Voya MUTUAL FUNDS NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-07428

Voya Mutual Funds

(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)

The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2022 to April 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):

TABLE OF CONTENTS

Semi-Annual Report

April 30, 2023

Classes A, C, I, R, R6 and W

Global and International Funds

■

Voya Global Bond Fund

■

Voya Global High Dividend Low Volatility Fund

■

Voya Global Perspectives® Fund

■

Voya Multi-Manager International Small Cap 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.

E-Delivery Sign-up – details inside

TABLE OF CONTENTS

					Go Paperless with E-Delivery!
		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 Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Funds’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Funds’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

TABLE OF CONTENTS

[This Page Intentionally Left Blank]

TABLE OF CONTENTS

Shareholder Expense Examples (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2022 to April 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 November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*			Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*
Voya Global Bond Fund
Class A		$	1,000.00		$	1,089.00		0.90%		$	4.66		$	1,000.00		$	1,020.33		0.90%		$	4.51
Class C			1,000.00			1,084.60		1.65			8.53			1,000.00			1,016.61		1.65			8.25
Class I			1,000.00			1,089.90		0.65			3.37			1,000.00			1,021.57		0.65			3.26
Class R			1,000.00			1,086.60		1.15			5.95			1,000.00			1,019.09		1.15			5.76
Class R6			1,000.00			1,089.90		0.65			3.37			1,000.00			1,021.57		0.65			3.26
Class W			1,000.00			1,089.10		0.65			3.37			1,000.00			1,021.57		0.65			3.26
Voya Global High Dividend Low Volatility Fund
Class A		$	1,000.00		$	1,062.00		0.85%		$	4.35		$	1,000.00		$	1,020.58		0.85%		$	4.26
Class C			1,000.00			1,058.10		1.60			8.16			1,000.00			1,016.86		1.60			8.00
Class I			1,000.00			1,063.40		0.60			3.07			1,000.00			1,021.82		0.60			3.01
Class R6			1,000.00			1,063.70		0.57			2.92			1,000.00			1,021.97		0.57			2.86
Class W			1,000.00			1,063.50		0.60			3.07			1,000.00			1,021.82		0.60			3.01

TABLE OF CONTENTS

Shareholder Expense Examples (Unaudited) (continued)

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*			Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*
Voya Global Perspectives® Fund**
Class A		$	1,000.00		$	1,084.90		0.57%		$	2.95		$	1,000.00		$	1,021.97		0.57%		$	2.86
Class C			1,000.00			1,080.40		1.32			6.81			1,000.00			1,018.25		1.32			6.61
Class I			1,000.00			1,086.20		0.32			1.66			1,000.00			1,023.21		0.32			1.61
Class R			1,000.00			1,082.90		0.82			4.23			1,000.00			1,020.73		0.82			4.11
Class W			1,000.00			1,085.90		0.32			1.66			1,000.00			1,023.21		0.32			1.61
Voya Multi-Manager International Small Cap Fund
Class A		$	1,000.00		$	1,184.40		1.53%		$	8.29		$	1,000.00		$	1,017.21		1.53%		$	7.65
Class C			1,000.00			1,179.90		2.28			12.32			1,000.00			1,013.49		2.28			11.38
Class I			1,000.00			1,186.20		1.20			6.50			1,000.00			1,018.84		1.20			6.01
Class R6(1)			1,000.00			1,018.20		1.20			2.06			1,000.00			1,018.84		1.20			6.01
Class W			1,000.00			1,185.90		1.28			6.94			1,000.00			1,018.45		1.28			6.41

Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

The annualized expense ratios do not include expenses of underlying funds.

(1)

Commencement of operations was February 28, 2023. Expenses paid for the actual Fund’s return the 62-days period ended April 30, 2023.

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited)

	Voya Global Bond Fund			Voya Global High Dividend Low Volatility Fund			Voya Global Perspectives® Fund
ASSETS:
Investments in securities at fair value+*		$	309,069,205		$	263,997,227		$	—
Investments in affiliated underlying funds at fair value*			—			—			112,408,213
Investments in unaffiliated underlying funds at fair value**			—			—			6,048,017
Short-term investments at fair value†			44,557,040			4,010,000			—
Cash			—			104,795			61,073
Cash collateral for futures contracts			3,980,000			—			—
Cash pledged for centrally cleared swaps (Note 2)			1,686,000			—			—
Cash pledged as collateral for OTC derivatives (Note 2)			4,310,000			—			—
Foreign currencies at value‡			3,422,621			69,278			—
Receivables:
Investment securities and currencies sold			3,059,833			—			—
Investments in affiliated underlying funds sold			—			—			179,329
Investment securities sold on a delayed-delivery or when-issued basis			8,829,844			—			—
Fund shares sold			336,291			57,680			542
Dividends			16,263			816,355			—
Interest			2,481,022			38			189
Foreign tax reclaims			9,345			596,509			—
Variation margin on centrally cleared swaps			164,282			—			—
Unrealized appreciation on forward foreign currency contracts			5,605,764			—			—
Unrealized appreciation on forward premium swaptions			25,280			—			—
Prepaid expenses			55,997			53,020			57,014
Reimbursement due from Investment Adviser			13,594			30,849			13,475
Other assets			12,952			39,483			1,634
Total assets			387,635,333			269,775,234			118,769,486
LIABILITIES:
Income distribution payable			4,763			—			—
Payable for investment securities and currencies purchased			9,000,510			—			—
Payable for investment securities purchased on a delayed-delivery or when-issued basis			52,344,330			—			—
Payable for fund shares redeemed			158,321			236,812			190,265
Payable upon receipt of securities loaned			3,602,513			—			—
Unrealized depreciation on forward foreign currency contracts			4,678,774			—			—
Unrealized depreciation on forward premium swaptions			8,336			—			—
Unrealized depreciation on OTC swap agreements			21,345			—			—
Variation margin payable on futures contracts			487,163			—			—
Payable for investment management fees			128,542			108,952			18,182
Payable for distribution and shareholder service fees			7,434			46,339			25,773
Payable to custodian due to bank overdraft			19,823			—			—
Payable to trustees under the deferred compensation plan (Note 6)			12,952			39,483			1,634
Payable for trustee fees			711			668			295
Other accrued expenses and liabilities			166,888			3,833,221			63,790
Written options, at fair value^			2,040,649			—			—
Total liabilities			72,683,054			4,265,475			299,939
NET ASSETS		$	314,952,279		$	265,509,759		$	118,469,547
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	353,544,089		$	279,661,814		$	142,244,194
Total distributable loss			(38,591,810)			(14,152,055)			(23,774,647)
NET ASSETS		$	314,952,279		$	265,509,759		$	118,469,547
+ Including securities loaned at value		$	3,503,827		$	—		$	—
* Cost of investments in securities		$	327,987,582		$	245,896,993		$	—
* Cost of investments in affiliated underlying funds		$	—		$	—		$	120,540,391
** Cost of investments in unaffiliated underlying funds		$	—		$	—		$	6,731,506
† Cost of short-term investments		$	44,573,185		$	4,010,000		$	—
‡ Cost of foreign currencies		$	3,244,111		$	68,719		$	—
^ Premiums received on written options		$	2,484,176		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited) (continued)

	Voya Global Bond Fund			Voya Global High Dividend Low Volatility Fund			Voya Global Perspectives® Fund
Class A
Net assets		$	23,730,906		$	209,281,787		$	81,697,467
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			3,183,220			5,236,998			8,494,578
Net asset value and redemption price per share†		$	7.46		$	39.96		$	9.62
Maximum offering price per share (5.75%)(1)		$	7.65(2)		$	42.40		$	10.21
Class C
Net assets		$	665,067		$	4,095,013		$	2,130,640
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			89,571			110,754			223,034
Net asset value and redemption price per share†		$	7.43		$	36.97		$	9.55
Class I
Net assets		$	125,416,982		$	48,825,613		$	3,887,577
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			16,891,172			1,210,005			402,109
Net asset value and redemption price per share		$	7.43		$	40.35		$	9.67
Class R
Net assets		$	4,919,207			n/a		$	16,956,067
Shares authorized			unlimited			n/a			unlimited
Par value		$	—			n/a		$	—
Shares outstanding			657,463			n/a			1,764,347
Net asset value and redemption price per share		$	7.48			n/a		$	9.61
Class R6
Net assets		$	88,332,650		$	103,970			n/a
Shares authorized			unlimited			unlimited			n/a
Par value		$	—		$	—			n/a
Shares outstanding			11,864,690			2,578			n/a
Net asset value and redemption price per share		$	7.45		$	40.33			n/a
Class W
Net assets		$	71,887,467		$	3,203,376		$	13,797,796
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			9,805,426			79,447			1,423,236
Net asset value and redemption price per share		$	7.33		$	40.32		$	9.69

(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.

(2)

Maximum offering price is 2.50% and is computed at 100/97.50 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

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited)

	Voya Multi-Manager International Small Cap Fund
ASSETS:
Investments in securities at fair value+*		$	254,060,562
Short-term investments at fair value†			2,504,100
Foreign currencies at value‡			551,277
Receivables:
Investment securities and currencies sold			952,433
Fund shares sold			158,857
Dividends			1,227,768
Foreign tax reclaims			422,417
Unrealized appreciation on forward foreign currency contracts			547
Prepaid expenses			78,862
Reimbursement due from Investment Adviser			9,268
Other assets			10,481
Total assets			259,976,572
LIABILITIES:
Payable for investment securities and currencies purchased			615,050
Payable for fund shares redeemed			135,510
Payable upon receipt of securities loaned			1,374,609
Unrealized depreciation on forward foreign currency contracts			487
Payable for investment management fees			205,266
Payable for distribution and shareholder service fees			12,014
Payable to trustees under the deferred compensation plan (Note 6)			10,481
Payable for trustee fees			589
Other accrued expenses and liabilities			251,842
Total liabilities			2,605,848
NET ASSETS		$	257,370,724
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	262,516,854
Total distributable loss			(5,146,130)
NET ASSETS		$	257,370,724
+ Including securities loaned at value		$	1,246,460
* Cost of investments in securities		$	245,579,121
† Cost of short-term investments		$	2,504,100
‡ Cost of foreign currencies		$	553,073

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited) (continued)

	Voya Multi-Manager International Small Cap Fund
Class A
Net assets		$	50,760,790
Shares authorized			unlimited
Par value		$	—
Shares outstanding			934,521
Net asset value and redemption price per share†		$	54.32
Maximum offering price per share (5.75%)(1)		$	57.63
Class C
Net assets		$	2,361,528
Shares authorized			unlimited
Par value		$	—
Shares outstanding			48,270
Net asset value and redemption price per share†		$	48.92
Class I
Net assets		$	176,156,814
Shares authorized			unlimited
Par value		$	—
Shares outstanding			3,251,388
Net asset value and redemption price per share		$	54.18
Class R6
Net assets		$	2,993
Shares authorized			unlimited
Par value		$	—
Shares outstanding			55
Net asset value and redemption price per share		$	54.17
Class W
Net assets		$	28,088,599
Shares authorized			unlimited
Par value		$	—
Shares outstanding			404,981
Net asset value and redemption price per share		$	69.36

(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

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended April 30, 2023 (Unaudited)

	Voya Global Bond Fund			Voya Global High Dividend Low Volatility Fund			Voya Global Perspectives® Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	101,449		$	4,791,216		$	—
Dividends from affiliated underlying funds			—			—			2,211,076
Dividends from unaffiliated underlying funds			—			—			76,262
Interest, net of foreign taxes withheld*			5,469,485			436			2,137
Securities lending income, net			14,557			991			—
Total investment income			5,585,491			4,792,643			2,289,475
EXPENSES:
Investment management fees			705,429			662,614			125,360
Distribution and shareholder service fees:
Class A			29,560			262,009			98,678
Class C			3,578			21,347			11,488
Class R			11,872			—			43,533
Transfer agent fees:
Class A			22,339			172,329			52,764
Class C			676			3,510			1,531
Class I			49,588			17,988			1,382
Class P(1)			3			—			—
Class P3(2)			14			—			—
Class R			4,486			—			11,629
Class R6			462			381			—
Class W			52,755			2,665			9,293
Shareholder reporting expense			36,200			16,290			2,172
Registration fees			52,618			33,349			33,932
Professional fees			28,055			16,810			16,290
Custody and accounting expense			65,160			31,460			7,240
Trustee fees			3,554			3,341			1,476
Miscellaneous expense			19,487			21,552			5,180
Interest expense			182			—			887
Total expenses			1,086,018			1,265,645			422,835
Waived and reimbursed fees			(128,457)			(184,954)			(78,206)
Net expenses			957,561			1,080,691			344,629
Net investment income			4,627,930			3,711,952			1,944,846
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			(2,344,934)			(545,592)			—
Sale of affiliated underlying funds			—			—			(15,381,540)
Sale of unaffiliated underlying funds			—			—			349,243
Capital gain distributions from affiliated underlying funds			—			—			2,665,655
Forward foreign currency contracts			5,907,371			—			—
Foreign currency related transactions			(631,701)			26,150			—
Futures			(3,094,726)			—			—
Swaps			(3,893,213)			—			—
Written options			676,849			—			—
Net realized loss			(3,380,354)			(519,442)			(12,366,642)
Net change in unrealized appreciation (depreciation) on:
Investments			16,258,963			12,909,709			—
Affiliated underlying funds			—			—			19,676,174
Unaffiliated underlying funds			—			—			248,482
Forward foreign currency contracts			2,876,273			—			—
Foreign currency related transactions			118,716			44,957			—
Futures			1,461,249			—			—
Swaps			1,124,672			—			—
Written options			665,164			—			—
Net change in unrealized appreciation (depreciation)			22,505,037			12,954,666			19,924,656
Net realized and unrealized gain			19,124,683			12,435,224			7,558,014
Increase in net assets resulting from operations		$	23,752,613		$	16,147,176		$	9,502,860
* Foreign taxes withheld		$	6,643		$	152,843		$	—

(1)

Class P was fully redeemed on close of business September 29, 2022.

(2)

Class P3 was fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended April 30, 2023 (Unaudited)

	Voya Multi-Manager International Small Cap Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	3,586,148
Interest			112
Securities lending income, net			23,899
Total investment income			3,610,159
EXPENSES:
Investment management fees			1,161,714
Distribution and shareholder service fees:
Class A			61,588
Class C			11,658
Transfer agent fees:
Class A			49,017
Class C			2,318
Class I			178,554
Class W			27,720
Shareholder reporting expense			8,145
Registration fees			41,783
Professional fees			28,879
Custody and accounting expense			125,343
Trustee fees			2,944
Miscellaneous expense			8,767
Interest expense			947
Total expenses			1,709,377
Waived and reimbursed fees			(194,881)
Brokerage commission recapture			(1,863)
Net expenses			1,512,633
Net investment income			2,097,526
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)			(7,537,788)
Forward foreign currency contracts			(5,775)
Foreign currency related transactions			33,238
Net realized loss			(7,510,325)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			42,418,071
Forward foreign currency contracts			60
Foreign currency related transactions			26,469
Net change in unrealized appreciation (depreciation)			42,444,600
Net realized and unrealized gain			34,934,275
Increase in net assets resulting from operations		$	37,031,801
* Foreign taxes withheld		$	390,195
^ Foreign capital gains taxes withheld		$	7,917
# Change in foreign capital gains taxes accrued		$	7,917

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Fund						Voya Global High Dividend Low Volatility Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
FROM OPERATIONS:
Net investment income		$	4,627,930		$	7,691,686		$	3,711,952		$	8,638,457
Net realized gain (loss)			(3,380,354)			(50,184,298)			(519,442)			14,216,415
Net change in unrealized appreciation (depreciation)			22,505,037			(40,768,832)			12,954,666			(38,418,878)
Increase (decrease) in net assets resulting from operations			23,752,613			(83,261,444)			16,147,176			(15,564,006)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(449,381)			—			(3,822,415)			(5,218,877)
Class C			(10,530)			—			(71,716)			(79,460)
Class I			(2,231,862)			—			(927,497)			(1,258,188)
Class P3(2)			(32,016)			—			—			—
Class R			(80,150)			—			—			—
Class R6			(1,610,761)			—			(2,237)			(3,180)
Class W			(1,083,350)			—			(62,181)			(91,948)
Return of capital:
Class A			—			(1,163,441)			—			—
Class C			—			(35,487)			—			—
Class I			—			(5,661,413)			—			—
Class P(1)			—			(5,077)			—			—
Class P3(2)			—			(154,338)			—			—
Class R			—			(189,475)			—			—
Class R6			—			(3,875,354)			—			—
Class W			—			(2,983,314)			—			—
Total distributions			(5,498,050)			(14,067,899)			(4,886,046)			(6,651,653)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			63,599,686			58,258,640			10,554,470			11,592,237
Reinvestment of distributions			5,464,745			13,941,801			4,245,550			5,771,550
			69,064,431			72,200,441			14,800,020			17,363,787
Cost of shares redeemed			(41,798,621)			(107,251,504)			(18,760,516)			(35,791,459)
Net increase (decrease) in net assets resulting from capital share transactions			27,265,810			(35,051,063)			(3,960,496)			(18,427,672)
Net increase (decrease) in net assets			45,520,373			(132,380,406)			7,300,634			(40,643,331)
NET ASSETS:
Beginning of year or period			269,431,906			401,812,312			258,209,125			298,852,456
End of year or period		$	314,952,279		$	269,431,906		$	265,509,759		$	258,209,125

(1)

Class P was fully redeemed on close of business September 29, 2022.

(2)

Class P3 was fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Perspectives® Fund						Voya Multi-Manager International Small Cap Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
FROM OPERATIONS:
Net investment income		$	1,944,846		$	2,029,933		$	2,097,526		$	4,548,019
Net realized gain (loss)			(12,366,642)			3,125,673			(7,510,325)			(5,105,235)
Net change in unrealized appreciation (depreciation)			19,924,656			(38,669,842)			42,444,600			(66,537,064)
Increase (decrease) in net assets resulting from operations			9,502,860			(33,514,236)			37,031,801			(67,094,280)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(1,560,880)			(10,634,215)			(1,086,329)			(7,104,839)
Class C			(17,545)			(505,907)			(57,732)			(289,268)
Class I			(90,895)			(1,162,978)			(3,207,907)			(13,682,827)
Class P3(1)			—			—			—			(507)
Class R			(295,241)			(2,756,193)			—			—
Class W			(311,232)			(2,301,200)			(478,762)			(3,093,384)
Total distributions			(2,275,793)			(17,360,493)			(4,830,730)			(24,170,825)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			5,007,999			23,889,865			51,806,862			99,348,820
Reinvestment of distributions			2,275,218			17,356,223			4,563,321			22,804,773
			7,283,217			41,246,088			56,370,183			122,153,593
Cost of shares redeemed			(10,186,062)			(23,990,851)			(29,133,795)			(56,932,305)
Net increase (decrease) in net assets resulting from capital share transactions			(2,902,845)			17,255,237			27,236,388			65,221,288
Net increase (decrease) in net assets			4,324,222			(33,619,492)			59,437,459			(26,043,817)
NET ASSETS:
Beginning of year or period			114,145,325			147,764,817			197,933,265			223,977,082
End of year or period		$	118,469,547		$	114,145,325		$	257,370,724		$	197,933,265

(1)

Class P3 was fully redeemed on close of business September 9, 2022.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each year or period.

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Global Bond Fund
Class A
04-30-23+		6.98		0.11•		0.51		0.62		0.14		—		—		0.14		—		7.46		8.90		1.09	0.90	0.90	3.06		23,731		136
10-31-22		9.34		0.17•		(2.21)		(2.04)		0.00*		—		0.32		0.32		—		6.98		(22.22)		1.05	0.90	0.90	2.04		23,251		218
10-31-21		9.77		0.18•		(0.19)		(0.01)		0.04		—		0.38		0.42		—		9.34		(0.18)		1.02	0.90	0.90	1.90		34,657		191
10-31-20		9.74		0.26		0.20		0.46		0.32		0.06		0.05		0.43		—		9.77		4.88		1.02	0.90	0.90	2.67		34,928		208
10-31-19		9.40		0.25		0.51		0.76		0.37		—		0.05		0.42		—		9.74		8.27		1.05	0.90	0.90	2.69		33,186		247
10-31-18		9.94		0.30•		(0.42)		(0.12)		0.18		—		0.24		0.42		—		9.40		(1.32)		1.05	0.91	0.91	3.08		32,989		105
Class C
04-30-23+		6.95		0.08•		0.51		0.59		0.11		—		—		0.11		—		7.43		8.46		1.84	1.65	1.65	2.24		665		136
10-31-22		9.29		0.10•		(2.18)		(2.08)		0.00*		—		0.26		0.26		—		6.95		(22.73)		1.79	1.65	1.65	1.27		1,139		218
10-31-21		9.71		0.11•		(0.18)		(0.07)		0.03		—		0.32		0.35		—		9.29		(0.85)		1.77	1.65	1.65	1.18		3,262		191
10-31-20		9.69		0.19•		0.18		0.37		0.24		0.06		0.05		0.35		—		9.71		4.00		1.77	1.65	1.65	1.94		4,709		208
10-31-19		9.35		0.19•		0.50		0.69		0.30		—		0.05		0.35		—		9.69		7.49		1.80	1.65	1.65	1.96		9,172		247
10-31-18		9.88		0.23•		(0.42)		(0.19)		0.10		—		0.24		0.34		—		9.35		(1.99)		1.80	1.66	1.66	2.34		12,578		105
Class I
04-30-23+		6.95		0.12•		0.50		0.62		0.14		—		—		0.14		—		7.43		8.99		0.73	0.65	0.65	3.32		125,417		136
10-31-22		9.29		0.19•		(2.19)		(2.00)		0.00*		—		0.34		0.34		—		6.95		(21.94)		0.71	0.65	0.65	2.29		107,231		218
10-31-21		9.72		0.20•		(0.19)		0.01		0.04		—		0.40		0.44		—		9.29		0.05		0.67	0.65	0.65	2.05		160,932		191
10-31-20		9.69		0.28•		0.20		0.48		0.34		0.06		0.05		0.45		—		9.72		5.15		0.67	0.65	0.65	2.90		36,988		208
10-31-19		9.35		0.29		0.49		0.78		0.39		—		0.05		0.44		—		9.69		8.57		0.71	0.65	0.65	2.92		55,250		247
10-31-18		9.89		0.33•		(0.42)		(0.09)		0.21		—		0.24		0.45		—		9.35		(1.06)		0.71	0.66	0.66	3.33		35,067		105
Class R
04-30-23+		7.00		0.10•		0.50		0.60		0.12		—		—		0.12		—		7.48		8.66		1.34	1.15	1.15	2.83		4,919		136
10-31-22		9.35		0.15•		(2.21)		(2.06)		0.00*		—		0.29		0.29		—		7.00		(22.39)		1.30	1.15	1.15	1.79		4,449		218
10-31-21		9.77		0.16•		(0.20)		(0.04)		0.03		—		0.35		0.38		—		9.35		(0.44)		1.27	1.15	1.15	1.65		6,170		191
10-31-20		9.73		0.23		0.20		0.43		0.28		0.06		0.05		0.39		—		9.77		4.60		1.27	1.15	1.15	2.43		6,249		208
10-31-19		9.38		0.23		0.51		0.74		0.34		—		0.05		0.39		—		9.73		8.01		1.30	1.15	1.15	2.44		6,313		247
10-31-18		9.91		0.28		(0.42)		(0.14)		0.15		—		0.24		0.39		—		9.38		(1.47)		1.30	1.16	1.16	2.85		6,263		105
Class R6
04-30-23+		6.97		0.12•		0.50		0.62		0.14		—		—		0.14		—		7.45		8.99		0.65	0.65	0.65	3.32		88,333		136
10-31-22		9.32		0.19•		(2.19)		(2.00)		0.00*		—		0.35		0.35		—		6.97		(21.94)		0.62	0.62	0.62	2.32		76,691		218
10-31-21		9.75		0.21•		(0.20)		0.01		0.04		—		0.40		0.44		—		9.32		0.08		0.61	0.61	0.61	2.19		103,575		191
10-31-20		9.72		0.28		0.20		0.48		0.34		0.06		0.05		0.45		—		9.75		5.17		0.62	0.62	0.62	2.93		116,095		208
10-31-19		9.38		0.28•		0.51		0.79		0.40		—		0.05		0.45		—		9.72		8.58		0.66	0.65	0.65	2.89		114,682		247
10-31-18		9.92		0.33•		(0.42)		(0.09)		0.21		—		0.24		0.45		—		9.38		(1.02)		0.67	0.66	0.66	3.34		69,687		105

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Global Bond Fund (continued)
Class W
04-30-23+		6.86		0.12•		0.49		0.61		0.14		—		—		0.14		—		7.33		8.91		0.84	0.65	0.65	3.31		71,887		136
10-31-22		9.17		0.19•		(2.17)		(1.98)		0.00*		—		0.33		0.33		—		6.86		(22.04)		0.80	0.65	0.65	2.30		53,389		218
10-31-21		9.57		0.21•		(0.18)		0.03		0.04		—		0.39		0.43		—		9.17		0.18		0.77	0.65	0.65	2.19		90,343		191
10-31-20		9.53		0.27•		0.20		0.47		0.32		0.06		0.05		0.43		—		9.57		5.14		0.77	0.65	0.65	2.85		133,137		208
10-31-19		9.18		0.28		0.50		0.78		0.38		—		0.05		0.43		—		9.53		8.63		0.80	0.65	0.65	2.93		78,002		247
10-31-18		9.71		0.32		(0.42)		(0.10)		0.19		—		0.24		0.43		—		9.18		(1.09)		0.80	0.66	0.66	3.36		70,360		105
Voya Global High Dividend Low Volatility Fund
Class A
04-30-23+		38.32		0.55•		1.82		2.37		0.73		—		—		0.73		—		39.96		6.20		1.01	0.85	0.85	2.77		209,282		33
10-31-22		41.58		1.23•		(3.53)		(2.30)		0.96		—		—		0.96		—		38.32		(5.56)		1.00	0.85	0.85	3.06		205,989		67
10-31-21		32.14		0.82•		9.46		10.28		0.84		—		—		0.84		—		41.58		32.16		1.01	0.85	0.85	2.10		230,663		75
10-31-20		36.30		0.75•		(4.16)		(3.41)		0.73		—		0.02		0.75		—		32.14		(9.35)		1.03	0.85	0.85	2.20		191,019		61
10-31-19		33.99		0.96		2.41		3.37		1.06		—		—		1.06		—		36.30		10.12		1.03	0.85	0.85	2.72		170,817		77
10-31-18		35.74		0.67•		(1.07)		(0.40)		1.35		—		—		1.35		—		33.99		(1.29)		1.33	1.11	1.11	1.86		164,032		140
Class C
04-30-23+		35.51		0.37•		1.69		2.06		0.60		—		—		0.60		—		36.97		5.81		1.76	1.60	1.60	2.00		4,095		33
10-31-22		38.61		0.84•		(3.25)		(2.41)		0.69		—		—		0.69		—		35.51		(6.28)		1.74	1.60	1.60	2.25		4,208		67
10-31-21		29.90		0.48•		8.81		9.29		0.58		—		—		0.58		—		38.61		31.17		1.76	1.60	1.60	1.33		6,174		75
10-31-20		33.77		0.46•		(3.84)		(3.38)		0.47		—		0.02		0.49		—		29.90		(9.99)		1.78	1.60	1.60	1.41		5,795		61
10-31-19		31.64		0.64•		2.25		2.89		0.76		—		—		0.76		—		33.77		9.30		1.78	1.60	1.60	1.99		33,041		77
10-31-18		33.14		0.37•		(1.01)		(0.64)		0.86		—		—		0.86		—		31.64		(2.06)		2.08	1.86	1.86	1.11		48,210		140
Class I
04-30-23+		38.68		0.60•		1.84		2.44		0.77		—		—		0.77		—		40.35		6.34		0.67	0.60	0.60	3.00		48,826		33
10-31-22		41.96		1.37•		(3.59)		(2.22)		1.06		—		—		1.06		—		38.68		(5.33)		0.65	0.60	0.60	3.36		44,628		67
10-31-21		32.43		0.93•		9.54		10.47		0.94		—		—		0.94		—		41.96		32.47		0.67	0.60	0.60	2.36		58,145		75
10-31-20		36.63		0.85		(4.21)		(3.36)		0.82		—		0.02		0.84		—		32.43		(9.13)		0.69	0.60	0.60	2.45		45,136		61
10-31-19		34.30		1.05		2.44		3.49		1.16		—		—		1.16		—		36.63		10.41		0.70	0.60	0.60	2.96		32,357		77
10-31-18		36.12		0.77•		(1.08)		(0.31)		1.51		—		—		1.51		—		34.30		(1.05)		1.00	0.86	0.86	2.11		29,178		140
Class R6
04-30-23+		38.66		0.60•		1.85		2.45		0.78		—		—		0.78		—		40.33		6.37		1.26	0.57	0.57	3.01		104		33
10-31-22		41.94		1.35•		(3.56)		(2.21)		1.07		—		—		1.07		—		38.66		(5.30)		0.63	0.57	0.57	3.33		118		67
10-31-21		32.41		1.01•		9.48		10.49		0.96		—		—		0.96		—		41.94		32.57		1.27	0.57	0.57	2.49		126		75
02-28-20(4) - 10-31-20		34.25		0.59•		(1.75)		(1.16)		0.67		—		0.01		0.68		—		32.41		(3.26)		2.03	0.57	0.57	2.68		3		61

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Global High Dividend Low Volatility Fund (continued)
Class W
04-30-23+		38.65		0.60•		1.84		2.44		0.77		—		—		0.77		—		40.32		6.35		0.76	0.60	0.60	3.01		3,203		33
10-31-22		41.93		1.35•		(3.57)		(2.22)		1.06		—		—		1.06		—		38.65		(5.33)		0.75	0.60	0.60	3.33		3,266		67
10-31-21		32.40		0.92•		9.55		10.47		0.94		—		—		0.94		—		41.93		32.51		0.76	0.60	0.60	2.35		3,745		75
10-31-20		36.60		0.83•		(4.19)		(3.36)		0.82		—		0.02		0.84		—		32.40		(9.14)		0.78	0.60	0.60	2.42		3,117		61
10-31-19		34.27		1.04•		2.45		3.49		1.16		—		—		1.16		—		36.60		10.42		0.78	0.60	0.60	2.97		2,523		77
10-31-18		36.09		0.75•		(1.07)		(0.32)		1.50		—		—		1.50		—		34.27		(1.07)		1.08	0.86	0.86	2.07		2,549		140
Voya Global Perspectives® Fund(5)
Class A
04-30-23+		9.05		0.16•		0.60		0.76		0.19		—		—		0.19		—		9.62		8.49		0.71	0.57	0.57	3.32		81,697		40
10-31-22		13.12		0.16•		(2.73)		(2.57)		0.68		0.82		—		1.50		—		9.05		(22.13)		0.67	0.58	0.58	1.52		75,154		46
10-31-21		11.99		0.11•		1.47		1.58		0.34		0.11		—		0.45		—		13.12		13.34		0.64	0.61	0.61	0.89		88,148		56
10-31-20		11.44		0.28		0.81		1.09		0.28		0.26		—		0.54		—		11.99		9.84		0.73	0.58	0.58	2.53		37,945		112
10-31-19		11.04		0.21•		0.94		1.15		0.32		0.43		—		0.75		—		11.44		11.37		0.75	0.53	0.53	1.93		12,657		36
10-31-18		11.81		0.23		(0.56)		(0.33)		0.37		0.07		—		0.44		—		11.04		(2.99)		0.73	0.48	0.48	2.06		6,991		23
Class C
04-30-23+		8.91		0.12•		0.59		0.71		0.07		—		—		0.07		—		9.55		8.04		1.46	1.32	1.32	2.59		2,131		40
10-31-22		12.93		0.09•		(2.71)		(2.62)		0.58		0.82		—		1.40		—		8.91		(22.72)		1.42	1.33	1.33	0.83		2,549		46
10-31-21		11.82		0.04•		1.42		1.46		0.24		0.11		—		0.35		—		12.93		12.44		1.39	1.36	1.36	0.29		4,738		56
10-31-20		11.25		0.25		0.75		1.00		0.17		0.26		—		0.43		—		11.82		9.14		1.48	1.33	1.33	2.10		4,189		112
10-31-19		10.87		0.14•		0.90		1.04		0.23		0.43		—		0.66		—		11.25		10.40		1.50	1.28	1.28	1.31		4,564		36
10-31-18		11.63		0.14		(0.54)		(0.40)		0.29		0.07		—		0.36		—		10.87		(3.65)		1.48	1.23	1.23	1.30		5,112		23
Class I
04-30-23+		9.11		0.19•		0.58		0.77		0.21		—		—		0.21		—		9.67		8.62		0.39	0.32	0.32	3.95		3,888		40
10-31-22		13.19		0.20•		(2.75)		(2.55)		0.71		0.82		—		1.52		—		9.11		(21.91)		0.40	0.33	0.33	1.87		5,657		46
10-31-21		12.04		0.15•		1.47		1.62		0.36		0.11		—		0.47		—		13.19		13.62		0.37	0.36	0.36	1.13		10,265		56
10-31-20		11.47		0.35•		0.77		1.12		0.29		0.26		—		0.55		—		12.04		10.15		0.46	0.33	0.33	3.07		4,536		112
10-31-19		11.08		0.27		0.90		1.17		0.35		0.43		—		0.78		—		11.47		11.58		0.51	0.28	0.28	2.29		3,628		36
10-31-18		11.85		0.25•		(0.55)		(0.30)		0.40		0.07		—		0.47		—		11.08		(2.72)		0.49	0.23	0.23	2.14		3,270		23
Class R
04-30-23+		9.03		0.14•		0.60		0.74		0.16		—		—		0.16		—		9.61		8.29		0.96	0.82	0.82	3.07		16,956		40
10-31-22		13.08		0.14•		(2.73)		(2.59)		0.64		0.82		—		1.45		—		9.03		(22.32)		0.92	0.83	0.83	1.32		16,864		46
10-31-21		11.94		0.10•		1.44		1.54		0.29		0.11		—		0.40		—		13.08		13.06		0.89	0.86	0.86	0.80		25,350		56
10-31-20		11.37		0.31		0.75		1.06		0.23		0.26		—		0.49		—		11.94		9.67		0.98	0.83	0.83	2.59		24,073		112
10-31-19		10.99		0.20		0.90		1.10		0.29		0.43		—		0.72		—		11.37		10.94		1.00	0.78	0.78	1.78		24,978		36
10-31-18		11.75		0.21•		(0.56)		(0.35)		0.34		0.07		—		0.41		—		10.99		(3.14)		0.98	0.73	0.73	1.77		24,776		23

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Global Perspectives® Fund(5) (continued)
Class W
04-30-23+		9.13		0.17•		0.60		0.77		0.21		—		—		0.21		—		9.69		8.59		0.46	0.32	0.32	3.61		13,798		40
10-31-22		13.21		0.19•		(2.76)		(2.57)		0.69		0.82		—		1.51		—		9.13		(21.96)		0.42	0.33	0.33	1.81		13,922		46
10-31-21		12.06		0.17•		1.45		1.62		0.36		0.11		—		0.47		—		13.21		13.58		0.39	0.36	0.36	1.29		19,264		56
10-31-20		11.49		0.33•		0.79		1.12		0.29		0.26		—		0.55		—		12.06		10.13		0.48	0.33	0.33	2.85		32,837		112
10-31-19		11.10		0.24•		0.93		1.17		0.35		0.43		—		0.78		—		11.49		11.55		0.50	0.28	0.28	2.17		18,878		36
10-31-18		11.86		0.22•		(0.51)		(0.29)		0.40		0.07		—		0.47		—		11.10		(2.65)		0.48	0.23	0.23	1.90		11,844		23
Voya Multi-Manager International Small Cap Fund
Class A
04-30-23+		46.91		0.39•		8.17		8.56		1.15		—		—		1.15		—		54.32		18.44		1.63	1.53	1.53	1.50		50,761		36
10-31-22		72.04		1.02•		(18.33)		(17.31)		0.97		6.85		—		7.82		—		46.91		(26.58)		1.57	1.53	1.53	1.82		44,707		72
10-31-21		52.86		0.55•		19.43		19.98		0.80		—		—		0.80		—		72.04		38.09		1.60	1.53	1.53	0.81		65,656		79
10-31-20		51.61		0.31•		2.06		2.37		1.12		—		—		1.12		—		52.86		4.56		1.67	1.53	1.53	0.62		46,220		91
10-31-19		55.06		0.55		1.38		1.93		0.69		4.69		—		5.38		—		51.61		4.77		1.76	1.54	1.54	1.01		46,448		57
10-31-18		63.00		0.44•		(7.82)		(7.38)		0.56		—		—		0.56		—		55.06		(11.82)		1.78	1.58	1.58	0.70		53,086		46
Class C
04-30-23+		42.49		0.17•		7.39		7.56		1.13		—		—		1.13		—		48.92		17.99		2.38	2.28	2.28	0.72		2,362		36
10-31-22		66.20		0.57•		(16.72)		(16.15)		0.71		6.85		—		7.57		—		42.49		(27.12)		2.32	2.28	2.28	1.13		2,217		72
10-31-21		48.57		0.02•		17.93		17.95		0.32		—		—		0.32		—		66.20		37.07		2.35	2.28	2.28	0.03		2,864		79
10-31-20		47.47		(0.35)•		2.20		1.85		0.75		—		—		0.75		—		48.57		3.86		2.42	2.28	2.28	(0.73)		978		91
10-31-19		50.97		0.14•		1.29		1.43		0.24		4.69		—		4.93		—		47.47		3.99		2.51	2.29	2.29	0.30		7,575		57
10-31-18		58.29		(0.01)•		(7.24)		(7.25)		0.07		—		—		0.07		—		50.97		(12.45)		2.50	2.30	2.30	(0.02)		9,791		46
Class I
04-30-23+		46.73		0.50•		8.11		8.61		1.16		—		—		1.16		—		54.18		18.62		1.41	1.20	1.20	1.92		176,157		36
10-31-22		71.82		1.23•		(18.27)		(17.04)		1.20		6.85		—		8.05		—		46.73		(26.33)		1.29	1.20	1.20	2.25		126,178		72
10-31-21		52.68		0.78•		19.34		20.12		0.98		—		—		0.98		—		71.82		38.54		1.30	1.20	1.20	1.14		121,433		79
10-31-20		51.44		0.44•		2.10		2.54		1.30		—		—		1.30		—		52.68		4.91		1.35	1.20	1.20	0.88		54,488		91
10-31-19		54.99		0.75		1.30		2.05		0.91		4.69		—		5.60		—		51.44		5.10		1.46	1.21	1.21	1.45		72,771		57
10-31-18		62.99		0.73•		(7.87)		(7.14)		0.86		—		—		0.86		—		54.99		(11.49)		1.44	1.22	1.22	1.16		81,260		46
Class R6
02-28-23(4) - 04-30-23+		53.67		0.43•		0.07		0.50		—		—		—		—		—		54.17		1.82		2.07	1.20	1.20	5.59		3		36
Class W
04-30-23+		59.54		0.58•		10.39		10.97		1.15		—		—		1.15		—		69.36		18.59		1.38	1.28	1.28	1.74		28,089		36
10-31-22		89.20		1.47•		(23.16)		(21.69)		1.12		6.85		—		7.98		—		59.54		(26.40)		1.32	1.28	1.28	2.07		24,831		72
10-31-21		65.22		0.89•		24.00		24.89		0.91		—		—		0.91		—		89.20		38.44		1.35	1.28	1.28	1.06		34,019		79
10-31-20		63.40		0.50•		2.57		3.07		1.25		—		—		1.25		—		65.22		4.82		1.42	1.28	1.28	0.80		25,810		91
10-31-19		66.30		0.87		1.75		2.62		0.83		4.69		—		5.52		—		63.40		5.07		1.51	1.29	1.29	1.35		31,724		57
10-31-18		75.77		0.60•		(9.28)		(8.68)		0.79		—		—		0.79		—		66.30		(11.57)		1.50	1.30	1.30	0.79		30,608		46

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(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.

(5)

Ratios do not include expenses of underlying funds.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Mutual Funds (the “Trust”) is a Delaware statutory trust organized on December 18, 1992 and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. There are eleven separate active investment series, four of which are included in this report (each, a “Fund” and collectively, the “Funds”): Voya Global Bond Fund (“Global Bond”), Voya Global High Dividend Low Volatility Fund (“Global High Dividend Low Volatility”), Voya Global Perspectives® Fund (“Global Perspectives®”), and Voya Multi-Manager International Small Cap Fund (“Multi-Manager International Small Cap”). Each Fund is a diversified series of the Trust.

Each Fund offers at least five or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees, shareholder servicing fees and transfer agent fees, as well as differences in the amount of waiver 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 pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the 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 8 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 Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to all Funds except Multi-Manager International Small Cap. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a

Delaware limited liability company, serves as the principal underwriter to the Funds.

The investment companies in which certain Funds invest are collectively referred to as the “Underlying 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.

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

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 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 each 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 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 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, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

amortization and discount accretion are determined by the effective yield method. Capital gain dividends from Underlying Funds are recorded as capital gain distributions from affiliated Underlying Funds.

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 rates of exchange 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 and Underlying 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 that 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 taxes 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. 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, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. 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 their investment objectives, the Funds may seek to increase or decrease their exposure to the following market or credit risk factors:

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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.

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 Funds. The Funds’ derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds’ 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 Funds 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

certain counterparty. Collateral pledged to or from the Funds 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.

At April 30, 2023, the maximum amount of loss that Global Bond and Multi-Manager International Small Cap would incur if its counterparties failed to perform would be $5,720,954 and $547, respectively, which represents the gross payments to be received on open OTC purchased options, forward premium swaptions and forward foreign currency contracts were they to be unwound as of April 30, 2023. To reduce the amount of potential loss to Global Bond, certain counterparties have pledged $2,480,000 (original par) in U.S. Treasuries for open OTC derivatives. Multi-Manager International Small Cap did not receive any cash collateral at April 30, 2023.

The Funds have credit related contingent features that if triggered would allow their derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund’s net assets and/or a percentage decrease in a Fund’s NAV, which could cause a Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds’ Master Agreements.

Global Bond and Multi-Manager International Small Cap had a liability position of $6,749,104, and $487, respectively, on forward foreign currency contracts, forward premium swaptions, volatility swaps, and written OTC options with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2023, Global Bond and Multi-Manager International Small Cap could have been required to pay this amount in cash to its counterparties. At April 30, 2023, Global Bond pledged $4,310,000 in cash collateral to certain counterparties for its open OTC derivative transactions. Multi-Manager International Small Cap did not pledge any cash collateral at April 30, 2023.

E. Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and

Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may 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.

Multi-Manager International Small Cap used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. Global Bond used forward foreign currency contracts primarily to gain currency exposure and to protect its non-U.S. dollar denominated holdings from adverse currency movements. The Funds had an average contract amount on forward foreign currency contracts to buy and sell as follows:

	Buy			Sell
Global Bond		$	319,717,506		$	210,801,294
Multi-Manager International Small Cap			129,453			135,556

Please refer to the tables within the Portfolio of Investments for Global Bond and Multi-Manager International Small Cap for open forward foreign currency contracts at April 30, 2023.

Each Fund and Underlying Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund and Underlying Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

Upon entering into such a 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, if any, are reported on a table within each Fund’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Fund’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Fund’s Statement of Operations. Realized gains (losses) are reported in each 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 April 30, 2023, Global Bond had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve to assist the Fund with its duration strategy. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the 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 April 30, 2023, Global Bond had an average notional value of $82,509,674 and $40,606,551 on futures contracts purchased and sold, respectively. Please refer to the table for Global Bond within the Portfolio of Investments for open futures contracts at April 30, 2023.

F. Options Contracts. The Funds may write call and put options on futures, interest rate caps and floors, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Funds’ exposure to the underlying instrument. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities.

The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds’

exposure to the underlying instrument. Purchasing put options tends to decrease the Funds’ exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the period ended April 30, 2023, Global Bond had written interest rate swaptions to generate income. Global Bond had an average notional amount of $102,570,667 on written interest rate swaptions. Please refer to the tables within the Portfolio of Investments for open written interest rate swaptions at April 30, 2023.

During the period ended April 30, 2023, Global Bond had purchased and written foreign currency options to gain additional exposure to foreign currencies and to generate income. Global Bond had an average notional amount of $14,683,442 and $24,381,442 on purchased and written foreign currency options, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written foreign currency options at April 30, 2023.

During the period ended April 30, 2023, Global Bond had purchased and written forward premium swaptions to manage duration and yield curve exposures. Global Bond had an average notional amount of $20,667,993 and $36,533,612 on purchased and written forward premium swaptions, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written forward premium swaptions at April 30, 2023.

G. Swap Agreements. Certain Funds 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). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair 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. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund’s 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 each Fund’s Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a 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 each Fund’s Statements of Operations upon termination or maturity of the swap. A Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements 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. A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a 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 Statements 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 Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements 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 each Fund’s 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.

Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/ moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

For the period ended April 30, 2023, Global Bond had purchased credit protection on credit default swap indices (“CDX”) with an average notional amount of $8,366,000 to hedge the credit risk associated with various sectors within the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. There were no open credit default swaps to buy protection at April 30, 2023.

Interest Rate Swap Agreements. Certain Funds may enter into interest rate swaps. An interest rate swap is an agreement between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

For the period ended April 30, 2023, Global Bond has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps were $122,476,190.

For the period ended April 30, 2023, Global Bond has entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate (“short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps were $128,045,416.

Global Bond entered into interest rate swaps to manage its duration. Please refer to the table within the Portfolio of Investments for Global Bond for open centrally cleared interest rate swaps at April 30, 2023.

At April 30, 2023, Global Bond had pledged $1,686,000 for open centrally cleared swaps.

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, a 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, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A 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.

There were no open total return swaps at April 30, 2023.

Volatility Swap Contracts. Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

For the period ended April 30, 2023, Global Bond entered into receiver volatility swaps on foreign currencies with an average notional amount of $6,547,000. Please refer to the tables within the Portfolio of Investments for open receiver volatility swaps at April 30, 2023.

H. Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund, except for Global Bond and Global High Dividend Low Volatility, declares and pays dividends, if any, annually. Global Bond declares dividends daily and pays dividends, if any, monthly. Global High Dividend Low Volatility declares and pays dividends, if any, quarterly. 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.

I. 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.

As a result of several court cases, in certain countries across the European Union, Global High Dividend Low Volatility filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (“EU

reclaims”). These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Income recognized, if any, for EU reclaims is reflected as other income in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by Global High Dividend Low Volatility, if any, reduce the amounts of foreign taxes the fund’s shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by Global High Dividend Low Volatility during the fiscal year exceed foreign withholding taxes paid, and Global High Dividend Low Volatility previously passed foreign tax credit on to its shareholders, Global High Dividend Low Volatility will enter into a closing agreement with the Internal Revenue Service (“IRS”) in order to pay the associated tax liability on behalf of the fund’s shareholders. During the year ended October 31, 2022, Global High Dividend Low Volatility received EU reclaims of $5,447,513, which were in excess of the foreign taxes paid during the year. Global High Dividend Low Volatility determined to enter into a closing agreement with the IRS and recorded the estimated fees of $3,550,000 as a reduction to income, during the year ended October 31, 2023. As of April 30, 2023, the closing agreement had not been finalized with the IRS and the estimated fees of $3,550,000 are still reflected in Other Accrued Expenses and Liabilities in the Statement of Assets and Liabilities.

Global High Dividend Low Volatility determined to enter into a closing agreement with the IRS and recorded the estimated fees as a reduction to income, as reflected in the Statement of Operations.

J. 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.

K. Securities Lending. Each Fund has the option to temporarily loan securities representing up to 331∕3% of its total assets (except Multi-Manager International Small Cap and Global High Dividend Low Volatility, which can each lend up to 30% 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:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

“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.

L. 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.

M. Delayed-Delivery or When-Issued Transactions. Each Fund may purchase or sell securities on a when-issued or a delayed-delivery basis. Each Fund may enter into forward commitments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in the

Funds’ Portfolio of investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds are required to segregate liquid assets with the Funds’ custodian sufficient to cover the purchase price.

To mitigate counterparty risk, the Funds have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statements of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).

N. 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 risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended April 30, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

	Purchases			Sales
Global Bond		$	69,230,292		$	50,843,125
Global High Dividend Low Volatility			87,595,783			92,394,258
Global Perspectives®			47,282,729			50,417,552
Multi-Manager International Small Cap			106,410,790			82,839,417

U.S. government securities not included above were as follows:

			Purchases						Sales
Global Bond				$	342,882,286					$	332,045,186

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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 International Small Cap, 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
Global Bond			0.50%
Global High Dividend Low Volatility			0.50%
Global Perspectives®			0.20% on affiliated Underlying Funds; 0.40% on unaffiliated Underlying Funds or other direct investments
Multi-Manager International Small Cap			1.00% on first $500 million; 0.95% on next $500 million; and 0.90% in excess of $1 billion

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for the various 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, policies, and limitations. The sub-adviser of each Fund is as follows (*denotes an affiliated sub-adviser):

Fund			Sub-Adviser
Global Bond			Voya IM*
Global High Dividend Low Volatility			Voya IM*
Global Perspectives®			Voya IM*
Multi-Manager International Small Cap			Acadian Asset Management LLC and Victory Capital Management Inc.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

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 a Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:

Fund	Class A		Class C		Class R
Global Bond		0.25%		1.00%		0.50%
Global High Dividend Low Volatility		0.25%		1.00%		N/A
Global Perspectives®		0.25%		1.00%		0.50%
Multi-Manager International Small Cap		0.25%		1.00%		N/A

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 April 30, 2023, the Distributor retained the following amounts in sales charges from the following Funds:

	Class A			Class C
Initial Sales Charges:
Global Bond		$	64		$	—
Global High Dividend Low Volatility			1,069			—
Global Perspectives®			81			—
Multi-Manager International Small Cap			284			—
Contingent Deferred Sales Charges:
Global Bond		$	—		$	14
Global High Dividend Low Volatility			—			29
Global Perspectives®			—			590
Multi-Manager International Small Cap			593			29

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 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 Global Perspectives Fund	Global Bond		6.57%
Voya Institutional Trust Company	Global Bond		5.60
	Global Perspectives®		84.40

The Investment Adviser may request that the Funds’ sub-advisers 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 on the Statements of Operations.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

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 April 30, 2023, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

Fund	Amount
Global Bond		$	11,906
Global High Dividend Low Volatility			3,593
Global Perspectives®			50,810
Multi-Manager International Small Cap			21,250

NOTE 7 — 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, for each Fund except Global Perspectives®, acquired fund fees and expenses to the levels listed below:

Fund	Class A		Class C		Class I		Class R		Class R6		Class W
Global Bond		0.90%		1.65%		0.65%		1.15%		0.65%		0.65%
Global High Dividend Low Volatility		0.85%		1.60%		0.60%		N/A		0.57%		0.60%
Global Perspectives®(1)		1.23%		1.98%		0.98%		1.48%		N/A		0.98%
Multi-Manager International Small Cap		1.95%		2.60%		1.40%		N/A		1.40%		1.60%

(1)

For Global Perspectives®, the operating expense limits shown take into account the operating expenses incurred at the Underlying Fund level. The amount of fees and expenses of an Underlying Fund borne by each Fund will vary based on each Fund’s allocation of assets to, and the net expenses of, a particular Underlying Fund.

Pursuant to a side letter agreement, through March 1, 2024, the Investment Adviser has further lowered the

expense limits of Multi-Manager International Small Cap to the levels listed below. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreement will continue. Termination or modification of this obligation requires approval by the Board.

Fund			Class A						Class C						Class I						Class R6						Class W
Multi-Manager International Small Cap(2)					1.53%						2.28%						1.20%						1.20%						1.28%

(2)

Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of April 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:

	April 30,
	2024			2025			2026			Total
Global High Dividend Low Volatility		$	246,509		$	146,619		$	165,988		$	559,116
Global Perspectives®			66,632			44,527			94,847			206,006

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 April 30, 2023, are as follows:

	April 30,
	2024			2025				2026			Total
Global Bond
Class A		$	41,519		$	40,608	��		$	44,772		$	126,899
Class C			5,646			2,762				1,509			9,917
Class I			14,807			40,999				90,034			145,840
Class R			7,482			7,158				8,703			23,343
Class W			144,061			104,245				108,132			356,438
Global High Dividend Low Volatility
Class A		$	170,833		$	205,039			$	188,313		$	564,185
Class C			5,316			4,884				3,708			13,908
Class R6			134			446				356			936
Class W			2,737			3,327				2,956			9,020

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 7 — EXPENSE LIMITATION AGREEMENTS (continued)

	April 30,
	2024			2025			2026			Total
Global Perspectives®
Class A		$	—		$	22,352		$	38,444		$	60,796
Class C			—			1,363			1,127			2,490
Class R			—			7,514			8,369			15,883
Class W			—			9,218			6,793			16,011

The Expense Limitation Agreement is contractual through March 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

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 13, 2022, 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 13, 2022.

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 April 30, 2023:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Global Bond		1		$	1,122,000		5.83%
Global Perspectives®		1			5,475,000		5.83
Multi-Manager International Small Cap		2			3,527,500		4.83

NOTE 9 — CAPITAL SHARES

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Global Bond
Class A
4/30/2023		87,008		—		57,505		(291,319)		(146,806)		645,003		—		424,529		(2,136,095)		(1,066,563)
10/31/2022		443,189		—		134,061		(956,515)		(379,265)		3,898,713		—		1,092,956		(7,992,154)		(3,000,485)
Class C
4/30/2023		2,475		—		1,353		(78,270)		(74,442)		18,036		—		9,939		(563,416)		(535,441)
10/31/2022		59,650		—		4,284		(251,140)		(187,206)		425,009		—		34,811		(2,271,017)		(1,811,197)
Class I
4/30/2023		2,308,321		—		303,182		(1,158,470)		1,453,033		17,074,105		—		2,228,353		(8,497,281)		10,805,177
10/31/2022		3,688,916		—		690,389		(6,255,490)		(1,876,185)		30,441,256		—		5,607,003		(50,868,069)		(14,819,810)
Class P(1)
4/30/2023		—		—		—		—		—		—		—		—		(90)		(90)
10/31/2022		1,699		—		552		(15,716)		(13,465)		13,000		—		4,603		(110,957)		(93,354)
Class P3(2)
4/30/2023		48,527		—		3,817		(523,505)		(471,161)		355,624		—		27,811		(3,875,468)		(3,492,033)
10/31/2022		249,217		—		19,313		(92,199)		176,331		2,083,157		—		154,337		(770,602)		1,466,892
Class R
4/30/2023		60,043		—		10,821		(49,019)		21,845		451,432		—		80,150		(361,751)		169,831
10/31/2022		44,762		—		23,262		(92,193)		(24,169)		378,922		—		189,475		(770,999)		(202,602)
Class R6
4/30/2023		2,942,412		—		218,536		(2,305,577)		855,371		21,893,294		—		1,610,713		(17,066,280)		6,437,727
10/31/2022		1,235,182		—		478,548		(1,814,897)		(101,167)		10,268,397		—		3,875,353		(14,647,424)		(503,674)
Class W
4/30/2023		3,158,206		—		149,220		(1,286,259)		2,021,167		23,162,192		—		1,083,250		(9,298,240)		14,947,202
10/31/2022		1,309,296		—		372,148		(3,752,897)		(2,071,453)		10,750,186		—		2,983,263		(29,820,282)		(16,086,833)
Global High Dividend Low Volatility
Class A
4/30/2023		55,695		—		81,004		(275,701)		(139,002)		2,211,649		—		3,210,340		(10,978,332)		(5,556,343)
10/31/2022		169,009		—		111,277		(452,048)		(171,762)		6,869,601		—		4,378,635		(18,254,168)		(7,005,932)
Class C
4/30/2023		10,169		—		1,946		(19,848)		(7,733)		375,639		—		71,452		(733,892)		(286,801)
10/31/2022		15,086		—		2,170		(58,678)		(41,422)		532,125		—		79,141		(2,238,280)		(1,627,014)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Global High Dividend Low Volatility (continued)
Class I
4/30/2023		199,466		—		22,659		(165,832)		56,293		7,911,873		—		906,470		(6,710,270)		2,108,073
10/31/2022		98,914		—		30,820		(361,749)		(232,015)		4,044,136		—		1,227,254		(14,870,079)		(9,598,689)
Class R6
4/30/2023		457		—		56		(976)		(463)		18,424		—		2,237		(39,723)		(19,062)
10/31/2022		98		—		80		(146)		32		3,870		—		3,180		(6,009)		1,041
Class W
4/30/2023		938		—		1,377		(7,363)		(5,048)		36,885		—		55,051		(298,299)		(206,363)	��
10/31/2022		3,451		—		2,096		(10,363)		(4,816)		142,505		—		83,340		(422,923)		(197,078)
Global Perspectives®
Class A
4/30/2023		391,939		—		170,391		(373,582)		188,748		3,706,099		—		1,560,778		(3,532,890)		1,733,987
10/31/2022		1,585,254		—		915,010		(913,302)		1,586,962		17,436,328		—		10,632,419		(9,198,620)		18,870,127
Class C
4/30/2023		6,612		—		1,872		(71,522)		(63,038)		61,694		—		17,072		(668,456)		(589,690)
10/31/2022		40,282		—		43,739		(164,430)		(80,409)		474,733		—		503,433		(1,683,503)		(705,337)
Class I
4/30/2023		11,997		—		9,880		(240,876)		(218,999)		112,930		—		90,895		(2,279,265)		(2,075,440)
10/31/2022		70,845		—		99,655		(327,606)		(157,106)		759,969		—		1,162,978		(3,423,022)		(1,500,075)
Class R
4/30/2023		24,661		—		32,231		(161,074)		(104,182)		232,380		—		295,241		(1,530,672)		(1,003,051)
10/31/2022		38,984		—		237,194		(346,364)		(70,186)		407,769		—		2,756,193		(3,640,888)		(476,926)
Class W
4/30/2023		93,285		—		33,719		(228,042)		(101,038)		894,896		—		311,232		(2,174,779)		(968,651)
10/31/2022		429,714		—		196,516		(559,876)		66,354		4,811,066		—		2,301,200		(6,044,818)		1,067,448
Multi-Manager International Small Cap
Class A
4/30/2023		38,306		—		20,279		(77,082)		(18,497)		2,022,226		—		1,019,127		(4,036,842)		(995,489)
10/31/2022		120,397		—		108,206		(186,938)		41,665		7,049,538		—		6,631,964		(10,530,250)		3,151,252
Class C
4/30/2023		2,105		—		1,175		(7,193)		(3,913)		95,477		—		53,352		(335,872)		(187,043)
10/31/2022		16,896		—		4,771		(12,746)		8,921		880,022		—		266,599		(720,054)		426,567
Class I
4/30/2023		930,000		—		60,177		(438,903)		551,274		48,592,233		—		3,012,782		(22,396,165)		29,208,850
10/31/2022		1,563,003		—		210,537		(764,153)		1,009,387		87,793,806		—		12,817,461		(41,850,285)		58,760,982
Class P3(3)
4/30/2023		—		—		—		—		—		2		—		—		—		2
10/31/2022		—		—		8		(71)		(63)		—		—		506		(3,628)		(3,122)
Class R6
2/28/2023(4) - 4/30/2023		56		—		—		(1)		55		3,053		—		—		(96)		2,957
Class W
4/30/2023		16,401		—		7,457		(35,913)		(12,055)		1,093,871		—		478,060		(2,364,820)		(792,889)
10/31/2022		48,055		—		39,787		(52,200)		35,642		3,625,454		—		3,088,243		(3,828,088)		2,885,609

(1)

Class P was fully redeemed on close of business September 29, 2022.

(2)

Class P3 was fully redeemed on close of business January 10, 2023.

(3)

Class P3 was fully redeemed on close of business September 9, 2022.

(4)

Commencement of operations on February 28, 2023.

NOTE 10 — SECURITIES LENDING

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following tables represent a summary of each respective Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2023:

Global Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	392,755		$	(392,755)		$	—
BNP Paribas			190,809			(190,809)			—
BNP Paribas Prime Brokerage Intl Ltd			284,664			(284,664)			—
Citigroup Global Markets Inc.			261,176			(261,176)			—
Goldman, Sachs & Co. LLC			999,618			(999,618)			—
Jefferies LLC			52,191			(52,191)			—
J.P. Morgan Securities LLC			303,970			(303,970)			—
Morgan Stanley & Co. LLC			17,593			(17,593)			—
State Street Bank and Trust Company			43,933			(43,933)			—
TD Prime Services LLC			340,861			(340,861)			—
TD Securities (USA) Inc.			114,331			(114,331)			—
TD Securities INC			257,207			(257,207)			—
Truist Securities INC			22,977			(22,977)			—
UBS AG			62,208			(62,208)			—
US Bancorp Investments			92,118			(92,118)			—
Wells Fargo Bank NA			67,416			(67,416)			—
Total		$	3,503,827		$	(3,503,827)		$	—

(1)

Cash collateral with a fair value of $3,602,513 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.

Multi-Manager International Small Cap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
BNP Paribas Arbitrage		$	41,858		$	(41,858)		$	—
BofA Securities Inc			8,663			(8,663)			—
Citigroup Global Markets Inc.			40,080			(40,080)			—
Credit Suisse Securities (USA) LLC			153,398			(153,398)			—
Deutsche Bank Securities Inc.			127,832			(127,832)			—
HSBC Bank PLC			234,638			(234,638)			—
JP Morgan Securities Plc.			2,973			(2,973)			—
Morgan Stanley & Co. LLC			637,018			(637,018)			—
Total		$	1,246,460		$	(1,246,460)		$	—

(1)

Cash collateral with a fair value of $1,374,609 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 11 — 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, income from passive foreign investment companies (PFICs), paydowns, swaps, capital loss carryforwards and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

	Year Ended October 31, 2022									Year Ended October 31, 2021
	Ordinary lncome			Long-term Capital Gains			Return of Capital			Ordinary lncome	Return of Capital
Global Bond		$	—		$	—		$	14,067,899	$1,387,407		$	17,044,734
Global High Dividend Low Volatility			6,651,653			—			—	6,258,263	—
Global Perspectives®			9,716,990			7,643,503			—	4,062,708	—
Multi Manager International Small Cap			10,886,297			13,284,528			—	2,055,811	—

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 October 31, 2022 were:

	Undistributed Ordinary lncome			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary lncome			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/(Loss)
Global Bond		$	—		$	(37,647,994)		$	(7,369,211)		Short-term		None		$	(5,493)		$	(56,846,373)
									(11,823,675)		Long-term		None
								$	(19,192,886)
Global High Dividend Low Volatility			1,735,975			4,577,966			(22,432,928)		Short-term		None			(254,703)			(25,413,186)
									(9,039,496)		Long-term		None
								$	(31,472,424)*
Global Perspectives®			734,014			(30,255,097)			(1,340,557)		Short-term		None			—			(31,001,714)
									(140,074)		Long-term		None
								$	(1,480,631)
Multi Manager International Small Cap			3,726,906			(36,240,339)			(4,678,996)		Short-term		None			(154,772)			(37,347,201)

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 April 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 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings ceased to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight

Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 13 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Funds have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Funds’ Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Fund’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re- classification, as necessary) of a Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding a Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Fund will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2022 through December 31, 2022, the Program supported the Funds’ ability to honor redemption requests in a timely manner and the Program Administrator’s management of each Fund’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Fund’s prospectus for more information regarding each Fund’s exposure to liquidity risk and other risks.

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 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 other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund’s investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund’s service providers.

