Voya Small Company Fund

Product

On May 25, 2022, the Mutual Fund Board approved changes to the Small Company Fund’s principal investment strategies, expense limitation agreement and portfolio management team. The Board has appointed Vincent Costa and Gareth Shepherd as new Portfolio Managers on the Fund. These changes are effective as of June 1, 2022.

Overview
Performance
Portfolio
Ratings
Distributions
Team
Disclosures

Class A: VYSYX

Class C: VYSZX

Class I: VYSAX

Class R: VYSDX

Class R6: VYSEX

Class W: VYSGX

For more information call 1 (800) 334-3444

Product Facts

Ticker Symbol	VYSYX
CUSIP	92918A881
Inception Date	April 15, 1994
Dividends Paid	Annually
Min. Initial Investment	$1,000.00

About this Product

A small cap portfolio of quality companies with strong potential to out-perform their peers, with no static style or factor biases
Applies machine learning models to evaluate financial, fundamental and ESG characteristics of over 2,000 companies to form a deep, holistic view of each stock (without emotional biases)
Team has more than a decade working together, focused on delivering consistent outperformance with low correlation to most investment strategies

Investment Objective

The Fund seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations.

Performance

Average Annual Total Returns %

As of October 31, 2024

As of September 30, 2024

Most Recent Month EndMost Recent Quarter End Most Recent Month EndMost Recent Quarter End

Most Recent Month End	YTD	1 YR	3 YR	5 YR	10 YR	Expense Ratios
Most Recent Month End	YTD	1 YR	3 YR	5 YR	10 YR	Gross	Net
Net Asset Value	+7.07	+30.16	+1.76	+7.39	+6.95	1.18%	1.18%
With Sales Charge	+0.93	+22.71	-0.24	+6.14	+6.32	1.18%	1.18%
Net Asset Value	+9.66	+24.16	+3.78	+8.35	+7.79	1.18%	1.18%
With Sales Charge	+3.37	+17.07	+1.74	+7.07	+7.15	1.18%	1.18%
Russell 2000 Index	+9.56	+34.07	-0.05	+8.50	+7.94	—	—
Russell 2000 Index	+11.17	+26.76	+1.84	+9.39	+8.78	—	—

Inception Date - Class A:April 15, 1994

Current Maximum Sales Charge: 5.75%

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.

Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information. The expense limits will continue through at least Oct 1 2025 12:00AM. The Fund is operating under the contractual expense limits.

The Russell 2000 Index is an unmanaged index that measures the performance of securities of smaller U.S. companies. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.

Past performance does not guarantee future results.

Returns-Based Characteristics

As of October 31, 2024

	3 Year	5 Year	10 Year
Alpha Alpha: A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta.	1.54	-0.78	-0.68
Beta Beta: The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index.	0.94	0.96	0.96
R² R²: The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification.	0.94	0.95	0.96
Sharpe Ratio Sharpe Ratio: A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.	-0.10	0.21	0.26
Standard Deviation Standard Deviation: A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.	21.72	23.53	19.84

Growth of a $10,000 Investment

For the period 11/30/2014 through 10/31/2024

Ending Value: $19,580.00

The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.

Portfolio

Portfolio Statistics

As of October 31, 2024

Net Assets millions Net Assets: The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.	$179.5
Number of Holdings Number of Holdings: Number of Holdings in the investment.	170
P/E next 12 months P/E: P/E (next 12 months) calculates the price of a stock divided by its earnings per share.	18.06
P/B trailing 12 months P/B: Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value.	2.74
Weighted Average Market Cap millions Weighted Average Market Cap: Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock.	$3,578.8
EPS Growth (3-5 Year Estimate) EPS Growth (3-5 Year Estimate): The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability.	12.50
Active Share Active Share: Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.	88.41
Price to Cash Flow Price to Cash Flow: The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation	14.90
ROA % ROA: ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings.	2.78
Total

Top Holdings

% of Total Investments as of October 31, 2024

Excelerate Energy, Inc.	1.72
Viavi Solutions Inc	1.63
Acadia Realty Trust	1.56
ExlService Holdings, Inc.	1.52
Portland General Electric Company	1.40
nVent Electric plc	1.27
Element Solutions Inc	1.26
Box, Inc.	1.23
Rambus Inc.	1.22
Armstrong World Industries, Inc.	1.22
Total	#,###.2

View Complete Holdings

Sector Weightings

% of Total Investments as of October 31, 2024

INDUSTRIALS	22.41
FINANCIALS	19.53
INFORMATION TECHNOLOGY	15.78
HEALTH CARE	11.77
REAL ESTATE	7.70
CONSUMER DISCRETIONARY	6.98
ENERGY	4.92
UTILITIES	3.77
MATERIALS	2.95
COMMUNICATION SERVICES	2.87
CONSUMER STAPLES	1.31
Total	#,###.2

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.

