.61 | (3.44 | ) | 1.20 | 0.96 | 0.96 | 0.86 | 87,097 | 51 | |||||||||||||||||||||||||||||||
05-31-19 | 17.34 | 0.14 | • | (1.50 | ) | (1.36 | ) | 0.15 | 1.62 | — | 1.77 | — | 14.21 | (7.34 | ) | 1.14 | 0.95 | 0.95 | 0.92 | 96,138 | 66 | ||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 13.85 | 0.02 | • | 1.06 | 1.08 | — | — | — | — | — | 14.93 | 7.80 | 1.61 | 1.47 | 1.47 | 0.25 | 430 | 58 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
05-31-20 | 13.07 | 0.05 | • | (0.55 | ) | (0.50 | ) | 0.04 | — | — | 0.04 | — | 12.53 | (3.85 | ) | 1.70 | 1.46 | 1.46 | 0.37 | 749 | 51 | ||||||||||||||||||||||||||||||
05-31-19 | 16.07 | 0.06 | (1.39 | ) | (1.33 | ) | 0.05 | 1.62 | — | 1.67 | — | 13.07 | (7.80 | ) | 1.64 | 1.45 | 1.45 | 0.39 | 4,252 | 66 | |||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 16.01 | 0.08 | • | 1.24 | 1.32 | — | — | — | — | — | 17.33 | 8.25 | 0.80 | 0.72 | 0.72 | 0.96 | 14,488 | 58 | |||||||||||||||||||||||||||||||||
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 | 11,314 | 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 | 18,326 | 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 | 7,901 | 65 | |||||||||||||||||||||||||||||||||
05-31-20 | 14.70 | 0.17 | • | (0.62 | ) | (0.45 | ) | 0.17 | — | — | 0.17 | — | 14.08 | (3.25 | ) | 0.89 | 0.71 | 0.71 | 1.11 | 6,603 | 51 | ||||||||||||||||||||||||||||||
05-31-19 | 17.83 | 0.19 | • | (1.54 | ) | (1.35 | ) | 0.16 | 1.62 | — | 1.78 | — | 14.70 | (7.08 | ) | 0.83 | 0.70 | 0.70 | 1.14 | 8,015 | 66 | ||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 14.93 | 0.04 | • | 1.15 | 1.19 | — | — | — | — | — | 16.12 | 7.97 | 1.36 | 1.22 | 1.22 | 0.49 | 11,154 | 58 | |||||||||||||||||||||||||||||||||
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 | 10,760 | 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 | 11,973 | 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 | 14,249 | 65 | |||||||||||||||||||||||||||||||||
05-31-20 | 13.98 | 0.09 | (0.58 | ) | (0.49 | ) | 0.17 | — | — | 0.17 | — | 13.32 | (3.70 | ) | 1.45 | 1.21 | 1.21 | 0.61 | 9,927 | 51 | |||||||||||||||||||||||||||||||
05-31-19 | 17.06 | 0.11 | (1.48 | ) | (1.37 | ) | 0.09 | 1.62 | — | 1.71 | — | 13.98 | (7.54 | ) | 1.39 | 1.20 | 1.20 | 0.64 | 11,824 | 66 | |||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 16.08 | 0.08 | • | 1.24 | 1.32 | — | — | — | — | — | 17.40 | 8.21 | 0.86 | 0.72 | 0.72 | 0.96 | 13,586 | 58 | |||||||||||||||||||||||||||||||||
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 | 17,908 | 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 | |||||||||||||||||||||||||||||||||
05-31-20 | 14.60 | 0.17 | • | (0.64 | ) | (0.47 | ) | — | — | — | — | — | 14.13 | (3.22 | ) | 0.95 | 0.71 | 0.71 | 1.11 | 84 | 51 | ||||||||||||||||||||||||||||||
05-31-19 | 17.81 | 0.19 | (1.61 | ) | (1.42 | ) | 0.17 | 1.62 | — | 1.79 | — | 14.60 | (7.48 | ) | 0.89 | 0.70 | 0.70 | 1.14 | 105 | 66 |
(1) | 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. |
(2) | Annualized for periods less than one year. |
(3) | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
See Accompanying Notes to Financial Statements
6
FINANCIAL HIGHLIGHTS (continued)
+ | Unaudited. |
• | Calculated using average number of shares outstanding throughout the year or period. |
* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
See Accompanying Notes to Financial Statements
7
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited)
NOTE 1 — ORGANIZATION
Voya Equity Trust (the “Trust”) is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of eleven separate active investment series. This report is for Voya Mid Cap Research Enhanced Index Fund (“Mid Cap Research Enhanced Index” or the “Fund”), a diversified series of the Trust.
The Fund offers the following classes of shares: Class A, Class C, Class I, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Fund.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting
principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of the Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, 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
8
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 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
9
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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 period ended November 30, 2023, the cost of purchases and the proceeds from sales of investments, excluding short-term securities, were as follows:
Purchases | Sales | |||||
$ | 88,292,762 | $ | 95,836,729 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly,
10
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
based on the average daily net assets of the Fund, at the following annual rates: 0.550% on the first $500 million, 0.525% on the next $250 million, 0.500% on the next $1.25 billion, and 0.475% in excess of $2 billion.
The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class A, Class C, and Class R shares of the Fund has a plan (each a “Plan” and collectively, the “Plans”), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution of the Fund’s shares (“Distribution Fees”). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each class of shares of the Fund pays the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:
Class A | Class C | Class R | ||||||||
0.25% | 0.75% | 0.50% |
The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the fund, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2023, the Distributor retained the following amounts in sales charges:
Class A | Class C | |||||||
Initial Sales Charges: | $ | 414 | $ | — | ||||
Contingent Deferred Sales Charges: | $ | — | $ | 47 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2023, 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 | 7.80% |
The Investment Adviser may direct the Fund’s Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.
The Fund has adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2023, the per account fees for affiliated recordkeeping services paid by the Fund were $12,377.
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.
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:
11
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 8 — EXPENSE LIMITATION AGREEMENT (continued)
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, 2024, 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 November 30, 2023, 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, 2024 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 9 — LINE OF CREDIT
Effective June 12, 2023, 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 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The Fund utilized the line of credit during the period ended November 30, 2023 as follows:
Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||
1 | $ | 21,353,000 | 6.33% |
12
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Shares sold | Shares issued in merger |
Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger |
Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) | ||||||||||||||
Year or period ended |
# | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
Class A | |||||||||||||||||||||||||
11/30/2023 | 16,416 | — | — | (317,082 | ) | — | (300,666 | ) | 271,227 | — | — | (5,197,993 | ) | — | (4,926,766 | ) | |||||||||
5/31/2023 | 58,681 | — | 412,978 | (423,472 | ) | — | 48,187 | 950,886 | — | 6,401,157 | (6,791,411 | ) | — | 560,632 | |||||||||||
Class C | |||||||||||||||||||||||||
11/30/2023 | 2,291 | — | — | (3,813 | ) | — | (1,522 | ) | 34,047 | — | — | (56,829 | ) | — | (22,782 | ) | |||||||||
5/31/2023 | 3,905 | — | 2,471 | (13,532 | ) | — | (7,156 | ) | 56,143 | — | 34,639 | (202,922 | ) | — | (112,140 | ) | |||||||||
Class I | |||||||||||||||||||||||||
11/30/2023 | 582,344 | — | — | (452,686 | ) | — | 129,658 | 10,153,465 | — | — | (7,682,258 | ) | — | 2,471,207 | |||||||||||
5/31/2023 | 173,528 | — | 70,027 | (564,111 | ) | — | (320,556 | ) | 2,884,427 | — | 1,131,635 | (9,340,748 | ) | — | (5,324,686 | ) | |||||||||
Class P3(1) | |||||||||||||||||||||||||
11/30/2023 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
5/31/2023 | — | — | — | (218 | ) | — | (218 | ) | — | — | — | (3,940 | ) | — | (3,940 | ) | |||||||||
Class R | |||||||||||||||||||||||||
11/30/2023 | 6,158 | — | — | (34,683 | ) | — | (28,525 | ) | 99,694 | — | — | (559,459 | ) | — | (459,765 | ) | |||||||||
5/31/2023 | 31,756 | — | 45,667 | (73,318 | ) | — | 4,105 | 506,942 | — | 689,581 | (1,138,350 | ) | — | 58,173 | |||||||||||
Class W | |||||||||||||||||||||||||
11/30/2023 | 747,266 | — | — | (1,079,886 | ) | — | (332,620 | ) | 13,096,728 | — | — | (18,398,896 | ) | — | (5,302,168 | ) | |||||||||
5/31/2023 | 2,791,583 | — | 149,009 | (1,833,297 | ) | — | 1,107,295 | 49,205,858 | — | 2,418,425 | (30,759,697 | ) | — | 20,864,586 |
(1) | Class P3 was fully redeemed on September 9, 2022. |
NOTE 11 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market close of the Fund at its last sale price or official closing price on the principal exchange or system on which it is traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Fund bears the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment |
funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the fund.
The following table represents a summary of the Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2023: |
13
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 11 — SECURITIES LENDING (continued)
Counterparty | Securities Loaned at Value | Cash
Collateral Received(1) | Net Amount | |||||||||
BMO Capital Markets Corp | $ | 140,471 | $ | (140,471) | $ | — | ||||||
Citigroup Global Markets Inc. | 58,045 | (58,045) | — | |||||||||
Morgan Stanley & Co. LLC | 471,723 | (471,723) | — | |||||||||
National Financial Services LLC | 30,566 | (30,566) | — | |||||||||
State Street Bank and Trust Company | 425,154 | (425,154) | — | |||||||||
Total | $ | 1,125,959 | $ | (1,125,959 | ) | $ | — |
(1) | Cash collateral with a fair value of $1,170,537 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 12 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals.
Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
Year Ended May 31, 2023 | Year Ended May 31, 2022 | ||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | ||||||||
$ | 1,850,654 | $ | 8,913,003 | $ | 6,119,908 | $ | 13,260,969 |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of May 31, 2023 were:
Undistributed | Unrealized | Total | |||||||||||||||
Ordinary | Appreciation/ | Capital Loss Carryforwards | Distributable | ||||||||||||||
Income | (Depreciation) | Amount | Character | Expiration | Earnings/(Loss) | ||||||||||||
$ | 525,950 | $ | 8,914,697 | $ | (4,329,216 | ) | Short-term | None | $ | 5,111,431 |
The Fund’s major tax jurisdictions are U.S. federal and Arizona state.
As of November 30, 2023, 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.
14
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 14 — MARKET DISRUPTION
The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short-or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic
has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently 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 non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.
NOTE 15 — OTHER ACCOUNTING PRONOUCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Fund’s financial statements.
NOTE 16 — SUBSEQUENT EVENTS
Dividends: Subsequent to November 30, 2023, the Fund declared and paid dividends and distributions of:
15
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 16 — SUBSEQUENT EVENTS (continued)
Type | Per
Share Amount |
Payable Date |
Record Date | |||||
Class A | NII | $0.1384 | December 13, 2023 | December 11, 2023 | ||||
Class C | NII | $0.0638 | December 13, 2023 | December 11, 2023 | ||||
Class I | NII | $0.1798 | December 13, 2023 | December 11, 2023 | ||||
Class R | NII | $0.1004 | December 13, 2023 | December 11, 2023 | ||||
Class W | NII | $0.1790 | December 13, 2023 | December 11, 2023 |
NII – Net investment income
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.
16
Voya Mid Cap Research Enhanced Index Fund |
as of November 30, 2023 (unaudited) |
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: 97.7% | ||||||||
Communication Services: 1.5% | ||||||||
454 | Cable One, Inc. | $ | 241,564 | 0.2 | ||||
15,944 | Iridium Communications, Inc. | 607,466 | 0.4 | |||||
1,680 (1) | Spotify Technology SA | 310,985 | 0.2 | |||||
29,235 | TEGNA, Inc. | 448,172 | 0.3 | |||||
2,065 (1) | Trade Desk, Inc. - Class A | 145,500 | 0.1 | |||||
5,988 (1) | TripAdvisor, Inc. | 106,766 | 0.1 | |||||
20,972 (1) | ZoomInfo Technologies, Inc. | 301,368 | 0.2 | |||||
2,161,821 | 1.5 | |||||||
Consumer Discretionary: 15.3% | ||||||||
12,540 | ADT, Inc. | 73,610 | 0.1 | |||||
495 (1) | AutoNation, Inc. | 66,959 | 0.0 | |||||
9,624 | BorgWarner, Inc. | 324,233 | 0.2 | |||||
13,317 | Boyd Gaming Corp. | 786,369 | 0.6 | |||||
1,346 | Brunswick Corp. | 106,159 | 0.1 | |||||
500 (1) | Burlington Stores, Inc. | 84,795 | 0.1 | |||||
1,748 (1) | Caesars Entertainment, Inc. | 78,171 | 0.1 | |||||
20,199 (1) | Coupang, Inc. | 308,641 | 0.2 | |||||
6,323 (1) | Crocs, Inc. | 667,772 | 0.5 | |||||
1,348 (1) | Deckers Outdoor Corp. | 895,032 | 0.6 | |||||
2,960 | Dick’s Sporting Goods, Inc. | 385,096 | 0.3 | |||||
3,350 | DR Horton, Inc. | 427,694 | 0.3 | |||||
5,464 (1) | Five Below, Inc. | 1,029,745 | 0.7 | |||||
5,733 (1)(2) | GameStop Corp. - Class A | 83,415 | 0.1 | |||||
11,525 | Gap, Inc. | 231,307 | 0.2 | |||||
36,290 | Gentex Corp. | 1,103,579 | 0.8 | |||||
1,081 | Genuine Parts Co. | 143,535 | 0.1 | |||||
781 | Graham Holdings Co. - Class B | 489,804 | 0.3 | |||||
5,434 (1) | Grand Canyon Education, Inc. | 742,936 | 0.5 | |||||
8,840 | H&R Block, Inc. | 401,513 | 0.3 | |||||
9,576 | Harley-Davidson, Inc. | 287,184 | 0.2 | |||||
17,250 (1) | Hilton Grand Vacations, Inc. | 590,985 | 0.4 | |||||
3,242 | Hyatt Hotels Corp. - Class A | 372,052 | 0.3 | |||||
9,449 | KB Home | 492,293 | 0.3 | |||||
9,187 | Kohl’s Corp. | 215,435 | 0.2 | |||||
7,174 | Lear Corp. | 959,523 | 0.7 | |||||
3,152 | Leggett & Platt, Inc. | 72,086 | 0.1 | |||||
940 (1) | Light & Wonder, Inc. | 83,115 | 0.1 | |||||
1,220 | Lithia Motors, Inc. | 325,728 | 0.2 | |||||
8,376 | LKQ Corp. | 372,983 | 0.3 | |||||
39,733 | Macy’s, Inc. | 630,165 | 0.4 | |||||
10,701 (1) | Mattel, Inc. | 203,319 | 0.1 | |||||
11,438 | MGM Resorts International | 451,115 | 0.3 | |||||
30,507 (2) | Nordstrom, Inc. | 476,519 | 0.3 | |||||
14 (1) | NVR, Inc. | 86,175 | 0.1 | |||||
7,818 (1) | Ollie’s Bargain Outlet Holdings, Inc. | 572,825 | 0.4 | |||||
22,962 (1) | Penn Entertainment, Inc. | 563,947 | 0.4 |
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Consumer Discretionary: (continued) | ||||||||
2,443 (1) | Planet Fitness, Inc. - Class A | $ | 165,977 | 0.1 | ||||
3,526 | PVH Corp. | 344,772 | 0.2 | |||||
2,467 | Ralph Lauren Corp. | 319,180 | 0.2 | |||||
1,293 (1) | Skechers USA, Inc. - Class A | 76,171 | 0.1 | |||||