NOTE 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 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. Management expects that the adoption of the guidance will not have a material impact on the Funds’ financial statements.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2023, the following Fund paid dividends and distributions per share of:

Net Investment
Income

Payable
Date

Record
Date

Global Bond

Class A

0.0259

June 1, 2023

Daily

Class C

0.0210

June 1, 2023

Daily

Class I

0.0273

June 1, 2023

Daily

Class R

0.0244

June 1, 2023

Daily

Class R6

0.0276

June 1, 2023

Daily

Class W

0.0270

June 1, 2023

Daily

Line of Credit Renewal: Effective June 12, 2023, the funds to which the Credit Agreement is available have entered

into a renewed 364-Day Credit Agreement with BNY for an aggregate amount of $400,000,000 and will pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.9%
	Australia: 0.1%
127,000	BHP Billiton Finance USA Ltd., 4.900%, 02/28/2033		$	130,296		0.1
92,000 (1)	CSL Finance PLC, 4.050%, 04/27/2029			89,542		0.0
66,000 (1)	CSL Finance PLC, 4.750%, 04/27/2052			62,783		0.0
28,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062			27,016		0.0
29,000 (1)	Northern Star Resources Ltd., 6.125%, 04/11/2033			28,929		0.0
				338,566		0.1
	Belgium: 0.1%
164,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			162,704		0.0
286,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 01/23/2029			292,619		0.1
				455,323		0.1
	Bermuda: 0.0%
188,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031			149,242		0.0

	Brazil: 0.3%
400,000 (1)	Banco do Brasil SA/Cayman, 6.250%, 04/18/2030			398,200		0.1
425,000 (1)	Braskem Netherlands Finance BV, 7.250%, 02/13/2033			407,507		0.2
				805,707		0.3
	Canada: 0.7%
370,000 (2)	Bank of Nova Scotia/The, 4.588%, 05/04/2037			328,432		0.1
59,000	Bank of Nova Scotia/The, 4.850%, 02/01/2030			58,966		0.0
115,000 (1)	Baytex Energy Corp., 8.500%, 04/30/2030			115,740		0.1
97,000	Brookfield Finance LLC / Brookfield Finance, Inc., 3.450%, 04/15/2050			66,664		0.0
324,000	Canadian Imperial Bank of Commerce, 3.945%, 08/04/2025			316,789		0.1
200,000 (1)	Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028			189,999		0.1
101,000	Cenovus Energy, Inc., 5.400%, 06/15/2047			94,262		0.0
107,000	Enbridge, Inc., 5.700%, 03/08/2033			111,164		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Canada (continued)
76,000 (2)	Enbridge, Inc., 7.375%, 01/15/2083		$	75,430		0.0
76,000 (2)	Enbridge, Inc., 7.625%, 01/15/2083			77,602		0.0
220,000	Fortis, Inc./Canada, 3.055%, 10/04/2026			207,875		0.1
192,000 (1)	Intact Financial Corp., 5.459%, 09/22/2032			194,553		0.1
60,000	Magna International, Inc., 5.500%, 03/21/2033			62,241		0.0
26,000	Nutrien Ltd., 5.800%, 03/27/2053			27,032		0.0
36,000	Nutrien Ltd., 5.950%, 11/07/2025			37,102		0.0
225,000 (1)	Open Text Holdings, Inc., 4.125%, 12/01/2031			186,476		0.1
115,000 (3)	Royal Bank of Canada, 5.000%, 05/02/2033			115,129		0.0
				2,265,456		0.7
	Cayman Islands: 0.0%
114,750 (1)	Seagate HDD Cayman, 9.625%, 12/01/2032			125,958		0.0

	Chile: 0.2%
300,000 (1)	Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029			280,213		0.1
275,000 (1)	Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033			279,193		0.1
				559,406		0.2
	Colombia: 0.2%
250,000	Ecopetrol SA, 6.875%, 04/29/2030			226,058		0.1
475,000	Ecopetrol SA, 8.875%, 01/13/2033			460,897		0.1
				686,955		0.2
	Denmark: 0.1%
215,000 (1)(2)	Danske Bank A/S, 3.244%, 12/20/2025			205,505		0.1

	France: 0.4%
231,000 (1)	Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026			230,525		0.1
215,000 (1)(2)	BNP Paribas SA, 3.052%, 01/13/2031			186,206		0.1
728,000 (1)	BPCE SA, 5.150%, 07/21/2024			714,737		0.2
				1,131,468		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	India: 0.1%
300,000 (1)	Reliance Industries Ltd., 2.875%, 01/12/2032		$	251,494		0.1
300,000 (1)	Reliance Industries Ltd., 3.625%, 01/12/2052			215,290		0.0
				466,784		0.1
	Indonesia: 0.3%
350,000 (1)	Pertamina Persero PT, 2.300%, 02/09/2031			290,444		0.1
200,000 (1)	Perusahaan Listrik Negara PT, 3.875%, 07/17/2029			186,106		0.1
425,000 (1)	Perusahaan Listrik Negara PT, 5.375%, 01/25/2029			429,380		0.1
				905,930		0.3
	Ireland: 0.0%
81,000	Trane Technologies Financing Ltd., 5.250%, 03/03/2033			84,190		0.0

	Israel: 0.1%
300,000	Bank Hapoalim, 3.255%, 01/21/2032			251,735		0.1

	Italy: 0.1%
250,000	Telecom Italia Capital SA, 7.721%, 06/04/2038			234,023		0.1

	Japan: 0.1%
400,000 (2)	Mitsubishi UFJ Financial Group, Inc., 5.441%, 02/22/2034			406,487		0.1

	Kuwait: 0.1%
200,000 (1)	Equate Petrochemical BV, 2.625%, 04/28/2028			177,526		0.1

	Luxembourg: 0.0%
93,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033			93,925		0.0

	Malaysia: 0.1%
500,000 (1)	Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			474,299		0.1

	Mexico: 0.4%
475,000	Petroleos Mexicanos, 5.950%, 01/28/2031			351,418		0.1
387,000	Petroleos Mexicanos, 6.700%, 02/16/2032			298,192		0.1
675,000 (1)(3)	Petroleos Mexicanos, 10.000%, 02/07/2033			627,490		0.2
				1,277,100		0.4

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Netherlands: 0.3%
355,000	ING Groep NV, 4.050%, 04/09/2029		$	339,754		0.1
207,000 (1)	OCI NV, 6.700%, 03/16/2033			204,949		0.1
290,000 (1)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026			272,213		0.1
				816,916		0.3
	Norway: 0.0%
56,000	Equinor ASA, 3.125%, 04/06/2030			52,638		0.0

	Panama: 0.2%
250,000 (1)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030			217,102		0.1
500,000 (1)	Banco Nacional de Panama, 2.500%, 08/11/2030			399,125		0.1
				616,227		0.2
	Peru: 0.1%
300,000 (1)	Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027			259,096		0.1

	Saudi Arabia: 0.2%
325,000 (1)	EIG Pearl Holdings Sarl, 3.545%, 08/31/2036			281,032		0.1
200,000 (1)	Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038			210,475		0.1
				491,507		0.2
	South Korea: 0.1%
225,000 (1)	POSCO, 4.500%, 08/04/2027			222,361		0.1

	Spain: 0.0%
200,000 (2)	Banco Santander SA, 3.225%, 11/22/2032			160,033		0.0

	Switzerland: 0.4%
456,000 (1)	Credit Suisse AG, 6.500%, 08/08/2023			437,760		0.1
250,000	Credit Suisse AG/New York NY, 1.250%, 08/07/2026			214,301		0.1
250,000 (1)(2)	Credit Suisse Group AG, 9.016%, 11/15/2033			297,293		0.1
200,000 (1)(2)	UBS Group AG, 4.751%, 05/12/2028			193,032		0.1
				1,142,386		0.4
	Thailand: 0.1%
450,000 (1)	GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			376,209		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United Arab Emirates: 0.2%
310,485 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034		$	269,757		0.1
284,955 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			234,353		0.1
				504,110		0.2
	United Kingdom: 1.2%
600,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024			586,063		0.2
500,000 (2)	HSBC Holdings PLC, 1.162%, 11/22/2024			486,593		0.1
217,000 (2)	HSBC Holdings PLC, 2.999%, 03/10/2026			206,689		0.1
200,000 (2)	HSBC Holdings PLC, 6.332%, 03/09/2044			211,000		0.1
200,000 (2)	Lloyds Banking Group PLC, 5.871%, 03/06/2029			204,350		0.1
324,000 (2)	Lloyds Banking Group PLC, 8.000%, 12/31/2199			297,108		0.1
240,000 (1)	LSEGA Financing PLC, 3.200%, 04/06/2041			185,460		0.1
80,000	Rio Tinto Finance USA PLC, 5.000%, 03/09/2033			82,682		0.0
86,000	Rio Tinto Finance USA PLC, 5.125%, 03/09/2053			88,723		0.0
750,000	Royalty Pharma PLC, 1.200%, 09/02/2025			684,135		0.2
458,000	Royalty Pharma PLC, 1.750%, 09/02/2027			401,835		0.1
109,000	Royalty Pharma PLC, 3.550%, 09/02/2050			75,010		0.0
245,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031			209,052		0.1
50,000	Vodafone Group PLC, 5.750%, 02/10/2063			49,558		0.0
				3,768,258		1.2
	United States: 18.7%
107,000	AbbVie, Inc., 3.200%, 11/21/2029			98,922		0.0
750,000	AbbVie, Inc., 3.800%, 03/15/2025			737,587		0.2
8,000	AbbVie, Inc., 4.050%, 11/21/2039			7,081		0.0
14,000	AbbVie, Inc., 4.250%, 11/21/2049			12,283		0.0
5,000	AbbVie, Inc., 4.300%, 05/14/2036			4,738		0.0
225,000 (1)	ADT Security Corp./The, 4.125%, 08/01/2029			195,722		0.1
289,000	Advance Auto Parts, Inc., 3.900%, 04/15/2030			265,294		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
170,000 (3)	Advanced Micro Devices, Inc., 3.924%, 06/01/2032		$	165,133		0.1
170,000	Advanced Micro Devices, Inc., 4.393%, 06/01/2052			158,478		0.1
381,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025			368,533		0.1
230,000 (1)	Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029			204,026		0.1
12,000	Alexandria Real Estate Equities, Inc., 3.550%, 03/15/2052			8,493		0.0
11,000	Alexandria Real Estate Equities, Inc., 5.150%, 04/15/2053			10,086		0.0
82,000	Alleghany Corp., 3.250%, 08/15/2051			59,667		0.0
72,000	Alleghany Corp., 3.625%, 05/15/2030			68,695		0.0
3,000	Alleghany Corp., 4.900%, 09/15/2044			2,883		0.0
235,000 (1)	Allison Transmission, Inc., 3.750%, 01/30/2031			200,865		0.1
49,000	Allstate Corp./The, 1.450%, 12/15/2030			38,865		0.0
84,000	Allstate Corp./The, 5.250%, 03/30/2033			85,651		0.0
193,000	Altria Group, Inc., 4.500%, 05/02/2043			156,894		0.1
130,000	Amazon.com, Inc., 2.100%, 05/12/2031			111,697		0.0
326,000	Amazon.com, Inc., 2.875%, 05/12/2041			256,289		0.1
89,000	Amazon.com, Inc., 3.600%, 04/13/2032			84,662		0.0
61,000	Amazon.com, Inc., 4.100%, 04/13/2062			53,143		0.0
80,000	Amazon.com, Inc., 4.550%, 12/01/2027			81,493		0.0
83,567	American Airlines 2016-1 Class AA Pass Through Trust, 3.575%, 07/15/2029			77,216		0.0
33,817	American Airlines 2016-2 Class A Pass Through Trust, 3.650%, 12/15/2029			29,563		0.0
462,264	American Airlines 2021-1 Class A Pass Through Trust, 2.875%, 01/11/2036			387,910		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
87,000	American Electric Power Co., Inc., 3.250%, 03/01/2050		$	61,603		0.0
74,000 (2)	American Electric Power Co., Inc., 3.875%, 02/15/2062			59,594		0.0
54,000	American Electric Power Co., Inc., 5.625%, 03/01/2033			56,602		0.0
88,000 (2)	American Express Co., 4.420%, 08/03/2033			84,661		0.0
85,000 (2)	American Express Co., 4.990%, 05/01/2026			85,010		0.0
85,000 (2)	American Express Co., 5.043%, 05/01/2034			85,274		0.0
107,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032			93,626		0.0
50,000	American Homes 4 Rent L.P., 4.300%, 04/15/2052			38,924		0.0
99,000	American Honda Finance Corp., 4.700%, 01/12/2028			100,539		0.0
448,000	American International Group, Inc., 4.750%, 04/01/2048			408,089		0.1
603,000	American Tower Corp., 2.750%, 01/15/2027			559,234		0.2
72,000	American Tower Corp., 3.650%, 03/15/2027			68,937		0.0
98,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032			82,937		0.0
15,000	Amgen, Inc., 2.770%, 09/01/2053			9,621		0.0
86,000	Amgen, Inc., 5.250%, 03/02/2033			88,521		0.0
184,000	Amgen, Inc., 5.600%, 03/02/2043			189,480		0.1
103,000	Amgen, Inc., 5.650%, 03/02/2053			106,787		0.0
71,000	Amgen, Inc., 5.750%, 03/02/2063			73,597		0.0
245,000 (1)(3)	ANGI Group LLC, 3.875%, 08/15/2028			192,015		0.1
135,000 (1)(3)	Antero Resources Corp., 5.375%, 03/01/2030			126,615		0.1
390,000	Apache Corp., 5.100%, 09/01/2040			334,780		0.1
21,000	Apple, Inc., 1.650%, 02/08/2031			17,749		0.0
67,000	Apple, Inc., 2.850%, 08/05/2061			46,239		0.0
29,000	Apple, Inc., 4.100%, 08/08/2062			25,758		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
86,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053		$	88,476		0.0
210,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030			186,614		0.1
46,000	Astrazeneca Finance LLC, 4.900%, 03/03/2030			47,574		0.0
87,000	AT&T, Inc., 3.500%, 09/15/2053			62,458		0.0
41,000	AT&T, Inc., 3.650%, 09/15/2059			29,037		0.0
171,000 (3)	AutoZone, Inc., 4.750%, 02/01/2033			170,006		0.1
83,000 (1)	Aviation Capital Group LLC, 6.250%, 04/15/2028			83,797		0.0
76,000	Avnet, Inc., 5.500%, 06/01/2032			73,815		0.0
60,000	Avnet, Inc., 6.250%, 03/15/2028			61,611		0.0
180,000 (2)	Bank of America Corp., 1.197%, 10/24/2026			162,924		0.1
366,000 (2)	Bank of America Corp., 1.734%, 07/22/2027			328,142		0.1
86,000 (2)	Bank of America Corp., 2.087%, 06/14/2029			74,362		0.0
284,000 (2)	Bank of America Corp., 2.299%, 07/21/2032			229,301		0.1
468,000 (2)	Bank of America Corp., 2.482%, 09/21/2036			357,944		0.1
175,000 (2)	Bank of America Corp., 2.572%, 10/20/2032			143,801		0.1
286,000 (2)	Bank of America Corp., 2.651%, 03/11/2032			238,546		0.1
957,000 (2)	Bank of America Corp., 2.687%, 04/22/2032			800,302		0.3
247,000 (2)	Bank of America Corp., 3.419%, 12/20/2028			229,493		0.1
130,000 (2)	Bank of America Corp., 3.593%, 07/21/2028			122,373		0.1
267,000 (2)	Bank of America Corp., 3.846%, 03/08/2037			231,236		0.1
465,000 (2)	Bank of America Corp., 3.864%, 07/23/2024			463,015		0.2
84,000 (2)	Bank of America Corp., 4.083%, 03/20/2051			70,608		0.0
103,000 (2)	Bank of America Corp., 4.375%, 12/31/2199			88,065		0.0
200,000 (2)	Bank of America Corp., 4.571%, 04/27/2033			190,926		0.1
73,000 (2)	Bank of America Corp., 5.202%, 04/25/2029			73,529		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
347,000 (2)	Bank of America Corp., 5.288%, 04/25/2034		$	349,595		0.1
79,000 (2)(3)	Bank of America Corp., 6.125%, 12/31/2199			76,793		0.0
154,000 (2)(3)	Bank of New York Mellon Corp./The, 4.967%, 04/26/2034			155,318		0.1
225,000	Bath & Body Works, Inc., 6.750%, 07/01/2036			200,565		0.1
99,000	Becton Dickinson & Co., 4.693%, 02/13/2028			100,196		0.0
552,000	Berry Global, Inc., 1.650%, 01/15/2027			485,061		0.2
37,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032			28,404		0.0
252,000 (1)	Blackstone Holdings Finance Co. LLC, 6.200%, 04/22/2033			263,048		0.1
448,000	Boeing Co/The, 3.625%, 02/01/2031			410,201		0.1
88,000	Boeing Co/The, 5.150%, 05/01/2030			88,718		0.0
18,000	Boeing Co/The, 5.805%, 05/01/2050			17,925		0.0
37,000	Boeing Co/The, 5.930%, 05/01/2060			36,613		0.0
101,000	BP Capital Markets America, Inc., 2.939%, 06/04/2051			71,042		0.0
35,000	Bristol-Myers Squibb Co., 3.700%, 03/15/2052			29,069		0.0
195,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037			178,143		0.1
215,000 (1)	Builders FirstSource, Inc., 5.000%, 03/01/2030			201,110		0.1
90,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046			77,035		0.0
35,000	Burlington Northern Santa Fe LLC, 4.050%, 06/15/2048			30,895		0.0
93,000	Burlington Northern Santa Fe LLC, 4.450%, 01/15/2053			87,681		0.0
15,000	Burlington Northern Santa Fe LLC, 4.550%, 09/01/2044			14,245		0.0
49,000 (1)	Cargill, Inc., 1.700%, 02/02/2031			39,890		0.0
47,000 (1)	Cargill, Inc., 2.125%, 04/23/2030			40,329		0.0
124,000 (1)	Cargill, Inc., 2.125%, 11/10/2031			103,059		0.0
15,000 (1)	Cargill, Inc., 4.375%, 04/22/2052			13,621		0.0
267,000	Centene Corp., 3.000%, 10/15/2030			227,822		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
135,000	Centene Corp., 4.625%, 12/15/2029		$	127,359		0.1
99,000	CenterPoint Energy, Inc., 4.250%, 11/01/2028			95,060		0.0
185,000	Central Garden & Pet Co., 4.125%, 10/15/2030			158,774		0.1
89,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029			74,712		0.0
71,000	Chubb INA Holdings, Inc., 1.375%, 09/15/2030			57,700		0.0
67,000	Chubb INA Holdings, Inc., 2.850%, 12/15/2051			47,341		0.0
28,000	Chubb INA Holdings, Inc., 3.050%, 12/15/2061			19,365		0.0
447,000	Cigna Corp., 3.050%, 10/15/2027			421,782		0.1
101,000	Cigna Corp., 4.800%, 08/15/2038			98,095		0.0
40,000	Cigna Group/The, 5.400%, 03/15/2033			41,617		0.0
296,000 (1)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			280,090		0.1
205,000 (1)	Cleveland-Cliffs, Inc., 6.750%, 04/15/2030			199,513		0.1
73,000	Comcast Corp., 1.950%, 01/15/2031			61,142		0.0
193,000	Comcast Corp., 3.750%, 04/01/2040			166,768		0.1
103,000	Comcast Corp., 4.250%, 01/15/2033			100,884		0.0
67,000	Comcast Corp., 5.350%, 11/15/2027			69,780		0.0
80,000	Comcast Corp., 5.650%, 06/15/2035			86,529		0.0
102,000	Connecticut Light and Power Co/The, 5.250%, 01/15/2053			107,120		0.0
35,000	Constellation Brands, Inc., 4.900%, 05/01/2033			35,157		0.0
169,000 (1)	Corebridge Financial, Inc., 3.850%, 04/05/2029			154,212		0.1
103,000 (1)	Corebridge Financial, Inc., 3.900%, 04/05/2032			90,679		0.0
239,000 (1)(2)	Corebridge Financial, Inc., 6.875%, 12/15/2052			216,829		0.1
200,000 (1)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027			192,181		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
59,000	Crown Castle International Corp., 4.150%, 07/01/2050		$	47,732		0.0
51,000	Crown Castle, Inc., 2.900%, 03/15/2027			47,605		0.0
28,000	Crown Castle, Inc., 4.800%, 09/01/2028			28,050		0.0
200,000 (1)	CSC Holdings LLC, 5.750%, 01/15/2030			102,249		0.0
25,000	CSX Corp., 4.500%, 11/15/2052			23,034		0.0
81,000	CSX Corp., 4.500%, 08/01/2054			73,399		0.0
122,000	Cummins, Inc., 1.500%, 09/01/2030			101,088		0.0
9,000	CVS Health Corp., 3.250%, 08/15/2029			8,295		0.0
5,000	CVS Health Corp., 4.125%, 04/01/2040			4,285		0.0
4,000	CVS Health Corp., 5.125%, 07/20/2045			3,787		0.0
80,000	Dana, Inc., 5.625%, 06/15/2028			73,898		0.0
220,000 (1)	DaVita, Inc., 4.625%, 06/01/2030			191,833		0.1
110,000	Deere & Co., 3.100%, 04/15/2030			102,595		0.0
176,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			181,194		0.1
129,023	Delta Air Lines 2015-1 Class B Pass Through Trust, 4.250%, 01/30/2025			127,933		0.1
175,000 (3)	Delta Air Lines 2020-1 Class A Pass Through Trust, 4.375%, 04/19/2028			165,144		0.1
70,000	Diamondback Energy, Inc., 4.250%, 03/15/2052			55,346		0.0
100,000	Diamondback Energy, Inc., 6.250%, 03/15/2033			106,716		0.0
33,000	Diamondback Energy, Inc., 6.250%, 03/15/2053			34,541		0.0
92,000	Discovery Communications LLC, 5.300%, 05/15/2049			75,320		0.0
70,000	DISH DBS Corp., 5.125%, 06/01/2029			32,351		0.0
32,000	Dollar General Corp., 3.500%, 04/03/2030			29,622		0.0
181,000 (2)	Dominion Energy, Inc., 4.350%, 12/31/2199			152,945		0.1
99,000 (2)	Dominion Energy, Inc., 4.650%, 12/31/2199			86,544		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
134,000	Dominion Energy, Inc., 5.375%, 11/15/2032		$	137,596		0.1
225,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031			195,959		0.1
305,000	DTE Electric Co., 2.250%, 03/01/2030			266,193		0.1
112,000	DTE Electric Co., 4.300%, 07/01/2044			100,393		0.0
25,000	DTE Electric Co., 5.400%, 04/01/2053			26,511		0.0
12,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045			9,921		0.0
3,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046			2,494		0.0
3,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041			2,709		0.0
27,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053			28,384		0.0
921,000	Duke Energy Corp., 2.650%, 09/01/2026			865,231		0.3
107,000	Duke Energy Florida LLC, 2.400%, 12/15/2031			90,628		0.0
54,000	Duke Energy Florida LLC, 5.950%, 11/15/2052			61,602		0.0
46,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053			47,637		0.0
5,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046			3,926		0.0
29,000	Duke Energy Ohio, Inc., 5.250%, 04/01/2033			30,129		0.0
21,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053			22,344		0.0
13,000	Duke Energy Progress LLC, 4.000%, 04/01/2052			11,012		0.0
3,000	Duke Energy Progress LLC, 4.100%, 03/15/2043			2,618		0.0
41,000	Ecolab, Inc., 2.750%, 08/18/2055			26,581		0.0
43,000	Elevance Health, Inc., 4.900%, 02/08/2026			42,943		0.0
48,000	Eli Lilly & Co., 4.875%, 02/27/2053			50,213		0.0
48,000	Eli Lilly & Co., 4.950%, 02/27/2063			50,167		0.0
134,000	Energy Transfer L.P., 4.250%, 04/01/2024			132,330		0.1
969,000	Energy Transfer L.P., 4.900%, 02/01/2024			963,207		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
56,000	Energy Transfer L.P., 5.300%, 04/15/2047		$	49,148		0.0
375,000	Energy Transfer L.P., 5.400%, 10/01/2047			334,474		0.1
66,000	Energy Transfer L.P., 5.750%, 02/15/2033			67,377		0.0
286,000	Energy Transfer L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023			284,279		0.1
215,000 (1)	EnLink Midstream LLC, 6.500%, 09/01/2030			217,406		0.1
14,000	Entergy Arkansas LLC, 3.350%, 06/15/2052			10,448		0.0
41,000	Entergy Arkansas LLC, 4.200%, 04/01/2049			35,597		0.0
34,000	Entergy Arkansas LLC, 5.150%, 01/15/2033			35,248		0.0
180,000	Entergy Corp., 2.800%, 06/15/2030			158,347		0.1
47,000	Enterprise Products Operating LLC, 3.950%, 01/31/2060			36,732		0.0
64,000 (1)	ERAC USA Finance LLC, 5.400%, 05/01/2053			64,544		0.0
135,000	Essential Utilities, Inc., 2.704%, 04/15/2030			117,618		0.0
78,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049			57,039		0.0
74,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042			64,278		0.0
90,000	Evergy Kansas Central, Inc., 5.700%, 03/15/2053			95,419		0.0
106,000	Eversource Energy, 1.400%, 08/15/2026			95,482		0.0
122,000	Eversource Energy, 2.900%, 03/01/2027			114,985		0.0
69,000	Eversource Energy, 5.450%, 03/01/2028			71,602		0.0
112,000	Exelon Corp., 5.150%, 03/15/2028			114,552		0.0
50,000	Exelon Corp., 5.600%, 03/15/2053			51,530		0.0
126,000	Extra Space Storage L.P., 2.350%, 03/15/2032			100,375		0.0
66,000	Exxon Mobil Corp., 2.995%, 08/16/2039			53,601		0.0
153,000	Exxon Mobil Corp., 3.452%, 04/15/2051			122,824		0.1
61,000 (3)	FedEx Corp., 5.250%, 05/15/2050			59,620		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
250,000	First Horizon Bank, 5.750%, 05/01/2030		$	236,466		0.1
16,000	Florida Power & Light Co., 2.875%, 12/04/2051			11,439		0.0
108,000	Florida Power & Light Co., 4.125%, 02/01/2042			97,364		0.0
200,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029			186,677		0.1
260,000	Freeport-McMoRan, Inc., 4.250%, 03/01/2030			242,104		0.1
185,000 (1)	GCI LLC, 4.750%, 10/15/2028			158,341		0.1
284,000 (3)	General Mills, Inc., 2.875%, 04/15/2030			258,443		0.1
344,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026			343,933		0.1
45,000	General Motors Financial Co., Inc., 5.850%, 04/06/2030			45,008		0.0
200,000 (1)(3)	Gray Television, Inc., 7.000%, 05/15/2027			162,229		0.1
230,000 (1)	H&E Equipment Services, Inc., 3.875%, 12/15/2028			199,556		0.1
52,000 (1)	Harley-Davidson Financial Services, Inc., 6.500%, 03/10/2028			52,579		0.0
51,000	HCA, Inc., 2.375%, 07/15/2031			41,670		0.0
27,000 (1)	HCA, Inc., 3.125%, 03/15/2027			25,376		0.0
906,000	HCA, Inc., 4.125%, 06/15/2029			859,401		0.3
2,000 (1)	HCA, Inc., 4.375%, 03/15/2042			1,680		0.0
11,000 (1)	HCA, Inc., 4.625%, 03/15/2052			9,138		0.0
167,000	HCA, Inc., 5.250%, 04/15/2025			167,449		0.1
245,000	HCA, Inc., 5.375%, 09/01/2026			246,913		0.1
175,000	Healthpeak OP LLC, 3.000%, 01/15/2030			154,772		0.1
200,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031			185,075		0.1
76,000 (3)	HP, Inc., 2.650%, 06/17/2031			61,928		0.0
64,000	Idaho Power Co., 5.500%, 03/15/2053			68,073		0.0
230,000 (1)	Ingevity Corp., 3.875%, 11/01/2028			202,081		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
64,000	Intel Corp., 3.750%, 08/05/2027		$	62,694		0.0
86,000	Intel Corp., 5.125%, 02/10/2030			88,133		0.0
34,000	Intel Corp., 5.900%, 02/10/2063			35,077		0.0
69,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030			58,633		0.0
192,000	Intercontinental Exchange, Inc., 4.600%, 03/15/2033			191,512		0.1
86,000	International Business Machines Corp., 4.150%, 07/27/2027			85,404		0.0
50,000	Interstate Power and Light Co., 3.100%, 11/30/2051			34,270		0.0
224,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030			207,459		0.1
87,000	John Deere Capital Corp., 4.750%, 01/20/2028			89,085		0.0
135,000	Johnson & Johnson, 3.625%, 03/03/2037			126,491		0.1
447,000 (2)	JPMorgan Chase & Co., 1.470%, 09/22/2027			398,299		0.1
138,000 (2)	JPMorgan Chase & Co., 1.578%, 04/22/2027			125,112		0.1
230,000 (2)	JPMorgan Chase & Co., 2.182%, 06/01/2028			206,737		0.1
55,000 (2)	JPMorgan Chase & Co., 2.595%, 02/24/2026			52,390		0.0
386,000 (2)	JPMorgan Chase & Co., 2.947%, 02/24/2028			359,388		0.1
919,000	JPMorgan Chase & Co., 2.950%, 10/01/2026			872,693		0.3
691,000 (2)	JPMorgan Chase & Co., 3.782%, 02/01/2028			663,712		0.2
530,000 (2)	JPMorgan Chase & Co., 6.000%, 12/31/2199			526,555		0.2
33,000	Kentucky Utilities Co., 5.450%, 04/15/2033			34,493		0.0
115,000 (1)	Kenvue, Inc., 4.900%, 03/22/2033			119,147		0.0
48,000 (1)	Kenvue, Inc., 5.050%, 03/22/2028			49,732		0.0
81,000 (1)	Kenvue, Inc., 5.050%, 03/22/2053			84,158		0.0
98,000 (1)	Kenvue, Inc., 5.100%, 03/22/2043			101,663		0.0
72,000 (1)	Kenvue, Inc., 5.200%, 03/22/2063			74,981		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
227,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		$	224,720		0.1
44,000	Kinder Morgan, Inc., 5.200%, 06/01/2033			43,700		0.0
62,000	KLA Corp., 5.250%, 07/15/2062			63,142		0.0
166,000	Kraft Heinz Foods Co., 4.625%, 10/01/2039			153,097		0.1
102,000	Kraft Heinz Foods Co., 6.875%, 01/26/2039			116,696		0.0
220,000 (1)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029			174,298		0.1
210,000 (1)	Lamb Weston Holdings, Inc., 4.375%, 01/31/2032			191,785		0.1
50,000 (1)	Liberty Mutual Group, Inc., 5.500%, 06/15/2052			47,636		0.0
45,000	Lockheed Martin Corp., 5.250%, 01/15/2033			48,113		0.0
68,000	Lockheed Martin Corp., 5.700%, 11/15/2054			76,939		0.0
32,000	Lockheed Martin Corp., 5.900%, 11/15/2063			37,428		0.0
33,000	Louisville Gas and Electric Co., 5.450%, 04/15/2033			34,453		0.0
73,000	Lowe’s Cos, Inc., 4.250%, 04/01/2052			60,286		0.0
46,000	Lowe’s Cos, Inc., 4.450%, 04/01/2062			37,853		0.0
46,000	Lowe’s Cos, Inc., 5.750%, 07/01/2053			46,982		0.0
35,000	Lowe’s Cos, Inc., 5.850%, 04/01/2063			35,252		0.0
19,000	LYB International Finance III LLC, 3.625%, 04/01/2051			13,502		0.0
225,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034			161,614		0.1
154,000 (1)	Mars, Inc., 2.375%, 07/16/2040			109,777		0.0
19,000 (1)	Mars, Inc., 4.750%, 04/20/2033			19,230		0.0
225,000 (1)(3)	Match Group Holdings II LLC, 3.625%, 10/01/2031			184,066		0.1
74,000	McKesson Corp., 5.250%, 02/15/2026			74,047		0.0
225,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029			197,067		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
55,000	Meta Platforms, Inc., 3.500%, 08/15/2027		$	53,417		0.0
124,000	Meta Platforms, Inc., 4.450%, 08/15/2052			109,438		0.0
28,000	Meta Platforms, Inc., 4.650%, 08/15/2062			24,848		0.0
428,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025			414,666		0.1
154,000 (1)	Metropolitan Life Global Funding I, 5.150%, 03/28/2033			156,507		0.1
67,000	Mid-America Apartments L.P., 2.750%, 03/15/2030			58,857		0.0
193,000	Mississippi Power Co., 4.250%, 03/15/2042			166,962		0.1
190,000 (2)	Morgan Stanley, 0.791%, 01/22/2025			183,288		0.1
250,000 (2)	Morgan Stanley, 1.164%, 10/21/2025			234,116		0.1
118,000 (2)	Morgan Stanley, 1.512%, 07/20/2027			104,915		0.0
436,000 (2)	Morgan Stanley, 1.593%, 05/04/2027			392,394		0.1
123,000 (2)	Morgan Stanley, 2.720%, 07/22/2025			118,695		0.0
1,090,000	Morgan Stanley, 3.125%, 07/27/2026			1,037,121		0.3
47,000 (2)	Morgan Stanley, 3.591%, 07/22/2028			44,576		0.0
545,000	Morgan Stanley, 4.100%, 05/22/2023			544,424		0.2
94,000 (2)	Morgan Stanley, 5.164%, 04/20/2029			94,734		0.0
390,000 (2)	Morgan Stanley, 5.250%, 04/21/2034			394,592		0.1
341,000 (2)	Morgan Stanley, 5.297%, 04/20/2037			325,121		0.1
344,000 (2)	Morgan Stanley, 5.948%, 01/19/2038			346,206		0.1
36,000 (2)	Morgan Stanley, 6.296%, 10/18/2028			37,841		0.0
470,000 (2)	Morgan Stanley, 6.342%, 10/18/2033			511,370		0.2
366,000	MPLX L.P., 4.000%, 03/15/2028			353,828		0.1
215,000	MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031			147,212		0.1
500,000	Mylan, Inc., 4.200%, 11/29/2023			494,883		0.2

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
155,000	Mylan, Inc., 5.200%, 04/15/2048		$	119,374		0.1
286,000	National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028			277,644		0.1
95,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032			91,064		0.0
59,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033			63,609		0.0
200,000	Navient Corp., 5.000%, 03/15/2027			180,375		0.1
169,000 (1)(3)	Nestle Holdings, Inc., 1.250%, 09/15/2030			137,706		0.1
161,000 (1)	Nestle Holdings, Inc., 4.125%, 10/01/2027			161,490		0.1
148,000 (1)	New York Life Global Funding, 4.550%, 01/28/2033			147,228		0.1
96,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024			95,117		0.0
50,000	NextEra Energy Capital Holdings, Inc., 5.050%, 02/28/2033			50,572		0.0
115,000	NextEra Energy Capital Holdings, Inc., 5.250%, 02/28/2053			113,948		0.0
103,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025			104,764		0.0
149,000	Northern States Power Co/MN, 3.600%, 09/15/2047			122,241		0.1
309,000	Northern Trust Corp., 6.125%, 11/02/2032			330,759		0.1
57,000	Northrop Grumman Corp., 4.950%, 03/15/2053			56,385		0.0
190,000 (1)	Novelis Corp., 4.750%, 01/30/2030			172,214		0.1
60,000	Nucor Corp., 4.300%, 05/23/2027			59,760		0.0
50,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 11/30/2051			33,397		0.0
200,000	Olin Corp., 5.000%, 02/01/2030			186,988		0.1
55,000	OneMain Finance Corp., 4.000%, 09/15/2030			41,599		0.0
291,000	Oracle Corp., 2.800%, 04/01/2027			271,249		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
504,000	Oracle Corp., 2.950%, 05/15/2025		$	485,770		0.2
13,000	Oracle Corp., 3.600%, 04/01/2050			9,256		0.0
166,000	Oracle Corp., 3.800%, 11/15/2037			139,050		0.1
43,000	Oracle Corp., 3.950%, 03/25/2051			32,509		0.0
72,000	Oracle Corp., 6.150%, 11/09/2029			76,435		0.0
49,000	Oracle Corp., 6.900%, 11/09/2052			54,965		0.0
44,000	O’Reilly Automotive, Inc., 3.600%, 09/01/2027			42,702		0.0
106,000	O’Reilly Automotive, Inc., 4.350%, 06/01/2028			105,506		0.0
250,000 (1)	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.125%, 04/30/2028			230,287		0.1
31,000	Ovintiv, Inc., 6.500%, 08/15/2034			31,788		0.0
52,000	Ovintiv, Inc., 7.375%, 11/01/2031			56,694		0.0
27,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046			20,071		0.0
22,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045			16,495		0.0
36,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042			28,242		0.0
48,000	Pacific Gas and Electric Co., 6.750%, 01/15/2053			49,232		0.0
106,000	PacifiCorp, 5.350%, 12/01/2053			110,561		0.0
224,000	Paramount Global, 4.375%, 03/15/2043			160,160		0.1
88,000 (3)	Paramount Global, 4.950%, 01/15/2031			81,804		0.0
77,000 (3)	Paramount Global, 4.950%, 05/19/2050			58,317		0.0
9,000	Paramount Global, 5.250%, 04/01/2044			7,124		0.0
29,000	Paramount Global, 5.850%, 09/01/2043			24,869		0.0
231,000 (2)	PartnerRe Finance B LLC, 4.500%, 10/01/2050			194,415		0.1
48,000	PayPal Holdings, Inc., 2.300%, 06/01/2030			41,333		0.0
12,000	PayPal Holdings, Inc., 2.850%, 10/01/2029			10,904		0.0
7,000 (3)	PayPal Holdings, Inc., 4.400%, 06/01/2032			6,874		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
16,000	PayPal Holdings, Inc., 5.050%, 06/01/2052		$	15,399		0.0
106,000	PayPal Holdings, Inc., 5.250%, 06/01/2062			102,333		0.0
56,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026			56,311		0.0
257,000	Philip Morris International, Inc., 5.375%, 02/15/2033			262,298		0.1
84,000	Phillips 66, 3.850%, 04/09/2025			82,335		0.0
301,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.600%, 11/01/2024			294,037		0.1
81,000	Plains All American Pipeline L.P. / PAA Finance Corp., 4.900%, 02/15/2045			65,880		0.0
53,000 (2)(3)	PNC Financial Services Group, Inc./The, 6.000%, 12/31/2199			49,290		0.0
321,000 (2)	PNC Financial Services Group, Inc./The, 6.250%, 12/31/2199			294,999		0.1
200,000 (1)	Post Holdings, Inc., 5.500%, 12/15/2029			190,408		0.1
73,000	PPL Electric Utilities Corp., 5.250%, 05/15/2053			76,167		0.0
225,000 (1)	Prestige Brands, Inc., 3.750%, 04/01/2031			190,903		0.1
230,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029			203,050		0.1
40,000	Principal Financial Group, Inc., 5.375%, 03/15/2033			40,719		0.0
38,000	Principal Financial Group, Inc., 5.500%, 03/15/2053			36,978		0.0
43,000	Prologis L.P., 2.250%, 01/15/2032			35,606		0.0
40,000	Prologis L.P., 4.750%, 06/15/2033			40,104		0.0
33,000	Prologis L.P., 5.250%, 06/15/2053			33,106		0.0
50,000	Public Service Co. of Colorado, 5.250%, 04/01/2053			51,508		0.0
31,000	Public Service Co. of New Hampshire, 5.150%, 01/15/2053			32,217		0.0
21,000	Public Service Electric and Gas Co., 5.125%, 03/15/2053			21,770		0.0
171,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031			142,640		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
42,000	Public Storage, 1.950%, 11/09/2028		$	36,934		0.0
50,000	Puget Sound Energy, Inc., 3.250%, 09/15/2049			37,261		0.0
138,000	QUALCOMM, Inc., 6.000%, 05/20/2053			157,132		0.1
171,000	Raytheon Technologies Corp., 4.500%, 06/01/2042			161,577		0.1
79,000	Raytheon Technologies Corp., 5.150%, 02/27/2033			82,142		0.0
72,000	Raytheon Technologies Corp., 5.375%, 02/27/2053			75,777		0.0
45,000	Realty Income Corp., 4.900%, 07/15/2033			44,227		0.0
29,000 (1)	Regal Rexnord Corp., 6.300%, 02/15/2030			29,571		0.0
29,000 (1)	Regal Rexnord Corp., 6.400%, 04/15/2033			29,605		0.0
119,000	Republic Services, Inc., 5.000%, 04/01/2034			121,812		0.1
32,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031			25,566		0.0
210,000 (1)	Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.875%, 03/01/2031			169,880		0.1
135,000	Roper Technologies, Inc., 1.750%, 02/15/2031			107,964		0.0
31,000	Ross Stores, Inc., 4.700%, 04/15/2027			30,843		0.0
28,000	S&P Global, Inc., 1.250%, 08/15/2030			22,608		0.0
110,000	S&P Global, Inc., 2.700%, 03/01/2029			100,725		0.0
73,000	S&P Global, Inc., 2.900%, 03/01/2032			64,864		0.0
62,000	S&P Global, Inc., 3.700%, 03/01/2052			51,909		0.0
124,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026			109,394		0.0
220,000 (1)	Sealed Air Corp., 5.000%, 04/15/2029			211,100		0.1
88,000	Selective Insurance Group, Inc., 5.375%, 03/01/2049			84,021		0.0
166,000 (2)	Sempra Energy, 4.125%, 04/01/2052			134,728		0.1
230,000 (1)	Sensata Technologies, Inc., 3.750%, 02/15/2031			200,063		0.1
215,000	Silgan Holdings, Inc., 4.125%, 02/01/2028			201,254		0.1
200,000 (1)	Sirius XM Radio, Inc., 5.500%, 07/01/2029			178,376		0.1

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
245,000 (1)(3)	Sonic Automotive, Inc., 4.875%, 11/15/2031		$	198,075		0.1
85,000	Southern Co/The, 5.113%, 08/01/2027			85,762		0.0
44,000	Southwestern Electric Power Co., 5.300%, 04/01/2033			44,623		0.0
112,000	Sprint Nextel Corp., 6.875%, 11/15/2028			120,846		0.1
230,000 (1)	Standard Industries, Inc./NJ, 4.375%, 07/15/2030			198,808		0.1
200,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 5.250%, 01/15/2029			190,340		0.1
44,000	Targa Resources Corp., 4.200%, 02/01/2033			39,991		0.0
51,000	Targa Resources Corp., 4.950%, 04/15/2052			42,325		0.0
39,000	Targa Resources Corp., 6.250%, 07/01/2052			38,633		0.0
135,000 (3)	Target Corp., 4.400%, 01/15/2033			135,058		0.1
85,000	Target Corp., 4.500%, 09/15/2032			85,656		0.0
207,000	Target Corp., 4.800%, 01/15/2053			204,311		0.1
215,000 (1)	Tempur Sealy International, Inc., 4.000%, 04/15/2029			188,317		0.1
225,000	Tenet Healthcare Corp., 4.250%, 06/01/2029			206,629		0.1
20,000	Texas Instruments, Inc., 4.100%, 08/16/2052			18,324		0.0
55,000	Texas Instruments, Inc., 4.900%, 03/14/2033			57,403		0.0
69,000	Texas Instruments, Inc., 5.000%, 03/14/2053			71,527		0.0
98,000	Time Warner Cable LLC, 5.500%, 09/01/2041			83,773		0.0
6,000	Time Warner Cable LLC, 5.875%, 11/15/2040			5,343		0.0
9,000	T-Mobile USA, Inc., 2.050%, 02/15/2028			7,993		0.0
2,000	T-Mobile USA, Inc., 2.250%, 02/15/2026			1,863		0.0
12,000	T-Mobile USA, Inc., 3.000%, 02/15/2041			8,927		0.0
34,000	T-Mobile USA, Inc., 3.875%, 04/15/2030			32,032		0.0
90,000 (3)	Toyota Motor Credit Corp., 4.450%, 06/29/2029			91,464		0.0
120,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027			121,400		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
23,000 (2)	Truist Financial Corp., 4.800%, 12/31/2199		$	20,039		0.0
118,000 (2)	Truist Financial Corp., 5.100%, 12/31/2199			104,673		0.0
57,000 (2)	Truist Financial Corp., 5.122%, 01/26/2034			55,317		0.0
57,000 (3)	Truist Financial Corp., 5.516%, (US0003M + 0.650%), 03/15/2028			51,634		0.0
25,000	Union Electric Co., 5.450%, 03/15/2053			26,361		0.0
74,000	Union Pacific Corp., 3.500%, 02/14/2053			58,894		0.0
27,000	Union Pacific Corp., 3.799%, 10/01/2051			22,693		0.0
52,000	Union Pacific Corp., 3.839%, 03/20/2060			42,454		0.0
20,000	Union Pacific Corp., 3.875%, 02/01/2055			16,579		0.0
15,000	Union Pacific Corp., 3.950%, 08/15/2059			12,467		0.0
68,000	Union Pacific Corp., 5.150%, 01/20/2063			69,720		0.0
120,000 (1)	United Airlines 2015-1 Class AA Pass Through Trust, 4.625%, 04/15/2029			108,729		0.0
181,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040			139,161		0.1
94,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041			74,773		0.0
25,000	UnitedHealth Group, Inc., 4.200%, 05/15/2032			24,529		0.0
14,000	UnitedHealth Group, Inc., 4.500%, 04/15/2033			14,025		0.0
72,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053			73,199		0.0
112,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063			114,347		0.0
95,172	US Airways 2012-1 Class A Pass Through Trust, 5.900%, 04/01/2026			94,779		0.0
18,892	US Airways 2012-2 Class A Pass Through Trust, 4.625%, 12/03/2026			17,936		0.0
300,000	Utah Acquisition Sub, Inc., 3.950%, 06/15/2026			287,165		0.1
56,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046			43,456		0.0
21,000	Verizon Communications, Inc., 2.650%, 11/20/2040			14,914		0.0

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
18,000	Verizon Communications, Inc., 3.400%, 03/22/2041		$	14,180		0.0
105,000	Verizon Communications, Inc., 4.125%, 08/15/2046			89,737		0.0
9,000	Verizon Communications, Inc., 4.400%, 11/01/2034			8,545		0.0
154,000	Verizon Communications, Inc., 4.812%, 03/15/2039			147,654		0.1
215,000 (1)	ViaSat, Inc., 5.625%, 04/15/2027			199,631		0.1
175,000 (3)	Viatris, Inc., 2.700%, 06/22/2030			142,670		0.1
27,000	Viatris, Inc., 3.850%, 06/22/2040			18,666		0.0
26,000	Viatris, Inc., 4.000%, 06/22/2050			16,887		0.0
61,000	Virginia Electric and Power Co., 5.450%, 04/01/2053			62,605		0.0
225,000 (1)	Vistra Operations Co. LLC, 4.375%, 05/01/2029			201,366		0.1
207,000	VMware, Inc., 1.400%, 08/15/2026			184,921		0.1
112,000	Walmart, Inc., 4.000%, 04/15/2030			111,533		0.0
56,000	Walmart, Inc., 4.100%, 04/15/2033			55,905		0.0
84,000	Walmart, Inc., 4.500%, 04/15/2053			83,373		0.0
168,000 (1)	Warnermedia Holdings, Inc., 3.755%, 03/15/2027			158,411		0.1
22,000 (1)	Warnermedia Holdings, Inc., 5.050%, 03/15/2042			18,214		0.0
89,000 (1)	Warnermedia Holdings, Inc., 5.141%, 03/15/2052			71,197		0.0
46,000	Waste Management, Inc., 4.625%, 02/15/2030			46,605		0.0
20,000	Waste Management, Inc., 4.625%, 02/15/2033			20,259		0.0
22,000	WEC Energy Group, Inc., 5.000%, 09/27/2025			22,129		0.0
31,000	WEC Energy Group, Inc., 5.150%, 10/01/2027			31,705		0.0
61,000 (2)	Wells Fargo & Co., 2.164%, 02/11/2026			57,611		0.0
280,000 (2)	Wells Fargo & Co., 2.406%, 10/30/2025			267,993		0.1
92,000	Wells Fargo & Co., 3.000%, 10/23/2026			86,652		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States (continued)
217,000 (2)	Wells Fargo & Co., 5.389%, 04/24/2034		$	220,901		0.1
450,000	Western Midstream Operating L.P., 5.300%, 03/01/2048			380,366		0.1
20,000	Westlake Corp., 3.125%, 08/15/2051			12,826		0.0
225,000 (1)(3)	Zayo Group Holdings, Inc., 4.000%, 03/01/2027			170,601		0.1
150,000 (1)	ZF North America Capital, Inc., 7.125%, 04/14/2030			154,964		0.1
				58,876,660		18.7
	Total Corporate Bonds/Notes (Cost $84,224,130)			78,381,986		24.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.8%
	United States: 14.8%
265,488 (2)	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.190%, 05/25/2036			231,142		0.1
104,349	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036			53,871		0.0
149,206	Alternative Loan Trust 2007-23CB A3, 5.520%, (US0001M + 0.500%), 09/25/2037			66,618		0.0
326,938	CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037			176,463		0.1
279,560	CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036			253,132		0.1
767,871 (1)(2)	COLT 2021-2 A1 Mortgage Loan Trust, 0.924%, 08/25/2066			621,550		0.2
307,779 (1)(2)	COLT 2021-3 A1 Mortgage Loan Trust, 0.956%, 09/27/2066			247,722		0.1
65,479	Countrywide Alternative Loan Trust 2005-53T2 2A6, 5.520%, (US0001M + 0.500%), 11/25/2035			33,841		0.0
165,786 (1)(2)	CSMC Trust 2015-2 B3, 3.895%, 02/25/2045			156,771		0.1
121,534 (1)(2)	CSMC Trust 2015-3 B1, 3.839%, 03/25/2045			115,876		0.0
2,629,355 (4)	Fannie Mae 2005-18 SC, 3.300%, (-1.000*US0001M + 4.650%), 03/25/2035			115,878		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
631,551 (4)	Fannie Mae 2008-41 S, 1.780%, (-1.000*US0001M + 6.800%), 11/25/2036		$	71,151		0.0
1,929,122 (4)	Fannie Mae 2009-106 SA, 1.230%, (-1.000*US0001M + 6.250%), 01/25/2040			167,955		0.1
11,866 (1)	Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 7.320%, (US0001M + 2.300%), 08/25/2031			11,866		0.0
49,669 (1)	Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 7.420%, (US0001M + 2.400%), 04/25/2031			49,754		0.0
23,055 (1)	Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 7.470%, (US0001M + 2.450%), 07/25/2031			23,117		0.0
270,658 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 7.070%, (US0001M + 2.050%), 01/25/2040			271,493		0.1
1,000,000 (1)	Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 8.670%, (US0001M + 3.650%), 02/25/2040			1,015,170		0.3
97,399	Fannie Mae REMIC Trust 2003-22 BZ, 6.000%, 04/25/2033			100,894		0.0
73,409	Fannie Mae REMIC Trust 2005-74 DK, 3.918%, (-4.000*US0001M + 24.000%), 07/25/2035			76,803		0.0
75,930	Fannie Mae REMIC Trust 2006-104 ES, 8.348%, (-5.000*US0001M + 33.450%), 11/25/2036			106,088		0.0
946,836 (4)	Fannie Mae REMIC Trust 2007-36 SN, 1.750%, (-1.000*US0001M + 6.770%), 04/25/2037			100,868		0.0
53,422	Fannie Mae REMIC Trust 2007-55 DS, 2.449%, (-2.500*US0001M + 15.000%), 06/25/2037			50,607		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
578,743 (4)	Fannie Mae REMIC Trust 2008-53 FI, 1.080%, (-1.000*US0001M + 6.100%), 07/25/2038		$	46,528		0.0
359,960 (4)	Fannie Mae REMIC Trust 2008-58 SM, 1.080%, (-1.000*US0001M + 6.100%), 07/25/2038			32,096		0.0
147,528	Fannie Mae REMIC Trust 2009-66 SL, 29.330%, (-3.333*US0001M + 15.833%), 09/25/2039			144,474		0.1
93,200	Fannie Mae REMIC Trust 2009-66 SW, 46.000%, (-3.333*US0001M + 16.000%), 09/25/2039			82,875		0.0
2,618,781 (4)	Fannie Mae REMIC Trust 2010-123 SL, 1.050%, (-1.000*US0001M + 6.070%), 11/25/2040			208,375		0.1
2,592,703 (4)	Fannie Mae REMIC Trust 2011-55 SK, 1.540%, (-1.000*US0001M + 6.560%), 06/25/2041			303,814		0.1
1,045,641 (4)	Fannie Mae REMIC Trust 2011-86 NS, 0.930%, (-1.000*US0001M + 5.950%), 09/25/2041			82,852		0.0
156,617 (4)	Fannie Mae REMIC Trust 2012-10 US, 1.430%, (-1.000*US0001M + 6.450%), 02/25/2042			19,597		0.0
680,319 (4)	Fannie Mae REMIC Trust 2012-24 HS, 1.530%, (-1.000*US0001M + 6.550%), 09/25/2040			18,009		0.0
487,958 (4)	Fannie Mae REMIC Trust 2013-31 PI, 4.500%, 02/25/2043			34,291		0.0
4,568,959 (4)	Fannie Mae REMICS 2015-34 DI, 6.500%, 06/25/2045			1,077,722		0.3
13,284,394 (4)	Fannie Mae REMICS 2015-58 KI, 6.000%, 03/25/2037			2,509,401		0.8
6,523,869 (4)	Fannie Mae REMICS 2015-59 SK, 0.630%, (-1.000*US0001M + 5.650%), 08/25/2045			592,887		0.2

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
11,954,597 (4)	Fannie Mae REMICS 2016-54 SL, 0.980%, (-1.000*US0001M + 6.000%), 08/25/2046		$	1,493,623		0.5
375,185 (4)	Fannie Mae Series 2007-9 SE, 1.060%, (-1.000*US0001M + 6.080%), 03/25/2037			28,366		0.0
657,226 (4)	Fannie Mae Series 2013-44 DI, 3.000%, 05/25/2033			59,552		0.0
891,406 (1)(2)	Flagstar Mortgage Trust 2018-2 B2, 4.010%, 04/25/2048			800,197		0.3
106,639 (4)	Freddie Mac REMIC Trust 2303 SY, 3.752%, (-1.000*US0001M + 8.700%), 04/15/2031			12,446		0.0
681,211 (4)	Freddie Mac REMIC Trust 2989 GU, 2.052%, (-1.000*US0001M + 7.000%), 02/15/2033			53,973		0.0
673,387 (4)	Freddie Mac REMIC Trust 3271 SB, 1.102%, (-1.000*US0001M + 6.050%), 02/15/2037			60,870		0.0
1,954,168 (4)	Freddie Mac REMIC Trust 3424 HI, 0.952%, (-1.000*US0001M + 5.900%), 04/15/2038			169,187		0.1
392,119 (4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			46,102		0.0
2,449,177 (4)	Freddie Mac REMIC Trust 3856 KS, 1.602%, (-1.000*US0001M + 6.550%), 05/15/2041			270,583		0.1
438,556 (4)	Freddie Mac REMIC Trust 3925 SD, 1.102%, (-1.000*US0001M + 6.050%), 07/15/2040			14,291		0.0
246,010 (4)	Freddie Mac REMIC Trust 4077 SM, 1.752%, (-1.000*US0001M + 6.700%), 08/15/2040			1,723		0.0
533,437 (4)	Freddie Mac REMIC Trust 4152 BI, 4.000%, 12/15/2041			40,089		0.0
813,019 (4)	Freddie Mac REMIC Trust 4313 MI, 5.000%, 04/15/2039			87,935		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
1,412,444 (4)	Freddie Mac REMICS 3693 SC, 1.552%, (-1.000*US0001M + 6.500%), 07/15/2040		$	177,028		0.1
382,456	Freddie Mac REMICS 3792 DS, 1.652%, (-1.000*US0001M + 6.600%), 11/15/2040			2,186		0.0
1,103,790 (4)	Freddie Mac REMICS 4040 SW, 1.682%, (-1.000*US0001M + 6.630%), 05/15/2032			87,522		0.0
9,181,427 (4)	Freddie Mac REMICS 4096 SB, 1.052%, (-1.000*US0001M + 6.000%), 08/15/2042			1,121,818		0.4
5,745,582 (4)	Freddie Mac REMICS 4480 WS, 1.232%, (-1.000*US0001M + 6.180%), 06/15/2045			746,495		0.2
2,281,581 (4)	Freddie Mac REMICS 4623 MS, 1.052%, (-1.000*US0001M + 6.000%), 10/15/2046			238,411		0.1
13,010,460 (4)	Freddie Mac REMICS 4695 IO, 4.500%, 10/15/2041			2,479,826		0.8
1,248,650	Freddie Mac REMICS 4800 MZ, 4.000%, 06/15/2048			1,203,279		0.4
1,346,882	Freddie Mac REMICS 4879 ZA, 4.000%, 05/15/2049			1,284,570		0.4
99,701 (1)	Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 6.920%, (US0001M + 1.900%), 01/25/2050			99,610		0.0
195,530 (1)	Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 8.120%, (US0001M + 3.100%), 03/25/2050			200,216		0.1
700,000 (1)	Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.915%, (SOFR30A + 2.100%), 09/25/2041			654,386		0.2
1,000,000 (1)	Freddie Mac STACR REMIC Trust 2022-DNA1 M1B, 6.665%, (SOFR30A + 1.850%), 01/25/2042			969,300		0.3
1,100,000 (1)	Freddie Mac STACR REMIC Trust 2022-HQA1 M2, 10.065%, (SOFR30A + 5.250%), 03/25/2042			1,114,163		0.4

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
8,549,512 (4)	Freddie Mac Strips 324 C21, 6.000%, 06/15/2039		$	1,872,829		0.6
159,005 (2)(4)	Freddie Mac Strips 351 103, 4.000%, 01/15/2031			13,787		0.0
466,804 (2)(4)	Freddie Mac Strips 351 200, 3.500%, 02/15/2046			61,943		0.0
3,143,294 (4)	Freddie Mac Strips 351 C14, 3.500%, 02/15/2031			257,362		0.1
7,738,927 (4)	Freddie Mac Strips 351 C22, 3.500%, 02/15/2046			1,411,938		0.5
5,908,554 (4)	Freddie Mac Strips 351 C23, 4.000%, 02/15/2046			1,209,088		0.4
1,299,394 (2)(4)	Freddie Mac Strips 351 C30, 2.500%, 02/15/2031			60,958		0.0
1,589,067 (2)(4)	Freddie Mac Strips 351 C31, 3.000%, 02/15/2031			98,774		0.0
1,032,946 (2)(4)	Freddie Mac Strips 351 C32, 3.500%, 02/15/2031			81,643		0.0
3,199,648 (2)(4)	Freddie Mac Strips 351 C33, 4.000%, 02/15/2046			537,311		0.2
6,306,998 (2)(4)	Freddie Mac Strips 351 C34, 3.500%, 02/15/2046			1,047,876		0.3
600,000 (1)	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1B, 7.215%, (SOFR30A + 2.400%), 02/25/2042			591,669		0.2
215,533 (1)(2)	Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058			209,871		0.1
157,236	Ginnie Mae Series 2007-8 SP, 5.990%, (-3.242*US0001M + 22.048%), 03/20/2037			194,707		0.1
11,197,679 (4)	Ginnie Mae Series 2009-106 CM, 1.652%, (-1.000*US0001M + 6.600%), 01/16/2034			466,380		0.2
911,695 (4)	Ginnie Mae Series 2010-116 NS, 1.702%, (-1.000*US0001M + 6.650%), 09/16/2040			76,516		0.0
125,277 (4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			7,170		0.0
613,840 (4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			17,771		0.0
9,146 (4)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040			17		0.0
832,602 (4)	Ginnie Mae Series 2013-115 NI, 4.500%, 01/16/2043			102,302		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
378,611 (4)	Ginnie Mae Series 2013-5 NI, 3.000%, 01/20/2028		$	15,373		0.0
9,125,422 (4)	Ginnie Mae Series 2015-10 IX, 4.500%, 01/20/2045			1,808,367		0.6
926,677 (4)	Ginnie Mae Series 2015-178 GI, 4.000%, 05/20/2044			82,329		0.0
3,779,741 (4)	Ginnie Mae Series 2016-161 CI, 5.500%, 11/20/2046			697,214		0.2
6,329,076 (4)	Ginnie Mae Series 2019-89 QI, 4.000%, 04/20/2046			986,758		0.3
167,366	GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 5.440%, (US0001M + 0.210%), 04/25/2036			140,973		0.1
12,067 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049			11,536		0.0
15,381 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050			14,445		0.0
825,410 (1)(2)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 A4, 2.500%, 08/25/2051			655,163		0.2
370,002 (1)(2)	GS Mortgage-Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052			294,249		0.1
1,469,934 (1)(2)	GS Mortgage-Backed Securities Trust 2022-PJ6 A24, 3.000%, 01/25/2053			1,216,512		0.4
1,467,751 (1)(2)	GS Mortgage-Backed Securities Trust 2023-PJ2 A16, 5.500%, 05/25/2053			1,457,579		0.5
757,424 (1)(2)	J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052			650,419		0.2
2,503,240 (1)(2)	J.P. Morgan Mortgage Trust 2023-2 A3A, 5.000%, 07/25/2053			2,458,216		0.8
369,412 (1)(2)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050			337,063		0.1
60,514 (1)(2)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050			54,201		0.0
100,856 (1)(2)	JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050			89,609		0.0

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
616 (1)(2)	JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049		$	611		0.0
13,444 (1)(2)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 03/25/2050			13,018		0.0
72,211 (1)(2)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050			63,356		0.0
469,399 (1)(2)	JP Morgan Mortgage Trust 2022-4 A17A, 3.000%, 10/25/2052			388,473		0.1
180,302 (1)(2)	JP Morgan Trust 2015-3 A3, 3.500%, 05/25/2045			166,744		0.1
313,282 (1)(2)	Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051			249,648		0.1
54,289 (1)(2)	OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049			51,578		0.0
171,488 (1)(2)	OBX 2020-INV1 A21 Trust, 3.500%, 12/25/2049			154,864		0.1
563,445 (1)(2)	RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051			447,231		0.1
876,779 (1)(2)	RCKT Mortgage Trust 2021-1 A1, 2.500%, 03/25/2051			724,562		0.2
23,051 (1)(2)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048			21,773		0.0
300,000 (1)(2)	Sequoia Mortgage Trust 2020-4 A8, 2.500%, 11/25/2050			223,075		0.1
2,159 (2)	Structured Asset Securities Corp. 2004-4XS 1A6, 5.041%, 02/25/2034			2,089		0.0
1,000,000 (1)(2)	Verus Securitization Trust 2021-1 M1, 1.968%, 01/25/2066			663,224		0.2
6,558,555 (2)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.390%, 08/25/2045			6,036		0.0
39,618 (2)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.817%, 10/25/2036			35,514		0.0
138,520 (2)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.680%, 08/25/2046			122,619		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States (continued)
275,849 (2)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.558%, 12/25/2036		$	244,822		0.1
377,111	Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			316,467		0.1
68,968	Wells Fargo Alternative Loan 2007-PA2 2A1, 5.450%, (US0001M + 0.430%), 06/25/2037			55,809		0.0
383,721 (1)(2)	Wells Fargo Mortgage Backed Securities 2021-1 A17 Trust, 2.500%, 12/25/2050			305,159		0.1
288,661 (1)(2)	WinWater Mortgage Loan Trust 2015-5 B4, 3.756%, 08/20/2045			262,271		0.1
	Total Collateralized Mortgage Obligations
	(Cost $51,135,442)			46,598,159		14.8
U.S. GOVERNMENT AGENCY OBLIGATIONS: 15.6%
	Federal Home Loan Mortgage Corporation: 0.2%(5)
452,424	3.500%, 01/01/2048			427,473		0.2
53,964	4.000%, 09/01/2045			52,678		0.0
46,130	4.000%, 09/01/2045			45,031		0.0
74,141	4.000%, 05/01/2046			72,366		0.0
				597,548		0.2
	Federal National Mortgage Association: 1.2%(5)
954,097	3.500%, 03/01/2043			906,994		0.3
3,013,000 (6)	5.000%, 05/15/2053			2,995,934		0.9
				3,902,928		1.2
	Government National Mortgage Association: 3.3%
2,231,115	2.500%, 05/20/2051			1,978,500		0.6
376,818	2.500%, 05/20/2052			333,230		0.1
221,756	2.500%, 08/20/2052			196,150		0.1
2,697,000 (6)	3.000%, 05/15/2053			2,461,223		0.8
80,313	4.500%, 08/20/2041			81,074		0.0
2,605,000 (6)	4.500%, 05/15/2053			2,555,953		0.8
11,262	5.500%, 03/20/2039			11,737		0.0
2,783,000 (6)	5.500%, 05/15/2053			2,801,916		0.9
				10,419,783		3.3
	Uniform Mortgage-Backed Securities: 10.9%
13,396,000 (6)	2.000%, 05/15/2053			11,146,152		3.6
40,194	2.500%, 06/01/2030			38,081		0.0

Principal Amount†		Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Uniform Mortgage-Backed Securities (continued)
29,071	2.500%, 06/01/2030		$	27,544		0.0
17,818	2.500%, 07/01/2030			16,882		0.0
7,688,000 (6)	2.500%, 05/15/2053			6,657,478		2.1
6,781,000 (6)	3.000%, 05/15/2053			6,091,245		1.9
105,824	3.500%, 06/01/2034			102,765		0.0
3,791,000 (6)	3.500%, 05/15/2053			3,522,668		1.1
46,944	4.000%, 05/01/2045			45,791		0.0
850,872	4.000%, 04/01/2049			826,553		0.3
2,755,000 (6)	4.000%, 05/15/2053			2,633,608		0.8
139,546	4.500%, 12/01/2040			140,131		0.1
71,262	4.500%, 12/01/2040			71,561		0.0
1,790,000 (6)	4.500%, 05/15/2053			1,749,935		0.6
227,241	5.000%, 05/01/2042			231,549		0.1
903,000 (6)	5.500%, 05/15/2053			910,478		0.3
				34,212,421		10.9
	Total U.S. Government Agency Obligations (Cost $49,643,091)			49,132,680		15.6
SOVEREIGN BONDS: 18.7%
	Australia: 0.1%
AUD 837,000 (1)	Queensland Treasury Corp., 1.750%, 07/20/2034			435,151		0.1

	Brazil: 2.3%
BRL 2,805,000	Brazil Notas do Tesouro Nacional Serie B, 6.000%, 05/15/2055			2,375,909		0.8
BRL 3,010,000	Brazil Notas do Tesouro Nacional Series B, 6.000%, 08/15/2050			2,510,360		0.8
BRL 1,200,000	Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/2027			2,359,631		0.7
				7,245,900		2.3
	Canada: 0.2%
CAD 1,100,000	Canadian Government Bond, 2.000%, 12/01/2051			663,028		0.2

