Voya MUTUAL FUNDS N-CSRS 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, 2023 to April 30, 2024

Item 1. Reports to Stockholders.

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

Semi-Annual Report

April 30, 2024

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.

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TABLE OF CONTENTS

Shareholder Expense Examples	3
Statements of Assets and Liabilities	5
Statements of Operations	10
Statements of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	19
Portfolios of Investments	37
Advisory and Sub-Advisory Contract Approval Discussion	98

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024. 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, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio*		Expenses Paid During the Period Ended April 30, 2024**		Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio*		Expenses Paid During the Period Ended April 30, 2024**
Voya Global Bond Fund
Class A		$1,000.00		$1,056.60	0.90	%		$4.60		$1,000.00		$1,020.39	0.90	%		$4.52
Class C		1,000.00		1,052.90	1.65			8.42		1,000.00		1,016.66	1.65			8.27
Class I		1,000.00		1,058.10	0.65			3.33		1,000.00		1,021.63	0.65			3.27
Class R		1,000.00		1,056.70	1.15			5.88		1,000.00		1,019.14	1.15			5.77
Class R6		1,000.00		1,058.20	0.64			3.28		1,000.00		1,021.68	0.64			3.22
Class W		1,000.00		1,058.50	0.65			3.33		1,000.00		1,021.63	0.65			3.27
Voya Global High Dividend Low Volatility Fund
Class A		$1,000.00		$1,136.60	0.87	%		$4.62		$1,000.00		$1,020.54	0.87	%		$4.37
Class C		1,000.00		1,132.50	1.62			8.59		1,000.00		1,016.81	1.62			8.12
Class I		1,000.00		1,138.10	0.62			3.30		1,000.00		1,021.78	0.62			3.12
Class R6		1,000.00		1,138.30	0.59			3.14		1,000.00		1,021.93	0.59			2.97
Class W		1,000.00		1,138.00	0.62			3.30		1,000.00		1,021.78	0.62			3.12
Voya Global Perspectives® Fund*
Class A		$1,000.00		$1,108.60	0.63	%		$3.30		$1,000.00		$1,021.73	0.63	%		$3.17
Class C		1,000.00		1,105.20	1.38			7.22		1,000.00		1,018.00	1.38			6.92
Class I		1,000.00		1,110.70	0.38			1.99		1,000.00		1,022.97	0.38			1.91
Class R		1,000.00		1,106.80	0.88			4.61		1,000.00		1,020.49	0.88			4.42
Class W		1,000.00		1,110.40	0.38			1.99		1,000.00		1,022.97	0.38			1.91

3

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Fund Return								Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio*		Expenses Paid During the Period Ended April 30, 2024**		Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio*		Expenses Paid During the Period Ended April 30, 2024**
Voya Multi-Manager International Small Cap Fund
Class A		$1,000.00		$1,170.80	1.54	%		$8.31		$1,000.00		$1,017.21	1.54	%		$7.72
Class C		1,000.00		1,166.20	2.29			12.33		1,000.00		1,013.48	2.29			11.46
Class I		1,000.00		1,172.60	1.21			6.54		1,000.00		1,018.85	1.21			6.07
Class R6		1,000.00		1,172.70	1.21			6.54		1,000.00		1,018.85	1.21			6.07
Class W		1,000.00		1,172.10	1.29			6.97		1,000.00		1,018.45	1.29			6.47

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

** Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

4

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)

	Voya Global Bond Fund		Voya Global High Dividend Low Volatility Fund		Voya Global Perspectives® Fund
ASSETS:
Investments in securities at fair value+*	$	255,351,473	$	232,701,195	$	–
Investments in affiliated underlying funds at fair value**		–		–		100,854,625
Investments in unaffiliated underlying funds at fair value***		–		–		11,004,700
Short-term investments at fair value†		8,393,364		1,327,199		–
Cash		–		70,593		72,525
Cash collateral for futures contracts		3,600,000		–		–
Cash pledged for centrally cleared swaps (Note 2)		1,986,000		–		–
Cash pledged as collateral for OTC derivatives (Note 2)		1,251,200		–		–
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)		280,000		–		–
Foreign currencies at value‡		2,344,328		78,243		–
Receivables:
Investment securities sold		1,069,689		–		–
Investment securities sold on a delayed-delivery or when-issued basis		7,009,500		–		–
Investments in affiliated underlying funds sold		–		–		69,026
Fund shares sold		979,790		21,050		–
Dividends		2,649		531,637		–
Interest		2,443,369		33		153
Foreign tax reclaims		13,357		628,666		–
Variation margin on centrally cleared swaps		51,163		–		–
Unrealized appreciation on forward foreign currency contracts		90,144		–		–
Unrealized appreciation on forward premium swaptions		110,841		–		–
Unrealized appreciation on OTC swap agreements		17,199		–		–
Prepaid expenses		40,960		45,783		49,729
Reimbursement due from Investment Adviser		27,135		18,954		–
Other assets		14,504		43,424		2,001
Total assets		285,076,665		235,466,777		112,052,759
LIABILITIES:
Income distribution payable		930,084		–		–
Payable for investment securities purchased		2,163,997		–		–
Payable for investment securities purchased on a delayed-delivery or when-issued basis		20,027,810		–		–
Payable for fund shares redeemed		290,550		168,988		69,044
Payable upon receipt of securities loaned		2,688,342		976,199		–
Unrealized depreciation on forward foreign currency contracts		1,587,384		–		–
Unrealized depreciation on forward premium swaptions		48,988		–		–
Unrealized depreciation on OTC swap agreements		24,360		–		–
Variation margin payable on futures contracts		1,678,523		–		–
Payable for investment management fees		107,971		101,515		29,300
Payable for distribution and shareholder service fees		6,513		44,570		24,047
Payable to custodian due to bank overdraft		2,607		–		–
Payable to trustees under the deferred compensation plan (Note 6)		14,504		43,424		2,001
Payable for trustee fees		687		512		289
Other accrued expenses and liabilities		120,050		157,487		85,827
Written options, at fair value^		295,669		–		–
Total liabilities		29,988,039		1,492,695		210,508
NET ASSETS	$	255,088,626	$	233,974,082	$	111,842,251

See Accompanying Notes to Financial Statements

5

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)(continued)

		Voya Global  Bond Fund			Voya Global  High Dividend  Low Volatility  Fund		Voya Global  Perspectives®  Fund
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	304,604,727		$	233,547,960	$	132,630,807
Total distributable earnings (loss)			(49,516,101	)		426,122		(20,788,556	)
NET ASSETS		$	255,088,626		$	233,974,082	$	111,842,251
+	Including securities loaned at value	$	2,592,741		$	926,336	$	—
*	Cost of investments in securities	$	272,752,304		$	208,521,558	$	—
**	Cost of investments in affiliated underlying funds	$	—		$	—	$	97,748,998
***	Cost of investments in unaffiliated underlying funds	$	—		$	—	$	11,732,765
†	Cost of short-term investments	$	8,394,110		$	1,327,199	$	—
‡	Cost of foreign currencies	$	1,953,975		$	78,423	$	—
^	Premiums received on written options	$	238,800		$	—	$	—

See Accompanying Notes to Financial Statements

6

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)(continued)

	Voya Global Bond Fund			Voya Global High Dividend Low Volatility Fund		Voya Global Perspectives® Fund
Class A
Net assets	$	20,889,541		$	205,186,616	$	79,562,084
Shares authorized		unlimited			unlimited		unlimited
Par value		—			—		—
Shares outstanding		2,961,026			4,838,397		8,063,274
Net asset value and redemption price per share†	$	7.05		$	42.41	$	9.87
Maximum offering price per share (5.75%)(1)	$	7.23	(2)	$	45.00	$	10.47
Class C
Net assets	$	608,244		$	2,304,787	$	1,282,119
Shares authorized		unlimited			unlimited		unlimited
Par value		—			—		—
Shares outstanding		86,602			58,825		130,486
Net asset value and redemption price per share†	$	7.02		$	39.18	$	9.83
Class I
Net assets	$	115,078,481		$	23,081,914	$	2,856,427
Shares authorized		unlimited			unlimited		unlimited
Par value		—			—		—
Shares outstanding		16,382,941			538,822		287,956
Net asset value and redemption price per share	$	7.02		$	42.84	$	9.92
Class R
Net assets	$	4,053,528			n/a	$	15,473,375
Shares authorized		unlimited			n/a		unlimited
Par value		—			n/a		—
Shares outstanding		572,773			n/a		1,568,830
Net asset value and redemption price per share	$	7.08			n/a	$	9.86
Class R6
Net assets	$	76,763,867		$	124,189		n/a
Shares authorized		unlimited			unlimited		n/a
Par value		—			—		n/a
Shares outstanding		10,900,616			2,901		n/a
Net asset value and redemption price per share	$	7.04		$	42.81		n/a
Class W
Net assets	$	37,694,965		$	3,276,576	$	12,668,246
Shares authorized		unlimited			unlimited		unlimited
Par value		—			—		—
Shares outstanding		5,435,316			76,555		1,273,058
Net asset value and redemption price per share	$	6.94		$	42.80	$	9.95

⁽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

7

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)

	Voya Multi-Manager International Small Cap Fund
ASSETS:
Investments in securities at fair value+*	$	271,764,950
Short-term investments at fair value†		3,781,625
Foreign currencies at value‡		371,995
Receivables:
Investment securities and currencies sold		579,390
Fund shares sold		118,404
Dividends		1,195,318
Interest		13
Foreign tax reclaims		353,877
Unrealized appreciation on forward foreign currency contracts		73
Prepaid expenses		47,391
Reimbursement due from Investment Adviser		36,890
Other assets		11,773
Total assets		278,261,699
LIABILITIES:
Payable for investment securities and currencies purchased		444,267
Payable for fund shares redeemed		119,703
Payable upon receipt of securities loaned		2,555,286
Payable for investment management fees		224,772
Payable for distribution and shareholder service fees		11,931
Payable to custodian due to bank overdraft		54,728
Payable to trustees under the deferred compensation plan (Note 6)		11,773
Payable for trustee fees		673
Other accrued expenses and liabilities		145,825
Total liabilities		3,568,958
NET ASSETS	$	274,692,741
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	265,167,331
Total distributable earnings		9,525,410
NET ASSETS	$	274,692,741
+     Including securities loaned at value	$	2,417,243
*     Cost of investments in securities	$	252,387,871
†     Cost of short-term investments	$	3,781,625
‡     Cost of foreign currencies	$	516,531

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)(continued)

	Voya Multi-Manager  International  Small Cap Fund
Class A
Net assets	$	49,733,041
Shares authorized		unlimited
Par value		—
Shares outstanding		865,278
Net asset value and redemption price per share†	$	57.48
Maximum offering price per share (5.75%)(1)	$	60.99
Class C
Net assets	$	2,395,029
Shares authorized		unlimited
Par value		—
Shares outstanding		46,385
Net asset value and redemption price per share†	$	51.63
Class I
Net assets	$	197,079,681
Shares authorized		unlimited
Par value		—
Shares outstanding		3,438,296
Net asset value and redemption price per share	$	57.32
Class R6
Net assets	$	3,235
Shares authorized		unlimited
Par value		—
Shares outstanding		56
Net asset value and redemption price per share	$	57.34
Class W
Net assets	$	25,481,755
Shares authorized		unlimited
Par value		—
Shares outstanding		345,622
Net asset value and redemption price per share	$	73.73

†	Redemption price per share may be reduced for any applicable contingent deferred sales charges.
(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.

See Accompanying Notes to Financial Statements

9

STATEMENTS OF OPERATIONS for the six months ended April 30, 2024 (Unaudited)

	Voya Global  Bond Fund			Voya Global  High Dividend  Low Volatility Fund			Voya Global Perspectives® Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	24,108		$	3,904,552		$	—
Dividends from affiliated underlying funds		—			—			1,914,939
Dividends from unaffiliated underlying funds		—			—			128,988
Interest, net of foreign taxes withheld*		6,675,800			873			3,371
Securities lending income, net		10,168			135			—
Other		647			568			267
Total investment income		6,710,723			3,906,128			2,047,565
EXPENSES:
Investment management fees		683,174			608,202			124,416
Distribution and shareholder service fees:
Class A		26,913			254,513			100,589
Class C		3,144			12,759			6,793
Class R		10,846			—			39,124
Transfer agent fees:
Class A		21,961			140,782			45,064
Class C		642			1,764			761
Class I		58,937			6,773			1,373
Class R		4,425			—			8,764
Class R6		387			23			—
Class W		48,150			2,226			7,373
Shareholder reporting expense		32,130			12,654			4,004
Registration fees		49,822			36,180			43,081
Professional fees		33,880			27,820			14,014
Custody and accounting expense		51,070			18,996			7,280
Trustee fees		3,435			2,559			1,447
Miscellaneous expense		13,305			20,336			11,118
Interest expense		—			6,723			—
Total expenses		1,042,221			1,152,310			415,201
Waived and reimbursed fees		(116,092	)		(135,479	)		(48,289	)
Net expenses		926,129			1,016,831			366,912
Net investment income		5,784,594			2,889,297			1,680,653
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(668,166	)		7,861,003			—
Sale of affiliated underlying funds		—			—			1,641,831
Sale of unaffiliated underlying funds		—			—			11,108
Forward foreign currency contracts		(2,616,023	)		—			—
Foreign currency related transactions		1,611,450			(2,307	)		—
Futures		1,855,446			—			—
Swaps		432,844			—			—
Written options		845,338			—			—
Net realized gain		1,460,889			7,858,696			1,652,939
Net change in unrealized appreciation (depreciation) on:
Investments		10,939,508			20,845,976			—
Affiliated underlying funds		—			—			8,424,698
Unaffiliated underlying funds		—			—			90,649
Forward foreign currency contracts		(526,567	)		—			—
Foreign currency related transactions		(16,154	)		(2,802	)		—
Futures		(274,852	)		—			—

See Accompanying Notes to Financial Statements

10

STATEMENTS OF OPERATIONS for the six months ended April 30, 2024 (Unaudited)(continued)

	Voya Global  Bond Fund			Voya Global  High Dividend  Low Volatility  Fund		Voya Global  Perspectives®  Fund
Swaps		(60,031	)		—		—
Written options		149,704			—		—
Net change in unrealized appreciation (depreciation)		10,211,608			20,843,174		8,515,347
Net realized and unrealized gain		11,672,497			28,701,870		10,168,286
Increase in net assets resulting from operations	$	17,457,091		$	31,591,167	$	11,848,939
*   Foreign taxes withheld	$	7,164		$	136,048	$	—

See Accompanying Notes to Financial Statements

11

STATEMENTS OF OPERATIONS for the six months ended April 30, 2024 (Unaudited)

	Voya Multi-Manager International Small Cap Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	3,532,449
Interest		304
Securities lending income, net		14,688
Other		600
Total investment income		3,548,041
EXPENSES:
Investment management fees		1,338,750
Distribution and shareholder service fees:
Class A		61,220
Class C		11,827
Transfer agent fees:
Class A		32,729
Class C		1,580
Class I		158,375
Class R6		18
Class W		17,354
Shareholder reporting expense		18,190
Registration fees		50,728
Professional fees		36,574
Custody and accounting expense		92,450
Trustee fees		3,367
Miscellaneous expense		18,823
Interest expense		6,633
Total expenses		1,848,618
Waived and reimbursed fees		(125,173	)
Brokerage commission recapture		(284	)
Net expenses		1,723,161
Net investment income		1,824,880
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		5,911,565
Forward foreign currency contracts		(8,168	)
Foreign currency related transactions		(44,403	)
Net realized gain		5,858,994
Net change in unrealized appreciation (depreciation) on:
Investments		32,845,817
Forward foreign currency contracts		73
Foreign currency related transactions		(7,289	)
Net change in unrealized appreciation (depreciation)		32,838,601
Net realized and unrealized gain		38,697,595
Increase in net assets resulting from operations	$	40,522,475
*  Foreign taxes withheld	$	479,534

See Accompanying Notes to Financial Statements 

12

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Bond Fund						Voya Global High Dividend  Low Volatility Fund
	Six Months  Ended  April 30, 2024  (Unaudited)			Year Ended  October 31,  2023			Six Months  Ended  April 30, 2024  (Unaudited)			Year Ended  October 31,  2023
FROM OPERATIONS:
Net investment income	$	5,784,594		$	10,458,794		$	2,889,297		$	7,232,073
Net realized gain (loss)		1,460,889			(14,962,631	)		7,858,696			382,352
Net change in unrealized appreciation (depreciation)		10,211,608			8,952,175			20,843,174			(1,839,743	)
Increase in net assets resulting from operations		17,457,091			4,448,338			31,591,167			5,774,682
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(444,869	)		(671,197	)		(2,348,242	)		(6,856,674	)
Class C		(10,627	)		(14,462	)		(19,372	)		(117,309	)
Class I		(2,675,355	)		(3,605,829	)		(377,702	)		(1,648,074	)
Class P3(1)		—			(32,016	)		—			—
Class R		(84,251	)		(120,330	)		—			—
Class R6		(1,709,268	)		(2,487,494	)		(1,567	)		(3,940	)
Class W		(1,033,680	)		(1,685,779	)		(40,501	)		(113,162	)
Return of capital:
Class A		—			(241,604	)		—			—
Class C		—			(6,997	)		—			—
Class I		—			(1,271,722	)		—			—
Class R		—			(49,521	)		—			—
Class R6		—			(852,688	)		—			—
Class W		—			(604,814	)		—			—
Total distributions		(5,958,050	)		(11,644,453	)		(2,787,384	)		(8,739,159	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		29,482,230			120,111,818			12,151,619			15,022,296
Reinvestment of distributions		5,906,937			11,581,035			2,372,484			7,600,904
		35,389,167			131,692,853			14,524,103			22,623,200
Cost of shares redeemed		(73,966,801	)		(111,761,425	)		(48,131,346	)		(39,090,306	)
Net increase (decrease) in net assets resulting from capital share transactions		(38,577,634	)		19,931,428			(33,607,243	)		(16,467,106	)
Net increase (decrease) in net assets		(27,078,593	)		12,735,313			(4,803,460	)		(19,431,583	)
NET ASSETS:
Beginning of year or period		282,167,219			269,431,906			238,777,542			258,209,125
End of year or period	$	255,088,626		$	282,167,219		$	233,974,082		$	238,777,542

⁽¹⁾  Class P3 was fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

13

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global  Perspectives® Fund						Voya Multi-Manager  International Small Cap Fund
	Six Months  Ended April 30, 2024  (Unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
FROM OPERATIONS:
Net investment income	$	1,680,653		$	3,121,542		$	1,824,880		$	4,351,978
Net realized gain (loss)		1,652,939			(22,280,053	)		5,858,994			(8,646,263	)
Net change in unrealized appreciation (depreciation)		8,515,347			22,631,578			32,838,601			20,476,703
Increase in net assets resulting from operations		11,848,939			3,473,067			40,522,475			16,182,418
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(1,981,584	)		(1,560,880	)		(823,531	)		(1,086,329	)
Class C		(20,597	)		(17,545	)		(29,371	)		(57,732	)
Class I		(137,442	)		(90,895	)		(3,750,363	)		(3,207,907	)
Class R		(337,608	)		(295,241	)		—			—
Class R6		—			—			(63	)		—
Class W		(355,822	)		(311,232	)		(398,223	)		(478,762	)
Total distributions		(2,833,053	)		(2,275,793	)		(5,001,551	)		(4,830,730	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		2,488,527			10,442,363			45,520,935			102,221,420
Reinvestment of distributions		2,832,512			2,275,218			4,792,898			4,563,321
		5,321,039			12,717,581			50,313,833			106,784,741
Cost of shares redeemed		(12,325,516	)		(18,229,338	)		(47,699,170	)		(79,512,540	)
Net increase (decrease) in net assets resulting from capital share transactions		(7,004,477	)		(5,511,757	)		2,614,663			27,272,201
Net increase (decrease) in net assets		2,011,409			(4,314,483	)		38,135,587			38,623,889
NET ASSETS:
Beginning of year or period		109,830,842			114,145,325			236,557,154			197,933,265
End of year or period	$	111,842,251		$	109,830,842		$	274,692,741		$	236,557,154

See Accompanying Notes to Financial Statements

14

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
Year or period ended	($)	($)		($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Global Bond Fund
Class A
04-30-24+	6.81	0.14	•	0.25		0.39		0.15		—	—	0.15	—	7.05	5.66		1.09	0.90	0.90	4.01	20,890	108
10-31-23	6.98	0.25	•	(0.13	)	0.12		0.21		—	0.08	0.29	—	6.81	1.51		1.09	0.90	0.90	3.47	20,493	292
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
Class C
04-30-24+	6.78	0.12	•	0.24		0.36		0.12		—	—	0.12	—	7.02	5.29		1.84	1.65	1.65	3.26	608	108
10-31-23	6.95	0.19	•	(0.13	)	0.06		0.15		—	0.08	0.23	—	6.78	0.68		1.84	1.65	1.65	2.69	615	292
10-31-22	9.29	0.10	•	(2.18	)	(2.08	)	0.00	*	—	0.26	0.26	—	6.95	(22.73	)	1.80	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
Class I
04-30-24+	6.78	0.15	•	0.25		0.40		0.16		—	—	0.16	—	7.02	5.81		0.73	0.65	0.65	4.26	115,078	108
10-31-23	6.95	0.27	•	(0.14	)	0.13		0.22		—	0.08	0.30	—	6.78	1.68		0.73	0.65	0.65	3.75	117,805	292
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
Class R
04-30-24+	6.83	0.14	•	0.25		0.39		0.14		—	—	0.14	—	7.08	5.67		1.34	1.15	1.15	3.76	4,054	108
10-31-23	7.00	0.24	•	(0.14	)	0.10		0.19		—	0.08	0.27	—	6.83	1.18		1.34	1.15	1.15	3.23	4,303	292
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
Class R6
04-30-24+	6.80	0.15	•	0.25		0.40		0.16		—	—	0.16	—	7.04	5.82		0.64	0.64	0.64	4.28	76,764	108
10-31-23	6.97	0.27	•	(0.13	)	0.14		0.23		—	0.08	0.31	—	6.80	1.72		0.65	0.65	0.65	3.73	80,638	292
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
Class W
04-30-24+	6.70	0.15	•	0.25		0.40		0.16		—	—	0.16	—	6.94	5.85		0.84	0.65	0.65	4.26	37,695	108
10-31-23	6.86	0.27	•	(0.13	)	0.14		0.22		—	0.08	0.30	—	6.70	1.78		0.84	0.65	0.65	3.73	58,313	292
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
Voya Global High Dividend Low Volatility Fund
Class A
04-30-24+	37.74	0.48	•	4.67		5.15		0.48		—	—	0.48	—	42.41	13.66		0.99	0.87	0.87	2.34	205,187	39
10-31-23	38.32	1.08	•	(0.34	)	0.74		1.32		—	—	1.32	—	37.74	1.84		0.97	0.85	0.85	2.74	190,280	69
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