10,532 | Tapestry, Inc. | 333,548 | 0.2 | |||||
19,916 (1) | Taylor Morrison Home Corp. | 898,212 | 0.6 | |||||
3,765 (1) | TopBuild Corp. | 1,113,612 | 0.8 | |||||
15,736 | Travel + Leisure Co. | 560,831 | 0.4 | |||||
55,382 (1) | Under Armour, Inc. - Class A | 450,809 | 0.3 | |||||
39,187 | Wendy’s Co. | 734,756 | 0.5 | |||||
4,459 | Williams-Sonoma, Inc. | 836,241 | 0.6 | |||||
969 | Wingstop, Inc. | 232,909 | 0.2 | |||||
2,517 | Wynn Resorts Ltd. | 212,485 | 0.2 | |||||
21,465,317 | 15.3 | |||||||
Consumer Staples: 4.5% | ||||||||
19,942 (1) | BellRing Brands, Inc. | 1,054,932 | 0.7 | |||||
6,407 (1) | BJ’s Wholesale Club Holdings, Inc. | 413,764 | 0.3 | |||||
274 (1) | Boston Beer Co., Inc. - Class A | 97,204 | 0.1 | |||||
245 | Casey’s General Stores, Inc. | 67,473 | 0.0 | |||||
10,615 (1) | Celsius Holdings, Inc. | 525,549 | 0.4 | |||||
890 | Coca-Cola Consolidated, Inc. | 653,723 | 0.5 | |||||
13,491 (1) | Darling Ingredients, Inc. | 591,850 | 0.4 | |||||
5,374 | Ingredion, Inc. | 550,781 | 0.4 | |||||
18,465 (1) | Performance Food Group Co. | 1,201,148 | 0.9 | |||||
24,794 (1) | US Foods Holding Corp. | 1,086,721 | 0.8 | |||||
6,243,145 | 4.5 | |||||||
Energy: 5.2% | ||||||||
7,663 (1) | Antero Resources Corp. | 181,077 | 0.1 | |||||
15,134 | Baker Hughes Co. | 510,772 | 0.4 | |||||
27,993 | ChampionX Corp. | 820,755 | 0.6 | |||||
2,779 | Chord Energy Corp. | 450,587 | 0.3 | |||||
1,020 | Civitas Resources, Inc. | 70,064 | 0.1 | |||||
18,045 (1) | CNX Resources Corp. | 376,419 | 0.3 | |||||
2,700 | Coterra Energy, Inc. | 70,875 | 0.1 | |||||
2,066 | Diamondback Energy, Inc. | 319,011 | 0.2 | |||||
72,716 | Equitrans Midstream Corp. | 682,076 | 0.5 | |||||
4,978 | Halliburton Co. | 184,335 | 0.1 | |||||
5,666 | HF Sinclair Corp. | 297,352 | 0.2 | |||||
14,265 | Matador Resources Co. | 825,658 | 0.6 | |||||
21,484 | Murphy Oil Corp. | 918,871 | 0.7 | |||||
4,949 | New Fortress Energy, Inc. | 190,437 | 0.1 | |||||
7,085 | Ovintiv, Inc. | 314,149 | 0.2 |
See Accompanying Notes to Financial Statements
17
Voya Mid Cap Research Enhanced Index Fund |
PORTFOLIO OF INVESTMENTS as of November 30, 2023 (unaudited) (continued) |
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Energy: (continued) | ||||||||
6,248 | PBF Energy, Inc. - Class A | $ | 277,411 | 0.2 | ||||
13,922 | Range Resources Corp. | 452,465 | 0.3 | |||||
37,205 (1) | Southwestern Energy Co. | 245,181 | 0.2 | |||||
724 (1) | Weatherford International PLC | 65,660 | 0.0 | |||||
7,253,155 | 5.2 | |||||||
Financials: 15.2% | ||||||||
5,766 | Affiliated Managers Group, Inc. | 781,581 | 0.6 | |||||
12,293 | AGNC Investment Corp. | 108,424 | 0.1 | |||||
16,952 | Ally Financial, Inc. | 495,337 | 0.4 | |||||
4,935 | American Financial Group, Inc. | 564,515 | 0.4 | |||||
1,142 | Ameriprise Financial, Inc. | 403,708 | 0.3 | |||||
32,958 | Annaly Capital Management, Inc. | 595,551 | 0.4 | |||||
2,027 | Ares Management Corp. - Class A | 227,531 | 0.2 | |||||
2,121 | Assured Guaranty Ltd. | 144,037 | 0.1 | |||||
4,616 | Axis Capital Holdings Ltd. | 260,065 | 0.2 | |||||
16,341 | Bank OZK | 684,034 | 0.5 | |||||
8,368 | Citizens Financial Group, Inc. | 228,195 | 0.2 | |||||
26,645 | CNO Financial Group, Inc. | 706,093 | 0.5 | |||||
14,043 | Commerce Bancshares, Inc. | 710,155 | 0.5 | |||||
9,354 | East West Bancorp, Inc. | 588,554 | 0.4 | |||||
11,569 | Equitable Holdings, Inc. | 355,053 | 0.3 | |||||
1,035 | Erie Indemnity Co. - Class A | 305,987 | 0.2 | |||||
14,140 | Essent Group Ltd. | 683,528 | 0.5 | |||||
2,931 | Evercore, Inc. - Class A | 432,469 | 0.3 | |||||
919 | Everest Re Group Ltd. | 377,295 | 0.3 | |||||
1,535 | Fidelity National Financial, Inc. | 68,829 | 0.0 | |||||
14,361 | First American Financial Corp. | 855,916 | 0.6 | |||||
5,116 | First Financial Bankshares, Inc. | 134,295 | 0.1 | |||||
11,704 | First Hawaiian, Inc. | 229,984 | 0.2 | |||||
15,538 | Hancock Whitney Corp. | 640,943 | 0.5 | |||||
2,197 | Hartford Financial Services Group, Inc. | 171,718 | 0.1 | |||||
10,329 | International Bancshares Corp. | 463,462 | 0.3 | |||||
8,287 | Jefferies Financial Group, Inc. | 293,691 | 0.2 | |||||
2,755 | Kemper Corp. | 121,854 | 0.1 | |||||
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Financials: (continued) | ||||||||
6,327 | Loews Corp. | $ | 444,725 | 0.3 | ||||
1,013 | MarketAxess Holdings, Inc. | 243,242 | 0.2 | |||||
45,402 | MGIC Investment Corp. | 798,621 | 0.6 | |||||
8,231 | OneMain Holdings, Inc. | 348,171 | 0.2 | |||||
8,542 | Pinnacle Financial Partners, Inc. | 619,893 | 0.4 | |||||
5,437 | Prosperity Bancshares, Inc. | 327,906 | 0.2 | |||||
7,075 | Reinsurance Group of America, Inc. | 1,153,650 | 0.8 | |||||
400 | RenaissanceRe Holdings Ltd. | 85,744 | 0.1 | |||||
40,480 | Rithm Capital Corp. | 420,182 | 0.3 | |||||
22,215 | SLM Corp. | 333,891 | 0.2 | |||||
22,923 (2) | Starwood Property Trust, Inc. | 455,480 | 0.3 | |||||
2,021 | State Street Corp. | 147,169 | 0.1 | |||||
7,912 | Stifel Financial Corp. | 482,790 | 0.3 | |||||
12,406 | Synchrony Financial | 401,458 | 0.3 | |||||
8,249 (1) | Toast, Inc. - Class A | 122,663 | 0.1 | |||||
2,699 | Tradeweb Markets, Inc. - Class A | 261,533 | 0.2 | |||||
9,790 | UMB Financial Corp. | 701,551 | 0.5 | |||||
23,500 | Unum Group | 1,010,500 | 0.7 | |||||
1,347 | Willis Towers Watson PLC | 331,766 | 0.2 | |||||
10,548 | Wintrust Financial Corp. | 903,647 | 0.6 | |||||
4,019 | Zions Bancorp NA | 143,197 | 0.1 | |||||
21,370,583 | 15.2 | |||||||
Health Care: 7.7% | ||||||||
2,780 | Agilent Technologies, Inc. | 355,284 | 0.3 | |||||
446 (1) | Alnylam Pharmaceuticals, Inc. | 75,040 | 0.1 | |||||
4,298 (1) | Arrowhead Pharmaceuticals, Inc. | 91,118 | 0.1 | |||||
7,516 | Bruker Corp. | 489,217 | 0.3 | |||||
23,413 (1) | Doximity, Inc. - Class A | 544,352 | 0.4 | |||||
37,993 (1) | Exelixis, Inc. | 828,627 | 0.6 | |||||
10,575 (1) | Globus Medical, Inc. - Class A | 475,029 | 0.3 | |||||
3,157 (1) | Haemonetics Corp. | 255,307 | 0.2 | |||||
10,867 (1) | Halozyme Therapeutics, Inc. | 419,575 | 0.3 | |||||
3,516 (1) | HealthEquity, Inc. | 235,642 | 0.2 | |||||
7,689 (1) | Inari Medical, Inc. | 458,956 | 0.3 | |||||
5,547 (1) | Incyte Corp. | 301,424 | 0.2 | |||||
909 (1) | Inspire Medical Systems, Inc. | 132,087 | 0.1 | |||||
3,479 (1) | Jazz Pharmaceuticals PLC | 411,322 | 0.3 | |||||
9,449 (1) | Lantheus Holdings, Inc. | 676,737 | 0.5 | |||||
9,061 (1) | LivaNova PLC | 406,386 | 0.3 |
See Accompanying Notes to Financial Statements
18
Voya Mid Cap Research Enhanced Index Fund |
PORTFOLIO OF INVESTMENTS as of November 30, 2023 (unaudited) (continued) |
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Health Care: (continued) | ||||||||
68 (1) | Mettler-Toledo International, Inc. | $ | 74,251 | 0.1 | ||||
1,675 (1) | Molina Healthcare, Inc. | 612,313 | 0.4 | |||||
9,821 (1) | Neurocrine Biosciences, Inc. | 1,145,030 | 0.8 | |||||
19,144 | Patterson Cos., Inc. | 486,449 | 0.3 | |||||
977 (1) | Penumbra, Inc. | 216,982 | 0.2 | |||||
14,110 (1) | Progyny, Inc. | 484,820 | 0.3 | |||||
3,478 (1) | Shockwave Medical, Inc. | 607,085 | 0.4 | |||||
1,708 (1) | Tenet Healthcare Corp. | 117,869 | 0.1 | |||||
2,618 (1) | United Therapeutics Corp. | 628,320 | 0.4 | |||||
1,994 (1) | Veeva Systems, Inc. - Class A | 347,574 | 0.2 | |||||
10,876,796 | 7.7 | |||||||
Industrials: 21.2% | ||||||||
5,089 | Acuity Brands, Inc. | 912,254 | 0.6 | |||||
6,325 | Advanced Drainage Systems, Inc. | 766,021 | 0.5 | |||||
15,993 | AECOM | 1,421,138 | 1.0 | |||||
2,020 | AGCO Corp. | 229,331 | 0.2 | |||||
3,054 | Allison Transmission Holdings, Inc. | 163,328 | 0.1 | |||||
26,183 (1) | American Airlines Group, Inc. | 325,455 | 0.2 | |||||
771 | AMETEK, Inc. | 119,682 | 0.1 | |||||
3,165 (1) | Avis Budget Group, Inc. | 578,720 | 0.4 | |||||
9,246 (1) | Builders FirstSource, Inc. | 1,239,981 | 0.9 | |||||
1,315 | Carlisle Cos., Inc. | 368,739 | 0.3 | |||||
540 (1) | Chart Industries, Inc. | 70,216 | 0.0 | |||||
966 | Cintas Corp. | 534,440 | 0.4 | |||||
18,428 (1)(2) | Clarivate PLC | 143,001 | 0.1 | |||||
5,141 (1) | Clean Harbors, Inc. | 831,094 | 0.6 | |||||
13,840 (1) | Copart, Inc. | 695,045 | 0.5 | |||||
20,798 (1) | Core & Main, Inc. - Class A | 728,554 | 0.5 | |||||
1,451 (1) | CoStar Group, Inc. | 120,491 | 0.1 | |||||
471 | Curtiss-Wright Corp. | 100,747 | 0.1 | |||||
15,535 | Donaldson Co., Inc. | 945,149 | 0.7 | |||||
30,275 | Dun & Bradstreet Holdings, Inc. | 320,612 | 0.2 | |||||
323 | EMCOR Group, Inc. | 68,644 | 0.0 | |||||
5,694 | EnerSys | 503,805 | 0.4 | |||||
1,547 | Exponent, Inc. | 119,057 | 0.1 | |||||
7,223 | Fortive Corp. | 498,243 | 0.3 | |||||
14,191 | Fortune Brands Innovations, Inc. | 971,090 | 0.7 | |||||
439 (1) | FTI Consulting, Inc. | 96,782 | 0.1 | |||||
6,680 (1) | Gates Industrial Corp. PLC | 81,897 | 0.1 | |||||
24,600 | Genpact Ltd. | 835,416 | 0.6 | |||||
15,733 | Graco, Inc. | 1,270,912 | 0.9 | |||||
8,593 (1) | GXO Logistics, Inc. | 483,442 | 0.3 | |||||
25,680 (1) | Hertz Global Holdings, Inc. | 214,171 | 0.1 | |||||
7,304 | ITT, Inc. | 790,804 | 0.6 | |||||
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Industrials: (continued) | ||||||||
3,342 | Leidos Holdings, Inc. | $ | 358,663 | 0.3 | ||||
260 | Lennox International, Inc. | 105,732 | 0.1 | |||||
1,254 | Lincoln Electric Holdings, Inc. | 248,367 | 0.2 | |||||
963 | ManpowerGroup, Inc. | 71,464 | 0.0 | |||||
7,613 | MSC Industrial Direct Co., Inc. - Class A | 741,659 | 0.5 | |||||
16,025 | nVent Electric PLC | 853,331 | 0.6 | |||||
10,486 | Owens Corning | 1,421,692 | 1.0 | |||||
5,368 | Pentair PLC | 346,451 | 0.2 | |||||
5,001 | Regal Rexnord Corp. | 599,120 | 0.4 | |||||
524 | Rockwell Automation, Inc. | 144,331 | 0.1 | |||||
6,977 | Rollins, Inc. | 284,243 | 0.2 | |||||
6,236 | Ryder System, Inc. | 668,125 | 0.5 | |||||
3,138 (1) | Saia, Inc. | 1,225,044 | 0.9 | |||||
9,671 | Schneider National, Inc. - Class B | 222,723 | 0.2 | |||||
11,495 | Sensata Technologies Holding PLC | 373,702 | 0.3 | |||||
726 | Simpson Manufacturing Co., Inc. | 121,220 | 0.1 | |||||
9,483 | SS&C Technologies Holdings, Inc. | 533,514 | 0.4 | |||||
11,451 | Terex Corp. | 566,825 | 0.4 | |||||
12,415 | Timken Co. | 898,846 | 0.6 | |||||
2,613 (1) | U-Haul Holding Co. | 147,922 | 0.1 | |||||
2,270 | Watsco, Inc. | 867,662 | 0.6 | |||||
4,381 | Watts Water Technologies, Inc. - Class A | 843,386 | 0.6 | |||||
4,219 | WESCO International, Inc. | 657,531 | 0.5 | |||||
2,220 (1) | WillScot Mobile Mini Holdings Corp. | 92,618 | 0.1 | |||||
6,661 | Woodward, Inc. | 900,434 | 0.6 | |||||
29,842,866 | 21.2 | |||||||
Information Technology: 10.5% | ||||||||
2,577 (1) | Akamai Technologies, Inc. | 297,721 | 0.2 | |||||
14,333 (1) | Allegro MicroSystems, Inc. | 390,144 | 0.3 | |||||
1,095 (1) | Arrow Electronics, Inc. | 129,823 | 0.1 | |||||
17,969 | Avnet, Inc. | 840,231 | 0.6 | |||||
13,916 (1) | Calix, Inc. | 537,018 | 0.4 | |||||
3,620 (1) | Cirrus Logic, Inc. | 274,794 | 0.2 | |||||
5,736 | Cognex Corp. | 216,247 | 0.2 | |||||
7,995 (1) | Coherent Corp. | 294,136 | 0.2 | |||||
6,426 | Concentrix Corp. | 603,980 | 0.4 | |||||
2,736 (1) | DocuSign, Inc. | 117,922 | 0.1 | |||||
20,402 (1) | Dropbox, Inc. - Class A | 574,928 | 0.4 | |||||
15,509 (1) | Dynatrace, Inc. | 830,507 | 0.6 | |||||
11,837 (1) | ExlService Holdings, Inc. | 335,816 | 0.2 | |||||
2,422 (1) | F5, Inc. | 414,622 | 0.3 | |||||
9,831 (1) | GoDaddy, Inc. - Class A | 983,690 | 0.7 | |||||
560 (1) | HubSpot, Inc. | 276,601 | 0.2 | |||||
See Accompanying Notes to Financial Statements
19
Voya Mid Cap Research Enhanced Index Fund |
PORTFOLIO OF INVESTMENTS as of November 30, 2023 (unaudited) (continued) |
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Information Technology: (continued) | ||||||||
6,916 | Jabil, Inc. | $ | 797,553 | 0.6 | ||||
2,358 (1) | Keysight Technologies, Inc. | 320,429 | 0.2 | |||||
13,987 (1) | Lattice Semiconductor Corp. | 818,939 | 0.6 | |||||
3,576 (1) | Manhattan Associates, Inc. | 797,627 | 0.6 | |||||
7,464 | MKS Instruments, Inc. | 616,153 | 0.4 | |||||
660 | Monolithic Power Systems, Inc. | 362,155 | 0.3 | |||||
3,935 | NetApp, Inc. | 359,620 | 0.3 | |||||
536 (1) | Onto Innovation, Inc. | 75,581 | 0.0 | |||||
1,353 | Paycom Software, Inc. | 245,786 | 0.2 | |||||
4,881 (1) | Paylocity Holding Corp. | 764,706 | 0.5 | |||||
11,277 (1) | Pure Storage, Inc. - Class A | 375,637 | 0.3 | |||||
2,506 (1) | RingCentral, Inc. - Class A | 71,321 | 0.0 | |||||
1,741 (1) | Silicon Laboratories, Inc. | 183,449 | 0.1 | |||||
3,266 (1) | Super Micro Computer, Inc. | 893,153 | 0.6 | |||||
5,561 (1) | Teradata Corp. | 262,757 | 0.2 | |||||
1,948 | Teradyne, Inc. | 179,664 | 0.1 | |||||
3,292 (1) | Trimble, Inc. | 152,749 | 0.1 | |||||
2,451 | Universal Display Corp. | 414,709 | 0.3 | |||||
14,810,168 | 10.5 | |||||||
Materials: 6.4% | ||||||||
13,370 | Alcoa Corp. | 359,118 | 0.3 | |||||
7,600 | AptarGroup, Inc. | 964,364 | 0.7 | |||||
4,931 | Ashland, Inc. | 394,086 | 0.3 | |||||
17,161 | Avient Corp. | 589,480 | 0.4 | |||||
13,903 (1) | Axalta Coating Systems Ltd. | 437,527 | 0.3 | |||||
8,039 | Berry Global Group, Inc. | 531,539 | 0.4 | |||||
17,536 | Chemours Co. | 481,013 | 0.3 | |||||
20,780 (1) | Cleveland-Cliffs, Inc. | 356,585 | 0.3 | |||||
13,262 | Commercial Metals Co. | 601,166 | 0.4 | |||||
3,314 | Crown Holdings, Inc. | 285,037 | 0.2 | |||||
15,694 | Element Solutions, Inc. | 328,946 | 0.2 | |||||
2,890 | PPG Industries, Inc. | 410,351 | 0.3 | |||||
4,074 | Reliance Steel & Aluminum Co. | 1,121,409 | 0.8 | |||||
2,906 | Royal Gold, Inc. | 353,951 | 0.2 | |||||
11,991 | RPM International, Inc. | 1,234,234 | 0.9 | |||||
7,013 | Sonoco Products Co. | 386,837 | 0.3 | |||||
3,134 | United States Steel Corp. | 112,511 | 0.1 | |||||
8,948,154 | 6.4 | |||||||
Real Estate: 6.8% | ||||||||
10,233 | Agree Realty Corp. | 605,896 | 0.4 | |||||
39,651 | Brixmor Property Group, Inc. | 853,289 | 0.6 | |||||
25,712 | CubeSmart | 1,022,309 | 0.7 |
Shares | Value | Percentage
of Net Assets | ||||||
COMMON STOCK: (continued) | ||||||||
Real Estate: (continued) | ||||||||
6,000 | EastGroup Properties, Inc. | $ | 1,042,500 | 0.7 | ||||
1,265 | Equity LifeStyle Properties, Inc. | 89,941 | 0.1 | |||||
7,452 | Equity Residential | 423,572 | 0.3 | |||||
19,777 | First Industrial Realty Trust, Inc. | 930,508 | 0.7 | |||||
2,781 | Gaming and Leisure Properties, Inc. | 129,956 | 0.1 | |||||
5,180 (1) | Jones Lang LaSalle, Inc. | 805,594 | 0.6 | |||||
21,726 | Kilroy Realty Corp. | 716,523 | 0.5 | |||||
9,709 | Lamar Advertising Co. - Class A | 983,425 | 0.7 | |||||
26,541 | National Retail Properties, Inc. | 1,078,095 | 0.8 | |||||
8,056 | Spirit Realty Capital, Inc. | 332,713 | 0.2 | |||||
1,928 | STAG Industrial, Inc. | 69,119 | 0.1 | |||||
15,522 | VICI Properties, Inc. | 463,953 | 0.3 | |||||
9,547,393 | 6.8 | |||||||
Utilities: 3.4% | ||||||||
10,582 | ALLETE, Inc. | 587,089 | 0.4 | |||||
10,676 | Black Hills Corp. | 550,775 | 0.4 | |||||
874 | DTE Energy Co. | 90,992 | 0.1 | |||||
5,077 | Edison International | 340,108 | 0.2 | |||||