	China: 8.5%
CNY 4,500,000	China Government Bond, 2.690%, 08/12/2026			653,027		0.2
CNY 7,750,000	China Government Bond, 2.690%, 08/15/2032			1,106,491		0.4
CNY 13,300,000	China Government Bond, 2.800%, 11/15/2032			1,916,721		0.6
CNY 50,420,000	China Government Bond, 2.850%, 06/04/2027			7,352,098		2.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	China (continued)
CNY 4,800,000	China Government Bond, 3.120%, 10/25/2052		$	689,171		0.2
CNY 21,430,000	China Government Bond, 3.130%, 11/21/2029			3,175,327		1.0
CNY 29,170,000	China Government Bond, 3.250%, 06/06/2026			4,314,534		1.4
CNY 34,570,000	China Government Bond, 3.250%, 11/22/2028			5,166,798		1.7
CNY 1,110,000	China Government Bond, 3.290%, 05/23/2029			166,479		0.1
CNY 2,970,000	China Government Bond, 3.320%, 04/15/2052			440,304		0.1
CNY 9,950,000	China Government Bond, 4.080%, 10/22/2048			1,663,387		0.5
				26,644,337		8.5
	Colombia: 0.3%
200,000	Colombia Government International Bond, 5.200%, 05/15/2049			135,266		0.1
425,000	Colombia Government International Bond, 7.500%, 02/02/2034			408,617		0.1
COP 2,551,900,000	Colombian TES, 7.750%, 09/18/2030			441,433		0.1
				985,316		0.3
	Czech Republic: 0.1%
CZK 9,220,000	Czech Republic Government Bond, 2.750%, 07/23/2029			387,089		0.1

	Germany: 0.0%
EUR 60,000	Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028			60,814		0.0
EUR 40,000	Bundesrepublik Deutschland Bundesanleihe, 1.000%, 08/15/2025			42,514		0.0
EUR 30,000	Bundesrepublik Deutschland Bundesanleihe, 2.410%, 08/15/2026			30,563		0.0
				133,891		0.0
	Indonesia: 0.3%
IDR 13,833,000,000	Indonesia Treasury Bond, 8.375%, 04/15/2039			1,069,328		0.3

	Italy: 0.4%
EUR 641,000 (1)	Italy Buoni Poliennali Del Tesoro, 3.850%, 09/01/2049			638,050		0.2
EUR 641,000 (1)	Italy Buoni Poliennali Del Tesoro, 5.000%, 08/01/2034			751,842		0.2
				1,389,892		0.4

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Malaysia: 1.3%
MYR 18,342,000	Malaysia Government Bond, 3.828%, 07/05/2034		$	4,078,674		1.3

	Mexico: 1.2%
MXN 58,700,000	Mexican Bonos, 7.750%, 05/29/2031			3,066,148		1.0
200,000 (3)	Mexico Government International Bond, 3.250%, 04/16/2030			181,244		0.1
200,000	Mexico Government International Bond, 3.750%, 04/19/2071			136,526		0.0
250,000	Mexico Government International Bond, 6.338%, 05/04/2053			258,202		0.1
				3,642,120		1.2
	Oman: 0.1%
200,000	Oman Government International Bond, 6.000%, 08/01/2029			204,846		0.0
200,000 (1)	Oman Government International Bond, 7.375%, 10/28/2032			222,990		0.1
				427,836		0.1
	Panama: 0.1%
200,000 (3)	Panama Government International Bond, 3.298%, 01/19/2033			169,555		0.1

	Peru: 0.4%
PEN 4,000,000	Peru Government Bond, 6.350%, 08/12/2028			1,049,750		0.3
200,000	Peruvian Government International Bond, 1.862%, 12/01/2032			155,029		0.1
75,000	Peruvian Government International Bond, 5.625%, 11/18/2050			77,840		0.0
				1,282,619		0.4
	Poland: 0.1%
PLN 1,525,000	Republic of Poland Government Bond, 7.500%, 07/25/2028			391,793		0.1

	Portugal: 0.5%
EUR 1,664,000 (1)	Portugal Obrigacoes do Tesouro OT, 2.250%, 04/18/2034			1,668,654		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Republic Of Serbia: 0.1%
200,000 (1)	Serbia International Bond, 6.500%, 09/26/2033		$	203,350		0.1

	Romania: 0.4%
RON 5,510,000	Romania Government Bond, 3.250%, 04/29/2024			1,196,399		0.4

	Russia: 0.0%
RUB 47,938,000 (7)	Russian Federal Bond - OFZ, 6.900%, 05/23/2029			35,965		0.0
200,000 (7)	Russian Foreign Bond - Eurobond, 4.375%, 03/21/2029			12,000		0.0
				47,965		0.0
	Saudi Arabia: 0.1%
200,000 (1)	Saudi Government International Bond, 3.450%, 02/02/2061			143,902		0.1

	South Africa: 0.9%
ZAR 50,075,000	Republic of South Africa Government Bond, 8.875%, 02/28/2035			2,298,783		0.7
475,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029			427,424		0.2
				2,726,207		0.9
	Spain: 0.7%
EUR 1,284,000 (1)	Spain Government Bond, 1.450%, 04/30/2029			1,294,364		0.4
EUR 1,092,000 (1)	Spain Government Bond, 2.700%, 10/31/2048			983,561		0.3
				2,277,925		0.7
	Thailand: 0.5%
THB 1,200,000	Thailand Government Bond, 0.750%, 06/17/2024			34,745		0.0
THB 41,793,000	Thailand Government Bond, 2.875%, 12/17/2028			1,266,893		0.4
THB 8,250,000	Thailand Government Bond, 3.350%, 06/17/2033			258,635		0.1
				1,560,273		0.5
	Ukraine: 0.1%
250,000 (7)	Ukraine Government International Bond, 7.253%, 03/15/2035			41,583		0.0
525,000 (7)	Ukraine Government International Bond, 7.375%, 09/25/2034			87,317		0.0

Principal Amount†		Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Ukraine (continued)
800,000 (7)	Ukraine Government International Bond, 7.750%, 09/01/2027		$	142,422		0.1
				271,322		0.1
	Total Sovereign Bonds (Cost $63,493,430)			59,042,526		18.7
U.S. TREASURY OBLIGATIONS: 6.7%
	U.S. Treasury Bonds: 0.8%
222,700	2.875%,05/15/2052			190,643		0.1
96,700	3.250%,05/15/2042			89,572		0.0
1,934,000	3.875%,02/15/2043			1,955,002		0.6
149,500	4.000%,11/15/2052			158,774		0.1
				2,393,991		0.8
	U.S. Treasury Notes: 5.9%
542,500	0.125%,05/31/2023			540,521		0.2
1,413,000	0.125%,01/15/2024			1,366,573		0.4
771,000	0.250%,06/15/2024			734,016		0.2
322,400	0.500%,11/30/2023			314,248		0.1
1,055,800	0.875%,01/31/2024			1,024,494		0.3
1,027,800	1.250%,09/30/2028			912,895		0.3
439,000	1.500%,01/31/2027			406,590		0.1
408,600	1.500%,11/30/2028			366,926		0.1
151,000	2.750%,08/15/2032			142,943		0.1
1,039,600	2.875%,06/15/2025			1,015,945		0.3
2,378,200	3.500%,04/30/2028			2,378,943		0.8
2,001,900	3.500%,04/30/2030			2,005,654		0.6
21,000	3.500%,02/15/2033			21,126		0.0
506,600	3.625%,03/31/2028			509,390		0.2
339,300	3.625%,03/31/2030			342,481		0.1
1,923,000	3.750%,04/15/2026			1,923,751		0.6
1,001,000	3.875%,03/31/2025			997,012		0.3
3,591,000	3.875%,04/30/2025			3,580,830		1.2
				18,584,338		5.9
	Total U.S. Treasury Obligations (Cost $21,160,198)			20,978,329		6.7
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.6%
	United States: 8.6%
500,000 (2)	BANK 2017-BNK4 C, 4.372%, 05/15/2050			420,073		0.1
6,462,361 (2)(4)	BANK 2017-BNK5 XA, 1.085%, 06/15/2060			185,676		0.1
955,256 (2)(4)	BANK 2019-BNK16 XA, 1.102%, 02/15/2052			38,471		0.0
8,689,170 (2)(4)	BBCMS Trust 2022-C17 XA, 1.326%, 09/15/2055			692,472		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
280,000 (1)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		$	172,514		0.1
1,410,964 (2)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.195%, 03/15/2052			63,967		0.0
10,368,839 (2)(4)	Benchmark 2020-B21 xa Mortgage Trust, 1.562%, 12/17/2053			770,333		0.2
6,427,992 (2)(4)	Benchmark 2021-B23 XA Mortgage Trust, 1.377%, 02/15/2054			412,705		0.1
250,000 (1)	BIG Commercial Mortgage Trust 2022-BIG C, 7.230%, (TSFR1M + 2.340%), 02/15/2039			237,642		0.1
226,061 (1)	BX 2021-MFM1 D, 6.505%, (TSFR1M + 1.615%), 01/15/2034			216,282		0.1
745,012 (1)	BX Commercial Mortgage Trust 2021-21M E, 7.119%, (US0001M + 2.171%), 10/15/2036			696,667		0.2
1,888,000 (1)	BX Commercial Mortgage Trust 2021-IRON E, 7.355%, (TSFR1M + 2.350%), 02/15/2038			1,734,865		0.6
1,500,000 (1)	BX Trust 2021-ARIA C, 6.594%, (US0001M + 1.646%), 10/15/2036			1,435,755		0.5
500,000 (1)	BX Trust 2021-LBA EJV, 7.005%, (TSFR1M + 2.000%), 02/15/2036			463,519		0.1
500,000 (1)	BX Trust 2021-LBA EV, 7.005%, (TSFR1M + 2.000%), 02/15/2036			463,287		0.1
600,000 (1)	BX Trust 2021-LGCY D, 6.250%, (US0001M + 1.302%), 10/15/2036			564,230		0.2
1,150,000 (1)	BX Trust 2021-SDMF D, 6.335%, (US0001M + 1.387%), 09/15/2034			1,079,000		0.3
2,768,995 (2)(4)	CD 2016-CD1 Mortgage Trust XA, 1.499%, 08/10/2049			87,430		0.0
8,581,000 (2)(4)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.947%, 08/10/2049			198,146		0.1

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
1,400,000 (2)	Citigroup Commercial Mortgage Trust 2016-P4 C, 4.098%, 07/10/2049		$	1,205,949		0.4
3,011,198 (2)(4)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.173%, 10/12/2050			104,007		0.0
13,314,101 (1)(2)(4)	COMM 2012-LTRT XA, 0.929%, 10/05/2030			148,193		0.0
200,000 (1)(2)	COMM 2013-CR10 E Mortgage Trust, 5.030%, 08/10/2046			189,453		0.1
5,889,292 (2)(4)	COMM 2016-CR28 XA, 0.735%, 02/10/2049			86,368		0.0
350,000 (1)	CSAIL 2020-C19 E Commercial Mortgage Trust, 2.500%, 03/15/2053			172,725		0.1
960,000 (1)	CSWF 2021-SOP2 D, 7.265%, (US0001M + 2.317%), 06/15/2034			852,820		0.3
26,432 (1)(8)	DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044			26,330		0.0
3,464,928	Freddie Mac Multifamily 2021-ML08-X-US Certificates Sustainability Bonds, 1.846%, 07/25/2037			480,404		0.2
7,075,381 (2)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.972%, 11/25/2030			352,688		0.1
3,521,782 (2)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.436%, 07/25/2035			357,774		0.1
5,525,303 (2)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.956%, 10/25/2035			404,916		0.1
25,484,238 (2)(4)	Freddie Mac Multifamily Structured Pass Through CertificatesK151 X1, 0.515%, 04/25/2030			514,017		0.2
4,000,000 (1)(9)	FREMF 2019-KG01 C Mortgage Trust, 0.000%, 05/25/2029			2,296,901		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
50,894,096 (1)(4)	FREMF 2019-KG01 X2A Mortgage Trust, 0.100%, 04/25/2029		$	168,241		0.1
5,680,000 (1)(4)	FREMF 2019-KG01 X2B Mortgage Trust, 0.100%, 05/25/2029			24,421		0.0
557,000 (1)(2)	GAM Resecuritization Trust 2022-FRR3 BK47, 2.030%, 11/27/2050			410,777		0.1
379,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 BK61, 1.170%, 01/29/2052			270,614		0.1
413,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 BK89, 1.800%, 01/27/2052			246,300		0.1
215,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 C728, 0.500%, 08/27/2050			187,799		0.1
220,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK47, 0.840%, 05/27/2048			178,037		0.1
266,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK61, 1.440%, 11/27/2049			181,385		0.1
186,000 (1)(2)	GAM Resecuritization Trust 2022-FRR3 CK71, 1.400%, 01/29/2052			128,601		0.0
216,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 CK89, 2.000%, 01/27/2052			121,503		0.0
215,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 D728, 0.540%, 01/29/2052			183,970		0.1
173,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK41, 0.600%, 10/27/2047			149,268		0.1
220,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 DK47, 0.940%, 05/27/2048			173,738		0.1
116,000 (1)(10)	GAM Resecuritization Trust 2022-FRR3 EK41, 0.590%, 01/29/2052			98,014		0.0
1,250,000 (1)	Great Wolf Trust 2019-WOLF C, 6.638%, (TSFR1M + 1.633%), 12/15/2036			1,221,571		0.4
1,760,000 (1)(2)	GS Mortgage Securities Corp. Trust 2017-SLP E, 4.744%, 10/10/2032			1,631,182		0.5

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
3,577,195 (2)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.150%, 11/10/2046		$	16,126		0.0
7,458,544 (2)(4)	GS Mortgage Securities Trust 2017-GS6 XA, 1.157%, 05/10/2050			246,921		0.1
600,000 (1)(2)	GS Mortgage Securities Trust 2019-GC40 DBD, 3.668%, 07/10/2052			582,421		0.2
460,000 (1)(2)	GS Mortgage Securities Trust 2019-GC40 DBE, 3.668%, 07/10/2052			445,599		0.1
3,741,213 (1)(2)(4)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.951%, 03/10/2050			74,094		0.0
1,495,557 (1)	Med Trust 2021-MDLN D, 6.948%, (US0001M + 2.000%), 11/15/2038			1,431,908		0.5
21,550,000 (1)(2)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.577%, 12/15/2047			148,278		0.0
180,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 1.010%, 03/28/2049			138,517		0.0
150,000 (1)(2)	RFM Reremic Trust 2022-FRR1 AB60, 2.450%, 11/08/2049			120,440		0.0
230,000 (1)(2)	RFM Reremic Trust 2022-FRR1 AB64, 2.300%, 03/01/2050			182,419		0.1
60,000 (1)(9)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049			45,103		0.0
70,000 (1)(9)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049			48,858		0.0
70,000 (1)(9)	RFM Reremic Trust 2022-FRR1 CK64, 0.000%, 03/01/2050			48,044		0.0
5,129,182 (2)(4)	Wells Fargo Commercial Mortgage Trust 2020-C55 XA, 1.427%, 02/15/2053			319,817		0.1
630,000 (1)(2)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.192%, 03/15/2045			343,367		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States (continued)
250,000 (1)(2)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.078%, 06/15/2046		$	141,838		0.0
3,967,987 (2)(4)	WFRBS Commercial Mortgage Trust 2013-UBS1 XA, 1.068%, 03/15/2046			8,905		0.0
9,374,007 (2)(4)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.122%, 03/15/2047			42,310		0.0
300,000 (1)	WFRBS Commercial Mortgage Trust 2014-C21 D, 3.497%, 08/15/2047			242,718		0.1
	Total Commercial Mortgage-Backed Securities (Cost $29,267,567)			27,128,683		8.6
ASSET-BACKED SECURITIES: 8.8%
	Cayman Islands: 0.9%
650,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A A1, 6.415%, (US0003M + 1.150%), 04/19/2034			637,668		0.2
500,000 (1)	Galaxy XXII CLO Ltd. 2016-22A ARR, 6.460%, (US0003M + 1.200%), 04/16/2034			490,008		0.2
800,000 (1)	Oaktree CLO 2019-1A A1R Ltd., 6.383%, (US0003M + 1.110%), 04/22/2030			792,069		0.2
1,000,000 (1)	Sound Point CLO IX Ltd. 2015-2A ARRR, 6.460%, (US0003M + 1.210%), 07/20/2032			981,447		0.3
				2,901,192		0.9
	United States: 7.9%
1,650,000 (1)	AGL CLO 11 Ltd. 2021-11A AJ, 6.610%, (US0003M + 1.350%), 04/15/2034			1,606,834		0.5
250,000 (1)	AIG CLO 2021-1A C, 7.082%, (TSFR3M + 1.750%), 04/22/2034			238,277		0.1
1,550,000 (1)	Allegro CLO IV Ltd. 2016-1A CR2, 7.260%, (US0003M + 2.000%), 01/15/2030			1,497,611		0.5
500,000 (1)	AMMC CLO 16 Ltd. 2015-16A CR2, 7.201%, (US0003M + 1.950%), 04/14/2029			488,577		0.2

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States (continued)
400,000 (1)	Apidos CLO XXIV 2016-24A BRR, 7.300%, (US0003M + 2.050%), 10/20/2030		$	383,250		0.1
300,000 (1)	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 6.660%, (US0003M + 1.400%), 10/17/2030			295,407		0.1
750,000 (1)	Barings Clo Ltd. 2019-4A C, 8.060%, (US0003M + 2.800%), 01/15/2033			735,975		0.2
1,190,000 (1)	BDS 2020-FL5 C Ltd., 7.058%, (TSFR1M + 2.050%), 02/16/2037			1,144,457		0.4
500,000 (1)	BlueMountain CLO 2013-2A CR, 7.223%, (US0003M + 1.950%), 10/22/2030			478,280		0.1
250,000 (1)	BlueMountain CLO Ltd. 2021-28A C, 7.260%, (US0003M + 2.000%), 04/15/2034			235,276		0.1
500,000 (1)	BlueMountain CLO XXXI Ltd. 2021-31A A2, 6.665%, (US0003M + 1.400%), 04/19/2034			484,379		0.1
300,000 (1)	Carlyle US Clo 2017-2A A2R Ltd., 6.850%, (US0003M + 1.600%), 07/20/2031			292,397		0.1
450,000 (1)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 6.710%, (US0003M + 1.450%), 10/17/2034			437,884		0.1
750,000 (1)	CIFC Funding 2013-IA BR Ltd., 7.660%, (US0003M + 2.400%), 07/16/2030			724,686		0.2
865,000 (1)	CIFC Funding 2015-4A BR2 Ltd., 7.150%, (US0003M + 1.900%), 04/20/2034			817,305		0.3
361,305 (2)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.601%, 03/25/2036			177,062		0.1
1,000,000 (1)	Dryden 49 Senior Loan Fund 2017-49A CR, 7.312%, (US0003M + 2.050%), 07/18/2030			957,271		0.3
1,000,000 (1)	Galaxy XV CLO Ltd. 2013-15A CRR, 7.110%, (US0003M + 1.850%), 10/15/2030			951,453		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States (continued)
600,000 (1)	Galaxy XXI CLO Ltd. 2015-21A CR, 7.000%, (US0003M + 1.750%), 04/20/2031		$	566,241		0.2
300,000 (1)	Invesco US CLO 2023-1A A1R Ltd., 8.520%, (TSFR3M + 0.000%), 04/22/2035			301,171		0.1
250,000 (1)	Kayne CLO 10 Ltd. 2021-10A C, 7.023%, (US0003M + 1.750%), 04/23/2034			238,522		0.1
400,000 (1)	LCM XXIV Ltd. 24A CR, 7.150%, (US0003M + 1.900%), 03/20/2030			380,993		0.1
500,000 (1)	Madison Park Funding XXXI Ltd. 2018-31A C, 7.423%, (US0003M + 2.150%), 01/23/2031			485,187		0.1
600,000 (1)	MF1 2021-FL7 D Ltd., 7.509%, (US0001M + 2.550%), 10/16/2036			536,673		0.2
300,000 (1)(2)	Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058			284,692		0.1
300,000 (1)(2)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			277,220		0.1
1,100,000 (1)	Neuberger Berman Loan Advisers CLO 30 Ltd. 2018-30A CR, 7.000%, (US0003M + 1.750%), 01/20/2031			1,058,799		0.3
600,000 (1)	Neuberger Berman Loan Advisers Clo 40 Ltd. 2021-40A C, 7.010%, (US0003M + 1.750%), 04/16/2033			568,185		0.2
250,000 (1)	Oak Hill Credit Partners 2021-8A C, 7.162%, (US0003M + 1.900%), 01/18/2034			237,678		0.1
1,000,000 (1)	OCP CLO 2014-5 A BR Ltd., 7.068%, (US0003M + 1.800%), 04/26/2031			945,570		0.3
1,000,000 (1)	Octagon Investment Partners XXI Ltd. 2014-1A BR3, 6.619%, (US0003M + 1.750%), 02/14/2031			944,170		0.3

Principal Amount†		Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States (continued)
1,000,000 (1)	OHA Credit Partners VII Ltd. 2012-7A CR3, 6.715%, (US0003M + 1.800%), 02/20/2034		$	957,999		0.3
1,000,000 (1)	Palmer Square CLO 2015-1A BR4 Ltd., 6.765%, (US0003M + 1.850%), 05/21/2034			948,141		0.3
1,000,000 (1)	Recette Clo Ltd. 2015-1A CRR, 7.000%, (US0003M + 1.750%), 04/20/2034			936,413		0.3
650,000 (1)	Shackleton 2019-15A CR CLO Ltd., 7.410%, (US0003M + 2.150%), 01/15/2032			622,923		0.2
1,000,000 (1)	Sound Point Clo XV Ltd. 2017-1A CR, 7.323%, (US0003M + 2.050%), 01/23/2029			968,112		0.3
300,000 (1)	Symphony CLO XXVI Ltd. 2021-26A CR, 7.250%, (US0003M + 2.000%), 04/20/2033			283,434		0.1
350,000 (1)	TCI-Flatiron Clo 2018-1A CR Ltd., 6.552%, (US0003M + 1.750%), 01/29/2032			332,648		0.1
450,000 (1)	TCW CLO 2021-1A C Ltd., 7.150%, (US0003M + 1.900%), 03/18/2034			420,884		0.1
600,000 (1)	Venture XXVII CLO Ltd. 2017-27A CR, 7.550%, (US0003M + 2.300%), 07/20/2030			573,704		0.2
				24,815,740		7.9
	Total Asset-Backed Securities (Cost $28,802,521)			27,716,932		8.8

		Value		Percentage of Net Assets
PURCHASED OPTIONS (11): 0.0%
	Total Purchased Options (Cost $261,203)		89,910		0.0
	Total Long-Term Investments (Cost $327,987,582)		309,069,205		98.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 14.2%
	Commercial Paper: 12.9%
1,700,000	American Electric Power Co., Inc., 6.040%, 05/12/2023		$	1,696,630		0.5
950,000	American Electric Power Co., Inc., 5.740%, 05/25/2023			946,280		0.3
3,000,000	American Honda Finance Corp., 5.630%, 06/06/2023			2,982,973		0.9
3,000,000	Dollar General Corp., 5.760%, 05/22/2023			2,989,614		1.0
2,000,000	Dominion Resources, Inc., 7.620%, 05/04/2023			1,998,331		0.6
1,600,000	Duke Energy, 15.290%, 05/01/2023			1,599,330		0.5
3,000,000	EIDP Inc., 5.640%, 06/06/2023			2,982,960		0.9
2,900,000	Entergy Corp., 5.740%, 05/25/2023			2,888,644		0.9
3,000,000	Fiserv, Inc., 6.200%, 05/10/2023			2,994,911		1.0
3,000,000	Kellogg Co., 10.160%, 05/02/2023			2,998,331		1.0
3,000,000	Lowe’s Cos, Inc., 15.290%, 05/01/2023			2,998,744		1.0
3,000,000	McCormick & Co., Inc., 8.380%, 05/03/2023			2,997,935		1.0
3,000,000	Mondelez International, Inc., 5.840%, 05/15/2023			2,992,823		1.0
2,620,000	Oracle Corp., 6.090%, 05/11/2023			2,615,197		0.8
1,500,000	Parker-Hannifin Corp., 5.740%, 06/20/2023			1,488,060		0.5
3,000,000	Sherwin-Williams Co., 15.040%, 05/01/2023			2,998,764		1.0
	Total Commercial Paper (Cost $40,185,672)			40,169,527		12.9

	Repurchase Agreements: 1.1%
1,000,000 (12)	Bank of America Inc., Repurchase Agreement dated 04/28/23, 4.82%, due 05/01/23 (Repurchase Amount $1,000,396, collateralized by various U.S. Government Agency Obligations, 1.500%-4.000%, Market Value plus accrued interest $1,020,000, due 09/20/46-06/20/52)			1,000,000		0.3

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
602,513 (12)	Citigroup, Inc., Repurchase Agreement dated 04/28/23, 4.81%, due 05/01/23 (Repurchase Amount $602,751, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $614,563, due 08/15/23-08/20/67)		$	602,513		0.2
1,000,000 (12)	Jefferies LLC, Repurchase Agreement dated 04/28/23, 4.87%, due 05/01/23 (Repurchase Amount $1,000,400, collateralized by various U.S. Government Agency Obligations, 0.000%-5.500%, Market Value plus accrued interest $1,020,002, due 05/04/23-03/11/33)			1,000,000		0.3
1,000,000 (12)	RBC Dominion Securities Inc., Repurchase Agreement dated 04/28/23, 4.81%, due 05/01/23 (Repurchase Amount $1,000,395, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $1,020,000, due 05/04/23-04/20/53)			1,000,000		0.3
	Total Repurchase Agreements (Cost $3,602,513)			3,602,513		1.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.2%
785,000 (13)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.780% (Cost $785,000)		$	785,000		0.2
	Total Short-Term Investments (Cost $44,573,185)			44,557,040		14.2
	Total Investments in Securities (Cost $372,560,767)		$	353,626,245		112.3
	Liabilities in Excess of Other Assets			(38,673,966)		(12.3)
	Net Assets		$	314,952,279		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(2)

Variable rate security. Rate shown is the rate in effect as of April 30, 2023.

(3)

Security, or a portion of the security, is on loan.

(4)

Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

(5)

The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

(6)

Represents or includes a TBA transaction.

(7)

Defaulted security.

(8)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(9)

Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.

(10)

Represents a zero coupon bond. Rate shown reflects the effective yield as of April 30, 2023.

(11)

The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

(12)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(13)

Rate shown is the 7-day yield as of April 30, 2023.

Currency Abbreviations:

AUD

Australian Dollar

BRL

Brazilian Real

CAD

Canadian Dollar

CNY

Chinese Yuan

COP

Colombian Peso

CZK

Czech Koruna

EUR

EU Euro

IDR

Indonesian Rupiah

MXN

Mexican Peso

MYR

Malaysian Ringgit

PEN

Peruvian Nuevo Sol

PLN

Polish Zloty

RON

Romanian New Leu

RUB

Russian Ruble

THB

Thai Baht

ZAR

South African Rand

Reference Rate Abbreviations:

SOFR30A

30-day Secured Overnight Financing Rate

TSFR1M

1-month CME Term Secured Overnight Financing Rate

TSFR3M

3-month CME Term Secured Overnight Financing Rate

US0001M

1-month LIBOR

US0003M

3-month LIBOR

Sector Diversification	Percentage of Net Assets
Sovereign Bonds		18.7%
Collateralized Mortgage Obligations		14.8
Uniform Mortgage-Backed Securities		10.9
Other Asset-Backed Securities		8.8
Commercial Mortgage-Backed Securities		8.6
Financial		8.3
U.S. Treasury Obligations		6.7
U.S. Government Agency Obligations		4.7
Consumer, Non-cyclical		3.9
Energy		3.0
Utilities		2.7
Consumer, Cyclical		1.7
Industrial		1.6
Communications		1.4
Basic Materials		1.3
Technology		1.0
Purchased Options		0.0
Short-Term Investments		14.2
Liabilities in Excess of Other Assets		(12.3)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Purchased Options		$	—		$	89,910		$	—		$	89,910
Corporate Bonds/Notes			—			78,381,986			—			78,381,986
Collateralized Mortgage Obligations			—			46,598,159			—			46,598,159
Asset-Backed Securities			—			27,716,932			—			27,716,932
U.S. Government Agency Obligations			—			49,132,680			—			49,132,680
Commercial Mortgage-Backed Securities			—			27,102,353			26,330			27,128,683
Sovereign Bonds			—			59,042,526			—			59,042,526
U.S. Treasury Obligations			—			20,978,329			—			20,978,329
Short-Term Investments			785,000			43,772,040			—			44,557,040
Total Investments, at fair value		$	785,000		$	352,814,915		$	26,330		$	353,626,245
Other Financial Instruments+
Centrally Cleared Swaps			—			4,990,390			—			4,990,390
Forward Foreign Currency Contracts			—			5,605,764			—			5,605,764
Forward Premium Swaptions			—			25,280			—			25,280
Futures			1,543,287			—			—			1,543,287
Total Assets		$	2,328,287		$	363,436,349		$	26,330		$	365,790,966
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(4,256,047)		$	—		$	(4,256,047)
Forward Foreign Currency Contracts			—			(4,678,774)			—			(4,678,774)
Forward Premium Swaptions			—			(8,336)			—			(8,336)
Futures			(346,405)			—			—			(346,405)
Volatility Swaps			—			(21,345)			—			(21,345)
Written Options			—			(2,040,649)			—			(2,040,649)
Total Liabilities		$	(346,405)		$	(11,005,151)		$	—		$	(11,351,556)

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.

At April 30, 2023, the following forward foreign currency contracts were outstanding for Voya Global Bond Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 1,819,574

GBP 1,467,648

Bank of America N.A.

05/12/23

(25,341)

CAD 3,495,030

USD 2,554,855

Bank of America N.A.

05/12/23

25,301

USD 3,531,210

EUR 3,228,919

Bank of America N.A.

05/12/23

(28,988)

USD 3,524,881

GBP 2,838,182

Bank of America N.A.

05/12/23

(42,872)

CHF 8,515,021

USD 9,548,342

Bank of America N.A.

05/12/23

(10,152)

EUR 4,442,231

USD 4,883,922

Bank of America N.A.

05/12/23

14,071

USD 2,157,983

AUD 3,221,570

Bank of America N.A.

05/12/23

25,335

AUD 3,333,934

USD 2,239,437

Bank of America N.A.

05/12/23

(32,405)

USD 6,704,110

AUD 10,032,188

Bank of America N.A.

05/12/23

62,899

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 4,714,104

CHF 4,245,993

Bank of America N.A.

05/12/23

(42,090)

CHF 8,630,829

USD 9,555,093

Bank of America N.A.

05/12/23

112,821

USD 6,893,122

NZD 11,274,324

Bank of America N.A.

05/12/23

(78,732)

GBP 7,366,020

USD 9,206,936

Bank of America N.A.

05/12/23

52,559

USD 4,102,589

MXN 75,231,228

Bank of America N.A.

05/12/23

(72,174)

CHF 1,876,150

USD 2,051,154

Bank of America N.A.

05/12/23

50,435

USD 557,325

THB 19,410,294

Barclays Bank PLC

05/12/23

(11,726)

USD 56,962

EUR 52,106

Barclays Bank PLC

05/12/23

(489)

USD 2,945,250

MYR 13,138,758

Barclays Bank PLC

05/12/23

(5,197)

CLP 153,647,743

USD 182,159

Barclays Bank PLC

05/12/23

7,893

PLN 2,478,659

USD 555,389

Barclays Bank PLC

05/19/23

39,520

USD 322,064

CNY 2,228,560

Barclays Bank PLC

05/19/23

(179)

AUD 4,871,591

USD 3,245,957

BNP Paribas

05/12/23

(21,012)

JPY 183,585,110

USD 1,416,261

BNP Paribas

05/12/23

(66,706)

USD 4,987,921

CHF 4,458,227

BNP Paribas

05/12/23

(6,010)

USD 2,881,454

JPY 374,664,328

BNP Paribas

05/12/23

127,254

GBP 3,169,752

USD 3,907,314

BNP Paribas

05/12/23

77,239

AUD 5,280,470

USD 3,541,861

BNP Paribas

05/12/23

(46,241)

CAD 16,887,719

USD 12,428,702

BNP Paribas

05/12/23

38,415

USD 6,298,770

CAD 8,531,792

BNP Paribas

05/12/23

171

JPY 926,648,865

USD 6,956,221

BNP Paribas

05/12/23

(144,318)

USD 4,709,967

CHF 4,224,923

BNP Paribas

05/12/23

(22,625)

USD 4,618,809

GBP 3,699,489

BNP Paribas

05/12/23

(31,653)

USD 7,188,749

NZD 11,645,756

BNP Paribas

05/12/23

(12,792)

USD 4,973,142

AUD 7,432,134

BNP Paribas

05/12/23

53,142

CAD 9,932,657

USD 7,283,154

BNP Paribas

05/12/23

49,488

NZD 11,296,226

USD 7,006,946

BNP Paribas

05/12/23

(21,549)

GBP 7,330,120

USD 9,115,705

BNP Paribas

05/12/23

98,662

USD 1,843,104

GBP 1,499,258

BNP Paribas

05/12/23

(41,546)

USD 5,771,713

NZD 9,303,522

BNP Paribas

05/12/23

18,570

NZD 9,790,033

USD 6,049,000

BNP Paribas

05/12/23

4,993

USD 1,327,372

JPY 173,260,194

BNP Paribas

05/12/23

53,717

USD 5,884,409

JPY 767,954,790

BNP Paribas

05/12/23

239,085

JPY 120,792,952

USD 922,974

BNP Paribas

05/12/23

(35,012)

NZD 2,130,113

USD 1,335,141

BNP Paribas

05/12/23

(17,915)

USD 1,740,111

GBP 1,428,464

BNP Paribas

05/12/23

(55,547)

NZD 10,424,608

USD 6,575,930

BNP Paribas

05/12/23

(129,527)

MXN 10,648,361

USD 573,000

BNP Paribas

05/12/23

17,903

MXN 24,480,147

USD 1,314,730

BNP Paribas

05/12/23

43,732

USD 1,583,158

NZD 2,517,091

BNP Paribas

05/12/23

26,631

USD 2,689,375

AUD 4,021,849

BNP Paribas

05/12/23

26,949

CAD 2,957,520

USD 2,167,403

BNP Paribas

05/12/23

15,944

NZD 4,278,910

USD 2,681,807

BNP Paribas

05/12/23

(35,800)

USD 3,394,382

CAD 4,570,858

BNP Paribas

05/12/23

20,011

JPY 368,331,278

USD 2,789,836

BNP Paribas

05/12/23

(82,191)

USD 6,801,388

CHF 6,187,608

BNP Paribas

05/12/23

(129,727)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

CAD 10,797,906

USD 8,053,373

BNP Paribas

05/12/23

(81,973)

USD 643,860

ZAR 11,471,521

BNP Paribas

05/19/23

17,803

USD 513,504

ZAR 9,161,986

BNP Paribas

05/19/23

13,489

USD 507,706

ZAR 9,097,563

BNP Paribas

05/19/23

11,208

ILS 1,073,195

USD 293,084

BNP Paribas

05/19/23

2,770

USD 509,232

ZAR 9,134,539

BNP Paribas

05/19/23

10,715

MXN 17,940,600

USD 962,367

Brown Brothers Harriman & Co.

05/12/23

33,201

EUR 242,483

USD 263,810

Brown Brothers Harriman & Co.

05/12/23

3,551

EUR 37,440

USD 41,109

Brown Brothers Harriman & Co.

05/12/23

172

EUR 1,284,327

USD 1,403,243

Brown Brothers Harriman & Co.

05/12/23

12,853

HKD 547,037

USD 69,900

Brown Brothers Harriman & Co.

05/12/23

(177)

GBP 706,020

USD 877,750

Brown Brothers Harriman & Co.

05/12/23

9,757

EUR 3,598,413

USD 3,933,418

Brown Brothers Harriman & Co.

05/12/23

34,183

USD 423,534

MXN 7,743,138

Brown Brothers Harriman & Co.

05/12/23

(6,151)

USD 1,093

EUR 1,000

Brown Brothers Harriman & Co.

05/12/23

(10)

CAD 400,760

USD 298,835

Brown Brothers Harriman & Co.

05/12/23

(2,980)

EUR 9,700

USD 10,738

Brown Brothers Harriman & Co.

05/12/23

(43)

SGD 804,588

USD 597,975

Brown Brothers Harriman & Co.

05/12/23

5,239

USD 245,349

ZAR 4,398,023

Brown Brothers Harriman & Co.

05/19/23

5,327

USD 615,000

CNY 4,174,469

Brown Brothers Harriman & Co.

05/19/23

11,384

HUF 53,585,311

USD 146,655

Brown Brothers Harriman & Co.

05/19/23

10,686

USD 11,892

ZAR 217,395

Brown Brothers Harriman & Co.

05/19/23

USD 7,475,819

CAD 10,192,763

Citibank N.A.

05/12/23

(48,844)

CAD 1,447,511

USD 1,083,681

Citibank N.A.

05/12/23

(15,077)

JPY 473,866,337

USD 3,555,091

Citibank N.A.

05/12/23

(71,645)

CNY 13,370,310

USD 1,948,000

Citibank N.A.

05/19/23

(14,693)

KRW 4,138,369,955

USD 3,186,867

Citibank N.A.

05/26/23

(89,504)

NOK 2,523,298

USD 235,159

Deutsche Bank AG

05/12/23

1,743

DKK 4,946,164

USD 707,573

Deutsche Bank AG

05/12/23

24,125

USD 588,492

CAD 791,126

Deutsche Bank AG

05/12/23

4,455

USD 618,862

CAD 831,922

Deutsche Bank AG

05/12/23

4,707

EUR 3,574,067

USD 3,937,657

Goldman Sachs International

05/12/23

3,100

EUR 1,938,125

USD 2,093,272

Goldman Sachs International

05/12/23

43,700

GBP 1,401,784

USD 1,716,064

Goldman Sachs International

05/12/23

46,056

AUD 2,331,037

USD 1,542,534

Goldman Sachs International

05/12/23

3,473

JPY 60,302,931

USD 443,310

Goldman Sachs International

05/12/23

(4,082)

USD 7,058,769

NZD 11,494,308

Goldman Sachs International

05/12/23

(27,935)

USD 2,750,383

NZD 4,402,198

Goldman Sachs International

05/12/23

28,138

CHF 1,650,702

USD 1,799,229

Goldman Sachs International

05/12/23

49,823

USD 2,393,387

CAD 3,245,756

Goldman Sachs International

05/12/23

(2,746)

AUD 10,552,156

USD 6,964,687

Goldman Sachs International

05/12/23

20,738

USD 4,537,202

GBP 3,667,167

Goldman Sachs International

05/12/23

(72,630)

CAD 3,685,832

USD 2,685,332

Goldman Sachs International

05/12/23

35,681

USD 1,194,978

EUR 1,085,674

Goldman Sachs International

05/12/23

(2,084)

MXN 23,100,896

USD 1,224,570

Goldman Sachs International

05/12/23

57,355

USD 261,378

COP 1,271,661,170

Goldman Sachs International

05/12/23

(8,589)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 974,725

RON 4,537,900

Goldman Sachs International

05/19/23

(39,459)

IDR 4,978,638,523

USD 325,970

HSBC Bank USA N.A.

05/12/23

13,359

USD 8,762,364

BRL 45,952,466

HSBC Bank USA N.A.

05/12/23

(430,120)

USD 433,559

GBP 348,716

JPMorgan Chase Bank N.A.

05/12/23

(4,797)

CZK 5,112,536

USD 229,743

JPMorgan Chase Bank N.A.

05/19/23

9,466

USD 5,160,349

AUD 7,781,571

Morgan Stanley Capital Services LLC

05/12/23

9,024

USD 4,755,264

GBP 3,784,644

Morgan Stanley Capital Services LLC

05/12/23

26,072

USD 2,825,646

NZD 4,542,554

Morgan Stanley Capital Services LLC

05/12/23

16,606

USD 1,571,262

GBP 1,283,559

Morgan Stanley Capital Services LLC

05/12/23

(42,243)

JPY 468,243,606

USD 3,495,373

Morgan Stanley Capital Services LLC

05/12/23

(53,260)

USD 6,824,247

NZD 10,917,573

Morgan Stanley Capital Services LLC

05/12/23

73,003

CAD 7,185,163

USD 5,336,217

Morgan Stanley Capital Services LLC

05/12/23

(31,873)

GBP 6,918,588

USD 8,621,945

Morgan Stanley Capital Services LLC

05/12/23

75,104

USD 4,724,945

GBP 3,804,204

Morgan Stanley Capital Services LLC

05/12/23

(57,149)

AUD 7,056,199

USD 4,790,736

Morgan Stanley Capital Services LLC

05/12/23

(119,600)

USD 481,233

CHF 437,994

Morgan Stanley Capital Services LLC

05/12/23

(9,390)

AUD 947,999

USD 636,850

Morgan Stanley Capital Services LLC

05/12/23

(9,284)

GBP 3,723,052

USD 4,667,989

Morgan Stanley Capital Services LLC

05/12/23

12,094

USD 2,348,962

CAD 3,154,486

Morgan Stanley Capital Services LLC

05/12/23

20,208

USD 3,375,380

CAD 4,540,325

Morgan Stanley Capital Services LLC

05/12/23

23,550

USD 6,084,020

CAD 8,146,443

Morgan Stanley Capital Services LLC

05/12/23

70,024

USD 3,523,437

JPY 465,838,678

Morgan Stanley Capital Services LLC

05/12/23

99,003

USD 2,240,348

AUD 3,365,961

Morgan Stanley Capital Services LLC

05/12/23

12,115

CAD 3,097,260

USD 2,270,236

Morgan Stanley Capital Services LLC

05/12/23

16,272

EUR 4,383,579

USD 4,816,869

Morgan Stanley Capital Services LLC

05/12/23

16,455

USD 1,989,572

CHF 1,820,577

Morgan Stanley Capital Services LLC

05/12/23

(49,767)

USD 3,776,320

AUD 5,628,411

Morgan Stanley Capital Services LLC

05/12/23

50,366

USD 4,943,117

CHF 4,376,746

Morgan Stanley Capital Services LLC

05/12/23

40,458

AUD 5,245,685

USD 3,517,403

Morgan Stanley Capital Services LLC

05/12/23

(44,811)

EUR 4,404,750

USD 4,875,298

Morgan Stanley Capital Services LLC

05/12/23

(18,632)

CHF 184,211

USD 202,295

Morgan Stanley Capital Services LLC

05/12/23

4,051

USD 9,522,015

CHF 8,506,206

Morgan Stanley Capital Services LLC

05/12/23

(6,302)

USD 4,565,093

EUR 4,160,406

Morgan Stanley Capital Services LLC

05/12/23

(22,160)

CHF 4,176,654

USD 4,683,946

Morgan Stanley Capital Services LLC

05/12/23

(18,564)

USD 8,420,348

EUR 7,624,989

Morgan Stanley Capital Services LLC

05/12/23

13,054

AUD 3,032,936

USD 2,045,661

Morgan Stanley Capital Services LLC

05/12/23

(37,887)

JPY 4,556,705,611

USD 34,543,042

Morgan Stanley Capital Services LLC

05/12/23

(1,046,175)

NZD 11,540,393

USD 7,115,345

Morgan Stanley Capital Services LLC

05/12/23

21,042

EUR 2,453,410

USD 2,681,870

Morgan Stanley Capital Services LLC

05/12/23

23,254

USD 2,300,327

NZD 3,681,730

Morgan Stanley Capital Services LLC

05/12/23

23,606

SEK 11,489,382

USD 1,091,372

Morgan Stanley Capital Services LLC

05/12/23

29,620

USD 2,455,565

EUR 2,236,660

Morgan Stanley Capital Services LLC

05/12/23

(10,570)

USD 477,600

MXN 9,130,939

Morgan Stanley Capital Services LLC

05/12/23

(29,098)

USD 4,567,908

GBP 3,681,006

Morgan Stanley Capital Services LLC

05/12/23

(59,321)

USD 3,175

CAD 4,351

Morgan Stanley Capital Services LLC

05/12/23

(37)

USD 4,035,543

EUR 3,740,579

Morgan Stanley Capital Services LLC

05/12/23

(88,810)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 6,864,287

JPY 922,248,059

Morgan Stanley Capital Services LLC

05/12/23

84,735

EUR 3,485,401

USD 3,788,278

Morgan Stanley Capital Services LLC

05/12/23

54,715

GBP 1,299,229

USD 1,597,172

Morgan Stanley Capital Services LLC

05/12/23

36,031

NZD 4,516,713

USD 2,824,210

Morgan Stanley Capital Services LLC

05/12/23

(31,150)

USD 370,323

CZK 8,215,740

Morgan Stanley Capital Services LLC

05/19/23

(14,081)

USD 375,876

PLN 1,668,241

Morgan Stanley Capital Services LLC

05/19/23

(24,523)

JPY 40,979,977

USD 310,773

Standard Chartered Bank

05/12/23

(9,524)

USD 1,251,384

JPY 166,635,124

Standard Chartered Bank

05/12/23

26,430

USD 1,969,950

EUR 1,794,256

Standard Chartered Bank

05/12/23

(8,393)

USD 913,069

PEN 3,496,141

Standard Chartered Bank

05/12/23

(29,551)

GBP 258,983

USD 323,481

Standard Chartered Bank

05/12/23

2,074

AUD 1,886,500

USD 1,269,035

Standard Chartered Bank

05/12/23

(20,191)

USD 221,781

JPY 29,419,051

Standard Chartered Bank

05/12/23

5,518

USD 2,239,638

CAD 3,059,959

Standard Chartered Bank

05/12/23

(19,333)

NZD 1,555,431

USD 970,603

Standard Chartered Bank

05/12/23

(8,750)

CHF 4,392,573

USD 4,918,845

Standard Chartered Bank

05/12/23

1,542

JPY 176,350,019

USD 1,352,624

Standard Chartered Bank

05/12/23

(56,255)

EUR 1,648,874

USD 1,802,628

Standard Chartered Bank

05/12/23

15,416

AUD 5,159,614

USD 3,431,912

Standard Chartered Bank

05/12/23

(16,298)

AUD 407,844

USD 277,375

Standard Chartered Bank

05/12/23

(7,386)

JPY 104,508,860

USD 793,514

Standard Chartered Bank

05/12/23

(25,257)

NZD 1,468,101

USD 903,520

Standard Chartered Bank

05/12/23

4,330

JPY 367,271,757

USD 2,789,716

Standard Chartered Bank

05/12/23

(89,860)

USD 3,762,209

EUR 3,415,464

Standard Chartered Bank

05/12/23

(3,673)

EUR 75,975

USD 81,320

Standard Chartered Bank

05/12/23

2,449

USD 352,553

NZD 558,722

Standard Chartered Bank

05/12/23

7,049

USD 1,107,423

CAD 1,476,548

State Street Bank and Trust Co.

05/12/23

17,383

USD 3,115,300

EUR 2,837,459

State Street Bank and Trust Co.

05/12/23

(13,274)

EUR 1,761,663

USD 1,923,340

State Street Bank and Trust Co.

05/12/23

19,066

CHF 539,065

USD 591,981

State Street Bank and Trust Co.

05/12/23

11,858

GBP 9,800,161

USD 11,835,839

State Street Bank and Trust Co.

05/12/23

483,506

EUR 52,936,781

USD 56,348,398

State Street Bank and Trust Co.

05/12/23

2,019,564

CAD 5,431,959

USD 3,950,737

State Street Bank and Trust Co.

05/12/23

59,329

USD 1,913,058

EUR 1,788,597

State Street Bank and Trust Co.

05/12/23

(59,045)

USD 2,440,236

CAD 3,298,115

State Street Bank and Trust Co.

05/12/23

5,449

USD 1,261,769

AUD 1,874,937

State Street Bank and Trust Co.

05/12/23

20,579

EUR 572,751

USD 615,910

State Street Bank and Trust Co.

05/12/23

15,605

USD 1,297,947

AUD 1,942,748

State Street Bank and Trust Co.

05/12/23

11,866

USD 1,291,682

JPY 169,947,535

State Street Bank and Trust Co.

05/12/23

42,378

USD 1,380,005

CAD 1,891,247

State Street Bank and Trust Co.

05/12/23

(16,181)

USD 1,881,853

AUD 2,795,143

State Street Bank and Trust Co.

05/12/23

31,496

JPY 318,354,263

USD 2,420,565

State Street Bank and Trust Co.

05/12/23

(80,306)

USD 691,982

MXN 13,006,389

State Street Bank and Trust Co.

05/12/23

(29,773)

CAD 449,590

USD 330,761

State Street Bank and Trust Co.

05/12/23

1,143

USD 1,323,594

NZD 2,140,241

State Street Bank and Trust Co.

05/12/23

105

NZD 15,115

USD 9,389

State Street Bank and Trust Co.

05/12/23

(42)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 325,610

NZD 525,524

State Street Bank and Trust Co.

05/12/23

635

USD 748,561

MXN 14,058,734

State Street Bank and Trust Co.

05/12/23

(31,592)

EUR 227,766

USD 247,755

State Street Bank and Trust Co.

05/12/23

3,380

AUD 4,040,763

USD 2,691,463

State Street Bank and Trust Co.

05/12/23

(16,517)

CHF 4,394,253

USD 4,927,622

State Street Bank and Trust Co.

05/12/23

(5,354)

CHF 1,301,493

USD 1,410,555

State Street Bank and Trust Co.

05/12/23

47,327

NZD 11,369,446

USD 6,961,876

State Street Bank and Trust Co.

05/12/23

68,800

USD 4,437,961

GBP 3,550,097

State Street Bank and Trust Co.

05/12/23

(24,707)

EUR 687,052

USD 757,268

State Street Bank and Trust Co.

05/12/23

(2,905)

NZD 5,748,423

USD 3,555,678

State Street Bank and Trust Co.

05/12/23

(11,543)

JPY 432,021,659

USD 3,259,324

State Street Bank and Trust Co.

05/12/23

(83,483)

USD 946,906

CAD 1,296,453

State Street Bank and Trust Co.

05/12/23

(10,182)

NZD 381,825

USD 236,771

State Street Bank and Trust Co.

05/12/23

(657)

926,990

At April 30, 2023, the following futures contracts were outstanding for Voya Global Bond Fund:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
Australia 10-Year Bond		29		06/15/23		$	2,349,846		$	53,814
Australia 3-Year Bond		27		06/15/23			1,940,337			21,105
Canada 10-Year Bond		68		06/21/23			6,327,962			227,461
Euro-Bobl 5-Year		152		06/08/23			19,758,727			397,909
Euro-Bund		43		06/08/23			6,423,087			53,923
Euro-Buxl® 30-year German Government Bond		29		06/08/23			4,457,753			(52,668)
Euro-OAT		57		06/08/23			8,164,481			248,279
Euro-Schatz		151		06/08/23			17,583,001			146,325
Japan 10-Year Bond (TSE)		9		06/13/23			9,816,140			177,424
Japanese Government Bonds 10-Year Mini		18		06/12/23			1,966,267			45,614
Long Gilt		58		06/28/23			7,395,601			10,684
Long-Term Euro-BTP		33		06/08/23			4,176,272			123,476
U.S. Treasury Ultra Long Bond		6		06/22/23			848,437			34,413
						$	91,207,911		$	1,487,759
Short Contracts:
U.S. Treasury 10-Year Note		(218)		06/21/23			(25,114,281)			(65,469)
U.S. Treasury 2-Year Note		(8)		06/30/23			(1,649,313)			2,860
U.S. Treasury 5-Year Note		(74)		06/30/23			(8,120,922)			(143,582)
U.S. Treasury Long Bond		(13)		06/21/23			(1,711,531)			(52,958)
U.S. Treasury Ultra 10-Year Note		(31)		06/21/23			(3,765,047)			(31,728)
						$	(40,361,094)		$	(290,877)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

At April 30, 2023, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Fund:

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-day Sterling Overnight Index Average (SONIA)

Annual

2.169%

Annual

04/14/25

GBP3,500,000

(193,087)

Pay

1-day Sterling Overnight Index Average (SONIA)

Annual

1.649

Annual

04/14/52

GBP2,400,000

(1,003,086)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.150

Annual

06/20/24

JPY 3,150,000,000

66,145

Pay

1-day Overnight Tokyo Average Rate

Annual

0.138

Annual

06/10/27

JPY200,000,000

(1,721)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.410

Annual

06/20/29

JPY100,000,000

5,798

5,797

Pay

1-day Overnight Tokyo Average Rate

Annual

0.659

Annual

04/06/33

JPY130,000,000

7,719

Pay

1-day Overnight Tokyo Average Rate

Annual

0.664

Annual

07/15/37

JPY400,000,000

(26,109)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.874

Annual

04/06/38

JPY130,000,000

11,170

Pay

1-day Overnight Tokyo Average Rate

Annual

0.743

Annual

06/10/42

JPY400,000,000

(77,552)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.826

Annual

05/20/47

JPY350,000,000

(75,152)

Pay

1-day Overnight Tokyo Average Rate

Annual

0.978

Annual

06/28/52

JPY290,000,000

(2,209)

Pay

28-day MXN TIIE-BANXICO

Monthly

8.735

Monthly

03/16/28

MXN41,875,000

19,864

Pay

1-day Secured Overnight Financing Rate

Annual

3.393

Annual

08/25/24

USD7,800,000

(148,382)

Pay

1-day Secured Overnight Financing Rate

Annual

3.270

Annual

02/20/25

USD5,834,000

(14,739)

Pay

1-day Secured Overnight Financing Rate

Annual

3.332

Annual

02/20/25

USD4,668,000

(9,057)

Pay

1-month USD-LIBOR

Monthly

2.726

Monthly

12/27/28

USD833,000

(29,062)

Pay

1-month USD-LIBOR

Monthly

2.466

Monthly

01/07/29

USD616,000

(29,816)

Pay

3-month USD-LIBOR

Quarterly

1.997

Semi-Annual

06/25/29

USD850,000

(72,203)

Pay

1-month USD-LIBOR

Monthly

1.493

Monthly

03/17/31

USD3,000,000

(376,979)

(376,980)

Pay

1-month USD-LIBOR

Monthly

2.400

Monthly

10/27/32

USD3,090,000

(224,417)

Pay

1-day Secured Overnight Financing Rate

Annual

2.900

Annual

03/16/33

USD305,000

(885)

(886)

Pay

1-day Secured Overnight Financing Rate

Annual

2.988

Annual

03/16/33

USD550,000

320

Pay

1-day Secured Overnight Financing Rate

Annual

3.058

Annual

05/10/33

USD5,247,000

(48,420)

Pay

1-day Secured Overnight Financing Rate

Annual

3.085

Annual

05/10/33

USD3,358,000

(23,376)

Pay

1-day Secured Overnight Financing Rate

Annual

3.289

Annual

05/10/33

USD4,617,353

47,717

Pay

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/10/33

USD6,296,553

168,627

Pay

1-day Secured Overnight Financing Rate

Annual

3.065

Annual

05/11/33

USD4,701,000

(40,498)

Pay

1-day Secured Overnight Financing Rate

Annual

3.139

Annual

05/12/33

USD2,728,250

(6,288)

Pay

1-day Secured Overnight Financing Rate

Annual

3.164

Annual

05/12/33

USD2,519,000

(445)

Pay

1-day Secured Overnight Financing Rate

Annual

3.200

Annual

05/12/33

USD3,358,000

9,699

Pay

1-day Secured Overnight Financing Rate

Annual

3.207

Annual

05/12/33

USD1,427,000

4,932

Pay

1-day Secured Overnight Financing Rate

Annual

3.212

Annual

05/12/33

USD2,401,292

9,431

Pay

1-day Secured Overnight Financing Rate

Annual

3.214

Annual

05/12/33

USD2,308,854

9,503

Pay

1-day Secured Overnight Financing Rate

Annual

3.216

Annual

05/12/33

USD2,308,854

9,897

Pay

1-day Secured Overnight Financing Rate

Annual

3.233

Annual

05/12/33

USD2,729,000

15,536

Pay

1-day Secured Overnight Financing Rate

Annual

3.610

Annual

05/12/33

USD699,333

26,370

Pay

1-day Secured Overnight Financing Rate

Annual

3.674

Annual

05/12/33

USD4,030,000

173,792

Pay

1-day Secured Overnight Financing Rate

Annual

3.456

Annual

05/17/33

USD3,190,000

79,283

Pay

1-day Secured Overnight Financing Rate

Annual

3.275

Annual

09/11/33

USD3,053,000

48,247

Pay

1-day Secured Overnight Financing Rate

Annual

2.945

Annual

09/13/33

USD611,000

(7,227)

Pay

1-day Secured Overnight Financing Rate

Annual

3.022

Annual

09/13/33

USD611,000

(3,271)

Pay

1-day Secured Overnight Financing Rate

Annual

3.067

Annual

09/13/33

USD1,313,000

(2,115)

Pay

1-day Secured Overnight Financing Rate

Annual

3.075

Annual

09/13/33

USD1,649,000

(1,487)

Pay

1-day Secured Overnight Financing Rate

Annual

3.163

Annual

09/13/33

USD305,000

1,975

Pay

1-day Secured Overnight Financing Rate

Annual

3.174

Annual

09/13/33

USD1,527,000

11,294

Pay

1-month USD-LIBOR

Monthly

1.756

Monthly

03/17/36

USD4,000,000

(647,662)

Pay

1-day Overnight Tokyo Average Rate

Annual

1.000

Annual

12/28/37

JPY60,000,000

14,738

Pay

1-month USD-LIBOR

Monthly

2.488

Monthly

10/27/47

USD1,600,000

(192,918)

Pay

1-day Secured Overnight Financing Rate

Annual

2.843

Annual

06/16/53

USD427,000

(9,795)

Pay

1-day Secured Overnight Financing Rate

Annual

2.930

Annual

06/16/53

USD366,000

(2,231)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Receive

1-day Sterling Overnight Index Average (SONIA)

Annual

3.803

Annual

09/13/25

GBP800,000

10,460

Receive

1-day Sterling Overnight Index Average (SONIA)

Annual

2.999

Annual

09/13/52

GBP500,000

58,637

Receive

1-day Sterling Overnight Index Average (SONIA)

Annual

3.674

Annual

09/30/52

GBP200,000

(7,853)

Receive

1-day Overnight Tokyo Average Rate

Annual

0.894

Annual

05/12/52

JPY60,000,000

9,643

Receive

1-day Secured Overnight Financing Rate

Annual

1.567

Annual

02/17/24

USD12,000,000

397,532

Receive

1-day Secured Overnight Financing Rate

Annual

2.140

Annual

03/24/24

USD12,000,000

324,952

Receive

1-month USD-LIBOR

Monthly

1.522

Monthly

10/30/24

USD9,000,000

392,460

Receive

1-month USD-LIBOR

Monthly

2.514

Monthly

01/24/25

USD2,130,000

65,758

Receive

1-day Secured Overnight Financing Rate

Annual

3.517

Annual

02/20/25

USD1,186,000

229

Receive

1-day Secured Overnight Financing Rate

Annual

3.559

Annual

02/20/25

USD3,987,000

(809)

Receive

1-day Secured Overnight Financing Rate

Annual

3.586

Annual

02/20/25

USD1,848,000

(845)

Receive

1-day Secured Overnight Financing Rate

Annual

3.782

Annual

02/20/25

USD1,361,000

(3,136)

Receive

1-month USD-LIBOR

Monthly

2.728

Monthly

03/01/25

USD2,360,000

65,114

Receive

1-day Secured Overnight Financing Rate

Annual

2.590

Annual

04/13/25

USD15,000,000

436,856

Receive

1-month USD-LIBOR

Monthly

2.843

Monthly

04/30/25

USD2,600,000

67,278

Receive

1-month USD-LIBOR

Monthly

3.053

Monthly

10/18/25

USD1,140,000

24,537

Receive

1-month USD-LIBOR

Monthly

2.210

Monthly

10/27/26

USD3,420,000

163,361

Receive

1-day Secured Overnight Financing Rate

Annual

2.188

Annual

03/24/27

USD5,000,000

246,807

Receive

1-day Secured Overnight Financing Rate

Annual

2.962

Annual

06/14/27

USD5,000,000

114,244

Receive

1-month USD-LIBOR

Monthly

2.681

Monthly

02/02/28

USD1,970,000

69,139

Receive

1-month USD-LIBOR

Monthly

1.115

Monthly

03/01/28

USD2,500,000

261,078

260,873

Receive

1-month USD-LIBOR

Monthly

3.099

Monthly

10/18/28

USD1,600,000

25,519

Receive

1-day Secured Overnight Financing Rate

Annual

1.551

Annual

01/24/29

USD12,000,000

1,178,281

Receive

1-day Secured Overnight Financing Rate

Annual

1.847

Annual

02/17/32

USD2,000,000

214,541

Receive

1-day Secured Overnight Financing Rate

Annual

3.464

Annual

09/26/32

USD7,000,000

(131,284)

Receive

1-month USD-LIBOR

Monthly

2.390

Monthly

12/11/32

USD1,270,000

94,300

Receive

1-day Secured Overnight Financing Rate

Annual

3.180

Annual

05/11/33

USD14,062,000

(16,198)

Receive

1-day Secured Overnight Financing Rate

Annual

3.337

Annual

05/11/33

USD3,442,000

(49,787)

Receive

1-day Secured Overnight Financing Rate

Annual

3.292

Annual

05/12/33

USD15,826,000

(169,558)

Receive

1-day Secured Overnight Financing Rate

Annual

3.296

Annual

05/12/33

USD2,519,000

(27,739)

Receive

1-day Secured Overnight Financing Rate

Annual

3.483

Annual

05/12/33

USD3,568,000

(95,984)

Receive

1-day Secured Overnight Financing Rate

Annual

3.598

Annual

05/12/33

USD2,309,000

(84,657)

Receive

1-day Secured Overnight Financing Rate

Annual

3.643

Annual

05/12/33

USD5,877,000

(237,818)

Receive

1-day Secured Overnight Financing Rate

Annual

3.689

Annual

05/12/33

USD2,309,000

(102,569)

Receive

1-day Secured Overnight Financing Rate

Annual

3.214

Annual

09/13/33

USD1,160,000

(12,440)

Receive

1-day Secured Overnight Financing Rate

Annual

3.353

Annual

09/13/33

USD1,588,000

(35,571)

Receive

1-day Secured Overnight Financing Rate

Annual

3.137

Annual

10/13/33

USD180,000

(1,048)

Receive

1-month USD-LIBOR

Monthly

3.148

Monthly

10/18/33

USD530,000

6,731

Receive

1-month USD-LIBOR

Monthly

2.940

Monthly

08/03/48

USD500,000

21,082

Receive

1-day Secured Overnight Financing Rate

Annual

2.979

Annual

06/16/53

USD183,000

(618)

Receive

1-day Secured Overnight Financing Rate

Annual

2.998

Annual

06/16/53

USD214,000

(1,527)

Receive

1-day Secured Overnight Financing Rate

Annual

3.060

Annual

06/16/53

USD107,000

(2,052)

Receive

1-day Secured Overnight Financing Rate

Annual

3.078

Annual

06/16/53

USD192,000

(4,363)

734,551

734,343

At April 30, 2023, the following OTC volatility swaps were outstanding for Voya Global Bond Fund:

Pay/Receive Volatility(1)	Reference Entity	Volatility Strike Rate		Counterparty	Maturity Date		Currency		Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
Receive	USD vs. CNH Spot Exchange Rate		6.350%	Morgan Stanley Capital Services LLC		06/16/23		USD		6,457,000		$	(21,345)		$	(21,345)
												$	(21,345)		$	(21,345)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

At April 30, 2023, the following OTC purchased foreign currency dual digital options were outstanding for Voya Global Bond Fund:

Description

Counterparty

Expiration
Date

Exercise
Price

Notional Amount

Cost

Fair Value

AUD/USD & USD/JPY Dual Digital

Barclays Bank PLC

05/30/23

0.60 & 125

USD 339,000

6,441

—

AUD/USD & USD/JPY Dual Digital

Goldman Sachs International

05/30/23

0.6375 & 131.5

USD 148,000

8,606

309

USD/CNH & USD/JPY Dual Digital

BNP Paribas

05/30/23

7.2 & 131.5

USD 127,000

8,763

23,810

328

At April 30, 2023, the following OTC purchased foreign currency options were outstanding for Voya Global Bond Fund:

Description	Counterparty	Expiration Date		Exercise Price	Notional Amount	Cost			Fair Value
Call JPY vs. Put USD	BNP Paribas		02/27/25	107 .500	USD 1,867,000		$	92,603		$	20,507
Call USD vs. Put JPY	Bank of America N.A.		09/09/32	140 .000	USD 2,055,300			36,585			16,441
Call USD vs. Put JPY	BNP Paribas		09/09/32	140 .000	USD 2,055,300			39,215			16,441
Put USD vs. Call JPY	BNP Paribas		06/23/23	130 .000	USD 2,665,000			13,005			2,356
Put USD vs. Call JPY	Goldman Sachs International		07/07/23	115 .000	USD 306,800			27,612			2,109
Put USD vs. Call MXN	Goldman Sachs International		06/28/23	18 .060	USD 2,679,000			28,373			31,728
							$	237,393		$	89,582

At April 30, 2023, the following OTC written foreign currency options were outstanding for Voya Global Bond Fund:

Description	Counterparty	Expiration Date		Exercise Price	Notional Amount	Premiums Received			Fair Value
Call USD vs. Put JPY	Bank of America N.A.		09/09/27	140 .000	USD 2,055,300		$	58,206		$	(25,784)
Call USD vs. Put JPY	BNP Paribas		09/09/27	140 .000	USD 2,055,300			56,315			(25,784)
Call USD vs. Put MXN	Goldman Sachs International		06/28/23	19 .600	USD 2,679,000			28,909			(8,776)
Call USD vs. Put MXN	Bank of America N.A.		08/31/23	18 .750	USD 6,098,000			188,855			(124,094)
Put USD vs. Call MXN	Morgan Stanley Capital Services LLC		06/28/23	17 .450	USD 2,679,000			11,833			(7,351)
Put USD vs. Call MXN	Bank of America N.A.		08/31/23	18 .000	USD 2,679,000			29,790			(37,959)
							$	373,908		$	(229,748)

At April 30, 2023, the following OTC written interest rate swaptions were outstanding for Voya Global Bond Fund:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year
Interest Rate
Swap(2)

Bank of America N.A.