See Accompanying Notes to Financial Statements

 15

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations						Less Distributions								Ratios to average net assets				Supplemental Data
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Global High Dividend Low Volatility Fund (continued)
Class A (continued)
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
Class C
04-30-24+	34.87	0.31	•	4.31		4.62		0.31	—	—	0.31	—	39.18	13.25		1.74	1.62	1.62	1.62	2,305	39
10-31-23	35.51	0.73	•	(0.32	)	0.41		1.05	—	—	1.05	—	34.87	1.06		1.72	1.60	1.60	1.99	3,099	69
10-31-22	38.61	0.84	•	(3.25	)	(2.41	)	0.69	—	—	0.69	—	35.51	(6.28	)	1.75	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
Class I
04-30-24+	38.11	0.54	•	4.72		5.26		0.53	—	—	0.53	—	42.84	13.81		0.64	0.62	0.62	2.62	23,082	39
10-31-23	38.68	1.20	•	(0.35	)	0.85		1.42	—	—	1.42	—	38.11	2.10		0.62	0.60	0.60	2.99	42,281	69
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
Class R6
04-30-24+	38.09	0.55	•	4.71		5.26		0.54	—	—	0.54	—	42.81	13.83		0.64	0.59	0.59	2.62	124	39
10-31-23	38.66	1.20	•	(0.34	)	0.86		1.43	—	—	1.43	—	38.09	2.12		0.68	0.57	0.57	3.00	102	69
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(5)- 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
Class W
04-30-24+	38.08	0.54	•	4.71		5.25		0.53	—	—	0.53	—	42.80	13.80		0.74	0.62	0.62	2.59	3,277	39
10-31-23	38.65	1.19	•	(0.34	)	0.85		1.42	—	—	1.42	—	38.08	2.10		0.72	0.60	0.60	2.99	3,017	69
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
Voya Global Perspectives® Fund(4)
Class A
04-30-24+	9.12	0.14	•	0.85		0.99		0.24	—	—	0.24	—	9.87	10.86		0.72	0.63	0.63	2.91	79,562	46
10-31-23	9.05	0.25	•	0.01		0.26		0.19	—	—	0.19	—	9.12	2.85		0.72	0.58	0.58	2.66	75,480	113
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
Class C
04-30-24+	9.02	0.11	•	0.84		0.95		0.14	—	—	0.14	—	9.83	10.52		1.47	1.38	1.38	2.24	1,282	46
10-31-23	8.91	0.19	•	(0.01	)	0.18		0.07	—	—	0.07	—	9.02	2.04		1.47	1.33	1.33	2.01	1,329	113
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
Class I
04-30-24+	9.17	0.17	•	0.85		1.02		0.27	—	—	0.27	—	9.92	11.07		0.42	0.38	0.38	3.38	2,856	46
10-31-23	9.11	0.30	•	(0.03	)	0.27		0.21	—	—	0.21	—	9.17	3.00		0.40	0.33	0.33	3.16	4,788	113
10-31-22	13.19	0.20	•	(2.75	)	(2.55	)	0.71	0.82	—	1.53	—	9.11	(21.91	)	0.40	0.33	0.33	1.87	5,657	46

See Accompanying Notes to Financial Statements

 16

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations						Less Distributions								Ratios to average net assets					Supplemental Data
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)		($000’s)	(%)
Voya Global Perspectives® Fund(4) (continued)
Class I (continued)
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
Class R
04-30-24+	9.10	0.13	•	0.84		0.97		0.21	—	—	0.21	—	9.86	10.68		0.97	0.88	0.88	2.66		15,473	46
10-31-23	9.03	0.23	•	—		0.23		0.16	—	—	0.16	—	9.10	2.54		0.97	0.83	0.83	2.43		15,249	113
10-31-22	13.08	0.14	•	(2.73	)	(2.59	)	0.64	0.82	—	1.46	—	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
Class W
04-30-24+	9.20	0.16	•	0.86		1.02		0.27	—	—	0.27	—	9.95	11.04		0.47	0.38	0.38	3.19		12,668	46
10-31-23	9.13	0.28	•	—		0.28		0.21	—	—	0.21	—	9.20	3.10		0.47	0.33	0.33	2.94		12,986	113
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
Voya Multi-Manager International Small Cap Fund
Class A
04-30-24+	49.96	0.30	•	8.16		8.46		0.94	—	—	0.94	—	57.48	17.08		1.55	1.54	1.54	1.09		49,733	51
10-31-23	46.91	0.80	•	3.40		4.20		1.15	—	—	1.15	—	49.96	8.93		1.57	1.53	1.53	1.51		44,397	90
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
Class C
04-30-24+	44.84	0.08	•	7.33		7.41		0.62	—	—	0.62	—	51.63	16.62		2.30	2.29	2.29	0.33		2,395	51
10-31-23	42.49	0.36	•	3.12		3.48		1.13	—	—	1.13	—	44.84	8.15		2.32	2.28	2.28	0.74		2,139	90
10-31-22	66.20	0.57	•	(16.72	)	(16.15	)	0.71	6.85	—	7.56	—	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
Class I
04-30-24+	49.92	0.40	•	8.13		8.53		1.13	—	—	1.13	—	57.32	17.26		1.34	1.21	1.21	1.45		197,080	51
10-31-23	46.73	1.00	•	3.35		4.35		1.16	—	—	1.16	—	49.92	9.30		1.33	1.20	1.20	1.89		165,079	90
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
Class R6
04-30-24+	49.94	0.40	•	8.14		8.54		1.14	—	—	1.14	—	57.34	17.27		2.29	1.21	1.21	1.44		3	51
02-28-23(5)- 10-31-23	53.20	0.70	•	(3.96	)	(3.26	)	—	—	—	—	—	49.94	(6.13	)	2.41	1.20	1.20	1.93		3	90
Class W
04-30-24+	63.88	0.46	•	10.46		10.92		1.07	—	—	1.07	—	73.73	17.21		1.30	1.29	1.29	1.30		25,482	51
10-31-23	59.54	1.19	•	4.30		5.49		1.15	—	—	1.15	—	63.88	9.22		1.32	1.28	1.28	1.75		24,940	90
10-31-22	89.20	1.47	•	(23.16	)	(21.69	)	1.12	6.85	—	7.97	—	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

See Accompanying Notes to Financial Statements

17

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data
Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Multi-Manager International Small Cap Fund (continued)
Class W (continued)
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

⁽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⁾  Ratios do not include expenses of the Underlying Funds.

⁽⁵⁾  Commencement of operations.

^*  Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

⁺  Unaudited.

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

See Accompanying Notes to Financial Statements

18

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (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 nine 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 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 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 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 a Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs

19 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 a Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Fund.

The Funds’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the

fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund’s investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including 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 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:

20 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

(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.

Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced a rising market interest rate environment, which may increase the Funds’ exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related

21 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued) 

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, 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. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

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.

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.

At April 30, 2024, the maximum amount of loss that Global Bond would incur if its counterparties failed to perform

22 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

would be $412,533 which represents the gross payments to be received on open OTC purchased options, forward premium swaptions, volatility swaps, and forward foreign currency contracts were they to be unwound as of April 30, 2024. The fund did not receive any cash collateral for open OTC derivatives at April 30, 2024.

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 had a liability position of $1,921,284 on forward foreign currency contracts, forward premium swaptions, OTC Interest rate swaps, volatility swaps and written OTC options with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2024, Global Bond could have been required to pay this amount in cash to its counterparties. At April 30, 2024, Global Bond pledged $1,251,200 in cash collateral to certain counterparties for its open OTC derivative transactions.

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	$	290,750,060	$	188,451,953
Multi-Manager International Small Cap		—		10,559

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, 2024.

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 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, 2024, 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

23 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2024, Global Bond had an average notional value of $93,268,501 and $27,440,841 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, 2024.

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, 2024, Global Bond had purchased and written exchange-traded options to gain

additional exposure to interest rates and to generate income. Global Bond had an average notional amount of $49,006,772 and $48,888,241 on purchased and written exchange-traded options, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written exchange-traded options at April 30, 2024.

During the period ended April 30, 2024, Global Bond had purchased and written interest rate swaptions to gain additional exposure to interest rates and to generate income. Global Bond had an average notional amount of $4,186,000 and $58,344,000 on purchased and written interest rate swaptions, respectively. There were no open purchased or written interest rate swaptions at April 30, 2024.

During the period ended April 30, 2024, 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 $11,344,583 and $10,827,906 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, 2024.

During the period ended April 30, 2024, Global Bond had purchased and written forward premium swaptions to manage duration and yield curve exposures. Global Bond had and average notional amount of $13,168,886 and $91,447,086 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, 2024.

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 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

24 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the 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 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

25 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2024, Global Bond had sold credit protection on credit default swap indices (“CDX”) with an average notional amount of $7,269,500 to gain additional exposure 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. Please refer to the table within the Portfolio of Investments for open credit default swaps to sell protection.

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, 2024, 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 $68,454,620.

For the period ended April 30, 2024, 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 $119,596,899.

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, 2024.

At April 30, 2024, Global Bond had pledged $1,986,000 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 total return swaps entered into by any Fund during the period ended April 30, 2024.

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 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.

26 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the period ended April 30, 2024, Global Bond entered into receiver volatility swaps on foreign currencies with an average notional amount of $104,000. Please refer to the tables within the Portfolio of Investments for open volatility swaps at April 30, 2024.

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.

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 33 ⅓% 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: “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

27 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

At April 30, 2024, Global Bond pledged $280,000 of cash collateral for delayed-delivery or when-issued transactions.

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, 2024, 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	$	69,825,642	$	58,085,077
Global High Dividend Low Volatility		93,133,654		126,526,677
Global Perspectives®		52,542,087		60,535,044
Multi-Manager International Small Cap		135,898,606		137,226,317

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

	Purchases		Sales
Global Bond	$	218,443,469	$	264,192,301

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Funds have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments, the Investment Adviser to Multi- Manager 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	1.00% on first $500 million;
Small Cap	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

28 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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

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
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, 2024, the Distributor retained the following amounts in sales charges from the following Funds:

	Class A		Class C
Initial Sales Charges:
Global Bond	$	78	$	—
Global High Dividend Low Volatility		1,929		—
Global Perspectives®		103		—
Multi-Manager International Small Cap		314		—

	Class A		Class C
Contingent Deferred Sales Charges:
Global High Dividend Low Volatility	$	—	$	36
Global Perspectives®		—		61
Multi-Manager International Small Cap		—		39

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2024, 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	Global Bond		7.20	%
Voya Institutional Trust Company	Global Bond		6.24
	Global Perspectives®		86.01

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.

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, 2024, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

29 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

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

Fund		Amount
Global Bond	$10,676
Global High Dividend Low Volatility	3,457
Global Perspectives®	51,055
Multi-Manager International Small Cap	22,727

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:

	Class	Class	Class	Class	Class	Class
Fund	A	C	I	R	R6	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, 2025, the Investment Adviser has further lowered the expense limits 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.

	Class	Class	Class	Class	Class
Fund	A	C	I	R6	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, 2024, 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,
	2025		2026		2027		Total
Global High Dividend Low Volatility	$	146,619	$	135,362	$	21,043	$	303,024
Global Perspectives®		44,527		65,567		—		110,094

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, 2024, are as follows:

	April 30,
	2025		2026		2027		Total
Global Bond
Class A	$	40,608	$	44,772	$	40,622	$	126,002
Class C		2,762		1,509		1,184		5,455
Class I		40,999		90,034		91,954		222,987
Class R		7,158		8,703		8,255		24,116
Class W		104,245		108,132		92,817		305,194
Global High Dividend Low Volatility
Class A	$	205,039	$	188,313	$	208,486	$	601,838
Class C		4,884		3,708		3,109		11,701
Class I		—		—		1,188		1,188
Class R6		446		95		22		563
Class W		3,327		2,956		3,200		9,483
Global Perspectives®
Class A	$	22,352	$	38,444	$	112,736	$	173,532
Class C		1,363		1,127		2,453		4,943
Class R		7,514		8,369		23,076		38,959
Class W		9,218		6,793		19,139		35,150

The Expense Limitation Agreement is contractual through March 1, 2025, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 8 — LINE OF CREDIT

Effective June 12, 2023, the Funds, in addition to certain other funds managed by the Investment Adviser, entered agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the

30 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT (continued)

predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Funds utilized the line of credit during the period ended April 30, 2024:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Global High Dividend Low Volatility		12	$	3,186,083		6.33	%
Multi-Manager International Small Cap		18		2,096,167		6.33

NOTE 9 — CAPITAL SHARES

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Shares converted	Net increase (decrease) in shares outstanding		Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Shares converted	Net increase (decrease)
Year or
period ended	#	#	#	#		#	#		($)	($)	($)	($)		($)	($)
Global Bond
Class A
4/30/2024	223,551	—	57,865	(329,152	)	—	(47,736	)	1,638,841	—	420,015	(2,388,039	)	—	(329,183	)
10/31/2023	169,418	—	118,802	(609,483	)	—	(321,263	)	1,235,522	—	862,030	(4,400,787	)	—	(2,303,235	)
Class C
4/30/2024	377	—	1,467	(5,936	)	—	(4,092	)	2,725	—	10,603	(43,388	)	—	(30,060	)
10/31/2023	2,837	—	2,889	(79,046	)	—	(73,320	)	20,628	—	20,846	(568,913	)	—	(527,439	)
Class I
4/30/2024	1,663,265	—	366,672	(3,022,007	)	—	(992,070	)	11,985,694	—	2,649,728	(21,640,627	)	—	(7,005,205	)
10/31/2023	5,049,791	—	675,250	(3,788,169	)	—	1,936,872		36,582,615	—	4,870,173	(27,441,664	)	—	14,011,124
Class R
4/30/2024	8,547	—	11,559	(77,122	)	—	(57,016	)	62,212	—	84,176	(563,347	)	—	(416,959	)
10/31/2023	73,790	—	23,354	(102,972	)	—	(5,828	)	550,339	—	169,851	(754,130	)	—	(33,940	)
Class R6
4/30/2024	1,837,760	—	235,898	(3,034,658	)	—	(961,000	)	13,281,721	—	1,709,268	(22,160,216	)	—	(7,169,227	)
10/31/2023	5,313,067	—	461,331	(4,922,100	)	—	852,298		38,458,576	—	3,340,134	(35,923,522	)	—	5,875,188
Class W
4/30/2024	352,430	—	144,578	(3,770,249	)	—	(3,273,241	)	2,511,037	—	1,033,147	(27,171,184	)	—	(23,627,000	)
10/31/2023	6,041,781	—	320,929	(5,438,412	)	—	924,298		42,910,221	—	2,290,190	(38,796,941	)	—	6,403,470
Global High Dividend Low Volatility
Class A
4/30/2024	64,085	—	47,244	(315,456	)	—	(204,127	)	2,657,878	—	1,987,907	(13,084,851	)	—	(8,439,066	)
10/31/2023	93,360	—	146,741	(573,578	)	—	(333,477	)	3,682,609	—	5,771,822	(22,677,182	)	—	(13,222,751	)
Class C
4/30/2024	996	—	498	(31,537	)	—	(30,043	)	39,714	—	19,372	(1,183,423	)	—	(1,124,337	)
10/31/2023	12,108	—	3,193	(44,920	)	—	(29,619	)	445,171	—	116,488	(1,644,293	)	—	(1,082,634	)
Class I
4/30/2024	224,722	—	7,753	(803,166	)	—	(570,691	)	9,424,071	—	328,097	(33,695,480	)	—	(23,943,312	)
10/31/2023	273,432	—	40,509	(358,142	)	—	(44,201	)	10,782,445	—	1,608,592	(14,322,236	)	—	(1,931,199	)
Class R6
4/30/2024	260	—	37	(63	)	—	234		10,178	—	1,567	(2,715	)	—	9,030
10/31/2023	537	—	99	(1,009	)	—	(373	)	21,561	—	3,940	(41,025	)	—	(15,524	)
Class W
4/30/2024	470	—	836	(3,975	)	—	(2,669	)	19,778	—	35,541	(164,877	)	—	(109,558	)
10/31/2023	2,303	—	2,523	(10,098	)	—	(5,272	)	90,510	—	100,062	(405,570	)	—	(214,998	)
Global Perspectives®
Class A
4/30/2024	166,554	—	199,555	(582,413	)	—	(216,304	)	1,661,850	—	1,981,584	(5,744,441	)	—	(2,101,007	)
10/31/2023	732,572	—	170,391	(929,215	)	—	(26,252	)	6,978,302	—	1,560,778	(8,829,005	)	—	(289,925	)
Class C
4/30/2024	1,881	—	2,022	(20,742	)	—	(16,839	)	18,340	—	20,056	(203,635	)	—	(165,239	)
10/31/2023	9,530	—	1,872	(150,148	)	—	(138,746	)	89,384	—	17,072	(1,421,805	)	—	(1,315,349	)
Class I
4/30/2024	24,557	—	13,772	(272,199	)	—	(233,870	)	244,872	—	137,442	(2,733,862	)	—	(2,351,548	)
10/31/2023	155,166	—	9,880	(264,327	)	—	(99,281	)	1,443,000	—	90,895	(2,504,089	)	—	(970,194	)

31 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES (continued)

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Shares converted	Net increase (decrease) in shares outstanding		Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Shares converted	Net increase (decrease)
Year or
period ended	#	#	#	#		#	#		($)	($)	($)	($)		($)	($)
Global Perspectives® (continued)
Class R
4/30/2024	4,028	—	33,965	(145,150	)	—	(107,157	)	39,976	—	337,608	(1,403,952	)	—	(1,026,368	)
10/31/2023	34,974	—	32,232	(259,747	)	—	(192,541	)	330,942	—	295,241	(2,476,021	)	—	(1,849,838	)
Class W
4/30/2024	52,414	—	35,547	(226,011	)	—	(138,050	)	523,489	—	355,822	(2,239,626	)	—	(1,360,315	)
10/31/2023	166,903	—	33,720	(313,788	)	—	(113,165	)	1,600,735	—	311,232	(2,998,418	)	—	(1,086,451	)
Multi-Manager International Small Cap
Class A
4/30/2024	32,914	—	14,398	(70,618	)	—	(23,306	)	1,862,873	—	772,576	(3,951,059	)	—	(1,315,610	)
10/31/2023	66,291	—	20,279	(151,005	)	—	(64,435	)	3,536,800	—	1,019,127	(8,015,308	)	—	(3,459,381	)
Class C
4/30/2024	2,144	—	559	(4,018	)	—	(1,315	)	109,006	—	27,008	(205,620	)	—	(69,606	)
10/31/2023	4,474	—	1,175	(10,131	)	—	(4,482	)	208,984	—	53,352	(477,694	)	—	(215,358	)
Class I
4/30/2024	770,817	—	67,287	(706,441	)	—	131,663		43,009,703	—	3,595,827	(39,422,009	)	—	7,183,521
10/31/2023	1,805,580	—	60,177	(1,259,237	)	—	606,520		96,059,785	—	3,012,782	(66,350,416	)	—	32,722,151
Class R6
4/30/2024	—	—	1	—		—	1		—	—	63	—		—	63
2/28/2023(1)-
10/31/2023	55	—	—	—		—	55		3,000	—	—	—		—	3,000
Class W
4/30/2024	7,463	—	5,780	(58,022	)	—	(44,779	)	539,353	—	397,424	(4,120,482	)	—	(3,183,705	)
10/31/2023	35,530	—	7,457	(69,622	)	—	(26,635	)	2,412,851	—	478,060	(4,669,122	)	—	(1,778,211	)

⁽¹⁾  Commencement of operations.

NOTE 10 — 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.

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

32 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 10 — SECURITIES LENDING (continued)

which are subject to offset under the Agreement as of April 30, 2024:

Global Bond
Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.	$	477,070	$	(477,070	)	$	—
BNP Paribas		205,223		(205,223	)		—
BNP Paribas Prime Brokerage Intl Ltd		202,589		(202,589	)		—
Daiwa Capital Markets America Inc.		26,797		(26,797	)		—
Deutsche Bank Securities Inc.		38,348		(38,348	)		—
Goldman, Sachs & Co. LLC		19,818		(19,818	)		—
HSBC Securities (USA) Inc.		85,859		(85,859	)		—
J.P. Morgan Securities LLC		204,356		(204,356	)		—
JP Morgan Securities Plc.		164,239		(164,239	)		—
Mizuho Securities USA LLC.		178,425		(178,425	)		—
Morgan Stanley & Co. LLC		369,687		(369,687	)		—
National Bank Financial Inc.		115,861		(115,861	)		—
National Financial Services LLC		123,952		(123,952	)		—
TD Securities (USA) Inc.		196,035		(196,035	)		—
TD Securities Inc.		21,961		(21,961	)		—
Truist Securities Inc.		81,153		(81,153	)		—
UBS AG		46,547		(46,547	)		—
US Bancorp Investments		34,821		(34,821	)		—
Total	$	2,592,741	$	(2,592,741	)	$	—

⁽¹⁾  Cash collateral with a fair value of $2,688,342 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.

Global High Dividend Low Volatility

Counterparty	Securities Loaned at Value		Cash Collateral Received(1)			Net Amount
Goldman Sachs International	$	713,123	$	(713,123	)	$	—
JP Morgan Securities Plc.		213,213		(213,213	)		—
Total	$	926,336	$	(926,336	)	$	—

⁽¹⁾  Cash collateral with a fair value of $976,199 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
Barclays Capital Inc.	$	103,069	$	(103,069	)	$	—
BNP Paribas Arbitrage		23,552		(23,552	)		—
BofA Securities Inc		6,389		(6,389	)		—
Citigroup Global Markets Limited		182,821		(182,821	)		—
Daiwa Capital Markets America Inc.		116,418		(116,418	)		—
Goldman, Sachs & Co. LLC		133,880		(133,880	)		—
HSBC Bank PLC		25,329		(25,329	)		—
J.P. Morgan Securities LLC		39,056		(39,056	)		—
Jefferies International LTD.		14,543		(14,543	)		—
JP Morgan Securities Plc.		259,535		(259,535	)		—
Merrill Lynch International		81,728		(81,728	)		—
Morgan Stanley & Co. LLC		665,273		(665,273	)		—
Nomura International PLC		25,930		(25,930	)		—
Scotia Capital (USA) Inc.		7,756		(7,756	)		—
Societe Generale		690,867		(690,867	)		—
UBS AG		41,097		(41,097	)		—
Total	$	2,417,243	$	(2,417,243	)	$	—

⁽¹⁾  Cash collateral with a fair value of $2,555,286 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, 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.

33 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 11 — FEDERAL INCOME TAXES (continued)

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

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

	Year Ended				Year Ended
	October 31, 2023				October 31, 2022
	Ordinary		Return of		Ordinary		Long-term		Return of
	Income		Capital		Income		Capital Gains		Capital
Global Bond	$	8,617,108	$	3,027,346	$	—	$	—	$	14,067,899
Global High Dividend Low Volatility		8,739,159		—		6,651,653		—		—
Global Perspectives®		2,275,793		—		9,716,990		7,643,503		—
Multi-Manager International Small Cap		4,830,730		—		10,886,297		13,284,528		—

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, 2023 were:

	Undistributed		Unrealized										Total
	Ordinary		Appreciation/			Capital Loss Carryforwards							Distributable
	Income		(Depreciation)			Amount		Character		Other			Earnings/(Loss)
Global Bond	$	—	$	(29,665,883	)	$	(10,730,452)		Short-term	$	(4,758	)	$	(61,015,142	)
							(20,614,049)		Long-term
						$	(31,344,501)
Global High Dividend Low Volatility		455,922		2,524,914			(22,896,109)		Short-term		(207,213	)		(28,377,661	)
							(8,255,175)		Long-term
						$	(31,151,284)*
Global Perspectives®		1,700,465		(7,988,197	)		(1,474,295)		Short-term		—			(29,804,442	)
							(22,042,415)		Long-term
						$	(23,516,710)
Multi-Manager International Small Cap		4,074,281		(15,732,422	)		(11,173,543)		Short-term		(210,315	)		(25,995,514	)
							(2,953,515)		Long-term
						$	(14,127,058)

^*  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, 2024, 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”)

The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative

reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Funds and the financial instruments in which it invests; however, longer-term impacts are still uncertain.