15,707 | National Fuel Gas Co. | 797,758 | 0.6 | |||||
12,467 | NorthWestern Corp. | 627,215 | 0.4 | |||||
11,293 | ONE Gas, Inc. | 650,816 | 0.5 | |||||
4,288 (1) | PG&E Corp. | 73,625 | 0.1 | |||||
1,107 | Southwest Gas Holdings, Inc. | 65,435 | 0.0 | |||||
31,600 | UGI Corp. | 694,884 | 0.5 | |||||
8,831 | Vistra Corp. | 312,706 | 0.2 | |||||
4,791,403 | 3.4 | |||||||
Total Common Stock (Cost $120,496,072) |
137,310,801 | 97.7 | ||||||
EXCHANGE-TRADED FUNDS: 2.2% | ||||||||
11,927 | iShares Core S&P Mid- Cap ETF | 3,054,028 | 2.2 | |||||
Total Exchange-Traded Funds
(Cost $3,037,435) |
3,054,028 | 2.2 | ||||||
Total Long-Term Investments
(Cost $123,533,507) |
140,364,829 | 99.9 |
See Accompanying Notes to Financial Statements
20
Voya Mid Cap Research Enhanced Index Fund |
PORTFOLIO OF INVESTMENTS as of November 30, 2023 (unaudited) (continued) |
Principal Amount† | Value | Percentage
of Net Assets | ||||||
SHORT-TERM INVESTMENTS: 1.1% | ||||||||
Repurchase Agreements: 0.8% | ||||||||
1,000,000 (3) | Bank of America Inc., Repurchase Agreement dated 11/30/2023, 5.320%, due 12/01/2023 (Repurchase Amount $1,000,146, collateralized by various U.S. Government Agency Obligations, 1.500%- 7.000%, Market Value plus accrued interest $1,020,000, due 08/01/27-09/20/63) | $ | 1,000,000 | 0.7 | ||||
170,537 (3) | HSBC Securities (USA), Inc., Repurchase Agreement dated 11/30/2023, 5.330%, due 12/01/2023 (Repurchase Amount $170,562, collateralized by various U.S. Government Agency Obligations, 2.000%- 6.500%, Market Value plus accrued interest $173,948, due 01/01/41-01/01/60) | 170,537 | 0.1 | |||||
Total Repurchase Agreements (Cost $1,170,537) |
1,170,537 | 0.8 |
Shares | Value | Percentage of Net Assets | ||||||
Mutual Funds: 0.3% | ||||||||
355,000 (4) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% (Cost $355,000) | $ | 355,000 | 0.3 | ||||
Total Short-Term Investments (Cost $1,525,537) |
1,525,537 | 1.1 | ||||||
Total Investments in Securities (Cost $125,059,044) |
$ | 141,890,366 | 101.0 | |||||
Liabilities in Excess of Other Assets | (1,368,811 | ) | (1.0) | |||||
Net Assets | $ | 140,521,555 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | Non-income producing security. |
(2) | Security, or a portion of the security, is on loan. |
(3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
(4) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
21
Voya Mid Cap Research Enhanced Index Fund |
PORTFOLIO OF INVESTMENTS as of November 30, 2023 (unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | |||||||||
Asset Table | ||||||||||||
Investments, at fair value | ||||||||||||
Common Stock* | $ | 137,310,801 | $ | — | $ | — | $ | 137,310,801 | ||||
Exchange-Traded Funds | 3,054,028 | — | — | 3,054,028 | ||||||||
Short-Term Investments | 355,000 | 1,170,537 | — | 1,525,537 | ||||||||
Total Investments, at fair value | $ | 140,719,829 | $ | 1,170,537 | $ | — | $ | 141,890,366 |
^ | 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 November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $126,680,117. | |||
Net unrealized appreciation consisted of: | |||
Gross Unrealized Appreciation | $ | 22,471,620 | |
Gross Unrealized Depreciation | (7,261,371 | ) | |
Net Unrealized Appreciation | $ | 15,210,249 |
See Accompanying Notes to Financial Statements
22
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
At a meeting held on November 16, 2023, the Board of Trustees (“Board”) of Voya Equity Trust (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Mid Cap Research Enhanced Index Fund, a series of the Trust (the “Fund”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and approved the renewal of the investment management contract (the “Management Contract”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Fund, and the sub-advisory contract (the “Sub-Advisory Contract,” and together with the Management Contract, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund (“Selected Peer Group”) based on the Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund’s operations and risk management and the oversight of its various other service providers.
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program,
23
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.
Fund Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted the breakpoints in the management fee schedule that will result in a lower management fee rate when the Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
24
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by the Manager.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund’s operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Fund and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Fund Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving the Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance
data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding the Fund’s more recent performance, asset levels and asset flows. The Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the year-to-date and one-year periods, the fourth quintile for the five-year period, and the fifth quintile for the ten-year period; and (2) the Fund underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account management’s representations regarding the competitiveness of the Fund’s performance during certain periods.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fourth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Fund’s pricing is competitive.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and
25
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s
responses relating to the Fund’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2024.
26
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Investment Adviser | Custodian |
Voya Investments, LLC | The Bank of New York Mellon |
7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
Scottsdale, Arizona 85258 | New York, New York 10286 |
Distributor | Legal Counsel |
Voya Investments Distributor, LLC | Ropes & Gray LLP |
7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
Scottsdale, Arizona 85258 | 800 Boylston Street |
Boston, Massachusetts 02199 |
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.
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Semi-Annual Report
November 30, 2023
Voya Global Multi-Asset Fund
Classes A, C, I, R6 and W
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
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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TABLE OF CONTENTS
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund’s Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
SHAREHOLDER EXPENSE EXAMPLE (Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2023 to November 30, 2023. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||
Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio* | Expenses
Paid During the Period Ended November 30, 2023** | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio* | Expenses
Paid During the Period Ended November 30, 2023** | ||||||||||
Class A | $1,000.00 | $1,053.60 | 0.70% | $3.59 | $1,000.00 | $1,021.50 | 0.70% | $3.54 | |||||||||
Class C | 1,000.00 | 1,049.60 | 1.45 | 7.43 | 1,000.00 | 1,017.75 | 1.45 | 7.31 | |||||||||
Class I | 1,000.00 | 1,055.40 | 0.45 | 2.31 | 1,000.00 | 1,022.75 | 0.45 | 2.28 | |||||||||
Class R6 | 1,000.00 | 1,055.10 | 0.45 | 2.31 | 1,000.00 | 1,022.75 | 0.45 | 2.28 | |||||||||
Class W | 1,000.00 | 1,055.50 | 0.45 | 2.31 | 1,000.00 | 1,022.75 | 0.45 | 2.28 |
* | The annualized expense ratios do not include expenses of the underlying funds. |
** | Expenses are equal to the Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
1
STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2023 (unaudited)
ASSETS: | |||||
Investments in securities at fair value* | $ | 2,411 | |||
Investments in affiliated underlying funds at fair value** | 80,628,603 | ||||
Investments in unaffiliated underlying funds at fair value*** | 38,034,528 | ||||
Short-term investments at fair value† | 109,671 | ||||
Cash collateral for futures contracts | 1,023,985 | ||||
Cash pledged as collateral for OTC derivatives (Note 2) | 470,000 | ||||
Receivables: | |||||
Fund shares sold | 2,231 | ||||
Dividends | 1,513 | ||||
Interest | 2 | ||||
Variation margin on futures contracts | 28,687 | ||||
Unrealized appreciation on forward foreign currency contracts | 630,578 | ||||
Unrealized appreciation on OTC swap agreements | 533,227 | ||||
Prepaid expenses | 20,149 | ||||
Reimbursement due from Investment Adviser | 22,690 | ||||
Other assets | 18,586 | ||||
Total assets | 121,526,861 | ||||
LIABILITIES: | |||||
Payable for investments in affiliated underlying funds purchased | 627 | ||||
Payable for fund shares redeemed | 40,292 | ||||
Unrealized depreciation on forward foreign currency contracts | 463,936 | ||||
Unrealized depreciation on OTC swap agreements | 459,173 | ||||
Payable for investment management fees | 35,173 | ||||
Payable for distribution and shareholder service fees | 21,321 | ||||
Payable to custodian due to bank overdraft | 79,499 | ||||
Payable to trustees under the deferred compensation plan (Note 6) | 18,586 | ||||
Payable for trustee fees | 300 | ||||
Other accrued expenses and liabilities | 275,964 | ||||
Total liabilities | 1,394,871 | ||||
NET ASSETS | $ | 120,131,990 | |||
NET ASSETS WERE COMPRISED OF: | |||||
Paid-in capital | $ | 119,539,693 | |||
Total distributable earnings | 592,297 | ||||
NET ASSETS | $ | 120,131,990 | |||
* | Cost of investments in securities | $ | 2,517 | ||
** | Cost of investments in affiliated underlying funds | $ | 82,719,360 | ||
*** | Cost of investments in unaffiliated underlying funds | $ | 27,667,905 | ||
† | Cost of short-term investments | $ | 109,671 |
See Accompanying Notes to Financial Statements
2
STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2023 (unaudited)(continued)
Class A | ||||
Net assets | $ | 103,567,452 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 9,579,859 | |||
Net asset value and redemption price per share† | $ | 10.81 | ||
Maximum offering price per share (5.75%)(1) | $ | 11.47 | ||
Class C | ||||
Net assets | $ | 1,030,188 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 93,633 | |||
Net asset value and redemption price per share† | $ | 11.00 | ||
Class I | ||||
Net assets | $ | 14,759,353 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 1,334,362 | |||
Net asset value and redemption price per share | $ | 11.06 | ||
Class R6 | ||||
Net assets | $ | 672,251 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 60,574 | |||
Net asset value and redemption price per share | $ | 11.10 | ||
Class W | ||||
Net assets | $ | 102,746 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.010 | ||
Shares outstanding | 9,304 | |||
Net asset value and redemption price per share | $ | 11.04 |
(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
3
STATEMENT OF OPERATIONS for the Six Months Ended November 30, 2023 (unaudited)
INVESTMENT INCOME: | ||||
Dividends from affiliated underlying funds | $ | 926,785 | ||
Dividends from unaffiliated underlying funds | 139,172 | |||
Interest, net of foreign taxes withheld* | 22,021 | |||
Total investment income | 1,087,978 | |||
EXPENSES: | ||||
Investment management fees | 174,319 | |||
Distribution and shareholder service fees: | ||||
Class A | 128,699 | |||
Class C | 5,291 | |||
Transfer agent fees: | ||||
Class A | 90,810 | |||
Class C | 933 | |||
Class I | 9,447 | |||
Class R6 | 83 | |||
Class W | 94 | |||
Shareholder reporting expense | 4,575 | |||
Registration fees | 34,550 | |||
Professional fees | 19,581 | |||
Custody and accounting expense | 11,895 | |||
Trustee fees | 1,498 | |||
Miscellaneous expense | 12,137 | |||
Total expenses | 493,912 | |||
Waived and reimbursed fees | (88,771 | ) | ||
Net expenses | 405,141 | |||
Net investment income | 682,837 | |||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||
Net realized gain (loss) on: | ||||
Sale of affiliated underlying funds | (238,582 | ) | ||
Sale of unaffiliated underlying funds | 994,662 | |||
Forward foreign currency contracts | 92,482 | |||
Foreign currency related transactions | (44,881 | ) | ||
Futures | 319,847 | |||
Swaps | (96,024 | ) | ||
Net realized gain | 1,027,504 | |||
Net change in unrealized appreciation on: | ||||
Investments | 11 | |||
Affiliated underlying funds | 2,195,370 | |||
Unaffiliated underlying funds | 2,009,356 | |||
Forward foreign currency contracts | 176,554 | |||
Foreign currency related transactions | 22 | |||
Futures | 160,756 | |||
Swaps | 74,054 | |||
Net change in unrealized appreciation (depreciation) | 4,616,123 | |||
Net realized and unrealized gain | 5,643,627 | |||
Increase in net assets resulting from operations | $ | 6,326,464 | ||
* Foreign taxes withheld | $ | 515 |
See Accompanying Notes to Financial Statements
4
STATEMENTS OF CHANGES IN NET ASSETS
Six
Months Ended November 30, 2023 (Unaudited) | Year
Ended May 31, 2023 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 682,837 | $ | 1,927,068 | ||||
Net realized gain (loss) | 1,027,504 | (4,921,276 | ) | |||||
Net change in unrealized appreciation (depreciation) | 4,616,123 | (1,972,732 | ) | |||||
Increase (decrease) in net assets resulting from operations | 6,326,464 | (4,966,940 | ) | |||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions (excluding return of capital): | ||||||||
Class A | — | (3,999,112 | ) | |||||
Class C | — | (37,099 | ) | |||||
Class I | — | (595,616 | ) | |||||
Class R6 | — | (24,932 | ) | |||||
Class W | — | (4,696 | ) | |||||
Total distributions | — | (4,661,455 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Net proceeds from sale of shares | 2,830,292 | 4,896,111 | ||||||
Reinvestment of distributions | — | 4,404,221 | ||||||
2,830,292 | 9,300,332 | |||||||
Cost of shares redeemed | (7,900,176 | ) | (11,999,630 | ) | ||||
Net decrease in net assets resulting from capital share transactions | (5,069,884 | ) | (2,699,298 | ) | ||||
Net increase (decrease) in net assets | 1,256,580 | (12,327,693 | ) | |||||
NET ASSETS: | ||||||||
Beginning of year or period | 118,875,410 | 131,203,103 | ||||||
End of year or period | $ | 120,131,990 | $ | 118,875,410 |
See Accompanying Notes to Financial Statements
5
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.26 | 0.06• | 0.49 | 0.55 | — | — | — | — | — | 10.81 | 5.36 | 0.86 | 0.70 | 0.70 | 1.11 | 103,567 | 4 | |||||||||||||||||||||||||||||||||||
05-31-23 | 11.09 | 0.16• | (0.59 | ) | (0.43 | ) | 0.11 | 0.29 | — | 0.40 | — | 10.26 | (3.69 | ) | 0.88 | 0.72 | 0.72 | 1.57 | 102,002 | 38 | ||||||||||||||||||||||||||||||||
05-31-22 | 13.66 | 0.16• | (1.30 | ) | (1.14 | ) | 0.47 | 0.96 | — | 1.43 | — | 11.09 | (9.86 | ) | 0.86 | 0.70 | 0.70 | 1.20 | 114,575 | 44 | ||||||||||||||||||||||||||||||||
05-31-21 | 10.58 | 0.18• | 3.21 | 3.39 | 0.31 | — | — | 0.31 | — | 13.66 | 32.20 | 0.90 | 0.65 | 0.65 | 1.49 | 134,478 | 38 | |||||||||||||||||||||||||||||||||||