Pay

3.550%

1-day Secured
Overnight
Financing Rate

09/11/23

USD 3,053,000

82,584

(140,437)

Call on 10-Year
Interest Rate
Swap(2)

BNP Paribas

Pay

3.033%

1-day Secured
Overnight
Financing Rate

10/11/23

USD 2,245,000

60,222

(50,425)

Call on 10-Year
Interest Rate
Swap(2)

Citibank N.A.

Pay

3.540%

1-day Secured
Overnight
Financing Rate

09/11/23

USD 6,106,000

165,167

(277,036)

Call on 10-Year
Interest Rate
Swap(2)

Goldman Sachs International

Pay

3.460%

1-day Secured
Overnight
Financing Rate

08/21/23

USD 8,395,000

211,974

(320,573)

Call on 10-Year
Interest Rate
Swap(2)

Goldman Sachs International

Pay

3.570%

1-day Secured
Overnight
Financing Rate

09/07/23

USD 3,053,000

81,553

(143,319)

Call on 10-Year
Interest Rate
Swap(2)

JPMorgan Chase Bank N.A.

Pay

2.995%

1-day Secured
Overnight
Financing Rate

06/07/23

USD 8,395,000

257,307

(60,039)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 1-Year
Interest Rate
Swap(2)

Barclays Bank PLC

Pay

4.170%

1-day Secured
Overnight
Financing Rate

02/16/24

USD 9,724,000

45,751

(82,491)

Call on 1-Year
Interest Rate
Swap(2)

Morgan Stanley Capital Services LLC

Pay

3.520%

1-day Secured
Overnight
Financing Rate

01/24/24

USD 19,448,000

84,648

(89,833)

Call on 30-Year
Interest Rate
Swap(2)

Morgan Stanley Capital Services LLC

Pay

2.994%

1-day Secured
Overnight
Financing Rate

06/14/23

USD 1,527,000

65,928

(36,885)

Put on 10-Year
Interest Rate
Swap(3)

Bank of America N.A.

Receive

3.550%

1-day Secured
Overnight
Financing Rate

09/11/23

USD 3,053,000

82,584

(27,722)

Put on 10-Year
Interest Rate
Swap(3)

BNP Paribas

Receive

3.033%

1-day Secured
Overnight
Financing Rate

10/11/23

USD 2,245,000

60,222

(60,988)

Put on 10-Year
Interest Rate
Swap(3)

Citibank N.A.

Receive

3.540%

1-day Secured
Overnight
Financing Rate

09/11/23

USD 6,106,000

165,167

(56,699)

Put on 10-Year
Interest Rate
Swap(3)

Goldman Sachs International

Receive

3.460%

1-day Secured
Overnight
Financing Rate

08/21/23

USD 8,395,000

211,974

(82,838)

Put on 10-Year
Interest Rate
Swap(3)

Goldman Sachs International

Receive

3.570%

1-day Secured
Overnight
Financing Rate

09/07/23

USD 3,053,000

81,553

(25,787)

Put on 10-Year
Interest Rate
Swap(3)

JPMorgan Chase Bank N.A.

Receive

2.995%

1-day Secured
Overnight
Financing Rate

06/07/23

USD 8,395,000

257,307

(168,726)

Put on 1-Year
Interest Rate
Swap(3)

Barclays Bank PLC

Receive

4.170%

1-day Secured
Overnight
Financing Rate

02/16/24

USD 9,724,000

45,751

(30,419)

Put on 1-Year
Interest Rate
Swap(3)

Morgan Stanley Capital Services LLC

Receive

3.520%

1-day Secured
Overnight
Financing Rate

01/24/24

USD 19,448,000

84,648

(123,175)

Put on 30-Year
Interest Rate
Swap(3)

Morgan Stanley Capital Services LLC

Receive

2.994%

1-day Secured
Overnight
Financing Rate

06/14/23

USD 1,527,000

65,928

(33,509)

2,110,268

(1,810,901)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

At April 30, 2023, the following OTC purchased forward premium swaptions were outstanding for Voya Global Bond Fund:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 30-Year
Interest Rate
Swap

Barclays Bank PLC

0.000%

Receive

1-day Secured
Overnight
Financing Rate

06/14/27

USD 3,136,000

(548,800)

8,709

Put on 30-Year
Interest Rate
Swap

Barclays Bank PLC

0.000%

Pay

1-day Secured
Overnight
Financing Rate

05/25/27

USD 7,382,300

(1,328,814)

(7,473)

(1,877,614)

��

1,236

At April 30, 2023, the following OTC written forward premium swaptions were outstanding for Voya Global Bond Fund:

Description

Counterparty

Exercise
Rate(4)

Pay/
Receive
Exercise
Rate

Floating
Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(5)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year
Interest Rate
Swap

Bank of America N.A.

3.038%

Pay

1-day Secured
Overnight
Financing Rate

03/27/28

USD 1,527,000

64,745

(863)

Call on 5-Year
Interest Rate
Swap

Morgan Stanley Capital Services LLC

3.060%

Pay

1-day Secured
Overnight
Financing Rate

03/14/28

USD 3,053,000

133,040

3,526

Put on 5-Year
Interest Rate
Swap

Bank of America N.A.

3.038%

Receive

1-day Secured
Overnight
Financing Rate

03/27/28

USD 1,527,000

64,745

1,644

Put on 5-Year
Interest Rate
Swap

Morgan Stanley Capital Services LLC

3.060%

Receive

1-day Secured
Overnight
Financing Rate

03/14/28

USD 3,053,000

133,040

11,401

395,570

15,708

(1)

Payments made at maturity date.

(2)

Fund pays the exercise rate semi-annually and receives the floating rate index quarterly.

(3)

Fund receives the exercise rate semi-annually and pays the floating rate index quarterly.

(4)

Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

(5)

Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

Currency Abbreviations

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

COP – Colombian Peso

CNY – Chinese Yuan

CZK – Czech Koruna

DKK – Danish Krone

EUR – EU Euro

GBP – British Pound

HKD – Hong Kong Sar Dollar

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Nuevo Sol

PLN – Polish Zloty

RON – Romanian New Leu

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thai Baht

USD – United States Dollar

ZAR – South African Rand

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 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	Investments in securities at value*		$	89,910
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			5,605,764
Interest rate contracts	Unrealized appreciation on forward premium swaptions			25,280
Interest rate contracts	Variation margin receivable on futures contracts**			1,543,287
Interest rate contracts	Variation margin receivable on centrally cleared swaps**			4,990,390
Total Asset Derivatives			$	12,254,631
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	4,678,774
Interest rate contracts	Unrealized depreciation on forward premium swaptions			8,336
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements			21,345
Interest rate contracts	Variation margin payable on futures contracts**			346,405
Interest rate contracts	Variation margin payable on centrally cleared swaps**			4,256,047
Foreign exchange contracts	Written options, at fair value			229,748
Interest rate contracts	Written options, at fair value			1,810,901
Total Liability Derivatives			$	11,351,556

Includes purchased options.

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps 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 centrally cleared swaps and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2023 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Credit contracts		$	—		$	—		$	—		$	(535,503)		$	—		$	(535,503)
Foreign exchange contracts			(178,359)			5,907,371			—			—			67,842			5,796,854
Interest rate contracts			175,559			—			(3,094,726)			(3,357,710)			609,007			(5,667,870)
Total		$	(2,800)		$	5,907,371		$	(3,094,726)		$	(3,893,213)		$	676,849		$	(406,519)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Foreign exchange contracts		$	(436,387)		$	2,876,273		$	—		$	(21,345)		$	225,299		$	2,643,840
Interest rate contracts			91,929			—			1,461,249			1,146,017			439,865			3,139,060
Total		$	(344,458)		$	2,876,273		$	1,461,249		$	1,124,672		$	665,164		$	5,782,900

Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

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 April 30, 2023:

	Bank of America N.A.			Barclays Bank PLC			BNP Paribas			Brown Brothers Harriman & Co.			Citibank N.A.			Deutsche Bank AG			Goldman Sachs International			HBSC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank			State Street Bank and Trust Co.			Totals
Assets:
Purchased options		$	16,441		$	—		$	39,323		$	—		$	—					$	34,146											$	—		$	—		$	89,910
Forward premium swaptions			1,644			8,709			—			—			—			—			—			—			—			14,927			—			—			25,280
Forward foreign currency contracts			343,421			47,413			967,891			126,381			—			35,030			288,064			13,359			9,466			850,462			64,808			2,859,469			5,605,764
Total Assets		$	361,506		$	56,122		$	1,007,214		$	126,381		$	—		$	35,030		$	322,210		$	13,359		$	9,466		$	865,389		$	64,808		$	2,859,469		$	5,720,954
Liabilities:
Forward foreign currency contracts		$	332,754		$	17,591		$	982,144		$	9,361		$	239,763		$	—		$	157,525		$	430,120		$	4,797		$	1,824,687		$	294,471		$	385,561		$	4,678,774
Forward premium swaptions			863			7,473			—			—			—	��		—			—			—			—			—			—			—			8,336
Volatility swaps			—			—			—			—			—			—			—			—			—			21,345			—			—			21,345
Written options			355,996			112,910			137,197			—			333,735			—			581,293			—			228,765			290,753			—			—			2,040,649
Total Liabilities		$	689,613		$	137,974		$	1,119,341		$	9,361		$	573,498		$	—		$	738,818		$	430,120		$	233,562		$	2,136,785		$	294,471		$	385,561		$	6,749,104
Net OTC derivative instruments by counterparty, at fair value		$	(328,107)		$	(81,852)		$	(112,127)		$	117,020		$	(573,498)		$	35,030		$	(416,608)		$	(416,761)		$	(224,096)		$	(1,271,396)		$	(229,663)		$	2,473,908		$	(1,028,150)
Total cash collateral pledged by the Fund/(Received from counterparty)		$	328,107		$	81,852		$	112,127		$	—		$	560,000		$	—		$	416,608		$	416,761		$	224,096		$	1,060,000		$	—		$	—		$	3,199,551
Total non-cash collateral pledged by the Fund/(Received from counterparty)			—			—			—			—			—			—			—			—			—			—			—			(2,256,754)			(2,256,754)
Net Exposure(1)(2)(3)		$	—		$	—		$	—		$	117,020		$	(13,498)		$	35,030		$	—		$	—		$	—		$	(211,396)		$	(229,663)		$	217,154		$	(85,353)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2023 (Unaudited) (continued)

(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 April 30, 2023, the Fund had pledged $410,000, $130,000, $340,000, $650,000, $500,000, and $660,000 in cash collateral to Bank of America N.A., Barclays Bank PLC, BNP Paribas, Goldman Sachs International, HSBC Bank USA N.A. and JPMorgan Chase Bank N.A., respectively. Excess cash collateral is not shown for financial reporting purposes.

(3)

At April 30, 2023 the Fund had received U.S. Treasury Notes with the original par of $2,480,000 in non-cash collateral from State Street Bank and Trust Co. Excess cash collateral is not shown for financial reporting purposes.

At April 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 $372,945,844.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	17,528,222
Gross Unrealized Depreciation		(32,624,705)
Net Unrealized Depreciation	$	(15,096,483)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.7%
	Australia: 3.2%
32,896	Ampol Ltd.		$	656,364		0.2
83,035	ANZ Group Holdings Ltd.			1,348,342		0.5
327,504	Aurizon Holdings Ltd.			744,629		0.3
8,375	BHP Group Ltd.			248,549		0.1
86,327	Brambles Ltd.			817,760		0.3
39,043	Computershare Ltd.			581,186		0.2
81,098	Insurance Australia Group Ltd.			268,685		0.1
335,801	Medibank Pvt Ltd.			794,693		0.3
50,813	National Australia Bank Ltd.			978,209		0.4
135,589	Scentre Group			260,208		0.1
148,187	Telstra Group Ltd.			429,922		0.2
132,264	Transurban Group - Stapled Security			1,319,108		0.5
				8,447,655		3.2
	Austria: 0.2%
10,698	OMV AG			506,260		0.2

	Canada: 3.7%
27,480	BCE, Inc.			1,320,809		0.5
31,904	Canadian Imperial Bank of Commerce - XTSE			1,337,526		0.5
20,105	Cenovus Energy, Inc.			337,445		0.1
32,384	Element Fleet Management Corp.			423,548		0.2
15,020	iA Financial Corp., Inc.			1,007,837		0.4
18,724	Rogers Communications, Inc.			925,109		0.3
13,280	Royal Bank of Canada			1,318,443		0.5
26,876	Suncor Energy, Inc.			841,481		0.3
11,048	TC Energy Corp.			459,175		0.2
28,115	TELUS Corp.			595,980		0.2
10,331	Thomson Reuters Corp.			1,358,505		0.5
				9,925,858		3.7
	Denmark: 0.4%
167	AP Moller - Maersk A/S - Class B			301,861		0.1
40,128 (1)	Danske Bank A/S			848,097		0.3
				1,149,958		0.4
	Finland: 0.1%
80,384	Nokia OYJ - Finland			340,118		0.1

	France: 3.9%
7,752	Air Liquide SA			1,394,514		0.5
48,527	AXA S.A.			1,583,935		0.6
13,680	BNP Paribas			883,914		0.3
1,934	Dassault Aviation SA			377,939		0.1
16,771	Edenred			1,089,677		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
3,648	Eiffage SA		$	434,201		0.2
9,777 (2)	La Francaise des Jeux SAEM			417,889		0.2
136,956	Orange SA			1,782,615		0.7
8,961	Sanofi			965,715		0.4
7,007	Thales S.A.			1,069,296		0.4
33,493	Vivendi SE			367,904		0.1
				10,367,599		3.9
	Germany: 0.7%
16,225	BASF SE			839,227		0.3
22,541 (1)	Commerzbank AG			250,502		0.1
10,196	GEA Group AG			479,549		0.2
3,175	Symrise AG			383,613		0.1
				1,952,891		0.7
	Hong Kong: 1.6%
127,500	CK Asset Holdings Ltd.			753,924		0.3
101,000	CK Hutchison Holdings Ltd.			675,228		0.3
14,600	Jardine Matheson Holdings Ltd.			703,720		0.3
86,000	Link REIT			562,517		0.2
82,000	MTR Corp.			409,715		0.1
117,500	Power Assets Holdings Ltd.			671,430		0.2
265,000	SITC International Holdings Co. Ltd.			490,166		0.2
				4,266,700		1.6
	Ireland: 0.3%
12,168	DCC PLC			757,059		0.3

	Israel: 0.2%
73,259	Bank Leumi Le-Israel BM			580,701		0.2

	Italy: 1.3%
119,685	ENI S.p.A.			1,808,137		0.7
62,325 (2)	Poste Italiane SpA			648,615		0.2
172,849	Snam SpA			960,643		0.4
				3,417,395		1.3
	Japan: 7.3%
2,700	Hirose Electric Co., Ltd.			364,389		0.1
46,500	Honda Motor Co., Ltd.			1,233,321		0.5
214,400	Japan Post Holdings Co. Ltd.			1,764,925		0.7
89,500	Japan Tobacco, Inc.			1,925,762		0.7
19,300	KDDI Corp.			602,510		0.2
19,600	McDonald’s Holdings Co. Japan Ltd.			816,541		0.3
48,200	Mitsubishi UFJ Financial Group, Inc.			301,709		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
26,700	NEC Corp.		$	1,026,757		0.4
76,600	Oji Holdings Corp.			301,015		0.1
14,000	Ono Pharmaceutical Co., Ltd.			281,891		0.1
29,500	ORIX Corp.			501,869		0.2
3,400	Rohm Co., Ltd.			255,980		0.1
22,300	Secom Co., Ltd.			1,427,958		0.5
28,600	Sekisui Chemical Co., Ltd.			407,048		0.2
67,400	Sekisui House Ltd.			1,385,654		0.5
15,700	Sompo Holdings, Inc.			655,155		0.3
86,800	Sumitomo Chemical Co., Ltd.			293,316		0.1
53,700	Sumitomo Mitsui Financial Group, Inc.			2,194,914		0.8
11,800	Taisei Corp.			401,329		0.2
57,600	Takeda Pharmaceutical Co., Ltd.			1,909,968		0.7
63,700	Tokio Marine Holdings, Inc.			1,280,818		0.5
				19,332,829		7.3
	Netherlands: 1.3%
154,592	Koninklijke KPN NV			563,781		0.2
36,326	NN Group NV			1,354,614		0.5
11,415	Wolters Kluwer NV			1,512,421		0.6
				3,430,816		1.3
	New Zealand: 0.1%
97,083	Spark New Zealand Ltd.			314,563		0.1

	Singapore: 0.5%
504,800	Genting Singapore Ltd.			429,446		0.2
138,400	Keppel Corp., Ltd.			642,645		0.2
64,800	Singapore Airlines Ltd.			285,009		0.1
				1,357,100		0.5
	Spain: 1.9%
26,233	ACS Actividades de Construccion y Servicios SA			901,956		0.4
72,638	Banco Bilbao Vizcaya Argentaria SA			531,784		0.2
32,441	Industria de Diseno Textil SA			1,115,221		0.4
40,247	Red Electrica Corp. SA			731,747		0.3
110,812	Repsol SA			1,627,802		0.6
				4,908,510		1.9
	Switzerland: 2.3%
11,586	Novartis AG			1,185,177		0.5
2,617	Roche Holding AG-GENUSSCHEIN			819,488		0.3
2,432	Swisscom AG			1,669,692		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
4,936	Zurich Insurance Group AG		$	2,393,724		0.9
				6,068,081		2.3
	United Kingdom: 5.3%
143,335	Amcor PLC			1,572,385		0.6
162,496	BAE Systems PLC			2,070,205		0.8
198,332	BP PLC			1,330,614		0.5
49,097	British American Tobacco PLC			1,813,935		0.7
62,442	British Land Co. PLC			314,599		0.1
84,422	GSK PLC			1,522,402		0.6
65,919	Imperial Brands PLC			1,631,772		0.6
472,530	Lloyds Banking Group Plc			287,073		0.1
248,213	NatWest Group PLC			817,641		0.3
24,587	Smiths Group PLC			519,886		0.2
88,738	Tesco PLC			313,730		0.1
127,999	The Sage Group PLC			1,320,051		0.5
2,321	Willis Towers Watson PLC			537,544		0.2
				14,051,837		5.3
	United States: 63.4%
16,463	3M Co.			1,748,700		0.7
26,857	AbbVie, Inc.			4,058,630		1.5
1,407	Acuity Brands, Inc.			221,434		0.1
10,244	AECOM			850,764		0.3
6,749	Air Products & Chemicals, Inc.			1,986,636		0.7
6,166	Allison Transmission Holdings, Inc.			300,839		0.1
48,836	Altria Group, Inc.			2,320,198		0.9
15,069	Amdocs Ltd.			1,375,046		0.5
20,405	American Electric Power Co., Inc.			1,885,830		0.7
14,276	American International Group, Inc.			757,199		0.3
844	Ameriprise Financial, Inc.			257,521		0.1
1,814	Ametek, Inc.			250,205		0.1
10,581	Amgen, Inc.			2,536,689		1.0
4,189	Aon PLC			1,362,179		0.5
4,525	Aptargroup, Inc.			536,258		0.2
8,221	Assurant, Inc.			1,012,252		0.4
6,274	Automatic Data Processing, Inc.			1,380,280		0.5
12,094	Avnet, Inc.			498,998		0.2
19,990	Axis Capital Holdings Ltd.			1,130,235		0.4
23,506	Bank OZK			839,634		0.3
41,340	Bristol-Myers Squibb Co.			2,760,272		1.0
20,927	Cardinal Health, Inc.			1,718,107		0.6
8,747	Cheniere Energy, Inc.			1,338,291		0.5
5,329	Cigna Corp.			1,349,782		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
71,728	Cisco Systems, Inc.		$	3,389,148		1.3
12,362	Citizens Financial Group, Inc.			382,480		0.1
14,966	Coca-Cola Co.			960,069		0.4
13,779	Colgate-Palmolive Co.			1,099,564		0.4
16,782	Commerce Bancshares, Inc.			937,275		0.4
15,234	Consolidated Edison, Inc.			1,500,092		0.6
35,100	CSX Corp.			1,075,464		0.4
10,545	Cullen/Frost Bankers, Inc.			1,162,586		0.4
18,219	CVS Health Corp.			1,335,635		0.5
35,502	Dow, Inc.			1,931,309		0.7
27,888	DT Midstream, Inc.			1,374,042		0.5
12,912	DTE Energy Co.			1,451,438		0.5
21,704	Duke Energy Corp.			2,146,091		0.8
16,513	Edison International			1,215,357		0.5
14,175	Electronic Arts, Inc.			1,804,194		0.7
2,580	Elevance Health, Inc.			1,209,117		0.5
21,864	Emerson Electric Co.			1,820,397		0.7
4,850	EOG Resources, Inc.			579,429		0.2
122,099	Equitrans Midstream Corp.			628,810		0.2
3,978	Erie Indemnity Co.			864,539		0.3
4,217	Everest Re Group Ltd.			1,594,026		0.6
23,515	Evergy, Inc.			1,460,517		0.5
19,925	First Hawaiian, Inc.			380,767		0.1
58,709	Flowers Foods, Inc.			1,615,085		0.6
3,312	FMC Corp.			409,297		0.2
84,119	FNB Corp.			965,686		0.4
12,913	Fortive Corp.			814,681		0.3
23,239	Gaming and Leisure Properties, Inc.			1,208,428		0.5
23,876	General Mills, Inc.			2,116,130		0.8
13,241	General Motors Co.			437,483		0.2
30,772	Genpact Ltd.			1,370,893		0.5
39,545	Gentex Corp.			1,091,046		0.4
10,137	Genuine Parts Co.			1,706,158		0.6
29,755	Gilead Sciences, Inc.			2,446,158		0.9
34,784	H&R Block, Inc.			1,179,525		0.4
5,356	Hancock Whitney Corp.			195,601		0.1
7,273	Hanover Insurance Group, Inc.			869,560		0.3
23,009	Hartford Financial Services Group, Inc.			1,633,409		0.6
11,177	Highwoods Properties, Inc.			256,177		0.1
1,832	Humana, Inc.			971,858		0.4
10,177	International Bancshares Corp.			434,253		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
4,853	International Business Machines Corp.		$	613,468		0.2
10,289	Iridium Communications, Inc.			653,043		0.2
25,971	Iron Mountain, Inc.			1,434,638		0.5
34,890	Johnson & Johnson			5,711,493		2.1
4,009	Johnson Controls International plc			239,899		0.1
52,193	Juniper Networks, Inc.			1,573,619		0.6
13,403	Kellogg Co.			935,127		0.3
29,884	Keurig Dr Pepper, Inc.			977,207		0.4
21,572	Kilroy Realty Corp.			630,765		0.2
14,521	Kimberly-Clark Corp.			2,103,948		0.8
16,104	Leidos Holdings, Inc.			1,501,859		0.6
9,458	LKQ Corp.			546,010		0.2
17,283	Loews Corp.			994,982		0.4
15,460	Marathon Petroleum Corp.			1,886,120		0.7
10,112	Marsh & McLennan Cos., Inc.			1,822,081		0.7
9,865	McDonald’s Corp.			2,917,574		1.1
3,831	McKesson Corp.			1,395,403		0.5
38,623	Merck & Co., Inc.			4,459,798		1.7
17,026	Metlife, Inc.			1,044,205		0.4
27,206	MGIC Investment Corp.			404,553		0.2
2,833	Mid-America Apartment Communities, Inc.			435,715		0.2
18,979	Mondelez International, Inc.			1,456,069		0.5
8,076	Morgan Stanley			726,598		0.3
8,006	MSC Industrial Direct Co.			726,384		0.3
17,863	National Fuel Gas Co.			998,542		0.4
33,728	National Retail Properties, Inc.			1,467,168		0.6
14,607	NetApp, Inc.			918,634		0.3
44,942	New Fortress Energy, Inc.			1,361,293		0.5
42,410	NiSource, Inc.			1,206,989		0.5
64,299	Old Republic International Corp.			1,624,836		0.6
8,350	ONE Gas, Inc.			642,532		0.2
17,030	Oneok, Inc.			1,113,932		0.4
6,979	Packaging Corp. of America			943,979		0.4
27,014	Patterson Cos., Inc.			732,349		0.3
19,205	PepsiCo, Inc.			3,666,042		1.4
55,818	Pfizer, Inc.			2,170,762		0.8
29,315	Philip Morris International, Inc.			2,930,621		1.1
18,793	Phillips 66			1,860,507		0.7
12,435	Popular, Inc.			746,224		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
55,999	PPL Corp.		$	1,608,291		0.6
4,328	Procter & Gamble Co.			676,813		0.3
20,259	Prosperity Bancshares, Inc.			1,268,619		0.5
6,312	Qualcomm, Inc.			737,242		0.3
121,948	Rithm Capital Corp.			995,096		0.4
22,204	Rollins, Inc.			938,119		0.4
8,827	Sempra Energy			1,372,510		0.5
5,329	Sensata Technologies Holding PLC			231,545		0.1
1,158	Sherwin-Williams Co.			275,071		0.1
8,204	Silgan Holdings, Inc.			404,129		0.2
5,901	Snap-On, Inc.			1,530,778		0.6
19,191	Sonoco Products Co.			1,163,358		0.4
10,251	Targa Resources Corp.			774,258		0.3
10,713	Texas Instruments, Inc.			1,791,214		0.7
10,685	Travelers Cos, Inc.			1,935,481		0.7
6,483	UMB Financial Corp.			412,384		0.2
1,503	UnitedHealth Group, Inc.			739,611		0.3
36,049	Unum Group			1,521,268		0.6
41,615	US Bancorp			1,426,562		0.5
5,834	Valero Energy Corp.			668,985		0.2
80,148	Verizon Communications, Inc.			3,112,147		1.2
22,361	Virtu Financial, Inc.			448,338		0.2
11,542	Washington Federal, Inc.			323,638		0.1
11,920	Wells Fargo & Co.			473,820		0.2
47,674	Wendy’s Company			1,053,595		0.4
6,507	Westinghouse Air Brake Technologies Corp.			635,539		0.2
12,903	WestRock Co.			386,187		0.1
40,297	Williams Cos., Inc.			1,219,387		0.5
				168,198,706		63.4
	Total Common Stock (Cost $241,429,347)			259,374,636		97.7

EXCHANGE-TRADED FUNDS: 1.6%
28,132	iShares MSCI EAFE Value Index ETF			1,412,789		0.5
18,454	iShares Russell 1000 Value ETF			2,853,542		1.1
	Total Exchange-Traded Funds (Cost $4,129,324)			4,266,331		1.6

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: 0.1%
	Germany: 0.1%
2,609	Volkswagen AG		$	356,260		0.1
	Total Preferred Stock (Cost $338,322)			356,260		0.1
	Total Long-Term Investments (Cost $245,896,993)			263,997,227		99.4

SHORT-TERM INVESTMENTS: 1.5%
	Mutual Funds: 1.5%
4,010,000 (3)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.780% (Cost $4,010,000)			4,010,000		1.5
	Total Short-Term Investments (Cost $4,010,000)			4,010,000		1.5
	Total Investments in Securities (Cost $249,906,993)		$	268,007,227		100.9
	Liabilities in Excess of Other Assets			(2,497,468)		(0.9)
	Net Assets		$	265,509,759		100.0

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

Rate shown is the 7-day yield as of April 30, 2023.

Sector Diversification	Percentage of Net Assets
Financials		21.4%
Health Care		15.2
Industrials		12.8
Consumer Staples		10.0
Energy		7.7
Utilities		6.7
Consumer Discretionary		5.7
Information Technology		5.3
Communication Services		5.3
Materials		4.9
Real Estate		2.8
Exchange-Traded Funds		1.6
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(0.9)
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global High Dividend Low

PORTFOLIO OF INVESTMENTS

Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	8,447,655		$	—		$	8,447,655
Austria			—			506,260			—			506,260
Canada			9,925,858			—			—			9,925,858
Denmark			—			1,149,958			—			1,149,958
Finland			—			340,118			—			340,118
France			—			10,367,599			—			10,367,599
Germany			—			1,952,891			—			1,952,891
Hong Kong			703,720			3,562,980			—			4,266,700
Ireland			—			757,059			—			757,059
Israel			—			580,701			—			580,701
Italy			—			3,417,395			—			3,417,395
Japan			—			19,332,829			—			19,332,829
Netherlands			—			3,430,816			—			3,430,816
New Zealand			—			314,563			—			314,563
Singapore			—			1,357,100			—			1,357,100
Spain			—			4,908,510			—			4,908,510
Switzerland			—			6,068,081			—			6,068,081
United Kingdom			2,109,929			11,941,908			—			14,051,837
United States			168,198,706			—			—			168,198,706
Total Common Stock			180,938,213			78,436,423			—			259,374,636
Exchange-Traded Funds			4,266,331			—			—			4,266,331
Preferred Stock			—			356,260			—			356,260
Short-Term Investments			4,010,000			—			—			4,010,000
Total Investments, at fair value		$	189,214,544		$	78,792,683		$	—		$	268,007,227

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund’s investments are categorized as Level 2 investments.

At April 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 $250,509,601.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	27,966,672
Gross Unrealized Depreciation		(10,434,040)
Net Unrealized Appreciation	$	17,532,632

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Perspectives® Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 5.1%
259,683	iShares Global REIT ETF		$	6,048,017		5.1
	Total Exchange-Traded Funds
	(Cost $6,731,506)			6,048,017		5.1
MUTUAL FUNDS: 94.9%
	Affiliated Investment Companies: 94.9%
2,785,926	Voya Global Bond Fund - Class R6			20,755,147		17.5
2,760,332	Voya GNMA Income Fund - Class R6			20,702,492		17.5
3,087,743	Voya High Yield Bond Fund - Class R6			20,873,146		17.6
2,252,457	Voya Investment Grade Credit Fund - Class R6			20,767,658		17.5
154,897	Voya Large-Cap Growth Fund - Class R6			5,918,603		5.0
354,202	Voya Mid Cap Research Enhanced Index Fund - Class I			5,837,250		4.9

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies: (continued)
647,909	Voya Multi-Manager Emerging Markets Equity Fund - Class I		$	5,772,871		4.9
683,044	Voya Multi-Manager International Factors Fund - Class I			6,079,091		5.2
441,328	Voya Small Company Fund - Class R6			5,701,955		4.8
	Total Mutual Funds (Cost $120,540,391)			112,408,213		94.9
	Total Investments in Securities (Cost $127,271,897)		$	118,456,230		100.0
	Assets in Excess of Other Liabilities			13,317		0.0
	Net Assets		$	118,469,547		100.0

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	6,048,017		$	—		$	—		$	6,048,017
Mutual Funds			112,408,213			—			—			112,408,213
Total Investments, at fair value		$	118,456,230		$	—		$	—		$	118,456,230

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Perspectives® Fund

as of April 30, 2023 (Unaudited) (continued)

The following table provides transactions during the period ended April 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 10/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 4/30/2023			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6		$	10,982,723		$	10,058,652		$	(1,292,772)		$	1,006,544		$	20,755,147		$	253,548		$	(296,673)		$	—
Voya GNMA Income Fund - Class R6			10,881,655			10,413,416			(1,152,856)			560,277			20,702,492			230,567			(150,862)			—
Voya High Yield Bond Fund - Class R6			11,384,050			10,279,868			(1,118,755)			327,983			20,873,146			391,151			(144,436)			155,356
Voya Investment Grade Credit Fund - Class R6			10,935,925			10,072,671			(1,038,208)			797,270			20,767,658			253,198			(45,368)			—
Voya Large-Cap Growth Fund - Class R6			11,461,118			3,581,104			(13,250,134)			4,126,515			5,918,603			—			(4,956,522)			1,840,884
Voya Mid Cap Research Enhanced Index Fund - Class I			12,213,433			1,068,285			(7,214,080)			(230,388)			5,837,250			99,490			(146,999)			669,415
Voya Multi-Manager Emerging Markets Equity Fund - Class I			10,944,798			757,594			(12,197,354)			6,267,833			5,772,871			489,436			(4,933,743)			—
Voya Multi-Manager International Factors Fund - Class I			11,484,542			734,569			(9,843,954)			3,703,934			6,079,091			437,375			(1,821,818)			—
Voya Small Company Fund - Class R6			12,318,752			353,505			(10,086,509)			3,116,207			5,701,955			56,311			(2,885,119)			—
		$	102,606,996		$	47,319,664		$	(57,194,621)		$	19,676,174		$	112,408,213		$	2,211,076		$	(15,381,540)		$	2,665,655

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At April 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 $128,786,671.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	148,278
Gross Unrealized Depreciation		(10,478,719)
Net Unrealized Depreciation	$	(10,330,441)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.3%
	Australia: 7.8%
59,206	ADBRI Ltd.		$	62,512		0.0
222,622 (1)	Alkane Resources Ltd.			129,862		0.1
134,972 (1)	Allkem Ltd.			1,108,456		0.4
10,283	Altium Ltd.			262,126		0.1
1,325	Australian Clinical Labs Ltd.			3,109		0.0
12,310	Ava Risk Group Ltd.			1,670		0.0
310,498	Base Resources Ltd.			39,037		0.0
656,910	Beach Energy Ltd.			646,589		0.3
1,114,951	Beacon Minerals Ltd.			24,346		0.0
89,246	BlueScope Steel Ltd.			1,186,232		0.5
96,520 (1)	Boral Ltd.			264,934		0.1
50,871	Charter Hall Group			378,472		0.2
8,967	Clinuvel Pharmaceuticals Ltd.			120,667		0.0
185,036	CSR Ltd.			647,760		0.3
41,393	Data#3 Ltd.			208,961		0.1
58,854	Deterra Royalties Ltd.			180,468		0.1
12,368 (1)	DGL Group Ltd./Au			11,899		0.0
62,717	Elders Ltd.			337,669		0.1
11,478	Enero Group Ltd.			13,883		0.0
62,528	Estia Health Ltd.			109,093		0.0
16,365	GR Engineering Services Ltd.			19,755		0.0
53,562	Grange Resources Ltd.			21,984		0.0
18,489	Helia Group Ltd.			38,838		0.0
156,949	Horizon Oil Ltd.			16,740		0.0
284,527	Iluka Resources Ltd.			2,090,694		0.8
122,226	Image Resources NL			9,301		0.0
535,452	Incitec Pivot Ltd.			1,140,842		0.4
14,713	IPD Group Ltd./Australia			35,694		0.0
19,061	JB Hi-Fi Ltd.			564,124		0.2
128,714	Jupiter Mines Ltd.			21,292		0.0
56,054 (1)	Karoon Energy Ltd.			80,129		0.0
115,297	Macmahon Holdings Ltd.			10,329		0.0
225,303 (1)	Metals X Ltd.			41,311		0.0
20,594	Mineral Resources Ltd.			1,015,915		0.4
291,304	Myer Holdings Ltd.			169,552		0.1
295,658	New Hope Corp., Ltd.			1,045,126		0.4
100,021	Nufarm Ltd.			371,900		0.1
1,805	Objective Corp. Ltd.			15,452		0.0
357,688	OceanaGold Corp.			818,417		0.4
26,317 (1)	OFX Group Ltd.			24,944		0.0
36,306	OM Holdings Ltd.			15,976		0.0
103,062	Orica Ltd.			1,112,432		0.4
61,824	Orora Ltd.			141,301		0.1
46,859	Pact Group Holdings Ltd.			31,123		0.0
63,070 (1)	Perenti Ltd.			48,332		0.0
65,563	Perseus Mining Ltd.			96,895		0.0
263,460	Region RE Ltd.			431,142		0.2
84,304	Ridley Corp. Ltd.			120,878		0.1
40,485	Seven Group Holdings Ltd.			639,482		0.3
143,887 (1)	Sierra Rutile Holdings Ltd.			21,518		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Australia (continued)
40,764	Sims Metal Management Ltd.		$	427,196		0.2
57,661	SRG Global Ltd.			28,924		0.0
71,351	Super Retail Group Ltd.			643,914		0.3
8,248	Symbio Holdings Ltd.			11,606		0.0
85,551	Technology One Ltd.			862,509		0.3
35,148 (1)	Telix Pharmaceuticals Ltd.			237,913		0.1
8,921	Vitura Health Ltd.			2,096		0.0
26,390 (1)	Webjet Ltd.			130,508		0.1
365,038 (1)	Westgold Resources Ltd.			368,908		0.1
279,560	Whitehaven Coal Ltd.			1,341,545		0.5
				20,004,282		7.8
	Austria: 0.4%
1,638 (1)	Addiko Bank AG			25,089		0.0
10,642	Andritz AG			691,156		0.3
2,747	Porr AG			41,953		0.0
12,406 (1)	Raiffeisen International Bank Holding AG			190,578		0.1
1,330	Semperit AG Holding			34,953		0.0
4,049	Wienerberger AG			121,975		0.0
590	Zumtobel AG			4,634		0.0
				1,110,338		0.4
	Belgium: 0.0%
103 (1)	AGFA-Gevaert NV			289		0.0
533 (1)	Cie d’Entreprises CFE			5,761		0.0
478	Sipef NV			31,150		0.0
651	Wereldhave Belgium Comm VA			35,259		0.0
				72,459		0.0
	Bermuda: 0.3%
126,327	Hafnia Ltd.			685,321		0.3
1,776 (1)	Seadrill Ltd.			63,966		0.0
				749,287		0.3
	Brazil: 0.2%
209,600	Ultrapar Participacoes SA			607,226		0.2

	Canada: 11.8%
4,300	AGF Management Ltd.			23,867		0.0
20,754	AirBoss of America Corp.			110,139		0.0
84,694	Alamos Gold, Inc.			1,094,580		0.4
46,600	Artis Real Estate Investment Trust			242,140		0.1
25,322 (1)	ATS Corp.			1,085,509		0.4
19,409	Bird Construction, Inc.			122,770		0.1
22,700	Black Diamond Group Ltd.			114,769		0.0
21,661	Boardwalk Real Estate Investment Trust			927,289		0.4
15,356	BRP, Inc.			1,147,237		0.4
29,900 (1)	Calibre Mining Corp.			34,207		0.0
29,243 (1)	Canfor Corp.			439,449		0.2
4,896 (1)	Canfor Pulp Products, Inc.			7,155		0.0
130,752 (1)	Capstone Copper Corp.			614,747		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Canada (continued)
933	Cardinal Energy Ltd.		$	5,027		0.0
29,800	Cascades, Inc.			242,825		0.1
131,408 (1)	Celestica, Inc.			1,425,765		0.6
96,700	Centerra Gold, Inc.			653,779		0.3
63,178	CES Energy Solutions Corp.			125,437		0.1
2,369 (1)	Cipher Pharmaceuticals, Inc.			5,945		0.0
6,000	Computer Modelling Group Ltd.			31,398		0.0
5,500 (1)	Coveo Solutions, Inc.			26,590		0.0
23,300	Crescent Point Energy Corp.			172,319		0.1
117,400 (1)	Crew Energy, Inc.			398,598		0.2
9,255 (1)	Descartes Systems Group, Inc./The			733,378		0.3
163,098	Dundee Precious Metals, Inc.			1,196,586		0.5
66,878	Element Fleet Management Corp.			874,693		0.3
8,200	Enghouse Systems Ltd.			225,691		0.1
43,898 (1)	Ensign Energy Services, Inc.			85,862		0.0
44,000 (1)	ERO Copper Corp.			866,458		0.3
10,508	Exco Technologies Ltd.			57,083		0.0
91,746	Finning International, Inc.			2,377,534		0.9
73,600	H&R Real Estate Investment Trust			638,299		0.3
137,545	Headwater Exploration, Inc.			631,457		0.2
21,459	High Arctic Energy Services, Inc.			16,472		0.0
96,600	HudBay Minerals, Inc.			484,123		0.2
24,796 (1)	Imax Corp.			519,476		0.2
1,532	Information Services Corp.			25,442		0.0
3,400 (1)	Kinaxis, Inc.			466,918		0.2
15,731	Laurentian Bank of Canada			373,986		0.1
8,500	Linamar Corp.			404,030		0.2
24,900 (1)	Major Drilling Group International			192,054		0.1
6,130 (1)	Mandalay Resources Corp.			11,040		0.0
19,475	Martinrea International, Inc.			203,396		0.1
40,700 (1)	MEG Energy Corp.			677,708		0.3
2,200	Melcor Developments Ltd.			18,804		0.0
800	Morguard Corp.			60,990		0.0
10,159	Mullen Group Ltd.			112,549		0.0
11,268	Neo Performance Materials, Inc.			74,685		0.0
12,338 (1)(2)	Nuvei Corp.			501,042		0.2

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	Canada (continued)
57,832 (1)	NuVista Energy Ltd.		$	501,978			0.2
200 (1)	O3 Mining, Inc.			239			0.0
49,145	Parex Resources, Inc.			997,881	��		0.4
32,200	Parkland Corp.			759,339			0.3
10,300	Pason Systems, Inc.			89,707			0.0
23,900	PHX Energy Services Corp.			119,249			0.1
2,100	Pizza Pizza Royalty Corp.			21,560			0.0
3,700	Polaris Renewable Energy, Inc.			36,485			0.0
11,689 (1)	Repare Therapeutics, Inc.			104,733			0.0
36,218	Russel Metals, Inc.			922,258			0.4
5,700 (1)	Shawcor Ltd.			51,327			0.0
24,130	Silvercorp Metals, Inc.			88,338			0.0
21,000	Stelco Holdings, Inc.			733,764			0.3
29,617	Stella-Jones, Inc.			1,159,016			0.5
1,500	TECSYS, Inc.			28,321			0.0
48,100 (1)	Torex Gold Resources, Inc.			789,211			0.3
15,400	Total Energy Services, Inc.			91,046			0.0
46,350	TransAlta Corp.			413,262			0.2
58,655	Tricon Residential, Inc.			470,158			0.2
12,310 (1)	Uni-Select, Inc.			422,857			0.2
22,783	Vermilion Energy, Inc.			288,392			0.1
66,635 (1)	Victoria Gold Corp.			480,022			0.2
1,100	Wajax Corp.			19,526			0.0
15,900	Western Forest Products, Inc.			12,205			0.0
103,010	Whitecap Resources, Inc.			812,006			0.3
58	Winpak Ltd.			1,935			0.0
				30,296,112			11.8
	China: 1.2%
10,821	Autohome, Inc. ADR			320,843			0.1
37,184	Beijing Infosec Technologies Co. Ltd. - A Shares			240,906			0.1
111,072	Ever Reach Group Holdings Co. Ltd.			4,245			0.0
60,700	Fujian Boss Software Development Co. Ltd. - A Shares			171,861			0.1
909,897	Greenland Hong Kong Holdings Ltd.			69,831			0.0
14,400	Hangzhou Electronic Soul Network Technology Co. Ltd. - A Shares			101,916			0.1
469,001 (1)	Harbin Electric Co. Ltd. - H Shares			209,104			0.1
119,276	Henan Jinma Energy Co. Ltd. - H Shares			39,051			0.0
1,453	JOYY, Inc. ADR			44,215			0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
80,320 (1)	Lansen Pharmaceutical Holdings Ltd.		$	14,018		0.0
314,000 (1)	Natural Food International Holding Ltd.			19,001		0.0
317,800	Newland Digital Technology Co. Ltd. - A Shares			734,457		0.3
48,900	Northking Information Technology Co. Ltd. - A Shares			245,603		0.1
31,758	Pacific Online Ltd.			3,237		0.0
293,072	Shanghai Pudong Road & Bridge Construction Co. Ltd. - A Shares			302,972		0.1
344,317	Ten Pao Group Holdings Ltd.			54,391		0.0
432,000	Tian Di Science & Technology Co. Ltd. - A Shares			341,119		0.1
5,426 (1)	Weibo Corp. ADR			95,009		0.1
37,099	Xingfa Aluminium Holdings Ltd.			33,367		0.0
319,000 (1)	Xiwang Special Steel Co. Ltd. - H Shares			2,896		0.0
119,814	Zengame Technology Holding Ltd. - H Shares			49,811		0.0
				3,097,853		1.2
	Denmark: 1.8%
15,162 (1)	Bavarian Nordic A/S			416,969		0.2
10,522	D/S Norden			661,168		0.3
38,823	ISS A/S			811,700		0.3
11,797 (1)	Jyske Bank			862,525		0.3
82	North Media A/S			729		0.0
19,073	Pandora A/S			1,765,432		0.7
1,323	Skjern Bank			24,521		0.0
				4,543,044		1.8
	Egypt: 0.0%
234,266 (1)	Emaar Misr for Development SAE			23,417		0.0

	Finland: 1.2%
30	Alandsbanken Abp			1,164		0.0
1,202	Alma Media Oyj			11,790		0.0
1,699	Aspo Oyj			15,258		0.0
2,454	Digia Oyj			14,926		0.0
1,887	eQ Oyj			40,006		0.0
22,690	F-Secure Oyj			73,113		0.0
19,460	Konecranes Oyj			762,248		0.3
40,576	Oriola Oyj			65,009		0.1
265	Ponsse Oyj			8,317		0.0
11 (1)	QT Group Oyj			949		0.0
3	Relais Group Oyj			43		0.0
7,133	Taaleri Oyj			81,737		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Finland (continued)
23,763	TietoEVRY Oyj		$	759,322		0.3
1,047	Titanium Oyj			17,767		0.0
1,217	Vaisala OYJ			51,259		0.0
32,957	Valmet OYJ			1,114,996		0.5
				3,017,904		1.2
	France: 8.5%
4,965	ABC arbitrage			33,154		0.0
14,683 (1)	Accor S.A.			520,912		0.2
1,191	Alten Ltd.			202,480		0.1
9,096	Arkema SA			899,989		0.4
606	Assystem			29,022		0.0
1,451	Boiron SA			63,794		0.0
39,388	Catana Group			296,236		0.1
5,282	CBO Territoria			22,350		0.0
2,326	Coface SA			35,603		0.0
14,711 (1)	Criteo SA ADR			462,661		0.2
5,142	Dassault Aviation SA			1,004,842		0.4
3,156	Derichebourg SA			19,518		0.0
7,762	Edenred			504,327		0.2
13,545	Eiffage SA			1,612,184		0.6
2,328 (1)	Ekinops SAS			20,931		0.0
47,361	Elis SA			940,774		0.4
699 (1)	Eurobio Scientific SA			12,555		0.0
314	Fountaine Pajot SA			39,271		0.0
4,792 (1)	GL Events			115,116		0.1
342	Groupe Crit			28,264		0.0
15,929	Groupe SFPI			38,615		0.0
4,057	Guerbet			74,523		0.0
1,118	Infotel SA			69,727		0.1
15,606	Ipsen SA			1,892,472		0.7
5,177	Jacquet Metals SACA			101,200		0.0
40,830	Klepierre SA			1,034,233		0.4
50,742 (2)	La Francaise des Jeux SAEM			2,168,815		0.8
698	Neurones			29,238		0.0
16,579	Nexity SA			434,950		0.2
12,906 (1)	Renault S.A.			479,369		0.2
90,643	Rexel SA			2,099,627		0.8
435	Savencia SA			30,211		0.0
5,476	Serge Ferrari SAS			83,580		0.0
489	Societe BIC S.A.			30,179		0.0
2,899 (1)	SOITEC			428,195		0.2
5,510	Sopra Steria Group SACA			1,192,718		0.5
31,125	SPIE SA			971,509		0.4
449	Stef SA			52,107		0.0
1,221	Synergie SE			44,399		0.0
74,247	Technip Energies NV			1,647,236		0.6
60,797 (1)	Vallourec SA			694,501		0.3
240	Vetoquinol SA			23,520		0.0
48,788	Vivendi SE			535,912		0.2
8,547	Wendel SE			958,800		0.4
				21,979,619		8.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	Germany: 7.7%
27,272 (1)	Affimed NV		$	24,545			0.0
32,341	Aixtron SE			915,637			0.3
955	Atoss Software AG			191,568			0.1
7,785	Aurubis AG			730,370			0.3
20,616	Bechtle AG			958,837			0.4
6,917	Carl Zeiss Meditec AG			930,356	��		0.4
10,049 (1)	CTS Eventim AG & Co. KGaA			662,083			0.3
54,506 (2)	Deutsche Pfandbriefbank AG			502,733			0.2
10,698	Duerr AG			371,190			0.1
26,805	Encavis AG			463,522			0.2
8,439 (1)	Ernst Russ AG			47,067			0.0
30,645	Freenet AG			873,662			0.3
58,791	GEA Group AG			2,765,120			1.1
11,572	Gerresheimer AG			1,260,976			0.5
853	Gesco SE			25,472			0.1
3,585	GFT Technologies AG			141,579			0.0
4,270 (1)	H&R GmbH & Co. KGaA			24,467			0.0
89,863 (1)	Heidelberger Druckmaschinen AG			186,290			0.1
3,455	Hornbach Holding AG & Co. KGaA			293,564			0.1
20,306	Hugo Boss AG			1,530,906			0.6
750	Krones AG			98,547			0.0
65	New Work SE			11,853			0.0
39	Paul Hartmann AG			9,841			0.0
2	Pfeiffer Vacuum Technology AG			334			0.0
1,299	PSI Software AG			42,228			0.0
1,751	Rational AG			1,268,200			0.5
8,250	Rheinmetall AG			2,416,375			0.9
4,921	Salzgitter AG			195,117			0.1
492	Stemmer Imaging AG			24,125			0.0
10,694	Suedzucker AG			216,030			0.1
118	Surteco SE			2,561			0.0
64,428	TAG Immobilien AG			551,694			0.2
60,713	ThyssenKrupp AG			436,906			0.2
13,479 (1)	Trivago NV ADR			19,410			0.0
20,605	United Internet AG			353,775			0.1
737	USU Software AG			20,302			0.0
6,093	VERBIO Vereinigte BioEnergie AG			226,928			0.1
13,747 (1)	Vitesco Technologies Group AG			941,414			0.4
				19,735,584			7.7
	Greece: 0.2%
2,685	Autohellas Tourist and Trading SA			37,920			0.0
4,350	Motor Oil Hellas Corinth Refineries SA			103,676			0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Greece (continued)
40,973 (1)	National Bank of Greece SA		$	214,419		0.1
2,038	Piraeus Port Authority			42,982		0.0
7,911	Thrace Plastics Holding and Co.			36,240		0.0
				435,237		0.2
	Guernsey: 0.1%
168,820	Balanced Commercial Property Trust Ltd.			174,819		0.1

	Hong Kong: 1.5%
106,000	Analogue Holdings Ltd.			19,720		0.0
55,500	ASMPT Ltd			436,350		0.2
204,478	Build King Holdings Ltd.			27,091		0.0
330,972	China Merchants Land Ltd.			20,450		0.0
194,000	Comba Telecom Systems Holdings Ltd.			37,967		0.0
80,000	Computer & Technologies Holdings Ltd.			23,950		0.0
1,703	Computime Group Ltd.			102		0.0
771,406	Fountain SET Hldgs			68,791		0.0
29,786	FSE Lifestyle Services Ltd.			22,914		0.0
166,000	Gemdale Properties & Investment Corp. Ltd.			11,025		0.0
28,006	HKR International Ltd.			8,947		0.0
232,000 (1)	Hop Fung Group Holdings Ltd.			3,044		0.0
112,000	Hysan Development Co., Ltd.			316,517		0.1
102,000	IVD Medical Holding Ltd.			17,965		0.0
14,500	Johnson Electric Holdings Ltd.			16,212		0.0
70,500	Kerry Properties Ltd.			181,898		0.1
59,500	Lee’s Pharmaceutical Holdings Ltd.			11,377		0.0
46,818	Luk Fook Holdings International Ltd.			150,029		0.1
33,822	Lung Kee Bermuda Holdings			9,565		0.0
43,682 (1)	Melco Resorts & Entertainment Ltd. ADR			595,822		0.3
223,367 (1)	Midland Holdings Ltd.			23,406		0.0
2,463,991	Pacific Basin Shipping Ltd.			857,361		0.3
338,289	PAX Global Technology Ltd.			278,663		0.1
58,939	Pico Far East Holdings Ltd.			9,939		0.0
64,762	Plover Bay Technologies Ltd.			19,248		0.0
23,000 (1)	Rich Goldman Holdings Ltd.			164		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong (continued)
94,851	Road King Infrastructure		$	37,796		0.0
87,913 (1)(3)	S&C Engine Group Ltd.			—		—
196,229 (1)	Shun TAK Holdings Ltd.			35,621		0.0
1,298,000	Singamas Container Holdings Ltd.			101,041		0.1
321,180	Tang Palace China Holdings Ltd.			23,827		0.0
3,644,629 (1)	Tongda Group Holdings Ltd.			51,261		0.0
580,000	United Laboratories International Holdings Ltd.			469,615		0.2
212,000	Vedan International Holdings Ltd.			13,099		0.0
15,840	Wai Kee Holdings Ltd.			3,249		0.0
				3,904,026		1.5
	India: 0.1%
25,620 (1)(3)	Geodesic Ltd.			—		—
459	Gillette India Ltd.			24,778		0.0
18,958	Gujarat State Fertilisers & Chemicals, Ltd.			36,955		0.0
3,706	LG Balakrishnan & Bros Ltd.			39,473		0.0
70,142	Manappuram Finance Ltd.			111,674		0.1
1,505	Sarda Energy & Minerals Ltd.			20,701		0.0
13,150	Tamilnad Mercantile Bank Ltd.			66,480		0.0
21,379 (1)(3)	Varun Industries Ltd.			—		—
1,464	WPIL Ltd.			47,882		0.0
				347,943		0.1
	Indonesia: 0.3%
319,000	ABM Investama Tbk PT			72,663		0.0
87,400	Adaro Energy Indonesia Tbk PT			18,709		0.0
1,609,000 (1)	Agung Podomoro Land Tbk PT			14,720		0.0
2,468,300 (1)	Alam Sutera Realty Tbk PT			29,997		0.0
312,800	Arwana Citramulia Tbk PT			19,510		0.0
520,000 (1)	Champ Resto Indonesia Tbk PT			42,568		0.0
672,600	IMC Pelita Logistik TBK PT			30,298		0.0
8,500	Indo Tambangraya Megah PT			19,338		0.0
323,700	Indofood Sukses Makmur Tbk PT			142,484		0.1
31,448	Indo-Rama Synthetics Tbk PT			10,354		0.0
111,000 (1)	Map Aktif Adiperkasa PT			34,806		0.0
485,100 (1)	Mitrabahtera Segara Sejati Tbk PT			49,105		0.0
1,482,035 (1)	Mulia Industrindo Tbk PT			50,512		0.1
3,677,900	Panin Financial Tbk PT			71,812		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Indonesia (continued)
2,350,632	Perusahaan Gas Negara Tbk PT		$	229,947		0.1
688,700	Salim Ivomas Pratama Tbk PT			18,692		0.0
392,600	Wismilak Inti Makmur Tbk PT			28,769		0.0
				884,284		0.3
	Ireland: 1.2%
150,595	Bank of Ireland Group PLC			1,557,597		0.6
133,143 (1)	Dalata Hotel Group PLC - DHGI			669,228		0.3
55,218	Glanbia Plc			837,389		0.3
				3,064,214		1.2
	Israel: 1.9%
1,583	Arad Ltd.			19,522		0.0
5,694 (1)	B Communications Ltd.			19,200		0.0
602	Dor Alon Energy in Israel 1988 Ltd.			11,859		0.0
1,685	FIBI Holdings Ltd.			62,855		0.1
641	FMS Enterprises Migun Ltd.			18,704		0.0
2,076	Ilex Medical Ltd.			45,126		0.0
34,761 (1)	Inmode Ltd.			1,295,195		0.5
854	Ituran Location and Control Ltd.			17,763		0.0
35,905 (1)	JFrog Ltd.			666,756		0.3
14	Melisron Ltd.			936		0.0
73,896 (1)	Perion Network Ltd.			2,588,577		1.0
1,963 (1)	RADWARE Ltd.			39,554		0.0
23,600	Sarine Technologies Ltd.			7,798		0.0
1,149 (1)	Silicom Ltd.			40,146		0.0
446	Telsys Ltd.			26,310		0.0
2,190	Zvi Sarfati & Sons Investments & Constructions 1992 Ltd.			12,377		0.0
				4,872,678		1.9
	Italy: 2.5%
1,156	ACEA SpA			16,953		0.0
6,083	Banca IFIS SpA			102,161		0.1
199,289	Banco BPM SpA			810,328		0.3
1,267	Brunello Cucinelli SpA			121,319		0.1
31,523	Buzzi Unicem SpA			783,849		0.3
3,190	Danieli & C Officine Meccaniche SpA			65,335		0.0
22,461 (1)	Geox S.p.A.			25,420		0.0
262,238	Iren SpA			566,708		0.2
63,637 (1)	Iveco Group NV			572,592		0.2
158,432	Leonardo SpA			1,888,025		0.7
7,459	Orsero SpA			104,545		0.1
570	Pharmanutra SpA			31,634		0.0
6,967	Reply SpA			811,675		0.3
205,329 (1)(4)	Saras S.p.A.			265,469		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Italy (continued)
7,033 (1)(4)	Servizi Italia SpA		$	10,462		0.0
29,520 (1)	Sogefi S.p.A.			39,964		0.0
2,331	SOL SpA			67,296		0.0
22	Somec SpA			676		0.0
44,041	Webuild SpA			94,697		0.1
				6,379,108		2.5
	Japan: 19.4%
24,900	Adastria Co. Ltd.			469,581		0.2
1,900	AEON Financial Service Co., Ltd.			16,924		0.0
786	Aichi Tokei Denki Co., Ltd.			8,884		0.0
1,000	Aiphone Co., Ltd.			15,770		0.0
10,300	Aisan Industry Co., Ltd.			73,721		0.0
2,900	Akatsuki, Inc.			48,170		0.0
58,500	Alps Alpine Co. Ltd.			534,108		0.2
500	Arata Corp.			16,258		0.0
4,000	Arealink Co. Ltd.			67,815		0.0
2,800	Artner Co. Ltd.			27,723		0.0
17,700	Asahi Diamond Industrial Co., Ltd.			118,322		0.1
18,600	Asics Corp.			519,895		0.2
1,400	ASKA Pharmaceutical Holdings Co. Ltd.			13,125		0.0
3,100	Ateam, Inc.			15,350		0.0
4,400 (1)	Atrae, Inc.			26,667		0.0
12,700	Avant Group Corp.			131,430		0.1
1,600	Axial Retailing, Inc.			41,525		0.0
6,000	Bando Chemical Industries Ltd.			48,201		0.0
600 (1)	baudroie inc			20,579		0.0
13,800	BayCurrent Consulting, Inc.			479,688		0.2
5,100	BML, Inc.			114,538		0.1
6,800	Brother Industries Ltd.			106,796		0.1
1,700	Business Brain Showa-Ota, Inc.			24,509		0.0
3,600	Business Engineering Corp.			91,464		0.1
4,100	Carlit Holdings Co. Ltd.			21,034		0.0
2,000	Central Automotive Products Ltd.			42,522		0.0
1,100	Central Sports Co., Ltd.			20,759		0.0
2,000	Chilled & Frozen Logistics Holdings Co. Ltd.			19,490		0.0
1,700	Chino Corp.			26,520		0.0
1,300	Chiyoda Integre Co., Ltd.			22,252		0.0
36,500	CKD Corp.			555,990		0.2
2,100	CMC Corp.			21,502		0.0
1,800	Core Corp.			22,398		0.0
6,200	Cosmos Initia Co. Ltd.			26,504		0.0
37,500	Credit Saison Co., Ltd.			519,560		0.2
24,100	Daido Steel Co., Ltd.			928,096		0.4
2,700	Daihatsu Diesel Manufacturing Co., Ltd.			12,580		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
17,200	Daihen Corp.		$	566,419		0.2
2,800	Dai-Ichi Cutter Kogyo KK			25,646		0.0
5,715	Daitron Co., Ltd.			109,805		0.1
1,300	Digital Arts, Inc.			48,391		0.0
24,900	DMG Mori Co. Ltd.			399,462		0.2
1,900	DMS, Inc.			20,221		0.0
9,900	Doshisha Co., Ltd.			155,874		0.1
22,382	DTS Corp.			531,787		0.2
13,900	Ebara Corp.			608,143		0.3
4,900	Ebase Co. Ltd.			24,797		0.0
61,100	Eiken Chemical Co., Ltd.			710,399		0.3
4,600	Elematec Corp.			58,406		0.0
19,400	en Japan, Inc.			348,236		0.2
14,200	Enigmo, Inc.			44,604		0.0
1,200	Enplas Corp.			40,522		0.0
4,700	Entrust, Inc.			32,962		0.0
5,400	Exedy Corp.			77,730		0.0
5,000	Fixstars Corp.			51,553		0.0
2,100	Freund Corp.			9,890		0.0
1,700	Fudo Tetra Corp.			22,345		0.0
11,800	Fuji Corp.			197,923		0.1
2,200	Fuji Corp./Miyagi			21,292		0.0
9,600	Fuji Soft, Inc.			573,546		0.2
7,900	Fujikura Kasei Co., Ltd.			25,521		0.0
93,100	Fujikura Ltd.			634,767		0.3
2,200	Fukuda Denshi Co., Ltd.			67,618		0.0
33,200	Fullcast Co., Ltd.			602,763		0.3
5,200	Fuso Pharmaceutical Industries Ltd.			78,345		0.0
8,500	Futaba Industrial Co., Ltd.			28,463		0.0
7,000	Fuyo General Lease Co., Ltd.			512,297		0.2
9,000	Glory Ltd.			191,353		0.1
6,900	Goldwin, Inc.			626,948		0.3
2,000 (1)	Greens Co. Ltd.			21,637		0.0
13,900	GungHo Online Entertainment, Inc.			266,867		0.1
22,000	H.U. Group Holdings, Inc.			444,757		0.2
11,100	Heiwa Corp.			219,160		0.1
7,200	Hisamitsu Pharmaceutical Co., Inc.			199,149		0.1
1,000	Hodogaya Chemical Co., Ltd.			23,018		0.0
13,600	Horiba Ltd.			749,261		0.3
4,500	Hyakujushi Bank Ltd.			61,801		0.0
19,100	Ichikoh Industries Ltd.			77,306		0.0
700	Ichinen Holdings Co., Ltd.			7,114		0.0
3,100	ID Holdings Corp.			25,053		0.0
1,000	IG Port, Inc.			23,187		0.0
5,300	I-Net Corp.			51,517		0.0
23,600	Infocom Corp.			392,156		0.2
78,900	INFRONEER Holdings, Inc.			623,199		0.3
2,100	Inoue Kinzoku Kogyo Co., Ltd.			24,357		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
4,000	Intelligent Wave, Inc.		$	21,316		0.0
63,800	Internet Initiative Japan, Inc.			1,320,292		0.5
1,302	Invincible Investment Corp.			562,148		0.2
5,900	I-PEX, Inc.			60,586		0.0
10,000	IR Japan Holdings Ltd.			157,678		0.1
2,100	ISB Corp.			18,557		0.0
2,700	ITmedia, Inc.			27,619		0.0
14,800	Itoki Corp.			88,056		0.1
4,200	Iwaki Co. Ltd.			40,312		0.0
68,900	J Front Retailing Co., Ltd.			724,639		0.3
2,100	JAC Recruitment Co. Ltd.			39,237		0.0
3,900	Japan Lifeline Co. Ltd.			26,826		0.0
9,000	Japan System Techniques Co. Ltd.			137,502		0.1
5,300	Japan Transcity Corp.			26,454		0.0
3,400	JBCC Holdings, Inc.			53,907		0.0
19,400	Jeol Ltd.			566,024		0.2
1,400	JFE Systems, Inc.			26,871		0.0
36,400	JGC Holdings Corp.			455,374		0.2
2,500	JK Holdings Co., Ltd.			19,503		0.0
5,500	J-Stream, Inc.			21,663		0.0
400	JUTEC Holdings Corp.			3,464		0.0
38,200	Kakaku.com, Inc.			525,583		0.2
243	Kamei Corp.			2,791		0.0
18,000	Kaneka Corp.			478,866		0.2
2,100	Kaneko Seeds Co. Ltd.			24,713		0.0
1,600	Kawada Technologies, Inc.			47,998		0.0
163	Kenedix Office Investment Corp.			360,365		0.2
1,200	KFC Ltd.			11,602		0.0
2,260	Kimura Unity Co., Ltd.			17,504		0.0
3,700	Kita-Nippon Bank Ltd.			56,410		0.0
11,100	Kitz Corp.			75,911		0.0
3,800	Koa Corp.			47,673		0.0
22,100	Komeri Co., Ltd.			514,062		0.2
4,500	Komori Corp.			34,870		0.0
156,300	Konica Minolta, Inc.			651,985		0.3
5,900	Konoike Transport Co. Ltd.			69,436		0.0
1,500	KSK Co. Ltd./Inagi			25,113		0.1
3,100	Kuriyama Holdings Corp.			20,170		0.0
2,200	Kyowa Electronics Instruments Co. Ltd.			5,807		0.0
1,300 (1)	LaKeel, Inc.			21,154		0.0
2,900	Makino Milling Machine Co., Ltd.			106,073		0.1
1,600	Makiya Co. Ltd.			8,477		0.0
3,200	Mani, Inc.			41,877		0.0
2,600	Marvelous, Inc.			12,903		0.0
3,600	Matching Service Japan Co. Ltd.			26,946		0.0
2,100	Matsuoka Corp.			22,208		0.0
223,700	Mebuki Financial Group, Inc.			573,042		0.2
5,300 (1)	Megachips Corp.			125,683		0.1