In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial

34 

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”) (continued)

contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

NOTE 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, 2023 through December 31, 2023, 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 AND GEOPOLITICAL

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 resulted 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. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. 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 investments, including beyond the 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. 

35

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2024, the following Funds paid dividends and distributions per share of:

	Net
	Investment	Payable	Record
	Income	Date	Date
Global Bond
Class A	$0.0251	June 3, 2024	Daily
Class C	$0.0204	June 3, 2024	Daily
Class I	$0.0265	June 3, 2024	Daily
Class R	$0.0237	June 3, 2024	Daily
Class R6	$0.0268	June 3, 2024	Daily
Class W	$0.0262	June 3, 2024	Daily

Line of Credit Renewal: Effective June 10, 2024, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily

unused portion of the committed line amount payable quarterly in arrears.

Reorganization: On May 22, 2024, the Board approved a proposal to reorganize Global Perspectives^® Fund (the “Merging Fund”) with and into Voya Global Income & Growth Fund (the “Reorganization”), which is not included in this report. The proposed Reorganization is scheduled to be voted on by the shareholders of the Merging Fund at a shareholder meeting held on or about October 10, 2024. If the shareholder approval is obtained, the Reorganization will take place on or about close of business October 25, 2024.

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. 

36

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 28.4%
	Australia: 0.2%
70,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030	$	69,468		0.1
65,000	BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033		63,739		0.0
35,000 (1)	CIMIC Finance USA Pty Ltd., 7.000%, 03/25/2034		34,574		0.0
70,000 (1)	CSL Finance PLC, 5.417%, 04/03/2054		65,933		0.0
22,000 (1)	Glencore Funding LLC, 5.893%, 04/04/2054		20,845		0.0
271,000 (1)(2)	NBN Co. Ltd., 2.500%, 01/08/2032		220,210		0.1
			474,769		0.2
	Bermuda: 0.1%
164,000 (1)	Triton Container International Ltd., 3.150%, 06/15/2031		131,134		0.1
	Brazil: 0.1%
200,000 (2)	Minerva Luxembourg SA, 4.375%, 03/18/2031		163,688		0.0
200,000 (1)	Raizen Fuels Finance SA, 6.450%, 03/05/2034		199,765		0.1
			363,453		0.1
	Canada: 0.7%
55,000 (3)	Algonquin Power & Utilities Corp., 5.365%, 06/15/2026		54,439		0.0
50,000 (3)	Bank of Nova Scotia, 4.588%, 05/04/2037		44,152		0.0
51,000 (2)	Bank of Nova Scotia, 4.850%, 02/01/2030		49,417		0.0
85,000	Canadian Imperial Bank of Commerce, 5.260%, 04/08/2029		83,722		0.1
47,000	Canadian Pacific Railway Co., 2.875%, 11/15/2029		41,467		0.0
175,000 (1)	Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028		164,315		0.1
42,000	Cenovus Energy, Inc., 5.400%, 06/15/2047		37,555		0.0
72,000 (1)	Constellation Software, Inc./Canada, 5.158%, 02/16/2029		70,441		0.0
125,000 (1)	Element Fleet Management Corp., 5.643%, 03/13/2027		124,151		0.1
40,000	Enbridge, Inc., 5.625%, 04/05/2034		39,150		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Canada: (continued)
238,000 (1)	Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029	$	233,846		0.1
192,000	Fortis, Inc./Canada, 3.055%, 10/04/2026		180,863		0.1
253,000	National Bank of Canada, 5.600%, 12/18/2028		252,586		0.1
7,000	Nutrien Ltd., 5.875%, 12/01/2036		6,992		0.0
31,000	Nutrien Ltd., 5.950%, 11/07/2025		31,159		0.0
225,000 (1)(2)	Open Text Holdings, Inc., 4.125%, 12/01/2031		193,011		0.1
41,000	Royal Bank of Canada, 5.150%, 02/01/2034		39,621		0.0
65,000 (2)	Royal Bank of Canada, 5.200%, 08/01/2028		64,653		0.0
65,000	Toronto-Dominion Bank, 5.523%, 07/17/2028		65,236		0.0
			1,776,776		0.7
	Cayman Islands: 0.0%
114,750	Seagate HDD Cayman, 9.625%, 12/01/2032		128,810		0.0
	Chile: 0.4%
250,000 (1)	Antofagasta PLC, 6.250%, 05/02/2034		249,062		0.1
200,000 (1)(3)	Banco del Estado de Chile, 7.950%, 12/31/2199		201,981		0.1
250,000 (1)	Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034		243,359		0.1
200,000 (1)	Corp Nacional del Cobre de Chile, 6.440%, 01/26/2036		199,688		0.0
250,000 (1)	Inversiones CMPC SA, 6.125%, 02/26/2034		247,104		0.1
			1,141,194		0.4
	China: 0.0%
52,000	NXP BV / NXP Funding LLC / NXP USA, Inc., 3.250%, 05/11/2041		36,801		0.0
	Colombia: 0.2%
250,000	Ecopetrol SA, 6.875%, 04/29/2030		239,761		0.1

See Accompanying Notes to Financial Statements

37

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Colombia: (continued)
180,000	Ecopetrol SA, 8.375%, 01/19/2036	$	175,275		0.1
			415,036		0.2
	Denmark: 0.1%
215,000 (1)(3)	Danske Bank A/S, 3.244%, 12/20/2025		211,007		0.1
	France: 0.1%
70,000	TotalEnergies Capital SA, 5.150%, 04/05/2034		69,006		0.1
65,000	TotalEnergies Capital SA, 5.488%, 04/05/2054		63,292		0.0
60,000	TotalEnergies Capital SA, 5.638%, 04/05/2064		58,637		0.0
			190,935		0.1
	Germany: 0.4%
290,000 (1)	Siemens Financiering Smaatschappij NV, 2.350%, 10/15/2026		270,916		0.1
215,000 (1)	Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029		210,785		0.1
205,000 (1)	Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027		203,288		0.1
200,000 (1)	Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030		206,872		0.1
150,000 (1)	ZF North America Capital, Inc., 7.125%, 04/14/2030		153,524		0.0
			1,045,385		0.4
	Guatemala: 0.2%
250,000	Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.250%, 04/27/2029		233,625		0.1
325,000	CT Trust, 5.125%, 02/03/2032		283,450		0.1
			517,075		0.2
	India: 0.1%
200,000	JSW Steel Ltd., 5.050%, 04/05/2032		172,250		0.1
	Indonesia: 0.1%
250,000	Medco Maple Tree Pte Ltd., 8.960%, 04/27/2029		257,344		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Ireland: 0.2%
220,000	Icon Investments Six DAC, 5.849%, 05/08/2029	$	220,000		0.1
202,000 (1)	SMBC Aviation Capital Finance DAC, 5.700%, 07/25/2033		196,784		0.1
			416,784		0.2
	Italy: 0.1%
200,000	Telecom Italia Capital SA, 7.721%, 06/04/2038		186,149		0.1
	Japan: 0.1%
200,000 (3)	Mizuho Financial Group, Inc., 5.579%, 05/26/2035		194,906		0.1
70,000 (1)(3)	Nippon Life Insurance Co., 5.950%, 04/16/2054		68,108		0.0
			263,014		0.1
	Luxembourg: 0.3%
325,000 (1)	CSN Resources SA, 8.875%, 12/05/2030		324,967		0.2
50,000	Medtronic Global Holdings SCA, 4.500%, 03/30/2033		47,126		0.0
275,000 (1)	Minerva Luxembourg SA, 8.875%, 09/13/2033		283,147		0.1
53,000 (2)	Schlumberger Investment SA, 2.650%, 06/26/2030		45,891		0.0
24,000	Schlumberger Investment SA, 4.850%, 05/15/2033		23,232		0.0
			724,363		0.3
	Mexico: 0.5%
300,000 (3)	Cemex SAB de CV, 5.125%, 12/31/2199		288,990		0.1
150,000	Petroleos Mexicanos, 5.950%, 01/28/2031		118,913		0.0
387,000	Petroleos Mexicanos, 6.700%, 02/16/2032		317,959		0.1
425,000	Petroleos Mexicanos, 10.000%, 02/07/2033		417,934		0.2
225,000 (1)	Trust Fibra Uno, 7.375%, 02/13/2034		221,013		0.1
			1,364,809		0.5
	Morocco: 0.1%
250,000 (1)	OCP SA, 6.750%, 05/02/2034		246,750		0.1
	Netherlands: 0.2%
260,000 (1)(3)	Cooperatieve Rabobank UA, 5.447%, 03/05/2030		256,091		0.1

See Accompanying Notes to Financial Statements

38

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Netherlands: (continued)
355,000	ING Groep NV, 4.050%, 04/09/2029	$	331,228		0.1
			587,319		0.2
	Norway: 0.0%
56,000	Equinor ASA, 3.125%, 04/06/2030		50,421		0.0
	Panama: 0.1%
245,524 (1)	AES Panama Generation Holdings SRL, 4.375%, 05/31/2030		207,097		0.1
	Peru: 0.1%
250,000 (1)	Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033		266,530		0.1
	Singapore: 0.2%
60,000	Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030		58,040		0.0
177,000	Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033		168,703		0.1
18,000	Pfizer Investment Enterprises Pte Ltd., 5.110%, 05/19/2043		16,766		0.0
41,000	Pfizer Investment Enterprises Pte Ltd., 5.300%, 05/19/2053		38,261		0.0
208,000	Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063		190,959		0.1
			472,729		0.2
	Spain: 0.1%
200,000 (3)	Banco Bilbao Vizcaya Argentaria SA, 7.883%, 11/15/2034		214,372		0.1
	Switzerland: 0.2%
250,000	Credit Suisse AG/ New York NY, 1.250%, 08/07/2026		226,857		0.1
200,000	UBS AG/London, 5.650%, 09/11/2028		200,979		0.1
200,000 (1)(3)	UBS Group AG, 4.751%, 05/12/2028		193,633		0.0
			621,469		0.2
	Tanzania: 0.1%
225,000	AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030		194,836		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	Turkey: 0.1%
275,000 (1)	Sisecam UK PLC, 8.250%, 05/02/2029	$	280,254		0.1
	United Arab Emirates: 0.2%
283,640 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.160%, 03/31/2034		238,116		0.1
274,734 (1)	Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040		212,404		0.1
			450,520		0.2
	United Kingdom: 1.6%
600,000 (1)	Anglo American Capital PLC, 3.625%, 09/11/2024		595,578		0.2
123,000	Astrazeneca Finance LLC, 4.900%, 02/26/2031		120,584		0.1
205,000 (1)	BAE Systems PLC, 5.125%, 03/26/2029		201,305		0.1
30,000	BAT Capital Corp., 5.834%, 02/20/2031		30,001		0.0
97,000	BAT Capital Corp., 6.000%, 02/20/2034		96,459		0.0
81,000 (1)	CSL Finance PLC, 4.050%, 04/27/2029		76,212		0.0
20,000 (1)	CSL Finance PLC, 4.950%, 04/27/2062		17,137		0.0
217,000 (3)	HSBC Holdings PLC, 2.999%, 03/10/2026		211,608		0.1
200,000 (3)	Lloyds Banking Group PLC, 5.871%, 03/06/2029		200,376		0.1
200,000 (3)	Lloyds Banking Group PLC, 8.000%, 12/31/2199		198,012		0.1
200,000 (1)	Lseg US Fin Corp., 5.297%, 03/28/2034		194,417		0.1
240,000 (1)	LSEGA Financing PLC, 3.200%, 04/06/2041		173,515		0.1
116,000	National Grid PLC, 5.418%, 01/11/2034		111,586		0.0
200,000 (3)	NatWest Group PLC, 5.076%, 01/27/2030		193,315		0.1
655,000	Royalty Pharma PLC, 1.200%, 09/02/2025		616,977		0.2
400,000	Royalty Pharma PLC, 1.750%, 09/02/2027		353,857		0.1
75,000	Smith & Nephew PLC, 5.400%, 03/20/2034		72,320		0.0
200,000 (1)(3)	Swiss RE Subordinated Finance PLC, 5.698%, 04/05/2035		194,200		0.1
245,000 (1)	Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031		204,702		0.1

See Accompanying Notes to Financial Statements

39

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United Kingdom: (continued)
200,000 (1)	Vmed O2 UK Financing I PLC, 7.750%, 04/15/2032	$	197,082		0.1
12,000	Vodafone Group PLC, 5.750%, 02/10/2063		11,346		0.0
			4,070,589		1.6
	United States: 21.5%
655,000	AbbVie, Inc., 3.800%, 03/15/2025		645,224		0.3
51,000	AbbVie, Inc., 4.050%, 11/21/2039		43,235		0.0
3,000	AbbVie, Inc., 4.300%, 05/14/2036		2,702		0.0
123,000	AbbVie, Inc., 4.950%, 03/15/2031		120,696		0.1
75,000	AbbVie, Inc., 5.050%, 03/15/2034		73,179		0.0
45,000	AbbVie, Inc., 5.350%, 03/15/2044		43,545		0.0
57,000	AbbVie, Inc., 5.400%, 03/15/2054		55,226		0.0
57,000	AbbVie, Inc., 5.500%, 03/15/2064		55,000		0.0
70,000 (2)	Adobe, Inc., 4.950%, 04/04/2034		68,316		0.0
185,000 (1)(2)	ADT Security Corp., 4.125%, 08/01/2029		167,372		0.1
332,000 (1)	AEP Texas, Inc., 3.850%, 10/01/2025		322,219		0.1
56,000	AEP Transmission Co. LLC, 5.150%, 04/01/2034		53,916		0.0
139,000	AES Corp., 2.450%, 01/15/2031		111,891		0.1
76,000	AES Corp., 5.450%, 06/01/2028		74,858		0.0
60,000	AGCO Corp., 5.450%, 03/21/2027		59,804		0.0
40,000	AGCO Corp., 5.800%, 03/21/2034		39,152		0.0
52,000	Air Products and Chemicals, Inc., 4.850%, 02/08/2034		49,683		0.0
47,000	Alabama Power Co., 5.850%, 11/15/2033		47,970		0.0
190,000 (1)	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029		167,837		0.1
34,000	Alleghany Corp., 3.250%, 08/15/2051		22,497		0.0
86,000	Alleghany Corp., 4.900%, 09/15/2044		78,191		0.0
76,000	Altria Group, Inc., 6.200%, 11/01/2028		77,913		0.0
72,000	Amazon.com, Inc., 3.150%, 08/22/2027		67,821		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
97,000	Ameren Corp., 5.000%, 01/15/2029	$	94,638		0.1
60,456	American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029		56,639		0.0
16,188	American Airlines Pass Through Trust 2016-2, A, 3.650%, 12/15/2029		14,642		0.0
381,620	American Airlines Pass Through Trust 2021-1, A, 2.875%, 01/11/2036		319,669		0.1
60,000	American Electric Power Co., Inc., 3.250%, 03/01/2050		38,806		0.0
47,000 (2)	American Electric Power Co., Inc., 5.625%, 03/01/2033		45,965		0.0
36,000 (3)	American Express Co., 4.990%, 05/01/2026		35,719		0.0
70,000 (3)	American Express Co., 5.098%, 02/16/2028		69,229		0.0
85,000 (3)	American Express Co., 5.532%, 04/25/2030		84,876		0.0
33,000	American Homes 4 Rent L.P., 3.625%, 04/15/2032		28,239		0.0
155,000	American Homes 4 Rent L.P., 5.500%, 02/01/2034		149,515		0.1
86,000	American Honda Finance Corp., 4.700%, 01/12/2028		84,467		0.0
14,000	American Honda Finance Corp., 4.900%, 01/10/2034		13,343		0.0
49,000	American Honda Finance Corp., 5.125%, 07/07/2028		48,695		0.0
55,000	American Honda Finance Corp., 5.650%, 11/15/2028		55,771		0.0
81,000	American Honda Finance Corp., 5.850%, 10/04/2030		82,972		0.0
95,000	American International Group, Inc., 3.400%, 06/30/2030		84,811		0.0
117,000	American International Group, Inc., 4.200%, 04/01/2028		111,956		0.1
77,000	American International Group, Inc., 5.125%, 03/27/2033		73,894		0.0

See Accompanying Notes to Financial Statements

40

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
527,000	American Tower Corp., 2.750%, 01/15/2027	$	490,298		0.2
63,000	American Tower Corp., 3.650%, 03/15/2027		59,807		0.0
86,000 (1)	American Transmission Systems, Inc., 2.650%, 01/15/2032		69,609		0.0
50,000	American Water Capital Corp., 5.150%, 03/01/2034		48,483		0.0
99,000	American Water Capital Corp., 5.450%, 03/01/2054		93,441		0.1
64,000	Ameriprise Financial, Inc., 5.700%, 12/15/2028		64,731		0.0
69,000	Amgen, Inc., 5.600%, 03/02/2043		66,575		0.0
30,000	Amgen, Inc., 5.650%, 03/02/2053		28,810		0.0
49,000	Amgen, Inc., 5.750%, 03/02/2063		46,847		0.0
150,000 (1)	Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 6.625%, 02/01/2032		149,665		0.1
69,000	Aon North America, Inc., 5.125%, 03/01/2027		68,547		0.0
163,000	Aon North America, Inc., 5.150%, 03/01/2029		160,897		0.1
50,000	Arrow Electronics, Inc., 5.875%, 04/10/2034		48,220		0.0
106,000	Arthur J Gallagher & Co., 5.450%, 07/15/2034		103,026		0.1
23,000	Arthur J Gallagher & Co., 5.750%, 03/02/2053		21,771		0.0
30,000	Arthur J Gallagher & Co., 5.750%, 07/15/2054		28,530		0.0
10,000	Arthur J Gallagher & Co., 6.750%, 02/15/2054		10,778		0.0
185,000	Asbury Automotive Group, Inc., 4.750%, 03/01/2030		167,886		0.1
38,000	AT&T, Inc., 3.650%, 09/15/2059		24,672		0.0
207,000 (1)	Athene Global Funding, 5.684%, 02/23/2026		206,607		0.1
15,000	Athene Holding Ltd., 6.250%, 04/01/2054		14,592		0.0

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
36,000 (2)	AutoZone, Inc., 6.250%, 11/01/2028	$	37,111		0.0
67,000	Avnet, Inc., 5.500%, 06/01/2032		62,984		0.0
52,000	Avnet, Inc., 6.250%, 03/15/2028		52,701		0.0
319,000 (3)	Bank of America Corp., 1.734%, 07/22/2027		292,726		0.1
75,000 (3)	Bank of America Corp., 2.087%, 06/14/2029		65,270		0.0
211,000 (3)	Bank of America Corp., 2.299%, 07/21/2032		168,156		0.1
105,000 (3)	Bank of America Corp., 2.551%, 02/04/2028		96,731		0.1
152,000 (3)	Bank of America Corp., 2.572%, 10/20/2032		122,675		0.1
190,000 (3)	Bank of America Corp., 2.687%, 04/22/2032		156,623		0.1
245,000 (3)	Bank of America Corp., 3.419%, 12/20/2028		227,156		0.1
83,000 (3)	Bank of America Corp., 3.593%, 07/21/2028		78,035		0.0
64,000 (3)	Bank of America Corp., 5.202%, 04/25/2029		63,029		0.0
92,000 (3)	Bank of America Corp., 5.288%, 04/25/2034		88,659		0.0
226,000 (3)	Bank of America Corp., 5.468%, 01/23/2035		219,872		0.1
304,000 (3)	Bank of America Corp., 5.872%, 09/15/2034		304,693		0.1
143,000 (3)	Bank of America Corp. N, 2.651%, 03/11/2032		117,961		0.1
105,000 (3)	Bank of New York Mellon Corp., 4.975%, 03/14/2030		102,845		0.1
234,000 (3)	Bank of New York Mellon Corp., 5.188%, 03/14/2035		225,147		0.1
61,000	BAT Capital Corp., 7.079%, 08/02/2043		63,243		0.0
67,000	BAT Capital Corp., 7.081%, 08/02/2053		70,179		0.0
180,000	Bath & Body Works, Inc., 6.750%, 07/01/2036		175,827		0.1
86,000	Becton Dickinson & Co., 4.693%, 02/13/2028		83,706		0.0

See Accompanying Notes to Financial Statements

41 

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
482,000	Berry Global, Inc., 1.650%, 01/15/2027	$	434,814		0.2
39,000	BlackRock Funding, Inc., 5.000%, 03/14/2034		37,896		0.0
63,000	BlackRock Funding, Inc., 5.250%, 03/14/2054		59,525		0.0
62,000 (1)	Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032		47,310		0.0
35,000 (1)	Blue Owl Credit Income Corp., 6.650%, 03/15/2031		33,707		0.0
100,000	Boeing Co., 5.705%, 05/01/2040		90,858		0.0
45,000 (1)	Boeing Co., 6.298%, 05/01/2029		45,207		0.0
35,000 (1)	Boeing Co., 6.388%, 05/01/2031		35,186		0.0
42,000 (1)	Boeing Co., 6.528%, 05/01/2034		42,348		0.0
30,000 (1)	Boeing Co., 6.858%, 05/01/2054		30,138		0.0
89,000 (1)	Boeing Co., 7.008%, 05/01/2064		89,259		0.0
57,000 (1)	Booz Allen Hamilton, Inc., 3.875%, 09/01/2028		52,776		0.0
48,000 (1)	Booz Allen Hamilton, Inc., 4.000%, 07/01/2029		43,985		0.0
39,000	BP Capital Markets America, Inc., 4.893%, 09/11/2033		37,488		0.0
22,000	BP Capital Markets America, Inc., 4.989%, 04/10/2034		21,253		0.0
51,000	Bristol-Myers Squibb Co., 5.100%, 02/22/2031		50,200		0.0
42,000	Bristol-Myers Squibb Co., 5.650%, 02/22/2064		40,230		0.0
44,000	Bristol-Myers Squibb Co., 6.250%, 11/15/2053		46,648		0.0
60,000	Bristol-Myers Squibb Co., 6.400%, 11/15/2063		63,971		0.0
222,000 (1)	Broadcom, Inc., 3.187%, 11/15/2036		170,311		0.1
131,000 (1)	Broadcom, Inc., 4.926%, 05/15/2037		119,687		0.1
67,000	Brookfield Finance LLC / Brookfield Finance, Inc., 3.450%, 04/15/2050		44,472		0.0

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
135,000 (1)	Builders FirstSource, Inc., 6.375%, 03/01/2034	$	132,663		0.1
100,000	Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046		77,460		0.0
175,000 (1)	Calpine Corp., 5.000%, 02/01/2031		158,766		0.1
103,000	Camden Property Trust, 4.900%, 01/15/2034		96,853		0.1
90,000	Camden Property Trust, 5.850%, 11/03/2026		90,732		0.0
80,000	Campbell Soup Co., 5.200%, 03/21/2029		78,892		0.0
20,000	Cardinal Health, Inc., 5.450%, 02/15/2034		19,611		0.0
43,000 (1)	Cargill, Inc., 1.700%, 02/02/2031		34,279		0.0
41,000 (1)	Cargill, Inc., 2.125%, 04/23/2030		34,315		0.0
108,000 (1)	Cargill, Inc., 2.125%, 11/10/2031		86,285		0.0
20,000	Carrier Global Corp., 2.722%, 02/15/2030		17,265		0.0
31,000	Carrier Global Corp., 5.900%, 03/15/2034		31,688		0.0
81,000	Cencora, Inc., 5.125%, 02/15/2034		78,296		0.0
92,000	Centene Corp., 2.500%, 03/01/2031		74,022		0.0
241,000	Centene Corp., 3.000%, 10/15/2030		202,230		0.1
118,000	Centene Corp., 4.625%, 12/15/2029		109,980		0.1
86,000	CenterPoint Energy, Inc., 4.250%, 11/01/2028		80,732		0.0
32,000 (3)	Charles Schwab Corp. H, 4.000%, 12/31/2199		26,084		0.0
78,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029		65,128		0.0
49,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061		30,359		0.0