05-31-20 | 11.12 | 0.27• | (0.09 | ) | 0.18 | 0.22 | 0.50 | — | 0.72 | — | 10.58 | 1.05 | 0.88 | 0.59 | 0.59 | 2.41 | 109,357 | 47 | ||||||||||||||||||||||||||||||||||
05-31-19 | 11.93 | 0.19• | (0.49 | ) | (0.30 | ) | 0.26 | 0.25 | — | 0.51 | — | 11.12 | (2.24 | ) | 0.80 | 0.58 | 0.58 | 1.69 | 111,044 | 118 | ||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.48 | 0.02• | 0.50 | 0.52 | — | — | — | — | — | 11.00 | 4.96 | 1.61 | 1.45 | 1.45 | 0.36 | 1,030 | 4 | |||||||||||||||||||||||||||||||||||
05-31-23 | 11.31 | 0.08• | (0.60 | ) | (0.52 | ) | 0.02 | 0.29 | — | 0.31 | — | 10.48 | (4.48 | ) | 1.63 | 1.47 | 1.47 | 0.81 | 1,126 | 38 | ||||||||||||||||||||||||||||||||
05-31-22 | 13.85 | 0.05• | (1.32 | ) | (1.27 | ) | 0.31 | 0.96 | — | 1.27 | — | 11.31 | (10.50 | ) | 1.61 | 1.45 | 1.45 | 0.38 | 1,426 | 44 | ||||||||||||||||||||||||||||||||
05-31-21 | 10.70 | 0.09• | 3.25 | 3.34 | 0.19 | — | — | 0.19 | — | 13.85 | 31.29 | 1.65 | 1.40 | 1.40 | 0.69 | 2,863 | 38 | |||||||||||||||||||||||||||||||||||
05-31-20 | 11.22 | 0.24• | (0.15 | ) | 0.09 | 0.11 | 0.50 | — | 0.61 | — | 10.70 | 0.31 | 1.63 | 1.34 | 1.34 | 2.07 | 3,058 | 47 | ||||||||||||||||||||||||||||||||||
05-31-19 | 12.00 | 0.10 | (0.49 | ) | (0.39 | ) | 0.14 | 0.25 | — | 0.39 | — | 11.22 | (2.99 | ) | 1.55 | 1.33 | 1.33 | 0.83 | 11,076 | 118 | ||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.48 | 0.07• | 0.51 | 0.58 | — | — | — | — | — | 11.06 | 5.54 | 0.56 | 0.45 | 0.45 | 1.36 | 14,759 | 4 | |||||||||||||||||||||||||||||||||||
05-31-23 | 11.33 | 0.19• | (0.61 | ) | (0.42 | ) | 0.14 | 0.29 | — | 0.43 | — | 10.48 | (3.52 | ) | 0.58 | 0.47 | 0.47 | 1.85 | 14,992 | 38 | ||||||||||||||||||||||||||||||||
05-31-22 | 13.92 | 0.19• | (1.31 | ) | (1.12 | ) | 0.51 | 0.96 | — | 1.47 | — | 11.33 | (9.60 | ) | 0.56 | 0.45 | 0.45 | 1.42 | 14,443 | 44 | ||||||||||||||||||||||||||||||||
05-31-21 | 10.77 | 0.21• | 3.27 | 3.48 | 0.33 | — | — | 0.33 | — | 13.92 | 32.57 | 0.60 | 0.40 | 0.40 | 1.69 | 16,811 | 38 | |||||||||||||||||||||||||||||||||||
05-31-20 | 11.31 | 0.31• | (0.10 | ) | 0.21 | 0.25 | 0.50 | — | 0.75 | — | 10.77 | 1.28 | 0.57 | 0.34 | 0.34 | 2.68 | 11,115 | 47 | ||||||||||||||||||||||||||||||||||
05-31-19 | 12.11 | 0.22 | (0.50 | ) | (0.28 | ) | 0.27 | 0.25 | — | 0.52 | — | 11.31 | (2.01 | ) | 0.53 | 0.33 | 0.33 | 1.82 | 11,885 | 118 | ||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.52 | 0.07• | 0.51 | 0.58 | — | — | — | — | — | 11.10 | 5.51 | 0.46 | 0.45 | 0.45 | 1.37 | 672 | 4 | |||||||||||||||||||||||||||||||||||
05-31-23 | 11.37 | 0.20• | (0.62 | ) | (0.42 | ) | 0.14 | 0.29 | — | 0.43 | — | 10.52 | (3.49 | ) | 0.50 | 0.47 | 0.47 | 1.87 | 640 | 38 | ||||||||||||||||||||||||||||||||
05-31-22 | 13.96 | 0.19• | (1.31 | ) | (1.12 | ) | 0.51 | 0.96 | — | 1.47 | — | 11.37 | (9.54 | ) | 1.11 | 0.45 | 0.45 | 1.47 | 637 | 44 | ||||||||||||||||||||||||||||||||
05-31-21 | 10.81 | 0.19• | 3.30 | 3.49 | 0.34 | — | — | 0.34 | — | 13.96 | 32.52 | 1.17 | 0.40 | 0.40 | 1.49 | 611 | 38 | |||||||||||||||||||||||||||||||||||
05-31-20 | 11.35 | 0.29 | (0.07 | ) | 0.22 | 0.26 | 0.50 | — | 0.76 | — | 10.81 | 1.35 | 1.22 | 0.34 | 0.34 | 2.53 | 50 | 47 | ||||||||||||||||||||||||||||||||||
05-31-19 | 12.04 | 0.21 | (0.52 | ) | (0.31 | ) | 0.13 | 0.25 | — | 0.38 | — | 11.35 | (2.36 | ) | 1.34 | 0.33 | 0.33 | 1.81 | 3 | 118 | ||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-23+ | 10.46 | 0.07• | 0.51 | 0.58 | — | — | — | — | — | 11.04 | 5.55 | 0.61 | 0.45 | 0.45 | 1.37 | 103 | 4 | |||||||||||||||||||||||||||||||||||
05-31-23 | 11.31 | 0.19• | (0.61 | ) | (0.42 | ) | 0.14 | 0.29 | — | 0.43 | — | 10.46 | (3.52 | ) | 0.63 | 0.47 | 0.47 | 1.82 | 116 | 38 | ||||||||||||||||||||||||||||||||
05-31-22 | 13.90 | 0.19• | (1.31 | ) | (1.12 | ) | 0.51 | 0.96 | — | 1.47 | — | 11.31 | (9.61 | ) | 0.61 | 0.45 | 0.45 | 1.45 | 123 | 44 | ||||||||||||||||||||||||||||||||
05-31-21 | 10.75 | 0.22• | 3.26 | 3.48 | 0.33 | — | — | 0.33 | — | 13.90 | 32.60 | 0.65 | 0.40 | 0.40 | 1.72 | 134 | 38 | |||||||||||||||||||||||||||||||||||
05-31-20 | 11.30 | 0.32• | (0.12 | ) | 0.20 | 0.25 | 0.50 | — | 0.75 | — | 10.75 | 1.22 | 0.63 | 0.34 | 0.34 | 2.79 | 171 | 47 | ||||||||||||||||||||||||||||||||||
05-31-19 | 12.10 | 0.22 | (0.50 | ) | (0.28 | ) | 0.27 | 0.25 | — | 0.52 | — | 11.30 | (2.00 | ) | 0.55 | 0.33 | 0.33 | 1.77 | 118 | 118 |
(1) | 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. |
(2) | Annualized for periods less than one year. |
(3) | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
See Accompanying Notes to Financial Statements
6
FINANCIAL HIGHLIGHTS (continued)
(4) | Ratios do not include expenses of the Underlying Funds. |
+ | Unaudited. |
• | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
7
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited)
NOTE 1 — ORGANIZATION
Voya Equity Trust (the “Trust”) is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of eleven separate active investment series. This report is for Voya Global Multi-Asset Fund (“Global Multi-Asset” or the “Fund”), a diversified series of the Trust.
The Fund offers the following classes of shares: Class A, Class C, Class I, Class R6, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.
Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Fund.
The investment companies in which the Fund invests are collectively referred to as the “Underlying Funds.”
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of the Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.
Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.
When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, 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,
8
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (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. 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:
(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
(2) Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments.
Reported net realized foreign exchange gains or losses arise from the difference between the amounts of foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received. Net unrealized foreign exchange gains and losses arise from changes in the value of foreign/ withholding tax reclaim receivables, resulting from changes in the exchange rate.
D. Risk Exposures and the Use of Derivative Instruments. The Fund’s investment strategies permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or
tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. As of the date of this report, the United States experiences a rising market interest rate environment, which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.
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
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”), with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and
they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
The Fund may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of November 30, 2023, the maximum amount of loss the Fund would incur if the counterparties to its derivative transactions failed to perform would be $1,163,805 which represents the gross payments to be received by the Fund on open forward foreign currency contracts and OTC total return swaps were they to be unwound as of November 30, 2023. As of November 30, 2023, there was no collateral pledged to the Fund.
The Fund’s Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund’s Master Agreements.
As of November 30, 2023, the Fund had a liability position of $923,109 on open forward foreign currency contracts and OTC total return swaps. If a contingent feature would have been triggered as of November 30, 2023, the Fund could have been required to pay this amount in cash to its counterparties. As of November 30, 2023, the Fund has pledged $470,000 cash collateral for its open OTC derivatives.
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
E. Forward Foreign Currency Contracts and Futures Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.
During the period ended November 30, 2023, the Fund had an average contract amount on forward foreign currency contracts to buy and sell of $15,163,411 and $14,860,917, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at November 30, 2023.
The Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within the Fund’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements,
if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund’s Statement of Operations. Realized gains (losses) are reported in the Fund’s Statement of Operations at the closing or expiration of futures contracts.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended November 30, 2023, the Fund had purchased and sold futures contracts on various equity indices and U.S. Treasuries as part of its tactical asset allocation strategies. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the period ended November 30, 2023, the Fund had average notional amounts on futures contracts purchased and sold of $10,942,956 and $10,959,267, respectively. Please refer to the table within the Portfolio of Investments for open futures contracts at November 30, 2023.
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
12
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
For the period ended November 30, 2023, the Fund entered into total return swaps on equity indices with an average notional amount of $6,501,080 and $6,500,944 on payer and receiver total return swaps, respectively. Please refer to the table within the Portfolio of Investments for open total return swaps at November 30, 2023.
G. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
H. Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
I. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
J. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended November 30, 2023, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:
Purchases | Sales | |||||
$ | 4,519,012 | $ | 8,000,448 |
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Management Agreement compensates the Investment Adviser with a management fee equal to (1) 0.18% of the Fund’s average daily net assets invested in affiliated Underlying Funds; (2) 0.900% on the first $500 million; 0.875% on the next $500 million; 0.850% on the next $500 million; 0.825% on the next $500 million; and 0.800% thereafter of the Fund’s average daily net assets invested in direct investments; and (3) 0.40% of the Fund’s average daily net assets invested in other investments.
The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Class A and Class C shares of the Fund each has a plan (each a “Plan” and collectively, the “Plans”), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution of the Fund’s shares (“Distribution Fees”). Pursuant to the Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of the Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, Class A and Class C of shares of the Fund pay the Distributor Distribution Fees and/or Service Fees based on average daily net assets at the following rates:
Class A | Class C | |
0.25% | 1.00% |
The Distributor may also retain the proceeds of the initial sales charge paid by the shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended November 30, 2023, the Distributor retained the following amounts in sales charges:
Class A | Class C | |||||||
Initial Sales Charges: | $ | 1,751 | $ | — | ||||
Contingent Deferred Sales Charges: | $ | — | $ | 15 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2023, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies that owned more than 5% of the Fund.
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
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended November 30, 2023, the per account fees for affiliated recordkeeping services paid by the Fund were $3,721.
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(1):
Class A | Class C | Class I | Class R6 | Class W | |||||
1.15% | 1.90% | 0.90% | 0.90% | 0.90% |
(1) | These operating expense limits take into account operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by the Fund will vary based on the Fund’s allocation of assets to, and the net expenses of, a particular Underlying Fund. |
The Investment Adviser may at a later date recoup from the Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.
As of November 30, 2023, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:
November 30, | ||||||||||||||
2024 | 2025 | 2026 | Total | |||||||||||
$ | 225,463 | $ | 73,164 | $ | 22,515 | $ | 321,142 |
In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser and the related expiration dates, as of November 30, 2023, are as follows:
November 30, | ||||||||||||||||
2024 | 2025 | 2026 | Total | |||||||||||||
Class A | $ | 71,590 | $ | 109,313 | $ | 136,405 | $ | 317,308 | ||||||||
Class C | 1,427 | 1,374 | 1,490 | 4,291 | ||||||||||||
Class I | — | 6,775 | 12,196 | 18,971 | ||||||||||||
Class R6 | 2,341 | 1,827 | 13 | 4,181 | ||||||||||||
Class W | 72 | 120 | 149 | 341 |
The Expense Limitation Agreement is contractual through October 1, 2024 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 8 — LINE OF CREDIT
Effective June 12, 2023, 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 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The Fund did not utilize the line of credit during the period ended November 30, 2023.
15
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net
increase (decrease) | |||||||||||||||||||||||||
Year or | ||||||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 97,623 | — | — | (463,476 | ) | — | (365,853 | ) | 1,037,465 | — | — | (4,905,900 | ) | — | (3,868,435 | ) | ||||||||||||||||||||
5/31/2023 | 158,317 | — | 382,423 | (922,468 | ) | — | (381,728 | ) | 1,614,912 | — | 3,759,214 | (9,487,771 | ) | — | (4,113,645 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 1,551 | — | — | (15,376 | ) | — | (13,825 | ) | 16,581 | — | — | (166,509 | ) | — | (149,928 | ) | ||||||||||||||||||||
5/31/2023 | 31,973 | — | 3,679 | (54,255 | ) | — | (18,603 | ) | 345,671 | — | 37,050 | (574,056 | ) | — | (191,335 | ) | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 162,676 | — | — | (258,921 | ) | — | (96,245 | ) | 1,706,935 | — | — | (2,737,138 | ) | — | (1,030,203 | ) | ||||||||||||||||||||
5/31/2023 | 274,463 | — | 57,660 | (176,264 | ) | — | 155,859 | 2,825,847 | — | 578,329 | (1,850,200 | ) | — | 1,553,976 | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 6,391 | — | — | (6,671 | ) | — | (280 | ) | 68,942 | — | — | (70,657 | ) | — | (1,715 | ) | ||||||||||||||||||||
5/31/2023 | 10,080 | — | 2,478 | (7,716 | ) | — | 4,842 | 107,492 | — | 24,932 | (83,055 | ) | — | 49,369 | ||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||
11/30/2023 | 34 | — | — | (1,821 | ) | — | (1,787 | ) | 369 | — | — | (19,972 | ) | — | (19,603 | ) | ||||||||||||||||||||
5/31/2023 | 213 | — | 469 | (436 | ) | — | 246 | 2,189 | — | 4,696 | (4,548 | ) | — | 2,337 |
NOTE 10 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, straddle loss deferrals and wash sale deferrals.
Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
Year Ended | Year Ended | |||||||||||||
May 31, 2023 | May 31, 2022 | |||||||||||||
Ordinary | Long-term | Ordinary | Long-term | |||||||||||
Income | Capital Gains | Income | Capital Gains | |||||||||||
$ | 1,315,105 | $ | 3,346,350 | $ | 11,259,825 | $ | 4,276,749 |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of May 31, 2023 were:
Undistributed | Unrealized | Total | ||||||||||||||||||||
Ordinary | Appreciation/ | Capital Loss Carryforwards | Distributable | |||||||||||||||||||
Income | (Depreciation) | Amount | Character | Expiration | Earnings/(Loss) | |||||||||||||||||
$ | 908,533 | $ | 58,004 | $ | (5,195,565 | ) | Short-term | None | $ | (5,734,166 | ) | |||||||||||
(1,505,138 | ) | Long-term | None | |||||||||||||||||||
$ | (6,700,703 | ) |
The Fund’s major tax jurisdictions are U.S. federal and Arizona state.
As of November 30, 2023, 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.
16
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 12 — MARKET DISRUPTION
The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short-or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic
has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently 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 non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.
NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Fund's financial statements.
NOTE 14 — SUBSEQUENT EVENTS
Dividends: Subsequent to November 30, 2023, the Fund declared and paid dividends and distributions of:
17
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (unaudited) (continued)
NOTE 14 — SUBSEQUENT EVENTS (continued)
Type | Per
Share Amount | Payable
Date | Record
Date | |||||
Class A | NII | $0.2870 | December 29, 2023 | December 27, 2023 | ||||
Class C | NII | $0.1960 | December 29, 2023 | December 27, 2023 | ||||
Class I | NII | $0.3135 | December 29, 2023 | December 27, 2023 | ||||
Class R6 | NII | $0.3149 | December 29, 2023 | December 27, 2023 | ||||
Class W | NII | $0.3135 | December 29, 2023 | December 27, 2023 |
NII - Net investment income
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.
18
Voya Global Multi-Asset Fund | PORTFOLIO OF INVESTMENTS |
as of November 30, 2023 (unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||
EXCHANGE-TRADED FUNDS: 6.9% | ||||||||||
45,158 | Schwab U.S. TIPS ETF | $ | 2,313,444 | 1.9 | ||||||
59,242 | Vanguard Global ex-U.S. Real Estate ETF | 2,422,998 | 2.0 | |||||||
43,922 | Vanguard Real Estate ETF | 3,589,745 | 3.0 | |||||||
8,326,187 | 6.9 | |||||||||
Total Exchange-Traded Funds (Cost $9,120,026) | 8,326,187 | 6.9 | ||||||||
MUTUAL FUNDS: 91.9% | ||||||||||
Affiliated Investment Companies: 67.1% | ||||||||||
838,994 | Voya Global Bond Fund - Class R6 | 6,007,194 | 5.0 | |||||||
906,682 | Voya High Yield Bond Fund - Class R6 | 6,083,835 | 5.1 | |||||||
1,847,335 | Voya Intermediate Bond Fund - Class R6 | 15,683,871 | 13.0 | |||||||
284,871 | Voya Large Cap Value Fund - Class R6 | 3,689,078 | 3.1 | |||||||
132,519 (1) | Voya MidCap Opportunities Fund - Class R6 | 3,096,958 | 2.6 | |||||||
645,623 | Voya Multi-Manager Emerging Markets Equity Fund - Class I | 6,062,402 | 5.0 | |||||||
1,319,125 | Voya Multi-Manager International Equity Fund - Class I | 12,729,561 | 10.6 | |||||||
1,085,670 | Voya Multi-Manager International Factors Fund - Class I | 9,771,026 | 8.1 | |||||||
340,281 | Voya Multi-Manager Mid Cap Value Fund - Class I | 3,072,740 | 2.6 | |||||||
358,501 | Voya Short Duration High Income Fund - Class R6 | 3,599,379 | 3.0 | |||||||
776,721 | Voya Short Term Bond Fund - Class R6 | 7,176,900 | 6.0 | |||||||
33,992 (1) | Voya Small Cap Growth Fund - Class R6 | 1,231,519 | 1.0 | |||||||
177,853 | Voya Small Company Fund - Class R6 | 2,424,140 | 2.0 | |||||||
80,628,603 | 67.1 | |||||||||
Unaffiliated Investment Companies: 24.8% | ||||||||||
587,702 | TIAA-CREF S&P 500 Index Fund - Institutional Class | 29,708,341 | 24.8 | |||||||
Total Mutual Funds (Cost $101,267,239) | 110,336,944 | 91.9 |
Principal
Amount† |
Value | Percentage of Net Assets | ||||||||
ASSET-BACKED SECURITIES: 0.0% | ||||||||||
Asset-Backed Securities: 0.0% | ||||||||||
2,517 (2) | Chase Funding Trust Series 2003-5 2A2, 6.057%, (TSFR1M + 0.714%), 07/25/2033 | $ | 2,411 | 0.0 | ||||||
Total Asset-Backed Securities (Cost $2,517) | 2,411 | 0.0 | ||||||||
Total Long-Term Investments (Cost $110,389,782) | 118,665,542 | 98.8 | ||||||||
Shares | Value | Percentage of Net Assets | ||||||||
SHORT-TERM INVESTMENTS: 0.1% | ||||||||||
Mutual Funds: 0.1% | ||||||||||
109,671 (3) | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.250% | 109,671 | 0.1 | |||||||
Total Short-Term Investments (Cost $109,671) | 109,671 | 0.1 | ||||||||
Total Investments in Securities (Cost $110,499,453) | $ | 118,775,213 | 98.9 | |||||||
Assets in Excess of Other Liabilities | 1,356,777 | 1.1 | ||||||||
Net Assets | $ | 120,131,990 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | Non-income producing security. |
(2) | Variable rate security. Rate shown is the rate in effect as of November 30, 2023. |
(3) | Rate shown is the 7-day yield as of November 30, 2023. |
Reference Rate Abbreviations:
TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
See Accompanying Notes to Financial Statements
19
Voya Global Multi-Asset Fund | PORTFOLIO OF INVESTMENTS | |
as of November 30, 2023 (unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 2,411 | $ | — | $ | 2,411 | ||||||||
Exchange-Traded Funds | 8,326,187 | — | — | 8,326,187 | ||||||||||||
Mutual Funds | 110,336,944 | — | — | 110,336,944 | ||||||||||||
Short-Term Investments | 109,671 | — | — | 109,671 | ||||||||||||
Total Investments, at fair value | $ | 118,772,802 | $ | 2,411 | $ | — | $ | 118,775,213 | ||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | — | 630,578 | — | 630,578 | ||||||||||||
Futures | 196,192 | — | — | 196,192 | ||||||||||||
OTC Swaps | — | 533,227 | — | 533,227 | ||||||||||||
Total Assets | $ | 118,968,994 | $ | 1,166,216 | $ | — | $ | 120,135,210 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (463,936 | ) | $ | — | $ | (463,936 | ) | ||||||
Futures | (200,598 | ) | — | — | (200,598 | ) | ||||||||||
OTC Swaps | — | (459,173 | ) | — | (459,173 | ) | ||||||||||
Total Liabilities | $ | (200,598 | ) | $ | (923,109 | ) | $ | — | $ | (1,123,707 | ) |
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |
Transactions with Affiliates
An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.
The following table provides transactions during the period ended November 30, 2023, where the following issuers were considered an affiliate:
Issuer | Beginning Fair Value at 5/31/2023 | Purchases at Cost | Sales at Cost | Change
In Unrealized Appreciation/ (Depreciation) | Ending Fair Value at 11/30/2023 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||
Voya Global Bond Fund - Class R6 | $ | 5,966,589 | $ | 129,794 | $ | — | $ | (89,189 | ) | $ | 6,007,194 | $ | 129,794 | $ | — | $ | — | |||||||||||||||
Voya High Yield Bond Fund - Class R6 | 6,053,483 | 205,465 | (248,445 | ) | 73,332 | 6,083,835 | 205,423 | (20,040 | ) | — | ||||||||||||||||||||||
Voya Intermediate Bond Fund - Class R6 | 15,662,552 | 326,882 | — | (305,563 | ) | 15,683,871 | 326,882 | — | — | |||||||||||||||||||||||
Voya Large Cap Value Fund - Class R6 | 3,495,567 | 29,211 | (123,865 | ) | 288,165 | 3,689,078 | 29,210 | (13,252 | ) | — | ||||||||||||||||||||||
Voya MidCap Opportunities Fund - Class R6 | 3,091,162 | — | (390,077 | ) | 395,873 | 3,096,958 | — | (117,995 | ) | — | ||||||||||||||||||||||
Voya Multi-Manager Emerging Markets Equity Fund - Class I | 5,990,607 | — | (289,872 | ) | 361,666 | 6,062,402 | — | (21,138 | ) | — | ||||||||||||||||||||||
Voya Multi-Manager International Equity Fund - Class I | 12,281,058 | — | — | 448,502 | 12,729,561 | — | — | — | ||||||||||||||||||||||||
Voya Multi-Manager International Factors Fund - Class I | 9,400,446 | — | (122,938 | ) | 493,518 | 9,771,026 | — | (4,277 | ) | — | ||||||||||||||||||||||
Voya Multi-Manager Mid Cap Value Fund - Class I | 2,917,781 | — | (110,276 | ) | 265,235 | 3,072,740 | — | (25,272 | ) | — | ||||||||||||||||||||||
Voya Short Duration High Income Fund - Class R6 | — | 3,592,184 | — | 7,195 | 3,599,379 | — | — | — |
See Accompanying Notes to Financial Statements
20
Voya Global Multi-Asset Fund | PORTFOLIO OF INVESTMENTS | |
as of November 30, 2023 (unaudited) (continued) |
Issuer | Beginning Fair Value at 5/31/2023 | Purchases at Cost | Sales at Cost | Change In Unrealized Appreciation/ (Depreciation) | Ending Fair Value at 11/30/2023 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||
Voya Short Term Bond Fund - Class R6 | $ | 10,904,152 | $ | 235,476 | $ | (3,990,025 | ) | $ | 27,297 | $ | 7,176,900 | $ | 235,476 | $ | (37,085 | ) | $ | — | ||||||||||||||
Voya Small Cap Growth Fund - Class R6 | 1,202,173 | — | (38,310 | ) | 67,658 | 1,231,519 | — | 642 | — | |||||||||||||||||||||||
Voya Small Company Fund - Class R6 | 2,376,323 | — | (113,864 | ) | 161,681 | 2,424,140 | — | (165 | ) | — | ||||||||||||||||||||||
$ | 79,341,893 | $ | 4,519,012 | $ | (5,427,672 | ) | $ | 2,195,370 | $ | 80,628,603 | $ | 926,785 | $ | (238,582 | ) | $ | — |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At November 30, 2023, the following forward foreign currency contracts were outstanding for Voya Global Multi-Asset Fund:
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||
GBP | 6,200,000 | USD | 7,517,487 | Brown Brothers Harriman & Co. | 12/05/23 | $ | 309,787 | |||||||||
EUR | 1,800,000 | USD | 1,899,000 | Brown Brothers Harriman & Co. | 12/05/23 | 60,386 | ||||||||||
USD | 3,247,359 | AUD | 5,100,000 | Brown Brothers Harriman & Co. | 12/05/23 | (122,587 | ) | |||||||||
USD | 2,960,499 | SEK | 33,200,000 | Brown Brothers Harriman & Co. | 12/05/23 | (200,407 | ) | |||||||||
NOK | 40,000,000 | USD | 3,565,368 | Morgan Stanley Capital Services LLC | 12/05/23 | 131,624 | ||||||||||
USD | 4,498,298 | JPY | 676,100,000 | Morgan Stanley Capital Services LLC | 12/05/23 | (62,711 | ) | |||||||||
USD | 3,360,677 | SGD | 4,600,000 | Morgan Stanley Capital Services LLC | 12/05/23 | (78,231 | ) | |||||||||
NZD | 3,900,000 | USD | 2,272,857 | Standard Chartered Bank | 12/05/23 | 128,781 | ||||||||||
$ | 166,642 |
At November 30, 2023, the following futures contracts were outstanding for Voya Global Multi-Asset Fund:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | |||||||||
Long Contracts: | |||||||||||||
S&P 500 E-Mini | 39 | 12/15/23 | $ | 8,924,662 | $ | 193,106 | |||||||
U.S. Treasury Ultra Long Bond | 20 | 03/19/24 | 2,460,000 | 3,086 | |||||||||
$ | 11,384,662 | $ | 196,192 | ||||||||||
Short Contracts: | |||||||||||||
EURO STOXX 50 Index | (144) | 12/15/23 | (6,882,595 | ) | (199,557 | ) | |||||||
U.S. Treasury 5-Year Note | (41) | 03/28/24 | (4,380,914 | ) | (1,041 | ) | |||||||
$ | (11,263,509 | ) | $ | (200,598 | ) |
At November 30, 2023, the following OTC total return swaps were outstanding for Voya Global Multi-Asset Fund:
Pay/Receive Total Return(1) | Reference Entity | Reference Entity Payment Frequency | (Pay)/ Receive Financing Rate | Floating Rate Payment Frequency | Counterparty | Termination Date | Notional
Amount | Fair Value | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
Receive | iShares S&P 500 Value ETF | At Maturity | (Secured Overnight Financing Rate+0.27%) | At Maturity | Bank of America N.A. | 12/01/23 | USD | 6,500,944 | $ | 533,227 | $ | — | $ | 533,227 | |||||||||||||||
Pay | iShares S&P 500 Growth ETF | At Maturity | Secured Overnight Financing Rate + 0.27% | At Maturity | Goldman Sachs International | 12/01/23 | USD | 6,501,080 | (459,173 | ) | — | (459,173 | ) | ||||||||||||||||
$ | 74,054 | $ | — | $ | 74,054 |
(1) | The Fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the Fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the Fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative. |
Currency Abbreviations: | Currency Abbreviations: | ||||
AUD | — | Australian Dollar | EUR | — | EU Euro |
GBP | — | British Pound |
See Accompanying Notes to Financial Statements
21
Voya Global Multi-Asset Fund | PORTFOLIO OF INVESTMENTS | |
as of November 30, 2023 (unaudited) (continued) |
Currency Abbreviations: | Currency Abbreviations: | ||||
JPY | — | Japanese Yen | SGD | — | Singapore Dollar |
NOK | — | Norwegian Krone | USD | — | United States Dollar |
NZD | — | New Zealand Dollar | |||
SEK | — | Swedish Krona |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of November 30, 2023 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||
Asset Derivatives | ||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 630,578 | |||
Interest rate contracts | Variation margin receivable on futures contracts* | 3,086 | ||||
Equity contracts | Variation margin receivable on futures contracts* | 193,106 | ||||
Equity contracts | Unrealized appreciation on OTC swap agreements | 533,227 | ||||
Total Asset Derivatives | $ | 1,359,997 | ||||
Liability Derivatives | ||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 463,936 | |||
Interest rate contracts | Variation margin payable on futures contracts* | 1,041 | ||||
Equity contracts | Variation margin payable on futures contracts* | 199,557 | ||||
Equity contracts | Unrealized depreciation on OTC swap agreements | 459,173 | ||||
Total Liability Derivatives | $ | 1,123,707 |
* | The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments on the Fund's Statement of Operations for the period ended November 30, 2023 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Forward
foreign currency contracts | Futures | Swaps | Total | ||||||||||||
Equity contracts | $ | — | $ | 467,860 | $ | (96,024 | ) | $ | 371,836 | |||||||
Foreign exchange contracts | 92,482 | — | — | 92,482 | ||||||||||||
Interest rate contracts | — | (148,013 | ) | — | (148,013 | ) | ||||||||||
Total | $ | 92,482 | $ | 319,847 | $ | (96,024 | ) | $ | 316,305 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments | Forward
foreign currency contracts | Futures | Swaps | Total | ||||||||||||
Equity contracts | $ | — | $ | 199,602 | $ | 74,054 | $ | 273,655 | ||||||||
Foreign exchange contracts | 176,554 | — | — | 176,554 | ||||||||||||
Interest rate contracts | — | (38,846 | ) | — | (38,846) | |||||||||||
Total | $ | 176,554 | $ | 160,756 | $ | 74,054 | $ | 411,363 |
See Accompanying Notes to Financial Statements
22
Voya Global Multi-Asset Fund | PORTFOLIO OF INVESTMENTS | |
as of November 30, 2023 (unaudited) (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at November 30, 2023:
Bank of America N.A. | Brown Brothers Harriman & Co. | Goldman Sachs International | Morgan Stanley Capital Services LLC | Standard Chartered Bank | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Forward foreign currency contracts | $ | — | $ | 370,173 | $ | — | $ | 131,624 | $ | 128,781 | $ | 630,578 | ||||||||||||
OTC Total return swaps | 533,227 | — | — | — | — | 533,227 | ||||||||||||||||||
Total Assets | $ | 533,227 | $ | 370,173 | $ | — | $ | 131,624 | $ | 128,781 | $ | 1,163,805 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Forward foreign currency contracts | $ | — | $ | 322,994 | $ | — | $ | 140,942 | $ | — | $ | 463,936 | ||||||||||||
OTC Total return swaps | — | — | 459,173 | — | — | 459,173 | ||||||||||||||||||
Total Liabilities | $ | — | $ | 322,994 | $ | 459,173 | $ | 140,942 | $ | — | $ | 923,109 | ||||||||||||
Net OTC derivative instruments by counterparty, at fair value | $ | 533,227 | $ | 47,179 | $ | (459,173 | ) | $ | (9,318 | ) | $ | 128,781 | $ | 240,696 | ||||||||||
Total collateral pledged by the Fund/(Received from counterparty) | $ | — | $ | — | $ | 459,173 | $ | — | $ | — | $ | 459,173 | ||||||||||||
Net Exposure(1),(2) | $ | 533,227 | $ | 47,179 | $ | — | $ | (9,318 | ) | $ | 128,781 | $ | 699,869 |
(1) | Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features. |
(2) | At November 30, 2023, the Fund had pledged $470,000 in cash collateral to Goldman Sachs International. Excess cash collateral is not shown for financial reporting purposes. |
At November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $114,337,953. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 11,863,520 | ||
Gross Unrealized Depreciation | (7,189,393 | ) | ||
Net Unrealized Appreciation | $ | 4,674,127 |
See Accompanying Notes to Financial Statements
23
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)
BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT
At a meeting held on November 16, 2023, the Board of Trustees (“Board”) of Voya Equity Trust (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Global Multi-Asset Fund, a series of the Trust (the “Fund”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and approved the renewal of the investment management contract (the “Management Contract”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Fund, and the sub-advisory contract (the “Sub-Advisory Contract,” and together with the Management Contract, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.