Shares		Value				Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
3,400	Melco Holdings, Inc.		$	83,830			0.0
11,200	Micronics Japan Co. Ltd.			102,034			0.1
4,000	MIMAKI ENGINEERING CO Ltd.			19,874			0.0
4,300	Mimasu Semiconductor Industry Co., Ltd.			83,089			0.0
15,700	Mirarth Holdings, Inc.			44,300			0.0
6,500	Mito Securities Co., Ltd.			14,113			0.0
3,100	Mitsubishi Shokuhin Co. Ltd.			80,085			0.0
6,100	Mitsui-Soko Holdings Co. Ltd.			179,052			0.1
700	Miyaji Engineering Group, Inc.			20,063			0.0
10,500	Morinaga Milk Industry Co., Ltd.			394,914			0.2
800	Morishita Jintan Co. Ltd.			12,020			0.0
3,500	Morito Co. Ltd.			27,486			0.0
13,900	MRK Holdings, Inc.			11,456			0.0
7,000	Mugen Estate Co. Ltd.			32,318			0.0
1,900	Mutoh Holdings Co., Ltd.			23,396			0.0
1,900	Naigai Trans Line Ltd.			36,085			0.0
10,287	Nakano Corp.			31,225			0.0
1,200	Nanyo Corp.			20,532			0.0
20,100	Net One systems Co., Ltd.			473,925			0.2
5,600	Ngi Group, Inc.			51,977			0.0
1,600	Nichiban Co. Ltd.			23,661			0.0
54,800	Nichicon Corp.			519,463			0.2
3,700	Nichiha Corp.			78,176			0.0
3,200	Nihon Denkei Co. Ltd.			44,648			0.0
1,600	Nihon Falcom Corp.			14,252			0.0
2,700	Nihon Trim Co., Ltd.			57,992			0.0
96	Nippon Accommodations Fund, Inc.			466,658			0.2
2,900	Nippon BS Broadcasting Corp.			18,975			0.0
4,700	Nippon Pillar Packing Co., Ltd.			130,674			0.1
13,300	Nippon Shinyaku Co., Ltd.			608,192			0.3
66,878	Niraku GC Holdings, Inc.			2,471			0.0
54,818	Nissan Tokyo Sales Holdings Co., Ltd.			141,567			0.1
8,531	Nisshin Group Holdings Co. Ltd.			29,419			0.0
8,100	Nisshinbo Holdings, Inc.			62,359			0.0
8,600	Nisso Corp.			49,223			0.0
109,200	Nissui Corp.			477,474			0.2
5,100	Nitto Seiko Co., Ltd.			22,777			0.0
3,400	NJS Co. Ltd.			57,522	��		0.0
3,000	Noritsu Koki Co., Ltd.			49,312			0.0
7,200	Noritz Corp.			97,635			0.1
2,100	NSW, Inc./Japan			32,426			0.0
1,200	Ochi Holdings Co. Ltd.			10,925			0.0
1,300	Oita Bank Ltd.			19,767			0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
8,100	Okabe Co., Ltd.		$	50,157		0.0
700	Okamoto Machine Tool Works Ltd.			25,307		0.0
3,400	Okuma Corp.			150,982		0.1
1,800 (1)	One Career, Inc.			46,745		0.0
4,700 (1)	Optim Corp.			32,235		0.0
5,400	Optorun Co. Ltd.			82,306		0.0
20,300	Organo Corp.			490,196		0.2
1,000	Origin Co. Ltd.			9,187		0.0
6,100	Oro Co. Ltd.			109,620		0.1
1,600	Oyo Corp.			24,084		0.0
2,300	Pack Corp.			52,705		0.0
16,000	Parker Corp.			73,828		0.0
1,800	Pasco Corp.			19,558		0.0
9,200	PC Depot Corp.			20,118		0.0
5,700	Pegasus Co. Ltd.			26,128		0.0
3,400	Pickles Holdings Co. Ltd.			29,438		0.0
2,700	Plus Alpha Consulting Co. Ltd.			57,797		0.0
100	Pronexus, Inc.			735		0.0
6,100	Punch Industry Co. Ltd.			23,629		0.0
121,000	Rengo Co., Ltd.			789,135		0.3
38,700	Resorttrust, Inc.			639,046		0.3
500	Rhythm Co. Ltd.			7,169		0.0
66,000	Ricoh Co., Ltd.			546,462		0.2
2,100	Ride On Express Holdings Co. Ltd.			16,685		0.0
1,700	Riken Corp.			34,205		0.0
6,200	Riken Technos Corp.			27,845		0.0
112,600	Round One Corp.			487,081		0.2
3,700	Ryobi Ltd.			43,057		0.0
1,000	Saison Information Systems Co. Ltd.			13,555		0.0
1,400	San Holdings, Inc.			23,887		0.0
5,100	Sanken Electric Co., Ltd.			383,059		0.2
15,700	Sankyo Co., Ltd.			692,626		0.3
1,519	Sankyo Frontier Co. Ltd.			39,537		0.0
18,500	Sankyu, Inc.			652,490		0.3
12,800	Sansha Electric Manufacturing Co. Ltd.			85,383		0.0
59,800	Sanwa Holdings Corp.			654,998		0.3
500	Sanyo Denki Co. Ltd.			24,978		0.0
4,300	Sanyo Trading Co. Ltd.			40,870		0.0
12,800	Sawai Group Holdings Co. Ltd.			370,375		0.2
1,900	Saxa Holdings, Inc.			25,621		0.0
1,400	Screen Holdings Co. Ltd.			113,875		0.1
3,600	Seed Co. Ltd./Tokyo			15,159		0.0
1,500	Seika Corp.			24,752		0.0
6,700	Seino Holdings Co. Ltd.			74,383		0.0
6,600	Sekisui Plastics Co., Ltd.			22,811		0.0
5,000	SERAKU Co. Ltd.			58,804		0.0
800	Shibaura Mechatronics Corp.			89,577		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
1,400	Shibusawa Warehouse Co., Ltd.		$	23,840		0.0
6,500	Shimamura Co., Ltd.			596,729		0.2
2,100	Shin Maint Holdings Co. Ltd.			19,981		0.0
31,500	Shinko Electric Industries			935,283		0.4
700	Shinsho Corp.			30,317		0.0
3,700	Sinfonia Technology Co. Ltd.			47,291		0.0
1,700	SK-Electronics Co., Ltd.			22,310		0.0
900	SMK Corp.			16,071		0.0
3,400	Socionext, Inc.			281,767		0.1
4,800	Sodick Co., Ltd.			26,556		0.0
5,000	Softcreate Holdings Corp.			58,630		0.0
5,569	Soken Chemical & Engineering Co. Ltd.			70,177		0.0
4,600	Soliton Systems KK			35,384		0.0
4,400	SPK Corp.			56,608		0.0
2,600	Sprix Ltd.			17,722		0.0
3,300	Star Micronics Co., Ltd.			42,949		0.0
8,300	Starts Corp., Inc.			156,852		0.1
11,600	Sumitomo Bakelite Co., Ltd.			443,619		0.2
24,000	Sumitomo Forestry Co., Ltd.			518,501		0.2
18,600	Sumitomo Pharma Co. Ltd.			116,690		0.1
5,300	Sun Frontier Fudousan Co., Ltd.			51,451		0.0
1,600	Suzuden Corp.			30,044		0.0
30,500	Suzuken Co., Ltd.			868,052		0.4
5,900	T&K Toka Co. Ltd.			50,437		0.0
2,690	Tachikawa Corp.			25,063		0.0
1,000	Taihei Dengyo Kaisha Ltd.			30,502		0.0
2,200	Takaoka Toko Co. Ltd.			33,084		0.0
2,800	Takara Bio, Inc.			35,331		0.0
1,500	Takasago International Corp.			28,607		0.0
25,800	Takeuchi Manufacturing Co. Ltd.			708,046		0.3
3,100	Takuma Co., Ltd.			32,432		0.0
2,400	Tanabe Consulting Co. Ltd.			15,493		0.0
800	Techno Medica Co. Ltd.			10,552		0.0
1,100	Techno Quartz, Inc.			32,245		0.0
24,800	TechnoPro Holdings, Inc.			676,636		0.3
1,800	Tenma Corp.			31,009		0.0
26,800	TOA Road Corp.			852,758		0.3
22,900	Tochigi Bank Ltd.			46,760		0.0
2,700	Togami Electric Manufacturing Co. Ltd.			35,918		0.0
1,100	Toho Holdings Co., Ltd.			21,946		0.0
64,100	Tokai Carbon Co., Ltd.			582,522		0.2
9,700	Tokyo Ohka Kogyo Co., Ltd.			506,371		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
13,800	Tokyo Seimitsu Co., Ltd.		$	509,110		0.2
46,500	Tokyo Tatemono Co., Ltd.			588,922		0.2
15,300	TOMONY Holdings, Inc.			41,621		0.0
1,800	Tonami Holdings Co., Ltd.			61,059		0.0
8,400	Towa Bank Ltd.			34,524		0.0
1,900	Towa Pharmaceutical Co., Ltd.			27,119		0.0
3,700	Toyo Denki Seizo - Toyo Electric Manufacturing Co. Ltd.			27,761		0.0
11,900	Toyo Suisan Kaisha Ltd.			531,299		0.2
46,800	Toyo Tire & Rubber Co., Ltd.			557,575		0.2
2,500	TPR Co., Ltd.			25,795		0.0
6,600	Transcosmos, Inc.			153,994		0.1
6,900	Trusco Nakayama Corp.			119,862		0.1
800	Tsubakimoto Kogyo Co., Ltd.			24,309		0.0
1,100	Uchida Yoko Co., Ltd.			41,878		0.0
4,100	Ulvac, Inc.			162,764		0.1
1,500	UNIRITA, Inc.			20,114		0.0
4,200	Valqua Ltd.			105,663		0.1
6,600	ValueCommerce Co. Ltd.			63,930		0.0
4,200	VINX Corp.			41,598		0.0
600	WDB coco Co. Ltd.			20,680		0.0
14,200	West Holdings Corp.			338,540		0.1
5,500	Will Group, Inc.			43,110		0.0
4,200	Xebio Holdings Co., Ltd.			37,274		0.0
2,300	YAMADA Consulting Group Co. Ltd.			25,834		0.0
2,300	Yamaichi Electronics Co., Ltd.			30,535		0.0
46,700	YA-MAN Ltd.			403,270		0.2
36,500	Yokogawa Electric Corp.			592,789		0.2
1,700	Yondenko Corp.			24,410		0.0
5,400	Yorozu Corp.			35,818		0.0
3,000	Yossix Co. Ltd.			48,681		0.0
3,400	Yushin Precision Equipment Co., Ltd.			19,842		0.0
1,700	Zaoh Co. Ltd.			28,720		0.0
12,600	Zenkoku Hosho Co. Ltd.			463,102		0.2
16,700	ZIGExN Co. Ltd.			62,099		0.0
				49,850,726		19.4
	Luxembourg: 0.2%
9,219	APERAM SA			341,817		0.1
250,262	d’Amico International Shipping SA			111,403		0.1
2,223	Majorel Group Luxembourg SA			72,139		0.0
1,125	Stabilus SE			73,522		0.0
				598,881		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Malaysia: 0.1%
10,300	Allianz Malaysia Bhd		$	32,051		0.0
174,800	Berjaya Food Bhd			34,743		0.1
161,400	CCK Consolidated Holdings BHD			25,736		0.0
54,200	CSC Steel Holdings Bhd			14,005		0.0
47,000	Deleum Bhd			9,894		0.0
70,800	IGB Real Estate Investment Trust			27,808		0.0
97,800 (1)	KSL Holdings BHD			18,234		0.0
20,754	Kumpulan Fima BHD			9,631		0.0
210,000	Media Chinese International Ltd.			6,153		0.0
82,400	MKH Bhd			24,447		0.0
3,245	Nylex Malaysia BHD			318		0.0
30,700	Sarawak Plantation Bhd			14,614		0.0
42,900	Syarikat Takaful Malaysia Keluarga Bhd			31,678		0.0
				249,312		0.1
	Malta: 0.0%
58	Kindred Group PLC - SDR			714		0.0

	Mauritius: 0.0%
21,280	Capital Ltd.			26,690		0.0

	Mexico: 0.5%
47,215 (2)	Mexico Real Estate Management SA de CV			77,547		0.0
59,797 (1)	Vista Energy SAB de CV ADR			1,250,953		0.5
				1,328,500		0.5
	Netherlands: 2.0%
10,280	Aalberts NV			474,790		0.2
23,098	ASR Nederland NV			1,015,915		0.4
8,254	BE Semiconductor Industries NV			742,976		0.3
16,685	Flow Traders Ltd.			413,301		0.1
50,733 (1)	Fugro NV			719,363		0.3
578	Nedap N.V.			36,213		0.0
19,879	OCI NV			523,820		0.2
427,794 (1)(4)	Pharming Group NV			482,557		0.2
22,274 (2)	Signify NV			743,875		0.3
478,561 (1)(3)(4)	SNS Reaal NV			—		—
1,143	TKH Group NV			55,335		0.0
64	Vastned Retail NV			1,458		0.0
				5,209,603		2.0
	New Zealand: 0.1%
46,798 (1)	Air New Zealand Ltd.			22,049		0.0
26,351 (1)	Bathurst Resources Ltd.			17,854		0.0
43,293	NZME Ltd.			27,843		0.0
8,701	PGG Wrightson Ltd.			23,406		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	New Zealand (continued)
8,037	Scales Corp. Ltd.		$	15,675		0.0
51,430	Sky Network Television Ltd.			83,888		0.1
				190,715		0.1
	Norway: 0.6%
32,008	ABG Sundal Collier Holding ASA			16,639		0.0
67,141	Belships ASA			126,949		0.1
170	Bouvet ASA			1,071		0.0
62,692	Hoegh Autoliners ASA			406,493		0.2
320	Medistim ASA			7,897		0.0
242,488	MPC Container Ships ASA			397,934		0.2
4,742 (4)	Opera Ltd. ADR			56,714		0.0
6,522	Pareto Bank ASA			31,742		0.0
11,332 (1)	Petronor E&P ASA			873		0.0
3,770	Protector Forsikring ASA			54,738		0.0
1,938	Sparebank 1 Nord Norge			17,546		0.0
3,785	Sparebanken More			27,060		0.0
3,888	TGS Nopec Geophysical Co. ASA			60,973		0.0
23,465	Wallenius Wilhelmsen ASA			175,613		0.1
10,282 (4)	Western Bulk Chartering AS			42,495		0.0
2,084	Wilh Wilhelmsen Holding ASA			54,657		0.0
				1,479,394		0.6
	Peru: 0.0%
56,691	Hochschild Mining PLC			51,221		0.0

	Philippines: 0.0%
19,260	Ginebra San Miguel, Inc.			51,571		0.0

	Poland: 0.2%
2,061	Asseco South Eastern Europe SA			25,749		0.0
12	Budimex SA			1,058		0.0
6,101 (1)	Jastrzebska Spolka Weglowa SA			63,143		0.0
5,039	LiveChat Software SA			168,306		0.1
10,092 (1)	PGE Polska Grupa Energetyczna SA			16,718		0.0
21,412 (1)	PKP Cargo SA			81,474		0.1
335	PlayWay SA			33,834		0.0
204 (4)	Stalprodukt SA			14,823		0.0
				405,105		0.2
	Portugal: 0.0%
56,765	Sonae SGPS SA			64,732		0.0

	Singapore: 1.3%
3,502	Boustead Singapore Ltd.			2,113		0.0
102,134	China Sunsine Chemical Holdings Ltd.			35,305		0.0
29,800	CSE Global Ltd.			7,941		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Singapore (continued)
30,600	Frasers Centrepoint Ltd.		$	20,066		0.0
510,900	Frasers Logistics & Commercial Trust			518,533		0.2
559,000	Golden Agri-Resources Ltd.			115,608		0.1
9	Ho Bee Land Ltd.			15		0.0
26,200	Hour Glass Ltd./The			40,954		0.0
553,000 (1)	IGG, Inc.			457,137		0.2
616,900	Jiutian Chemical Group Ltd.			32,011		0.0
44,400	LHN Ltd.			8,818		0.0
114,100	Pacific Century Regional Developments Ltd.			31,639		0.1
32,500	Riverstone Holdings Ltd.			14,784		0.0
591,000	SembCorp Industries Ltd.			1,901,631		0.7
83,600	Sing Holdings Ltd.			21,928		0.0
13,300	Sing Investments & Finance Ltd.			15,748		0.0
70,892	Tai Sin Electric Ltd.			20,744		0.0
67,951	Tiong Woon Corp. Holding Ltd.			23,934		0.0
34,800	Wing Tai Holdings Ltd.			38,650		0.0
				3,307,559		1.3
	South Africa: 0.2%
1,200	DRDGOLD Ltd. ADR			12,840		0.0
46,729	MMI Holdings			47,341		0.0
32,096 (1)	Petra Diamonds Ltd.			27,485		0.0
27,924	Sappi Ltd.			63,458		0.0
8,936	Sun International Ltd./ South Africa			20,029		0.0
53,688	Sylvania Platinum Ltd.			61,669		0.0
44,139	Thungela Resources Ltd.			409,937		0.2
				642,759		0.2
	South Korea: 3.0%
2	Asia Holdings Co., Ltd.			207		0.0
41,646	BNK Financial Group, Inc.			207,185		0.1
7,566	Coway Co. Ltd.			277,797		0.1
2,725	Cuckoo Holdings Co. Ltd.			31,424		0.0
33,171	Dae Hyun Co. Ltd.			54,702		0.0
29,772	Daeduck Electronics Co. Ltd. / New			482,733		0.2
11,952	Daewon San Up Co. Ltd.			57,104		0.0
2,204	Daewoong Co. Ltd.			24,652		0.0
8,578	Dentium Co. Ltd.			925,959		0.4
4,561	DMS Co. Ltd.			21,510		0.0
3,782	DY Corp.			15,488		0.0
8,077	Eusu Holdings Co. Ltd.			40,915		0.0
1,300	Fursys, Inc.			28,042		0.0
1,348	Hanmi Pharm Co. Ltd.			326,034		0.1
4,970	Hanyang Securities Co. Ltd.			32,659		0.0
2,527	Hite Holdings Co. Ltd.			17,365		0.0
3,886	HK inno N Corp.			94,015		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
2,040	IDIS Holdings Co. Ltd.		$	20,218		0.0
5,550	JB Financial Group Co. Ltd.			34,726		0.0
13,865	JYP Entertainment Corp.			937,938		0.4
3,015	Kolon Corp.			45,890		0.0
45,444	Korea Asset In Trust Co. Ltd.			99,632		0.1
11,037	Korea Real Estate Investment Trust Co.			11,099		0.0
421	KPX Chemical Co. Ltd.			14,862		0.0
3,470	LEADCORP, Inc./The			19,404		0.0
4,152	LEENO Industrial, Inc.			416,994		0.2
367	LF Corp.			4,805		0.0
15,961	Lock&Lock Co. Ltd.			68,515		0.0
4,355	Lotte Chilsung Beverage Co., Ltd.			507,626		0.2
8,919	LOTTE Fine Chemical Co. Ltd.			409,617		0.2
3,257	Medy-Tox, Inc.			576,617		0.2
2,411	MegaStudy Co., Ltd.			20,648		0.0
5,399	New Power Plasma Co. Ltd.			20,151		0.0
685	Nice Information & Telecommunication, Inc.			12,316		0.0
3,140	PHA Co. Ltd.			20,153		0.0
3,023	Rayence Co. Ltd.			26,649		0.0
8,006	Sam Young Electronics Co. Ltd.			56,513		0.0
3,844	Sambo Corrugated Board Co. Ltd.			28,918		0.0
41,244 (1)	Samsung Engineering Co. Ltd.			900,236		0.4
9,193	Seah Besteel Holdings Corp.			159,647		0.1
167	SeAH Holdings Corp.			14,237		0.0
1,354	Shinsegae Engineering & Construction Co. Ltd.			17,883		0.0
1,735	SJ Group Co. Ltd.			18,517		0.0
10,720	SNT Dynamics Co., Ltd.			73,778		0.0
126	Taekwang Industrial Co. Ltd.			65,771		0.0
2,511	Uju Electronics Co. Ltd.			23,279		0.0
13,886	Youngone Corp.			459,577		0.2
				7,724,007		3.0
	Spain: 1.9%
65,272	Acerinox S.A.			705,218		0.3
56,827	Applus Services SA			476,785		0.2
159,078	Bankinter S.A.			940,667		0.4
25,484	Cia de Distribucion Integral Logista Holdings SA			692,069		0.3
13,941	Corp ACCIONA Energias Renovables SA			500,583		0.2
47,702	Ence Energia y Celulosa S.A			186,853		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Spain (continued)
12,942	Ercros SA		$	60,410		0.0
34,991	Faes Farma SA			123,346		0.0
70,269	Merlin Properties Socimi SA			621,307		0.2
7,389	Naturhouse Health SAU			14,086		0.0
4,551	Vidrala SA			477,755		0.2
				4,799,079		1.9
	Sweden: 1.8%
550	AQ Group AB			21,969		0.0
5,543 (1)	Arise AB			30,054		0.0
25,586 (4)	Avanza Bank Holding AB			544,401		0.2
5,213	B3 Consulting Group AB			79,664		0.0
96	Beijer Alma AB			2,183		0.0
14,518	Betsson AB			156,717		0.1
17,650	BioGaia AB			175,208		0.1
34,964	Biotage AB			434,937		0.2
684	Bjorn Borg AB			2,628		0.0
340	BTS Group AB			8,966		0.0
3,828	Bulten AB			35,520		0.0
2 (1)	Careium AB			3		0.0
3,703	Catella AB			12,587		0.0
6,300 (1)	Doro AB			9,369		0.0
12,512	Hanza AB			96,380		0.1
35,558	Hexatronic Group AB			300,775		0.1
959	HMS Networks AB			44,613		0.0
10,089	Inwido AB			106,019		0.1
13,510	Loomis AB			432,439		0.2
1,390	MEKO AB			17,045		0.0
274 (1)	Micro Systemation AB			1,315		0.0
166,960 (1)	Net Insight AB			85,303		0.0
2,956	Nilorngruppen AB			20,523		0.0
18,536	Nordic Paper Holding AB			72,423		0.0
4,168	OEM International AB			40,450		0.0
208	Probi AB			3,722		0.0
5,165 (1)	RaySearch Laboratories AB			34,538		0.0
16,499	Rottneros AB			19,821		0.0
10,346	Softronic AB			19,592		0.0
4,944	Solid Forsakring AB			31,289		0.0
480,600	Storskogen Group AB			438,045		0.2
3,729	Systemair AB			32,410		0.0
10,025 (1)	Tobii AB			20,929		0.0
26,331	Trelleborg AB			661,648		0.3
72,046	Wihlborgs Fastigheter AB			582,344		0.2
				4,575,829		1.8
	Switzerland: 4.6%
2,577	Ascom Holding AG			24,932		0.0
3,838	Baloise Holding AG			642,455		0.2
1,506 (1)	Basilea Pharmaceutica AG			72,984		0.0
2,067	Bucher Industries AG			930,865		0.4
158	Burckhardt Compression Holding AG			97,563		0.0
558	Burkhalter Holding AG			59,963		0.0
501	Calida Holding AG			23,232		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
9	Carlo Gavazzi Holding AG		$	3,286		0.0
46,411	Coca-Cola HBC AG			1,416,780		0.6
2,007	Comet Holding AG			485,126		0.2
8,600 (1)	Dufry Group			397,572		0.2
2,447	Flughafen Zuerich AG			470,971		0.2
140	Forbo Holding AG			206,090		0.1
11,543 (2)	Galenica AG			1,034,470		0.4
663	Huber & Suhner AG			54,611		0.0
14,871	Julius Baer Group Ltd.			1,065,599		0.4
7,152 (1)	Kudelski SA			14,468		0.0
5,940	Meier Tobler Group AG			354,303		0.1
17	Metall Zug AG			35,090		0.0
1,707	Mikron Holding AG			22,344		0.0
47	Phoenix Mecano AG			23,196		0.0
9,102	PSP Swiss Property AG			1,071,862		0.4
875	Siegfried Holding AG			674,370		0.3
8,391	Sulzer AG			703,145		0.3
4,300	Swissquote Group Holding SA			920,512		0.4
2,306	Tecan Group AG			1,004,892		0.4
732	u-blox Holding AG			88,239		0.0
				11,898,920		4.6
	Taiwan: 1.1%
127,000	Chien Kuo Construction Co. Ltd.			53,763		0.0
1,421	ChipMOS Technologies, Inc. ADR			34,019		0.0
12,000	eMemory Technology, Inc.			717,501		0.3
71,000	Everlight Electronics Co., Ltd.			92,505		0.0
18,000	General Interface Solution Holding Ltd.			46,701		0.0
26,000	Global Mixed Mode Technology, Inc.			153,866		0.1
10,944 (4)	Himax Technologies, Inc. ADR			72,668		0.1
104,000	Inventec Co., Ltd.			112,179		0.0
139,107	Kindom Construction Co.			134,634		0.1
12,000	King Chou Marine Technology Co. Ltd.			15,932		0.0
20,000	Lida Holdings Ltd.			21,229		0.0
6,000	Micro-Star International Co., Ltd.			28,518		0.0
17,000	Nova Technology Corp./ Taiwan			55,405		0.0
27,000	Pixart Imaging, Inc.			91,102		0.0
42,000	Powertech Technology, Inc.			125,763		0.1
62,000	Prince Housing & Development Corp.			24,237		0.0
50,000	Rechi Precision Co. Ltd.			29,095		0.0
19,000	Rich Honour International Designs Co. Ltd.			33,822		0.0
6,000	Shiny Brands Group Co. Ltd.			36,196		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
36,000	Sitronix Technology Corp.		$	268,078		0.1
40,850	Taiwan Fire & Marine Insurance Co. Ltd.			28,259		0.0
7,000	Tofu Restaurant Co. Ltd.			56,697		0.0
23,100	Userjoy Technology Co. Ltd.			60,945		0.0
17,000	WinWay Technology Co. Ltd.			396,244		0.2
36,000	Wistron Information Technology & Services Corp.			144,077		0.1
				2,833,435		1.1
	Thailand: 0.2%
186,100 (1)	After You PCL			57,868		0.0
1,285,800	BTS Rail Mass Transit Growth Infrastructure Fund			129,594		0.1
161,000	LPN Development PCL			21,624		0.0
35,700	MK Restaurants Group PCL			51,579		0.0
98,900	Pruksa Holding PCL			35,971		0.0
215,800	Ratchaphruek Hospital PCL			37,033		0.0
56,900	Regional Container Lines PCL			40,474		0.0
105,400	Supalai PCL			65,508		0.0
17,700	Thai Stanley Electric PCL - NVDR			94,114		0.1
44,000	Zen Corp. Group PCL			19,586		0.0
				553,351		0.2
	Ukraine: 0.0%
2,452 (1)	Astarta Holding PLC			17,939		0.0

	United Arab Emirates: 0.1%
25,524	Commercial Bank of Dubai PSC			30,721		0.0
98,080	Emaar Development PJSC			147,948		0.1
7,129	Orascom Construction PLC			23,995		0.0
33,615	Sharjah Islamic Bank			17,697		0.0
				220,361		0.1
	United Kingdom: 10.8%
14,277	4imprint Group PLC			809,215		0.3
43,659 (1)	Abcam PLC ADR			711,205		0.3
3,244 (1)	accesso Technology Group PLC			27,808		0.0
2,565	AG Barr PLC			16,215		0.0
12,352	AJ Bell PLC			50,637		0.0
91,149 (1)	Alphawave IP Group PLC			116,446		0.0
4,660	Anglo-Eastern Plantations PLC			48,960		0.0
9,959	Animalcare Group PLC			22,772		0.0
144,282	Balfour Beatty PLC			694,483		0.3
84,860	Beazley PLC			636,662		0.2
16,362	Bellway PLC			496,089		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
10,742	Belvoir Group PLC		$	27,900		0.0
9,009	Berkeley Group Holdings PLC			504,165		0.2
88,633	Centrica Plc			127,362		0.1
7,956	Cerillion PLC			122,985		0.1
5,100	Chesnara PLC			17,786		0.0
31,791	Computacenter PLC			921,655		0.4
3,539	Craneware PLC			60,043		0.0
28,417	CVS Group PLC			757,334		0.3
23,027	dotdigital group plc			25,825		0.0
65,840	Drax Group PLC			520,961		0.2
37,174	DS Smith PLC			145,138		0.1
30,500	Dunelm Group PLC			439,274		0.2
2,897 (1)	Eagle Eye Solutions Group PLC			19,843		0.0
71,276 (1)	easyJet PLC			447,178		0.2
18,305	Ecora Resources PLC			27,514		0.0
37,425	Endeavour Mining PLC			963,490		0.4
8,545 (1)	Ergomed PLC			114,743		0.0
4,087	FDM Group Holdings PLC			34,568		0.0
14,872	Finsbury Food Group PLC			17,849		0.0
2,731	Foresight Group Holdings Ltd.			14,415		0.0
85,471	Gem Diamonds Ltd.			27,921		0.0
53,634	Global Ship Lease, Inc.			1,026,555		0.4
20,558	Gulf Keystone Petroleum Ltd.			35,086		0.0
124,973	Harbour Energy PLC			388,769		0.2
992	Hargreaves Services PLC			5,105		0.0
282,540	Hays PLC			405,349		0.2
17,177	Hikma Pharmaceuticals PLC			397,834		0.2
72,897	IG Group Holdings PLC			672,953		0.3
27,727	IMI PLC			556,312		0.2
80,982	Inchcape PLC			824,437		0.3
29,110	International Game Technology PLC			819,155		0.3
75,967	International Personal Finance PLC			94,032		0.0
102,043	Investec PLC - INP - ZAR			569,125		0.2
46,449	Investec PLC - INVP - GBP			258,933		0.1
71,700	JET2 PLC			1,107,349		0.4
350	Judges Scientific PLC			43,723		0.0
112,851	Just Group PLC			125,232		0.1
6,453	Kitwave Group Plc			21,784		0.0
230,040	LondonMetric Property PLC			557,907		0.2
24,278	Macfarlane Group PLC			32,647		0.0
224,038	Man Group PLC/Jersey			640,744		0.3
309,282 (1)	Marks & Spencer Group PLC			639,937		0.2
31,691 (1)	Mears Group PLC			88,219		0.0
153,617	Moneysupermarket.com Group PLC			530,463		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
5,425	Morgan Sindall PLC		$	115,710		0.0
3,725	MP Evans Group PLC			39,555		0.0
14,527	Ninety One PLC			33,063		0.0
18,017	Norcros PLC			44,154		0.0
146,831	OSB Group PLC			919,363		0.4
30,695 (1)	Oxford Biomedica PLC			167,503		0.1
2,047	Oxford Instruments Plc			71,003		0.0
30,578	Oxford Metrics PLC			36,508		0.0
40,963	Pagegroup PLC			233,774		0.1
26,072	Pan African Resources PLC			5,784		0.0
94,395 (1)	Playtech Ltd.			685,213		0.3
15,419	Polar Capital Holdings PLC			94,758		0.1
145,117	QinetiQ PLC			678,073		0.3
2,983	Robert Walters PLC			15,970		0.0
53,722	RS GROUP PLC			623,287		0.2
71,785	Safestore Holdings PLC			894,828		0.3
52,114	Savills PLC			630,893		0.2
398,478	Serco Group PLC			761,700		0.3
12,873	Spectris PLC			609,637		0.2
226,119	Speedy Hire PLC			91,363		0.0
40,308	SThree PLC			213,520		0.1
5,460	Stolt-Nielsen Ltd.			157,437		0.1
53,430	Tate & Lyle PLC			547,865		0.2
260,298	Tritax Big Box REIT Plc			508,561		0.2
42,718	Vesuvius PLC			218,034		0.1
241,838	Virgin Money UK PLC - VMUKL - GBP			475,310		0.2
71,388	Virgin Money UK PLC - VUK - AUD			141,034		0.1
937	Vp PLC			7,537		0.0
				27,831,528		10.8
	United States: 0.5%
23,787 (1)	Civeo Corp.			457,900		0.2
15,100 (1)	Hamilton Thorne Ltd.			18,613		0.0
26,922 (1)	IBEX Holdings Ltd.			551,093		0.2
216 (1)	Nova Ltd.			19,753		0.0
6,220 (1)	On Holding AG			201,839		0.1
4,563 (1)	UroGen Pharma Ltd.			52,885		0.0
				1,302,083		0.5
	Total Common Stock (Cost $242,163,956)			250,513,448		97.3
EXCHANGE-TRADED FUNDS: 1.2%
64,604	Vanguard FTSE Developed Markets ETF			2,995,042		1.2
	Total Exchange-Traded Funds
	(Cost $2,840,162)			2,995,042		1.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: 0.2%
	Brazil: 0.0%
32,700	Metalurgica Gerdau SA		$	76,115		0.0

	Germany: 0.2%
7,769	Fuchs Petrolub SE			306,930		0.1
88	KSB SE & Co. KGaA			47,761		0.0
8,138	Schaeffler AG			59,119		0.1
1,381	Villeroy & Boch AG			29,270		0.0
				443,080		0.2
	South Africa: 0.0%
776	Absa Bank Ltd.			32,877		0.0
	Total Preferred Stock
	(Cost $575,003)			552,072		0.2
	Total Long-Term Investments
	(Cost $245,579,121)			254,060,562		98.7

Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.0%
	Repurchase Agreements: 0.5%
1,000,000 (5)	Bank of America Inc., Repurchase Agreement dated 04/28/23, 4.82%, due 05/01/23 (Repurchase Amount $1,000,396, collateralized by various U.S. Government Agency Obligations, 1.500%-4.000%, Market Value plus accrued interest $1,020,000, due 09/20/46-06/20/52)		1,000,000		0.4
374,609 (5)	RBC Dominion Securities Inc., Repurchase Agreement dated 04/28/23, 4.81%, due 05/01/23 (Repurchase Amount $374,757, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.000%, Market Value plus accrued interest $382,101, due 05/04/23-04/20/53)		374,609		0.1
	Total Repurchase Agreements
	(Cost $1,374,609)		1,374,609		0.5

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.5%
	1,129,491	(6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.750%
			(Cost $1,129,491)		$	1,129,491		0.5
			Total Short-Term Investments
			(Cost $2,504,100)			2,504,100		1.0
			Total Investments in Securities (Cost $248,083,221)		$	256,564,662		99.7
			Assets in Excess of Other Liabilities			806,062		0.3
			Net Assets		$	257,370,724		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(4)

Security, or a portion of the security, is on loan.

(5)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of April 30, 2023.

Sector Diversification	Percentage of Net Assets
Industrials		23.9%
Materials		13.1
Information Technology		12.0
Consumer Discretionary		10.6
Financials		8.4
Health Care		7.8
Energy		6.1
Real Estate		5.8
Communication Services		4.9
Consumer Staples		2.9
Utilities		2.0
Exchange-Traded Funds		1.2
Short-Term Investments		1.0
Assets in Excess of Other Liabilities		0.3
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Australia		$	932,135		$	19,072,147		$	—		$	20,004,282
Austria			101,995			1,008,343			—			1,110,338
Belgium			—			72,459			—			72,459
Bermuda			—			749,287			—			749,287
Brazil			607,226			—			—			607,226
Canada			30,296,112			—			—			30,296,112
China			627,377			2,470,476			—			3,097,853
Denmark			—			4,543,044			—			4,543,044
Egypt			—			23,417			—			23,417
Finland			153,009			2,864,895			—			3,017,904
France			814,790			21,164,829			—			21,979,619
Germany			150,723			19,584,861			—			19,735,584
Greece			42,982			392,255			—			435,237
Guernsey			—			174,819			—			174,819
Hong Kong			738,134			3,165,892			—			3,904,026
India			—			347,943			—			347,943
Indonesia			193,056			691,228			—			884,284
Ireland			—			3,064,214			—			3,064,214
Israel			4,693,005			179,673			—			4,872,678
Italy			78,434			6,300,674			—			6,379,108
Japan			104,248			49,746,478			—			49,850,726
Luxembourg			72,139			526,742			—			598,881
Malaysia			15,784			233,528			—			249,312
Malta			—			714			—			714
Mauritius			26,690			—			—			26,690
Mexico			1,328,500			—			—			1,328,500
Netherlands			413,301			4,796,302			—			5,209,603
New Zealand			23,406			167,309			—			190,715
Norway			569,460			909,934			—			1,479,394
Peru			—			51,221			—			51,221
Philippines			51,571			—			—			51,571
Poland			25,749			379,356			—			405,105
Portugal			—			64,732			—			64,732
Singapore			124,246			3,183,313			—			3,307,559
South Africa			506,264			136,495			—			642,759
South Korea			—			7,724,007			—			7,724,007
Spain			14,086			4,784,993			—			4,799,079
Sweden			440,187			4,135,642			—			4,575,829
Switzerland			80,666			11,818,254			—			11,898,920
Taiwan			163,384			2,670,051			—			2,833,435
Thailand			19,586			533,765			—			553,351
Ukraine			17,939			—			—			17,939
United Arab Emirates			30,721			189,640			—			220,361
United Kingdom			8,114,741			19,716,787			—			27,831,528
United States			1,302,083			—			—			1,302,083
Total Common Stock			52,873,729			197,639,719			—			250,513,448

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at April 30, 2023
Exchange-Traded Funds		$	2,995,042		$	—		$	—		$	2,995,042
Preferred Stock			108,992			443,080			—			552,072
Short-Term Investments			1,129,491			1,374,609			—			2,504,100
Total Investments, at fair value		$	57,107,254		$	199,457,408		$	—		$	256,564,662
Other Financial Instruments+
Forward Foreign Currency Contracts			—			547			—			547
Total Assets		$	57,107,254		$	199,457,955		$	—		$	256,565,209
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(487)		$	—		$	(487)
Total Liabilities		$	—		$	(487)		$	—		$	(487)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At April 30, 2023, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Small Cap Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

GBP 38,185

USD 47,723

Bank of America N.A.

05/02/23

$ 267

NOK 551,028

USD 51,912

Bank of America N.A.

05/02/23

(207)

USD 3,709

HKD 29,124

Bank of America N.A.

05/02/23

(1)

USD 46,770

EUR 42,417

Bank of America N.A.

05/02/23

GBP 15,087

USD 18,958

Bank of America N.A.

05/03/23

(111)

NOK 115,809

USD 10,860

Bank of America N.A.

05/03/23

(76)

USD 64,457

EUR 58,518

Bank of America N.A.

05/03/23

243

USD 2,792

HKD 21,917

Bank of America N.A.

05/03/23

—

USD 10,559

GBP 8,475

The Bank of New York Mellon

05/02/23

(92)

USD 3,005

CHF 2,692

The Bank of New York Mellon

05/03/23

USD 4,264

CHF 3,817

The Bank of New York Mellon

05/03/23

$ 60

Currency Abbreviations

CHF – Swiss Franc

EUR – EU Euro

GBP – British Pound

HKD – Hong Kong Sar Dollar

NOK – Norwegian Krone

USD – United States Dollar

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 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		$	547
Total Asset Derivatives			$	547
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	487
Total Liability Derivatives			$	487

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 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
Foreign exchange contracts		$	(5,775)
Total		$	(5,775)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	60
Total		$	60

Amounts recognized for purchased options are included in net realized gain (loss) on investments.

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 April 30, 2023:

	Bank of America N.A.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	540		$	7		$	547
Total Assets		$	540		$	7		$	547
Liabilities:
Forward foreign currency contracts		$	395		$	92		$	487
Total Liabilities		$	395		$	92		$	487
Net OTC derivative instruments by counterparty, at fair value		$	145		$	(85)		$	60
Total cash collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	145		$	(85)		$	60

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2023 (Unaudited) (continued)

At April 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 $250,897,995.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	27,864,534
Gross Unrealized Depreciation		(21,668,191)
Net Unrealized Appreciation	$	6,196,343

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. 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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

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

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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-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 that 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 category and primary benchmark, a broad-based securities market index identified in the Fund’s prospectus. In addition, the Board considered the investment performance of Voya Global Bond Fund compared to an additional performance peer group that is approved by the Board due to the investment structure or strategy of the Fund. With respect to Voya Multi-Manager International Small Cap 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 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 evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. 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

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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-Advisers, 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-Advisers with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers.

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 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/or recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager intends to propose 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-Advisers that are 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 these non-Voya-affiliated Sub-Advisers 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, 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, including their ability to engage in soft-dollar transactions on behalf of 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

100

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 Global Bond Fund

In considering whether to approve the renewal of the Contracts for Voya Global Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the second quintile of its Morningstar category for the five-year and ten-year periods, the third quintile for the three-year period, the fourth quintile for the one-year period, and the fifth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the three-year, five-year, and ten-year periods and underperformed for the year-to-date and one-year periods. In analyzing this performance data, the Board also took into account that the Fund outperformed its performance peer group average for the three-year, five-year and ten-year periods and underperformed for the year-to-date and one-year 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 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 third quintile of net expense ratios of the funds in its Selected Peer Group.

Voya Global High Dividend Low Volatility Fund

In considering whether to approve the renewal of the Contracts for Voya Global High Dividend Low Volatility Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the five-year

period, the third quintile for the year-to-date period, the fourth quintile for the three-year period, and the fifth quintile for the ten-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it outperformed. 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.

Voya Global Perspectives® Fund

In considering whether to approve the renewal of the Contracts for Voya Global Perspectives® Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the third quintile of its Morningstar category for the five-year period, the fourth quintile for the one-year and three-year periods, and the fifth quintile for the year-to-date 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: (1) the impact of asset allocation positioning on the Fund’s performance; and (2) its confidence in the Sub-Adviser’s ability to generate strong long-term returns.

101

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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 all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the third 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 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 the competitiveness of the Fund’s management fee rate and all-in net expense ratio.

Voya Multi-Manager International Small Cap Fund

In considering whether to approve the renewal of the Contracts for Voya Multi-Manager International Small Cap Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year, and ten-year periods, and the second quintile for the year-to-date 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 fifth 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 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, 2023.

102

TABLE OF CONTENTS

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

167703 (0423-062223)

TABLE OF CONTENTS

Semi-Annual Report

April 30, 2023

Classes A, C, I, R, R6, and W

■

Voya International High Dividend Low Volatility Fund

■

Voya Multi-Manager Emerging Markets Equity Fund

■

Voya Multi-Manager International Equity Fund

■

Voya Multi-Manager International Factors Fund

E-Delivery Sign-up – details inside

TABLE OF CONTENTS

					Go Paperless with E-Delivery!
		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

QUARTERLY PORTFOLIO HOLDINGS

TABLE OF CONTENTS

shareholder expense examples (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*			Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*
Voya International High Dividend Low Volatility Fund
Class A		$	1,000.00		$	1,218.20		0.90%		$	4.95		$	1,000.00		$	1,020.33		0.90%		$	4.51
Class I			1,000.00			1,220.40		0.65			3.58			1,000.00			1,021.57		0.65			3.26
Class R6			1,000.00			1,219.60		0.62			3.41			1,000.00			1,021.72		0.62			3.11
Voya Multi-Manager Emerging Markets Equity Fund
Class A		$	1,000.00		$	1,154.60		1.51%		$	8.07		$	1,000.00		$	1,017.31		1.51%		$	7.55
Class C			1,000.00			1,151.40		2.26			12.06			1,000.00			1,013.59		2.26			11.28
Class I			1,000.00			1,156.90		1.16			6.20			1,000.00			1,019.04		1.16			5.81
Class R			1,000.00			1,153.70		1.76			9.40			1,000.00			1,016.07		1.76			8.80
Class W			1,000.00			1,156.00		1.26			6.74			1,000.00			1,018.55		1.26			6.31
Voya Multi-Manager International Equity Fund
Class I		$	1,000.00		$	1,213.50		0.92%		$	5.05		$	1,000.00		$	1,020.23		0.92%		$	4.61
Voya Multi-Manager International Factors Fund
Class I		$	1,000.00		$	1,222.90		0.72%		$	3.97		$	1,000.00		$	1,021.22		0.72%		$	3.61
Class W			1,000.00			1,222.90		0.72			3.97			1,000.00			1,021.22		0.72			3.61

Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited)

	Voya International High Dividend Low Volatility Fund			Voya Multi-Manager Emerging Markets Equity Fund			Voya Multi-Manager International Equity Fund			Voya Multi-Manager International Factors Fund
ASSETS:
Investments in securities at fair value+*		$	11,120,338		$	263,044,542		$	303,052,073		$	318,079,464
Short-term investments at fair value†			40,000			5,014,354			2,490,321			3,030,642
Cash			116			—			4,124,539			97,937
Cash collateral for futures contracts			—			43,813			—			96,264
Foreign currencies at value‡			118			1,273,413			566,706			615,057
Receivables:
Investment securities and currencies sold			—			366,862			385,650			15,444,011
Fund shares sold			2			110,437			174,341			218,405
Dividends			67,792			2,126,188			1,247,270			1,731,816
Interest			—			365,650			7,266			145
Foreign tax reclaims			27,445			12,334			1,146,346			1,398,141
Variation margin on futures contracts			—			6,802			—			—
Unrealized appreciation on forward foreign currency contracts			—			1,829			184			4,379
Prepaid expenses			41,409			59,789			32,212			28,720
Reimbursement due from Investment Adviser			8,850			31,489			15,510			25,249
Other assets			164			11,309			15,516			12,268
Total assets			11,306,234			272,468,811			313,257,934			340,782,498
LIABILITIES:
Payable for investment securities and currencies purchased			—			1,995,967			1,545,210			15,704,455
Payable for fund shares redeemed			2			38,470			26,030			50,532
Payable upon receipt of securities loaned			—			—			64,189			805,030
Unrealized depreciation on forward foreign currency contracts			—			14			—			5,010
Variation margin payable on futures contracts			—			—			—			2,682
Payable for investment management fees			4,537			205,857			239,601			173,962
Payable for distribution and shareholder service fees			1,144			2,762			—			—
Payable to custodian due to bank overdraft			—			147,565			—			—
Payable to trustees under the deferred compensation plan (Note 6)			164			11,309			15,516			12,268
Payable for trustee fees			26			972			854			873
Payable for foreign capital gains tax			—			137,874			146,684			—
Other accrued expenses and liabilities			49,871			1,984,029			239,016			620,823
Total liabilities			55,744			4,524,819			2,277,100			17,375,635
NET ASSETS		$	11,250,490		$	267,943,992		$	310,980,834		$	323,406,863
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	11,491,492		$	365,435,522		$	324,031,534		$	345,987,326
Total distributable loss			(241,002)			(97,491,530)			(13,050,700)			(22,580,463)
NET ASSETS		$	11,250,490		$	267,943,992		$	310,980,834		$	323,406,863
+ Including securities loaned at value		$	—		$	—		$	61,306		$	753,243
* Cost of investments in securities		$	10,389,591		$	295,273,758		$	293,288,934		$	295,832,808
† Cost of short-term investments		$	40,000		$	5,014,354		$	2,490,321		$	3,030,642
‡ Cost of foreign currencies		$	117		$	1,274,457		$	566,661		$	618,850

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited) (continued)

Voya International
High Dividend Low
Volatility Fund

Voya
Multi-Manager
Emerging Markets
Equity Fund

Voya
Multi-Manager
International
Equity Fund

Voya
Multi-Manager
International
Factors Fund

Class A

Net assets

5,693,830

15,334,540

n/a

Shares authorized

unlimited

n/a

Par value

—

n/a

Shares outstanding

585,038

1,730,677

n/a

Net asset value and redemption price per share

9.73

8.86

n/a

Maximum offering price per share (5.75%)(1)

10.32

9.40

n/a

Class C

Net assets

n/a

146,279

n/a

Shares authorized

n/a

unlimited

n/a

Par value

n/a

—

n/a

Shares outstanding

n/a

16,546

n/a

Net asset value and redemption price per share

n/a

8.84

n/a

Class I

Net assets

5,523,972

232,584,547

310,980,834

302,625,086

Shares authorized

unlimited

Par value

—

Shares outstanding

��

566,261

26,112,703

32,258,442

34,019,295

Net asset value and redemption price per share

9.76

8.91

9.64

8.90

Class R

Net assets

n/a

52,173

n/a

Shares authorized

n/a

unlimited

n/a

Par value

n/a

—

n/a

Shares outstanding

n/a

5,867

n/a

Net asset value and redemption price per share

n/a

8.89

n/a

Class R6

Net assets

32,688

n/a

Shares authorized

unlimited

n/a

Par value

—

n/a

Shares outstanding

3,346

n/a

Net asset value and redemption price per share

9.77

n/a

Class W

Net assets

n/a

19,826,453

n/a

20,781,777

Shares authorized

n/a

unlimited

n/a

unlimited

Par value

n/a

—

n/a

—

Shares outstanding

n/a

2,234,189

n/a

2,336,312

Net asset value and redemption price per share

n/a

8.87

n/a

8.90

(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

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended April 30, 2023 (Unaudited)

	Voya International High Dividend Low Volatility Fund			Voya Multi-Manager Emerging Markets Equity Fund			Voya Multi-Manager International Equity Fund			Voya Multi-Manager International Factors Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	230,780		$	5,106,280		$	3,975,737		$	5,928,243
Interest			69			8,651			61,243			2,803
Securities lending income, net			180			25,194			474			12,726
Total investment income			231,029			5,140,125			4,037,454			5,943,772
EXPENSES:
Investment management fees			25,881			1,861,191			1,437,334			1,124,375
Distribution and shareholder service fees:
Class A			6,510			18,791			—			—
Class C			—			743			—			—
Class R			—			97			—			—
Transfer agent fees:
Class A			1,018			23,653			—			—
Class C			—			204			—			—
Class I			3,090			9,997			798			2,016
Class P(2)(4)			—			211			—			—
Class P3(1)(3)(5)			—			89			81			87
Class R			—			50			—			—
Class R6			92			—			—			—
Class W			—			57,812			—			33,887
Shareholder reporting expense			362			8,869			1,086			7,240
Registration fees			30,094			45,812			21,997			28,890
Professional fees			6,154			58,101			34,390			30,965
Custody and accounting expense			19,168			284,504			115,478			133,953
Trustee fees			130			4,860			4,265			4,364
Licensing fee (Note 7)			—			19,701			—			35,295
Miscellaneous expense			5,109			16,224			13,367			15,754
Interest expense			—			48,442			2,560			9,553
Total expenses			97,608			2,459,351			1,631,356			1,426,379
Waived and reimbursed fees			(57,372)			(845,886)			(103,645)			(202,139)
Brokerage commission recapture			—			—			(910)			—
Net expenses			40,236			1,613,465			1,526,801			1,224,240
Net investment income			190,793			3,526,660			2,510,653			4,719,532
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)			70,590			(21,537,561)			(2,843,296)			(4,250,107)
Forward foreign currency contracts			—			(90,653)			(13,487)			(79,339)
Foreign currency related transactions			3,391			(12,619)			44,629			238,359
Futures			—			201,393			—			548,192
Net realized gain (loss)			73,981			(21,439,440)			(2,812,154)			(3,542,895)
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)			1,731,370			69,517,211			65,085,234			68,704,186
Forward foreign currency contracts			—			(8,312)			184			(567)
Foreign currency related transactions			2,820			19,925			181,953			119,290
Futures			—			(24,233)			—			(12,785)
Net change in unrealized appreciation (depreciation)			1,734,190			69,504,591			65,267,371			68,810,124
Net realized and unrealized gain			1,808,171			48,065,151			62,455,217			65,267,229
Increase in net assets resulting from operations		$	1,998,964		$	51,591,811		$	64,965,870		$	69,986,761
* Foreign taxes withheld		$	28,093		$	469,338		$	374,165		$	573,212
^ Foreign capital gains taxes withheld		$	—		$	415,457		$	45,012		$	—
# Change in foreign capital gains taxes accrued		$	—		$	776,301		$	83,820		$	—

(1)

Class P3 for Voya International High Dividend Low Volatility Fund was fully redeemed on close of business September 8, 2022.

(2)

Class P for Voya Multi-Manager Emerging Markets Equity Fund was fully redeemed on close of business March 28, 2023.

(3)

Class P3 for Voya Multi-Manager Emerging Markets Equity Fund was fully redeemed on close of business March 28, 2023.

(4)

Class P for Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors Fund were fully redeemed on close of business September 8, 2022.

(5)

Class P3 for Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors Fund were fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya International High Dividend Low Volatility Fund						Voya Multi-Manager Emerging Markets Equity Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
FROM OPERATIONS:
Net investment income		$	190,793		$	415,474		$	3,526,660		$	10,227,313
Net realized gain (loss)			73,981			(425,094)			(21,439,440)			(29,208,553)
Net change in unrealized appreciation (depreciation)			1,734,190			(1,977,340)			69,504,591			(164,740,336)
Increase (decrease) in net assets resulting from operations			1,998,964			(1,986,960)			51,591,811			(183,721,576)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(131,568)			(206,138)			(620,322)			(3,734,111)
Class C			—			—			(6,606)			(43,062)
Class I			(135,375)			(209,791)			(6,445,593)			(39,152,939)
Class P(2)			—			—			(5,179,457)			(24,602,846)
Class P3(1)(3)			—			(88)			(431,555)			(1,858,199)
Class R			—			—			(1,914)			(7,825)
Class R6			(607)			(414)			—			—
Class W			—			—			(1,633,948)			(10,092,252)
Total distributions			(267,550)			(416,431)			(14,319,395)			(79,491,234)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			294,686			375,759			151,939,017			155,129,394
Reinvestment of distributions			267,550			416,431			14,293,629			79,323,388
			562,236			792,190			166,232,646			234,452,782
Cost of shares redeemed			(135,184)			(402,257)			(269,631,390)			(139,535,073)
Net increase (decrease) in net assets resulting from capital share transactions			427,052			389,933			(103,398,744)			94,917,709
Net increase (decrease) in net assets			2,158,466			(2,013,458)			(66,126,328)			(168,295,101)
NET ASSETS:
Beginning of year or period			9,092,024			11,105,482			334,070,320			502,365,421
End of year or period		$	11,250,490		$	9,092,024		$	267,943,992		$	334,070,320

(1)

Class P3 for Voya International High Dividend Low Volatility Fund was fully redeemed on close of business September 8, 2022.

(2)

Class P for Voya Multi-Manager Emerging Markets Equity Fund was fully redeemed on close of business March 28, 2023.

(3)

Class P3 for Voya Multi-Manager Emerging Markets Equity Fund was fully redeemed on close of business March 28, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Multi-Manager International Equity Fund						Voya Multi-Manager International Factors Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
FROM OPERATIONS:
Net investment income		$	2,510,653		$	5,619,906		$	4,719,532		$	12,483,181
Net realized loss			(2,812,154)			(17,559,212)			(3,542,895)			(36,894,817)
Net change in unrealized appreciation (depreciation)			65,267,371			(158,575,135)			68,810,124			(91,277,752)
Increase (decrease) in net assets resulting from operations			64,965,870			(170,514,441)			69,986,761			(115,689,388)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class I			(3,784,036)			(102,537,384)			(10,079,517)			(54,413,228)
Class P(1)			—			(770)			—			(532)
Class P3(2)			(232,895)			(3,295,556)			(726,536)			(2,477,704)
Class W			—			—			(1,442,175)			(8,986,569)
Total distributions			(4,016,931)			(105,833,710)			(12,248,228)			(65,878,033)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			58,878,197			121,316,987			50,745,460			152,663,257
Reinvestment of distributions			4,014,435			105,772,336			12,248,228			65,878,033
			62,892,632			227,089,323			62,993,688			218,541,290
Cost of shares redeemed			(135,461,641)			(197,609,660)			(133,522,638)			(176,832,812)
Net increase (decrease) in net assets resulting from capital share transactions			(72,569,009)			29,479,663			(70,528,950)			41,708,478
Net decrease in net assets			(11,620,070)			(246,868,488)			(12,790,417)			(139,858,943)
NET ASSETS:
Beginning of year or period			322,600,904			569,469,392			336,197,280			476,056,223
End of year or period		$	310,980,834		$	322,600,904		$	323,406,863		$	336,197,280

(1)

Class P for Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors Fund were fully redeemed on close of business September 8, 2022.

(2)

Class P3 for Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors Fund were fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each year or period.

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya International High Dividend Low Volatility Fund
Class A
04-30-23+		8.19		0.16•		1.61		1.77		0.23		—		—		0.23		—		9.73		21.82		1.97	0.90	0.90	3.56		5,694		34
10-31-22		10.35		0.37•		(2.16)		(1.79)		0.37		—		—		0.37		—		8.19		(17.72)		2.02	0.90	0.90	3.87		4,568		72
10-31-21		8.31		0.28•		2.00		2.28		0.24		—		—		0.24		—		10.35		27.49		1.95	0.90	0.90	2.74		5,620		71
10-31-20		9.75		0.18		(1.36)		(1.18)		0.26		—		—		0.26		—		8.31		(12.22)		1.97	0.90	0.90	2.06		4,351		59
10-31-19		10.10		0.30		0.39		0.69		0.31		0.73		—		1.04		—		9.75		7.72		1.73	0.89	0.89	3.18		4,860		60
10-31-18		11.73		0.32		(1.06)		(0.74)		0.58		0.31		—		0.89		—		10.10		(6.95)		1.72	0.85	0.85	2.85		4,470		129
Class I
04-30-23+		8.21		0.18•		1.61		1.79		0.24		—		—		0.24		—		9.76		22.04		1.80	0.65	0.65	3.81		5,524		34
10-31-22		10.38		0.39•		(2.17)		(1.78)		0.39		—		—		0.39		—		8.21		(17.56)		1.85	0.65	0.65	4.09		4,510		72
10-31-21		8.33		0.30•		2.01		2.31		0.26		—		—		0.26		—		10.38		27.86		1.78	0.65	0.65	2.98		5,472		71
10-31-20		9.75		0.21		(1.35)		(1.14)		0.28		—		—		0.28		—		8.33		(11.78)		1.82	0.65	0.65	2.31		4,292		59
10-31-19		10.10		0.33•		0.39		0.72		0.34		0.73		—		1.07		—		9.75		8.02		1.58	0.64	0.64	3.44		4,851		60
10-31-18		11.76		0.35		(1.07)		(0.72)		0.63		0.31		—		0.94		—		10.10		(6.80)		1.57	0.60	0.60	3.10		4,463		129
Class R6
04-30-23+		8.22		0.20•		1.59		1.79		0.24		—		—		0.24		—		9.77		21.96		2.45	0.62	0.62	4.30		33		34
10-31-22		10.37		0.38•		(2.14)		(1.76)		0.39		—		—		0.39		—		8.22		(17.42)		2.74	0.62	0.62	4.03		14		72
10-31-21		8.32		0.31•		2.00		2.31		0.26		—		—		0.26		—		10.37		27.81		2.53	0.62	0.62	3.06		10		71
02-28-20(4) - 10-31-20		8.98		0.17•		(0.65)		(0.48)		0.18		—		—		0.18		—		8.32		(5.31)		2.93	0.62	0.62	3.04		3		59
Voya Multi-Manager Emerging Markets Equity Fund
Class A
04-30-23+		8.00		0.04•		1.18		1.22		0.36		—		—		0.36		—		8.86		15.46		1.79	1.51	1.51	0.97		15,335		38
10-31-22		14.39		0.16•		(4.31)		(4.15)		0.24		2.00		—		2.24		—		8.00		(33.68)		1.69	1.50	1.50	1.60		14,138		53
10-31-21		13.00		0.05•		1.87		1.92		0.09		0.44		—		0.53		—		14.39		14.76		1.64	1.50	1.50	0.36		24,177		59
10-31-20		12.31		0.05		0.88		0.93		0.17		0.07		—		0.24		—		13.00		7.58		1.63	1.50	1.50	0.37		22,843		60
10-31-19		10.64		0.07		1.66		1.73		0.06		—		—		0.06		—		12.31		16.36		1.76	1.57	1.57	0.58		22,672		71
10-31-18		13.17		0.09		(2.48)		(2.39)		0.14		—		—		0.14		—		10.64		(18.31)		1.77	1.57	1.57	0.60		21,470		53
Class C
04-30-23+		8.00		0.02•		1.18		1.20		0.36		—		—		0.36		—		8.84		15.14		2.54	2.26	2.26	0.35		146		38
10-31-22		14.26		0.09•		(4.33)		(4.24)		0.02		2.00		—		2.02		—		8.00		(34.24)		2.44	2.25	2.25	0.85		158		53
10-31-21		12.90		(0.05)•		1.85		1.80		—		0.44		—		0.44		—		14.26		13.94		2.39	2.25	2.25	(0.37)		487		59
10-31-20		12.21		(0.06)•		0.87		0.81		0.05		0.07		—		0.12		—		12.90		6.66		2.38	2.25	2.25	(0.52)		542		60
10-31-19		10.56		(0.04)•		1.69		1.65		—		—		—		—		—		12.21		15.63		2.51	2.32	2.32	(0.31)		2,521		71
10-31-18		13.09		(0.02)		(2.45)		(2.47)		0.06		—		—		0.06		—		10.56		(18.97)		2.52	2.32	2.32	(0.18)		3,581		53
Class I
04-30-23+		8.03		0.05•		1.19		1.24		0.36		—		—		0.36		—		8.91		15.69		1.25	1.16	1.16	1.05		232,585		38
10-31-22		14.45		0.20•		(4.32)		(4.12)		0.30		2.00		—		2.30		—		8.03		(33.46)		1.20	1.15	1.15	1.94		148,389		53
10-31-21		13.04		0.12•		1.86		1.98		0.13		0.44		—		0.57		—		14.45		15.23		1.18	1.15	1.15	0.80		245,082		59
10-31-20		12.35		0.10		0.88		0.98		0.22		0.07		—		0.29		—		13.04		7.93		1.18	1.15	1.15	0.72		287,527		60
10-31-19		10.68		0.12		1.66		1.78		0.11		—		—		0.11		—		12.35		16.79		1.30	1.22	1.22	1.01		315,161		71
10-31-18		13.22		0.14•		(2.49)		(2.35)		0.19		—		—		0.19		—		10.68		(18.06)		1.32	1.22	1.22	1.11		269,739		53

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expenses net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Voya Multi-Manager Emerging Markets Equity Fund (continued)
Class R
04-30-23+		8.03		0.03•		1.19		1.22		0.36		—		—		0.36		—		8.89		15.37		2.04	1.76	1.76	0.62		52		38
10-31-22		14.44		0.13•		(4.33)		(4.20)		0.21		2.00		—		2.21		—		8.03		(33.89)		1.94	1.75	1.75	1.30		42		53
10-31-21		12.99		0.02•		1.87		1.89		—		0.44		—		0.44		—		14.44		14.55		1.89	1.75	1.75	0.15		51		59
10-31-20		12.32		0.00*•		0.89		0.89		0.15		0.07		—		0.22		—		12.99		7.20		1.88	1.75	1.75	0.03		22		60
10-31-19		10.66		0.04		1.66		1.70		0.04		—		—		0.04		—		12.32		16.05		2.01	1.82	1.82	0.44		139		71
10-31-18		13.20		0.04		(2.46)		(2.42)		0.12		—		—		0.12		—		10.66		(18.51)		2.02	1.82	1.82	0.39		101		53
Class W
04-30-23+		8.00		0.07•		1.16		1.23		0.36		—		—		0.36		—		8.87		15.60		1.54	1.26	1.26	1.67		19,826		38
10-31-22		14.41		0.19•		(4.32)		(4.13)		0.28		2.00		—		2.28		—		8.00		(33.56)		1.44	1.25	1.25	1.84		37,408		53
10-31-21		13.00		0.10•		1.87		1.97		0.12		0.44		—		0.56		—		14.41		15.15		1.39	1.25	1.25	0.64		65,102		59
10-31-20		12.33		0.08•		0.86		0.94		0.20		0.07		—		0.27		—		13.00		7.67		1.38	1.25	1.25	0.69		33,162		60
10-31-19		10.66		0.10		1.67		1.77		0.10		—		—		0.10		—		12.33		16.70		1.51	1.32	1.32	0.83		61,726		71
10-31-18		13.19		0.10		(2.46)		(2.36)		0.17		—		—		0.17		—		10.66		(18.10)		1.52	1.32	1.32	0.86		57,026		53
Voya Multi-Manager International Equity Fund
Class I
04-30-23+		8.04		0.07•		1.64		1.71		0.11		—		—		0.11		—		9.64		21.35		0.96	0.92	0.92	1.48		310,981		28
10-31-22		14.24		0.12•		(3.69)		(3.57)		0.20		2.43		—		2.63		—		8.04		(30.30)		0.94	0.93	0.93	1.16		301,161		63
10-31-21		11.35		0.12•		3.31		3.43		0.12		0.42		—		0.54		—		14.24		30.69		0.96	0.96	0.96	0.87		554,017		49
10-31-20		11.47		0.10		0.01		0.11		0.23		—		—		0.23		—		11.35		0.89		0.92	0.92	0.92	0.86		549,329		71
10-31-19		10.98		0.18		0.89		1.07		0.18		0.40		—		0.58		—		11.47		10.53		0.96	0.96	0.96	1.69		592,938		51
10-31-18		12.32		0.16		(1.22)		(1.06)		0.21		0.07		—		0.28		—		10.98		(8.83)		0.97	0.97	0.97	1.36		492,439		45
Voya Multi-Manager International Factors Fund
Class I
04-30-23+		7.54		0.12•		1.53		1.65		0.29		—		—		0.29		—		8.90		22.29(5)		0.80	0.72	0.72	2.76		302,625		39
10-31-22		11.30		0.25•		(2.45)		(2.20)		0.46		1.10		—		1.56		—		7.54		(22.48)		0.79	0.73	0.73	2.78		275,219		91
10-31-21		8.99		0.21•		2.39		2.60		0.29		—		—		0.29		—		11.30		29.27		0.77	0.74	0.74	1.98		394,315		106
10-31-20		9.64		0.19		(0.53)		(0.34)		0.31		—		—		0.31		—		8.99		(3.77)		0.76	0.74	0.74	1.97		396,906		89
10-31-19		9.57		0.26•		0.46		0.72		0.26		0.39		—		0.65		—		9.64		8.25		0.81	0.75	0.75	2.76		403,512		58
10-31-18		11.06		0.24		(1.08)		(0.84)		0.33		0.32		—		0.65		—		9.57		(8.02)		0.84	0.75	0.75	2.31		326,126		55
Class W
04-30-23+		7.54		0.11•		1.54		1.65		0.29		—		—		0.29		—		8.90		22.29(5)		0.98	0.72	0.72	2.58		20,782		39
10-31-22		11.29		0.24•		(2.43)		(2.19)		0.46		1.10		—		1.56		—		7.54		(22.41)		0.97	0.73	0.73	2.67		39,234		91
10-31-21		8.99		0.24•		2.35		2.59		0.29		—		—		0.29		—		11.29		29.15		0.95	0.74	0.74	2.21		66,649		106
10-31-20		9.64		0.17•		(0.51)		(0.34)		0.31		—		—		0.31		—		8.99		(3.77)		0.94	0.74	0.74	1.87		30,770		89
10-31-19		9.57		0.26		0.46		0.72		0.26		0.39		—		0.65		—		9.64		8.25		0.99	0.75	0.75	2.77		60,559		58
10-31-18		11.05		0.24		(1.07)		(0.83)		0.33		0.32		—		0.65		—		9.57		(7.93)		0.96	0.75	0.75	2.29		56,210		55

(1)

(2)

Annualized for periods less than one year.