See Accompanying Notes to Financial Statements

42 

	PORTFOLIO OF INVESTMENTS
Voya Global Bond Fund	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
14,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050	$	9,801		0.0
16,000 (2)	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053		12,018		0.0
102,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.650%, 02/01/2034		100,624		0.1
92,000	Cheniere Energy Partners L.P., 5.950%, 06/30/2033		91,816		0.1
20,000	Chubb INA Holdings, Inc., 3.050%, 12/15/2061		12,382		0.0
390,000	Cigna Group, 3.050%, 10/15/2027		361,961		0.2
75,000	Cigna Group, 5.250%, 02/15/2034		72,308		0.0
35,000 (2)	Cigna Group, 5.400%, 03/15/2033		34,397		0.0
117,000	Cigna Group, 5.600%, 02/15/2054		110,276		0.1
34,000	Cisco Systems, Inc., 4.800%, 02/26/2027		33,722		0.0
67,000	Cisco Systems, Inc., 4.850%, 02/26/2029		66,192		0.0
84,000	Cisco Systems, Inc., 4.950%, 02/26/2031		82,660		0.0
85,000	Cisco Systems, Inc., 5.050%, 02/26/2034		83,189		0.0
42,000	Cisco Systems, Inc., 5.300%, 02/26/2054		40,444		0.0
50,000	Cisco Systems, Inc., 5.350%, 02/26/2064		47,625		0.0
96,000	Citizens Financial Group, Inc., 2.500%, 02/06/2030		79,307		0.0
93,000 (3)	Citizens Financial Group, Inc., 5.641%, 05/21/2037		84,727		0.0
75,000 (3)	Citizens Financial Group, Inc., 6.645%, 04/25/2035		75,243		0.0
259,000 (1)	Cleveland Electric Illuminating Co., 3.500%, 04/01/2028		238,701		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
170,000 (1)	Cleveland-Cliffs, Inc., 6.750%, 04/15/2030	$	166,217		0.1
80,000 (1)	Cleveland-Cliffs, Inc., 7.000%, 03/15/2032		78,231		0.0
100,000	CNH Industrial Capital LLC, 5.100%, 04/20/2029		97,898		0.1
105,000	CNH Industrial Capital LLC, 5.500%, 01/12/2029		104,678		0.1
33,000 (1)	Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028		33,310		0.0
64,000	Comcast Corp., 1.950%, 01/15/2031		51,698		0.0
168,000	Comcast Corp., 3.750%, 04/01/2040		133,210		0.1
89,000	Comcast Corp., 4.250%, 01/15/2033		81,409		0.0
119,000	Comcast Corp., 5.500%, 05/15/2064		110,942		0.1
70,000	Comcast Corp., 5.650%, 06/15/2035		70,077		0.0
69,000	ConocoPhillips Co., 5.700%, 09/15/2063		67,795		0.0
49,000	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054		40,508		0.0
28,000	Corebridge Financial, Inc., 3.850%, 04/05/2029		25,718		0.0
257,000	Corebridge Financial, Inc., 3.900%, 04/05/2032		224,320		0.1
53,000	Corebridge Financial, Inc., 5.750%, 01/15/2034		52,095		0.0
63,000 (1)	Corebridge Financial, Inc., 6.050%, 09/15/2033		63,047		0.0
118,000 (3)	Corebridge Financial, Inc., 6.875%, 12/15/2052		116,853		0.1
155,000 (1)	Crescent Energy Finance LLC, 9.250%, 02/15/2028		163,892		0.1
200,000 (1)(2)	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027		198,198		0.1
44,000	Crown Castle, Inc., 2.900%, 03/15/2027		40,784		0.0
40,000	Crown Castle, Inc., 4.150%, 07/01/2050		30,073		0.0
25,000	Crown Castle, Inc., 4.800%, 09/01/2028		24,086		0.0
58,000	Crown Castle, Inc., 5.600%, 06/01/2029		57,669		0.0

See Accompanying Notes to Financial Statements

43 

	PORTFOLIO OF INVESTMENTS
Voya Global Bond Fund	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
77,000	Crown Castle, Inc., 5.800%, 03/01/2034	$	76,311		0.0
56,000	CSX Corp., 4.500%, 08/01/2054		46,658		0.0
106,000	Cummins, Inc., 2.600%, 09/01/2050		84,830		0.0
30,000	Cummins, Inc., 4.900%, 02/20/2029		29,656		0.0
26,000	Cummins, Inc., 5.450%, 02/20/2054		25,047		0.0
7,000	CVS Health Corp., 3.250%, 08/15/2029		6,279		0.0
3,000	CVS Health Corp., 4.125%, 04/01/2040		2,398		0.0
36,000	CVS Health Corp., 5.050%, 03/25/2048		30,728		0.0
35,000	CVS Health Corp., 5.625%, 02/21/2053		32,308		0.0
19,000	CVS Health Corp., 5.875%, 06/01/2053		18,113		0.0
12,000	CVS Health Corp., 6.000%, 06/01/2063		11,500		0.0
210,000 (1)	DaVita, Inc., 3.750%, 02/15/2031		173,001		0.1
220,000 (1)	DaVita, Inc., 4.625%, 06/01/2030		192,944		0.1
96,000	Deere & Co., 3.100%, 04/15/2030		85,802		0.0
49,000	Dell International LLC / EMC Corp., 5.400%, 04/15/2034		47,493		0.0
66,000	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		66,410		0.0
84,000	Diamondback Energy, Inc., 4.250%, 03/15/2052		64,547		0.0
44,000	Diamondback Energy, Inc., 5.400%, 04/18/2034		42,774		0.0
58,000	Diamondback Energy, Inc., 5.750%, 04/18/2054		55,409		0.0
64,000	Diamondback Energy, Inc., 5.900%, 04/18/2064		60,927		0.0
64,000	Discovery Communications LLC, 5.300%, 05/15/2049		50,393		0.0
28,000	Dollar General Corp., 3.500%, 04/03/2030		25,112		0.0
86,000 (3)	Dominion Energy, Inc. B, 4.650%, 12/31/2199		84,369		0.0
158,000 (3)	Dominion Energy, Inc. C, 4.350%, 12/31/2199		145,461		0.1
185,000 (1)	DT Midstream, Inc., 4.375%, 06/15/2031		164,369		0.1
266,000	DTE Electric Co., 2.250%, 03/01/2030		224,842		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
82,000	DTE Electric Co., 4.300%, 07/01/2044	$	67,590		0.0
167,000	DTE Energy Co., 5.100%, 03/01/2029		163,094		0.1
10,000	Duke Energy Carolinas LLC, 3.750%, 06/01/2045		7,376		0.0
3,000	Duke Energy Carolinas LLC, 3.875%, 03/15/2046		2,261		0.0
3,000	Duke Energy Carolinas LLC, 4.250%, 12/15/2041		2,465		0.0
19,000	Duke Energy Carolinas LLC, 5.350%, 01/15/2053		17,702		0.0
804,000	Duke Energy Corp., 2.650%, 09/01/2026		753,625		0.3
93,000	Duke Energy Florida LLC, 2.400%, 12/15/2031		75,954		0.0
37,000	Duke Energy Florida LLC, 5.875%, 11/15/2033		37,836		0.0
32,000	Duke Energy Indiana LLC, 5.400%, 04/01/2053		29,686		0.0
3,000	Duke Energy Ohio, Inc., 3.700%, 06/15/2046		2,191		0.0
26,000	Duke Energy Ohio, Inc., 5.250%, 04/01/2033		25,390		0.0
15,000	Duke Energy Ohio, Inc., 5.650%, 04/01/2053		14,391		0.0
3,000	Duke Energy Progress LLC, 4.100%, 03/15/2043		2,377		0.0
37,000	Elevance Health, Inc., 4.900%, 02/08/2026		36,558		0.0
50,000	Eli Lilly & Co., 4.700%, 02/09/2034		47,891		0.0
54,000	Eli Lilly & Co., 5.000%, 02/09/2054		50,255		0.0
165,000 (1)	Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030		163,728		0.1
195,000 (1)	Energizer Holdings, Inc., 4.375%, 03/31/2029		172,444		0.1
43,000 (2)	Energy Transfer L.P., 5.550%, 05/15/2034		41,874		0.0
75,000	Energy Transfer L.P., 5.950%, 05/15/2054		70,735		0.0
165,000 (1)	EnLink Midstream LLC, 6.500%, 09/01/2030		167,200		0.1

See Accompanying Notes to Financial Statements

44 

	PORTFOLIO OF INVESTMENTS
Voya Global Bond Fund	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
10,000	Entergy Arkansas LLC, 3.350%, 06/15/2052	$	6,541		0.0
28,000	Entergy Arkansas LLC, 4.200%, 04/01/2049		21,851		0.0
157,000	Entergy Corp., 2.800%, 06/15/2030		133,984		0.1
21,000	Entergy Louisiana LLC, 5.350%, 03/15/2034		20,380		0.0
75,000	Entergy Mississippi LLC, 5.000%, 09/01/2033		71,389		0.0
18,000	Entergy Texas, Inc., 5.800%, 09/01/2053		17,678		0.0
118,000	Essential Utilities, Inc., 2.704%, 04/15/2030		100,391		0.1
46,000	Essential Utilities, Inc., 5.375%, 01/15/2034		44,320		0.0
54,000	Evergy Kansas Central, Inc., 3.250%, 09/01/2049		35,216		0.0
65,000	Evergy Kansas Central, Inc., 4.125%, 03/01/2042		52,404		0.0
34,000	Evergy Kansas Central, Inc., 5.900%, 11/15/2033		34,472		0.0
106,000	Eversource Energy, 2.900%, 03/01/2027		98,391		0.1
45,000	Eversource Energy, 5.125%, 05/15/2033		42,458		0.0
60,000	Eversource Energy, 5.450%, 03/01/2028		59,538		0.0
58,000	Eversource Energy, 5.500%, 01/01/2034		55,860		0.0
76,000	Eversource Energy, 5.950%, 02/01/2029		76,895		0.0
92,000	Eversource Energy U, 1.400%, 08/15/2026		83,457		0.0
97,000	Exelon Corp., 5.150%, 03/15/2028		95,746		0.1
83,000	Exelon Corp., 5.150%, 03/15/2029		81,610		0.0
110,000	Extra Space Storage L.P., 2.350%, 03/15/2032		85,869		0.0
58,000	Exxon Mobil Corp., 2.995%, 08/16/2039		43,100		0.0
42,000 (2)	FedEx Corp., 5.250%, 05/15/2050		37,945		0.0
500,000 (2)	First Horizon Bank, 5.750%, 05/01/2030		461,700		0.2
74,000	Fiserv, Inc., 5.150%, 03/15/2027		73,292		0.0
11,000	Florida Power & Light Co., 2.875%, 12/04/2051		6,778		0.0

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
94,000	Florida Power & Light Co., 4.125%, 02/01/2042	$	77,625		0.0
49,000	Florida Power & Light Co., 4.625%, 05/15/2030		47,518		0.0
35,000	FMC Corp., 5.150%, 05/18/2026		34,577		0.0
210,000	Ford Motor Co., 6.100%, 08/19/2032		206,072		0.1
200,000	Ford Motor Credit Co. LLC, 5.113%, 05/03/2029		190,625		0.1
200,000	Ford Motor Credit Co. LLC, 5.800%, 03/08/2029		196,597		0.1
56,000	Fortune Brands Innovations, Inc., 5.875%, 06/01/2033		55,746		0.0
227,000	Freeport-McMoRan, Inc., 4.250%, 03/01/2030		210,022		0.1
185,000 (1)	GCI LLC, 4.750%, 10/15/2028		165,237		0.1
248,000	General Mills, Inc., 2.875%, 04/15/2030		216,027		0.1
102,000	General Motors Financial Co., Inc., 2.350%, 01/08/2031		82,024		0.0
301,000	General Motors Financial Co., Inc., 5.250%, 03/01/2026		298,565		0.1
105,000	General Motors Financial Co., Inc., 5.550%, 07/15/2029		103,369		0.1
55,000	General Motors Financial Co., Inc., 5.950%, 04/04/2034		53,816		0.0
48,000	General Motors Financial Co., Inc., 6.100%, 01/07/2034		47,706		0.0
40,000	Georgia Power Co., 4.650%, 05/16/2028		38,905		0.0
105,000 (3)	Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027		104,347		0.1
85,000	Goldman Sachs BDC, Inc., 6.375%, 03/11/2027		85,352		0.0
99,000 (3)	Goldman Sachs Group, Inc., 3.102%, 02/24/2033		82,396		0.0
40,000 (3)	Goldman Sachs Group, Inc., 5.727%, 04/25/2030		40,077		0.0
85,000 (2)(3)	Goldman Sachs Group, Inc., 5.851%, 04/25/2035		85,078		0.0

See Accompanying Notes to Financial Statements

45 

	PORTFOLIO OF INVESTMENTS
Voya Global Bond Fund	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
40,000 (3)	Goldman Sachs Group, Inc., 6.484%, 10/24/2029	$	41,286		0.0
180,000 (1)	Gray Television, Inc., 7.000%, 05/15/2027		163,960		0.1
185,000 (1)	H&E Equipment Services, Inc., 3.875%, 12/15/2028		163,905		0.1
44,000	HCA, Inc., 2.375%, 07/15/2031		35,245		0.0
24,000	HCA, Inc., 3.125%, 03/15/2027		22,452		0.0
267,000	HCA, Inc., 4.125%, 06/15/2029		248,150		0.1
2,000	HCA, Inc., 4.375%, 03/15/2042		1,599		0.0
145,000	HCA, Inc., 5.250%, 04/15/2025		144,255		0.1
214,000	HCA, Inc., 5.375%, 09/01/2026		212,466		0.1
70,000	HCA, Inc., 5.450%, 04/01/2031		68,561		0.0
34,000	HCA, Inc., 6.000%, 04/01/2054		32,426		0.0
30,000	HCA, Inc., 6.100%, 04/01/2064		28,434		0.0
152,000	Healthpeak OP LLC, 3.000%, 01/15/2030		131,914		0.1
100,000	Healthpeak OP LLC, 5.250%, 12/15/2032		96,211		0.1
111,000	HEICO Corp., 5.250%, 08/01/2028		109,857		0.1
129,000	Hess Corp., 4.300%, 04/01/2027		124,873		0.1
200,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031		191,678		0.1
175,000 (1)	Hilcorp Energy I L.P. / Hilcorp Finance Co., 8.375%, 11/01/2033		187,866		0.1
79,000	Home Depot, Inc., 2.700%, 04/15/2030		68,869		0.0
89,000	Home Depot, Inc., 4.900%, 04/15/2029		88,115		0.0
101,000	Honeywell International, Inc., 5.250%, 03/01/2054		95,817		0.1
42,000	HP, Inc., 2.650%, 06/17/2031		34,621		0.0
74,000	Humana, Inc., 5.375%, 04/15/2031		72,172		0.0
35,000 (3)	Huntington Bancshares, Inc., 2.487%, 08/15/2036		25,809		0.0
152,000 (3)	Huntington Bancshares, Inc., 5.709%, 02/02/2035		145,788		0.1
150,000 (3)	Huntington National Bank, 4.125%, 07/02/2029		146,294		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
24,000 (1)	Hyundai Capital America, 5.400%, 01/08/2031	$	23,478		0.0
80,000 (1)	Hyundai Capital America, 5.680%, 06/26/2028		79,709		0.0
129,000 (1)	Hyundai Capital America, 6.100%, 09/21/2028		130,533		0.1
87,000 (1)	Hyundai Capital America, 6.500%, 01/16/2029		89,658		0.0
147,000	IBM International Capital Pte Ltd., 4.750%, 02/05/2031		140,883		0.1
101,000	IBM International Capital Pte Ltd., 5.250%, 02/05/2044		93,392		0.1
175,000 (1)	Imola Merger Corp., 4.750%, 05/15/2029		161,284		0.1
37,000	Ingersoll Rand, Inc., 5.400%, 08/14/2028		36,915		0.0
18,000	Ingersoll Rand, Inc., 5.700%, 08/14/2033		17,887		0.0
56,000	Intel Corp., 3.750%, 08/05/2027		53,474		0.0
75,000	Intel Corp., 5.125%, 02/10/2030		74,247		0.0
36,000	Intel Corp., 5.600%, 02/21/2054		33,900		0.0
17,000	Intel Corp., 5.700%, 02/10/2053		16,244		0.0
60,000	Intercontinental Exchange, Inc., 2.100%, 06/15/2030		49,899		0.0
34,000	Interstate Power and Light Co., 3.100%, 11/30/2051		21,036		0.0
147,000	Intuit, Inc., 5.125%, 09/15/2028		146,636		0.1
84,000	Intuit, Inc., 5.200%, 09/15/2033		82,942		0.0
91,000	Intuit, Inc., 5.500%, 09/15/2053		89,043		0.0
196,000	IPALCO Enterprises, Inc., 4.250%, 05/01/2030		179,970		0.1
60,000	Jefferies Financial Group, Inc., 6.200%, 04/14/2034		59,343		0.0
54,000	John Deere Capital Corp., 4.500%, 01/16/2029		52,546		0.0
184,000	John Deere Capital Corp., 4.700%, 06/10/2030		179,293		0.1
125,000	John Deere Capital Corp., 4.900%, 03/07/2031		122,196		0.1

See Accompanying Notes to Financial Statements

46 

	PORTFOLIO OF INVESTMENTS
Voya Global Bond Fund	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
118,000	Johnson & Johnson, 3.625%, 03/03/2037	$	100,040		0.1
66,000	Jones Lang LaSalle, Inc., 6.875%, 12/01/2028		68,443		0.0
268,000 (3)	JPMorgan Chase & Co., 1.470%, 09/22/2027		243,103		0.1
121,000 (3)	JPMorgan Chase & Co., 1.578%, 04/22/2027		111,700		0.1
291,000 (3)	JPMorgan Chase & Co., 2.069%, 06/01/2029		254,392		0.1
201,000 (3)	JPMorgan Chase & Co., 2.182%, 06/01/2028		181,754		0.1
48,000 (3)	JPMorgan Chase & Co., 2.595%, 02/24/2026		46,743		0.0
337,000 (3)	JPMorgan Chase & Co., 2.947%, 02/24/2028		313,747		0.1
802,000	JPMorgan Chase & Co., 2.950%, 10/01/2026		758,559		0.3
604,000 (3)	JPMorgan Chase & Co., 3.782%, 02/01/2028		576,400		0.2
49,000 (3)	JPMorgan Chase & Co., 4.452%, 12/05/2029		46,910		0.0
265,000 (3)	JPMorgan Chase & Co., 5.336%, 01/23/2035		256,991		0.1
170,000 (3)	JPMorgan Chase & Co., 5.766%, 04/22/2035		170,185		0.1
463,000 (3)	JPMorgan Chase & Co. R, 8.868%, (TSFR3M + 3.562%), 12/31/2199		463,000		0.2
28,000	Kentucky Utilities Co. KENT, 5.450%, 04/15/2033		27,812		0.0
100,000	Kenvue, Inc., 4.900%, 03/22/2033		96,853		0.1
42,000	Kenvue, Inc., 5.050%, 03/22/2028		41,856		0.0
50,000	Kenvue, Inc., 5.200%, 03/22/2063		46,327		0.0
37,000	Keurig Dr Pepper, Inc., 5.050%, 03/15/2029		36,473		0.0
58,000 (3)	KeyCorp, 4.789%, 06/01/2033		51,466		0.0
128,000 (3)	KeyCorp, 6.401%, 03/06/2035		125,967		0.1
199,000	Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		197,845		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
39,000	KLA Corp., 4.700%, 02/01/2034	$	37,117		0.0
43,000	KLA Corp., 5.250%, 07/15/2062		39,884		0.0
53,000	L3Harris Technologies, Inc., 5.050%, 06/01/2029		51,847		0.0
220,000 (1)(2)	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029		196,519		0.1
36,000 (1)	Liberty Mutual Group, Inc., 3.950%, 05/15/2060		24,323		0.0
153,000 (1)	Liberty Utilities Co., 5.869%, 01/31/2034		149,558		0.1
56,000	Lockheed Martin Corp., 4.800%, 08/15/2034		53,568		0.0
48,000	Lockheed Martin Corp., 5.200%, 02/15/2064		44,605		0.0
39,000	Lockheed Martin Corp., 5.250%, 01/15/2033		38,937		0.0
22,000	Lockheed Martin Corp., 5.900%, 11/15/2063		22,824		0.0
28,000	Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033		27,738		0.0
32,000	Lowe’s Cos., Inc., 5.750%, 07/01/2053		31,127		0.0
24,000	Lowe’s Cos., Inc., 5.850%, 04/01/2063		23,260		0.0
205,000	Macy’s Retail Holdings LLC, 4.500%, 12/15/2034		174,918		0.1
31,000 (2)	Marriott International, Inc., 4.875%, 05/15/2029		30,110		0.0
40,000	Marriott International, Inc., 5.300%, 05/15/2034		38,378		0.0
135,000 (1)	Mars, Inc., 2.375%, 07/16/2040		89,059		0.0
42,000	Marsh & McLennan Cos., Inc., 5.450%, 03/15/2054		40,116		0.0
40,000	Marsh & McLennan Cos., Inc., 5.700%, 09/15/2053		39,498		0.0
52,000	Marvell Technology, Inc., 5.750%, 02/15/2029		52,256		0.0
210,000 (1)	Match Group Holdings II LLC, 3.625%, 10/01/2031		173,576		0.1