In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.
The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund (“Selected Peer Group”) based on the Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.
Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.
Nature, Extent and Quality of Services
The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund’s operations and risk management and the oversight of its various other service providers.
The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program,
24
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.
Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.
The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.
Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.
Fund Performance
In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.
Economies of Scale
When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted the breakpoints in the management fee schedule that will result in a lower management fee rate when the Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.
Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients
The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.
Fee Schedules, Profitability, and Fall-out Benefits
The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.
25
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to the Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by the Manager.
Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund’s operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.
The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Fund and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.
Fund Analysis
Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving the Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance
data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding the Fund’s more recent performance, asset levels and asset flows. The Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.
In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and ten-year periods, the third quintile for the three-year and five-year periods, and the fifth quintile for the one-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed. In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Fund’s performance during certain periods; and (2) the recent changes to the Fund’s portfolio management team.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule on assets invested in direct investments where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund, and level-fee rates that do not include breakpoints on assets invested in affiliated funds and unaffiliated funds; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of
26
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management’s representations regarding its belief that the Fund’s pricing is competitive.
Board Conclusions
After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its
shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to the Fund’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2024.
27
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Investment Adviser | Custodian |
Voya Investments, LLC | The Bank of New York Mellon |
7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
Scottsdale, Arizona 85258 | New York, New York 10286 |
Distributor | Legal Counsel |
Voya Investments Distributor, LLC | Ropes & Gray LLP |
7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
Scottsdale, Arizona 85258 | 800 Boylston Street |
Boston, Massachusetts 02199 |
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.
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Semi-Annual Report
November 30, 2023
Voya VACS Series MCV Fund
Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. |
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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INVESTMENT MANAGEMENT
voyainvestments.com |
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TABLE OF CONTENTS
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Sign up now for on-line prospectuses, fund reports, and proxy statements.
Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
You will be notified by e-mail when these communications become available on the internet. |
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge 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. The Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
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SHAREHOLDER EXPENSE EXAMPLE (Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2023 to November 30, 2023. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning
Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Annualized Expense Ratio | Expenses
Paid During the Period Ended November 30, 2023* | |||||||||||||||||||||||||
Voya VACS Series MCV Fund | $ | 1,000.00 | $ | 1,083.60 | 0.15 | % | $ | 0.78 | $ | 1,000.00 | $ | 1,024.25 | 0.15 | % | $ | 0.76 |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
5
STATEMENT OF ASSETS AND LIABILITIES as of November 30, 2023 (Unaudited)
ASSETS: | ||||
Investments in securities at fair value+* | $ | 88,049,738 | ||
Short-term investments at fair value† | 2,458,882 | |||
Cash | 8,717 | |||
Receivables: | ||||
Investment securities sold | 304,291 | |||
Dividends | 108,488 | |||
Interest | 8 | |||
Prepaid expenses | 2,485 | |||
Prepaid offering expense | 11,123 | |||
Other assets | 51 | |||
Total assets | 90,943,783 | |||
LIABILITIES: | ||||
Payable for investment securities purchased | 273,324 | |||
Payable for fund shares redeemed | 92,324 | |||
Payable upon receipt of securities loaned | 45,089 | |||
Payable to trustees under the deferred compensation plan (Note 5) | 51 | |||
Payable for trustee fees | 219 | |||
Other accrued expenses and liabilities | 7,044 | |||
Total liabilities | 418,051 | |||
NET ASSETS | $ | 90,525,732 | ||
NET ASSETS WERE COMPRISED OF: | ||||
Paid-in capital | $ | 84,471,207 | ||
Total distributable earnings | 6,054,525 | |||
NET ASSETS | $ | 90,525,732 | ||
+ Including securities loaned at value | $ | 44,500 | ||
* Cost of investments in securities | $ | 84,527,739 | ||
† Cost of short-term investments | $ | 2,458,882 |
Net assets | $ | 90,525,732 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.01 | ||
Shares outstanding | 8,414,727 | |||
Net asset value and redemption price per share | $ | 10.76 |
See Accompanying Notes to Financial Statements
6
STATEMENT OF OPERATIONS for the six months ended November 30, 2023 (Unaudited)
INVESTMENT INCOME: | ||||
Dividends, net of foreign taxes withheld* | $ | 886,514 | ||
Interest | 1,807 | |||
Securities lending income, net | 142 | |||
Other | 244 | |||
Total investment income | 888,707 | |||
EXPENSES: | ||||
Transfer agent fees | 61 | |||
Shareholder reporting expense | 1,098 | |||
Registration fees | 1,975 | |||
Professional fees | 26,738 | |||
Custody and accounting expense | 9,463 | |||
Trustee fees | 1,095 | |||
Offering expense | 17,548 | |||
Miscellaneous expense | 4,109 | |||
Interest expense | 97 | |||
Total expenses | 62,184 | |||
Waived and reimbursed fees | 1,453 | |||
Net expenses | 63,637 | |||
Net investment income | 825,070 | |||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||
Net realized gain (loss) on: | ||||
Investments | 1,358,183 | |||
Sale of investments in affiliates | 579 | |||
Net realized gain | 1,358,762 | |||
Net change in unrealized appreciation on: | ||||
Investments | 4,872,250 | |||
Affiliates | 262 | |||
Net change in unrealized appreciation (depreciation) | 4,872,512 | |||
Net realized and unrealized gain | 6,231,274 | |||
Increase in net assets resulting from operations | $ | 7,056,344 | ||
* Foreign taxes withheld | $ | 1,122 |
See Accompanying Notes to Financial Statements
7
STATEMENTS OF CHANGES IN NET ASSETS
Six
Months Ended November 30, 2023 (Unaudited) | March
24, 2023 to May 31, 2023(1) | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 825,070 | $ | 260,425 | ||||
Net realized gain | 1,358,762 | 88,269 | ||||||
Net change in unrealized appreciation (depreciation) | 4,872,512 | (1,350,513 | ) | |||||
Increase (decrease) in net assets resulting from operations | 7,056,344 | (1,001,819 | ) | |||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | — | — | ||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Net proceeds from sale of shares | 8,633,721 | 87,128,457 | ||||||
8,633,721 | — | |||||||
Cost of shares redeemed | (8,555,751 | ) | (2,735,220 | ) | ||||
Net increase in net assets resulting from capital share transactions | 77,970 | 84,393,237 | ||||||
Net increase in net assets | 7,134,314 | 83,391,418 | ||||||
NET ASSETS: | ||||||||
Beginning of year or period | 83,391,418 | — | ||||||
End of year or period | $ | 90,525,732 | $ | 83,391,418 |
(1) Commencement of operations.
See Accompanying Notes to Financial Statements
8
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ![]() | ||||||||||||||||||||||||||||||||||||
Year
or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||
11-30-23+ | 9.93 | 0.10• | 0.73 | 0.83 | — | — | — | — | — | 10.76 | 8.36 | 0.14 | 0.15 | 0.15 | 1.88 | 90,526 | 22 | |||||||||||||||||||||||||||||||||||
03-24-23(4)- | ||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-23 | 10.00 | 0.04• | (0.11 | ) | (0.07 | ) | — | — | — | — | — | 9.93 | (0.70 | ) | 0.18 | 0.17 | 0.17 | 1.93 | 83,391 | 5 |
(1) | 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. | |
(2) | Annualized for periods less than one year. | |
(3) | 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. | |
(4) | Commencement of operations. | |
+ | Unaudited. | |
• | Calculated using average number of shares outstanding throughout the year or period. |
See Accompanying Notes to Financial Statements
9
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Equity Trust (the “Trust”) is a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. The Trust was organized on June 12, 1998 and consists of eleven 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’s shares are not registered under the Securities Act of 1933 (the “1933 Act”) because the shares are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Fund may only be made by “accredited investors,” as defined in Regulation D under the 1933 Act.
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 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.
10
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 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
11
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.
E. Federal Income Taxes It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions will be made until any capital loss carryforwards have been fully utilized.
The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Securities Lending. The Fund has the option to temporarily loan up to 33 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.
I. Offering Costs. Costs incurred with the offering of shares of the Fund are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended November 30, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:
Purchases | Sales | |||||
$ | 20,974,775 | $ | 18,862,220 |
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.
12
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At November 30, 2023, 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% |
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 period ended November 30, 2023, the Fund did not pay any amounts for affiliated recordkeeping services.
NOTE 6 — 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 November 30, 2023, the Fund did not have any amounts 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, 2024 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 7 — 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 10, 2024. 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.
The Fund utilized the line of credit during the period ended November 30, 2023 as follows:
Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | ||||||||
1 | $ | 578,000 | 6.07% |
13
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 8 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) | ||||||||||||||||
Year or period ended | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
11/30/2023 | 821,928 | — | — | (807,014 | ) | — | 14,914 | 8,633,721 | — | — | (8,555,751 | ) | — | 77,970 | |||||||||||||
3/24/2023(1)- | |||||||||||||||||||||||||||
5/31/2023 | 8,667,656 | — | — | (267,843 | ) | — | 8,399,813 | 87,128,457 | — | — | (2,735,220 | ) | — | 84,393,237 |
(1) | Commencement of operations. |
NOTE 9 — 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 Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the fund.
The following table represents a summary of the Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of November 30, 2023:
Counterparty | Securities
Loaned at Value | Cash
Collateral Received(1) | Net
Amount | |||||||||
State Street Bank and Trust Company | $ | 44,500 | $ | (44,500 | ) | $ | — | |||||
Total | $ | 44,500 | $ | (44,500 | ) | $ | — | |||||
(1) | Cash collateral with a fair value of $45,089 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes. |
NOTE 10 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of wash sale deferrals.
Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
No dividends or distributions were paid by the Fund during its initial period ended May 31, 2023.
14
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 10 — FEDERAL INCOME TAXES (continued)
The tax-basis components of distributable earnings as of May 31, 2023 were:
Undistributed Ordinary Income | Undistributed Long-term Capital Gains | Unrealized Appreciation/ (Depreciation) | Total Distributable Earnings/(Loss) | |||||||||||
$ | 374,233 | $ | 5,331 | $ | (1,381,383 | ) | $ | (1,001,819 | ) |
At May 31, 2023 the Fund did not have any capital loss carryforwards for U.S. federal income tax purposes.
The Fund’s major tax jurisdictions are U.S. federal and Arizona state.
As of November 30, 2023, no provision for income tax is required in the Fund’s financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.
In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated
entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.
NOTE 12 — MARKET DISRUPTION
The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events 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 has resulted, and may continue to result, 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. 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 a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently 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
15
NOTES TO FINANCIAL STATEMENTS as of November 30, 2023 (Unaudited) (continued)
NOTE 12 — MARKET DISRUPTION (continued)
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 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however,
early adoption is permitted. The amendment was early adopted. Management expects that the adoption of the guidance will not have a material impact on the Funds’ financial statements.