Ratings

Morningstar™ Ratings

As of October 31, 2024

Overall	3 Year	5 Year	10 Year
569 Funds	569 Funds	545 Funds	386 Funds

Category: US Fund Small Blend

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Distributions

Payment Frequency: Annually

	Ex-Date Ex-Date: Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.	Payable Date Payable Date: Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.	Record Date Record Date: Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.	Amount
Income Dividend	12/12/2023	12/13/2023	12/11/2023	$0.027000
Totals: $0.027000

Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.

Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.

Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.

Investment Team

View Fund Adviser/Sub Adviser

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, an Arizona limited liability company, serves as the investment adviser to the Fund. Voya Investments has overall responsibility for the management of the Fund. Voya Investments oversees all investment advisory and portfolio management services 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. Voya Investments is registered with the SEC as an investment adviser. Voya Investments' principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169.

Vincent Costa, CFA

Chief Investment Officer, Equities

Years of Experience: 39

Years with Voya: 18

Vincent Costa is chief investment officer, equities at Voya Investment Management and also serves as a portfolio manager for the active quantitative and fundamental large cap value strategies. Previously at Voya, he was head of the global quantitative equity team. Prior to joining Voya, he managed quantitative equity investments at both Merrill Lynch Investment Management and Bankers Trust Company. Vinnie earned an MBA in finance from New York University's Stern School of Business and a BS in quantitative business analysis from Pennsylvania State University. He is a CFA® Charterholder.

Gareth Shepherd, PhD, CFA

Co-head Voya Machine Intelligence, Portfolio Manager

Years of Experience: 26

Years with Voya: 4

Gareth Shepherd is co-head of the Voya Machine Intelligence (VMI) team and a portfolio manager at Voya Investment Management. Prior to joining Voya, Gareth was a managing partner and co-founder of G Squared Capital LLP. Prior to that, he held various positions within risk and asset management in Australia, Switzerland, the U.S. and the UK. Gareth earned a PhD in applied expert systems and a Masters of Applied Science from the University of New South Wales, and a BE from the University of Queensland. He also completed a World Economic Forum sponsored Executive Masters (INSEAD, London Business School, and Columbia University) and is a CFA® Charterholder.

Russell Shtern, CFA

Portfolio Manager, Voya Machine Intelligence

Years of Experience: 24

Years with Voya: 2

Russell Shtern is a portfolio manager with the Voya Machine Intelligence (VMI) team at Voya Investment Management. Prior to joining Voya, he was a senior portfolio manager at Franklin Templeton, managing smart beta and active multi-factor equity strategies. Prior to that, Russell worked at QS Investors (a Legg Mason affiliate) as head of equity portfolio management and trading. Previously, he was a lead portfolio manager with the diversification based investing equity and tax managed equity strategies at Deutsche AM Quantitative Strategies group. Russell earned a BBA with honors in finance and a minor in economics from Pace University. He is a CFA® Charterholder.

Disclosures

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. You could lose money on your investment and any of the following risks, among others, could affect investment performance. The following principal risks are presented in alphabetical order which does not imply order of importance or likelihood: Company; Currency; Derivative Instruments; Environmental, Social, and Governance (Equity); Foreign (Non-U.S.) Investments; Growth Investing; Investment Model; Liquidity; Market; Market Disruption and Geopolitical; Other Investment Companies; Portfolio Turnover; Real Estate Companies and Real Estate Investment Trusts; Securities Lending; Small-Capitalization Company; Value Investing. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.

Artificial intelligence (AI) including natural language processing, machine learning, and other forms of AI may pose inherent risks, including but not limited to: issues with data privacy, intellectual property, consumer protection, and anti-discrimination laws; ethics and transparency concerns; information security issues; the potential for unfair bias and discrimination; quality and accuracy of inputs and outputs; technical failures and potential misuse. Reliance on information produced using AI-based technology and tools should factor in these risks.

Net Asset Value (NAV)	$13.29
% Change	+0.45
$ Change	+0.06
YTD Return	18.87%

Voya Small Company Fund - Class A