Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of smaller, lesser-known U.S. companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. For this Fund, the sub-adviser ( Sub-Adviser) defines smaller companies as those with market capitalizations that fall within the range of companies within the Russell 2000 Growth Index (Index) at the time of purchase. The market capitalization of companies in the Index will change with market conditions. The market capitalization of companies in the Index as of June 30, 2022 ranged from $25.4 million to $10.4 billion. The Sub-Adviser uses fundamental research in an … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of smaller, lesser-known U.S. companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. For this Fund, the sub-adviser ( Sub-Adviser) defines smaller companies as those with market capitalizations that fall within the range of companies within the Russell 2000 Growth Index (Index) at the time of purchase. The market capitalization of companies in the Index will change with market conditions. The market capitalization of companies in the Index as of June 30, 2022 ranged from $25.4 million to $10.4 billion. The Sub-Adviser uses fundamental research in an effort to identify companies with the potential for superior earnings growth and sustainable valuations. The Sub-Advisers intensive bottom-up, fundamental research drives stock selection, which the Sub-Adviser believes is key to seeking excess returns. Most of the Funds assets will be invested in U.S. common stocks that the Sub-Adviser expects will experience long-term, above average earnings growth. The Fund may at times invest a significant portion of its assets (greater than 25%) in specific sectors of the economy, such as in the technology and health care sectors, respectively. The Fund may also invest up to 20% of its net assets in equity securities of foreign (non-U.S.) issuers, including issuers located in emerging markets that are American Depositary Receipts or traded on a U.S. stock exchange, when consistent with the Funds investment objective. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 ?1 / 3 % of its total assets. Pending Merger: On March 24, 2022, the Funds Board of Trustees approved a proposal to reorganize the Fund with and into Voya Small Cap Growth Fund (a series of Voya Equity Trust), subject to approval by the Funds shareholders. If approved, it is expected that the reorganization will take place on or about October 7, 2022 (the Closing Date). After the reorganization, shareholders that hold shares of the Fund on the Closing Date will hold shares of Voya Small Cap Growth Fund. For more information, please contact a Shareholder Services representative at 1-800-992-0180 or your financial professional. Show less