NOTE 14 — SUBSEQUENT EVENTS
Dividends: Subsequent to November 30, 2023, the Fund declared and paid dividends of:
Type | Per
Share Amount |
Payable
Date |
Record
Date | |||
NII | $0.1429 | December 13, 2023 | December 11, 2023 | |||
STCG | $0.1565 | December 13, 2023 | December 11, 2023 | |||
LTCG | $0.0029 | December 13, 2023 | December 11, 2023 | |||
NII | $0.0022 | December 29, 2023 | December 27, 2023 |
NII - Net investment income
STCG - Short-term capital gain
LTCG - Long-term capital gain
The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
16
Voya VACS Series MCV Fund | PORTFOLIO
OF INVESTMENTS as of November 30, 2023 (Unaudited) |
Shares | Value | Percentage
of Net Assets | ||||||||
COMMON STOCK: 97.1% | ||||||||||
Communication Services: 0.7% | ||||||||||
368 | Electronic Arts, Inc. | $ | 50,788 | 0.1 | ||||||
1,058 | Fox Corp. - Class A | 31,253 | 0.0 | |||||||
2,335 | Interpublic Group of Cos., Inc. | 71,778 | 0.1 | |||||||
376 (1) | Liberty Media Corp.- Liberty Formula One - Class C, Tracking Stock | 23,936 | 0.0 | |||||||
2,650 (1) | Live Nation Entertainment, Inc. | 223,183 | 0.2 | |||||||
162 (1) | Madison Square Garden Sports Corp. | 27,409 | 0.0 | |||||||
950 | New York Times Co. - Class A | 44,641 | 0.1 | |||||||
3,434 | News Corp. - Class A | 75,685 | 0.1 | |||||||
226 | Nexstar Media Group, Inc. | 32,076 | 0.0 | |||||||
1,092 | Omnicom Group, Inc. | 88,048 | 0.1 | |||||||
668,797 | 0.7 | |||||||||
Consumer Discretionary: 12.5% | ||||||||||
9,450 (1) | Aptiv PLC | 782,838 | 0.9 | |||||||
815 | Aramark | 22,828 | 0.0 | |||||||
292 (1) | AutoNation, Inc. | 39,499 | 0.0 | |||||||
1,208 | Best Buy Co., Inc. | 85,695 | 0.1 | |||||||
27,478 | BorgWarner, Inc. | 925,734 | 1.0 | |||||||
1,237 | Boyd Gaming Corp. | 73,045 | 0.1 | |||||||
737 | Brunswick Corp. | 58,127 | 0.1 | |||||||
387 | Columbia Sportswear Co. | 30,314 | 0.0 | |||||||
5,775 | Darden Restaurants, Inc. | 903,614 | 1.0 | |||||||
7,138 | Dick's Sporting Goods, Inc. | 928,654 | 1.0 | |||||||
631 (1) | Dollar Tree, Inc. | 77,985 | 0.1 | |||||||
744 | DR Horton, Inc. | 94,986 | 0.1 | |||||||
799 | eBay, Inc. | 32,767 | 0.0 | |||||||
796 | Garmin Ltd. | 97,303 | 0.1 | |||||||
2,395 | Gentex Corp. | 72,832 | 0.1 | |||||||
1,137 | Genuine Parts Co. | 150,971 | 0.2 | |||||||
384 (1) | Grand Canyon Education, Inc. | 52,500 | 0.1 | |||||||
4,150 | Hilton Worldwide Holdings, Inc. | 695,208 | 0.8 | |||||||
402 (2) | Hyatt Hotels Corp. - Class A | 46,133 | 0.1 | |||||||
813 | Lear Corp. | 108,739 | 0.1 | |||||||
2,356 | Lennar Corp. - Class A | 301,380 | 0.3 | |||||||
3,703 | LKQ Corp. | 164,895 | 0.2 | |||||||
265 | Marriott Vacations Worldwide Corp. | 19,318 | 0.0 | |||||||
3,157 | MGM Resorts International | 124,512 | 0.1 | |||||||
47 (1) | NVR, Inc. | 289,303 | 0.3 | |||||||
583 | Penske Automotive Group, Inc. | 87,042 | 0.1 | |||||||
865 | Phinia, Inc. | 22,057 | 0.0 | |||||||
765 | Polaris, Inc. | 63,090 | 0.1 | |||||||
3,037 | PulteGroup, Inc. | 268,532 | 0.3 | |||||||
7,862 | Ralph Lauren Corp. | 1,017,186 | 1.1 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Consumer Discretionary: (continued) | ||||||||||
9,650 | Ross Stores, Inc. | $ | 1,258,167 | 1.4 | ||||||
1,924 (1) | Skechers USA, Inc. - Class A | 113,343 | 0.1 | |||||||
17,968 | Tapestry, Inc. | 569,047 | 0.6 | |||||||
1,170 | Tempur Sealy International, Inc. | 47,174 | 0.1 | |||||||
1,412 | Thor Industries, Inc. | 139,887 | 0.2 | |||||||
3,158 | Toll Brothers, Inc. | 271,241 | 0.3 | |||||||
207 (1) | TopBuild Corp. | 61,226 | 0.1 | |||||||
141 | Vail Resorts, Inc. | 30,641 | 0.0 | |||||||
528 | Williams-Sonoma, Inc. | 99,021 | 0.1 | |||||||
8,475 | Yum! Brands, Inc. | 1,064,036 | 1.2 | |||||||
11,290,870 | 12.5 | |||||||||
Consumer Staples: 4.5% | ||||||||||
3,802 | Albertsons Cos., Inc. - Class A | 82,769 | 0.1 | |||||||
14,446 (1) | BJ's Wholesale Club Holdings, Inc. | 932,923 | 1.0 | |||||||
860 | Campbell Soup Co. | 34,555 | 0.0 | |||||||
797 | Casey's General Stores, Inc. | 219,494 | 0.2 | |||||||
1,671 | Conagra Brands, Inc. | 47,273 | 0.1 | |||||||
442 (1) | Darling Ingredients, Inc. | 19,390 | 0.0 | |||||||
2,870 | Flowers Foods, Inc. | 59,725 | 0.1 | |||||||
844 | Ingredion, Inc. | 86,501 | 0.1 | |||||||
568 | J M Smucker Co. | 62,327 | 0.1 | |||||||
771 | Kellogg Co. | 40,508 | 0.1 | |||||||
3,334 | Kroger Co. | 147,596 | 0.2 | |||||||
314 | McCormick & Co., Inc. | 20,357 | 0.0 | |||||||
841 | Molson Coors Beverage Co. - Class B | 51,755 | 0.1 | |||||||
552 (1) | Post Holdings, Inc. | 47,157 | 0.1 | |||||||
7 | Seaboard Corp. | 24,605 | 0.0 | |||||||
11,700 | Sysco Corp. | 844,389 | 0.9 | |||||||
10,000 | Tyson Foods, Inc. - Class A | 468,400 | 0.5 | |||||||
19,469 (1) | US Foods Holding Corp. | 853,326 | 0.9 | |||||||
189 | WK Kellogg Co. | 2,117 | 0.0 | |||||||
4,045,167 | 4.5 | |||||||||
Energy: 3.9% | ||||||||||
1,953 | Chesapeake Energy Corp. | 156,845 | 0.2 | |||||||
45,190 | Coterra Energy, Inc. | 1,186,238 | 1.3 | |||||||
20,455 | Devon Energy Corp. | 919,861 | 1.0 | |||||||
737 | Diamondback Energy, Inc. | 113,800 | 0.2 | |||||||
5,300 | Hess Corp. | 744,968 | 0.8 | |||||||
1,453 | HF Sinclair Corp. | 76,254 | 0.1 | |||||||
1,358 | ONEOK, Inc. | 93,498 | 0.1 | |||||||
1,512 | Phillips 66 | 194,882 | 0.2 | |||||||
3,486,346 | 3.9 | |||||||||
Financials: 13.7% | ||||||||||
1,003 | Affiliated Managers Group, Inc. | 135,957 | 0.2 |
See Accompanying Notes to Financial Statements
17
Voya VACS Series MCV Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Financials: (continued) | ||||||||||
749 | Aflac, Inc. | $ | 61,950 | 0.1 | ||||||
9,000 | American Financial Group, Inc. | 1,029,510 | 1.1 | |||||||
2,303 | Annaly Capital Management, Inc. | 41,615 | 0.0 | |||||||
1,158 (1) | Arch Capital Group Ltd. | 96,913 | 0.1 | |||||||
216 | Arthur J Gallagher & Co. | 53,784 | 0.1 | |||||||
21,425 | Bank of New York Mellon Corp. | 1,035,256 | 1.1 | |||||||
780 | Brown & Brown, Inc. | 58,297 | 0.1 | |||||||
393 | Cboe Global Markets, Inc. | 71,601 | 0.1 | |||||||
867 | Discover Financial Services | 80,631 | 0.1 | |||||||
878 | Evercore, Inc. - Class A | 129,549 | 0.1 | |||||||
1,314 | Everest Re Group Ltd. | 539,463 | 0.6 | |||||||
3,884 | Fidelity National Financial, Inc. | 174,159 | 0.2 | |||||||
507 | First American Financial Corp. | 30,217 | 0.0 | |||||||
1,740 | Franklin Resources, Inc. | 43,152 | 0.0 | |||||||
9,301 | Global Payments, Inc. | 1,083,008 | 1.2 | |||||||
457 | Globe Life, Inc. | 56,270 | 0.1 | |||||||
13,817 | Hartford Financial Services Group, Inc. | 1,079,937 | 1.2 | |||||||
488 | Houlihan Lokey, Inc. | 52,567 | 0.1 | |||||||
41,300 | Huntington Bancshares, Inc. | 465,038 | 0.5 | |||||||
369 | Interactive Brokers Group, Inc. - Class A | 28,723 | 0.0 | |||||||
1,656 | Janus Henderson Group PLC | 43,371 | 0.0 | |||||||
438 | Loews Corp. | 30,787 | 0.0 | |||||||
4,505 | MGIC Investment Corp. | 79,243 | 0.1 | |||||||
63 | MSCI, Inc. | 32,814 | 0.0 | |||||||
824 | Nasdaq, Inc. | 46,012 | 0.1 | |||||||
40,574 | Old Republic International Corp. | 1,189,224 | 1.3 | |||||||
818 | Principal Financial Group, Inc. | 60,393 | 0.1 | |||||||
3,975 | Progressive Corp. | 652,019 | 0.7 | |||||||
14,200 | Prosperity Bancshares, Inc. | 856,402 | 0.9 | |||||||
304 | Reinsurance Group of America, Inc. | 49,570 | 0.1 | |||||||
4,240 | Rithm Capital Corp. | 44,011 | 0.1 | |||||||
544 | RLI Corp. | 73,766 | 0.1 | |||||||
1,156 | SEI Investments Co. | 67,823 | 0.1 | |||||||
464 | State Street Corp. | 33,788 | 0.0 | |||||||
1,592 | Synchrony Financial | 51,517 | 0.1 | |||||||
8,381 | T Rowe Price Group, Inc. | 839,190 | 0.9 | |||||||
647 | Unum Group | 27,821 | 0.0 | |||||||
15,424 | W. R. Berkley Corp. | 1,119,011 | 1.2 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Financials: (continued) | ||||||||||
3,229 | Willis Towers Watson PLC | $ | 795,303 | 0.9 | ||||||
12,439,662 | 13.7 | |||||||||
Health Care: 7.6% | ||||||||||
589 (1) | Acadia Healthcare Co., Inc. | 42,991 | 0.1 | |||||||
5,950 | Agilent Technologies, Inc. | 760,410 | 0.9 | |||||||
2,742 | Cardinal Health, Inc. | 293,613 | 0.3 | |||||||
162 (1) | Charles River Laboratories International, Inc. | 31,927 | 0.0 | |||||||
49 | Chemed Corp. | 27,783 | 0.0 | |||||||
2,770 | Cooper Cos., Inc. | 933,268 | 1.0 | |||||||
1,305 | Encompass Health Corp. | 85,047 | 0.1 | |||||||
637 (1) | Enovis Corp. | 31,506 | 0.0 | |||||||
236 (1) | Fortrea Holdings, Inc. | 6,948 | 0.0 | |||||||
502 (1) | Globus Medical, Inc. - Class A | 22,550 | 0.0 | |||||||
1,430 (1) | Henry Schein, Inc. | 95,424 | 0.1 | |||||||
14,957 (1) | Hologic, Inc. | 1,066,434 | 1.2 | |||||||
2,500 (1) | ICON PLC | 667,350 | 0.8 | |||||||
239 | Laboratory Corp. of America Holdings | 51,841 | 0.1 | |||||||
290 (1) | Molina Healthcare, Inc. | 106,012 | 0.1 | |||||||
1,569 | Premier, Inc. - Class A | 32,306 | 0.0 | |||||||
672 (1) | QIAGEN NV | 27,660 | 0.0 | |||||||
9,472 | Quest Diagnostics, Inc. | 1,299,843 | 1.5 | |||||||
148 | STERIS PLC | 29,739 | 0.0 | |||||||
775 (1) | Tenet Healthcare Corp. | 53,483 | 0.1 | |||||||
191 (1) | United Therapeutics Corp. | 45,840 | 0.1 | |||||||
820 | Universal Health Services, Inc. - Class B | 112,734 | 0.1 | |||||||
8,810 | Zimmer Biomet Holdings, Inc. | 1,024,691 | 1.1 | |||||||
6,849,400 | 7.6 | |||||||||
Industrials: 23.3% | ||||||||||
1,172 | A. O. Smith Corp. | 88,322 | 0.1 | |||||||
476 | Acuity Brands, Inc. | 85,328 | 0.1 | |||||||
1,492 | AECOM | 132,579 | 0.1 | |||||||
8,558 | AGCO Corp. | 971,590 | 1.1 | |||||||
775 | Air Lease Corp. | 30,062 | 0.0 | |||||||
22,610 (1) | Alaska Air Group, Inc. | 854,884 | 0.9 | |||||||
1,965 | Allison Transmission Holdings, Inc. | 105,088 | 0.1 | |||||||
576 | AMETEK, Inc. | 89,412 | 0.1 | |||||||
2,089 (1) | Builders FirstSource, Inc. | 280,156 | 0.3 | |||||||
645 | BWX Technologies, Inc. | 50,329 | 0.1 | |||||||
226 (1) | CACI International, Inc. - Class A | 72,535 | 0.1 | |||||||
415 | Carlisle Cos., Inc. | 116,370 | 0.1 | |||||||
14,170 | Carrier Global Corp. | 736,273 | 0.8 | |||||||
404 | CH Robinson Worldwide, Inc. | 33,148 | 0.0 |
See Accompanying Notes to Financial Statements
18
Voya VACS Series MCV Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Industrials: (continued) | ||||||||||
851 (1) | Clean Harbors, Inc. | $ | 137,573 | 0.2 | ||||||
7,048 | CNH Industrial NV | 75,696 | 0.1 | |||||||
1,029 (1) | Core & Main, Inc. - Class A | 36,046 | 0.0 | |||||||
658 | Crane Holdings Co. | 33,861 | 0.0 | |||||||
302 | Cummins, Inc. | 67,696 | 0.1 | |||||||
303 | Curtiss-Wright Corp. | 64,812 | 0.1 | |||||||
1,432 | Delta Air Lines, Inc. | 52,884 | 0.1 | |||||||
1,105 | Donaldson Co., Inc. | 67,228 | 0.1 | |||||||
508 | Dover Corp. | 71,709 | 0.1 | |||||||
818 | EMCOR Group, Inc. | 173,841 | 0.2 | |||||||
617 | Esab Corp. | 47,602 | 0.1 | |||||||
1,668 | Expeditors International of Washington, Inc. | 200,727 | 0.2 | |||||||
265 | Ferguson PLC | 45,405 | 0.1 | |||||||
1,015 | Fortive Corp. | 70,015 | 0.1 | |||||||
2,355 | Fortune Brands Innovations, Inc. | 161,153 | 0.2 | |||||||
5,463 (1) | FTI Consulting, Inc. | 1,204,373 | 1.3 | |||||||
25,322 | Genpact Ltd. | 859,935 | 0.9 | |||||||
825 | Graco, Inc. | 66,644 | 0.1 | |||||||
412 (1) | GXO Logistics, Inc. | 23,179 | 0.0 | |||||||
399 | Hexcel Corp. | 27,655 | 0.0 | |||||||
640 | Howmet Aerospace, Inc. | 33,664 | 0.0 | |||||||
1,583 | Hubbell, Inc. | 474,900 | 0.5 | |||||||
292 | Huntington Ingalls Industries, Inc. | 69,210 | 0.1 | |||||||
248 | IDEX Corp. | 50,017 | 0.1 | |||||||
786 | Ingersoll Rand, Inc. | 56,144 | 0.1 | |||||||
783 | ITT, Inc. | 84,775 | 0.1 | |||||||
423 | Jacobs Solutions, Inc. | 53,797 | 0.1 | |||||||
6,077 | JB Hunt Transport Services, Inc. | 1,125,886 | 1.2 | |||||||
429 (1) | Kirby Corp. | 32,926 | 0.0 | |||||||
3,283 | Knight-Swift Transportation Holdings, Inc. | 176,560 | 0.2 | |||||||
3,293 | Landstar System, Inc. | 568,536 | 0.6 | |||||||
12,011 | Leidos Holdings, Inc. | 1,289,021 | 1.4 | |||||||
265 | Lennox International, Inc. | 107,765 | 0.1 | |||||||
2,375 | Lincoln Electric Holdings, Inc. | 470,392 | 0.5 | |||||||
10,255 | ManpowerGroup, Inc. | 761,024 | 0.8 | |||||||
2,546 | Masco Corp. | 154,160 | 0.2 | |||||||
3,338 | MDU Resources Group, Inc. | 63,889 | 0.1 | |||||||
7,809 (1) | Middleby Corp. | 985,730 | 1.1 | |||||||
186 | MSA Safety, Inc. | 32,390 | 0.0 | |||||||
787 | MSC Industrial Direct Co., Inc. - Class A | 76,670 | 0.1 | |||||||
410 | Nordson Corp. | 96,489 | 0.1 | |||||||
1,289 | nVent Electric PLC | 68,639 | 0.1 | |||||||
820 | Oshkosh Corp. | 79,778 | 0.1 | |||||||
1,265 | Otis Worldwide Corp. | 108,524 | 0.1 | |||||||
4,533 | Owens Corning | 614,584 | 0.7 | |||||||
2,124 | PACCAR, Inc. | 195,026 | 0.2 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Industrials: (continued) | ||||||||||
1,278 | Parker-Hannifin Corp. | $ | 553,604 | 0.6 | ||||||
470 | Pentair PLC | 30,334 | 0.0 | |||||||
542 | Quanta Services, Inc. | 102,064 | 0.1 | |||||||
421 | Regal Rexnord Corp. | 50,436 | 0.1 | |||||||
5,910 | Republic Services, Inc. | 956,474 | 1.1 | |||||||
1,157 | Robert Half International, Inc. | 94,851 | 0.1 | |||||||
442 | Ryder System, Inc. | 47,356 | 0.1 | |||||||
173 (1) | Saia, Inc. | 67,537 | 0.1 | |||||||