See Accompanying Notes to Financial Statements

47 

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
205,000 (1)	Medline Borrower L.P., 3.875%, 04/01/2029	$	183,853		0.1
25,000 (2)	Merck & Co., Inc., 4.500%, 05/17/2033		23,642		0.0
48,000	Meta Platforms, Inc., 3.500%, 08/15/2027		45,632		0.0
72,000	Meta Platforms, Inc., 4.450%, 08/15/2052		59,987		0.0
20,000	Meta Platforms, Inc., 4.650%, 08/15/2062		16,654		0.0
137,000	Meta Platforms, Inc., 5.750%, 05/15/2063		136,631		0.1
374,000 (1)	Metropolitan Edison Co., 4.000%, 04/15/2025		366,869		0.2
53,000	MidAmerican Energy Co., 5.850%, 09/15/2054		53,360		0.0
168,000	Mississippi Power Co. 12-A, 4.250%, 03/15/2042		135,262		0.1
43,000	Mohawk Industries, Inc., 5.850%, 09/18/2028		43,478		0.0
58,000	Mondelez International, Inc., 4.750%, 02/20/2029		56,409		0.0
75,000 (1)	Monongahela Power Co., 5.850%, 02/15/2034		74,807		0.0
218,000 (3)	Morgan Stanley, 1.164%, 10/21/2025		213,030		0.1
65,000 (3)	Morgan Stanley, 1.512%, 07/20/2027		59,370		0.0
380,000 (3)	Morgan Stanley, 1.593%, 05/04/2027		350,304		0.2
107,000 (3)	Morgan Stanley, 2.720%, 07/22/2025		106,186		0.1
681,000	Morgan Stanley, 3.125%, 07/27/2026		647,446		0.3
41,000 (3)	Morgan Stanley, 3.591%, 07/22/2028		38,588		0.0
82,000 (3)	Morgan Stanley, 5.164%, 04/20/2029		80,683		0.0
130,000 (3)	Morgan Stanley, 5.250%, 04/21/2034		124,794		0.1
86,000 (3)	Morgan Stanley, 5.466%, 01/18/2035		83,700		0.0
105,000 (3)	Morgan Stanley, 5.831%, 04/19/2035		104,997		0.1
166,000 (3)	Morgan Stanley, 5.864%, (SOFRRATE + 0.509%), 01/22/2025		166,155		0.1
309,000 (3)	Morgan Stanley, 5.942%, 02/07/2039		297,449		0.1
245,000 (3)	Morgan Stanley, 6.296%, 10/18/2028		250,239		0.1
53,000	Motorola Solutions, Inc., 5.000%, 04/15/2029		51,848		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
72,000	MPLX L.P., 2.650%, 08/15/2030	$	60,687		0.0
319,000	MPLX L.P., 4.000%, 03/15/2028		302,472		0.1
215,000	MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031		144,386		0.1
250,000	National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028		235,701		0.1
83,000	National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032		74,911		0.0
55,000	National Rural Utilities Cooperative Finance Corp., 5.000%, 02/07/2031		53,433		0.0
51,000	National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033		51,739		0.0
190,000 (1)	Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030		170,884		0.1
180,000	Navient Corp., 5.000%, 03/15/2027		169,858		0.1
22,000	Nevada Power Co., 6.000%, 03/15/2054		21,974		0.0
2,000 (1)	New York Life Insurance Co., 3.750%, 05/15/2050		1,449		0.0
12,000 (1)	New York Life Insurance Co., 4.450%, 05/15/2069		9,182		0.0
73,000 (1)	Newmont Corp. / Newcrest Finance Pty Ltd., 5.300%, 03/15/2026		72,565		0.0
84,000	NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/2024		83,536		0.0
89,000	NextEra Energy Capital Holdings, Inc., 6.051%, 03/01/2025		89,192		0.0
50,000 (2)(3)	NextEra Energy Capital Holdings, Inc., 6.700%, 09/01/2054		49,555		0.0
71,000 (1)	Niagara Mohawk Power Corp., 5.664%, 01/17/2054		66,890		0.0
29,000	Norfolk Southern Corp., 2.550%, 11/01/2029		25,080		0.0
45,000	Norfolk Southern Corp., 5.050%, 08/01/2030		44,243		0.0

See Accompanying Notes to Financial Statements

48

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
42,000	Norfolk Southern Corp., 5.550%, 03/15/2034	$	42,160		0.0
75,000	Norfolk Southern Corp., 5.950%, 03/15/2064		75,219		0.0
75,000 (3)	Northern Trust Corp., 3.375%, 05/08/2032		69,420		0.0
20,000 (1)	Northwestern Mutual Life Insurance Co., 3.450%, 03/30/2051		13,540		0.0
6,000 (1)	Northwestern Mutual Life Insurance Co., 3.625%, 09/30/2059		3,926		0.0
190,000 (1)	Novelis Corp., 4.750%, 01/30/2030		174,034		0.1
52,000	Nucor Corp., 4.300%, 05/23/2027		50,519		0.0
153,000 (1)	Nuveen LLC, 5.550%, 01/15/2030		151,891		0.1
90,000 (2)	Occidental Petroleum Corp., 6.125%, 01/01/2031		91,201		0.1
96,000	Occidental Petroleum Corp., 6.200%, 03/15/2040		95,320		0.1
15,000	Occidental Petroleum Corp., 6.600%, 03/15/2046		15,455		0.0
220,000	Old Republic International Corp., 5.750%, 03/28/2034		214,324		0.1
180,000	Olin Corp., 5.000%, 02/01/2030		168,156		0.1
254,000	Oracle Corp., 2.800%, 04/01/2027		236,011		0.1
440,000	Oracle Corp., 2.950%, 05/15/2025		427,991		0.2
144,000	Oracle Corp., 3.800%, 11/15/2037		115,396		0.1
63,000	Oracle Corp., 6.150%, 11/09/2029		64,990		0.0
38,000	O’Reilly Automotive, Inc., 3.600%, 09/01/2027		35,895		0.0
92,000	O’Reilly Automotive, Inc., 4.350%, 06/01/2028		88,922		0.0
250,000 (1)	Organon & Co / Organon Foreign Debt Co-Issuer BV, 4.125%, 04/30/2028		227,927		0.1
30,000	Ovintiv, Inc., 5.650%, 05/15/2028		29,980		0.0
35,000	Ovintiv, Inc., 7.100%, 07/15/2053		37,828		0.0
175,000 (1)	Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031		175,487		0.1

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
81,000	PACCAR Financial Corp. mtn, 5.000%, 03/22/2034	$	78,761		0.0
24,000	Pacific Gas and Electric Co., 4.250%, 03/15/2046		17,821		0.0
20,000	Pacific Gas and Electric Co., 4.300%, 03/15/2045		14,944		0.0
31,000	Pacific Gas and Electric Co., 4.450%, 04/15/2042		24,239		0.0
33,000	Pacific Gas and Electric Co., 6.750%, 01/15/2053		34,047		0.0
265,000 (1)	Panther Escrow Issuer LLC, 7.125%, 06/01/2031		266,544		0.1
17,000	Paramount Global, 4.950%, 05/19/2050		11,873		0.0
32,000	Paramount Global, 5.850%, 09/01/2043		25,346		0.0
10,000	PayPal Holdings, Inc., 2.850%, 10/01/2029		8,882		0.0
5,000 (2)	PayPal Holdings, Inc., 4.400%, 06/01/2032		4,709		0.0
61,000	PayPal Holdings, Inc., 5.250%, 06/01/2062		55,004		0.0
32,000 (2)	PECO Energy Co., 4.900%, 06/15/2033		30,887		0.0
49,000 (1)	Pennsylvania Electric Co., 5.150%, 03/30/2026		48,308		0.0
126,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029		123,852		0.1
161,000 (1)	Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.200%, 06/15/2030		164,214		0.1
83,000	Philip Morris International, Inc., 4.875%, 02/13/2029		81,056		0.0
56,000	Philip Morris International, Inc., 5.250%, 02/13/2034		54,047		0.0
74,000	Phillips 66, 3.850%, 04/09/2025		72,730		0.0
262,000	Plains All American Pipeline L.P. / PAA Finance Corp., 3.600%, 11/01/2024		259,108		0.1
109,000 (3)	PNC Financial Services Group, Inc., 5.676%, 01/22/2035		106,835		0.1
45,000 (3)	PNC Financial Services Group, Inc., 6.875%, 10/20/2034		47,786		0.0

See Accompanying Notes to Financial Statements

49

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
139,000 (3)	PNC Financial Services Group, Inc. W, 6.250%, 12/31/2199	$	131,022		0.1
185,000 (1)	Post Holdings, Inc., 4.625%, 04/15/2030		167,198		0.1
180,000 (1)	Post Holdings, Inc., 5.500%, 12/15/2029		170,922		0.1
25,000 (1)	Post Holdings, Inc., 6.250%, 02/15/2032		24,697		0.0
195,000 (1)	Primo Water Holdings, Inc., 4.375%, 04/30/2029		178,169		0.1
37,000	Prologis L.P., 2.250%, 01/15/2032		29,498		0.0
27,000	Prologis L.P., 5.250%, 03/15/2054		24,676		0.0
46,000 (1)	Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029		45,143		0.0
35,000 (1)	Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034		33,978		0.0
6,000	Public Service Electric and Gas Co., 3.800%, 03/01/2046		4,580		0.0
65,000	Public Service Electric and Gas Co., 5.200%, 08/01/2033		63,746		0.0
50,000	Public Service Electric and Gas Co., 5.200%, 03/01/2034		48,893		0.0
149,000	Public Service Enterprise Group, Inc., 2.450%, 11/15/2031		119,971		0.1
158,000	Public Service Enterprise Group, Inc., 5.200%, 04/01/2029		155,122		0.1
34,000	Puget Sound Energy, Inc., 3.250%, 09/15/2049		22,111		0.0
30,000	Quest Diagnostics, Inc., 2.800%, 06/30/2031		25,064		0.0
25,000 (2)	Quest Diagnostics, Inc., 2.950%, 06/30/2030		21,656		0.0
62,000	Quest Diagnostics, Inc., 6.400%, 11/30/2033		64,962		0.0
149,000	Raytheon Technologies Corp., 4.500%, 06/01/2042		126,669		0.1
90,000	Realty Income Corp., 5.125%, 02/15/2034		85,632		0.0
35,000	Rexford Industrial Realty L.P., 2.150%, 09/01/2031		27,384		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
18,000	Reynolds American, Inc., 5.850%, 08/15/2045	$	16,236		0.0
215,000 (1)	Roche Holdings, Inc., 5.489%, 11/13/2030		217,377		0.1
118,000	Roper Technologies, Inc., 1.750%, 02/15/2031		92,694		0.1
28,000	Ross Stores, Inc., 4.700%, 04/15/2027		27,242		0.0
86,000	Ryder System, Inc., 5.250%, 06/01/2028		85,264		0.0
65,000	Ryder System, Inc., 5.500%, 06/01/2029		64,659		0.0
62,000 (2)	Ryder System, Inc., 6.300%, 12/01/2028		63,875		0.0
77,000	Ryder System, Inc., 6.600%, 12/01/2033		80,870		0.0
25,000 (2)	S&P Global, Inc., 1.250%, 08/15/2030		19,772		0.0
96,000	S&P Global, Inc., 2.700%, 03/01/2029		85,624		0.0
360,000	Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032		348,357		0.2
55,000 (1)	Sammons Financial Group, Inc., 6.875%, 04/15/2034		54,285		0.0
73,000	San Diego Gas & Electric Co., 4.950%, 08/15/2028		71,962		0.0
108,000 (1)	Sealed Air Corp., 1.573%, 10/15/2026		97,108		0.1
175,000 (1)	Sealed Air Corp/ Sealed Air Corp. US, 7.250%, 02/15/2031		178,374		0.1
61,000	Selective Insurance Group, Inc., 5.375%, 03/01/2049		54,950		0.0
175,000 (1)	Sirius XM Radio, Inc., 5.500%, 07/01/2029		162,583		0.1
70,000 (1)	Solventum Corp., 5.450%, 03/13/2031		67,854		0.0
77,000 (1)	Solventum Corp., 5.600%, 03/23/2034		74,292		0.0
28,000 (1)	Solventum Corp., 5.900%, 04/30/2054		26,160		0.0
44,000	Southern California Gas Co., 5.200%, 06/01/2033		42,831		0.0
74,000	Southern Co., 5.113%, 08/01/2027		72,946		0.0
38,000	Southwestern Electric Power Co., 5.300%, 04/01/2033		36,234		0.0
97,000	Sprint Capital Corp., 6.875%, 11/15/2028		101,659		0.1
231,000	Sprint Capital Corp., 8.750%, 03/15/2032		272,936		0.1

See Accompanying Notes to Financial Statements

50

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
190,000 (1)	Standard Industries, Inc., 3.375%, 01/15/2031	$	155,810		0.1
205,000 (1)	Standard Industries, Inc., 4.375%, 07/15/2030		181,726		0.1
83,000 (3)	State Street Corp., 5.684%, 11/21/2029		83,913		0.0
270,000 (3)	State Street Corp., 6.123%, 11/21/2034		273,921		0.1
180,000 (1)	Summit Materials LLC / Summit Materials Finance Corp., 7.250%, 01/15/2031		185,051		0.1
102,000	Sun Communities Operating L.P., 5.500%, 01/15/2029		100,267		0.1
30,000	Targa Resources Corp., 4.200%, 02/01/2033		26,494		0.0
36,000	Targa Resources Corp., 6.500%, 03/30/2034		37,530		0.0
25,000 (1)	Teachers Insurance & Annuity Association of America, 3.300%, 05/15/2050		16,579		0.0
46,000 (1)	Teachers Insurance & Annuity Association of America, 4.900%, 09/15/2044		39,983		0.0
75,000 (1)	Tempur Sealy International, Inc., 3.875%, 10/15/2031		61,821		0.0
215,000 (1)	Tempur Sealy International, Inc., 4.000%, 04/15/2029		191,368		0.1
92,000	Texas Instruments, Inc., 5.050%, 05/18/2063		83,409		0.0
162,000	Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030		159,289		0.1
95,000	Thermo Fisher Scientific, Inc., 5.000%, 01/31/2029		94,177		0.1
44,000 (2)	Thermo Fisher Scientific, Inc., 5.404%, 08/10/2043		42,954		0.0
86,000	Time Warner Cable LLC, 5.500%, 09/01/2041		68,513		0.0
4,000	Time Warner Cable LLC, 5.875%, 11/15/2040		3,309		0.0
7,000	T-Mobile USA, Inc., 2.050%, 02/15/2028		6,190		0.0
2,000	T-Mobile USA, Inc., 2.250%, 02/15/2026		1,887		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
46,000	T-Mobile USA, Inc., 3.875%, 04/15/2030	$	42,111		0.0
43,000	T-Mobile USA, Inc., 6.000%, 06/15/2054		43,305		0.0
105,000	Toyota Motor Credit Corp., 4.550%, 09/20/2027		102,666		0.1
101,000	Toyota Motor Credit Corp., 5.550%, 11/20/2030		102,046		0.1
7,000	Transatlantic Holdings, Inc., 8.000%, 11/30/2039		8,657		0.0
26,000	Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030		22,918		0.0
350,000 (1)	TransDigm, Inc., 7.125%, 12/01/2031		357,114		0.2
141,000 (3)	Truist Financial Corp., 4.916%, 07/28/2033		127,026		0.1
123,000 (3)	Truist Financial Corp., 5.435%, 01/24/2030		120,525		0.1
97,000 (3)	Truist Financial Corp., 5.711%, 01/24/2035		94,177		0.1
50,000 (3)	Truist Financial Corp., 6.241%, (TSFR3M + 0.912%), 03/15/2028		47,276		0.0
63,000	Tyson Foods, Inc., 5.400%, 03/15/2029		62,364		0.0
13,000	Union Pacific Corp., 3.750%, 02/05/2070		8,917		0.0
40,000	Union Pacific Corp., 4.050%, 11/15/2045		31,839		0.0
105,000 (1)	United Airlines, Inc., 4.625%, 04/15/2029		96,877		0.1
158,000	UnitedHealth Group, Inc., 2.750%, 05/15/2040		110,778		0.1
82,000	UnitedHealth Group, Inc., 3.050%, 05/15/2041		59,386		0.0
60,000	UnitedHealth Group, Inc., 5.000%, 04/15/2034		58,060		0.0
30,000	UnitedHealth Group, Inc., 5.050%, 04/15/2053		27,312		0.0
49,000	UnitedHealth Group, Inc., 5.200%, 04/15/2063		44,670		0.0
45,000	UnitedHealth Group, Inc., 5.375%, 04/15/2054		42,776		0.0
50,000	UnitedHealth Group, Inc., 5.500%, 04/15/2064		47,483		0.0
195,000 (1)	Univision Communications, Inc., 4.500%, 05/01/2029		169,807		0.1

See Accompanying Notes to Financial Statements

51

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
29,435	US Airways Pass Through Trust 2012-1, A, 5.900%, 04/01/2026	$	29,385		0.0
8,113	US Airways Pass Through Trust 2012-2, A, 4.625%, 12/03/2026		8,009		0.0
88,000 (3)	US Bancorp, 5.384%, 01/23/2030		86,800		0.0
261,000	Utah Acquisition Sub, Inc., 3.950%, 06/15/2026		250,350		0.1
33,000	Utah Acquisition Sub, Inc., 5.250%, 06/15/2046		26,384		0.0
350,000 (1)	Venture Global LNG, Inc., 8.375%, 06/01/2031		359,405		0.2
9,000	Verizon Communications, Inc., 1.750%, 01/20/2031		7,110		0.0
6,000	Verizon Communications, Inc., 2.550%, 03/21/2031		4,982		0.0
91,000	Verizon Communications, Inc., 4.125%, 08/15/2046		71,757		0.0
7,000	Verizon Communications, Inc., 4.400%, 11/01/2034		6,351		0.0
135,000	Verizon Communications, Inc., 4.812%, 03/15/2039		122,326		0.1
54,000	Verizon Communications, Inc., 5.500%, 02/23/2054		51,320		0.0
215,000 (1)(2)	Viasat, Inc., 5.625%, 04/15/2027		196,965		0.1
152,000	Viatris, Inc., 2.700%, 06/22/2030		125,743		0.1
39,000	Viatris, Inc., 3.850%, 06/22/2040		27,561		0.0
435,000 (1)	Vistra Operations Co. LLC, 4.375%, 05/01/2029		396,468		0.2
181,000	VMware, Inc., 1.400%, 08/15/2026		164,629		0.1
97,000	Walmart, Inc., 4.000%, 04/15/2030		92,428		0.1
146,000	Warnermedia Holdings, Inc., 3.755%, 03/15/2027		137,605		0.1
25,000	Warnermedia Holdings, Inc., 5.050%, 03/15/2042		20,024		0.0
41,000	Warnermedia Holdings, Inc., 5.141%, 03/15/2052		31,423		0.0
13,000	Warnermedia Holdings, Inc., 5.391%, 03/15/2062		9,960		0.0

Principal Amount†		Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
	United States: (continued)
22,000	Waste Management, Inc., 2.000%, 06/01/2029	$	18,899		0.0
40,000	Waste Management, Inc., 4.625%, 02/15/2030		38,758		0.0
80,000	Waste Management, Inc., 4.875%, 02/15/2034		76,970		0.0
20,000	WEC Energy Group, Inc., 5.000%, 09/27/2025		19,814		0.0
28,000	WEC Energy Group, Inc., 5.150%, 10/01/2027		27,712		0.0
53,000 (3)	Wells Fargo & Co., 2.164%, 02/11/2026		51,504		0.0
81,000	Wells Fargo & Co., 3.000%, 10/23/2026		76,204		0.0
60,000 (3)	Wells Fargo & Co., 3.526%, 03/24/2028		56,636		0.0
64,000 (3)	Wells Fargo & Co., 4.540%, 08/15/2026		62,994		0.0
125,000 (3)	Wells Fargo & Co., 5.389%, 04/24/2034		120,510		0.1
140,000 (3)	Wells Fargo & Co., 5.499%, 01/23/2035		136,045		0.1
40,000 (3)	Wells Fargo & Co., 5.557%, 07/25/2034		39,007		0.0
57,000	Western Midstream Operating L.P., 4.750%, 08/15/2028		55,050		0.0
301,000	Western Midstream Operating L.P., 5.300%, 03/01/2048		251,947		0.1
29,000	Westlake Corp., 3.125%, 08/15/2051		17,612		0.0
50,000	Weyerhaeuser Co., 4.750%, 05/15/2026		49,235		0.0
27,000	Williams Cos., Inc., 4.900%, 03/15/2029		26,254		0.0
45,000	Willis North America, Inc., 5.900%, 03/05/2054		43,191		0.0
51,000	Wisconsin Power and Light Co., 5.375%, 03/30/2034		49,612		0.0
185,000 (1)	XHR L.P., 4.875%, 06/01/2029		169,026		0.1
71,000	Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028		70,705		0.0
			54,850,272		21.5
	Total Corporate Bonds/Notes (Cost $75,698,290)		72,330,246		28.4

See Accompanying Notes to Financial Statements

52

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: 20.2%
	Australia: 0.2%
AUD837,000 (1)	Queensland Treasury Corp., 1.750%, 07/20/2034	$	394,715		0.2
	Belgium: 0.7%
1,954,000 (1)	Kingdom of Belgium Government International Bond, 4.875%, 06/10/2055		1,870,320		0.7
	Brazil: 0.5%
BRL1,310,000	Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050		1,064,833		0.4
200,000	Brazilian Government International Bond, 6.125%, 03/15/2034		191,400		0.1
			1,256,233		0.5
	Canada: 0.8%
CAD1,100,000	Canadian Government Bond 000A, 2.000%, 12/01/2051		565,002		0.2
1,501,000	Province of British Columbia Canada, 4.200%, 07/06/2033		1,406,913		0.6
			1,971,915		0.8
	China: 9.1%
CNY9,950,000	China Government Bond 1824, 4.080%, 10/22/2048		1,737,908		0.7
CNY34,570,000	China Government Bond 1827, 3.250%, 11/22/2028		5,020,389		2.0
CNY1,110,000	China Government Bond 1906, 3.290%, 05/23/2029		162,241		0.1
CNY29,170,000	China Government Bond 1907, 3.250%, 06/06/2026		4,146,545		1.6
CNY23,400,000	China Government Bond INBK, 2.520%, 08/25/2033		3,276,991		1.3
CNY4,500,000	China Government Bond INBK, 2.690%, 08/12/2026		631,377		0.2
CNY6,300,000	China Government Bond INBK, 2.800%, 11/15/2032		900,494		0.4
CNY35,120,000	China Government Bond INBK, 2.850%, 06/04/2027		4,971,130		1.9
CNY1,800,000	China Government Bond INBK, 2.880%, 02/25/2033		258,684		0.1
CNY3,400,000	China Government Bond INBK, 3.120%, 10/25/2052		517,826		0.2

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	China: (continued)
CNY2,970,000	China Government Bond INBK, 3.320%, 04/15/2052	$	467,647		0.2
CNY7,750,000	China Government Bond SH, 2.690%, 08/15/2032		1,097,603		0.4
			23,188,835		9.1
	Colombia: 0.3%
303,000	Colombia Government International Bond, 8.000%, 11/14/2035		305,727		0.1
COP2,551,900,000	Colombian TES B, 7.750%, 09/18/2030		578,739		0.2
			884,466		0.3
	Czechia: 0.1%
CZK9,220,000	Czech Republic Government Bond 105, 2.750%, 07/23/2029		364,826		0.1
	Germany: 0.1%
EUR60,000	Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028		59,121		0.1
EUR40,000	Bundesrepublik Deutschland Bundesanleihe, 1.000%, 08/15/2025		41,488		0.0
EUR30,000	Bundesrepublik Deutschland Bundesanleihe, 2.730%, 08/15/2026		29,979		0.0
			130,588		0.1
	Indonesia: 0.4%
IDR13,833,000,000	Indonesia Treasury Bond FR79, 8.375%, 04/15/2039		941,375		0.4
	Italy: 0.5%
EUR641,000 (1)	Italy Buoni Poliennali Del Tesoro 30Y, 3.850%, 09/01/2049		638,828		0.2
EUR641,000 (1)	Italy Buoni Poliennali Del Tesoro 31Y, 5.000%, 08/01/2034		749,447		0.3
			1,388,275		0.5
	Malaysia: 1.5%
MYR18,342,000	Malaysia Government Bond 0419, 3.828%, 07/05/2034		3,799,840		1.5
	Mexico: 1.2%
MXN58,700,000	Mexican Bonos M, 7.750%, 05/29/2031		3,035,742		1.2