(3)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

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.

(5)

Excluding a payment by affiliate in the fiscal year ended May 31, 2021, the total return for Multi-Manager International Factors would have been -22.51% and -22.44% on Classes I and W, respectively.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Mutual Funds (the “Trust”) is a Delaware statutory trust organized on December 18, 1992 and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end investment management company. There are eleven separate active investment series, four of which are included in this report (each, a “Fund” and collectively, the “Funds”): Voya International High Dividend Low Volatility Fund (“International High Dividend Low Volatility”), Voya Multi-Manager Emerging Markets Equity Fund (“Multi-Manager Emerging Markets Equity”), Voya Multi-Manager International Equity Fund (“Multi-Manager International Equity”) and Voya Multi-Manager International Factors Fund (“Multi-Manager International Factors”). Each Fund is a diversified series of the Trust.

Each Fund offers at least one or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees, shareholder servicing fees, and transfer agent fees, as well as differences in the amount of waiver 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 pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the 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 8 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 Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to International High Dividend Low Volatility. Voya IM also serves as one of the multiple sub-advisers for

Multi-Manager Emerging Markets Equity and Multi-Manager International Factors. 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

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 3 — unobservable inputs (including the fund’s own assumptions in determining fair value).

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.

C. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 rates of exchange 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 that 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.

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 their investment objectives, the Funds may seek to increase or decrease their exposure to the following market or credit risk factors:

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 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 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.

transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Funds 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 Funds may also enter into collateral agreements with certain counterparties to further mitigate 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 or from the Funds 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 April 30, 2023, the maximum amount of loss that Multi-Manager Emerging Markets Equity, Multi-Manager International Equity, and Multi-Manager International Factors would incur if the counterparty to its derivative transactions failed to perform would be $1,829, $184, and $4,379, respectively, on open forward foreign currency contracts. No cash collateral was pledged by any counterparty to the Fund as of April 30, 2023.

The Funds 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 Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund’s net assets and/or a percentage decrease in a Fund’s NAV, which could cause a Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds Master Agreements.

Multi-Manager Emerging Markets Equity and Multi-Manager International Factors had a liability position of $14 and $5,010, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2023, the Funds could have been required to pay those amounts in cash to their counterparties. The Funds did not post any cash collateral as of April 30, 2023.

E. Forward Foreign Currency Transactions and Futures Contracts. Each Fund may enter into forward foreign currency exchange transactions to convert to and

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

from different foreign currencies and to and from the U.S. dollar, generally 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 may 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.

Multi-Manager Emerging Markets Equity, Multi-Manager International Equity and Multi-Manager International Factors used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. During the period ended April 30, 2023, the Funds had an average contract amount on forward foreign currency contracts to buy and sell as disclosed below.

	Buy			Sell
Multi-Manager Emerging Markets Equity		$	834,248		$	670,236
Multi-Manager International Equity			178,668			—
Multi-Manager International Factors			1,150,727			1,707,236

Please refer to the tables within the Portfolio of Investments for Multi-Manager Emerging Markets Equity, Multi-Manager International Equity and Multi-Manager International Factors and for open forward foreign currency contracts at April 30, 2023.

Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

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, if any, are reported on a table within 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 each Fund’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Fund’s Statement of Operations. Realized gains (losses) are reported in each 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 April 30, 2023, Multi-Manager Emerging Markets Equity and Multi-Manager International Factors had purchased futures contracts on equity indices to “equitize” cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the 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 April 30, 2023, Multi-Manager Emerging Markets Equity and Multi-Manager International Factors had an average notional value on futures contracts purchased as disclosed below.

	Purchased
Multi-Manager Emerging Markets Equity		$	1,799,437
Multi-Manager International Factors			2,802,885

Please refer to the tables within the Portfolios of Investments for Multi-Manager Emerging Markets Equity and Multi-Manager International Factors for open futures contracts at April 30, 2023.

F. Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund declares and pays dividends and capital gain distributions, if any, annually (except for International High Dividend Low Volatility, which pay dividends, if any, quarterly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 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 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.

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 risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended April 30, 2023, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

	Purchases			Sales
International High Dividend Low Volatility		$	3,824,200		$	3,515,154
Multi-Manager Emerging Markets Equity			140,019,080			256,613,455
Multi-Manager International Equity			90,331,294			161,163,023
Multi-Manager International Factors			132,684,221			209,557,219

NOTE 4 — INVESTMENT MANAGEMENT FEES

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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 Emerging Markets Equity, Multi-Manager International Equity and Multi-Manager International Factors, may, from time to time, directly manage a portion of each 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
International High Dividend Low Volatility			0.50%
Multi-Manager Emerging Markets Equity			Direct Investments 1.10%; Passively Managed Assets 0.70%
Multi-Manager International Equity(1)			0.85%
Multi-Manager International Factors(2)			0.65%

(1)

Prior January 1, 2023, the Investment Adviser had contractually agreed to waive 0.007% of the management fee for Multi-Manager International Equity. Any fees waived or reimbursed were not eligible for recoupment. Termination of this obligation was approved by the Board.

(2)

The Investment Adviser has contractually agreed to waive 0.01% of the management fee for Multi-Manager International Factors. Any fees waived or reimbursed /are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for the various 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, the sub-advisers manage each respective Fund’s assets in accordance with that Fund’s investment objectives, policies, and limitations. The sub-adviser of each Fund is as follows (*denotes an affiliated sub-adviser):

Fund			Sub-Adviser
International High Dividend Low Volatility			Voya IM*
Multi-Manager Emerging Markets Equity			Delaware Investments Fund Advisers, Van Eck Associates Corporation and Voya IM*
Multi-Manager International Equity			Baillie Gifford Overseas Limited, Polaris Capital Management, LLC and Wellington Management Company LLP
Multi-Manager International Factors			PanAgora Asset Management, Inc. and 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 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 a Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:

Class A

Class C

Class R

International High Dividend Low Volatility

0.25%

N/A

Multi-Manager Emerging Markets Equity

0.25%

1.00%

0.50%

	Class A			Class C
Initial Sales Charges:
International High Dividend Low Volatility		$	21		$	—
Multi-Manager Emerging Markets Equity			122			—
Contingent Deferred Sales Charges:
International High Dividend Low Volatility		$	—		$	29

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 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 Global Diversified Payment Fund	Multi-Manager International Equity		8.45%
	Multi-Manager International Factors		9.14

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

Subsidiary/Affiliated Investment Company	Fund	Percentage
Voya Investment Management Co. LLC	International High Dividend Low Volatility		94.84
Voya Solution 2025 Portfolio	Multi-Manager Emerging Markets Equity		6.78
	Multi-Manager International Equity		5.97
	Multi-Manager International Factors		7.24
Voya Solution 2035 Portfolio	Multi-Manager Emerging Markets Equity		12.13
	Multi-Manager International Equity		10.70
	Multi-Manager International Factors		11.98
Voya Solution 2045 Portfolio	Multi-Manager Emerging Markets Equity		11.05
	Multi-Manager International Equity		12.50
	Multi-Manager International Factors		12.12
Voya Solution Moderately Aggressive Portfolio	Multi-Manager Emerging Markets Equity		6.77
	Multi-Manager International Factors		5.75

Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

Fund	Amount
International High Dividend Low Volatility		$	—
Multi-Manager Emerging Markets Equity			216
Multi-Manager International Equity			—
Multi-Manager International Factors			—

NOTE 7 — LICENSING FEE

Multi-Manager Emerging Markets Equity and Multi-Manager International Factors pay an annual licensing fee to FTSE International Limited.

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

International High Dividend
Low Volatility

0.90%

N/A

0.65%

N/A

0.62%

N/A

Multi-Manager Emerging Markets Equity

1.60%

2.35%

1.35%

1.85%

N/A

1.35%

Multi-Manager International
Equity

N/A

0.97%

N/A

Multi-Manager International
Factors

N/A

0.75%

N/A

0.75%

Pursuant to side letter agreements, through March 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 this 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 W

Multi-Manager Emerging Markets Equity

1.50%

2.25%

1.15%

1.75%

1.25%

Multi-Manager International
Equity(1)(2)

N/A

0.90%

N/A

Multi-Manager International
Factors(2)

N/A

0.73%

N/A

0.73%

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

(1)

Effective January 1, 2023, a side letter agreement was implemented for Multi-Manager International Equity.

(2)

Any fees waived pursuant to the side letter agreement are not eligible for recoupment.

Unless otherwise specified above, and with the exception of the non-recoupable management fee waiver for Multi-Manager International Factors, 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 April 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:

	April 30,
	2024			2025			2026			Total
International High Dividend Low Volatility		$	108,195		$	114,410		$	113,244		$	335,849
Multi-Manager Emerging Markets Equity			170,235			101,361			258,745			530,341
Multi-Manager International Factors			29,553			105,592			—			135,145

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 April 30, 2023, are as follows:

	April 30,
	2024			2025			2026			Total
International High Dividend Low Volatility
Class I		$	4,046		$	4,442		$	4,063		$	12,551
Class R6			67			94			138			299
Multi-Manager Emerging Markets Equity
Class A			29,061			28,668			25,933			83,662
Class C			846			471			212			1,529
Class I			26,119			10,868			9,645			46,632
Class R			46			50			32			128
Class W			51,702			75,285			65,503			192,490
Multi-Manager International Factors
Class W			72,262			82,193			—			154,455

For Multi-Manager International Factors, the amounts subject to possible recoupment listed in the tables above were waived or reimbursed prior to January 1, 2022, which was the effective date of the non-recoupable side letter agreement.

The Expense Limitation Agreements are contractual through March 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 13, 2022, 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 12, 2023. 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 13, 2022, 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 13, 2022.

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 April 30, 2023:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Multi-Manager Emerging Markets Equity		66		$	4,920,439		5.37%
Multi-Manager International Equity		3			5,721,333		5.37
Multi-Manager International Factors		16			3,797,625		5.66

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or period ended	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	#		#		#			#		#		#		($)		($)		($)		($)		($)		($)
International High Dividend Low Volatility
Class A
4/30/2023		27,566		—			14,277		(14,324)		—		27,519		256,968		—		131,568		(133,699)		—		254,837
10/31/2022		36,637		—			21,913		(43,882)		—		14,668		364,868		—		206,138		(390,049)		—		180,957
Class I
4/30/2023		2,498		—			14,664		(166)		—		16,996		22,218		—		135,375		(1,439)		—		156,154
10/31/2022		84		—			22,269		(462)		—		21,891		771		—		209,791		(4,814)		—		205,748
Class P3(1)
4/30/2023		—		—			—		—		—		—		2		—		—		—		—		2
10/31/2022		—		—			9		(343)		—		(334)		—		—		88		(3,056)		—		(2,968)
Class R6
4/30/2023		1,636		—			65		(5)		—		1,696		15,498		—		607		(46)		—		16,059
10/31/2022		1,118		—			45		(436)		—		727		10,120		—		414		(4,338)		—		6,196
Multi-Manager Emerging Markets Equity
Class A
4/30/2023		18,117		—			70,154		(125,820)		—		(37,549)		164,577		—		594,908		(1,113,166)		—		(353,681)
10/31/2022		72,498		—			307,100		(291,244)		—		88,354		773,745		—		3,568,502		(3,064,350)		—		1,277,897
Class C
4/30/2023		529		—			779		(4,450)		—		(3,142)		4,735		—		6,606		(39,140)		—		(27,799)
10/31/2022		814		—			3,672		(18,939)		—		(14,453)		8,920		—		43,002		(247,983)		—		(196,061)
Class I
4/30/2023		10,880,317		—			757,381		(4,010,412)		—		7,627,286		96,112,172		—		6,445,314		(35,928,968)		—		66,628,518
10/31/2022		6,794,624		—			3,366,399		(8,637,830)		—		1,523,193		70,055,518		—		39,151,216		(76,199,155)		—		33,007,579
Class P(2)
4/30/2023		5,512,925		—			580,657		(20,326,734)		—		(14,233,152)		50,131,492		—		5,179,457		(187,152,364)		—		(131,841,415)
10/31/2022		5,490,428		—			2,043,426		(3,858,354)		—		3,675,500		58,228,348		—		24,602,846		(36,429,209)		—		46,401,985
Class P3(3)
4/30/2023		463,009		—		��	47,528		(2,225,705)		—		(1,715,168)		4,338,346		—		431,555		(20,651,033)		—		(15,881,132)
10/31/2022		1,500,104		—			151,814		(645,442)		—		1,006,476		16,322,124		—		1,858,199		(6,885,155)		—		11,295,168
Class R
4/30/2023		660		—			225		(279)		—		606		5,889		—		1,914		(2,462)		—		5,341
10/31/2022		1,407		—			669		(313)		—		1,763		12,952		—		7,825		(2,770)		—		18,007
Class W
4/30/2023		133,572		—			192,674		(2,768,778)		—		(2,442,532)		1,181,806		—		1,633,875		(24,744,257)		—		(21,928,576)
10/31/2022		964,040		—			869,983		(1,676,179)		—		157,844		9,727,787		—		10,091,798		(16,706,451)		—		3,113,134
Multi-Manager International Equity
Class I
4/30/2023		5,695,945		—			427,310		(11,321,178)		—		(5,197,923)		53,524,486		—		3,781,540		(105,484,020)		—		(48,177,994)
10/31/2022		9,053,830		—			9,149,644		(19,659,044)		—		(1,455,570)		87,756,140		—		102,476,010		(177,112,766)		—		13,119,384
Class P(4)
4/30/2023		—		—			—		—		—		—		2		—		—		—		—		2
10/31/2022		—		—			67		(359)		—		(292)		—		—		770		(3,170)		—		(2,400)
Class P3(5)
4/30/2023		576,353		—			24,963		(3,135,560)		—		(2,534,244)		5,353,709		—		232,895		(29,977,621)		—		(24,391,017)
10/31/2022		3,193,336		—			281,912		(1,989,984)		—		1,485,264		33,560,847		—		3,295,556		(20,493,724)		—		16,362,679
Multi-Manager International Factors
Class I
4/30/2023		5,198,001		—			1,249,011		(8,942,850)		—		(2,495,838)		44,007,149		—		10,079,517		(75,869,359)		—		(21,782,693)
10/31/2022		12,929,742		—			5,650,387		(16,974,161)		—		1,605,968		114,631,514		—		54,413,228		(135,677,629)		—		33,367,113
Class P(4)
4/30/2023		—		—			—		—		—		—		2		—		—		—		—		2
10/31/2022		—		—			54		(397)		—		(343)		—		—		532		(3,219)		—		(2,687)
Class P3(5)
4/30/2023		668,548		—			86,492		(3,530,816)		—		(2,775,776)		5,613,837		—		726,536		(30,266,393)		—		(23,926,020)
10/31/2022		3,574,375		—			249,266		(2,348,682)		—		1,474,959		33,646,936		—		2,477,704		(22,028,863)		—		14,095,777
Class W
4/30/2023		135,992		—			178,708		(3,184,400)		—		(2,869,700)		1,124,472		—		1,442,175		(27,386,886)		—		(24,820,239)
10/31/2022		515,712		—			933,185		(2,144,950)		—		(696,053)		4,384,807		—		8,986,569		(19,123,101)		—		(5,751,725)

(1)

Class P3 was fully redeemed on close of business September 8, 2022.

(2)

Class P was fully redeemed on close of business March 28, 2023.

(3)

Class P3 was fully redeemed on close of business March 28, 2023.

(4)

Class P was fully redeemed on close of business September 8, 2022.

(5)

Class P3 was fully redeemed on close of business January 10, 2023.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

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 close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

The following tables represent a summary of each respective Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2023:

Multi-Manager International Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC		$	61,306		$	(61,306)		$	—
Total		$	61,306		$	(61,306)		$	—

(1)

Cash collateral with a fair value of $64,189 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.

Multi-Manager International Factors

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs International		$	234,050		$	(234,050)		$	—
HSBC Bank PLC			113,700			(113,700)			—
JP Morgan Securities PLC			58,898			(58,898)			—
Merrill Lynch International			109,216			(109,216)			—
State Street Bank and Trust Company			237,379			(237,379)			—
Total		$	753,243		$	(753,243)		$	—

(1)

Cash collateral with a fair value of $805,030 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 foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), capital loss carryforwards and wash sale deferrals.

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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 12 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

	Year Ended October 31, 2022						Year Ended October 31, 2021
	Ordinary Income			Long-term Capital Gains			Ordinary Income			Long-term Capital Gains
International High Dividend Low Volatility		$	416,431		$	—		$	263,452		$	—
Multi-Manager Emerging Markets Equity			25,785,148			53,706,086			5,869,931			13,820,349
Multi-Manager International Equity			51,140,911			54,692,799			5,912,603			20,459,284
Multi-Manager International Factors			32,342,195			33,535,838			14,026,827			—

	Undistributed Ordinary Income			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards							Other			Total Distributable Earnings/(Loss)
	Undistributed Ordinary Income			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration		Other			Total Distributable Earnings/(Loss)
International High Dividend Low Volatility		$	100,745		$	(1,053,527)		$	(439,619)		Short-term		None		$	(17,480)		$	(1,972,416)
									(562,535)		Long-term		None
								$	(1,002,154)
Multi-Manager Emerging Markets Equity			11,783,232			(120,422,736)			(15,445,407)		Short-term		None			(946,422)			(134,763,946)
									(9,732,613)		Long-term		None
								$	(25,178,020)
Multi-Manager International Equity			3,595,195			(65,821,312)			(11,114,393)		Short-term		None			(659,129)			(73,999,639)
Multi-Manager International Factors			11,494,537			(54,241,745)			(34,650,930)		Short-term		None			(533,594)			(80,318,996)
									(2,387,264)		Long-term		None
								$	(37,038,194)

The Funds’ major tax jurisdictions are U.S. federal and Arizona state.

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings ceased to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the

establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 13 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.

NOTE 14 — LIQUIDITY

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding a Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Fund will be able to meet its redemption obligations in a timely manner.

NOTE 15 — MARKET DISRUPTION

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 other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund’s investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund’s service providers.

NOTE 16 — OTHER ACCOUNTING PRONOUNCEMENTS

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 17 — SUBSEQUENT EVENTS

Line of Credit Renewal: Effective June 12, 2023, the funds to which the Credit Agreement is available have entered into a renewed 364-Day Credit Agreement with BNY for an aggregate amount of $400,000,000 and will pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

Sub-adviser and fee changes: On May 11, 2023, the Board approved changes with respect to Multi-Manager Emerging Markets Equity. Effective on or about July 14,

2023, Van Eck Associates Corporation will be removed as a sub-adviser, Sustainable Growth Advisers, L.P. will be added as a sub-adviser, and the Investment Adviser has contractually agreed to waive 0.02% of the management fee through March 1, 2025.

TABLE OF CONTENTS

Voya International High

PORTFOLIO OF INVESTMENTS

Dividend Low Volatility Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 97.2%
	Australia: 8.2%
2,833	Ampol Ltd.		$	56,526		0.5
6,622	ANZ Group Holdings Ltd.			107,530		1.0
26,399	Aurizon Holdings Ltd.			60,022		0.5
3,280	BHP Group Ltd.			97,342		0.9
6,869	Brambles Ltd.			65,069		0.6
2,377	Coles Group Ltd.			28,715		0.3
235	GPT Group			691		0.0
18,501	Insurance Australia Group Ltd.			61,295		0.5
26,193	Medibank Pvt Ltd.			61,987		0.6
2,022	Rio Tinto Ltd.			151,659		1.4
4,532	Suncorp Group Ltd.			37,734		0.3
8,118	Transurban Group - Stapled Security			80,963		0.7
1,078	Washington H Soul Pattinson & Co. Ltd.			22,566		0.2
4,070	Westpac Banking Corp.			60,925		0.5
1,179	Woodside Energy Group Ltd.			26,752		0.2
				919,776		8.2
	Austria: 0.1%
227	OMV AG			10,742		0.1

	Belgium: 0.4%
211	Elia Group SA/NV			28,933		0.3
136	Groupe Bruxelles Lambert NV			12,206		0.1
				41,139		0.4
	China: 0.6%
22,500	BOC Hong Kong Holdings Ltd.			71,026		0.6

	Denmark: 1.8%
35	AP Moller - Maersk A/S - Class B			63,264		0.5
3,628 (1)	Danske Bank A/S			76,677		0.7
2,701	Tryg A/S			63,833		0.6
				203,774		1.8
	Finland: 1.9%
306	Elisa OYJ			19,003		0.2
3,300	Nordea Bank Abp			36,660		0.3
894	Orion Oyj			41,994		0.4
1,843	Sampo OYJ			93,468		0.8
715	UPM-Kymmene OYJ			22,802		0.2
				213,927		1.9
	France: 7.4%
125	Air Liquide SA			22,486		0.2
425	BNP Paribas			27,461		0.2
2,067	Bouygues SA			75,692		0.7
748	Bureau Veritas SA			21,569		0.2
183	Dassault Aviation SA			35,762		0.3
1,009	Edenred			65,559		0.6
618	Eiffage SA			73,557		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
1,853	Engie SA		$	29,656		0.3
1,794	Getlink SE			33,529		0.3
8,537	Orange SA			111,117		1.0
2,191	Sanofi			236,121		2.1
438	Thales S.A.			66,840		0.6
532	TotalEnergies SE			33,995		0.3
				833,344		7.4
	Germany: 7.3%
809	Allianz SE			203,146		1.8
2,428	BASF SE			125,587		1.1
1,104	Bayerische Motoren Werke AG			123,742		1.1
2,753	Deutsche Telekom AG			66,380		0.6
689	Evonik Industries AG			15,038		0.1
304	GEA Group AG			14,298		0.1
296	Hannover Rueck SE			63,243		0.6
1,418	Mercedes-Benz Group AG			110,585		1.0
186	Muenchener Rueckversicherungs- Gesellschaft AG			69,904		0.6
10,271	Telefonica Deutschland Holding AG			34,706		0.3
				826,629		7.3
	Hong Kong: 4.0%
2,000	CK Infrastructure Holdings Ltd.			11,387		0.1
3,000	CLP Holdings Ltd.			22,337		0.2
21,000	HKT Trust & HKT Ltd. - Stapled Security			27,600		0.3
900	Jardine Matheson Holdings Ltd.			43,380		0.4
10,400	Link REIT			68,025		0.6
7,500	MTR Corp.			37,474		0.3
8,000	Power Assets Holdings Ltd.			45,714		0.4
19,000	SITC International Holdings Co. Ltd.			35,144		0.3
6,000	Sun Hung Kai Properties Ltd.			83,540		0.7
7,000	Swire Pacific Ltd. - Class A			55,567		0.5
6,800	Swire Properties Ltd.			18,277		0.2
				448,445		4.0
	Ireland: 0.6%
1,075	DCC PLC			66,884		0.6

	Israel: 2.5%
8,321	Bank Leumi Le-Israel BM			65,958		0.6
251	Elbit Systems Ltd.			46,465		0.4
1,654	First International Bank Of Israel Ltd.			60,097		0.5
8,121	ICL Group Ltd.			50,438		0.4
1,906	Mizrahi Tefahot Bank Ltd.			62,504		0.6
				285,462		2.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High

PORTFOLIO OF INVESTMENTS

Dividend Low Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Italy: 3.9%
2,327	Assicurazioni Generali S.p.A.		$	48,467		0.4
7,406	ENI S.p.A.			111,886		1.0
1	Ferrari NV			279		0.0
7,033	Mediobanca Banca di Credito Finanziario SpA			75,529		0.7
5,764 (2)	Poste Italiane SpA			59,986		0.5
11,177	Snam SpA			62,118		0.6
9,143	Terna - Rete Elettrica Nazionale			79,140		0.7
				437,405		3.9
	Japan: 22.0%
10,100	Asahi Kasei Corp.			71,338		0.6
1,600	Bridgestone Corp.			64,253		0.6
1,600	Dai Nippon Printing Co., Ltd.			45,994		0.4
1,300	Daiwa House Industry Co., Ltd.			33,135		0.3
21,300	ENEOS Holdings, Inc.			75,775		0.7
1,800	Hankyu Hanshin Holdings, Inc.			56,198		0.5
500	Honda Motor Co., Ltd.			13,262		0.1
2,700	Idemitsu Kosan Co., Ltd.			57,491		0.5
8,500	Japan Post Bank Co. Ltd.			67,877		0.6
10,700	Japan Post Holdings Co. Ltd.			88,082		0.8
4,400	Japan Tobacco, Inc.			94,674		0.8
5,400	Kajima Corp.			71,445		0.6
2,600	Kirin Holdings Co., Ltd.			42,238		0.4
1,500	McDonald’s Holdings Co. Japan Ltd.			62,490		0.6
2,300	Mitsubishi Chemical Holdings Corp.			13,493		0.1
11,700	Mitsubishi HC Capital, Inc.			60,732		0.5
100	Mitsubishi UFJ Financial Group, Inc.			626		0.0
7,500	Mizuho Financial Group, Inc.			108,719		1.0
2,700	MS&AD Insurance Group Holdings, Inc.			88,620		0.8
1,400	Nintendo Co., Ltd.			59,188		0.5
600	Nippon Telegraph & Telephone Corp.			18,308		0.2
1,300	Nomura Real Estate Holdings, Inc.			32,395		0.3
8,500	Obayashi Corp.			70,863		0.6
9,700	Oji Holdings Corp.			38,118		0.3
2,700	Ono Pharmaceutical Co., Ltd.			54,365		0.5
1,300	Otsuka Holdings Co. Ltd.			44,227		0.4
1,100	Secom Co., Ltd.			70,437		0.6
3,800	Sekisui House Ltd.			78,123		0.7
8,700	SoftBank Corp.			97,952		0.9
1,600	Sompo Holdings, Inc.			66,767		0.6
4,300	Subaru Corp.			70,184		0.6

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
5,200	Sumitomo Chemical Co., Ltd.		$	17,572		0.2
3,300	Sumitomo Mitsui Financial Group, Inc.			134,883		1.2
2,100	Sumitomo Mitsui Trust Holdings, Inc.			75,700		0.7
2,000	Taisei Corp.			68,022		0.6
3,900	Takeda Pharmaceutical Co., Ltd.			129,321		1.1
2,100	Tobu Railway Co., Ltd.			53,604		0.5
4,800	Tosoh Corp.			64,129		0.6
700	Trend Micro, Inc.			34,205		0.3
2,200	USS Co., Ltd.			36,969		0.3
2,600	Yamato Holdings Co., Ltd.			44,662		0.4
				2,476,436		22.0
	Netherlands: 4.0%
2,408 (2)	ABN AMRO Bank NV			38,594		0.3
793	JDE Peet’s NV			24,117		0.2
3,337	Koninklijke Ahold Delhaize NV			114,742		1.0
21,883	Koninklijke KPN NV			79,805		0.7
1,926	NN Group NV			71,821		0.6
2,075	Shell PLC			63,761		0.6
473	Wolters Kluwer NV			62,670		0.6
				455,510		4.0
	New Zealand: 0.3%
9,708	Spark New Zealand Ltd.			31,455		0.3

	Norway: 0.8%
1,224	Aker BP ASA			29,261		0.3
1	Telenor ASA			12		0.0
1,432	Yara International ASA			57,665		0.5
				86,938		0.8
	Portugal: 0.6%
5,882	Galp Energia SGPS SA			71,077		0.6

	Spain: 6.8%
2,163	ACS Actividades de Construccion y Servicios SA			74,369		0.7
1 (1)(2)	Aena SME SA			168		0.0
10,020	Banco Bilbao Vizcaya Argentaria SA			73,357		0.7
3,457	Enagas			69,212		0.6
3,118	Endesa S.A.			69,945		0.6
2,748	Ferrovial SA - FERE			86,159		0.8
13,433	Iberdrola S.A. - IBEE			174,067		1.5
1,799	Industria de Diseno Textil SA			61,844		0.6
3,758	Red Electrica Corp. SA			68,326		0.6
5,664	Repsol SA			83,203		0.7
				760,650		6.8
	Sweden: 0.2%
6,131	Telia Co. AB			17,070		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High

PORTFOLIO OF INVESTMENTS

Dividend Low Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland: 7.7%
290	Baloise Holding AG		$	48,544		0.4
309	Banque Cantonale Vaudoise			32,514		0.3
16,018	Glencore PLC			94,549		0.8
3,710	Novartis AG			379,510		3.4
73	Roche Holding AG-GENUSSCHEIN			22,859		0.2
404	Swiss Prime Site AG			36,570		0.3
125	Swisscom AG			85,819		0.8
338	Zurich Insurance Group AG			163,914		1.5
				864,279		7.7
	United Kingdom: 16.1%
15,244	Aviva PLC			81,165		0.7
8,343	BAE Systems PLC			106,290		0.9
34,165	BP PLC			229,214		2.0
4,501	British American Tobacco PLC			166,294		1.5
9,104	GSK PLC			164,175		1.5
35,966	HSBC Holdings PLC			259,220		2.3
3,715	Imperial Brands PLC			91,962		0.8
25,349	M&G PLC			65,516		0.6
9,687	National Grid PLC			138,892		1.2
3,629	NatWest Group PLC			11,954		0.1
6,500	Pearson PLC			72,318		0.6
8,594	Phoenix Group Holdings PLC			64,030		0.6
787	Reckitt Benckiser Group PLC			63,598		0.6
1,946	Relx PLC (GBP Exchange)			64,838		0.6
2,667	Smiths Group PLC			56,393		0.5
5,788	The Sage Group PLC			59,691		0.5
915	Unilever PLC			50,963		0.5
621	Unilever PLC - ULVRL			34,579		0.3
14	United Utilities Group PLC			190		0.0
27,750	Vodafone Group PLC			33,331		0.3
				1,814,613		16.1
	Total Common Stock (Cost $10,200,190)			10,936,581		97.2

EXCHANGE-TRADED FUNDS: 1.0%
2,384	iShares MSCI EAFE Value Index ETF			119,725		1.0
	Total Exchange-Traded Funds (Cost $118,664)			119,725		1.0

PREFERRED STOCK: 0.6%
	Germany: 0.6%
792	Henkel AG & Co. KGaA			64,032		0.6
	Total Preferred Stock (Cost $70,737)			64,032		0.6
	Total Long-Term Investments (Cost $10,389,591)			11,120,338		98.8

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 0.4%
	Mutual Funds: 0.4%
40,000 (3)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.780% (Cost $40,000)		$	40,000		0.4
	Total Short-Term Investments (Cost $40,000)			40,000		0.4
	Total Investments in Securities (Cost $10,429,591)		$	11,160,338		99.2
	Assets in Excess of Other Liabilities			90,152		0.8
	Net Assets		$	11,250,490		100.0

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

Rate shown is the 7-day yield as of April 30, 2023.

Sector Diversification	Percentage of Net Assets
Financials		27.4%
Industrials		15.6
Health Care		9.5
Energy		7.8
Materials		7.5
Utilities		7.1
Consumer Staples		6.9
Consumer Discretionary		6.2
Communication Services		6.1
Real Estate		2.9
Exchange-Traded Funds		1.0
Information Technology		0.8
Short-Term Investments		0.4
Assets in Excess of Other Liabilities		0.8
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High

PORTFOLIO OF INVESTMENTS

Dividend Low Volatility Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	919,776		$	—		$	919,776
Austria			—			10,742			—			10,742
Belgium			—			41,139			—			41,139
China			—			71,026			—			71,026
Denmark			—			203,774			—			203,774
Finland			—			213,927			—			213,927
France			—			833,344			—			833,344
Germany			—			826,629			—			826,629
Hong Kong			43,380			405,065			—			448,445
Ireland			—			66,884			—			66,884
Israel			—			285,462			—			285,462
Italy			—			437,405			—			437,405
Japan			—			2,476,436			—			2,476,436
Netherlands			24,117			431,393			—			455,510
New Zealand			—			31,455			—			31,455
Norway			—			86,938			—			86,938
Portugal			—			71,077			—			71,077
Spain			—			760,650			—			760,650
Sweden			—			17,070			—			17,070
Switzerland			—			864,279			—			864,279
United Kingdom			—			1,814,613			—			1,814,613
Total Common Stock			67,497			10,869,084			—			10,936,581
Exchange-Traded Funds			119,725			—			—			119,725
Preferred Stock			—			64,032			—			64,032
Short-Term Investments			40,000			—			—			40,000
Total Investments, at fair value		$	227,222		$	10,933,116		$	—		$	11,160,338

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At April 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 $10,478,938.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	1,044,603
Gross Unrealized Depreciation		(363,939)
Net Unrealized Appreciation	$	680,664

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.2%
	Argentina: 1.3%
24,424	Cresud SACIF y A ADR		$	150,696		0.0
34,992	IRSA Inversiones y Representaciones SA ADR			193,156		0.1
2,485 (1)	MercadoLibre, Inc.			3,174,563		1.2
				3,518,415		1.3
	Brazil: 6.0%
72,283	B3 SA - Brasil Bolsa Balcao			168,831		0.1
509,035	Banco Bradesco SA ADR			1,425,298		0.5
90,078	Banco Santander Brasil S.A. ADR			487,322		0.2
82,186	BB Seguridade Participacoes SA			560,397		0.2
182,613 (1)	BRF SA ADR			235,571		0.1
620,700 (1)	Clear Sale SA			731,729		0.3
36,434	Equatorial Energia SA			199,343		0.1
180,000	Fleury SA			518,946		0.2
20,235	Hypera S.A.			151,444		0.1
213,300 (1)	Infracommerce CXAAS SA			50,890		0.0
173,612	Itau Unibanco Holding SA ADR			894,102		0.3
917,700	JSL SA			1,324,720		0.5
84,400 (1)(2)	Locaweb Servicos de Internet SA			89,175		0.0
466,000	Movida Participacoes SA			804,415		0.3
70,000 (1)	NU Holdings Ltd./ Cayman Islands			361,200		0.1
71,045	Petroleo Brasileiro SA ADR			754,498		0.3
47,413	Petroleo Brasileiro SA			252,189		0.1
31,920	Raia Drogasil SA			168,182		0.1
124,300 (2)	Rede D’Or Sao Luiz SA			568,693		0.2
33,307	Rumo SA			131,283		0.1
45,776	Sendas Distribuidora SA			111,599		0.0
73,316	Telefonica Brasil SA-VIV ADR			598,992		0.2
206,268	TIM SA/Brazil			576,895		0.2
77,074	Ultrapar Participacoes SA			223,289		0.1
138,461	Vale SA ADR			1,995,223		0.7
38,046	Vale SA			549,355		0.2
769,000	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA			1,873,241		0.7
43,804 (1)	Vasta Platform Ltd.			182,663		0.1
268,100 (1)	Westwing Comercio Varejista Ltd.a			66,651		0.0
4,043 (1)	XP, Inc.			57,774		0.0
				16,113,910		6.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Chile: 0.9%
103,458	Cencosud SA		$	210,825		0.1
1,130,646	Colbun SA			158,283		0.1
87,843	Empresas CMPC SA			137,654		0.0
21,429	Empresas COPEC SA			149,107		0.1
5,705,356	Enel Chile SA			325,112		0.1
49,449	Quinenco SA			203,064		0.1
16,848	Sociedad Quimica y Minera de Chile SA ADR			1,136,903		0.4
				2,320,948		0.9
	China: 24.9%
453,200 (1)	Alibaba Group Holding Ltd.			4,791,968		1.8
623,750 (2)	A-Living Smart City Services Co. Ltd - H Shares			500,956		0.2
52,400	Anta Sports Products Ltd.			651,134		0.2
14,794 (1)	Baidu, Inc. ADR			1,784,304		0.7
2,927 (1)	BeiGene Ltd. ADR			746,268		0.3
79,500	Beijing Enterprises Holdings Ltd.			329,924		0.1
1,028,000 (2)	CGN Power Co. Ltd. - H Shares			271,457		0.1
163,000	China Coal Energy Co. - H Shares			140,051		0.0
1,897,000	China Education Group Holdings Ltd.			1,688,959		0.6
161,400	China Gas Holdings Ltd.			207,636		0.1
194,000	China Life Insurance Co., Ltd. - H Shares			372,704		0.1
1,539,650	China Petroleum & Chemical Corp. - H Shares			1,009,111		0.4
245,000	China Railway Group Ltd. - H Shares			188,366		0.1
20,000	China Resources Beer Holdings Co Ltd.			154,496		0.1
70,500	China Resources Gas Group Ltd.			222,522		0.1
66,500	China Shenhua Energy Co., Ltd. - H Shares			220,883		0.1
221,600	China United Network Communications Ltd. - A Shares			174,211		0.1
182,800	CSPC Pharmaceutical Group Ltd.			186,145		0.1
23,000 (1)	DiDi Global, Inc. ADR			87,400		0.0
35,800	ENN Energy Holdings Ltd.			490,876		0.2
560,000	Fu Shou Yuan International Group Ltd.			454,463		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
55,000 (1)	Full Truck Alliance Co. Ltd. ADR		$	352,000		0.1
56,000	Ganfeng Lithium Co. Ltd. - A Shares			527,006		0.2
105,000	Haier Smart Home Co. Ltd. - H Shares			342,256		0.1
62,000	Haitian International Holdings Ltd.			161,093		0.1
175,000	Hengan International Group Co., Ltd.			781,631		0.3
37,620	Hoyuan Green Energy Co. Ltd.			484,786		0.2
142,160 (1)	Inner Mongolia ERDOS Resources Co., Ltd.			256,443		0.1
294,200 (1)	Inner Mongolia Yitai Coal Co. - A Shares			436,351		0.2
26,900	Inner Mongolia Yitai Coal Co. Ltd.			39,897		0.0
26,647 (1)	iQIYI, Inc. ADR			162,547		0.1
33,375	JD.com, Inc. ADR			1,192,155		0.4
124,532	JD.com, Inc. - Class A			2,222,628		0.8
131,000	Jiangxi Copper Co., Ltd. - H Shares			233,042		0.1
460,000 (2)	Jinxin Fertility Group Ltd.			303,621		0.1
67,400 (1)	KE Holdings, Inc. ADR			1,057,506		0.4
43,500	Kingboard Holdings Ltd.			133,229		0.0
1,056,000	Kunlun Energy Co. Ltd.			978,920		0.4
19,700	Kweichow Moutai Co. Ltd. - A Shares (Shanghai)			5,014,863		1.9
52,970 (1)(2)	Meituan Class B			905,282		0.3
141,000	Ming Yang Smart Energy Group Ltd. - A Shares			421,731		0.2
36,950	NetEase, Inc.			657,799		0.2
535,000	Peoples Insurance Co. Group of China Ltd. - H Shares			210,416		0.1
3,088,000	PetroChina Co., Ltd. - H Shares			2,145,032		0.8
109,900 (2)	Pharmaron Beijing Co. Ltd. - H Shares			476,462		0.2
182,000	PICC Property & Casualty Co., Ltd. - H Shares			220,122		0.1
765,871	Ping An Bank Co. Ltd. - A Shares			1,390,634		0.5
165,500	Ping An Insurance Group Co. of China Ltd. - H Shares			1,207,409		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
40,610	Prosus NV		$	3,039,001		1.1
44,500	Shaanxi Coal Industry Co. Ltd. - A Shares			125,935		0.0
97,109	Shandong Head Co. Ltd. - A Shares			277,587		0.1
82,975	Shanghai Baosight Software Co. Ltd. - A Shares			647,391		0.2
58,926	Shenzhen Inovance Technology Co. Ltd. - A Shares			526,568		0.2
57,000	Shenzhou International Group Holdings Ltd.			547,494		0.2
442,000	Shougang Fushan Resources Group Ltd.			150,235		0.1
263,000	Sino Biopharmaceutical Ltd.			145,992		0.0
584,000	Sinotrans Ltd. - H Shares			202,074		0.1
25,371 (1)	Sohu.com Ltd. ADR			336,419		0.1
60,227	Sungrow Power Supply Co. Ltd. - A Shares			983,728		0.4
185,100	Tencent Holdings Ltd.			8,221,423		3.1
410,000	Tingyi Cayman Islands Holding Corp.			716,496		0.3
245,000 (2)	Topsports International Holdings Ltd. - H Shares			218,402		0.1
27,913 (1)	Trip.com Group Ltd. ADR			991,191		0.4
188,000	Tsingtao Brewery Co., Ltd. - H Shares			2,012,659		0.7
877,600	Uni-President China Holdings Ltd.			876,256		0.3
26,482 (1)	Weibo Corp. ADR			463,700		0.2
10,440 (1)	Weibo Corp.			187,257		0.1
100,000	Weichai Power Co. Ltd. - H Shares			147,814		0.1
201,900	Wuliangye Yibin Co. Ltd. - A Shares			4,932,803		1.8
162,500 (1)(2)	Wuxi Biologics Cayman, Inc.			968,961		0.4
42,000	Yankuang Energy Group Co. Ltd. - H Shares			144,084		0.0
51,927	Yifeng Pharmacy Chain Co. Ltd. - A Shares			374,098		0.1
22,700	Yum China Holdings, Inc. - HKD			1,389,206		0.5
83,500 (1)	Zai Lab Ltd.			292,342		0.1
31,600	Zhejiang Huayou Cobalt Co. Ltd. - A Shares			238,071		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
23,000	Zhejiang Supcon Technology Co. Ltd. - A Shares		$	320,837		0.1
12,000	ZTO Express Cayman, Inc. ADR			332,160		0.1
				66,798,879		24.9
	Czech Republic: 0.1%
3,166	CEZ AS			170,061		0.1

	Egypt: 0.4%
1,703,268 (1)	Cleopatra Hospital			254,663		0.1
412,055	Commercial International Bank Egypt SAE			714,535		0.3
				969,198		0.4
	Georgia: 0.7%
52,872	Bank of Georgia Group PLC			1,966,836		0.7

	Germany: 0.3%
23,000 (1)(2)	Delivery Hero SE			919,341		0.3

	Greece: 0.7%
244,000 (1)	Eurobank Ergasias Services and Holdings SA			345,000		0.1
13,049	Hellenic Telecommunications Organization SA			190,668		0.1
18,116	Jumbo SA			417,385		0.1
9,787	Motor Oil Hellas Corinth Refineries SA			233,260		0.1
17,354	Mytilineos SA			503,490		0.2
15,044	OPAP S.A.			256,542		0.1
				1,946,345		0.7
	Hungary: 0.7%
101,645	MOL Hungarian Oil & Gas PLC			824,266		0.3
23,500	OTP Bank Nyrt			716,113		0.3
14,678	Richter Gedeon Nyrt			354,511		0.1
				1,894,890		0.7
	India: 14.7%
3,273	ABB India Ltd.			137,092		0.0
40,601	Ambuja Cements Ltd.			197,433		0.1
9,908	APL Apollo Tubes Ltd.			145,160		0.0
3,786	Asian Paints Ltd.			134,738		0.0
3,628	Bajaj Auto Ltd.			196,913		0.1
174,503	Bharat Electronics Ltd.			221,003		0.1
71,820	Bharat Petroleum Corp. Ltd.			314,351		0.1
5,882	Britannia Industries Ltd.			327,968		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
48,000	Cholamandalam Investment and Finance Co. Ltd.		$	513,062		0.2
16,269	Cipla Ltd.			181,001		0.1
242,719	Coal India Ltd.			693,753		0.3
12,591	Coromandel International Ltd.			145,369		0.0
11,367	Cummins India Ltd.			219,513		0.1
79,561 (1)	Delhivery Ltd.			365,078		0.1
4,694	Dr Reddys Laboratories Ltd.			283,060		0.1
6,798	Eicher Motors Ltd.			275,280		0.1
101,812 (1)	Exide Industries Ltd.			244,381		0.1
248,558	GAIL India Ltd.			326,715		0.1
9,641	Grasim Industries Ltd.			203,317		0.1
9,756	Havells India Ltd.			147,164		0.1
116,807	HCL Technologies Ltd.			1,527,140		0.6
148,967	HDFC Bank Ltd.			3,079,924		1.1
19,800	HDFC Bank Ltd. ADR			1,382,040		0.5
9,570	Hero Motocorp Ltd.			300,105		0.1
27,018	Hindalco Industries Ltd.			144,963		0.0
6,262	Hindustan Aeronautics Ltd.			224,250		0.1
52,865	Hindustan Petroleum Corp. Ltd.			162,618		0.1
5,929	Hindustan Unilever Ltd.			178,461		0.1
4,149	Housing Development Finance Corp.			141,364		0.0
350,080	Indian Oil Corp. Ltd.			348,882		0.1
30,122	Indraprastha Gas Ltd.			182,950		0.1
3,533	Info Edge India Ltd.			163,928		0.1
124,638	Infosys Ltd.			1,923,061		0.7
49,598	ITC Ltd.			258,642		0.1
23,191	Jindal Steel & Power Ltd.			165,941		0.1
37,777	JSW Steel Ltd.			336,121		0.1
9,417	Larsen & Toubro Ltd.			273,022		0.1
25,245	Mahindra & Mahindra Ltd.			379,828		0.1
2,304	Maruti Suzuki India Ltd.			242,660		0.1
771	Nestle India Ltd.			205,393		0.1
269,529	NHPC Ltd.			146,336		0.1
181,716	NMDC Ltd.			241,945		0.1
248,815	NTPC Ltd.			524,793		0.2
42,000	Oberoi Realty Ltd.			471,412		0.2
144,550	Oil & Natural Gas Corp., Ltd.			281,909		0.1
46,940	Oil India Ltd.			146,741		0.1
3,101	Persistent Systems Ltd.			180,656		0.1
131,148	Petronet LNG Ltd.			380,915		0.1
34,465	Phoenix Mills Ltd.			610,643		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
4,247	PI Industries Ltd.		$	176,142		0.1
78,574	Power Finance Corp. Ltd.			163,639		0.1
96,276	Power Grid Corp. of India Ltd.			279,952		0.1
94,515	REC Ltd.			153,148		0.1
458,481	Reliance Industries Ltd.			13,615,584		5.1
95,000 (1)	ReNew Energy Global PLC			486,400		0.2
3,870	Schaeffler India Ltd.			131,633		0.0
457	Shree Cement Ltd.			136,261		0.0
3,803	Siemens, Ltd.			160,742		0.1
50,000 (1)	Sterling and Wilson Renewable			182,443		0.1
14,626	Sun Pharmaceutical Industries Ltd.			176,918		0.1
5,112	Supreme Industries Ltd.			170,337		0.1
29,621	Tata Consultancy Services Ltd.			1,171,116		0.4
90,627	Tata Consumer Products Ltd.			847,921		0.3
378,328	Tata Steel Ltd.			501,576		0.2
19,976	Tech Mahindra Ltd.			251,362		0.1
4,499	Tube Investments of India Ltd.			142,738		0.0
2,794	Ultratech Cement Ltd.			258,652		0.1
16,021	UPL Ltd.			145,402		0.0
73,875	Vedanta Ltd.			253,421		0.1
37,787	Zee Entertainment Enterprises Ltd.			91,199		0.0
				39,375,580		14.7
	Indonesia: 1.9%
794,700	Adaro Energy Indonesia Tbk PT			170,117		0.0
5,288,500	Astra International Tbk PT			2,439,420		0.9
5,320,000	Bank BTPN Syariah Tbk PT			776,721		0.3
488,100	Bank Mandiri Persero TBK PT			172,543		0.1
500,000	Bank Rakyat Indonesia			174,240		0.1
743,100	Bukit Asam Tbk PT			210,167		0.1
384,200	Indofood Sukses Makmur Tbk PT			169,114		0.0
1,192,300	Kalbe Farma Tbk PT			172,626		0.1
1,070,000	Sumber Alfaria Trijaya Tbk PT			211,574		0.1
817,200	Telkom Indonesia Persero Tbk PT			236,701		0.1
186,500	United Tractors Tbk PT			368,165		0.1
				5,101,388		1.9

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Kazakhstan: 0.7%
22,980	Kaspi.KZ JSC GDR		$	1,898,839		0.7

	Kuwait: 0.1%
15,002	Humansoft Holding Co. KSC			191,197		0.1
42,340	National Bank of Kuwait SAKP			139,003		0.0
				330,200		0.1
	Malaysia: 0.5%
159,300	Gamuda BHD			148,390		0.1
208,000	Genting Bhd			219,695		0.1
27,800	Kuala Lumpur Kepong Bhd			134,276		0.0
118,600	Petronas Chemicals Group Bhd			188,734		0.1
40,200	Petronas Dagangan BHD			204,042		0.1
37,600	Petronas Gas BHD			142,459		0.0
257,700	Sime Darby Bhd			125,567		0.0
120,000	Tenaga Nasional BHD			239,680		0.1
238,287	UEM Sunrise Bhd			13,668		0.0
				1,416,511		0.5
	Mexico: 5.8%
40,607 (1)	America Movil SAB de CV ADR			872,644		0.3
287,056	America Movil SAB de CV			309,576		0.1
28,683	Arca Continental SAB de CV			273,996		0.1
33,314 (2)	Banco del Bajio SA			109,543		0.0
452,855 (1)	Cemex SA de CV - Unit			272,275		0.1
116,052 (1)	Cemex SAB de CV ADR			696,312		0.3
7,940	Coca-Cola Femsa SA de CV ADR			670,295		0.2
71,797	Coca-Cola Femsa SAB de CV - Unit			594,678		0.2
29,609	El Puerto de Liverpool SAB de CV			181,941		0.1
329,182	Fibra Uno Administracion SA de CV			454,240		0.2
20,788	Fomento Economico Mexicano SAB de CV ADR			2,016,852		0.8
50,657	Fomento Economico Mexicano SAB de CV - Unit			492,722		0.2
9,950	Gruma SAB de CV			156,249		0.1
23,330	Grupo Aeroportuario del C			255,936		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Mexico (continued)
21,642	Grupo Aeroportuario del Pacifico SA de CV		$	384,812		0.1
15,431	Grupo Aeroportuario del Sureste SA de CV			442,062		0.2
155,680	Grupo Bimbo SAB de CV			835,569		0.3
27,496	Grupo Carso SAB de CV			156,080		0.1
21,931	Grupo Cementos de Chihuahua SAB de CV			174,428		0.1
164,890	Grupo Comercial Chedraui, S.A. de C.V.			974,877		0.4
192,940	Grupo Financiero Banorte			1,672,122		0.6
168,898	Grupo Televisa SAB ADR			854,624		0.3
88,612	Kimberly-Clark de Mexico SA de CV			200,294		0.1
75,410	Prologis Property Mexico SA de CV			259,622		0.1
22,958	Promotora y Operadora de Infraestructura SAB de CV			238,921		0.1
33,100	Qualitas Controladora SAB de CV			219,795		0.1
199,000	Regional SAB de CV			1,456,902		0.5
76,489 (1)	Sitios Latinoamerica SAB de CV			31,013		0.0
32,997	Wal-Mart de Mexico SAB de CV			133,001		0.0
				15,391,381		5.8
	Peru: 0.3%
98,362	Cia de Minas Buenaventura SAA ADR			695,419		0.3

	Philippines: 1.3%
7,668,000 (1)	Bloomberry Resorts Corp.			1,455,640		0.5
858,500	DMCI Holdings, Inc.			152,320		0.0
462,130	International Container Terminal Services, Inc.			1,812,328		0.7
62,750	Universal Robina Corp.			166,988		0.1
				3,587,276		1.3
	Poland: 0.3%
71,300 (1)	InPost SA			765,255		0.3

	Qatar: 0.3%
66,886	Ooredoo QPSC			182,016		0.1
28,027	Qatar Electricity & Water Co. QSC			129,124		0.1
76,564	Qatar Fuel QSC			349,502		0.1
				660,642		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Romania: 0.2%
5,071,866	OMV Petrom SA		$	550,481		0.2

	Russia: —%
164,710 (1)(3)	Alrosa PJSC			—		—
951,000 (1)(2)(3)	Detsky Mir PJSC			—		—
342,800 (1)(3)	Fix Price Group PLC GDR			—		—
1,037,141 (3)	Gazprom PJSC			—		—
25,468 (3)	Lukoil PJSC			—		—
14,210 (1)(3)	Magnit OJSC			—		—
271,070 (1)(3)	Magnitogorsk Iron & Steel Works PJSC			—		—
1,179 (3)	MMC Norilsk Nickel OJSC			—		—
91,474 (3)	Mobile Telesystems OJSC			—		—
83,570 (1)(3)	Novolipetsk Steel PJSC			—		—
4,078 (3)	PhosAgro PJSC			—		—
453,015 (3)	Rosneft Oil Co. PJSC			—		—
1,076,340 (1)(3)(4)	Sberbank of Russia PJSC			—		—
16,184 (1)(3)	Severstal PAO			—		—
34,543 (3)	Tatneft PJSC			—		—
18,262 (1)(3)	VK Co. Ltd. GDR			—		—
59,681 (1)(3)	Yandex NV			—		—
				—		—
	Saudi Arabia: 0.6%
6,326	Abdullah Al Othaim Markets Co.			242,532		0.1
2,413	Arabian Internet & Communications Services Co.			180,626		0.1
6,300	Bupa Arabia for Cooperative Insurance Co.			297,163		0.1
2,737	Dr Sulaiman Al Habib Medical Services Group Co.			210,245		0.1
1,976	Elm Co.			234,338		0.1
5,012	SABIC Agri-Nutrients Co.			180,207		0.0
16,118	Saudi Telecom Co.			193,996		0.1
				1,539,107		0.6
	Singapore: 0.2%
655,800	Yangzijiang Shipbuilding Holdings Ltd.			611,559		0.2

	South Africa: 1.1%
8,786	African Rainbow Minerals Ltd.			110,373		0.0
40,668	AVI Ltd.			151,775		0.1
17,474	Bid Corp. Ltd.			397,673		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Africa (continued)
15,372	Bidvest Group Ltd.		$	210,548		0.1
9,513	Clicks Group Ltd.			139,030		0.1
21,397	Exxaro Resources Ltd.			224,825		0.1
300,311	OUTsurance Group Ltd.			571,317		0.2
16,145	Reinet Investments SCA			353,059		0.1
49,990	Remgro Ltd.			382,676		0.1
23,380	Tiger Brands Ltd.			253,310		0.1
80,013	Transaction Capital Ltd.			53,189		0.0
50,065	Woolworths Holdings Ltd./South Africa			178,036		0.1
				3,025,811		1.1
	South Korea: 13.7%
2,152	DB Insurance Co. Ltd.			135,278		0.0
12,700 (1)	Doosan Fuel Cell Co. Ltd.			285,286		0.1
5,051	GS Holdings Corp.			150,073		0.1
5,140	Hana Financial Group, Inc.			161,518		0.1
5,516	Hankook Tire & Technology Co. Ltd.			142,461		0.0
4,347	HD Hyundai Co. Ltd.			192,761		0.1
1,398	Hyundai Glovis Co., Ltd.			171,494		0.1
2,420	Hyundai Mobis Co. Ltd.			394,122		0.1
996	Hyundai Motor Co.			147,537		0.1
11,671	Kia Corp.			739,163		0.3
338	Korea Zinc Co., Ltd.			129,913		0.0
5,573	KT&G Corp.			357,126		0.1
1,559	Kumho Petrochemical Co. Ltd.			159,421		0.1
2,926	LG Chem Ltd.			1,625,345		0.6
5,425	LG Corp.			355,075		0.1
15,207 (1)	LG Display Co., Ltd.			169,525		0.1
2,198	LG Electronics, Inc.			180,495		0.1
85,892	LG Uplus Corp.			708,469		0.3
1,109	Lotte Chemical Corp.			139,775		0.0
2,958	Lotte Corp.			62,052		0.0
644	Lotte Wellfood Co. Ltd.			51,033		0.0
4,998	POSCO Holdings, Inc.			1,414,457		0.5
725 (1)(2)	Samsung Biologics Co. Ltd.			424,022		0.2
2,876	Samsung C&T Corp.			236,189		0.1
2,094	Samsung Electro-Mechanics Co. Ltd.			226,456		0.1
200,358	Samsung Electronics Co., Ltd. 005930			9,858,434		3.7
7,348 (1)	Samsung Engineering Co. Ltd.			160,385		0.1
1,104	Samsung Fire & Marine Insurance Co. Ltd.			185,722		0.1
18,730	Samsung Life Insurance Co. Ltd.			928,557		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
701	Samsung SDI Co., Ltd.		$	363,799		0.1
2,616	Samsung SDS Co. Ltd.			230,021		0.1
40,091	Shinhan Financial Group Co., Ltd.			1,049,599		0.4
81,821	SK Hynix, Inc.			5,505,203		2.0
168,541 (1)	SK Square Co. Ltd.			5,371,276		2.0
47,121	SK Telecom Co. Ltd. ADR			931,111		0.4
85,257	SK Telecom Co., Ltd.			3,038,009		1.1
3,245	S-Oil Corp.			181,745		0.1
				36,562,907		13.7
	Taiwan: 13.1%
342,000	Acer, Inc.			337,354		0.1
21,794	Advantech Co. Ltd.			263,880		0.1
220,000	ASE Technology Holding Co. Ltd.			723,261		0.3
81,000	Asustek Computer, Inc.			746,574		0.3
53,000	Catcher Technology Co., Ltd.			312,653		0.1
123,000	Chicony Electronics Co. Ltd.			388,628		0.1
111,500	Chroma ATE, Inc.			692,159		0.3
42,000	Chunghwa Telecom Co., Ltd.			173,789		0.1
76,000	Delta Electronics, Inc.			744,494		0.3
32,000	E Ink Holdings, Inc.			199,364		0.1
189,000	Far Eastern New Century Corp.			196,462		0.1
918,000 (1)(2)	FIT Hon Teng Ltd.			182,013		0.1
84,000	Formosa Chemicals & Fibre Co.			188,512		0.1
90,000	Formosa Plastics Corp.			275,321		0.1
109,000	HON HAI Precision Industry Co., Ltd.			371,423		0.1
4,000	Largan Precision Co. Ltd.			262,649		0.1
309,000	Lite-On Technology Corp.			740,216		0.3
264,000	MediaTek, Inc.			5,740,375		2.1
112,000	Micro-Star International Co., Ltd.			532,337		0.2
140,000	Nan Ya Plastics Corp.			355,821		0.1
49,000	Novatek Microelectronics Corp., Ltd.			669,885		0.2
144,000	Pegatron Corp.			328,630		0.1
187,000	Pou Chen Corp.			193,712		0.1
108,000	Powertech Technology, Inc.			323,391		0.1
35,511	Poya International Co. Ltd.			664,661		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
18,000	Realtek Semiconductor Corp.		$	211,085		0.1
29,000	Sino-American Silicon Products, Inc.			139,769		0.0
1,046,000	Taiwan Semiconductor Manufacturing Co., Ltd.			17,128,871		6.4
86,000	Uni-President Enterprises Corp.			206,173		0.1
565,000	United Microelectronics Corp.			908,722		0.3
4,000	Voltronic Power Technology Corp.			230,000		0.1
80,546	Walsin Lihwa Corp.			130,803		0.0
9,000	Wiwynn Corp.			342,510		0.1
9,000	Yageo Corp.			145,898		0.1
46,000	Zhen Ding Technology Holding Ltd.			167,578		0.1
				35,218,973		13.1
	Thailand: 1.0%
27,700	Advanced Info Service PCL			173,911		0.1
28,400	Bangkok Dusit Medical Services PCL			24,398		0.0
309,600	Bangkok Dusit Medical Services PCL - Foreign			265,968		0.1
345,800	Banpu PCL			92,469		0.0
671,500	Banpu PCL (Foreign)			179,564		0.1
3,900	Bumrungrad Hospital PCL			27,236		0.0
42,700	Bumrungrad Hospital PCL - Foreign			298,199		0.1
121,700	CP ALL PCL			231,270		0.1
512,300	Land & Houses PCL - Foreign			147,272		0.1
46,900	Land and Houses PCL			13,482		0.0
31,100	PTT Exploration & Production PCL			135,318		0.0
62,900	PTT Exploration & Production PCL - Foreign			273,681		0.1
32,200	PTT PCL			29,312		0.0
352,400	PTT PCL - Foreign			320,794		0.1
1,900	Siam Cement PCL			17,507		0.0
21,100	Siam Cement PCL - Foreign			194,422		0.1
27,500	Thai Oil PCL			37,644		0.0
154,100	Thai Oil PCL - Foreign			210,942		0.1
				2,673,389		1.0
	Turkey: 2.5%
60,319	Agesa Hayat ve Emeklilik AS			91,531		0.0
430,164	Akbank TAS			355,657		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Turkey (continued)
49,310	Anadolu Efes Biracilik Ve Malt Sanayii AS		$	159,696		0.1
57,016	BIM Birlesik Magazalar AS			458,123	��	0.2
3,919 (1)	D-MARKET Elektronik Hizmetler ve Ticaret AS ADR			3,762		0.0
84,507 (2)	Enerjisa Enerji AS			121,191		0.0
91,417	Enka Insaat ve Sanayi AS			128,647		0.0
54,498	Eregli Demir ve Celik Fabrikalari TAS			92,995		0.0
4,494	Ford Otomotiv Sanayi AS			124,225		0.0
128,608	KOC Holding AS			500,694		0.2
20,840 (1)	Migros Ticaret A.S			186,981		0.1
335,930 (1)(2)	MLP Saglik Hizmetleri AS			1,140,692		0.4
441,810 (1)	Sok Marketler Ticaret AS			755,324		0.3
74,637	Tofas Turk Otomobil Fabrikasi AS			737,236		0.3
36,771 (1)	Turk Hava Yollari			241,821		0.1
121,582	Turk Sise Ve Cam Fabrikalari			230,656		0.1
93,801	Turkcell Iletisim Hizmet AS ADR			408,973		0.2
174,892	Turkcell Iletisim Hizmet AS			297,936		0.1
163,405	Turkiye Petrol Rafinerileri AS			558,008		0.2
313,842	Yapi ve Kredi Bankasi AS			153,121		0.1
				6,747,269		2.5
	United Arab Emirates: 0.6%
168,888	Abu Dhabi National Oil Co. for Distribution PJSC			201,895		0.1
600,738	Air Arabia PJSC			358,902		0.1
356,300	Americana Restaurants International PLC			380,333		0.1
113,273	Emaar Development PJSC			170,866		0.1
97,861	Emaar Properties PJSC			158,658		0.1
389,930 (1)	Multiply Group PJSC			357,746		0.1
				1,628,400		0.6
	United Kingdom: 0.6%
41,372 (1)	Georgia Capital PLC			418,556		0.2
604,000 (1)	Helios Towers PLC			789,501		0.3
4,766	Rio Tinto PLC ADR			304,976		0.1
				1,513,033		0.6

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States: 0.7%
14,762	Intel Corp.		$	458,508		0.2
21,593	Micron Technology, Inc.			1,389,725		0.5
				1,848,233		0.7
	Total Common Stock (Cost $287,535,657)			257,760,476		96.2
PREFERRED STOCK: 1.9%
	Brazil: 1.1%
45,855	Bradespar SA			216,505		0.1
121,408	Cia Energetica de Minas Gerais			299,637		0.1
200,611	Cia Paranaense de Energia			321,763		0.1
97,687	Gerdau SA			492,176		0.2
350,777	Itausa SA			606,219		0.2
117,198	Metalurgica Gerdau SA			272,799		0.1
85,141	Petroleo Brasileiro SA			403,702		0.1
737,000	Raizen SA			471,356		0.2
				3,084,157		1.1
	Chile: 0.1%
89,379	Embotelladora Andina SA			223,899		0.1

	Russia: —%
863,754 (3)	Surgutneftegas			—		—
217 (3)	Transneft PJSC TRNFP RM			—		—
378 (1)(3)	Transneft PJSC TRNFP RU			—		—
				—		—
	South Korea: 0.7%
46,983	Samsung Electronics Co., Ltd.			1,964,119		0.7
	Total Preferred Stock (Cost $7,738,101)			5,272,175		1.9
WARRANTS: 0.0%
	Argentina: 0.0%
38,283 (1)	IRSA Inversiones y Representaciones SA			11,891		0.0
	Total Warrants (Cost $—)			11,891		0.0
	Total Long-Term Investments (Cost $295,273,758)			263,044,542		98.1
SHORT-TERM INVESTMENTS: 1.9%
	Mutual Funds: 1.9%
3,977,354 (5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.750%			3,977,354		1.5

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
1,037,000 (5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.780%		$	1,037,000		0.4
	Total Short-Term Investments (Cost $5,014,354)			5,014,354		1.9
	Total Investments in Securities (Cost $300,288,112)		$	268,058,896		100.0
	Liabilities in Excess of Other Assets			(114,904)		—
	Net Assets		$	267,943,992		100.0

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(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 April 30, 2023, the Fund held restricted securities with a fair value of $— or 0.0% of net assets. Please refer to the table below for additional details.