1,965 | Schneider National, Inc. - Class B | 45,254 | 0.1 | |||||||
666 | Science Applications International Corp. | 78,195 | 0.1 | |||||||
463 | Snap-on, Inc. | 127,181 | 0.1 | |||||||
1,381 | Southwest Airlines Co. | 35,312 | 0.0 | |||||||
471 | SS&C Technologies Holdings, Inc. | 26,498 | 0.0 | |||||||
436 | Tetra Tech, Inc. | 68,953 | 0.1 | |||||||
16,224 | Textron, Inc. | 1,243,732 | 1.4 | |||||||
764 | Timken Co. | 55,314 | 0.1 | |||||||
8,150 | Toro Co. | 676,450 | 0.7 | |||||||
450 | Trane Technologies PLC | 101,435 | 0.1 | |||||||
7,750 | TransUnion | 455,080 | 0.5 | |||||||
1,242 (1) | United Airlines Holdings, Inc. | 48,935 | 0.1 | |||||||
261 | United Rentals, Inc. | 124,241 | 0.1 | |||||||
332 | Valmont Industries, Inc. | 72,897 | 0.1 | |||||||
400 (1) | Vestis Corp. | 7,324 | 0.0 | |||||||
331 | Watsco, Inc. | 126,518 | 0.1 | |||||||
715 | Westinghouse Air Brake Technologies Corp. | 83,340 | 0.1 | |||||||
700 (1) | WillScot Mobile Mini Holdings Corp. | 29,204 | 0.0 | |||||||
314 | Woodward, Inc. | 42,447 | 0.0 | |||||||
682 (1) | XPO, Inc. | 58,843 | 0.1 | |||||||
7,065 | Xylem, Inc. | 742,743 | 0.8 | |||||||
21,117,158 | 23.3 | |||||||||
Information Technology: 10.0% | ||||||||||
482 (1) | Akamai Technologies, Inc. | 55,686 | 0.1 | |||||||
1,495 | Amdocs Ltd. | 125,236 | 0.1 | |||||||
11,712 | Amphenol Corp. - Class A | 1,065,675 | 1.2 | |||||||
365 (1) | Arrow Electronics, Inc. | 43,274 | 0.0 | |||||||
765 | Avnet, Inc. | 35,771 | 0.0 | |||||||
495 (1) | Cirrus Logic, Inc. | 37,575 | 0.0 | |||||||
615 | Cognex Corp. | 23,186 | 0.0 | |||||||
1,395 | Cognizant Technology Solutions Corp. - Class A | 98,180 | 0.1 | |||||||
1,587 | Corning, Inc. | 45,214 | 0.0 | |||||||
569 | Dolby Laboratories, Inc. - Class A | 49,008 | 0.1 | |||||||
266 (1) | Euronet Worldwide, Inc. | 23,201 | 0.0 | |||||||
282 (1) | F5, Inc. | 48,276 | 0.1 | |||||||
37,500 (1) | Flex Ltd. | 954,375 | 1.1 |
See Accompanying Notes to Financial Statements
19
Voya VACS Series MCV Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Information Technology: (continued) | ||||||||||
33,274 | Hewlett Packard Enterprise Co. | $ | 562,663 | 0.6 | ||||||
1,705 | HP, Inc. | 50,025 | 0.1 | |||||||
220 (1) | IPG Photonics Corp. | 21,067 | 0.0 | |||||||
1,057 | Jabil, Inc. | 121,893 | 0.1 | |||||||
169 | Jack Henry & Associates, Inc. | 26,819 | 0.0 | |||||||
1,105 | Juniper Networks, Inc. | 31,437 | 0.0 | |||||||
439 (1) | Keysight Technologies, Inc. | 59,656 | 0.1 | |||||||
138 | Littelfuse, Inc. | 32,126 | 0.0 | |||||||
10,300 | Maximus, Inc. | 859,947 | 1.0 | |||||||
358 | Microchip Technology, Inc. | 29,872 | 0.0 | |||||||
10,875 | MKS Instruments, Inc. | 897,731 | 1.0 | |||||||
2,200 | Motorola Solutions, Inc. | 710,314 | 0.8 | |||||||
582 | NetApp, Inc. | 53,189 | 0.1 | |||||||
651 (1) | ON Semiconductor Corp. | 46,436 | 0.1 | |||||||
10,994 | Skyworks Solutions, Inc. | 1,065,648 | 1.2 | |||||||
540 | TD SYNNEX Corp. | 53,266 | 0.1 | |||||||
126 (1) | Teledyne Technologies, Inc. | 50,773 | 0.1 | |||||||
426 (1) | VeriSign, Inc. | 90,397 | 0.1 | |||||||
855 | Vontier Corp. | 28,839 | 0.0 | |||||||
22,600 (1) | Western Digital Corp. | 1,091,806 | 1.2 | |||||||
2,389 (1) | Zebra Technologies Corp. - Class A | 566,145 | 0.6 | |||||||
9,054,706 | 10.0 | |||||||||
Materials: 10.6% | ||||||||||
249 | Albemarle Corp. | 30,196 | 0.0 | |||||||
3,891 | Amcor PLC | 36,887 | 0.0 | |||||||
5,399 | AptarGroup, Inc. | 685,079 | 0.8 | |||||||
5,673 | Avery Dennison Corp. | 1,103,399 | 1.2 | |||||||
1,083 (1) | Axalta Coating Systems Ltd. | 34,082 | 0.0 | |||||||
548 | Ball Corp. | 30,299 | 0.0 | |||||||
2,054 | Berry Global Group, Inc. | 135,811 | 0.2 | |||||||
843 | CF Industries Holdings, Inc. | 63,351 | 0.1 | |||||||
738 | Corteva, Inc. | 33,358 | 0.0 | |||||||
13,562 | Crown Holdings, Inc. | 1,166,468 | 1.3 | |||||||
1,003 | DuPont de Nemours, Inc. | 71,755 | 0.1 | |||||||
241 | Eagle Materials, Inc. | 43,633 | 0.1 | |||||||
450 | Eastman Chemical Co. | 37,724 | 0.0 | |||||||
216 | FMC Corp. | 11,591 | 0.0 | |||||||
7,400 | Franco-Nevada Corp. | 829,540 | 0.9 | |||||||
3,327 | Graphic Packaging Holding Co. | 75,423 | 0.1 | |||||||
1,504 | Huntsman Corp. | 36,998 | 0.0 | |||||||
1,031 | International Paper Co. | 38,085 | 0.0 | |||||||
701 | Louisiana-Pacific Corp. | 42,754 | 0.1 | |||||||
1,872 | LyondellBasell Industries NV - Class A | 178,027 | 0.2 |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Materials: (continued) | ||||||||||
113 | Martin Marietta Materials, Inc. | $ | 52,499 | 0.1 | ||||||
122 | NewMarket Corp. | 64,722 | 0.1 | |||||||
1,627 | Nucor Corp. | 276,541 | 0.3 | |||||||
881 | Olin Corp. | 41,530 | 0.0 | |||||||
8,096 | Packaging Corp. of America | 1,360,209 | 1.5 | |||||||
307 | PPG Industries, Inc. | 43,591 | 0.1 | |||||||
1,846 | Reliance Steel & Aluminum Co. | 508,130 | 0.6 | |||||||
259 | Royal Gold, Inc. | 31,546 | 0.0 | |||||||
9,011 | RPM International, Inc. | 927,502 | 1.0 | |||||||
1,945 | Silgan Holdings, Inc. | 81,145 | 0.1 | |||||||
909 | Sonoco Products Co. | 50,140 | 0.1 | |||||||
1,956 | Steel Dynamics, Inc. | 233,018 | 0.3 | |||||||
2,234 | United States Steel Corp. | 80,201 | 0.1 | |||||||
199 | Vulcan Materials Co. | 42,498 | 0.0 | |||||||
8,529 | Westlake Corp. | 1,095,038 | 1.2 | |||||||
9,572,770 | 10.6 | |||||||||
Real Estate: 6.6% | ||||||||||
9,600 | Alexandria Real Estate Equities, Inc. | 1,050,240 | 1.2 | |||||||
1,686 | Apartment Income REIT Corp. | 52,468 | 0.1 | |||||||
190 | AvalonBay Communities, Inc. | 32,859 | 0.0 | |||||||
9,711 | Camden Property Trust | 876,515 | 1.0 | |||||||
1,427 (1) | CBRE Group, Inc. - Class A | 112,676 | 0.1 | |||||||
854 | CubeSmart | 33,955 | 0.0 | |||||||
197 | EastGroup Properties, Inc. | 34,229 | 0.0 | |||||||
12,700 | Equity LifeStyle Properties, Inc. | 902,970 | 1.0 | |||||||
559 | Extra Space Storage, Inc. | 72,765 | 0.1 | |||||||
293 | Federal Realty Investment Trust | 28,008 | 0.0 | |||||||
1,301 | First Industrial Realty Trust, Inc. | 61,212 | 0.1 | |||||||
3,696 | Host Hotels & Resorts, Inc. | 64,569 | 0.1 | |||||||
506 | Iron Mountain, Inc. | 32,460 | 0.0 | |||||||
168 (1) | Jones Lang LaSalle, Inc. | 26,127 | 0.0 | |||||||
11,300 | Lamar Advertising Co. - Class A | 1,144,577 | 1.3 | |||||||
226 | Mid-America Apartment Communities, Inc. | 28,132 | 0.0 | |||||||
29,635 | National Retail Properties, Inc. | 1,203,774 | 1.3 | |||||||
1,500 | Omega Healthcare Investors, Inc. | 47,625 | 0.1 | |||||||
574 | Regency Centers Corp. | 36,036 | 0.1 | |||||||
745 | Spirit Realty Capital, Inc. | 30,768 | 0.0 | |||||||
See Accompanying Notes to Financial Statements
20
Voya VACS Series MCV Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||
COMMON STOCK: (continued) | ||||||||||
Real Estate: (continued) | ||||||||||
676 | STAG Industrial, Inc. | $ | 24,235 | 0.0 | ||||||
911 | VICI Properties, Inc. | 27,230 | 0.0 | |||||||
2,366 | Weyerhaeuser Co. | 74,174 | 0.1 | |||||||
5,997,604 | 6.6 | |||||||||
Utilities: 3.7% | ||||||||||
24,077 | Alliant Energy Corp. | 1,217,574 | 1.3 | |||||||
688 | Ameren Corp. | 53,382 | 0.1 | |||||||
179 | American Water Works Co., Inc. | 23,599 | 0.0 | |||||||
372 | Atmos Energy Corp. | 42,337 | 0.1 | |||||||
1,533 | CenterPoint Energy, Inc. | 43,338 | 0.1 | |||||||
526 | CMS Energy Corp. | 29,856 | 0.0 | |||||||
806 | Consolidated Edison, Inc. | 72,629 | 0.1 | |||||||
353 | DTE Energy Co. | 36,751 | 0.0 | |||||||
1,033 | Edison International | 69,201 | 0.1 | |||||||
510 | Entergy Corp. | 51,719 | 0.1 | |||||||
830 | Evergy, Inc. | 42,363 | 0.1 | |||||||
531 | Eversource Energy | 31,547 | 0.0 | |||||||
1,026 | FirstEnergy Corp. | 37,901 | 0.0 | |||||||
743 | Hawaiian Electric Industries, Inc. | 9,057 | 0.0 | |||||||
342 | IDACORP, Inc. | 33,003 | 0.0 | |||||||
2,281 | NiSource, Inc. | 58,485 | 0.1 | |||||||
1,117 | NRG Energy, Inc. | 53,437 | 0.1 | |||||||
1,707 | OGE Energy Corp. | 59,830 | 0.1 | |||||||
1,045 | Pinnacle West Capital Corp. | 78,312 | 0.1 | |||||||
1,435 | PPL Corp. | 37,482 | 0.0 | |||||||
558 | Public Service Enterprise Group, Inc. | 34,836 | 0.0 | |||||||
457 | WEC Energy Group, Inc. | 38,214 | 0.0 | |||||||
19,180 | Xcel Energy, Inc. | 1,166,911 | 1.3 | |||||||
3,321,764 | 3.7 | |||||||||
Total Common Stock | ||||||||||
(Cost $84,326,204) | 87,844,244 | 97.1 | ||||||||
EXCHANGE-TRADED FUNDS: 0.2% | ||||||||||
2,834 | iShares Russell Mid- Cap ETF | 205,494 | 0.2 | |||||||
Total Exchange-Traded Funds | ||||||||||
(Cost $201,535) | 205,494 | 0.2 | ||||||||
Total Long-Term Investments | ||||||||||
(Cost $84,527,739) | 88,049,738 | 97.3 |
Principal Amount† |
Value | Percentage of Net Assets | ||||||||
SHORT-TERM INVESTMENTS: 2.7% | ||||||||||
Repurchase Agreements: 0.0% | ||||||||||
45,089 (3) | JPMorgan Securities LLC, Repurchase Agreement dated 11/30/2023, 5.310%, due 12/01/2023 (Repurchase Amount $45,096, collateralized by various U.S. Government Securities, 0.000%- 5.520%, Market Value plus accrued interest $45,991, due 01/15/24-06/30/28) | $ | 45,089 | 0.0 | ||||||
Total Repurchase | ||||||||||
Agreements | ||||||||||
(Cost $45,089) | 45,089 | 0.0 |
Shares | Value | Percentage of Net Assets | ||||||||
Mutual Funds: 2.7% | ||||||||||
2,371,793 (4) | BlackRock Liquidity Funds, FedFund, Institutional Class, 5.250% | 2,371,793 | 2.6 | |||||||
42,000 (4) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.260% | 42,000 | 0.1 | |||||||
Total Mutual Funds | ||||||||||
(Cost $2,413,793) | 2,413,793 | 2.7 | ||||||||
Total Short-Term Investments | ||||||||||
(Cost $2,458,882) | 2,458,882 | 2.7 | ||||||||
Total Investments in Securities | ||||||||||
(Cost $86,986,621) | $ | 90,508,620 | 100.0 | |||||||
Assets in Excess of Other Liabilities | 17,112 | 0.0 | ||||||||
Net Assets | $ | 90,525,732 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
(1) | Non-income producing security. |
(2) | Security, or a portion of the security, is on loan. |
(3) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
(4) | Rate shown is the 7-day yield as of November 30, 2023. |
See Accompanying Notes to Financial Statements
21
Voya VACS Series MCV Fund | PORTFOLIO OF INVESTMENTS as of November 30, 2023 (Unaudited) (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of November 30, 2023 in valuing the assets and liabilities:
Quoted
Prices in Active Markets for Identical Investments (Level 1) | Significant
Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair
Value at November 30, 2023 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at fair value | ||||||||||||||||
Common Stock* | $ | 87,844,244 | $ | — | $ | — | $ | 87,844,244 | ||||||||
Exchange-Traded Funds | 205,494 | — | — | 205,494 | ||||||||||||
Short-Term Investments | 2,413,793 | 45,089 | — | 2,458,882 | ||||||||||||
Total Investments, at fair value | $ | 90,463,531 | $ | 45,089 | $ | — | $ | 90,508,620 |
^ | 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 period ended November 30, 2023, where the following issuers were considered an affiliate:
Issuer | Beginning Fair Value at 5/31/2023 | Purchases at Cost | Sales at Cost | Change
In Unrealized Appreciation/ (Depreciation) | Ending Fair Value at 11/30/2023 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||
Voya Financial, Inc. | $ | 32,408 | $ | — | $ | (32,670 | ) | $ | 262 | $ | — | $ | — | $ | 579 | $ | — | |||||||||||||||
$ | 32,408 | $ | — | $ | (32,670 | ) | $ | 262 | $ | — | $ | — | $ | 579 | $ | — |
The financial statements for the above mutual fund[s] can be found at www.sec.gov.
At November 30, 2023, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $87,017,491. | ||||
Net unrealized appreciation consisted of: | ||||
Gross Unrealized Appreciation | $ | 7,100,357 | ||
Gross Unrealized Depreciation | (3,609,229 | ) | ||
Net Unrealized Appreciation | $ | 3,491,128 |
See Accompanying Notes to Financial Statements
22
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Investment Adviser | Custodian |
Voya Investments, LLC | The Bank of New York Mellon |
7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
Scottsdale, Arizona 85258 | New York, New York 10286 |
Distributor | Legal Counsel |
Voya Investments Distributor, LLC | Ropes & Gray LLP |
7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
Scottsdale, Arizona 85258 | 800 Boylston Street |
Boston, Massachusetts 02199 | |
Placement Agent | |
BNY Mellon Investment Servicing (U.S.) Inc. | |
301 Bellevue Parkway | |
Wilmington, Delaware 19809 |
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.
RETIREMENT | INVESTMENTS | INSURANCE | ![]() |
voyainvestments.com | 221173 (1123) |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
(a) | Schedule is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
(b) | There were no significant changes in the registrant’s internal controls that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | Not applicable |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
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/ Andy Simonoff | |
Andy Simonoff | ||
Chief Executive Officer |
Date: February 5, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Andy Simonoff | |
Andy Simonoff | ||
Chief Executive Officer | ||
Date: February 5, 2024 | ||
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer | ||
Date: February 5, 2024 |