See Accompanying Notes to Financial Statements

53

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	Mexico: (continued)
200,000	Mexico Government International Bond, 3.750%, 04/19/2071	$	118,800		0.0
			3,154,542		1.2
	Panama: 0.2%
200,000	Panama Government International Bond, 6.875%, 01/31/2036		189,375		0.0
200,000	Panama Government International Bond, 7.500%, 03/01/2031		203,312		0.1
230,000	Panama Government International Bond, 8.000%, 03/01/2038		235,391		0.1
			628,078		0.2
	Peru: 0.4%
PEN4,000,000	Peru Government Bond, 6.350%, 08/12/2028		1,083,190		0.4
	Poland: 0.2%
PLN1,525,000	Republic of Poland Government Bond 0728, 7.500%, 07/25/2028		403,104		0.2
	Portugal: 0.6%
EUR1,664,000 (1)	Portugal Obrigacoes do Tesouro OT 15Y, 2.250%, 04/18/2034		1,643,844		0.6
	Romania: 0.1%
194,000 (1)	Romanian Government International Bond, 6.375%, 01/30/2034		189,877		0.1
	Russian Federation: 0.1%
RUB47,938,000 (4)	Russian Federal Bond - OFZ 6224, 6.900%, 05/23/2029		269,315		0.1
	Saudi Arabia: 0.1%
200,000 (1)	Saudi Government International Bond, 5.750%, 01/16/2054		187,000		0.1
	South Africa: 1.1%
ZAR55,875,000	Republic of South Africa Government Bond 2035, 8.875%, 02/28/2035		2,389,614		0.9

Principal Amount†		Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
	South Africa: (continued)
475,000	Republic of South Africa Government International Bond, 4.850%, 09/30/2029	$	424,234		0.2
			2,813,848		1.1
	Spain: 0.9%
EUR1,284,000 (1)	Spain Government Bond, 1.450%, 04/30/2029		1,271,259		0.5
EUR1,092,000 (1)	Spain Government Bond 30Y, 2.700%, 10/31/2048		961,293		0.4
			2,232,552		0.9
	Supranational: 0.3%
800,000 (5)	European Bank for Reconstruction & Development, 20.000%, 03/19/2025		827,152		0.3
	Thailand: 0.6%
THB1,200,000	Thailand Government Bond, 0.750%, 06/17/2024		32,341		0.0
THB41,793,000	Thailand Government Bond, 2.875%, 12/17/2028		1,143,387		0.5
THB8,250,000	Thailand Government Bond, 3.350%, 06/17/2033		232,541		0.1
			1,408,269		0.6
	Ukraine: 0.2%
250,000 (4)	Ukraine Government International Bond, 7.253%, 03/15/2035		62,600		0.0
525,000 (4)	Ukraine Government International Bond, 7.375%, 09/25/2034		132,352		0.1
800,000 (4)	Ukraine Government International Bond, 7.750%, 09/01/2027		229,600		0.1
			424,552		0.2
	Total Sovereign Bonds (Cost $57,041,467)		51,456,711		20.2
COLLATERALIZED MORTGAGE OBLIGATIONS: 18.2%
	United States: 18.2%
230,649 (3)	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.847%, 05/25/2036		198,736		0.1
60,519 (3)	Alternative Loan Trust 2005-53T2 2A6, 5.931%, (TSFR1M + 0.614%), 11/25/2035		32,793		0.0
103,593	Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		49,996		0.0

See Accompanying Notes to Financial Statements

54

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
145,604 (3)	Alternative Loan Trust 2007-23CB A3, 5.931%, (TSFR1M + 0.614%), 09/25/2037	$	56,667		0.0
320,884	CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037		153,263		0.1
253,159	CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		217,454		0.1
986,855 (1)(3)	COLT Mortgage Loan Trust 2021-1 A1, 0.910%, 06/25/2066		798,073		0.3
703,075 (1)(3)	COLT Mortgage Loan Trust 2021-2 A1, 0.924%, 08/25/2066		560,958		0.2
279,842 (1)(3)	COLT Mortgage Loan Trust 2021-3 A1, 0.956%, 09/27/2066		221,864		0.1
144,721 (1)(3)	CSMC Trust 2015- 2 B3, 3.887%, 02/25/2045		133,160		0.1
99,185 (1)(3)	CSMC Trust 2015- 3 B1, 3.807%, 03/25/2045		92,660		0.0
5,752 (1)(3)	Fannie Mae Connecticut Avenue Securities 2019- R01 2M2, 7.895%, (SOFR30A + 2.564%), 07/25/2031		5,760		0.0
1,000,000 (1)(3)	Fannie Mae Connecticut Avenue Securities 2020- SBT1 2M2, 9.095%, (SOFR30A + 3.764%), 02/25/2040		1,066,862		0.4
84,724	Fannie Mae REMIC Trust 2003-22 BZ, 6.000%, 04/25/2033		85,075		0.0
2,257,648 (3)(6)	Fannie Mae REMIC Trust 2005- 18 SC, 1.064%, (-1.000*SOFR30A + 4.536%), 03/25/2035		51,460		0.0
70,959 (3)	Fannie Mae REMIC Trust 2005- 74 DK, 2.222%, (-1.000*SOFR30A + 23.542%), 07/25/2035		64,478		0.0
62,927 (3)	Fannie Mae REMIC Trust 2006- 104 ES, 6.228%, (-1.000*SOFR30A + 32.878%), 11/25/2036		73,392		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
817,387 (3)(6)	Fannie Mae REMIC Trust 2007- 36 SN, 1.326%, (-1.000*SOFR30A + 6.656%), 04/25/2037	$	60,516		0.0
48,994 (3)	Fannie Mae REMIC Trust 2007- 55 DS, 1.389%, (-1.000*SOFR30A + 14.714%), 06/25/2037		39,997		0.0
329,866 (3)(6)	Fannie Mae REMIC Trust 2007- 9 SE, 0.636%, (-1.000*SOFR30A + 5.966%), 03/25/2037		16,660		0.0
526,575 (3)(6)	Fannie Mae REMIC Trust 2008- 41 S, 1.356%, (-1.000*SOFR30A + 6.686%), 11/25/2036		43,072		0.0
546,706 (3)(6)	Fannie Mae REMIC Trust 2008- 53 FI, 0.656%, (-1.000*SOFR30A + 5.986%), 07/25/2038		28,284		0.0
278,633 (3)(6)	Fannie Mae REMIC Trust 2008- 58 SM, 0.656%, (-1.000*SOFR30A + 5.986%), 07/25/2038		18,876		0.0
1,616,167 (3)(6)	Fannie Mae REMIC Trust 2009- 106 SA, 0.806%, (-1.000*SOFR30A + 6.136%), 01/25/2040		90,957		0.0
147,528 (3)	Fannie Mae REMIC Trust 2009- 66 SL, 5.407%, (-1.000*SOFR30A + 15.452%), 09/25/2039		100,024		0.0
93,200 (3)	Fannie Mae REMIC Trust 2009- 66 SW, 5.574%, (-1.000*SOFR30A + 15.618%), 09/25/2039		59,782		0.0
2,168,792 (3)(6)	Fannie Mae REMIC Trust 2010- 123 SL, 0.626%, (-1.000*SOFR30A + 5.956%), 11/25/2040		107,674		0.1
2,239,525 (3)(6)	Fannie Mae REMIC Trust 2011- 55 SK, 1.116%, (-1.000*SOFR30A + 6.446%), 06/25/2041		188,163		0.1
896,019 (3)(6)	Fannie Mae REMIC Trust 2011- 86 NS, 0.506%, (-1.000*SOFR30A + 5.836%), 09/25/2041		43,243		0.0

See Accompanying Notes to Financial Statements

55

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
138,731 (3)(6)	Fannie Mae REMIC Trust 2012- 10 US, 1.006%, (-1.000*SOFR30A + 6.336%), 02/25/2042	$	12,287		0.0
406,700 (3)(6)	Fannie Mae REMIC Trust 2012- 24 HS, 1.106%, (-1.000*SOFR30A + 6.436%), 09/25/2040		5,522		0.0
365,511 (6)	Fannie Mae REMIC Trust 2013-31 PI, 4.500%, 02/25/2043		23,268		0.0
556,750 (6)	Fannie Mae REMIC Trust 2013-44 DI, 3.000%, 05/25/2033		46,775		0.0
3,957,165 (6)	Fannie Mae REMIC Trust 2015-34 DI, 6.500%, 06/25/2045		929,219		0.4
11,117,502 (6)	Fannie Mae REMIC Trust 2015-58 KI, 6.000%, 03/25/2037		1,944,470		0.8
5,824,850 (3)(6)	Fannie Mae REMIC Trust 2015- 59 SK, 0.206%, (-1.000*SOFR30A + 5.536%), 08/25/2045		332,731		0.1
10,617,631 (3)(6)	Fannie Mae REMIC Trust 2016- 54 SL, 0.556%, (-1.000*SOFR30A + 5.886%), 08/25/2046		863,406		0.3
4,130,975 (6)	Fannie Mae REMIC Trust 2017-15 GI, 4.500%, 03/25/2047		601,255		0.2
3,598,204 (6)	Fannie Mae REMIC Trust 2020-49 PI, 2.000%, 07/25/2050		451,077		0.2
862,896 (1)(3)	Flagstar Mortgage Trust 2018-2 B2, 4.009%, 04/25/2048		753,408		0.3
71,188 (3)(6)	Freddie Mac REMIC Trust 2303 SY, 3.256%, (-1.000*SOFR30A + 8.586%), 04/15/2031		6,912		0.0
539,071 (3)(6)	Freddie Mac REMIC Trust 2989 GU, 1.556%, (-1.000*SOFR30A + 6.886%), 02/15/2033		28,381		0.0
579,191 (3)(6)	Freddie Mac REMIC Trust 3271 SB, 0.606%, (-1.000*SOFR30A + 5.936%), 02/15/2037		33,321		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
1,738,552 (3)(6)	Freddie Mac REMIC Trust 3424 HI, 0.456%, (-1.000*SOFR30A + 5.786%), 04/15/2038	$	100,281		0.0
292,231 (6)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040		31,829		0.0
1,236,644 (3)(6)	Freddie Mac REMIC Trust 3693 SC, 1.056%, (-1.000*SOFR30A + 6.386%), 07/15/2040		107,559		0.0
2,037,296 (3)(6)	Freddie Mac REMIC Trust 3856 KS, 1.106%, (-1.000*SOFR30A + 6.436%), 05/15/2041		162,916		0.1
296,117 (3)(6)	Freddie Mac REMIC Trust 3925 SD, 0.606%, (-1.000*SOFR30A + 5.936%), 07/15/2040		4,586		0.0
4,333,286 (3)(6)	Freddie Mac REMIC Trust 3988 NS, 1.031%, (-1.000*SOFR30A + 6.361%), 01/15/2042		387,963		0.2
909,582 (3)(6)	Freddie Mac REMIC Trust 4040 SW, 1.186%, (-1.000*SOFR30A + 6.516%), 05/15/2032		44,908		0.0
39,554 (3)(6)	Freddie Mac REMIC Trust 4077 SM, 1.256%, (-1.000*SOFR30A + 6.586%), 08/15/2040		79		0.0
3,341,709 (6)	Freddie Mac REMIC Trust 4091 IK, 5.000%, 10/15/2041		687,442		0.3
8,079,082 (3)(6)	Freddie Mac REMIC Trust 4096 SB, 0.556%, (-1.000*SOFR30A + 5.886%), 08/15/2042		641,731		0.3
411,143 (6)	Freddie Mac REMIC Trust 4152 BI, 4.000%, 12/15/2041		27,948		0.0
649,221 (6)	Freddie Mac REMIC Trust 4313 MI, 5.000%, 04/15/2039		62,579		0.0
5,168,399 (3)(6)	Freddie Mac REMIC Trust 4480 WS, 0.736%, (-1.000*SOFR30A + 6.066%), 06/15/2045		459,430		0.2

See Accompanying Notes to Financial Statements

56

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
7,863,389 (3)(6)	Freddie Mac REMIC Trust 4623 MS, 0.556%, (-1.000*SOFR30A + 5.886%), 10/15/2046	$	665,133		0.3
11,651,172 (6)	Freddie Mac REMIC Trust 4695 IO, 4.500%, 10/15/2041		2,318,904		0.9
1,121,324	Freddie Mac REMIC Trust 4800 MZ, 4.000%, 06/15/2048		1,000,707		0.4
1,214,594	Freddie Mac REMIC Trust 4879 ZA, 4.000%, 05/15/2049		1,079,186		0.4
9,421,229 (3)(6)	Freddie Mac REMIC Trust 4938 ES, 0.556%, (-1.000*SOFR30A + 5.886%), 12/25/2049		696,483		0.3
12,362,543 (6)	Freddie Mac REMIC Trust 5046 IO, 2.000%, 11/25/2040		1,198,343		0.5
700,000 (1)(3)	Freddie Mac STACR REMIC Trust 2021- HQA3 M2, 7.430%, (SOFR30A + 2.100%), 09/25/2041		702,453		0.3
1,000,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- DNA1 M1B, 7.180%, (SOFR30A + 1.850%), 01/25/2042		1,009,558		0.4
600,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- DNA2 M1B, 7.730%, (SOFR30A + 2.400%), 02/25/2042		613,878		0.2
500,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- DNA2 M2, 9.080%, (SOFR30A + 3.750%), 02/25/2042		525,747		0.2
1,100,000 (1)(3)	Freddie Mac STACR REMIC Trust 2022- HQA1 M2, 10.580%, (SOFR30A + 5.250%), 03/25/2042		1,192,272		0.5
950,000 (1)(3)	Freddie Mac STACR REMIC Trust 2023- HQA2 M1B, 8.680%, (SOFR30A + 3.350%), 06/25/2043		1,005,905		0.4
7,474,721 (6)	Freddie Mac Strips 324 C21, 6.000%, 06/15/2039		1,589,657		0.6
123,657 (3)(6)	Freddie Mac Strips 351 103, 4.000%, 01/15/2031		9,754		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
430,740 (3)(6)	Freddie Mac Strips 351 200, 3.500%, 02/15/2046	$	55,767		0.0
2,526,122 (6)	Freddie Mac Strips 351 C14, 3.500%, 02/15/2031		184,052		0.1
7,148,111 (6)	Freddie Mac Strips 351 C22, 3.500%, 02/15/2046		1,344,698		0.5
5,401,434 (6)	Freddie Mac Strips 351 C23, 4.000%, 02/15/2046		1,145,259		0.5
1,009,199 (3)(6)	Freddie Mac Strips 351 C30, 2.500%, 02/15/2031		41,594		0.0
1,244,160 (3)(6)	Freddie Mac Strips 351 C31, 3.000%, 02/15/2031		69,421		0.0
820,145 (3)(6)	Freddie Mac Strips 351 C32, 3.500%, 02/15/2031		57,385		0.0
2,902,863 (3)(6)	Freddie Mac Strips 351 C33, 4.000%, 02/15/2046		486,853		0.2
5,764,932 (3)(6)	Freddie Mac Strips 351 C34, 3.500%, 02/15/2046		1,032,838		0.4
6,958,096 (6)	Freddie Mac Strips 390 C5, 2.000%, 04/15/2042		660,484		0.3
183,740 (1)(3)	Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058		169,763		0.1
134,447 (3)	Ginnie Mae 2007- 8 SP, 4.442%, (-1.000*TSFR1M + 21.677%), 03/20/2037		144,396		0.1
8,035,603 (3)(6)	Ginnie Mae 2009- 106 CM, 1.166%, (-1.000*TSFR1M + 6.486%), 01/16/2034		178,321		0.1
705,224 (3)(6)	Ginnie Mae 2010- 116 NS, 1.216%, (-1.000*TSFR1M + 6.536%), 09/16/2040		39,340		0.0
75,769 (6)	Ginnie Mae 2010- 6 IA, 5.000%, 11/20/2039		3,014		0.0
242,055 (6)	Ginnie Mae 2011- 116 BI, 4.000%, 08/16/2026		3,984		0.0
677,828 (6)	Ginnie Mae 2013- 115 NI, 4.500%, 01/16/2043		76,467		0.0
240,135 (6)	Ginnie Mae 2013- 5 NI, 3.000%, 01/20/2028		7,440		0.0

See Accompanying Notes to Financial Statements

57

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
8,268,745 (6)	Ginnie Mae 2015- 10 IX, 4.500%, 01/20/2045	$	1,742,631		0.7
719,171 (6)	Ginnie Mae 2015- 178 GI, 4.000%, 05/20/2044		63,171		0.0
3,252,317 (6)	Ginnie Mae 2016- 161 CI, 5.500%, 11/20/2046		561,965		0.2
5,565,649 (6)	Ginnie Mae 2019- 89 QI, 4.000%, 04/20/2046		885,292		0.4
152,724 (3)	GreenPoint Mortgage Funding Trust 2006- AR3 4A1, 5.851%, (TSFR1M + 0.534%), 04/25/2036		128,975		0.1
9,345 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049		8,471		0.0
12,293 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050		10,974		0.0
773,212 (1)(3)	GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 A4, 2.500%, 08/25/2051		591,649		0.2
1,112,859 (1)(3)	GS Mortgage-Backed Securities Trust 2021- PJ10 A8, 2.500%, 03/25/2052		947,171		0.4
351,775 (1)(3)	GS Mortgage-Backed Securities Trust 2022- PJ1 A4, 2.500%, 05/28/2052		268,735		0.1
1,369,537 (1)(3)	GS Mortgage-Backed Securities Trust 2022- PJ6 A24, 3.000%, 01/25/2053		1,093,136		0.4
439,694 (1)(3)	J.P. Morgan Mortgage Trust 2022-4 A17A, 3.000%, 10/25/2052		350,954		0.1
711,788 (1)(3)	J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052		573,452		0.2
2,134,004 (1)(3)	J.P. Morgan Mortgage Trust 2023-2 A3A, 5.000%, 07/25/2053		2,010,133		0.8
331,412 (1)(3)	JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050		285,041		0.1
50,304 (1)(3)	JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050		43,904		0.0
83,840 (1)(3)	JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050		73,341		0.0

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
9,949 (1)(3)	JP Morgan Mortgage Trust 2019-LTV3 A15, 3.500%, 03/25/2050	$	9,607		0.0
67,411 (1)(3)	JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050		55,654		0.0
162,149 (1)(3)	JP Morgan Trust 2015-3 A3, 3.500%, 05/25/2045		143,230		0.1
300,000 (1)(3)	Mill City Mortgage Loan Trust 2017- 1 M2, 3.250%, 11/25/2058		288,217		0.1
300,000 (1)(3)	Mill City Mortgage Loan Trust 2017- 2 M2, 3.250%, 07/25/2059		277,208		0.1
288,816 (1)(3)	Morgan Stanley Residential Mortgage Loan Trust 2021- 2 A9, 2.500%, 05/25/2051		221,170		0.1
49,491 (1)(3)	OBX Trust 2019- INV2 A25, 4.000%, 05/27/2049		44,182		0.0
149,800 (1)(3)	OBX Trust 2020- INV1 A21, 3.500%, 12/25/2049		128,479		0.1
528,542 (1)(3)	RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051		403,773		0.2
806,646 (1)(3)	RCKT Mortgage Trust 2021-1 A1, 2.500%, 03/25/2051		622,254		0.3
17,259 (1)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048		15,546		0.0
300,000 (1)(3)	Sequoia Mortgage Trust 2020-4 A8, 2.500%, 11/25/2050		202,235		0.1
1,722 (3)	Structured Asset Securities Corp. 2004-4XS 1A6, 4.870%, 02/25/2034		1,660		0.0
1,000,000 (1)(3)	Verus Securitization Trust 2021-1 M1, 1.968%, 01/25/2066		733,786		0.3
5,524,873 (3)(6)	WaMu Mortgage Pass- Through Certificates 2005-AR11 X, 1.410%, 08/25/2045		5,292		0.0
36,344 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR12 1A1, 4.481%, 10/25/2036		32,135		0.0
125,858 (3)	WaMu Mortgage Pass- Through Certificates 2006-AR8 1A4, 4.382%, 08/25/2046		109,313		0.1

See Accompanying Notes to Financial Statements

58

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†		Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
	United States: (continued)
257,987 (3)	WaMu Mortgage Pass- Through Certificates 2007-HY2 1A1, 4.037%, 12/25/2036	$	224,671		0.1
63,073 (3)	Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 5.861%, (TSFR1M + 0.544%), 06/25/2037		51,288		0.0
364,662 (1)(3)	Wells Fargo Mortgage Backed Securities Trust 2021-1 A17, 2.500%, 12/25/2050		279,251		0.1
269,719 (1)(3)	WinWater Mortgage Loan Trust 2015- 5 B4, 3.754%, 08/20/2045		236,936		0.1
			46,445,120		18.2
	Total Collateralized Mortgage Obligations (Cost $52,674,147)		46,445,120		18.2
ASSET-BACKED SECURITIES: 10.1%
	Cayman Islands: 0.9%
850,000 (1)(3)	Barings CLO Ltd. 2024-1A A, 6.899%, (TSFR3M + 1.630%), 01/20/2037		855,058		0.4
1,350,000 (1)(3)	Octagon Investment Partners 43 Ltd. 2019-1A CR, (TSFR3M + 2.450%), 10/25/2032		1,352,068		0.5
			2,207,126		0.9
	United States: 9.2%
250,000 (1)(3)	AIG CLO LLC 2021- 1A C, 7.336%, (TSFR3M + 2.012%), 04/22/2034		247,132		0.1
400,000 (1)(3)	Apidos CLO XXIV 2016-24A BRR, 7.636%, (TSFR3M + 2.312%), 10/20/2030		400,480		0.2
1,000,000 (1)(3)	Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 6.785%, (TSFR1M + 1.464%), 11/15/2036		997,163		0.4
300,000 (1)(3)	Ares XXVIIIR CLO Ltd. 2018-28RA A2, 6.979%, (TSFR3M + 1.662%), 10/17/2030		300,566		0.1
750,000 (1)(3)	Barings Clo Ltd. 2019-4A C, 8.390%, (TSFR3M + 3.062%), 01/15/2033		750,832		0.3

Principal Amount†		Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States: (continued)
500,000 (1)(3)	BlueMountain CLO Ltd. 2013-2A CR, 7.536%, (TSFR3M + 2.212%), 10/22/2030	$	494,215		0.2
250,000 (1)(3)	BlueMountain CLO XXVIII Ltd. 2021-28A C, 7.590%, (TSFR3M + 2.262%), 04/15/2034		248,178		0.1
650,000 (1)(3)	BlueMountain CLO XXXI Ltd. 2021-31A A1, 6.738%, (TSFR3M + 1.412%), 04/19/2034		650,482		0.2
500,000 (1)(3)	BlueMountain CLO XXXI Ltd. 2021-31A A2, 6.988%, (TSFR3M + 1.662%), 04/19/2034		500,571		0.2
300,000 (1)(3)	Carlyle US Clo Ltd. 2017-2A A2R, 7.186%, (TSFR3M + 1.862%), 07/20/2031		300,154		0.1
450,000 (1)(3)	Cedar Funding VIII Clo Ltd. 2017-8A A2R, 7.029%, (TSFR3M + 1.712%), 10/17/2034		450,598		0.2
750,000 (1)(3)	CIFC Funding Ltd. 2013-1A BR, 7.989%, (TSFR3M + 2.662%), 07/16/2030		751,033		0.3
865,000 (1)(3)	CIFC Funding Ltd. 2015-4A BR2, 7.486%, (TSFR3M + 2.162%), 04/20/2034		860,721		0.3
343,980 (3)	Citigroup Mortgage Loan Trust 2006- WF1 A2E, 4.571%, 03/25/2036		159,736		0.1
1,000,000 (1)(3)	Dryden 49 Senior Loan Fund 2017- 49A CR, 7.639%, (TSFR3M + 2.312%), 07/18/2030		1,000,985		0.4
1,000,000 (1)(3)	Galaxy XV CLO Ltd. 2013-15A CRR, 7.440%, (TSFR3M + 2.112%), 10/15/2030		1,000,914		0.4
600,000 (1)(3)	Galaxy XXI CLO Ltd. 2015-21A CR, 7.336%, (TSFR3M + 2.012%), 04/20/2031		600,463		0.2
400,000 (1)(3)	LCM XXIV Ltd. 24A CR, 7.486%, (TSFR3M + 2.162%), 03/20/2030		398,824		0.2
500,000 (1)(3)	Madison Park Funding XXXI Ltd. 2018-31A C, 7.738%, (TSFR3M + 2.412%), 01/23/2031		501,122		0.2
600,000 (1)(3)	MF1 Ltd. 2021-FL7 D, 7.983%, (TSFR1M + 2.664%), 10/16/2036		562,284		0.2