(5)

Rate shown is the 7-day yield as of April 30, 2023.

Sector Diversification	Percentage of Net Assets
Information Technology		24.4%
Consumer Discretionary		11.7
Financials		10.8
Consumer Staples		10.6
Energy		10.4
Communication Services		8.5
Industrials		8.4
Materials		6.4
Health Care		3.0
Utilities		2.4
Real Estate		1.5
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		—
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Argentina		$	3,518,415		$	—		$	—		$	3,518,415
Brazil			16,113,910			—			—			16,113,910
Chile			2,320,948			—			—			2,320,948
China			7,505,650			59,293,229			—			66,798,879
Czech Republic			170,061			—			—			170,061
Egypt			254,663			714,535			—			969,198
Georgia			1,966,836			—			—			1,966,836
Germany			—			919,341			—			919,341
Greece			—			1,946,345			—			1,946,345
Hungary			—			1,894,890			—			1,894,890
India			1,868,440			37,507,140			—			39,375,580
Indonesia			—			5,101,388			—			5,101,388
Kazakhstan			—			1,898,839			—			1,898,839
Kuwait			—			330,200			—			330,200
Malaysia			346,501			1,070,010			—			1,416,511
Mexico			15,391,381			—			—			15,391,381
Peru			695,419			—			—			695,419
Philippines			—			3,587,276			—			3,587,276
Poland			—			765,255			—			765,255
Qatar			129,124			531,518			—			660,642
Romania			—			550,481			—			550,481
Russia			—			—			—			—
Saudi Arabia			—			1,539,107			—			1,539,107
Singapore			—			611,559			—			611,559
South Africa			2,538,838			486,973			—			3,025,811
South Korea			931,111			35,631,796			—			36,562,907
Taiwan			—			35,218,973			—			35,218,973
Thailand			—			2,673,389			—			2,673,389
Turkey			1,553,427			5,193,842			—			6,747,269
United Arab Emirates			582,228			1,046,172			—			1,628,400
United Kingdom			723,532			789,501			—			1,513,033
United States			1,848,233			—			—			1,848,233
Total Common Stock			58,458,717			199,301,759			—			257,760,476
Preferred Stock			3,308,056			1,964,119			—			5,272,175
Warrants			11,891			—			—			11,891
Short-Term Investments			5,014,354			—			—			5,014,354
Total Investments, at fair value		$	66,793,018		$	201,265,878		$	—		$	268,058,896
Other Financial Instruments+
Forward Foreign Currency Contracts			—			1,829			—			1,829
Total Assets		$	66,793,018		$	201,267,707		$	—		$	268,060,725
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(14)		$	—		$	(14)
Futures			(19,029)			—			—			(19,029)
Total Liabilities		$	(19,029)		$	(14)		$	—		$	(19,043)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

At April 30, 2023, Voya Multi-Manager Emerging Markets Equity Fund held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Sberbank of Russia PJSC		3/19/2021		$	4,076,605		$	—
				$	4,076,605		$	—

At April 30, 2023, the following forward foreign currency contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

PHP 722,450

USD 12,981

The Bank of New York Mellon

05/02/23

PHP 745,332

USD 13,392

The Bank of New York Mellon

05/02/23

HKD 2,219,483

USD 282,752

The Bank of New York Mellon

05/02/23

(3)

USD 2,937

ZAR 53,928

The Bank of New York Mellon

05/02/23

(11)

ZAR 4,332,000

USD 235,516

The Bank of New York Mellon

05/03/23

1,279

PHP 16,063,197

USD 289,607

The Bank of New York Mellon

05/03/23

422

1,815

At April 30, 2023, the following futures contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
MSCI Emerging Markets Index	31	06/16/23		$	1,525,510		$	(19,029)
				$	1,525,510		$	(19,029)

Currency Abbreviations

HKD

–

Hong Kong Sar Dollar

PHP

–

Philippine Peso

USD

–

United States Dollar

ZAR

–

South African Rand

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 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		$	1,829
Total Asset Derivatives			$	1,829
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	14
Equity contracts	Variation margin payable on futures contracts*			19,029
Total Liability Derivatives			$	19,043

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the table 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).

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 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			Total
Equity contracts		$	—		$	201,393		$	201,393
Foreign exchange contracts			(90,653)			—			(90,653)
Total		$	(90,653)		$	201,393		$	110,740

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Equity contracts		$	—		$	(24,233)		$	(24,233)
Foreign exchange contracts			(8,312)			—			(8,312)
Total		$	(8,312)		$	(24,233)		$	(32,545)

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 April 30, 2023:

	The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	1,829		$	1,829
Total Assets		$	1,829		$	1,829
Liabilities:
Forward foreign currency contracts		$	14		$	14
Total Liabilities		$	14		$	14
Net OTC derivative instruments by counterparty, at fair value		$	1,815		$	1,815
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—
Net Exposure(1)		$	1,815		$	1,815

(1)

At April 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 $321,049,472.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	12,028,780
Gross Unrealized Depreciation		(63,755,347)
Net Unrealized Depreciation	$	(51,726,567)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 95.0%
	Argentina: 0.5%
1,097 (1)	MercadoLibre, Inc.		$	1,401,407		0.5

	Australia: 0.7%
96,101 (1)	Allkem Ltd.			789,229		0.2
8,786	Cochlear Ltd.			1,440,618		0.5
				2,229,847		0.7
	Belgium: 0.8%
18,317	Anheuser-Busch InBev SA/NV			1,190,966		0.4
7,288	D’ieteren Group			1,372,254		0.4
				2,563,220		0.8
	Brazil: 0.7%
129,866	Localiza Rent a Car SA (RENT3)			1,509,089		0.5
111,160	Raia Drogasil SA			585,686		0.2
				2,094,775		0.7
	Canada: 7.0%
9,119	Brookfield Asset Management Ltd.			305,705		0.1
30,976	Cameco Corp.			851,649		0.3
38,413	Canadian Pacific Kansas City Ltd.			3,028,017		1.0
14,400	Canadian Tire Corp. Ltd.			1,887,725		0.6
85,001	Cenovus Energy, Inc.			1,426,669		0.5
842	Constellation Software, Inc./Canada			1,648,029		0.5
257,300	Lundin Mining Corp.			1,965,572		0.6
32,248	Magna International, Inc.			1,681,366		0.6
47,900	Methanex Corp.			2,144,248		0.7
52,100	Open Text Corp.			1,973,097		0.6
50,982	Pembina Pipeline Corp.			1,678,265		0.5
1,860	Ritchie Bros Auctioneers, Inc.			106,423		0.0
17,827 (1)	Shopify, Inc.			863,718		0.3
6,167 (1)	Topicus.com, Inc.			410,800		0.1
29,595	Toronto-Dominion Bank			1,792,716		0.6
				21,763,999		7.0
	China: 6.8%
56,440 (1)	Alibaba Group Holding Ltd.			596,775		0.2
35,000	Byd Co., Ltd. - H Shares			1,061,419		0.3
48,400	China Tourism Group Duty Free Corp. Ltd. - A Shares			1,129,213		0.4
18,900	Contemporary Amperex Technology Co. Ltd. - A Shares			632,443		0.2
40,784	ENN Energy Holdings Ltd.			559,214		0.2
63,811 (1)	KE Holdings, Inc. ADR			1,001,194		0.3
205,000	Li Ning Co. Ltd.			1,466,082		0.5
69,015	LONGi Green Energy Technology Co. Ltd. - A Shares			348,623		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
136,459 (1)(2)	Meituan Class B		$	2,332,147		0.7
476,500	Ping An Insurance Group Co. of China Ltd. - H Shares			3,476,316		1.1
15,014	Prosus NV			1,123,555		0.4
44,200	Proya Cosmetics Co. Ltd. - A Shares			1,072,863		0.3
132,015 (1)	Shanghai International Airport Co. Ltd. - A Shares			1,025,235		0.3
67,199	Tencent Holdings Ltd.			2,984,719		1.0
1,619,000	Weichai Power Co. Ltd. - H Shares			2,393,111		0.8
				21,202,909		6.8
	Denmark: 0.6%
6,321 (1)	Ascendis Pharma A/S ADR			442,217		0.1
2,498	DSV A/S			470,130		0.2
2,523 (1)	Genmab A/S			1,036,864		0.3
				1,949,211		0.6
	Finland: 0.4%
312,745	Nokia OYJ - Finland			1,323,276		0.4

	France: 7.5%
74,836	AXA S.A.			2,442,669		0.8
44,943	Bureau Veritas SA			1,295,941		0.4
60,392	Cie Generale des Etablissements Michelin SCA			1,923,347		0.6
349	Hermes International			757,708		0.2
22,026	IPSOS			1,194,267		0.4
1,158	Kering SA			741,548		0.2
3,465	L’Oreal S.A.			1,655,989		0.5
3,086	LVMH Moet Hennessy Louis Vuitton SE			2,968,377		1.0
8,528	Pernod Ricard SA			1,969,542		0.6
32,700	Publicis Groupe			2,673,467		0.9
6,545	Remy Cointreau SA			1,132,473		0.4
32,771 (1)	Renault S.A.			1,217,217		0.4
577	Schneider Electric SE			100,624		0.0
11,192 (1)	UbiSoft Entertainment			327,783		0.1
60,715 (1)	Vallourec SA			693,565		0.2
18,768	Vinci SA			2,321,445		0.8
				23,415,962		7.5
	Germany: 7.1%
3,756	Adidas AG			661,456		0.2
33,701 (1)(2)	Auto1 Group SE			265,939		0.1
179,705 (1)	Commerzbank AG			1,997,089		0.7
216,588	Deutsche Telekom AG			5,222,339		1.7
58,100 (1)	flatexDEGIRO AG			626,179		0.2
10,312	Hannover Rueck SE			2,203,261		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany (continued)
35,742	Infineon Technologies AG		$	1,301,613		0.4
5,949	Muenchener Rueckversicherungs- Gesellschaft AG			2,235,806		0.7
8,894	Nemetschek SE			695,188		0.2
50,295	RWE AG			2,358,153		0.8
19,270	Siemens AG			3,176,329		1.0
30,359 (1)(2)	Zalando SE			1,248,655		0.4
				21,992,007		7.1
	Greece: 0.2%
24,200	Jumbo SA			557,557		0.2

	Hong Kong: 1.4%
186,400	AIA Group Ltd.			2,029,351		0.6
13,200	Hong Kong Exchanges and Clearing Ltd.			548,023		0.2
159,633	Techtronic Industries Co., Ltd.			1,726,988		0.6
				4,304,362		1.4
	India: 1.5%
52,136	Axis Bank Ltd.			550,343		0.2
12,821	Housing Development Finance Corp.			436,835		0.1
54,504	Larsen & Toubro Ltd.			1,580,207		0.5
67,363	Reliance Industries Ltd.			2,000,490		0.7
				4,567,875		1.5
	Indonesia: 0.4%
2,074,700	Bank Central Asia Tbk PT			1,283,931		0.4

	Ireland: 0.9%
712,328 (1)	Greencore Group PLC			767,653		0.2
55,221	Smurfit Kappa PLC			2,045,898		0.7
				2,813,551		0.9
	Israel: 0.1%
2,318 (1)	CyberArk Software Ltd.			288,823		0.1

	Italy: 0.8%
7,559	Ferrari NV			2,106,310		0.7
30,816	FinecoBank Banca Fineco SpA			467,101		0.1
137,907 (1)	TREVI - Finanziaria Industriale SpA			51,856		0.0
				2,625,267		0.8
	Japan: 13.8%
6,500	Cosmos Pharmaceutical Corp.			639,309		0.2
134,600	Daicel Corp.			1,061,168		0.3
48,300	Dai-ichi Life Holdings, Inc.			898,418		0.3
15,500	Daito Trust Construction Co., Ltd.			1,469,054		0.5
13,600	Denso Corp.			820,945		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
8,900	Fast Retailing Co., Ltd.		$	2,107,535		0.7
69,900	Honda Motor Co., Ltd.			1,853,960		0.6
10,400	Hoya Corp.			1,090,492		0.3
39,200	Kao Corp.			1,584,013		0.5
60,700	KDDI Corp.			1,894,941		0.6
7,686	Keyence Corp.			3,466,050		1.1
184,300	Marubeni Corp.			2,615,807		0.8
289,400	Mitsubishi UFJ Financial Group, Inc.			1,811,509		0.6
16,400	Murata Manufacturing Co., Ltd.			930,473		0.3
12,400	Nidec Corp.			613,578		0.2
71,000	Olympus Corp.			1,242,956		0.4
25,300	Oriental Land Co., Ltd.			895,346		0.3
20,300	Pigeon Corp.			316,103		0.1
19,700	Recruit Holdings Co. Ltd.			552,656		0.2
5,200	Shimano, Inc.			804,193		0.3
34,400	Shiseido Co., Ltd.			1,724,327		0.6
3,200	SMC Corp.			1,595,983		0.5
58,500	Sony Group Corp.			5,292,714		1.7
6,900	Sugi Holdings Co., Ltd.			292,732		0.1
5,500	Suzuki Motor Corp.			191,777		0.1
33,287	Sysmex Corp.			2,141,128		0.7
81,600	T&D Holdings, Inc.			999,302		0.3
20,100	Tokyo Electron Ltd.			2,301,561		0.7
29,300	Unicharm Corp.			1,182,839		0.4
146,600	Z Holdings Corp.			401,573		0.1
				42,792,442		13.8
	Luxembourg: 0.1%
29,358	Tenaris S.A.			419,976		0.1

	Netherlands: 4.1%
786 (1)(2)	Adyen NV			1,262,990		0.4
23,422	Airbus SE			3,279,903		1.1
2,905	ASML Holding NV			1,843,557		0.6
10,206 (1)	EXOR NV			839,947		0.3
5,767	IMCD NV			868,164		0.3
57,900	Koninklijke Ahold Delhaize NV			1,990,879		0.6
2,745	Shell PLC			84,349		0.0
62,268	Shell PLC - EUR			1,925,007		0.6
5,611	Wolters Kluwer NV			743,425		0.2
				12,838,221		4.1
	New Zealand: 0.3%
13,470 (1)	Xero Ltd.			840,874		0.3

	Norway: 1.8%
101,799	DNB Bank ASA			1,790,653		0.6
125,465	SpareBank 1 SR-Bank ASA			1,469,751		0.5
69,276	Sparebanken Vest			650,495		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Norway (continued)
43,147	Yara International ASA		$	1,737,480		0.5
				5,648,379		1.8
	Portugal: 0.5%
61,687	Jeronimo Martins SGPS SA			1,556,691		0.5

	Russia: —%
1,561,600 (1)(3)	Alrosa PJSC			—		—

	Singapore: 1.2%
179,438	United Overseas Bank Ltd.			3,810,897		1.2

	South Korea: 4.6%
23,391 (1)	Coupang, Inc.			392,033		0.1
9,800	Hyundai Mobis Co. Ltd.			1,596,031		0.5
31,621	Kia Corp.			2,002,663		0.6
18,800	LG Electronics, Inc.			1,543,817		0.5
184,100	LG Uplus Corp.			1,518,524		0.5
74,146	Samsung Electronics Co., Ltd. 005930			3,648,287		1.2
65,500	Shinhan Financial Group Co., Ltd.			1,714,817		0.5
30,300	SK Hynix, Inc.			2,038,690		0.7
				14,454,862		4.6
	Spain: 1.2%
276,882	Iberdrola S.A. - IBEE			3,587,878		1.2

	Sweden: 3.0%
118,716	Atlas Copco AB - A Shares			1,717,123		0.6
30,593	Atlas Copco AB - B Shares			392,410		0.1
65,424 (1)	Duni AB			714,525		0.2
48,158	Epiroc AB-B			829,191		0.3
75,669	Investor AB-B SHS			1,625,608		0.5
36,313	Loomis AB			1,162,336		0.4
33,141	Nibe Industrier AB			371,076		0.1
90,000	SKF AB - B Shares			1,630,050		0.5
5,522 (1)	Spotify Technology SA			737,739		0.3
				9,180,058		3.0
	Switzerland: 5.4%
34,370	Alcon, Inc.			2,502,698		0.8
14,348	Cie Financiere Richemont SA			2,371,737		0.8
5,085	Lonza Group AG			3,171,211		1.0
5,956	Nestle SA			764,093		0.2
67,044	Novartis AG			6,858,192		2.2
272	Partners Group			264,039		0.1
2,890	Roche Holding AG-GENUSSCHEIN			904,975		0.3
				16,836,945		5.4
	Taiwan: 1.8%
252,331	Taiwan Semiconductor Manufacturing Co., Ltd.			4,132,070		1.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
18,933	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		$	1,596,052		0.5
				5,728,122		1.8
	Thailand: 0.7%
387,170	Kasikornbank PCL - Foreign			1,421,447		0.5
30,200	Kasikornbank PCL - NVDR			110,876		0.0
269,200	Tisco Financial Group PCL			712,285		0.2
				2,244,608		0.7
	United Kingdom: 15.7%
121,932	Allfunds Group Plc			808,904		0.3
165,500	Amcor PLC			1,815,535		0.6
65,795	Anglo American PLC			2,027,427		0.6
52,500	Antofagasta PLC			965,636		0.3
14,720	Ashtead Group PLC			848,702		0.3
26,129	AstraZeneca PLC			3,845,237		1.2
186,396 (2)	Auto Trader Group PLC			1,490,610		0.5
260,769	BAE Systems PLC			3,322,206		1.1
68,194	Bellway PLC			2,067,614		0.7
25,466	Burberry Group PLC			831,264		0.3
15,813	CNH Industrial NV			222,519		0.1
17,121	CRH PLC - London			830,905		0.3
29,597	Diageo PLC			1,350,105		0.4
24,781	Experian PLC			877,372		0.3
46,317 (1)(4)	Farfetch Ltd. - Class A			186,658		0.1
7,003	Games Workshop Group PLC			874,104		0.3
57,876	Hargreaves Lansdown PLC			585,954		0.2
417,204	HSBC Holdings PLC			3,006,947		1.0
138,510	Inchcape PLC			1,410,101		0.4
13,145	Intertek Group PLC			687,673		0.2
20,043	London Stock Exchange Group PLC			2,104,388		0.7
60,874	Mondi PLC			970,051		0.3
26,200	Next PLC			2,222,995		0.7
30,700 (1)	Nomad Foods Ltd.			577,160		0.2
164,325	Prudential PLC			2,514,354		0.8
153,731	Rightmove PLC			1,112,721		0.4
39,331	Rio Tinto PLC			2,500,376		0.8
1,257,383	Taylor Wimpey PLC			2,029,258		0.6
151,885 (1)(2)	Trainline PLC			476,060		0.1
85,649	Unilever PLC - ULVRL			4,769,138		1.5
41,788	Weir Group PLC			967,119		0.3
66,409 (1)	Wise PLC			459,807		0.1
				48,758,900		15.7
	United States: 3.4%
2,033 (1)	Illumina, Inc.			417,903		0.1
12,600 (1)	Jazz Pharmaceuticals PLC			1,769,922		0.6
7,893	Linde PLC DE			2,900,124		0.9
5,705	Linde PLC US			2,107,712		0.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
1,131 (1)	Mettler Toledo International, Inc.		$	1,686,887		0.6
26,166	Popular, Inc.			1,570,222		0.5
				10,452,770		3.4
	Total Common Stock
	(Cost $285,623,893)			295,529,602		95.0

EXCHANGE-TRADED FUNDS: 1.4%
85,755	iShares MSCI ACWI ex US ETF			4,260,308		1.4
	Total Exchange-Traded Funds
	(Cost $4,139,488)			4,260,308		1.4

PREFERRED STOCK: 1.1%
	Brazil: 0.5%
545,000	Banco Bradesco SA			1,505,694		0.5

	Germany: 0.6%
4,514	Sartorius AG			1,754,549		0.6
	Total Preferred Stock
	(Cost $3,525,553)			3,260,243		1.1

RIGHTS: 0.0%
	Brazil: 0.0%
558 (1)	Localiza Rent a Car SA			1,920		0.0
	Total Rights
	(Cost $—)			1,920		0.0
	Total Long-Term Investments
	(Cost $293,288,934)			303,052,073		97.5

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.8%

Repurchase Agreements: 0.0%

64,189 (5)

Bank of America Inc.,
Repurchase Agreement
dated 04/28/23, 4.82%,
due 05/01/23 (Repurchase
Amount $64,214,
collateralized by various
U.S. Government Agency
Obligations, 1.500%-4.000%,
Market Value plus accrued
interest $65,473, due
09/20/46-06/20/52)
(Cost $64,189)

64,189

0.0

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.8%
2,426,132 (6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.750% (Cost $2,426,132)		$	2,426,132		0.8
	Total Short-Term Investments
	(Cost $2,490,321)			2,490,321		0.8
	Total Investments in Securities (Cost $295,779,255)		$	305,542,394		98.3
	Assets in Excess of Other Liabilities			5,438,440		1.7
	Net Assets		$	310,980,834		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(3)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(4)

Security, or a portion of the security, is on loan.

(5)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of April 30, 2023.

Sector Diversification	Percentage of Net Assets
Consumer Discretionary			18.4%
Financials			16.8
Industrials			13.7
Health Care			9.8
Information Technology			9.5
Consumer Staples			8.1
Materials			7.7
Communication Services			6.3
Energy			2.9
Utilities			2.1
Exchange-Traded Funds			1.4
Real Estate		��	0.8
Short-Term Investments			0.8
Assets in Excess of Other Liabilities			1.7
Net Assets			100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Argentina		$	1,401,407		$	—		$	—		$	1,401,407
Australia			—			2,229,847			—			2,229,847
Belgium			—			2,563,220			—			2,563,220
Brazil			2,094,775			—			—			2,094,775
Canada			21,763,999			—			—			21,763,999
China			1,001,194			20,201,715			—			21,202,909
Denmark			442,217			1,506,994			—			1,949,211
Finland			—			1,323,276			—			1,323,276
France			—			23,415,962			—			23,415,962
Germany			—			21,992,007			—			21,992,007
Greece			—			557,557			—			557,557
Hong Kong			—			4,304,362			—			4,304,362
India			—			4,567,875			—			4,567,875
Indonesia			—			1,283,931			—			1,283,931
Ireland			767,653			2,045,898			—			2,813,551
Israel			288,823			—			—			288,823
Italy			—		��	2,625,267			—			2,625,267
Japan			—			42,792,442			—			42,792,442
Luxembourg			—			419,976			—			419,976
Netherlands			—			12,838,221			—			12,838,221
New Zealand			—			840,874			—			840,874
Norway			—			5,648,379			—			5,648,379
Portugal			—			1,556,691			—			1,556,691
Russia			—			—			—			—
Singapore			—			3,810,897			—			3,810,897
South Korea			392,033			14,062,829			—			14,454,862
Spain			—			3,587,878			—			3,587,878
Sweden			1,452,264			7,727,794			—			9,180,058
Switzerland			—			16,836,945			—			16,836,945
Taiwan			1,596,052			4,132,070			—			5,728,122
Thailand			—			2,244,608			—			2,244,608
United Kingdom			3,055,413			45,703,487			—			48,758,900
United States			10,452,770			—			—			10,452,770
Total Common Stock			44,708,600			250,821,002			—			295,529,602
Exchange-Traded Funds			4,260,308			—			—			4,260,308
Preferred Stock			1,505,694			1,754,549			—			3,260,243
Rights			1,920			—			—			1,920
Short-Term Investments			2,426,132			64,189			—			2,490,321
Total Investments, at fair value		$	52,902,654		$	252,639,740		$	—		$	305,542,394
Other Financial Instruments+
Forward Foreign Currency Contracts			—			184			—			184
Total Assets		$	52,902,654		$	252,639,924		$	—		$	305,542,578

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited) (continued)

At April 30, 2023, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Equity Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

EUR 162,312

USD 178,668

Citibank N.A.

05/02/23

184

Currency Abbreviations

EUR – EU Euro

USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 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		$	184
Total Asset Derivatives			$	184

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 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
Foreign exchange contracts		$	(13,487)
Total		$	(13,487)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	184
Total		$	184

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 April 30, 2023:

	Citibank N.A.
Assets:
Forward foreign currency contracts		$	184
Total Assets		$	184
Net OTC derivative instruments by counterparty, at fair value		$	184
Total collateral pledged by the Fund/(Received from counterparty)		$	—
Net Exposure(1)		$	184

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2023 (Unaudited) (continued)

At April 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 $306,528,666.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	31,586,731
Gross Unrealized Depreciation		(32,056,668)
Net Unrealized Depreciation	$	(469,937)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 98.0%
	Australia: 8.4%
81,237	AGL Energy Ltd.		$	447,209		0.1
63,366	Amcor PLC			692,788		0.2
12,001	Ampol Ltd.			239,452		0.1
31,045	ANZ Group Holdings Ltd.			504,116		0.2
133,129	Aurizon Holdings Ltd.			302,689		0.1
95,058	BHP Group Ltd.			2,821,082		0.9
65,483	BlueScope Steel Ltd.			870,381		0.3
120,544	Brambles Ltd.			1,141,892		0.3
2,119	Cochlear Ltd.			347,447		0.1
46,864	Coles Group Ltd.			566,125		0.2
23,267	Commonwealth Bank of Australia			1,539,718		0.5
25,889	Computershare Ltd.			385,379		0.1
3,033	CSL Ltd.			605,498		0.2
66,526	Dexus			344,803		0.1
38,410	Goodman Group			495,167		0.2
7,564	JB Hi-Fi Ltd.			223,862		0.1
11,584	Macquarie Group Ltd.			1,413,152		0.4
514,773	Medibank Pvt Ltd.			1,218,241		0.4
140,936	Mirvac Group			226,262		0.1
7,572 (1)	Orica Ltd.			80,392		0.0
79,397 (1)(2)	Qantas Airways Ltd.			350,136		0.1
81,274	QBE Insurance Group Ltd.			831,091		0.3
22,723	Rio Tinto Ltd.			1,704,330		0.5
59,651	Sonic Healthcare Ltd.			1,406,149		0.4
245,001	South32 Ltd. - AUD			692,557		0.2
98,382	Steadfast Group Ltd.			387,862		0.1
96,722	Stockland			286,720		0.1
1,151,771	TABCORP Holdings Ltd.			803,377		0.2
16,005 (1)	Technology One Ltd.			162,107		0.1
416,856	Telstra Group Ltd.			1,209,389		0.4
536,738	Vicinity Centres			750,343		0.2
22,730	Wesfarmers Ltd.			786,308		0.2
20,396	Woodside Energy Group Ltd.			462,792		0.1
110,532	Woolworths Group Ltd.			2,851,374		0.9
				27,150,190		8.4
	Austria: 0.6%
7,522	Andritz AG			488,524		0.2
4,720	OMV AG			223,364		0.1
22,749	Voestalpine AG			788,750		0.2
16,161	Wienerberger AG			486,848		0.1
				1,987,486		0.6
	Belgium: 0.5%
2,823	Elia Group SA/NV			387,091		0.1
16,077	KBC Group NV			1,149,324		0.4
				1,536,415		0.5
	Brazil: 0.4%
43,400	Banco do Brasil S.A.			371,978		0.1
109,400	BB Seguridade Participacoes SA			745,959		0.2
39,100 (1)	Embraer SA			151,452		0.1
				1,269,389		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Canada: 5.0%
18,876 (1)	Alamos Gold, Inc.		$	243,630		0.1
34,376	Alimentation Couche-Tard, Inc.			1,715,692		0.5
17,318	Brookfield Asset Management Ltd.			580,569		0.2
5,783	Canadian National Railway Co. - CNR			689,342		0.2
4,874	Canadian Pacific Kansas City Ltd.			384,207		0.1
13,083 (1)	CGI, Inc.			1,327,854		0.4
197	Constellation Software, Inc./Canada			385,584		0.1
4,976 (1)	Descartes Systems Group, Inc./The			394,304		0.1
8,038	Dollarama, Inc.			497,877		0.2
2,498	Fairfax Financial Holdings Ltd.			1,745,659		0.5
5,305	First Quantum Minerals Ltd.			128,900		0.1
6,374	Fortis, Inc.			279,876		0.1
8,707	George Weston Ltd.			1,169,117		0.4
10,279 (3)	Hydro One Ltd.			301,045		0.1
5,235 (1)	iA Financial Corp., Inc.			352,087		0.1
7,217	Imperial Oil Ltd.			367,868		0.1
6,700	Intact Financial Corp.			1,013,469		0.3
5,254	Loblaw Cos Ltd.			494,163		0.2
5,977	Manulife Financial Corp.			118,009		0.0
12,536	Metro, Inc. - Class A			714,492		0.2
25,452	RioCan Real Estate Investment Trust			394,127		0.1
5,875 (1)	Rogers Communications, Inc.			289,036		0.1
9,341	Royal Bank of Canada			927,378		0.3
4,699	Thomson Reuters Corp.			617,909		0.2
8,722	Toronto-Dominion Bank			528,335		0.2
2,782	Waste Connections, Inc.			386,977		0.1
				16,047,506		5.0
	China: 2.7%
9,463 (1)	Advanced Micro-Fabrication Equipment, Inc. China - A Shares			244,615		0.1
117,710 (1)	Air China Ltd. - A Shares			181,187		0.0
73,220 (1)	Alibaba Group Holding Ltd.			774,201		0.2
15,222 (1)	Baidu, Inc.			229,120		0.1
63,000	BOC Hong Kong Holdings Ltd.			198,874		0.1
9,500	Byd Co., Ltd. - H Shares			288,099		0.1
802,000	China Construction Bank - H Shares			536,158		0.2
228,000	China Petroleum & Chemical Corp. - H Shares			149,435		0.0
190,000 (3)	China Resources Pharmaceutical Group Ltd.			188,739		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
6,066	Contemporary Amperex Technology Co. Ltd. - A Shares		$	202,984		0.1
85,924	ENN Natural Gas Co. Ltd. - A Shares			252,201		0.1
696,000	Industrial & Commercial Bank of China - H Shares			374,451		0.1
25,929 (1)	iQIYI, Inc. ADR			158,167		0.0
16,032	JD.com, Inc. - Class A			286,137		0.1
19,776 (1)	KE Holdings, Inc. ADR			310,285		0.1
186,000 (1)	Kunlun Energy Co. Ltd.			166,466		0.1
700	Kweichow Moutai Co. Ltd. - A Shares (Nth SSE-SEHK)			178,193		0.0
4,900	Luzhou Laojiao Co. Ltd. - A Shares			160,114		0.0
14,130 (1)(3)	Meituan Class B			241,488		0.1
5,000 (1)	NAURA Technology Group Co. Ltd. - A Shares			244,029		0.1
7,875	NetEase, Inc.			140,194		0.0
33,500 (1)	New China Life Insurance Co. Ltd. - A Shares			176,764		0.1
3,928 (1)	PDD Holdings, Inc. ADR			267,693		0.1
354,000 (1)	PetroChina Co., Ltd. - H Shares			243,355		0.1
299,049	Shandong Nanshan Aluminum Co. Ltd. - A Shares			146,740		0.0
91,600 (1)	Sinopharm Group Co. - H Shares			319,396		0.1
19,000	Tencent Holdings Ltd.			843,906		0.3
16,134 (1)	Vipshop Holdings Ltd. ADR			253,304		0.1
58,500 (3)	WuXi AppTec Co. Ltd. - H Shares			514,503		0.2
5,772	Yum China Holdings, Inc.			353,131		0.1
				8,623,929		2.7
	Denmark: 2.3%
13,219	Carlsberg A/S			2,187,702		0.7
2,938	DSV A/S			552,939		0.2
1,793 (1)	Genmab A/S			736,860		0.2
24,229	Novo Nordisk A/S			4,030,603		1.2
				7,508,104		2.3
	Finland: 1.3%
23,560	Elisa OYJ			1,463,112		0.4
43,867	Kesko OYJ			914,536		0.3
9,194	Kone Oyj			524,526		0.2
48,388	Nordea Bank Abp			537,555		0.2
6,252	Orion Oyj			293,677		0.1
34,436	Stora Enso OYJ			436,886		0.1
				4,170,292		1.3
	France: 8.3%
5,053	Air Liquide SA			908,989		0.3
9,228 (1)	Atos SE			121,454		0.0

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
7,578	Bureau Veritas SA		$	218,513		0.1
6,028	Capgemini SE			1,099,254		0.3
15,531	Carrefour S.A.			323,055		0.1
5,444	Cie de Saint-Gobain			315,180		0.1
15,432	Cie Generale des Etablissements Michelin SCA			491,474		0.1
5,809	Danone			384,462		0.1
19,793	Edenred			1,286,028		0.4
2,253	Eiffage SA			268,162		0.1
155,296	Engie SA			2,485,411		0.8
1,390	EssilorLuxottica SA			275,193		0.1
9,331	Eurazeo SE			666,272		0.2
922	Hermes International			2,001,740		0.6
284	Kering SA			181,865		0.1
3,268	Legrand S.A.			309,330		0.1
1,888	L’Oreal S.A.			902,311		0.3
3,008	LVMH Moet Hennessy Louis Vuitton SE			2,893,350		0.9
63,860	Orange SA			831,200		0.3
1,735	Pernod Ricard SA			400,698		0.1
13,152	Publicis Groupe			1,075,273		0.3
10,279	Rexel SA			238,100		0.1
18,972	Sanofi			2,044,587		0.6
4,777	Schneider Electric SE			833,073		0.3
37,976	Societe Generale			922,375		0.3
6,128	Sodexo SA			656,728		0.2
26,616	TotalEnergies SE			1,700,767		0.5
12,124 (1)	UbiSoft Entertainment			350,506		0.1
8,065	Veolia Environnement			255,379		0.1
7,146	Vinci SA			883,901		0.3
12,952	Wendel SE			1,452,951		0.4
				26,777,581		8.3
	Germany: 5.8%
962	Allianz SE			241,566		0.1
1,509 (1)	Aurubis AG			139,329		0.0
9,521	BASF SE			492,467		0.2
12,141	Bayer AG			801,264		0.3
9,326	Bayerische Motoren Werke AG			1,045,303		0.3
4,977	Beiersdorf AG			694,938		0.2
30,413 (1)	Commerzbank AG			348,261		0.1
11,793	Deutsche Post AG			567,241		0.2
51,828	Deutsche Telekom AG			1,249,669		0.4
151,089	E.ON AG			1,998,574		0.6
14,917	GEA Group AG			701,592		0.2
4,676	HeidelbergCement AG			354,169		0.1
6,114	Hugo Boss AG			460,946		0.1
15,168	Infineon Technologies AG			552,372		0.2
10,953	Mercedes-Benz Group AG			854,184		0.3
3,573	MTU Aero Engines AG			938,164		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Germany (continued)
2,570	Muenchener Rueckversicherungs- Gesellschaft AG		$	965,880		0.3
20,300	RWE AG			951,795		0.3
8,171	SAP SE			1,105,673		0.3
10,552	Siemens AG			1,739,316		0.5
10,998 (3)	Siemens Healthineers AG			685,460		0.2
342,587	Telefonica Deutschland Holding AG			1,157,597		0.4
105,088	ThyssenKrupp AG			756,239		0.2
				18,801,999		5.8
	Hong Kong: 1.5%
163,200	AIA Group Ltd.			1,776,771		0.5
39,000	CK Asset Holdings Ltd.			230,612		0.1
117,902	CK Hutchison Holdings Ltd.			788,226		0.2
14,500	Jardine Matheson Holdings Ltd.			700,956		0.2
8,400	Jardine Matheson Holdings Ltd. ADR			404,880		0.1
43,000	Power Assets Holdings Ltd.			245,715		0.1
18,000	Sun Hung Kai Properties Ltd.			250,619		0.1
63,500	Swire Pacific Ltd. - Class A			504,071		0.2
				4,901,850		1.5
	India: 0.6%
72,691	Hindalco Industries Ltd.			390,020		0.1
7,600	Housing Development Finance Corp.			258,946		0.1
22,642	ICICI Bank Ltd. ADR			515,105		0.2
9,448	Infosys Ltd. ADR			146,822		0.0
12,763	Mahindra & Mahindra Ltd.			192,028		0.1
3,717	Tata Consultancy Services Ltd.			146,958		0.0
33,438 (1)	Tata Motors Ltd.			199,506		0.1
46,085	Vedanta Ltd.			158,090		0.0
				2,007,475		0.6
	Indonesia: 0.3%
4,189,900	Aneka Tambang Tbk			602,737		0.2
656,800	Bank Mandiri Persero TBK PT			232,179		0.1
				834,916		0.3
	Ireland: 0.6%
14,295	CRH PLC			689,793		0.2
5,504	DCC PLC			342,443		0.1
20,236	Glanbia Plc			306,882		0.1
30,703	Grafton Group PLC			334,881		0.1
11,053	Smurfit Kappa PLC			409,545		0.1
				2,083,544		0.6
	Israel: 0.3%
9,742 (1)	Fiverr International Ltd.			351,051		0.1
30,609	ICL Group Ltd.			190,107		0.1
1,526 (1)	Nice Ltd.			312,799		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Israel (continued)
3,008 (1)	Tower Semiconductor Ltd.		$	132,629		0.0
				986,586		0.3
	Italy: 2.1%
145,119	A2A SpA			256,047		0.1
167,909	Enel S.p.A.			1,147,178		0.3
109,859	ENI S.p.A.			1,659,691		0.5
3,562	Ferrari NV			992,549		0.3
208,535	Intesa Sanpaolo SpA			548,322		0.2
15,446	Moncler SpA			1,145,806		0.3
8,003	Prysmian SpA			327,529		0.1
62,907	Terna-Rete Elettrica Nazionale			544,509		0.2
30,872 (1)	Unipol Gruppo Finanziario SpA			173,648		0.1
				6,795,279		2.1
	Japan: 21.1%
6,000	AGC, Inc.			223,709		0.1
27,100	Ajinomoto Co., Inc.			974,634		0.3
63,300	Amada Co. Ltd.			591,032		0.2
50,900	Astellas Pharma, Inc.			766,786		0.2
15,100	Bandai Namco Holdings, Inc.			343,003		0.1
21,400	BIPROGY, Inc.			515,945		0.2
28,000	Bridgestone Corp.			1,124,434		0.3
28,100	Canon, Inc.			669,268		0.2
23,900	Dai Nippon Printing Co., Ltd.			687,032		0.2
3,300	Daikin Industries Ltd.			599,383		0.2
5,500	Daito Trust Construction Co., Ltd.			521,277		0.2
16,300	Daiwa House Industry Co., Ltd.			415,462		0.1
21,000	Electric Power Development Co., Ltd.			335,785		0.1
440,500	ENEOS Holdings, Inc.			1,567,090		0.5
10,300	Fanuc Ltd.			347,844		0.1
58,100	Fujikura Ltd.			396,133		0.1
1,900	Fujitsu Ltd.			253,227		0.1
6,700	Hamamatsu Photonics KK			355,193		0.1
25,800	Haseko Corp.			314,975		0.1
9,200	Hitachi Ltd.			508,895		0.2
59,200	Honda Motor Co., Ltd.			1,570,163		0.5
2,700	Hoya Corp.			283,109		0.1
15,200	Idemitsu Kosan Co., Ltd.			323,654		0.1
26,500	IHI Corp.			667,750		0.2
28,400	Inpex Corp.			310,783		0.1
16,700	Internet Initiative Japan, Inc.			345,594		0.1
468 (1)	Invincible Investment Corp.			198,578		0.1
40,000	Itochu Corp.			1,326,994		0.4
26,700	Japan Tobacco, Inc.			574,501		0.2
8,600	Jeol Ltd.			250,918		0.1
17,800	Kamigumi Co., Ltd.			390,102		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
49,800	Kansai Electric Power Co., Inc.		$	537,577		0.2
8,600	Kao Corp.			347,513		0.1
46,000	KDDI Corp.			1,436,034		0.4
1,000	Keyence Corp.			450,956		0.1
30,300	Kirin Holdings Co., Ltd.			492,233		0.2
27,000	Komatsu Ltd.			671,487		0.2
7,200	Kyocera Corp.			377,910		0.1
17,400	Lawson, Inc.			790,337		0.2
17,300	Lion Corp.			188,602		0.1
17,500	Lixil Corp.			275,468		0.1
61,100	Marubeni Corp.			867,204		0.3
128,500	Mazda Motor Corp.			1,162,859		0.4
5,800	McDonald’s Holdings Co. Japan Ltd.			241,629		0.1
12,900	MEIJI Holdings Co., Ltd.			311,273		0.1
114,500	Mitsubishi Chemical Holdings Corp.			671,731		0.2
62,000	Mitsubishi Corp.			2,298,704		0.7
95,900	Mitsubishi Electric Corp.			1,189,053		0.4
30,400	Mitsubishi Heavy Industries Ltd.			1,152,776		0.4
16,700	Mitsubishi Logistics Corp.			413,813		0.1
125,600	Mitsubishi UFJ Financial Group, Inc.			786,198		0.2
73,300	Mitsui & Co., Ltd.			2,288,332		0.7
12,200	Mitsui Chemicals, Inc.			308,672		0.1
31,500	Mizuho Financial Group, Inc.			456,619		0.1
17,000	MS&AD Insurance Group Holdings, Inc.			557,980		0.2
6,900	Niippon Express Holdings, Inc.			404,906		0.1
35,600	Nikon Corp.			368,000		0.1
11,400	Nintendo Co., Ltd.			481,962		0.2
27,900	Nippon Steel Corp.			595,872		0.2
14,500	Nippon Telegraph & Telephone Corp.			442,453		0.1
4,900	Nissin Food Products Co., Ltd.			472,419		0.1
2,100	Nitori Co., Ltd.			267,405		0.1
7,300	Nitto Denko Corp.			471,932		0.1
5,500	NOF Corp.			251,303		0.1
36,100	Nomura Real Estate Holdings, Inc.			899,577		0.3
187 (1)	Nomura Real Estate Master Fund, Inc.			215,976		0.1
42,900	NSK Ltd.			242,210		0.1
39,000	Obayashi Corp.			325,134		0.1
18,100	Olympus Corp.			316,866		0.1
24,300	ORIX Corp.			413,404		0.1
32,500	Osaka Gas Co., Ltd.			537,589		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
7,400	Otsuka Holdings Co. Ltd.		$	251,754		0.1
16,500	Pan Pacific International Holdings Corp.			308,334		0.1
66,600 (1)	Panasonic Holdings Corp.			620,881		0.2
16,600	Persol Holdings Co. Ltd.			342,282		0.1
23,400	Recruit Holdings Co. Ltd.			656,454		0.2
95,500	Round One Corp.			413,111		0.1
6,900	Sankyo Co., Ltd.			304,403		0.1
10,800	Sankyu, Inc.			380,913		0.1
2,700	Screen Holdings Co. Ltd.			219,616		0.1
6,900	Secom Co., Ltd.			441,835		0.1
24,800	Sega Sammy Holdings, Inc.			463,550		0.1
29,500	Seino Holdings Co. Ltd.			327,509		0.1
101,200	Sekisui Chemical Co., Ltd.			1,440,324		0.4
17,600	Sekisui House Ltd.			361,832		0.1
16,600	Seven & I Holdings Co., Ltd.			752,270		0.2
3,100	Shimamura Co., Ltd.			284,594		0.1
25,800	Shin-Etsu Chemical Co., Ltd.			736,224		0.2
500	SMC Corp.			249,372		0.1
41,200	SoftBank Corp.			463,863		0.1
22,900	Sojitz Corp.			482,309		0.2
2,600 (1)	Sompo Holdings, Inc.			107,071		0.0
12,200	Sony Group Corp.			1,103,780		0.3
42,200	Subaru Corp.			688,781		0.2
216,500	Sumitomo Chemical Co., Ltd.			731,602		0.2
28,400	Sumitomo Corp.			509,009		0.2
24,300	Sumitomo Electric Industries Ltd.			310,123		0.1
9,400	Sumitomo Mitsui Financial Group, Inc.			384,212		0.1
20,900	Sumitomo Mitsui Trust Holdings, Inc.			753,397		0.2
7,000	Suntory Beverage & Food Ltd.			263,518		0.1
6,300	Suzuki Motor Corp.			219,671		0.1
13,800	Taisei Corp.			469,351		0.1
19,900	Takeda Pharmaceutical Co., Ltd.			659,867		0.2
13,300 (1)	Teijin Ltd.			147,324		0.0
9,400	TIS, Inc.			258,121		0.1
10,800	Tobu Railway Co., Ltd.			275,679		0.1
70,100	Tokio Marine Holdings, Inc.			1,409,503		0.4
7,500	Tokyo Electron Ltd.			858,791		0.3
36,400	Tokyo Gas Co., Ltd.			745,582		0.2
17,500	Toppan, Inc.			372,028		0.1
61,000	Toray Industries, Inc.			345,705		0.1
11,500	Toshiba Corp.			370,527		0.1
36,800	Tosoh Corp.			491,659		0.2
16,500	Toyo Seikan Group Holdings, Ltd.			233,078		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
76,400	Toyota Motor Corp.		$	1,048,975		0.3
6,000	Toyota Tsusho Corp.			249,404		0.1
10,500	Unicharm Corp.			423,884		0.1
28,300	USS Co., Ltd.			475,553		0.1
6,500	Yakult Honsha Co., Ltd.			488,891		0.2
49,300	Yamato Holdings Co., Ltd.			846,855		0.3
42,600	Yokogawa Electric Corp.			691,858		0.2
5,700	Zenkoku Hosho Co. Ltd.			209,499		0.1
				68,379,949		21.1
	Mexico: 0.1%
49,100	Grupo Financiero Banorte			425,527		0.1

	Netherlands: 6.1%
2,580	Airbus SE			361,291		0.1
4,055	ASML Holding NV			2,573,364		0.8
1,943	ASR Nederland NV			85,459		0.0
5,580 (1)	EXOR NV			459,230		0.2
13,100	Heineken Holding NV			1,257,359		0.4
3,947	Heineken NV			453,216		0.1
6,121	IMCD NV			921,455		0.3
124,572	Koninklijke Ahold Delhaize NV			4,283,382		1.3
468,203	Koninklijke KPN NV			1,707,489		0.5
30,352 (1)	Koninklijke Philips NV			637,842		0.2
15,169	NN Group NV			565,659		0.2
15,451	Randstad NV			839,545		0.3
92,563	Shell PLC			2,844,303		0.9
33,922	Stellantis NV (STLAM)			562,652		0.2
15,627	Wolters Kluwer NV			2,070,486		0.6
				19,622,732		6.1
	New Zealand: 0.4%
14,802	Fisher & Paykel Healthcare Corp. Ltd.			253,897		0.1
6,066 (2)	Mainfreight Ltd.			269,408		0.1
213,990	Spark New Zealand Ltd.			693,359		0.2
				1,216,664		0.4
	Norway: 1.0%
40,964	Equinor ASA			1,179,396		0.4
107,299	Norsk Hydro ASA			789,620		0.2
34,596	Yara International ASA			1,393,141		0.4
				3,362,157		1.0
	Philippines: 0.1%
42,770	Jollibee Foods Corp.			173,931		0.1

	Portugal: 0.4%
51,147	EDP - Energias de Portugal SA			281,821		0.1
60,641	Galp Energia SGPS SA			732,770		0.2
15,472	Jeronimo Martins SGPS SA			390,441		0.1
				1,405,032		0.4
	Russia: —%
4,061 (4)	Lukoil PJSC			—		—

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Saudi Arabia: 0.3%
6,551	SABIC Agri-Nutrients Co.		$	235,542		0.1
60,154 (3)	Saudi Arabian Oil Co.			579,828		0.2
				815,370		0.3
	Singapore: 1.7%
119,500	CapLand Ascendas REIT			257,155		0.1
40,800	City Developments Ltd.			213,437		0.1
228,100	Frasers Logistics & Commercial Trust			231,508		0.1
497,300	Genting Singapore Ltd.			423,066		0.1
20,300	Jardine Cycle & Carriage Ltd.			517,015		0.2
378,900	Mapletree Pan Asia Commercial Trust			501,910		0.1
147,700	Oversea-Chinese Banking Corp., Ltd.			1,397,374		0.4
1,676 (1)	Sea Ltd. ADR			127,661		0.0
76,400	SembCorp Industries Ltd.			245,828		0.1
93,100	Singapore Exchange Ltd.			670,006		0.2
142,300	Singapore Telecommunications Ltd.			272,697		0.1
28,700	Venture Corp. Ltd.			366,664		0.1
78,800	Wilmar International Ltd.			232,753		0.1
				5,457,074		1.7
	South Korea: 1.9%
8,527	Doosan Bobcat, Inc.			327,152		0.1
1,867	Hyundai Mobis Co. Ltd.			304,060		0.1
15,030	Kia Corp.			951,900		0.3
12,665	KT&G Corp.			811,592		0.3
631	LG Chem Ltd.			350,510		0.1
5,698	LG Corp.			372,943		0.1
2,436	POSCO Holdings, Inc.			689,399		0.2
3,220	Samsung C&T Corp.			264,440		0.1
1,088	Samsung Electro-Mechanics Co. Ltd.			117,662		0.0
25,451	Samsung Electronics Co., Ltd. 005930			1,252,293		0.4
221	Samsung SDI Co., Ltd.			114,693		0.0
7,670	Shinhan Financial Group Co., Ltd.			200,804		0.1
5,188	SK Hynix, Inc.			349,067		0.1
				6,106,515		1.9
	Spain: 2.5%
8,920 (1)	Amadeus IT Group SA			626,945		0.2
94,456	Banco Bilbao Vizcaya Argentaria SA			691,514		0.2
23,208	Endesa S.A.			520,620		0.2
231,577	Iberdrola S.A. - IBEE			3,000,809		0.9
32,582	Industria de Diseno Textil SA			1,120,068		0.3
19,785	Naturgy Energy Group SA			616,034		0.2
77,196	Repsol SA			1,133,991		0.4
105,204	Telefonica S.A.			477,858		0.1
				8,187,839		2.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Sweden: 2.1%
30,670	Assa Abloy AB		$	730,744		0.2
9,845	Axfood AB			244,325		0.1
12,599	Boliden AB			450,249		0.1
29,834 (2)	Elekta AB			250,850		0.1
55,497	Epiroc AB-A			1,111,775		0.4
20,088	Essity AB			608,773		0.2
32,998	Investor AB-B SHS			708,901		0.2
32,011	Skandinaviska Enskilda Banken AB			363,990		0.1
44,100	Swedbank AB			766,301		0.2
21,284 (1)	Swedish Orphan Biovitrum AB			517,957		0.2
53,458	Volvo AB - B Shares			1,099,134		0.3
				6,852,999		2.1
	Switzerland: 6.6%
31,263	ABB Ltd.			1,127,770		0.3
670	Alcon, Inc.			48,787		0.0
4,458	Baloise Holding AG			746,239		0.2
6,427	Cie Financiere Richemont SA			1,062,389		0.3
23,843	Coca-Cola HBC AG			727,850		0.2
823	Geberit AG - Reg			468,750		0.1
3,288	Georg Fischer AG			239,761		0.1
151,579	Glencore PLC			894,719		0.3
40,261	Holcim AG			2,660,154		0.8
12,010	Julius Baer Group Ltd.			860,591		0.3
3,320	Kuehne & Nagel International AG			983,570		0.3
23,963	Nestle SA			3,074,203		1.0
33,637	Novartis AG			3,440,860		1.1
278	Partners Group			269,864		0.1
1,874 (1)	PSP Swiss Property AG			220,273		0.1
6,508	Roche Holding AG-GENUSSCHEIN			2,037,916		0.6
803	Sika AG			221,807		0.1
1,278	Swatch Group AG - BR			438,434		0.1
737	Swiss Life Holding AG			486,462		0.2
1,008	Swisscom AG			692,043		0.2
5,439	Temenos AG			458,147		0.1
11,787	UBS Group AG			239,896		0.1
				21,400,485		6.6
	Taiwan: 1.2%
48,000	Accton Technology Corp.			468,907		0.1
196,077	Cathay Financial Holding Co., Ltd.			271,641		0.1
2,000	eMemory Technology, Inc.			119,584		0.0
51,000	Taiwan Semiconductor Manufacturing Co., Ltd.			835,155		0.3
58,000	Unimicron Technology Corp.			275,578		0.1
155,000	Uni-President Enterprises Corp.			371,591		0.1
529,000	United Microelectronics Corp.			850,821		0.3

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
39,000	Win Semiconductors Corp.		$	208,223		0.1
13,000	Wiwynn Corp.			494,736		0.1
3,939	Yuanta Financial Holding Co., Ltd.			2,900		0.0
				3,899,136		1.2
	United Kingdom: 11.8%
168,175	3i Group PLC			3,741,746		1.2
40,471	Admiral Group Plc			1,176,259		0.4
13,727	AstraZeneca PLC			2,020,114		0.6
21,518	Aviva PLC			114,570		0.0
57,283	BAE Systems PLC			729,787		0.2
337,783	BP PLC			2,266,194		0.7
22,302	British American Tobacco PLC			823,968		0.3
14,604	Britvic PLC			167,897		0.1
12,636	Bunzl PLC			503,004		0.2
28,496	Burberry Group PLC			930,170		0.3
63,994	CNH Industrial NV			900,517		0.3
71,167	Compass Group PLC			1,877,461		0.6
15,088	CRH PLC - London			732,241		0.2
2,865	Croda International PLC			251,718		0.1
19,342	Diageo PLC			882,310		0.3
101,007 (1)	Direct Line Insurance Group PLC			218,663		0.1
38,552	Drax Group PLC			305,044		0.1
172,657	DS Smith PLC			674,101		0.2
7,017 (1)	EMIS Group PLC			143,171		0.0
7,681	Experian PLC			271,946		0.1
4,090	Ferguson PLC			577,911		0.2
122,186	GSK PLC			2,203,409		0.7
112,639	HSBC Holdings PLC			811,832		0.3
69,803	IG Group Holdings PLC			644,391		0.2
71,964	Imperial Brands PLC			1,781,411		0.5
15,588	JET2 PLC			240,744		0.1
17,413	Johnson Matthey PLC			430,167		0.1
26,516	Mondi PLC			422,543		0.1
30,100	National Grid PLC			431,573		0.1
80,634	NatWest Group PLC			265,617		0.1
4,590	Next PLC			389,449		0.1
14,994	Reckitt Benckiser Group PLC			1,211,667		0.4
61,591	Relx PLC (GBP Exchange)			2,052,140		0.6
28,600	Rio Tinto PLC			1,818,178		0.6
40,879	RS GROUP PLC			474,282		0.1
50,116	Smiths Group PLC			1,059,690		0.3
31,239	SSE PLC			720,786		0.2
126,059	Tesco PLC			445,677		0.1
35,368	Unilever PLC - ULVRL			1,969,374		0.6
267,926	Vodafone Group PLC			321,814		0.1
32,463 (1)(3)	Watches of Switzerland Group PLC			339,235		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
55,899	WPP PLC		$	651,473		0.2
				37,994,244		11.8
	Total Common Stock (Cost $294,577,833)			316,782,195		98.0
EXCHANGE-TRADED FUNDS: 0.2%
10,868	iShares MSCI EAFE ETF			800,102		0.2
	Total Exchange-Traded Funds (Cost $797,825)			800,102		0.2
PREFERRED STOCK: 0.2%
	Brazil: 0.1%
27,100	Petroleo Brasileiro SA			128,496		0.1

	Germany: 0.1%
4,560	Henkel AG & Co. KGaA			368,671		0.1
	Total Preferred Stock
	(Cost $457,150)			497,167		0.2
	Total Long-Term Investments
	(Cost $295,832,808)			318,079,464		98.4

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.9%

Repurchase Agreements: 0.2%

805,030 (5)

Bank of America Inc.,
Repurchase Agreement
dated 04/28/23, 4.82%, due
05/01/23 (Repurchase
Amount $805,349,
collateralized by various
U.S. Government Agency
Obligations,
1.500%-4.000%, Market
Value plus accrued interest
$821,131, due
09/20/46-06/20/52)
(Cost $805,030)

805,030

0.2

Shares		Value		Percentage of Net Assets
	Mutual Funds: 0.7%
778,612 (6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.750%		778,612		0.2
1,447,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.780%		1,447,000		0.5

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds (continued)
	Total Mutual Funds (Cost $2,225,612)		$	2,225,612		0.7
	Total Short-Term Investments (Cost $3,030,642)			3,030,642		0.9
	Total Investments in Securities (Cost $298,863,450)		$	321,110,106		99.3
	Assets in Excess of Other Liabilities			2,296,757		0.7
	Net Assets		$	323,406,863		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

Security, or a portion of the security, is on loan.

(3)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(4)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(5)

All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

(6)

Rate shown is the 7-day yield as of April 30, 2023.

Sector Diversification	Percentage of Net Assets
Industrials		17.5%
Financials		14.2
Consumer Staples		12.4
Consumer Discretionary		12.0
Materials		9.6
Health Care		8.2
Information Technology		6.0
Utilities		5.6
Communication Services		5.3
Energy		5.1
Real Estate		2.3
Exchange-Traded Funds		0.2
Short-Term Investments		0.9
Assets in Excess of Other Liabilities		0.7
Net Assets		100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	27,150,190		$	—		$	27,150,190
Austria			—			1,987,486			—			1,987,486
Belgium			—			1,536,415			—			1,536,415
Brazil			1,269,389			—			—			1,269,389
Canada			16,047,506			—			—			16,047,506
China			1,342,580			7,281,349			—			8,623,929
Denmark			—			7,508,104			—			7,508,104
Finland			—			4,170,292			—			4,170,292
France			—			26,777,581			—			26,777,581
Germany			—			18,801,999			—			18,801,999
Hong Kong			404,880			4,496,970			—			4,901,850
India			661,927			1,345,548			—			2,007,475
Indonesia			—			834,916			—			834,916
Ireland			—			2,083,544			—			2,083,544
Israel			351,051			635,535			—			986,586
Italy			—			6,795,279			—			6,795,279
Japan			—			68,379,949			—			68,379,949
Mexico			425,527			—			—			425,527
Netherlands			—			19,622,732			—			19,622,732
New Zealand			—			1,216,664			—			1,216,664
Norway			—			3,362,157			—			3,362,157
Philippines			—			173,931			—			173,931
Portugal			—			1,405,032			—			1,405,032
Russia			—			—			—			—
Saudi Arabia			—			815,370			—			815,370
Singapore			127,661			5,329,413			—			5,457,074
South Korea			—			6,106,515			—			6,106,515
Spain			—			8,187,839			—			8,187,839
Sweden			—			6,852,999			—			6,852,999
Switzerland			—			21,400,485			—			21,400,485
Taiwan			—			3,899,136			—			3,899,136
United Kingdom			644,279			37,349,965			—			37,994,244
Total Common Stock			21,274,800			295,507,395			—			316,782,195
Exchange-Traded Funds			800,102			—			—			800,102
Preferred Stock			128,496			368,671			—			497,167
Short-Term Investments			2,225,612			805,030			—			3,030,642
Total Investments, at fair value		$	24,429,010		$	296,681,096		$	—		$	321,110,106

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at April 30, 2023
Other Financial Instruments+
Forward Foreign Currency Contracts			—			4,379			—			4,379
Futures			18,294			—			—			18,294
Total Assets		$	24,447,304		$	296,685,475		$	—		$	321,132,779
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(5,010)		$	—		$	(5,010)
Total Liabilities		$	—		$	(5,010)		$	—		$	(5,010)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At April 30, 2023, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Factors Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

NOK 3,870,742

USD 363,205

Barclays Bank PLC

05/03/23

(2,768)

USD 127,597

SEK 1,307,851

Barclays Bank PLC

05/03/23

1,010

USD 206,713

GBP 164,381

Barclays Bank PLC

05/03/23

1,352

EUR 359,759

USD 396,954

BNP Paribas

05/03/23

(2,175)

USD 303,362

SGD 405,265

State Street Bank and Trust Co.

05/03/23

123

USD 384,576

CHF 343,038

State Street Bank and Trust Co.

05/03/23

1,828

USD 11,028

ILS 40,000

The Bank of New York Mellon

05/01/23

CNY 1,224,655

USD 176,748

The Bank of New York Mellon

05/04/23

CNY 1,694,741

USD 244,593

The Bank of New York Mellon

05/04/23

CNY 1,690,683

USD 244,008

The Bank of New York Mellon

05/04/23

USD 196,143

CNY 1,359,040

The Bank of New York Mellon

05/04/23

(17)

USD 116,675

CNY 808,416

The Bank of New York Mellon

05/04/23

(10)

USD 265,671

CNY 1,840,785

The Bank of New York Mellon

05/04/23

(24)

USD 95,471

CNY 661,500

The Bank of New York Mellon

05/04/23

(9)

HKD 6,507,670

USD 829,015

UBS AG

05/03/23

(7)

(631)

At April 30, 2023, the following futures contracts were outstanding for Voya Multi-Manager International Factors Fund:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long Contracts:
MSCI EAFE Index	27	06/16/23		$	2,901,960		$	18,294
				$	2,901,960		$	18,294

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 30, 2023 (Unaudited) (continued)

Currency Abbreviations

CHF

–

Swiss Franc

CNY

–

Chinese Yuan

EUR

–

EU Euro

GBP

–

British Pound

HKD

–

Hong Kong Sar Dollar

ILS

–

Israeli New Shekel

NOK

–

Norwegian Krone

SEK

–

Swedish Krona

SGD

–

Singapore Dollar

USD

–

United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 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		$	4,379
Equity contracts	Variation margin receivable on futures contracts*			18,294
Total Asset Derivatives			$	22,673
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	5,010
Total Liability Derivatives			$	5,010

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 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			Total
Equity contracts		$	—		$	548,192		$	548,192
Foreign exchange contracts			(79,339)			—			(79,339)
Total		$	(79,339)		$	548,192		$	468,853

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Equity contracts		$	—		$	(12,785)		$	(12,785)
Foreign exchange contracts			(567)			—			(567)
Total		$	(567)		$	(12,785)		$	(13,352)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager International

PORTFOLIO OF INVESTMENTS

Factors Fund

as of April 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 April 30, 2023:

	Barclays Bank PLC			BNP Paribas			State Street Bank and Trust Co.			The Bank of New York Mellon			UBS AG			Totals
Assets:
Forward foreign currency contracts		$	2,362		$	—		$	1,951		$	66		$	—		$	4,379
Total Assets		$	2,362		$	—		$	1,951		$	66		$	—		$	4,379
Liabilities:
Forward foreign currency contracts		$	2,768		$	2,175		$	—		$	60		$	7		$	5,010
Total Liabilities		$	2,768		$	2,175		$	—		$	60		$	7		$	5,010
Net OTC derivative instruments by counterparty, at fair value		$	(406)		$	(2,175)		$	1,951		$	6		$	(7)		$	(631)
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(406)		$	(2,175)		$	1,951		$	6		$	(7)		$	(631)

(1)

At April 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 $307,085,304.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	30,990,625
Gross Unrealized Depreciation		(16,422,246)
Net Unrealized Appreciation	$	14,568,379

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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 17, 2022, the Board of Trustees (“Board”) of Voya Mutual Funds (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management, sub-advisory and sub-sub-advisory contracts, and who are not “interested persons” of Voya International High Dividend Low Volatility Fund, Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors 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”) with Baillie Gifford Overseas Limited, Delaware Investments Fund Advisers, PanAgora Asset Management, Inc., Polaris Capital Management, LLC, Van Eck Associates Corporation, Wellington Management Company LLP, and Voya Investment Management Co. LLC, the respective sub-advisers to each Fund (the “Sub-Advisers”), and the sub-sub-advisory contracts (the “Sub-Sub-Advisory Contracts,” and together with the Management Contracts and Sub-Advisory Contracts, the “Contracts”) with Macquarie Investment Management Global Limited and Macquarie Funds Management Hong Kong Limited, the respective sub-sub-advisers to Voya Multi-Manager Emerging Markets Equity Fund (the “Sub-Sub-Advisers”), for an additional one-year period ending November 30, 2023.