See Accompanying Notes to Financial Statements

59

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States: (continued)
1,100,000 (1)(3)	Neuberger Berman Loan Advisers CLO 30 Ltd. 2018-30A CR, 7.336%, (TSFR3M + 2.012%), 01/20/2031	$	1,098,500		0.4
600,000 (1)(3)	Neuberger Berman Loan Advisers Clo 40 Ltd. 2021-40A C, 7.339%, (TSFR3M + 2.012%), 04/16/2033		598,688		0.2
800,000 (1)(3)	Oaktree CLO Ltd. 2019-1A A1R, 6.696%, (TSFR3M + 1.372%), 04/22/2030		801,538		0.3
1,000,000 (1)(3)	OCP CLO Ltd. 2014- 5A BR, 7.386%, (TSFR3M + 2.062%), 04/26/2031		996,302		0.4
1,000,000 (1)(3)	Octagon Investment Partners XXI Ltd. 2014-1A BR3, 7.318%, (TSFR3M + 2.012%), 02/14/2031		997,535		0.4
250,000 (1)(3)	OHA Credit Funding 8 Ltd. 2021-8A C, 7.489%, (TSFR3M + 2.162%), 01/18/2034		250,297		0.1
1,000,000 (1)(3)	OHA Credit Partners VII Ltd. 2012- 7A CR3, 7.381%, (TSFR3M + 2.062%), 02/20/2034		1,001,243		0.4
1,000,000 (1)(3)	Palmer Square CLO Ltd. 2015-1A BR4, 7.426%, (TSFR3M + 2.112%), 05/21/2034		1,001,231		0.4
250,000 (1)(3)	Rad CLO 10 Ltd. 2021-10A C, 7.338%, (TSFR3M + 2.012%), 04/23/2034		249,832		0.1
1,000,000 (1)(3)	Recette Clo Ltd. 2015-1A CRR, 7.336%, (TSFR3M + 2.012%), 04/20/2034		983,996		0.4
650,000 (1)(3)	Shackleton CLO Ltd. 2019-15A CR, 7.740%, (TSFR3M + 2.412%), 01/15/2032		650,795		0.3
1,000,000 (1)(3)	Sound Point CLO IX Ltd. 2015-2A ARRR, 6.796%, (TSFR3M + 1.472%), 07/20/2032		1,000,136		0.4
1,000,000 (1)(3)	Sound Point Clo XV Ltd. 2017-1A CR, 7.638%, (TSFR3M + 2.312%), 01/23/2029		1,005,433		0.4
300,000 (1)(3)	Symphony CLO XXVI Ltd. 2021-26A CR, 7.586%, (TSFR3M + 2.262%), 04/20/2033		295,186		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
	United States: (continued)
350,000 (1)(3)	TCI-Flatiron Clo Ltd. 2018-1A CR, 7.336%, (TSFR3M + 2.012%), 01/29/2032	$	350,083		0.1
450,000 (1)(3)	TCW CLO Ltd. 2021-1A C, 7.486%, (TSFR3M + 2.162%), 03/18/2034		447,134		0.2
600,000 (1)(3)	Venture XXVII CLO Ltd. 2017-27A CR, 7.886%, (TSFR3M + 2.562%), 07/20/2030		596,189		0.2
			23,500,571		9.2
	Total Asset-Backed Securities (Cost $25,717,481)		25,707,697		10.1
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.7%
	United States: 9.7%
500,000 (3)	BANK 2017-BNK4 C, 4.372%, 05/15/2050		422,440		0.2
6,299,438 (3)(6)	BANK 2017- BNK5 XA, 1.082%, 06/15/2060		145,653		0.1
926,108 (3)(6)	BANK 2019- BN16 XA, 1.101%, 02/15/2052		32,440		0.0
8,670,288 (3)(6)	BBCMS Mortgage Trust 2022-C17 XA, 1.325%, 09/15/2055		622,595		0.2
935,646 (1)(3)	BDS Ltd. 2020-FL5 C, 7.483%, (TSFR1M + 2.164%), 02/16/2037		930,888		0.4
280,000 (1)	Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052		167,066		0.1
1,361,446 (3)(6)	Benchmark Mortgage Trust 2019-B9 XA, 1.181%, 03/15/2052		49,902		0.0
10,326,907 (3)(6)	Benchmark Mortgage Trust 2020-B21 XA, 1.556%, 12/17/2053		646,322		0.3
6,400,648 (3)(6)	Benchmark Mortgage Trust 2021-B23 XA, 1.372%, 02/15/2054		359,960		0.1
191,565 (1)(3)	BX 2021-MFM1 D, 6.935%, (TSFR1M + 1.614%), 01/15/2034		189,465		0.1
700,000 (1)(3)	BX Commercial Mortgage Trust 2021- 21M E, 7.606%, (TSFR1M + 2.285%), 10/15/2036		689,741		0.3
1,888,000 (1)(3)	BX Commercial Mortgage Trust 2021- IRON E, 7.785%, (TSFR1M + 2.464%), 02/15/2038		1,798,537		0.7

See Accompanying Notes to Financial Statements

60

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States: (continued)
1,000,000 (1)(3)	BX Commercial Mortgage Trust 2021- VOLT A, 6.135%, (TSFR1M + 0.814%), 09/15/2036	$	990,685		0.4
500,000 (1)(3)	BX Trust 2021- LBA EJV, 7.435%, (TSFR1M + 2.114%), 02/15/2036		490,219		0.2
395,405 (1)(3)	BX Trust 2021-LBA EV, 7.435%, (TSFR1M + 2.114%), 02/15/2036		388,396		0.1
600,000 (1)(3)	BX Trust 2021-LGCY D, 6.737%, (TSFR1M + 1.416%), 10/15/2036		586,178		0.2
1,103,141 (1)(3)	BX Trust 2021-SDMF D, 6.822%, (TSFR1M + 1.501%), 09/15/2034		1,079,770		0.4
750,000 (1)(3)	BX Trust 2023-DELC A, 8.011%, (TSFR1M + 2.690%), 05/15/2038		759,084		0.3
440,000 (1)(3)	CAMB Commercial Mortgage Trust 2021- CX2 C, 2.864%, 11/10/2046		338,078		0.1
2,661,118 (3)(6)	CD Mortgage Trust 2016-CD1 XA, 1.495%, 08/10/2049		52,363		0.0
8,581,000 (3)(6)	Citigroup Commercial Mortgage Trust 2016- C2 XB, 0.942%, 08/10/2049		138,151		0.1
1,400,000 (3)	Citigroup Commercial Mortgage Trust 2016-P4 C, 4.095%, 07/10/2049		1,243,879		0.5
2,767,059 (3)(6)	Citigroup Commercial Mortgage Trust 2017- C4 XA, 1.127%, 10/12/2050		72,627		0.0
5,791,208 (3)(6)	COMM Mortgage Trust 2016-CR28 XA, 0.775%, 02/10/2049		48,568		0.0
11,071,671 (1)(3)(6)	Commercial Mortgage Pass Through Certificates 2012- LTRT XA, 0.929%, 10/05/2030		37,450		0.0
500,000 (3)	CSAIL Commercial Mortgage Trust 2018-C14 B, 5.041%, 11/15/2051		438,999		0.2
7,036,143 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.968%, 11/25/2030		310,446		0.1

Principal Amount†	RA	Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States: (continued)
24,895,406 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K151 X1, 0.498%, 04/25/2030	$	418,336		0.2
3,517,957 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.436%, 07/25/2035		348,297		0.1
5,490,906 (3)(6)	Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.953%, 10/25/2035		350,802		0.1
1,800,000 (1)(7)	FREMF Mortgage Trust 2019-KG01 C, 0.000%, 05/25/2029		1,111,996		0.4
50,699,732 (1)(6)	FREMF Mortgage Trust 2019-KG01 X2A, 0.100%, 04/25/2029		125,578		0.0
5,680,000 (1)(6)	FREMF Mortgage Trust 2019-KG01 X2B, 0.100%, 05/25/2029		20,563		0.0
557,000 (1)	GAM RE-REMIC Trust 2022-FRR3 BK71, 2.000%, 11/27/2050		449,982		0.2
215,000 (1)(7)	GAM RE-REMIC Trust 2022-FRR3 C728, 0.000%, 08/27/2050		206,520		0.1
220,000 (1)(7)	GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048		199,001		0.1
215,000 (1)(7)	GAM RE-REMIC Trust 2022-FRR3 D728, 0.000%, 08/27/2050		204,530		0.1
173,000 (1)(7)	GAM RE-REMIC Trust 2022-FRR3 DK41, 0.000%, 10/27/2047		164,458		0.1
220,000 (1)(7)	GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048		196,936		0.1
1,760,000 (1)(3)	GS Mortgage Securities Corp. Trust 2017-SLP E, 4.744%, 10/10/2032		1,699,281		0.7
7,380,459 (3)(6)	GS Mortgage Securities Trust 2017- GS6 XA, 1.154%, 05/10/2050		176,866		0.1
1,000,000 (1)(3)	KSL Commercial Mortgage Trust 2023-HT A, 7.611%, (TSFR1M + 2.290%), 12/15/2036		1,006,808		0.4

See Accompanying Notes to Financial Statements

61

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
	United States: (continued)
3,522,737 (1)(3)(6)	LSTAR Commercial Mortgage Trust 2017-5 X, 0.984%, 03/10/2050	$	48,935		0.0
1,492,836 (1)(3)	Med Trust 2021- MDLN D, 7.435%, (TSFR1M + 2.114%), 11/15/2038		1,488,246		0.6
21,550,000 (1)(3)(6)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 2014-C19 XB, 0.528%, 12/15/2047		41,257		0.0
180,000 (1)	RFM Reremic Trust 2022-FRR1 AB55, 0.990%, 03/28/2049		153,544		0.1
150,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB60, 2.400%, 11/08/2049		128,132		0.0
230,000 (1)(3)	RFM Reremic Trust 2022-FRR1 AB64, 2.250%, 03/01/2050		194,140		0.1
60,000 (1)(7)	RFM Reremic Trust 2022-FRR1 CK55, 0.000%, 03/28/2049		49,667		0.0
70,000 (1)(7)	RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049		54,277		0.0
1,000,000 (1)(3)	SMRT 2022-MINI A, 6.321%, (TSFR1M + 1.000%), 01/15/2039		990,245		0.4
350,000	Wells Fargo Commercial Mortgage Trust 2014-LC18 B, 3.959%, 12/15/2047		341,756		0.1
950,000 (3)	Wells Fargo Commercial Mortgage Trust 2017-C41 B, 4.188%, 11/15/2050		827,305		0.3
5,097,772 (3)(6)	Wells Fargo Commercial Mortgage Trust 2020-C55 XA, 1.421%, 02/15/2053		265,068		0.1
585,000	WFRBS Commercial Mortgage Trust 2014- C24 AS, 3.931%, 11/15/2047		564,871		0.2
			24,857,299		9.7
	Total Commercial Mortgage-Backed Securities (Cost $25,419,232)		24,857,299		9.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 8.8%
	Federal Home Loan Mortgage Corporation: 0.2%(8)
410,622 (8)	3.500%, 01/01/2048		361,668		0.2
40,628 (8)	4.000%, 09/01/2045		37,193		0.0
41,690 (8)	4.000%, 09/01/2045		38,034		0.0
67,780 (8)	4.000%, 05/01/2046		62,192		0.0
			499,087		0.2

Principal Amount†	RA	Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
	Federal National Mortgage Association: 1.1%(8)
3,390,000 (8)(9)	3.000%, 05/01/2054	$	2,799,539		1.1
	Government National Mortgage Association: 2.2%
2,036,732	2.500%, 05/20/2051		1,670,617		0.7
348,155	2.500%, 05/20/2052		285,705		0.1
199,984	2.500%, 08/20/2052		164,185		0.1
1,618,000 (9)	3.000%, 06/15/2053		1,377,642		0.5
72,472	4.500%, 08/20/2041		69,337		0.0
1,510,285	4.500%, 05/20/2053		1,407,523		0.5
9,921	5.500%, 03/20/2039		10,147		0.0
720,000 (9)	5.500%, 06/20/2054		704,821		0.3
			5,689,977		2.2
	Uniform Mortgage-Backed Securities: 5.3%
4,984,178	2.000%, 02/01/2052		3,790,344		1.5
22,589	2.500%, 06/01/2030		21,097		0.0
31,053	2.500%, 06/01/2030		28,959		0.0
12,997	2.500%, 07/01/2030		12,112		0.0
3,544,000 (9)	2.500%, 05/01/2054		2,804,333		1.1
90,277	3.500%, 06/01/2034		84,458		0.0
867,110	3.500%, 03/01/2043		774,760		0.3
3,791,000 (9)	3.500%, 06/15/2053		3,270,193		1.3
43,333	4.000%, 05/01/2045		39,721		0.0
770,553	4.000%, 04/01/2049		699,841		0.3
68,294	4.500%, 12/01/2040		64,935		0.0
125,898	4.500%, 12/01/2040		119,704		0.1
1,790,000 (9)	4.500%, 06/15/2053		1,650,031		0.6
189,847	5.000%, 05/01/2042		185,446		0.1
			13,545,934		5.3
	Total U.S. Government Agency Obligations (Cost $23,829,880)		22,534,537		8.8
U.S. TREASURY OBLIGATIONS: 4.6%
	United States Treasury Bonds: 1.9%
222,700	2.875%, 05/15/2052		156,768		0.1
96,700	3.250%, 05/15/2042		77,704		0.0
500	4.250%, 02/15/2054		458		0.0
1,531,500	4.375%, 08/15/2043		1,430,756		0.6
2,576,000	4.500%, 02/15/2044		2,446,395		0.9
763,500	4.750%, 11/15/2053		759,802		0.3
			4,871,883		1.9
	United States Treasury Notes: 2.7%
771,000	0.250%, 06/15/2024		766,058		0.3
408,600	1.500%, 11/30/2028		354,556		0.1
151,000	2.750%, 08/15/2032		130,966		0.1
1,951,700	4.000%, 02/15/2034		1,848,321		0.7
281,400	4.500%, 04/15/2027		278,564		0.1
206,700	4.625%, 04/30/2029		205,925		0.1
3,324,000	4.625%, 04/30/2031		3,308,678		1.3
39,000	4.875%, 04/30/2026		38,885		0.0
			6,931,953		2.7
	Total U.S. Treasury Obligations (Cost $12,090,025)		11,803,836		4.6

See Accompanying Notes to Financial Statements

62

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Principal Amount†	RA	Value		Percentage of Net Assets
PURCHASED OPTIONS(10): 0.1%
	Total Purchased Options (Cost $281,782)	$	216,027		0.1
	Total Long-Term Investments (Cost $272,752,304)		255,351,473		100.1
SHORT-TERM INVESTMENTS: 3.3%
	Repurchase Agreements: 1.1%
688,342 (11)	Bank of America Securities Inc., Repurchase Agreement dated 04/30/2024, 5.300%, due 05/01/2024 (Repurchase Amount $688,442, collateralized by various U.S. Government Securities, 0.000%- 4.625%, Market Value plus accrued interest $702,109, due 09/15/26-11/15/44)		688,342		0.3
1,000,000 (11)	Cantor Fitzgerald Securities, Repurchase Agreement dated 04/30/2024, 5.390%, due 05/01/2024 (Repurchase Amount $1,000,148, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%- 7.500%, Market Value plus accrued interest $1,020,000, due 03/31/26-03/20/74)		1,000,000		0.4

Principal Amount†	RA	Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (11)	Daiwa Capital Markets America Inc., Repurchase Agreement dated 04/30/2024, 5.350%, due 05/01/2024 (Repurchase Amount $1,000,147, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $1,020,000, due 05/07/24-05/01/54)	$	1,000,000		0.4
	Total Repurchase Agreements (Cost $2,688,342)		2,688,342		1.1
	Commercial Paper: 2.0%
1,300,000	American Electric Power Co., Inc., 5.580%, 05/15/2024		1,297,032		0.5
1,000,000	Dominion Energy, Inc., 5.550%, 05/13/2024		998,033		0.4
580,000	PPG Industries, inc., 5.520%, 05/06/2024		579,475		0.2
400,000	SYSCO Corp., 5.460%, 05/01/2024		399,941		0.1
2,000,000	VW Credit, Inc., 5.700%, 06/06/2024		1,988,541		0.8
	Total Commercial Paper (Cost $5,263,768)		5,263,022		2.0
Shares	RA	Value		Percentage of Net Assets
	Mutual Funds: 0.2%
442,000 (12)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220% (Cost $442,000)	$	442,000		0.2
	Total Short-Term Investments (Cost $8,394,110)		8,393,364		3.3
	Total Investments in Securities (Cost $281,146,414)	$	263,744,837		103.4
	Liabilities in Excess of Other Assets		(8,656,211)		(3.4)
	Net Assets	$	255,088,626		100.0

See Accompanying Notes to Financial Statements

63

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

†	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)	Security, or a portion of the security, is on loan.
(3)	Variable rate security. Rate shown is the rate in effect as of April 30, 2024.
(4)	Defaulted security.
(5)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(6)	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.
(7)	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.
(8)	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.
(9)	Represents or includes a TBA transaction.
(10)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(11)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(12)	Rate shown is the 7-day yield as of April 30, 2024.

Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	China 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
RUB	Russian Ruble
THB	Thai Baht
ZAR	South African Rand

Reference Rate Abbreviations:
SOFR30A	30-day Secured Overnight Financing Rate
SOFRRATE	1-day Secured Overnight Financing Rate
TSFR1M	1-month CME Term Secured Overnight Financing Rate
TSFR3M	3-month CME Term Secured Overnight Financing Rate

Sector Diversification	Percentage of Net Assets
Sovereign Bonds		20.2	%
Collateralized Mortgage Obligations		18.2
Asset-Backed Securities		10.1
Commercial Mortgage-Backed Securities		9.7
U.S. Government Agency Obligations		8.8
Financial		8.6
U.S. Treasury Obligations		4.6
Consumer, Non-cyclical		4.6
Utilities		3.2
Industrial		2.7
Energy		2.7
Consumer, Cyclical		2.2
Communications		1.7
Basic Materials		1.5
Technology		1.2
Purchased Options		0.1
Short-Term Investments		3.3
Liabilities in Excess of Other Assets		(3.4	)
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

64

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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, 2024
Asset Table
Investments, at fair value
Corporate Bonds/Notes	$	—	$	72,330,246	$	—	$	72,330,246
Sovereign Bonds		—		50,629,559		827,152		51,456,711
Collateralized Mortgage Obligations		—		46,445,120		—		46,445,120
Asset-Backed Securities		—		25,707,697		—		25,707,697
Commercial Mortgage-Backed Securities		—		24,857,299		—		24,857,299
U.S. Government Agency Obligations		—		22,534,537		—		22,534,537
U.S. Treasury Obligations		—		11,803,836		—		11,803,836
Purchased Options		21,678		194,349		—		216,027
Short-Term Investments		442,000		7,951,364		—		8,393,364
Total Investments, at fair value	$	463,678	$	262,454,007	$	827,152	$	263,744,837
Other Financial Instruments+
Centrally Cleared Credit Default Swaps		—		2,531		—		2,531
Centrally Cleared Interest Rate Swaps		—		4,364,841		—		4,364,841
Forward Foreign Currency Contracts		—		90,144		—		90,144
Forward Premium Swaptions		—		110,841		—		110,841
Futures		515,917		—		—		515,917
OTC volatility swaps		—		17,199		—		17,199
Total Assets	$	979,595	$	267,039,563	$	827,152	$	268,846,310
Liabilities Table
Other Financial Instruments+
Centrally Cleared Interest Rate Swaps	$	—	$	(3,428,798)	$	—	$	(3,428,798)
Forward Foreign Currency Contracts		—		(1,587,384)		—		(1,587,384)
Forward Premium Swaptions		—		(48,988)		—		(48,988)
Futures		(1,401,814)		—		—		(1,401,814)
OTC interest rate swaps		—		(21,745)		—		(21,745)
OTC volatility swaps		—		(2,615)		—		(2,615)
Written Options		(35,117)		(260,552)		—		(295,669)
Total Liabilities	$	(1,436,931)	$	(5,350,082)	$	—	$	(6,787,013)

^	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, 2024, the following forward foreign currency contracts were outstanding for Voya Global Bond Fund:

Currency	Purchased	Currency	Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	723,676	JPY	111,393,281	Bank of America N.A.	06/14/24	$	12,602
USD	203,542	TRY	9,424,000	Bank of America N.A.	04/03/25		(3,332	)
USD	1,279,069	EUR	1,192,507	Barclays Bank PLC	06/14/24		4,122
EUR	2,216,939	USD	2,366,844	Barclays Bank PLC	06/14/24		3,356
USD	2,954,298	MYR	14,107,661	Barclays Bank PLC	06/28/24		1,422
USD	2,016,534	MXN	35,014,439	BNP Paribas	06/28/24		(8,637	)
USD	1	EUR	1	Brown Brothers Harriman & Co.	06/14/24		—
JPY	2,082,346	USD	13,607	Brown Brothers Harriman & Co.	06/14/24		(314	)
USD	234,410	GBP	187,832	Brown Brothers Harriman & Co.	06/14/24		(350	)
DKK	3,626,352	USD	523,824	Brown Brothers Harriman & Co.	06/14/24		(3,758	)
CNY	9,096,908	USD	1,256,922	Brown Brothers Harriman & Co.	06/28/24		21,345
HKD	547,037	USD	69,991	Brown Brothers Harriman & Co.	06/28/24		59
SGD	804,588	USD	592,027	Brown Brothers Harriman & Co.	06/28/24		(1,003	)
USD	123,564	CZK	2,938,397	Brown Brothers Harriman & Co.	06/28/24		(1,146	)