In addition to the Board meeting on November 17, 2022, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Advisers and Sub-Sub-Advisers (collectively, such persons are referred to herein as “management”) on October 12-13, 2022, and November 15, 2022. 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, sub-advisory and sub-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, sub-advisory and sub-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 and sub-sub-advisers, as well as the Manager’s role in monitoring the sub-advisers and sub-sub-advisers.

The Manager, a Sub-Adviser or a Sub-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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

information was requested in conducting its evaluation of the Manager, a Sub-Adviser and a Sub-Sub-Adviser.

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 or sub-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 and sub-sub-advisers, if any, 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’ and Sub-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 sub-sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers and sub-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 and Sub-Sub-Adviser’s management team, portfolio data and attribution analysis related to each Sub-Adviser and Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with that Sub-Adviser and Sub-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, Sub-Advisers and Sub-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 and Sub-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, Sub-Advisers and Sub-Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Funds.

Fund Performance

In assessing the investment management, sub-advisory and sub-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 category and primary benchmark, a broad-based securities market index identified in the Fund’s prospectus. With respect to Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, and Voya Multi-Manager International Factors 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, Sub-Advisers and Sub-Sub-Advisers as a Fund grows larger and the extent to which any such economies are shared with the Fund. The Board considered that, while the Funds do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Advisers or Sub-Sub-Advisers could be shared with each Fund through such fee waivers, expense reimbursements or

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub- advisory and sub-sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager and the relevant Sub-Adviser, respectively.

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, Sub-Advisers and Sub-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 and Sub-Sub-Advisers, as applicable, for these differences. For the non‑Voya‑affiliated Sub-Advisers and Sub-Sub-Advisers, 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-Advisers and their Sub-Sub-Advisers with respect to sub-advisory and sub-sub-advisory fee schedules, that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Advisers are responsible for paying the fees of the Sub-Sub-Advisers.

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 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 this regard, the Board considered that each Sub-Sub-Adviser is compensated by the relevant Sub-Adviser and not the Manager. In addition, the Board considered any fee waivers, expense limitations, and/or recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager intends to propose 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-Advisers and Sub-Sub-Advisers that are 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 these non-Voya-affiliated Sub-Advisers and Sub-Sub-Advisers with respect to the negotiation of sub-advisory and sub-sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers and sub-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.

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

regarding the potential fall-out benefits to the Manager, Sub-Advisers and Sub-Sub-Advisers and their respective affiliates from their association with the Funds, including their ability to engage in soft-dollar transactions on behalf of 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, Sub-Advisers and Sub-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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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. In each case, the Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 International High Dividend Low Volatility Fund

In considering whether to approve the renewal of the Contracts for Voya International High Dividend Low Volatility Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date and one-year periods, and the fourth quintile for the 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 took into account management’s representations regarding: (1) the impact of the Sub-Adviser’s investment style on the Fund’s performance during certain periods; and (2) 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.

Voya Multi-Manager Emerging Markets Equity Fund

In considering whether to approve the renewal of the Contracts for Voya Multi-Manager Emerging Markets Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fifth quintile for the year-to-date 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 its confidence in the ability of the Sub-Advisers to execute the Fund’s investment strategy.

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 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 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 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 management fee rate and net expense ratio.

Voya Multi-Manager International Equity Fund

In considering whether to approve the renewal of the Contracts for Voya Multi-Manager International Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

ranked in the fourth quintile of its Morningstar category for the three-year, five-year and ten-year periods and the fifth quintile for the year-to-date and one-year periods; 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 its confidence in the ability of the Sub-Advisers to execute the Fund’s investment strategy and long-term investment objective.

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 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 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: (1) management’s representations regarding its belief that the Fund’s pricing is competitive; and (2) that, as a result of the Board’s request during the 2022 annual contract renewal cycle, lower expense limits were implemented for the Fund, effective on January 1, 2023.

Voya Multi-Manager International Factors Fund

In considering whether to approve the renewal of the Contracts for Voya Multi-Manager International Factors Fund, the Board considered that, based on performance data for the periods ended March 31, 2022: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year period, the second quintile for the year-to-date period, and the third quintile for the 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 year-to-date and one-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 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 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 third quintile of net expense ratios of the funds in its Selected Peer Group.

Board Conclusions

TABLE OF CONTENTS

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

167702 (0423-062223)

TABLE OF CONTENTS

Semi-Annual Report

April 30, 2023

Classes A, C, I, R, R6 and W

Global Fund-of-Funds

■

Voya Global Diversified Payment Fund

E-Delivery Sign-up – details inside

TABLE OF CONTENTS

					Go Paperless with E-Delivery!
		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”) 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.

TABLE OF CONTENTS

[This Page Intentionally Left Blank]

TABLE OF CONTENTS

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 November 1, 2022 to April 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

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.

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended April 30, 2023**			Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio*		Expenses Paid During the Period Ended April 30, 2023**
Class A		$	1,000.00		$	1,087.70		0.64%		$	3.31		$	1,000.00		$	1,021.62		0.64%		$	3.21
Class C			1,000.00			1,083.60		1.39			7.18			1,000.00			1,017.90		1.39			6.95
Class I			1,000.00			1,090.50		0.40			2.07			1,000.00			1,022.81		0.40			2.01
Class R			1,000.00			1,087.00		0.89			4.61			1,000.00			1,020.38		0.89			4.46
Class R6			1,000.00			1,090.50		0.40			2.07			1,000.00			1,022.81		0.40			2.01
Class W			1,000.00			1,089.20		0.39			2.02			1,000.00			1,022.86		0.39			1.96

The annualized expense ratios do not include expenses of the underlying funds.

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

TABLE OF CONTENTS

STATEMENT OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited)

ASSETS:
Investments in securities at fair value*	$	17,155
Investments in affiliated underlying funds at fair value*		234,020,350
Investments in unaffiliated underlying funds at fair value**		51,045,970
Short-term investments at fair value†		2,370,898
Cash collateral for futures contracts		426,341
Cash pledged as collateral for OTC derivatives (Note 2)		680,000
Receivables:
Investments in unaffiliated underlying funds sold		209,644
Fund shares sold		169,610
Dividends		4,637
Interest		6,152
Variation margin on futures contracts		15,165
Unrealized appreciation on forward foreign currency contracts		1,591,725
Unrealized appreciation on OTC swap agreements		361,031
Prepaid expenses		54,448
Reimbursement due from Investment Adviser		43,097
Other assets		12,742
Total assets		291,028,965
LIABILITIES:
Income distribution payable		37,560
Payable for investments in unaffiliated underlying funds purchased		70,569
Payable for fund shares redeemed		1,061,870
Unrealized depreciation on forward foreign currency contracts		50,905
Cash received as collateral for OTC derivatives (Note 2)		990,000
Payable for investment management fees		53,881
Payable for distribution and shareholder service fees		63,369
Payable to custodian due to bank overdraft		75,450
Payable to trustees under the deferred compensation plan (Note 6)		12,742
Payable for trustee fees		730
Other accrued expenses and liabilities		439,602
Written options, at fair value^		209,644
Total liabilities		3,066,322
NET ASSETS	$	287,962,643
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	338,563,989
Total distributable loss		(50,601,346)
NET ASSETS	$	287,962,643
* Cost of investments in securities	$	17,155
* Cost of investments in affiliated underlying funds	$	269,757,790
** Cost of investments in unaffiliated underlying funds	$	56,084,082
† Cost of short-term investments	$	2,370,898
^ Premiums received on written options	$	209,644

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENT OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited) (continued)

Class A
Net assets	$	162,832,254
Shares authorized		unlimited
Par value		—
Shares outstanding		25,541,785
Net asset value and redemption price per share†	$	6.38
Maximum offering price per share (5.75%)(1)	$	6.77
Class C
Net assets	$	36,160,874
Shares authorized		unlimited
Par value		—
Shares outstanding		5,444,958
Net asset value and redemption price per share†	$	6.64
Class I
Net assets	$	70,382,174
Shares authorized		unlimited
Par value		—
Shares outstanding		11,126,306
Net asset value and redemption price per share	$	6.33
Class R
Net assets	$	31,470
Shares authorized		unlimited
Par value		—
Shares outstanding		4,909
Net asset value and redemption price per share	$	6.41
Class R6
Net assets	$	130,632
Shares authorized		unlimited
Par value		—
Shares outstanding		20,653
Net asset value and redemption price per share	$	6.33
Class W
Net assets	$	18,425,239
Shares authorized		unlimited
Par value		—
Shares outstanding		2,927,991
Net asset value and redemption price per share	$	6.29

(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

TABLE OF CONTENTS

STATEMENT OF OPERATIONS for the six months ended April 30, 2023 (Unaudited)

INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	4,071,883
Dividends from unaffiliated underlying funds		1,243,869
Interest		59,997
Total investment income		5,375,749
EXPENSES:
Investment management fees		318,624
Distribution and shareholder service fees:
Class A		201,929
Class C		196,916
Class R		89
Transfer agent fees:
Class A		49,557
Class C		12,082
Class I		23,044
Class R		11
Class R6		39
Class W		5,969
Shareholder reporting expense		28,960
Registration fees		41,532
Professional fees		31,675
Custody and accounting expense		33,666
Trustee fees		3,647
Miscellaneous expense		18,507
Interest expense		3,886
Total expenses		970,133
Net investment income		4,405,616
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		41,096
Sale of affiliated underlying funds		(5,849,890)
Sale of unaffiliated underlying funds		(3,876,330)
Capital gain distributions from affiliated underlying funds		2,644,730
Forward foreign currency contracts		(247,546)
Foreign currency related transactions		(578,498)
Futures		(308,493)
Swaps		(868,285)
Written options		(131,852)
Net realized loss		(9,175,068)
Net change in unrealized appreciation (depreciation) on:
Investments		55,372
Affiliated underlying funds		18,934,224
Unaffiliated underlying funds		9,278,729
Forward foreign currency contracts		1,237,798
Futures		(638,564)
Swaps		305,659
Net change in unrealized appreciation (depreciation)		29,173,218
Net realized and unrealized gain		19,998,150
Increase in net assets resulting from operations	$	24,403,766

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
FROM OPERATIONS:
Net investment income			$	4,405,616		$	5,920,779
Net realized gain (loss)				(9,175,068)			22,329,514
Net change in unrealized appreciation (depreciation)				29,173,218			(105,331,907)
Increase (decrease) in net assets resulting from operations				24,403,766			(77,081,614)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A				(2,230,890)			(21,883,610)
Class C				(372,966)			(7,103,335)
Class I				(1,085,349)			(10,699,589)
Class R				(360)			(29,490)
Class R6				(1,817)			(13,241)
Class W				(306,738)			(3,347,338)
Return of capital:
Class A				(3,633,492)			(168,912)
Class C				(838,903)			(51,784)
Class I				(1,553,327)			(77,601)
Class R	��			(680)			(211)
Class R6				(2,601)			(102)
Class W				(438,986)			(22,355)
Total distributions				(10,466,109)			(43,397,568)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares				24,391,096			62,345,210
Reinvestment of distributions				10,224,732			42,529,272
				34,615,828			104,874,482
Cost of shares redeemed				(48,887,622)			(104,788,286)
Net increase (decrease) in net assets resulting from capital share transactions				(14,271,794)			86,196
Net decrease in net assets				(334,137)			(120,392,986)
NET ASSETS:
Beginning of year or period				288,296,780			408,689,766
End of year or period			$	287,962,643		$	288,296,780

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each year or period.

			Income (loss) from investment operations						Less Distributions															Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions			Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)	Expenses net of all reductions/additions(2)(3)(4)	Net investment income (loss)(2)(3)(4)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)			($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Class A
04-30-23+		6.08		0.10•		0.43		0.53		0.09		—		0.14		0.23			—		6.38		8.77		0.64	0.64	0.64	3.04		162,832		31
10-31-22		8.53		0.12•		(1.66)		(1.54)		0.28		0.62		0.01		0.91			—		6.08		(19.84)		0.69	0.69	0.69	1.66		157,046		44
10-31-21		7.30		0.11•		1.58		1.69		0.46		—		—		0.46			—		8.53		23.41		0.69	0.60	0.60	1.35		191,360		33
10-31-20		7.68		0.17		(0.09)		0.08		0.21		—		0.25		0.46			—		7.30		1.19		0.66	0.60	0.60	2.27		151,538		30
10-31-19		7.71		0.17		0.46		0.63		0.09		0.35		0.22		0.66			—		7.68		8.64		0.62	0.62	0.62	2.09		172,864		44
10-31-18		8.41		0.17		(0.41)		(0.24)		0.20		0.09		0.17		0.46			—		7.71		(3.12)		0.62	0.62	0.62	1.94		176,765		80
Class C
04-30-23+		6.32		0.08•		0.44		0.52		0.06		—		0.14		0.20			—		6.64		8.36		1.39	1.39	1.39	2.39		36,161		31
10-31-22		8.84		0.08•		(1.74)		(1.66)		0.23		0.62		0.01		0.86			—		6.32		(20.46)		1.44	1.44	1.44	1.04		43,311		44
10-31-21		7.57		0.06•		1.62		1.68		0.41		—		—		0.41			—		8.84		22.42		1.44	1.35	1.35	0.67		84,713		33
10-31-20		7.95		0.12		(0.09)		0.03		0.16		—		0.25		0.41			—		7.57		0.51		1.41	1.35	1.35	1.59		86,216		30
10-31-19		7.98		0.11		0.47		0.58		0.04		0.35		0.22		0.61			—		7.95		7.69		1.37	1.37	1.37	1.39		114,650		44
10-31-18		8.70		0.10		(0.41)		(0.31)		0.15		0.09		0.17		0.41			—		7.98		(3.79)		1.37	1.37	1.37	1.23		139,261		80
Class I																	��
04-30-23+		6.03		0.10•		0.44		0.54		0.10		—		0.14		0.24			—		6.33		9.05		0.40	0.40	0.40	3.33		70,382		31
10-31-22		8.48		0.15•		(1.67)		(1.52)		0.30		0.62		0.01		0.93			—		6.03		(19.70)		0.45	0.38	0.38	2.03		68,160		44
10-31-21		7.26		0.14•		1.56		1.70		0.48		—		—		0.48			—		8.48		23.76		0.44	0.29	0.29	1.69		98,557		33
10-31-20		7.64		0.19		(0.09)		0.10		0.23		—		0.25		0.48			—		7.26		1.53		0.41	0.32	0.32	2.59		84,083		30
10-31-19		7.68		0.19		0.45		0.64		0.11		0.35		0.22		0.68			—		7.64		8.88		0.38	0.38	0.38	2.38		103,731		44
10-31-18		8.38		0.19		(0.41)		(0.22)		0.22		0.09		0.17		0.48			—		7.68		(2.86)		0.33	0.36	0.36	2.21		122,271		80
Class R
04-30-23+		6.10		0.08•		0.45		0.53		0.08		—		0.14		0.22			—		6.41		8.70		0.89	0.89	0.89	2.46		31		31
10-31-22		8.56		0.11•		(1.69)		(1.58)		0.25		0.62		0.01		0.88			—		6.10		(20.17)		0.94	0.94	0.94	1.53		138		44
10-31-21		7.32		0.09•		1.58		1.67		0.43		—		—		0.43			—		8.56		23.13		0.94	0.85	0.85	1.07		296		33
10-31-20		7.69		0.15		(0.08)		0.07		0.19		—		0.25		0.43			—		7.32		0.99		0.91	0.85	0.85	2.12		282		30
10-31-19		7.71		0.14		0.47		0.61		0.06		0.35		0.22		0.63			—		7.69		8.44		0.87	0.87	0.87	1.78		353		44
10-31-18		8.40		0.14		(0.40)		(0.26)		0.17		0.09		0.17		0.43			—		7.71		(3.29)		0.87	0.87	0.87	1.82		280		80
Class R6
04-30-23+		6.03		0.12•		0.42		0.54		0.10		—		0.14		0.24			—		6.33		9.05		0.40	0.40	0.40	3.80		131		31
10-31-22		8.47		0.14•		(1.65)		(1.51)		0.30		0.62		0.01		0.93			—		6.03		(19.60)		0.45	0.38	0.38	1.94		99		44
10-31-21		7.26		0.12•		1.57		1.69		0.48		—		—		0.48			—		8.47		23.62		1.05	0.29	0.29	1.40		119		33
10-31-20		7.64		0.19		(0.09)		0.10		0.23		—		0.25		0.48			—		7.26		1.53		1.02	0.32	0.32	2.38		64		30
10-31-19		7.69		0.15•		0.48		0.63		0.11		0.35		0.22		0.68			—		7.64		8.74		0.98	0.38	0.38	1.95		45		44
02-28-18(5) - 10-31-18		8.32		0.08•		(0.39)		(0.31)		0.15		—		0.17		0.32			—		7.69		(3.86)		0.91	0.38	0.38	1.51		3		80
Class W
04-30-23+		6.00		0.10•		0.43		0.53		0.10		—		0.14		0.24			—		6.29		8.92		0.39	0.39	0.39	3.37		18,425		31
10-31-22		8.44		0.15•		(1.66)		(1.51)		0.30		0.62		0.01		0.93			—		6.00		(19.67)		0.44	0.44	0.44	2.14		19,542		44
10-31-21		7.24		0.14•		1.54		1.68		0.48		—		—		0.48			—		8.44		23.54		0.44	0.35	0.35	1.66		33,646		33
10-31-20		7.62		0.18		(0.08)		0.10		0.23		—		0.25		0.48			—		7.24		1.54		0.41	0.35	0.35	2.50		32,287		30
10-31-19		7.67		0.18		0.45		0.63		0.11		0.35		0.22		0.68			—		7.62		8.76		0.37	0.37	0.37	2.36		34,984		44
10-31-18		8.36		0.18		(0.39)		(0.21)		0.22		0.09		0.17		0.48			—		7.67		(2.74)		0.37	0.37	0.37	2.22		37,285		80

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

(1)

(2)

Annualized for periods less than one year.

(3)

(4)

Ratios do not include expenses of the Underlying Funds.

(5)

Commencement of operations.

Unaudited.

•

Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited)

NOTE 1 — ORGANIZATION

The Fund offers 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 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 pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the 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 8 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

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. Capital gain dividends from Underlying Funds are recorded as capital gain distributions from affiliated Underlying Funds.

C. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. Distributions from net investment income and net realized gains, if any, are declared and paid monthly by the Fund with payments adjusted once a year each January. The Fund distributes capital gains, if any, annually. The Fund 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

The Fund’s MPP is designed to make level payments once per month throughout each calendar year. Under the MPP, the dollar amount of the Fund’s scheduled monthly payments for a particular year generally will increase or decrease each January based on the Fund’s performance over the previous three years.

D. 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.

E. 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.

F. Risk Exposures and the Use of Derivative Instruments. The Fund’s investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, written options. 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.

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.

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 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 or from 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.

At April 30, 2023, the maximum amount of loss that the Fund would incur if its counterparties failed to perform would be $1,969,911 which represents the gross payments to be received on open purchased OTC options, forward foreign currency contracts and total return swaps were they to be unwound as of April 30, 2023. To reduce the amount of potential loss to the Fund, certain counterparties have pledged $990,000 in cash collateral for open OTC derivatives at April 30, 2023.

The Fund has 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

The Fund had a liability position of $260,549 on open forward foreign currency contracts and written OTC options with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2023, the Fund could have been required to pay this amount in cash to its counterparties. The Fund pledged $680,000 in cash collateral at April 30, 2023 for its open OTC derivative transactions.

G. Forward Foreign Currency Transactions and Futures Contracts. The Fund may enter into forward 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 Fund either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses 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.

For the period ended April 30, 2023, the Fund entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Fund used forward foreign currency contracts as part of its tactical currency strategy.

During the period ended April 30, 2023, the Fund had average contract amounts on forward foreign currency contracts to buy and sell of $32,967,493 and $33,457,335, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at April 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, 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 April 30, 2023, the Fund used futures to enact tactical positions and to provide the Fund with greater liquidity. The Fund had purchased and sold futures contracts on various equity indices. The Fund also purchased and sold futures contracts on various U.S. Treasury Notes and Bonds. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the 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 April 30, 2023, the Fund had an average notional value on futures contracts purchased and

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

sold of $27,937,534 and $29,183,182, respectively. The Fund had no open futures at April 30, 2023.

H. Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The Fund may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

During the period ended April 30, 2023, the Fund has purchased and written options on equity indices in an attempt to manage the Fund’s exposure to a certain equity market and to generate income from option premiums as a means of enhancing payments to shareholders and reducing volatility. Because the performance of the indices underlying each call option are expected to correlate closely with the performance of one or more of the affiliated Underlying Funds, during the term of each call option the Fund will be effectively giving up all or a portion of the benefits it would otherwise realize from a potential increase in the value of such affiliated Underlying Funds. Thus, the Fund’s option strategy may limit the Fund’s ability to benefit from appreciation of the affiliated Underlying Funds. At the same time, the premium received in connection with the sale of call options may partially offset potential declines in value of the affiliated Underlying Funds during periods of declining markets.

During the period ended April 30, 2023, the Fund had an average notional value on purchased and written equity options of $4,394,699 and $22,042,920, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written equity options at April 30, 2023.

I. Swap Agreements. The Fund may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). Swap agreements are privately negotiated in the OTC market and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”).

The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. The Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within the Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on the Statement of Assets and Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by the Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on the Statement of Operations upon termination or maturity of the swap. The Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 April 30, 2023, the Fund entered into total return swaps on custom equity indices with an average notional amount of $39,643,531 on receiver total

return swaps. Please refer to the tables within the Portfolio of Investments for open total return swaps at April 30, 2023.

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 April 30, 2023, the cost of purchases and the proceeds from sales of investments, excluding short-term securities, were: $90,417,047 and $113,378,545, respectively.

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Management Agreement compensates the Investment Adviser with a management fee equal to 0.18% of the Fund’s average daily net assets invested in affiliated Underlying Funds and 0.40% of the Fund’s average daily net assets invested in unaffiliated Underlying Funds or other direct 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, Class C and Class R 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 for expenses incurred in the distribution and promotion of the Fund’s shares, including expenses incurred in printing prospectuses and

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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, Class C and Class R shares pay the Distributor a Distribution and/or Service Fee based on average daily net assets at the rates of 0.25%, 1.00% and 0.50%, respectively.

	Class A			Class C
Initial Sales Charges:		$	15,551		$	—
Contingent Deferred Sales Charges:		$	2,848		$	619

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2023, the following affiliated investment company owned more than 5% of the Fund:

Affiliated Investment Company			Percentage
Voya Institutional Trust Company					5.85%

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 the 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 April 30, 2023, the per

account fees for affiliated recordkeeping services paid by the Fund were $4,868.

NOTE 7 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund 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 R						Class R6						Class W
1.16%					1.91%						0.85%						1.41%						0.85%						0.91%

(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 April 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:

April 30,
2024			2025			2026			Total
	$	409,151		$	147,063		$	—		$	556,214

	April 30,
	2024			2025			2026			Total
Class I		$	60,526		$	53,952		$	33,034		$	147,512
Class R6			453			418			—			871

The Expense Limitation Agreement is contractual through March 1, 2024 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT

Effective June 13, 2022, 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 12, 2023. 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 13, 2022, 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 13, 2022.

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 April 30, 2023 as follows:

	Days Utilized			Approximate Average Daily Balance For Days Utilized						Approximate Weighted Average Interest Rate For Days Utilized
	26				$	1,067,654						5.04%

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Class A
4/30/2023		2,088,882		—		896,165		(3,292,451)		(307,404)		13,158,976		—		5,681,766		(20,789,378)		(1,948,636)
10/31/2022		5,561,593		—		2,842,996		(4,999,758)		3,404,831		41,574,283		—		21,374,013		(35,375,654)		27,572,643
Class C
4/30/2023		148,136		—		181,463		(1,736,828)		(1,407,229)		972,604		—		1,197,565		(11,362,866)		(9,192,697)
10/31/2022		468,211		—		897,284		(4,096,732)		(2,731,238)		3,632,991		—		7,113,075		(31,334,547)		(20,588,481)
Class I
4/30/2023		1,595,182		—		415,897		(2,181,086)		(170,007)		9,969,152		—		2,618,430		(13,616,724)		(1,029,142)
10/31/2022		2,284,118		—		1,432,102		(4,046,902)		(330,682)		16,535,613		—		10,713,499		(28,617,066)		(1,367,954)
Class R
4/30/2023		—		—		163		(17,926)		(17,763)		—		—		1,040		(109,894)		(108,854)
10/31/2022		1,732		—		3,875		(17,515)		(11,909)		13,621		—		29,701		(120,636)		(77,314)
Class R6
4/30/2023		4,989		—		702		(1,412)		4,279		31,184		—		4,418		(8,869)		26,733
10/31/2022		8,391		—		1,799		(7,889)		2,301		61,237		—		13,343		(57,315)		17,265
Class W
4/30/2023		41,461		—		115,301		(483,822)		(327,060)		259,180		—		721,513		(2,999,891)		(2,019,198)
10/31/2022		74,347		—		437,878		(1,242,713)		(730,487)		527,465		—		3,285,641		(9,283,068)		(5,469,961)

NOTE 10 — FEDERAL INCOME TAXES

differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

Year Ended October 31, 2022							Year Ended October 31, 2021
Ordinary Income	Long-term Capital Gains			Return of Capital			Ordinary Income			Long-term Capital Gains
$13,228,565		$	29,848,038		$	320,965		$	8,804,514		$	12,668,649

The tax-basis components of distributable earnings as of October 31, 2022 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains						Unrealized Appreciation/ (Depreciation)						Total Distributable Earnings/(Loss)
	$ —				$	—					$	(71,006,992)					$	(71,006,992)

At October 31, 2022, 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 April 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”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR setting ceased to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the

market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.

NOTE 12 — LIQUIDITY

Consistent with Rule 22e-4 under the 1940 Act, the Fund has established a liquidity risk management program to govern its approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Fund’s Investment Adviser, Voya Investments, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, the Fund’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of the Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding the Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether the Fund will be able to meet its redemption obligations in a timely manner.

During the period covered by the annual assessment, January 1, 2022 through December 31, 2022, the Program supported the Fund’s ability to honor redemption requests in a timely manner and the Program Administrator’s management of the Fund’s liquidity risk, including during any periods of market volatility and net redemptions.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 13 — 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 other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2023, the Fund declared dividends of:

Per Share
Amount

Payable
Date

Record
Date

Class A

0.0380

June 1, 2023

May 30, 2023

Class C

0.0340

June 1, 2023

May 30, 2023

Class I

0.0400

June 1, 2023

May 30, 2023

Class R

0.0360

June 1, 2023

May 30, 2023

Class R6

0.0400

June 1, 2023

May 30, 2023

Class W

0.0400

June 1, 2023

May 30, 2023

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.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.6%
107,288	Schwab U.S. TIPS ETF		$	5,744,199		2.0
140,752	Vanguard Global ex-U.S. Real Estate ETF			5,943,957		2.1
6,901	Vanguard Mid-Cap ETF			1,444,310		0.5
104,352	Vanguard Real Estate ETF			8,692,522		3.0
	Total Exchange-Traded Funds (Cost $24,370,303)			21,824,988		7.6
MUTUAL FUNDS: 91.4%
	Affiliated Investment Companies: 81.3%
1,050,501	Voya Floating Rate Fund - Class I			8,708,651		3.0
1,942,528	Voya Global Bond Fund - Class R6			14,471,835		5.0
4,295,778	Voya High Yield Bond Fund - Class R6			29,039,456		10.1
4,611,251	Voya Intermediate Bond Fund - Class R6			40,532,898		14.1
1,039,067	Voya Large Cap Value Fund - Class R6			12,998,730		4.5
501,528	Voya Large-Cap Growth Fund - Class R6			19,163,390		6.6
312,036 (1)	Voya MidCap Opportunities Fund - Class R6			6,549,636		2.3
1,282,657	Voya Multi-Manager Emerging Markets Equity Fund - Class I			11,428,478		4.0
2,724,701	Voya Multi-Manager International Equity Fund - Class I			26,266,118		9.1
3,320,709	Voya Multi-Manager International Factors Fund - Class I			29,554,311		10.3
743,248	Voya Multi-Manager Mid Cap Value Fund - Class I			6,518,287		2.3
620,925	Voya Short Term Bond Fund - Class R6			5,780,808		2.0
663,347	Voya Small Company Fund - Class R6			8,570,441		3.0

Shares		Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
	Affiliated Investment Companies (continued)
1,448,075	Voya U.S. High Dividend Low Volatility Fund - Class R6		$	14,437,311		5.0
				234,020,350		81.3

	Unaffiliated Investment Companies: 10.1%
639,409	TIAA-CREF S&P 500 Index Fund - Institutional Class			29,220,982		10.1
	Total Mutual Funds (Cost $301,471,569)			263,241,332		91.4
PURCHASED OPTIONS(2): 0.0%
	Total Purchased Options (Cost $17,155)			17,155		0.0
	Total Long-Term Investments (Cost $325,859,027)			285,083,475		99.0
SHORT-TERM INVESTMENTS: 0.8%
	Mutual Funds: 0.8%
2,370,898 (3)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.750% (Cost $2,370,898)			2,370,898		0.8
	Total Short-Term Investments (Cost $2,370,898)			2,370,898		0.8
	Total Investments in Securities (Cost $328,229,925)		$	287,454,373		99.8
	Assets in Excess of Other Liabilities			508,270		0.2
	Net Assets		$	287,962,643		100.0

(1)

Non-income producing security.

(2)

The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.

(3)

Rate shown is the 7-day yield as of April 30, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	21,824,988		$	—		$	—		$	21,824,988
Mutual Funds			263,241,332			—			—			263,241,332
Purchased Options			—			17,155			—			17,155
Short-Term Investments			2,370,898			—			—			2,370,898
Total Investments, at fair value		$	287,437,218		$	17,155		$	—		$	287,454,373
Other Financial Instruments+
Forward Foreign Currency Contracts			—			1,591,725			—			1,591,725
OTC Swaps			—			361,031			—			361,031
Total Assets		$	287,437,218		$	1,969,911		$	—		$	289,407,129
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(50,905)		$	—		$	(50,905)
Written Options			—			(209,644)			—			(209,644)
Total Liabilities		$	—		$	(260,549)		$	—		$	(260,549)

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transactions with Affiliates

The following table provides transactions during the period ended April 30, 2023, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 10/31/2022			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 4/30/2023			Investment Income			Realized Gains/(Losses)			Net Capital Gain Distributions
Voya Floating Rate Fund - Class I		$	8,764,667		$	607,866		$	(757,959)		$	94,077		$	8,708,651		$	367,465		$	(34,979)		$	—
Voya Global Bond Fund - Class R6			20,348,478			386,909			(9,576,964)			3,313,412			14,471,835			386,900			(1,937,158)			—
Voya High Yield Bond Fund - Class R6			6,019,915			23,110,127			(436,828)			346,242			29,039,456			322,901			(52,232)			82,357
Voya Intermediate Bond Fund - Class R6			37,264,234			13,634,393			(12,418,613)			2,052,884			40,532,898			727,008			8,126			—
Voya Large Cap Value Fund - Class R6			13,613,159			846,239			(1,359,626)			(101,042)			12,998,730			105,765			(20,899)			740,474
Voya Large Cap Growth Fund - Class R6			—			19,461,430			(864,767)			566,727			19,163,390			—			(4,606)			—
Voya MidCap Opportunities Fund - Class R6			6,180,778			473,726			(371,999)			267,131			6,549,636			—			(71,554)			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,584,533			6,035,067			(987,021)			795,899			11,428,478			242,068			(122,963)			—
Voya Multi-Manager International Equity Fund - Class I			20,441,365			6,736,000			(6,017,628)			5,106,381			26,266,118			243,437			(1,311,963)			—
Voya Multi-Manager International Factors Fund - Class I			35,233,091			1,236,305			(14,950,083)			8,034,998			29,554,311			1,236,304			(2,217,585)			—
Voya Multi-Manager Mid Cap Value Fund - Class I			6,094,641			1,210,519			(489,970)			(296,903)			6,518,287			91,426			(58,544)			378,095
Voya Short Term Bond Fund - Class R6			5,834,931			4,797,284			(4,958,573)			107,166			5,780,808			108,303			3,384			—
Voya Small Company Fund - Class R6			9,284,661			139,636			(966,650)			112,794			8,570,441			40,779			(21,547)			—
Voya U.S. High Dividend Low Volatility Fund - Class R6			15,139,344			2,020,632			(1,257,123)			(1,465,542)			14,437,311			199,527			(7,370)			1,443,804
		$	189,803,797		$	80,696,133		$	(55,413,804)		$	18,934,224		$	234,020,350		$	4,071,883		$	(5,849,890)		$	2,644,730

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited) (continued)

The financial statements for the above mutual fund[s] can be found at www.sec.gov.

At April 30, 2023, the following forward foreign currency contracts were outstanding for Voya Global Diversified Payment Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

GBP 6,400,000

USD 7,936,612

Bank of America N.A.

05/03/23

106,813

SGD 11,800,000

USD 8,894,504

Bank of America N.A.

05/03/23

(50,905)

USD 15,120,645

NOK 155,900,000

Bank of America N.A.

05/03/23

491,031

USD 4,476,588

AUD 6,600,000

Bank of America N.A.

05/03/23

109,179

SEK 42,200,000

USD 4,070,824

Brown Brothers Harriman & Co.

05/03/23

44,453

CHF 4,500,000

USD 4,940,072

Goldman Sachs International

05/03/23

94,961

EUR 12,000,000

USD 13,082,737

Morgan Stanley Capital Services LLC

05/03/23

140,944

USD 19,112,524

JPY 2,519,300,000

Morgan Stanley Capital Services LLC

05/08/23

604,344

1,540,820

At April 30, 2023, the following OTC purchased equity options were outstanding for Voya Global Diversified Payment Fund:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Cost

Fair Value

S&P 500® Index

UBS AG

Call

05/31/23

USD 4,294.560

1,055

USD 4,398,801

17,155

At April 30, 2023, the following OTC written equity options were outstanding for Voya Global Diversified Payment Fund:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Premiums
Received

Fair Value

S&P 500® Index

UBS AG

Call

05/31/23

USD 4,179.900

1,055

USD 4,398,801

69,061

(69,061)

S&P 500® Index

UBS AG

Call

05/31/23

USD 4,221.600

2,134

USD 8,897,670

88,977

(88,977)

S&P 500® Index

UBS AG

Call

05/31/23

USD 4,263.290

2,134

USD 8,897,670

51,606

(51,606)

209,644

(209,644)

At April 30, 2023, the following OTC total return swaps were outstanding for Voya Global Diversified Payment 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

JPMorgan JPUSVCO1 Index(2)

Quarterly

(0.06%)

Quarterly

JPMorgan Chase
Bank New York

08/31/23

USD 8,287,452

108,821

—

108,821

Receive

JPMorgan JPUSVCO2 Index(3)

Quarterly

(0.06%)

Quarterly

JPMorgan Chase
Bank New York

08/31/23

USD 14,317,158

98,071

—

98,071

Receive

Morgan Stanley SPX
1-month Volatility
Premium Intraday
Hedge Index(4)

Quarterly

0.00%

Quarterly

Morgan Stanley Capital Services

08/31/23

USD 8,314,070

96,883

—

96,883

Receive

Morgan Stanley SPX
2-month Volatility
Premium Intraday
Hedge Index(5)

Quarterly

0.00%

Quarterly

Morgan Stanley Capital Services

08/31/23

USD 6,148,133

57,256

—

57,256

361,031

—

361,031

(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.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited) (continued)

(2)

The following table represents the individual positions within the total return swap as of April 30, 2023:

Reference Entity	Notional Amount*			% of Index
Long Futures Contracts
S&P 500® E-Mini, expires 6/16/23		$	1,635,792		19.74%
Written Call Options
S&P 500® Index, Strike Price $4,250, expires 5/19/23			(29,986)		(0.36)%
Cash			6,681,646		80.62%
Total Notional Amount		$	8,287,452		100%

(3)

The following table represents the individual positions within the total return swap as of April 30, 2023:

Reference Entity	Notional Amount*			% of Index
Long Futures Contracts
S&P 500® E-Mini, expires 6/16/23		$	3,384,214		23.64%
Written Call Options
S&P 500® Index, Strike Price $4,255, expires 5/26/23			(65,932)		(0.46)%
Cash			10,998,876		76.82%
Total Notional Amount		$	14,317,158		100%

(4)

The following table represents the individual positions within the total return swap as of April 30, 2023:

Reference Entity	Notional Amount*			% of Index
Long Futures Contracts
S&P 500® E-Mini, expires 6/16/23		$	2,692,287		32.38%
Written Call Options
S&P 500® Index, Strike Price $4,220, expires 5/19/23			(58,639)		(0.71)%
Cash			5,680,422		68.33%
Total Notional Amount		$	8,314,070		100%

(5)

The following table represents the individual positions within the total return swap as of April 30, 2023:

Reference Entity	Notional Amount*			% of Index
Long Futures Contracts
S&P 500® E-Mini, expires 6/16/23		$	2,147,199		34.92%
Written Call Options
S&P 500® Index, Strike Price $4,120, expires 05/19/23			(9,279)		(0.15%)
S&P 500® Index, Strike Price $4,130, expires 05/19/23			(4,237)		(0.07%)
S&P 500® Index, Strike Price $4,140, expires 05/19/23			(7,744)		(0.13%)
S&P 500® Index, Strike Price $4,145, expires 05/19/23			(3,687)		(0.06%)
S&P 500® Index, Strike Price $4,180, expires 05/19/23			(2,505)		(0.04%)
S&P 500® Index, Strike Price $4,185, expires 05/19/23			(2,370)		(0.04%)
S&P 500® Index, Strike Price $4,200, expires 05/19/23			(1,937)		(0.03%)
S&P 500® Index, Strike Price $4,215, expires 05/19/23			(1,563)		(0.02%)
S&P 500® Index, Strike Price $4,220, expires 05/19/23			(2,887)		(0.05%)
S&P 500® Index, Strike Price $4,225, expires 05/19/23			(1,343)		(0.02%)
S&P 500® Index, Strike Price $4,235, expires 05/19/23			(3,436)		(0.06%)
S&P 500® Index, Strike Price $4,240, expires 05/19/23			(1,056)		(0.02%)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited) (continued)

Reference Entity	Notional Amount*			% of Index
S&P 500® Index, Strike Price $4,245, expires 05/19/23			(1,934)		(0.03%)
S&P 500® Index, Strike Price $4,250, expires 05/19/23			(1,778)		(0.03%)
S&P 500® Index, Strike Price $4,255, expires 05/19/23			(818)		(0.01%)
S&P 500® Index, Strike Price $4,260, expires 05/19/23			(746)		(0.01%)
S&P 500® Index, Strike Price $4,265, expires 05/19/23			(682)		(0.01%)
S&P 500® Index, Strike Price $4,195, expires 06/16/23			(4,089)		(0.07%)
S&P 500® Index, Strike Price $4,215, expires 06/16/23			(3,480)		(0.06%)
S&P 500® Index, Strike Price $4,265, expires 06/16/23			(2,185)		(0.04%)
S&P 500® Index, Strike Price $4,270, expires 06/16/23			(2,080)		(0.03%)
			(59,836)		(0.98%)
Cash			4,060,770		66.06%
Total Notional Amount		$	6,148,133		100%

Currency Abbreviations

AUD – Australian Dollar

CHF – Swiss Franc

EUR – EU Euro

GBP – British Pound

JPY – Japanese Yen

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 30, 2023 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Investments in securities at value*		$	17,155
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			1,591,725
Equity contracts	Unrealized appreciation on OTC swap agreements			361,031
Total Asset Derivatives			$	1,969,911
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	50,905
Equity contracts	Written options, at fair value			209,644
Total Liability Derivatives			$	260,549

Includes purchased options.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited) (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended April 30, 2023 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Equity contracts		$	(87,647)		$	—		$	209,529		$	(868,285)		$	(131,852)		$	(878,255)
Foreign exchange contracts			—			(247,546)			—			—			—			(247,546)
Interest rate contracts			—			—			(518,022)			—			—			(518,022)
Total		$	(87,647)		$	(247,546)		$	(308,493)		$	(868,285)		$	(131,852)		$	(1,643,823)

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		$	—		$	(1,473,038)		$	305,659		$	(1,167,379)
Foreign exchange contracts			1,237,798			—			—		$	1,237,798
Interest rate contracts			—			834,474			—		$	834,474
Total		$	1,237,798		$	(638,564)		$	305,659		$	904,893

Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

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 April 30, 2023:

	Bank of America N.A.			Brown Brothers Harriman & Co.			Goldman Sachs international			JPMorgan Chase Bank New York			Morgan Stanley Capital Services LLC			UBS AG			Totals
Assets:
Purchased options		$	—		$	—		$	—		$	—		$	—		$	17,155		$	17,155
Forward foreign currency contracts			707,023			44,453			94,961			—			745,288			—			1,591,725
Total return swaps			—			—			—			206,892			154,139			—			361,031
Total Assets		$	707,023		$	44,453		$	94,961		$	206,892		$	899,427		$	17,155		$	1,969,911
Liabilities:
Forward foreign currency contracts		$	50,905		$	—		$	—		$	—		$	—		$	—		$	50,905
Written options			—			—			—			—			—			209,644			209,644
Total Liabilities		$	50,905		$	—		$	—		$	—		$	—		$	209,644		$	260,549
Net OTC derivative instruments by counterparty, at fair value		$	656,118		$	44,453		$	94,961		$	206,892		$	899,427		$	(192,489)			1,709,362
Total collateral pledged by Fund/(Received from counterparty)		$	(560,000)		$	—		$	—		$	—		$	(430,000)		$	—		$	(990,000)
Net Exposure(1)(2)		$	96,118		$	44,453		$	94,961		$	206,892		$	469,427		$	(192,489)		$	719,362

(1)

(2)

At April 30, 2023, the Fund had pledged $680,000 in cash collateral to JPMorgan Chase Bank N.A. Excess cash collateral is not shown for financial reporting purposes.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Diversified Payment Fund

as of April 30, 2023 (Unaudited) (continued)

At April 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 $330,980,354.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	1,735,465
Gross Unrealized Depreciation		(43,569,239)
Net Unrealized Depreciation	$	(41,833,774)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT

In addition to the Board meeting on November 17, 2022, 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 12-13, 2022, and November 15, 2022. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process, including, but not limited to, investment performance, fee structure, and expense information. 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 Board determined that the omission of any such information was not material to its considerations. Additionally, the Board considered the impact of significant periods of market volatility that occurred during and after the period for which information was requested in conducting its evaluation of the Manager and Sub-Adviser.

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

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

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, 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 category and primary benchmark, a broad-based securities market index identified in the Fund’s prospectus. 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. The Board considered that, while the Fund does not have management fee breakpoints, it 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 the Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Board also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.

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

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

fees payable by the Fund, including whether the Manager intends to propose 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.

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, 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, including their ability to engage in soft-dollar transactions on behalf of 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 12-13, 2022, November 15, 2022, and/or November 17, 2022 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 Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2022. In addition, the Board also considered at its October 12-13, 2022, November 15, 2022, and/or November 17, 2022 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, 2022: (1) the Fund is ranked in the third quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the fourth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed.

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 third 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 second 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

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

of 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 that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

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, 2023.

TABLE OF CONTENTS

ADDITIONAL INFORMATION (Unaudited)

MANAGED PAYMENT POLICY

The Fund’s Managed Payment Policy is designed to provide investors with regular cash flows from their investment. The policy provides for 12 level monthly payments throughout each calendar year. This payment policy enables investors to target the total dollar amount of the monthly payments they receive from their holdings in the Fund each year by purchasing the number of shares that will translate into their target monthly payment amount.

For the calendar year 2023, the Fund will make a level monthly payment of $0.038 per share for Class A shares, $0.034 per share for Class C shares, $0.040 per share for Class I shares, $0.036 per share for Class R shares, $0.040 per share for Class R6 shares and $0.040 per share for Class W shares. The level monthly payment amount for calendar year 2023 will be the product of: (i) the annual payment rate (“Annual Payment Rate”) of 6.30% for Class A shares, 5.40% for Class C shares, 6.61% for Class I shares, 5.95% for Class R shares, 6.61% for Class R6 shares and 6.55% for Class W shares, divided by 12; and (ii) the trailing average account value (“Trailing Average Account Value”). Therefore, investors holding 10,000 shares would generate a monthly payment of $380 from their holdings in Class A shares, $340 from their holdings in Class C shares, $400 from their holdings in Class I shares, $360 from holdings in Class R shares, $400 from holdings in Class R6 shares and $400 from holdings in Class W shares from the Fund during 2023.

The required investment to generate a given amount of payment will vary from year to year depending on monthly level payment determined for that year. In order to provide investors with greater predictability of their monthly payment streams, the Fund’s Managed Payment Policy seeks to deliver stable monthly payments per share over time by basing the annual reset on: (i) an Annual Payment Rate determined by the Fund’s Sub-Adviser; and (ii) the Fund’s performance over the previous three years.

Each January the Sub-Adviser will determine and announce a new level monthly payment per share for the calendar year based on: (i) the Annual Payment Rate, for the Fund’s shares; and (ii) the Trailing Average Account Value which will vary for the Fund’s shares.

While the Fund’s level monthly payment amount per share will not change within a calendar year, it may increase or decrease from one year to the next because it is based on the Annual Payment Rate and the Trailing Average Account Value, one or both of which may change from year to year.

Please note that the Fund’s Managed Payment Policy is not designed to generate, and is not expected to result in, payments that equal a fixed percentage of the Fund’s

current NAV per share or a fixed percentage of a shareholder’s current account value. Instead, Fund shareholders are expected to receive a monthly payment that is equal to the monthly payment per share (as determined under the Managed Payment Policy) times the number of shares they own on the record date.

MONTHLY PAYMENTS AND ADDITIONAL DISTRIBUTIONS

In each calendar year, the Fund’s 12 scheduled level payments per share are made monthly, on the last business day of each month. Shareholders can choose to receive their 12 scheduled monthly payments in cash or to automatically reinvest their payments in additional Fund shares. Because the level monthly payment per share will be fixed during a calendar year, investors will receive 12 fixed monthly payments during the calendar year, unless the number of Fund shares they hold changes because of purchases, redemptions, or reinvestment of payments. If the investor elects to reinvest the monthly payments in additional Fund shares, this will increase the number of Fund shares owned by the investor and will therefore proportionally increase the total dollar amount of the monthly payment.

The Fund generally expects to distribute to shareholders substantially all of its net income, as well as substantially all of its net capital gains. In addition to these regular monthly payments, an additional distribution may be made in December and other additional distributions may be made with respect to a particular fiscal year in order to comply with applicable law. As these additional income or capital gains distributions (“Special Distributions”) are not factored into the Fund’s managed payment objectives, each Special Distribution will be automatically reinvested in additional Fund shares unless a shareholder elects to receive the Special Distributions in cash. These additional shares can be redeemed under the same terms and conditions as any other shares of the Fund. The shares received with respect to a Special Distribution are included in the calculation of the Trailing Average Account Value used in resetting the level payment amount each January and redemption of such shares, or election to receive the Special Distributions in cash, will decrease the aggregate monthly payments received in the future. Both level monthly payments and Special Distributions (which are reinvested and received by you as additional shares in the Fund) will normally be taxable as either ordinary income or long-term capital gain.

RETURN OF CAPITAL

Pursuant to the Fund’s Managed Payment Policy, a portion of each monthly payment that the Fund makes may be treated as a return of capital. Each month, the Fund will

TABLE OF CONTENTS

ADDITIONAL INFORMATION (Unaudited) (continued)

provide disclosures with payments made that estimate the percentages of the year-to-date payments through the preceding month that represent net investment income, other income or capital gains, and return of capital, if any. At the end of the year, the Fund may be required, under applicable law, to re-characterize payments over the course of the year across ordinary income, capital gains, and return of capital, if any, for purposes of tax reporting to

shareholders. The portion of the Fund’s payments, if any, that represent a return of capital as determined at the end of the year, will have the effect of reducing your cost basis in the Fund’s shares and are generally not taxable until your cost basis has been reduced to zero. Such basis adjustment may increase the amount of capital gain, if any, or decrease the amount of capital loss, if any, that you will realize when selling or exchanging the shares.

TABLE OF CONTENTS

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

163309 (0423-062223)

TABLE OF CONTENTS

Semi-Annual Report

April 30, 2023

Classes A, I, and W

International Fund

■

Voya Russia Fund*

Effective May 4, 2022, the fund is in liquidation and will not engage in any business or investment activities except for purposes of winding up its affairs. The fund is closed to new investments and has suspended redemptions. The fund will remain in existence at least until December 31, 2023, to allow the fund to sell the securities and depository receipts, if that should become possible; the fund may be terminated sooner if all the securities have been sold before that date.

E-Delivery Sign-up – details inside

TABLE OF CONTENTS

					Go Paperless with E-Delivery!
		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

QUARTERLY PORTFOLIO HOLDINGS

TABLE OF CONTENTS

SHAREHOLDER EXPENSE EXAMPLE (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*			Beginning Account Value November 1, 2022			Ending Account Value April 30, 2023			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2023*
Class A		$	1,000.00		$	945.90		14.79%		$	71.36		$	1,000.00		$	951.45		14.79%		$	71.56
Class I			1,000.00			974.40		11.55			56.54			1,000.00			967.52		11.55			56.35
Class W			1,000.00			945.90		14.79			71.36			1,000.00			951.45		14.79			71.56

Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

TABLE OF CONTENTS

STATEMENT OF ASSETS AND LIABILITIES as of April 30, 2023 (Unaudited)

ASSETS:
Investments in securities at fair value*	$	—
Short-term investments at fair value†		838,775
Receivables:
Dividends (Note 1)		3,045
Total assets		841,820
LIABILITIES:
Other accrued expenses and liabilities		31,042
Total liabilities		31,042
NET ASSETS	$	810,778
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	47,255,176
Total distributable loss		(46,444,398)
NET ASSETS	$	810,778
* Cost of investments in securities	$	46,117,703
† Cost of short-term investments	$	838,775
Class A
Net assets	$	784,770
Shares authorized		unlimited
Par value		—
Shares outstanding		2,216,619
Net asset value and redemption price per share††	$	0.35
Maximum offering price per share (5.75%)(1)	$	0.37
Class I
Net assets	$	22,861
Shares authorized		unlimited
Par value		—
Shares outstanding		60,571
Net asset value and redemption price per share	$	0.38
Class W
Net assets	$	3,147
Shares authorized		unlimited
Par value		—
Shares outstanding		8,914
Net asset value and redemption price per share	$	0.35

(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

TABLE OF CONTENTS

STATEMENT OF OPERATIONS for the six months ended April 30, 2023 (Unaudited)

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	15,980
Total investment income		15,980
EXPENSES:
Investment management fees		5,575
Transfer agent fees:
Class A		30,786
Class I		515
Class W		124
Shareholder reporting expense		2,172
Professional fees		20,584
Custody and accounting expense		5,068
Miscellaneous expense		1,448
Total expenses		66,272
Waived and reimbursed fees		(5,575)
Net expenses		60,697
Net investment loss		(44,717)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Foreign currency related transactions		26,562
Net realized gain		26,562
Net change in unrealized appreciation (depreciation) on:
Foreign currency related transactions		(26,422)
Net change in unrealized appreciation (depreciation)		(26,422)
Net realized and unrealized gain		140
Decrease in net assets resulting from operations	$	(44,577)
* Foreign taxes withheld	$	1,343

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
FROM OPERATIONS:
Net investment income (loss)		$	(44,717)		$	61,043
Net realized gain			26,562			1,120,479
Net change in unrealized appreciation (depreciation)			(26,422)			(83,965,036)
Decrease in net assets resulting from operations			(44,577)			(82,783,514)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(926)			(10,293,481)
Class I			—			(285,424)
Class W			—			(48,995)
Return of capital:
Class A			—			(5,367,781)
Class I			—			(148,610)
Class W			—			(22,351)
Total distributions			(926)			(16,166,642)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			—			2,639,450
Reinvestment of distributions			—			9,709,406
			—			12,348,856
Redemption fee proceeds (Note 4)			—			34,214
Cost of shares redeemed			(327)			(6,504,554)
Net increase (decrease) in net assets resulting from capital share transactions			(327)			5,878,516
Net decrease in net assets			(45,830)			(93,071,640)
NET ASSETS:
Beginning of year or period			856,608			93,928,248
End of year or period		$	810,778		$	856,608

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each year or period.

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets					Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Redemption fees applied to capital		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)	Expense net of all reductions/additions(2)(3)	Net investment income (loss)(2)(3)	Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)	(%)	(%)	($000’s)		(%)
Class A
04-30-23+		0.37		(0.02)•		0.00*		(0.02)		—		—		—		—		—		0.35		(5.41)		16.14	14.79	14.79	(10.92)		785		—
10-31-22		42.85		0.02•		(35.20)		(35.18)		0.92		3.94		2.44		7.30		—		0.37		(93.36)		3.53	3.39	3.39	0.20		830		10
10-31-21		28.76		1.11•		15.99		17.10		0.95		2.06		—		3.01		—		42.85		63.13		1.95	1.95	1.95	3.12		90,848		39
10-31-20		37.47		0.98•		(6.50)		(5.52)		1.68		1.51		—		3.19		—		28.76		(16.56)		1.87	1.87	1.87	3.00		60,598		55
10-31-19		29.71		1.48•		7.04		8.52		0.76		—		—		0.76		—		37.47		29.52		2.02	2.00	2.00	4.52		83,473		36
10-31-18		29.30		0.82•		0.39		1.21		0.80		—		—		0.80		—		29.71		4.14		2.15	2.00	2.00	2.70		72,854		34
Class I
04-30-23+		0.39		(0.01)•		0.00*		(0.01)		—		—		—		—		—		0.38		(2.56)		12.90	11.55	11.55	(7.68)		23		—
10-31-22		43.07		0.08•		(35.32)		(35.24)		1.06		3.94		2.44		7.44		—		0.39		(93.15)		3.14	3.00	3.00	0.62		24		10
10-31-21		28.89		1.17•		16.12		17.29		1.05		2.06		—		3.11		—		43.07		63.66		1.59	1.59	1.59	3.25		2,681		39
10-31-20		37.65		0.89•		(6.34)		(5.45)		1.80		1.51		—		3.31		—		28.89		(16.35)		1.58	1.58	1.58	2.65		1,603		55
10-31-19		29.83		1.56•		7.08		8.64		0.82		—		—		0.82		—		37.65		29.89		1.70	1.70	1.70	4.70		3,551		36
10-31-18		29.48		0.72•		0.53		1.25		0.90		—		—		0.90		—		29.83		4.25		1.80	1.75	1.75	2.34		2,950		34
Class W
04-30-23+		0.37		(0.02)•		0.00*		(0.02)		—		—		—		—		—		0.35		(5.41)		16.14	14.79	14.79	(10.84)		3		—
10-31-22		42.92		0.14•		(35.29)		(35.15)		1.02		3.94		2.44		7.40		—		0.37		(93.35)		3.29	3.15	3.15	1.01		3		10
10-31-21		28.81		1.21•		15.99		17.20		1.03		2.06		—		3.09		—		42.92		63.50		1.70	1.70	1.70	3.38		399		39
10-31-20		37.54		1.10•		(6.55)		(5.45)		1.77		1.51		—		3.28		—		28.81		(16.39)		1.62	1.62	1.62	3.38		240		55
10-31-19		29.78		1.34•		7.25		8.59		0.83		—		—		0.83		—		37.54		29.80		1.77	1.75	1.75	4.14		284		36
10-31-18		29.39		0.80•		0.45		1.25		0.86		—		—		0.86		—		29.78		4.28		1.90	1.75	1.75	2.62		362		34

(1)

(2)

Annualized for periods less than one year.

(3)

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited)

NOTE 1 — ORGANIZATION AND LIQUIDATION

Russia’s large-scale invasion of Ukraine on February 24, 2022 created circumstances that significantly impacted the Fund’s operations. The combination of market closures, Western sanctions, retaliatory Russian sanctions, and capital controls as a result of Russia’s invasion have rendered virtually all the Fund’s investments in equity securities, including depository receipts, illiquid. As a result, Russian securities held by the Fund were fair valued at $0 (see Note 2.A for additional information on security valuation procedures). Subsequent to February 24, 2022, certain Russian securities held by the Fund had declared dividends, however there is no assurance these dividends can be collected by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of April 30, 2023. Any currency denominated in Rubles cannot be repatriated and such currency is valued at $0 as of April 30, 2023.

Effective May 4, 2022, the Fund is in liquidation and will not engage in any business or investment activities except for purposes of winding up its affairs. The Fund is closed to new investments and has suspended redemptions pursuant to an order of the SEC. On May 13, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve to cover operating and liquidation expenses.

The Fund will remain in existence at least until December 31, 2023, to allow the Fund to sell the securities and depository receipts, if that should become possible; the Fund may be terminated sooner if all the securities have been sold before that date. After December 31, 2023, the Fund may be terminated at any time, even if the Russian securities and depositary receipts have not been sold. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any, will be reduced by expenses related to the sale and the distribution.

The Fund offered the following classes of shares: Class A, Class I, 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 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 pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the 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.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser 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 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. 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.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 New York Stock Exchange (“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.

Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.

Level 3 — unobservable inputs (including the fund’s own assumptions in determining fair value).

A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

C. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. Distributions from net investment income and net realized gains, if any, are declared and paid annually. The Fund distributes capital gains, if any, annually. The Fund 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.

D. 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 rates of exchange 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 that 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.

E. 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.

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 securities representing 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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Risk Exposures and the Use of Derivative Instruments. The Fund’s investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, written options. 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.

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.

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 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.

I. Restricted Securities. The 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended April 30, 2023, the cost of purchases and the proceeds from sales of investments, excluding short-term securities, were $— and $— respectively.

NOTE 4 — REDEMPTION FEES

Effective May 4, 2022, there are no redemption fees charged. Prior to May 4, 2022, a 2% redemption fee was charged on shares of the Fund that were redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee was recorded as an addition to paid-in capital. Total redemption fee proceeds for the year ended October 31, 2022 was $34,214, and is reflected in the accompanying Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT FEES

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 1.35% of the Fund’s average daily net assets of the Fund. The Investment Adviser is fully waiving the contractual management fee of 1.35% through December 31, 2023.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 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.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 7 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed		Net increase (decrease)
Year or period ended	#		#		#		#		#		($)		($)		($)		($)		($)
Class A
4/30/2023		—		—		—		(885)		(885)		—		—		—		(327)		(327)
10/31/2022		85,540		—		281,133		(269,375)		97,298		2,255,028		9,389,847		28,626		(5,896,318)		5,777,183
Class I
4/30/2023		—		—		—		—		—		—		—		—		—		—
10/31/2022		9,536		—		8,069		(19,281)		(1,676)		251,163		270,700		5,584		(509,830)		17,617
Class W
4/30/2023		—		—		—		—		—		—		—		—		—		—
10/31/2022		3,770		—		1,464		(5,628)		(394)		133,259		48,859		4		(98,406)		83,716

NOTE 8 — 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 close of business of the Fund at its 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 Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Fund bear 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.

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 a fund.

At April 30, 2023, the Fund did not have any outstanding securities on loan.

NOTE 9 — 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 foreign currency transactions, income from passive foreign investment companies (PFICs) and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

NOTE 9 — FEDERAL INCOME TAXES (continued)

The tax composition of dividends and distributions to shareholders was as follows:

Year Ended October 31, 2022							Year Ended October 31, 2021
Ordinary Income	Long-term Capital Gain			Return of Capital			Ordinary Income			Long-term Capital Gain
$4,073,670		$	6,554,230		$	5,538,742		$	2,037,318		$	4,405,145

The tax-basis components of distributable earnings as of October 31, 2022 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains						Unrealized Appreciation/ (Depreciation)						Total Distributable Earnings/(Loss)
	$ —				$	—					$	(46,398,896)					$	(46,398,896)

At October 31, 2022, 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.

NOTE 10 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates ceased to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings ceased to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the

NOTE 11 — LIQUIDITY

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of the Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding the Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether the Fund will be able to meet its redemption obligations in a timely manner.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2023 (Unaudited) (continued)

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 in the future 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 the Fund’s investments, including beyond the 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. Those 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 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. Management expects that the adoption of the guidance will not have a material impact on the Fund’s financial statements.

NOTE 14 — SUBSEQUENT EVENTS

As of April 30, 2023, the Fund owned shares of Yandex NV, a company with significant operations in Russia and whose shares were traded on NASDAQ. NASDAQ has halted trading of Yandex since February 28, 2022. As of April 30, 2023, all Russian securities, including Yandex, owned by the Fund were valued at $0. On May 26, 2023 the Investment Adviser changed the fair valuation methodology utilized to price shares of Yandex for the Fund due to new observable market data. The Investment Adviser is currently assessing the feasibility of selling shares of Yandex NV owned by the Fund in a similar-type, over-the-counter transaction. The Investment Adviser has not obtained new market data for any other Russian securities owned by the Fund and continues to value the remaining Russian securities at $0.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Russia Fund

as of April 30, 2023 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: —%
	Communication Services: —%
620,000 (1)	Mobile Telesystems OJSC		$	—		—
73,700 (1)(2)	Yandex NV			—		—
				—		—
	Consumer Staples: —%
40,000 (1)(2)	Magnit OJSC			—		—
98,200 (1)(2)	X5 Retail Group N.V. - FIVEL GDR			—		—
				—		—
	Energy: —%
1,967,553 (1)	Gazprom PJSC			—		—
77,800 (1)	Lukoil PJSC			—		—
270,500 (1)	Novatek PJSC			—		—
1,900,000 (1)(2)	Sovcomflot PJSC			—		—
420,000 (1)	Tatneft PJSC			—		—
				—		—
	Financials: —%
800,000 (1)(2)	Renaissance Insurance Group JSC			—		—
1,085,000 (1)(2)	Sberbank of Russia PJSC			—		—
2,800,000,000 (1)(2)	VTB Bank PJSC			—		—
				—		—
	Industrials: —%
2,700,000 (1)(2)	Aeroflot PJSC			—		—

	Materials: —%
1,655,000 (1)(2)	Alrosa PJSC			—		—
11,000 (1)	MMC Norilsk Nickel OJSC			—		—
36,100 (1)	PhosAgro PJSC			—		—
3,000,000 (1)(3)	Segezha Group PJSC			—		—
				—		—
	Total Common Stock (Cost $41,790,891)			—		—
PREFERRED STOCK: —%
	Energy: —%
410,000 (1)	Tatneft			—		—
800 (1)	Transneft PJSC			—		—
				—		—

Shares		Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
	Financials: —%
310,000 (1)(2)(4)	Sberbank of Russia		$	—		—
	Total Preferred Stock (Cost $4,326,812)			—		—
	Total Long-Term Investments (Cost $46,117,703)			—		—
SHORT-TERM INVESTMENTS: 103.5%
	Mutual Funds: 103.5%
838,775 (5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 4.750% (Cost $838,775)			838,775		103.5
	Total Short-Term Investments (Cost $838,775)			838,775		103.5
	Total Investments in Securities (Cost $46,956,478)		$	838,775		103.5
	Liabilities in Excess of Other Assets			(27,997)		(3.5)
	Net Assets		$	810,778		100.0

GDR

Global Depositary Receipt

(1)

For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

(2)

Non-income producing security.

(3)

Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

(4)

(5)

Rate shown is the 7-day yield as of April 30, 2023.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Russia Fund

as of April 30, 2023 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 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 April 30, 2023
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	—		$	—		$	—		$	—
Consumer Staples			—			—			—			—
Energy			—			—			—			—
Financials			—			—			—			—
Industrials			—			—			—			—
Materials			—			—			—			—
Total Common Stock			—			—			—			—
Preferred Stock			—			—			—			—
Short-Term Investments			838,775			—			—			838,775
Total Investments, at fair value		$	838,775		$	—		$	—		$	838,775

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

At April 30, 2023, Voya Russia Fund held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Sberbank of Russia		3/19/2021		$	1,073,627		$	—
				$	1,073,627		$	—

At April 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 $47,237,672.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	182,997
Gross Unrealized Depreciation		(46,608,316)
Net Unrealized Depreciation	$	(46,425,319)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT

Among other matters, the Board considered that the Fund is in liquidation and, therefore, is not currently pursuing its investment objective or an active investment program and will not engage in any business or investment activities except for the purposes of winding up its affairs. Instead, the Manager continues to oversee the liquidation process. Effective May 4, 2022 through liquidation, the Manager is fully waiving the contractual management fee. During the period of liquidation, Voya IM will receive no sub-advisory fees with respect to the Fund.

In light of these circumstances, the Board did not consider the traditional factors related to the proposed continuance of the Contracts that it typically considers. However, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2023 in order for the Manager to continue to oversee the liquidation process.

TABLE OF CONTENTS

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

217225 (0423-062223)

(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 second fiscal quarter of 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) A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(2)(1) Not applicable.

(a)(2)(2) Not required for semi-annual filing.

(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 Mutual Funds

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: July 6, 2023

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: July 6, 2023

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: July 6, 2023

Voya MUTUAL FUNDS N-CSRSCertified semi-annual shareholder report (management investment company)