See Accompanying Notes to Financial Statements

65

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Currency	Purchased	Currency	Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	547,929	CNY	3,973,323	Brown Brothers Harriman & Co.	06/28/24	$	(10,388)
IDR	2,061,305,761	USD	126,436	Citibank N.A.	06/28/24		118
USD	319,969	COP	1,271,661,170	Citibank N.A.	06/28/24		(1,309)
KRW	4,039,401,296	USD	2,935,526	Citibank N.A.	06/28/24		(12,664)
ILS	1,073,195	USD	285,411	Deutsche Bank AG	06/28/24		2,151
USD	672,512	THB	24,888,520	Deutsche Bank AG	06/28/24		(2,139)
USD	1,182,264	PEN	4,369,132	Goldman Sachs International	06/28/24		22,488
TRY	9,424,000	USD	203,323	Goldman Sachs International	04/03/25		3,552
PLN	924,793	USD	227,507	HSBC Bank USA N.A.	06/28/24		317
USD	1,005,019	BRL	5,269,544	HSBC Bank USA N.A.	06/28/24		(4,017)
EUR	1,327,624	USD	1,416,018	Morgan Stanley Capital Services LLC	06/14/24		3,388
USD	452,292	GBP	363,707	Morgan Stanley Capital Services LLC	06/14/24		(2,283)
NOK	2,251,502	USD	208,059	Morgan Stanley Capital Services LLC	06/14/24		(5,149)
NZD	694,340	USD	414,776	Morgan Stanley Capital Services LLC	06/14/24		(5,637)
CHF	1,208,642	USD	1,333,545	Morgan Stanley Capital Services LLC	06/14/24		(12,199)
AUD	4,848,586	USD	3,160,667	Morgan Stanley Capital Services LLC	06/14/24		(15,583)
SEK	9,892,509	USD	925,254	Morgan Stanley Capital Services LLC	06/14/24		(25,816)
CAD	9,054,402	USD	6,618,381	Morgan Stanley Capital Services LLC	06/14/24		(36,489)
GBP	9,566,264	USD	11,998,122	Morgan Stanley Capital Services LLC	06/14/24		(41,841)
EUR	50,392,616	USD	54,265,148	Morgan Stanley Capital Services LLC	06/14/24		(388,773)
JPY	4,230,847,822	USD	27,945,026	Morgan Stanley Capital Services LLC	06/14/24		(937,633)
HUF	53,585,311	USD	143,903	Morgan Stanley Capital Services LLC	06/28/24		1,782
EUR	826	USD	879	Standard Chartered Bank	06/14/24		3
USD	2,377,337	ZAR	45,811,814	State Street Bank and Trust Co.	06/28/24		(45,340)
USD	3,652,704	EUR	3,410,953	The Bank of Montreal	06/14/24		5,944
GBP	1,145,162	USD	1,426,725	The Bank of Montreal	06/14/24		4,542
EUR	1,111,624	USD	1,189,816	The Bank of Montreal	06/14/24		(1,343)
USD	1,401,253	EUR	1,316,877	The Bank of Montreal	06/14/24		(6,663)
USD	1,319,324	GBP	1,063,369	The Bank of Montreal	06/14/24		(9,715)
GBP	187,832	USD	231,814	Toronto Dominion Securities	06/14/24		2,946
CLP	153,647,743	USD	160,674	Toronto Dominion Securities	06/28/24		(714)
USD	890	EUR	826	UBS AG	06/14/24		7
USD	969,130	RON	4,537,900	UBS AG	06/28/24		(3,149)
						$	(1,497,240)

At April 30, 2024, 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 3-Year Bond		27		06/17/24	$	1,845,510		$	(25,132)
Australia 10-Year Bond		29		06/17/24		2,114,015			(77,141)
Canada 10-Year Bond		64		06/19/24		5,438,826			(135,612)
CBOE Volatility Index		44		06/18/24		701,888			4,231
Euro-Bobl 5-Year		119		06/06/24		14,786,261			(218,628)
Euro-Bund		37		06/06/24		5,136,399			(120,956)
Euro-Buxl 30-year German Government Bond		30		06/06/24		4,127,509			(195,789)
Euro-OAT		57		06/06/24		7,632,402			(181,655)
Euro-Schatz		101		06/06/24		11,329,530			(63,329)
Japan 10-Year Bond (TSE)		5		06/13/24		4,581,048			(30,435)
Japanese Government Bonds 10-Year Mini		22		06/12/24		2,015,382			(13,714)
Long Gilt		45		06/26/24		5,385,673			(113,272)
Long-Term Euro-BTP		32		06/06/24		3,995,262			(55,822)
U.S. Treasury 2-Year Note		115		06/28/24		23,305,469			(134,847)
U.S. Treasury Ultra Long Bond		5		06/18/24		597,812			(35,482)
					$	92,992,986		$	(1,397,583)
Short Contracts:
U.S. Treasury 5-Year Note		(54	)	06/28/24		(5,656,078	)		57,240
U.S. Treasury 10-Year Note		(106	)	06/18/24		(11,388,375	)		118,792
U.S. Treasury Long Bond		(23	)	06/18/24		(2,617,688	)		104,545
U.S. Treasury Ultra 10-Year Note		(62	)	06/18/24		(6,833,562	)		231,109

See Accompanying Notes to Financial Statements

66

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
			$	(26,495,703	)	$	511,686

At April 30, 2024, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Fund:

Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection⁽¹⁾

Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Financing Rate (%)(2)		Termination Date	Notional Amount(3)		Fair Value(4)		Unrealized Appreciation/ (Depreciation)
CDX.North American High Yield Index, Series 42, Version 1	Sell		5.000	06/20/29	USD	2,700,000	$	158,645	$	2,531
							$	158,645	$	2,531

At April 30, 2024, 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 BRL-CDI-CETIP	Annual		9.693	%	Annual	01/02/26	BRL	30,413,436	$	(91,456	)	$	(91,456	)
Pay	1-day Sterling Overnight Index Average (SONIA)	Annual		1.649		Annual	04/14/52	GBP	2,400,000		(1,202,637	)		(1,202,637	)
Pay	1-day Sterling Overnight Index Average (SONIA)	Annual		2.169		Annual	04/14/25	GBP	3,500,000		(114,751	)		(114,751	)
Pay	1-day Overnight Tokyo Average Rate	Annual		1.000		Annual	12/28/37	JPY	60,000,000		(9,827	)		(9,827	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.410		Annual	06/20/29	JPY	100,000,000		(7,115	)		(7,115	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.659		Annual	04/06/33	JPY	130,000,000		(18,205	)		(18,205	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.874		Annual	04/06/38	JPY	130,000,000		(36,746	)		(36,746	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.138		Annual	06/10/27	JPY	200,000,000		(13,581	)		(13,581	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.978		Annual	06/28/52	JPY	262,000,000		(258,013	)		(258,013	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.826		Annual	05/20/47	JPY	350,000,000		(327,880	)		(327,880	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.664		Annual	07/15/37	JPY	400,000,000		(161,357	)		(161,357	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.743		Annual	06/10/42	JPY	400,000,000		(282,579	)		(282,579	)
Pay	1-day Overnight Tokyo Average Rate	Annual		0.150		Annual	06/20/24	JPY	3,150,000,000		1,912			1,912
Pay	28-day MXN TIIE-BANXICO	Monthly		8.440		Monthly	07/20/28	MXN	59,816,000		(167,378	)		(167,378	)
Pay	28-day MXN TIIE-BANXICO	Monthly		9.310		Monthly	02/03/27	MXN	59,905,000		(73,119	)		(73,119	)
Pay	1-day Secured Overnight Financing Rate	Monthly		3.058		Monthly	08/08/29	USD	1,200,000		(75,065	)		(75,083	)
Pay	1-day Secured Overnight Financing Rate	Monthly		3.150		Monthly	10/27/47	USD	1,465,000		(208,009	)		(207,948	)
Pay	1-day Secured Overnight Financing Rate	Monthly		3.098		Monthly	08/08/32	USD	1,600,000		(130,062	)		(135,785	)
Pay	1-day Secured Overnight Financing Rate	Monthly		3.040		Monthly	05/08/31	USD	2,500,000		(190,940	)		(190,249	)
Pay	1-day Secured Overnight Financing Rate	Annual		3.393		Annual	08/25/24	USD	7,800,000		(51,990	)		(51,990	)
Receive	1-day CLP-ICP-ABIF	Annual		5.390		Annual	04/17/34	CLP	1,097,281,000		(3,099	)		(3,099	)
Receive	1-day Sterling Overnight Index Average (SONIA)	Annual		3.674		Annual	09/30/52	GBP	200,000		17,181			17,181
Receive	1-day Sterling Overnight Index Average (SONIA)	Annual		2.999		Annual	09/13/52	GBP	500,000		112,713			112,713
Receive	1-day Sterling Overnight Index Average (SONIA)	Annual		3.803		Annual	09/13/25	GBP	800,000		14,819			14,819
Receive	28-day MXN TIIE-BANXICO	Monthly		8.960		Monthly	11/03/33	MXN	24,686,000		53,620			53,620
Receive	1-day Secured Overnight Financing Rate	Annual		1.847		Annual	02/17/32	USD	2,000,000		327,881			327,881
Receive	1-day Secured Overnight Financing Rate	Monthly		3.562		Monthly	11/03/26	USD	4,000,000		112,300			112,275
Receive	1-day Secured Overnight Financing Rate	Annual		2.188		Annual	03/24/27	USD	5,000,000		344,251			344,251
Receive	1-day Secured Overnight Financing Rate	Annual		2.962		Annual	06/14/27	USD	5,000,000		252,563			252,563
Receive	1-day Secured Overnight Financing Rate	Monthly		3.121		Monthly	02/08/28	USD	5,000,000		244,798			246,224
Receive	1-day Secured Overnight Financing Rate	Annual		3.605		Annual	01/08/31	USD	5,000,000		226,735			226,735
Receive	1-day Secured Overnight Financing Rate	Annual		3.464		Annual	09/26/32	USD	7,000,000		428,548			428,548
Receive	1-day Secured Overnight Financing Rate	Annual		3.956		Annual	02/01/27	USD	10,000,000		214,446			214,446
Receive	1-day Secured Overnight Financing Rate	Annual		1.551		Annual	01/24/29	USD	12,000,000		1,496,804			1,496,804
Receive	1-day Secured Overnight Financing Rate	Monthly		4.068		Monthly	05/03/25	USD	13,000,000		141,052			140,748
Receive	1-day Secured Overnight Financing Rate	Annual		2.590		Annual	04/13/25	USD	15,000,000		374,121			374,121
										$	939,935		$	936,043

See Accompanying Notes to Financial Statements

67

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

At April 30, 2024, the following OTC interest rate swaps were outstanding for Voya Global Bond Fund:

Pay/Receive Floating Rate	Floating Rate Index	Floating Rate Index Payment Frequency	Counterparty	Fixed Rate	Fixed Rate Payment Frequency	Maturity Date	Notional Amount		Fair Value		Upfront Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Pay	1-day BRL-CDI-CETIP	Annual	BNP Paribas	10.060	Annual	01/02/25	BRL	65,627,568	$	(21,745)	$	—	$	(21,745)
									$	(21,745)	$	—	$	(21,745)

At April 30, 2024, 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. CAD Spot Exchange Rate		5.187	%	BNP Paribas	09/13/24	USD		22,000	$	3,083	$	3,083
Receive	USD vs. CAD Spot Exchange Rate		5.555	%	BNP Paribas	10/10/24	USD		7,000		(1,307)		(1,307)
Receive	GBP vs. USD Spot Exchange Rate		6.625	%	BNP Paribas	09/17/24	USD		11,000		2,172		2,172
Receive	USD vs. CAD Spot Exchange Rate		5.200	%	Deutsche Bank AG	09/13/24	USD		22,000		2,803		2,803
Receive	GBP vs. USD Spot Exchange Rate		6.600	%	Deutsche Bank AG	09/17/24	USD		11,000		2,441		2,441
Receive	GBP vs. USD Spot Exchange Rate		6.525	%	Goldman Sachs International	09/17/24	USD		11,000		3,250		3,250
Receive	USD vs. CAD Spot Exchange Rate		5.555	%	Standard Chartered Bank	10/10/24	USD		7,000		(1,308)		(1,308)
Receive	USD vs. CAD Spot Exchange Rate		5.200	%	UBS AG	10/03/24	USD		13,000		3,450		3,450
										$	14,584	$	14,584

At April 30, 2024, the following purchased exchange-traded options were outstanding for Voya Global Bond Fund:

Description	Put/Call	Expiration Date	Exercise Price		Number of Contracts		Notional Amount		Cost		Fair Value
3-month SOFRRATE	Put	12/16/24		96.38 EUR		65	EUR	15,710,500	$	8,888	$	13,874
3-month SOFRRATE	Call	12/16/24		97.38 EUR		65	EUR	15,710,500		17,690		7,804
									$	26,578	$	21,678

At April 30, 2024, the following exchange-traded written options were outstanding for Voya Global Bond Fund:

Description	Put/Call	Expiration Date	Exercise Price		Number of Contracts		Notional Amount		Premiums Received		Fair Value
3-month SOFRRATE	Put	12/16/24		96.63 EUR		65	EUR	15,710,500	$	17,519	$	(30,348)
3-month SOFRRATE	Call	12/16/24		97.63 EUR		65	EUR	15,710,500		10,477		(4,769)
									$	27,996	$	(35,117)

At April 30, 2024, 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	$	847
Call MXN vs. Put EUR	Deutsche Bank AG	07/19/24	17.500	EUR	221,000		24,570		16,655
Call TRY vs. Put USD	Bank of America N.A.	04/02/25	36.000	USD	265,000		18,948		18,722
Call USD vs. Put JPY	Bank of America N.A.	09/09/32	140.000	USD	2,055,300		36,584		42,504
Call USD vs. Put JPY	BNP Paribas	09/09/32	140.000	USD	2,055,300		39,215		42,504
Call USD vs. Put JPY	Goldman Sachs International	11/26/25	165.000	USD	511,000		32,193		68,742
Put EUR vs. Call BRL	Bank of America N.A.	06/12/24	5.400	EUR	2,603,000		11,091		4,375
						$	255,204	$	194,349

At April 30, 2024, 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 EUR vs. Put BRL	Bank of America N.A.	09/12/24	5.750	EUR	2,759,000	$	46,270	$	(55,165)
Call EUR vs. Put MXN	Deutsche Bank AG	07/19/24	19.500	EUR	2,212,000		24,592		(15,708)
Call USD vs. Put JPY	Bank of America N.A.	09/09/27	140.000	USD	2,055,300		58,206		(90,235)
Call USD vs. Put JPY	BNP Paribas	09/09/27	140.000	USD	2,055,300		56,315		(90,235)

See Accompanying Notes to Financial Statements

68

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

Description	Counterparty	Expiration Date	Exercise Price	Notional Amount		Premiums Received		Fair Value
Put EUR vs. Call BRL	Bank of America N.A.	09/12/24	5.250	EUR	2,759,000	$	25,421	$	(9,209)
						$	210,804	$	(260,552)

At April 30, 2024, the following OTC purchased forward premium swaptions were outstanding for Voya Global Bond Fund:

Description	Counterparty	Exercise Rate(1)	Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium     receivable/    ​ (payable)     at expiration(2)		Unrealized Appreciation/​ (Depreciation)
Call on 30-Year Interest Rate Swap	Barclays Bank PLC	17.500%	Receive	1-day Secured Overnight Financing Rate	06/14/27	USD	3,136,000	$	(548,800)	$	41,239
Put on 30-Year Interest Rate Swap	Barclays Bank PLC	18.000%	Pay	1-day Secured Overnight Financing Rate	05/25/27	USD	7,382,300		(1,328,814)		69,602
								$	(1,877,614)	$	110,841

At April 30, 2024, the following OTC written forward premium swaptions were outstanding for Voya Global Bond Fund:

Description	Counterparty	Exercise Rate(1)	Pay/ Receive Exercise Rate	Floating Rate Index	Expiration Date	Notional Amount		Premium    receivable/   ​ (payable)    at expiration(2)		Unrealized Appreciation/​ (Depreciation)
Put on 2-Year Interest Rate Swap	Goldman Sachs International	3.100%	Receive	6-month EUR-EURIBOR	04/23/26	EUR	11,915,000	$	79,219	$	(9,073)
Put on 5-Year Interest Rate Swap	UBS AG	3.000%	Receive	6-month EUR-EURIBOR	04/09/29	EUR	8,849,000		240,813		(39,915)
								$	320,032	$	(48,988)

⁽¹⁾  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.

⁽²⁾  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
CNY	—	Chinese Yuan
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EUR	—	EU Euro
GBP	—	British Pound
HKD	—	Hong Kong Sar Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah

Currency Abbreviations:
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
TRY	—	Turkish Lira
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, 2024 was as follows:

See Accompanying Notes to Financial Statements

69

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	194,349
Interest rate contracts	Investments in securities at value*		21,678
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		90,144
Interest rate contracts	Unrealized appreciation on forward premium swaptions		110,841
Interest rate contracts	Variation margin receivable on futures contracts**		511,686
Equity contracts	Variation margin receivable on futures contracts**		4,231
Credit contracts	Variation margin receivable on centrally cleared swaps**		2,531
Interest rate contracts	Variation margin receivable on centrally cleared swaps**		4,364,841
Foreign exchange contracts	Unrealized appreciation on OTC swap agreements		17,199
Total Asset Derivatives		$	5,317,500
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,587,384
Interest rate contracts	Unrealized depreciation on forward premium swaptions		48,988
Interest rate contracts	Variation margin payable on futures contracts**		1,401,814
Interest rate contracts	Variation margin payable on centrally cleared swaps**		3,428,798
Foreign exchange contracts	Unrealized depreciation on OTC swap agreements		2,615
Interest rate contracts	Unrealized depreciation on OTC swap agreements		21,745
Foreign exchange contracts	Written options, at fair value		260,552
Interest rate contracts	Written options, at fair value		35,117
Total Liability Derivatives		$	6,787,013

* 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).

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2024 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	$	—	$	—	$	—	$	519,444	$	—	$	519,444
Equity contracts		—		—		5,750		—		—		5,750
Foreign exchange contracts		(141,678)		(2,616,023)		—		—		98,938		(2,658,763)
Interest rate contracts		(57,894)		—		1,849,696		(86,600)		746,400		2,451,602
Total	$	(199,572)	$	(2,616,023)	$	1,855,446	$	432,844	$	845,338	$	318,033

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
Credit contracts	$	—	$	—	$	—	$	72,206	$	—	$	72,206
Equity contracts		—		—		4,231		—		—		4,231
Foreign exchange contracts		103,107		(526,567)		—		14,584		(47,593)		(456,469)
Interest rate contracts		198,113		—		(279,083)		(146,821)		197,297		(30,494)
Total	$	301,220	$	(526,567)	$	(274,852)	$	(60,031)	$	149,704	$	(410,526)

See Accompanying Notes to Financial Statements 

70

Voya Global Bond Fund	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (Unaudited) (continued)

^*  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, 2024:

	Bank of   America N.A.			Barclays Bank PLC		BNP Paribas			Brown Brothers Harriman & Co.		Citibank N.A.			Deutsche Bank AG		Goldman Sachs International		HSBC Bank USA N.A.			Morgan Stanley Capital Services LLC			Standard Chartered Bank		State Street Bank and Trust Co.
Assets:
Purchased options	$	65,601		$	—	$	43,351		$	—	$	—		$	16,655	$	68,742	$	—		$	—		$	—	$	—
Forward foreign currency contracts		12,602			8,900		—			21,404		118			2,151		26,040		317			5,170			3		—
Forward premium swaptions		—			110,841		—			—		—			—		—		—			—			—		—
Volatility Swaps		—			—		5,255			—		—			5,244		3,250		—			—			—		—
Total Assets	$	78,203		$	119,741	$	48,606		$	21,404	$	118		$	24,050	$	98,032	$	317		$	5,170		$	3	$	—
Liabilities:
Forward foreign currency contracts	$	3,332		$	—	$	8,637		$	16,959	$	13,973		$	2,139	$	—	$	4,017		$	1,471,403		$	—	$	45,340
Forward premium swaptions		—			—		—			—		—			—		9,073		—			—			—		—
OTC interest rate swaps		—			—		21,745			—		—			—		—		—			—			—		—
Volatility Swaps		—			—		1,307			—		—			—		—		—			—			1,308		—
Written options		154,609			—		90,235			—		—			15,708		—		—			—			—		—
Total Liabilities	$	157,941		$	—	$	121,924		$	16,959	$	13,973		$	17,847	$	9,073	$	4,017		$	1,471,403		$	1,308	$	45,340
Net OTC derivative instruments by counterparty, at fair value	$	(79,738	)	$	119,741	$	(73,318	)	$	4,445	$	(13,855	)	$	6,203	$	88,959	$	(3,700	)	$	(1,466,233	)	$	(1,305)	$	(45,340)
Total collateral pledged by the Fund/(Received from counterparty)	$	79,738		$	—	$	—		$	—	$	—		$	—	$	—	$	—		$	1,150,000		$	1,305	$	—
Net Exposure(1)(2)	$	—		$	119,741	$	(73,318	)	$	4,445	$	(13,855	)	$	6,203	$	88,959	$	(3,700	)	$	(316,233	)	$	—	$	(45,340)
																		The Bank of  Montreal			Toronto Dominion Securities			UBS AG		Total
Assets:
Purchased options																		$	—		$	—		$	—	$	194,349
Forward foreign currency contracts																			10,486			2,946			7		90,144
Forward premium swaptions																			—			—			—		110,841
Volatility Swaps																			—			—			3,450		17,199
Total Assets																		$	10,486		$	2,946		$	3,457	$	412,533
Liabilities:
Forward foreign currency contracts																		$	17,721		$	714		$	3,149	$	1,587,384
Forward premium swaptions																			—			—			39,915		48,988
OTC interest rate swaps																			—			—			—		21,745
Volatility Swaps																			—			—			—		2,615
Written options																			—			—			—		260,552
Total Liabilities																		$	17,721		$	714		$	43,064	$	1,921,284
Net OTC derivative instruments by counterparty, at fair value																		$	(7,235	)	$	2,232		$	(39,607)	$	(1,508,751)
Total collateral pledged by the Fund/(Received from counterparty)																		$	—		$	—		$	—	$	1,231,043
Net Exposure(1)(2)																		$	(7,235	)	$	2,232		$	(39,607)	$	(277,708)

⁽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, 2024, the Fund had pledged $90,000 and $11,200 in cash collateral to Bank of America N.A. and Standard Chartered Bank, respectively. Excess cash collateral is not shown for financial reporting purposes.

At April 30, 2024, 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 $283,456,590.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	8,910,073
Gross Unrealized Depreciation		(28,364,350)
Net Unrealized Depreciation	$	(19,454,277)

See Accompanying Notes to Financial Statements

71

Voya Global High Dividend Low
Volatility Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: 96.9%
	Australia: 2.2%
27,436	Ampol Ltd.	$	647,867		0.3
152,764	Aurizon Holdings Ltd.		375,226		0.1
97,844	Brambles Ltd.		920,480		0.4
214,914	Medibank Pvt Ltd.		492,552		0.2
82,292	QBE Insurance Group Ltd.		941,333		0.4
3,031	Rio Tinto Ltd.		252,253		0.1
486,043	Telstra Group Ltd.		1,148,328		0.5
51,869	Transurban Group		416,427		0.2
			5,194,466		2.2
	Bermuda: 0.4%
16,671	Axis Capital Holdings Ltd.		1,022,432		0.4
	Brazil: 0.4%
50,134	XP, Inc. - Class A		1,026,243		0.4
	Canada: 3.0%
12,910	Brookfield Asset Management Ltd. - Class A		493,180		0.2
8,288	Canadian Imperial Bank of Commerce		386,872		0.2
43,481	Cenovus Energy, Inc.		893,214		0.4
8,716	iA Financial Corp., Inc.		528,411		0.2
18,163	Parkland Corp.		559,542		0.3
8,878	Pembina Pipeline Corp.		312,389		0.1
7,848	Rogers Communications, Inc. - Class B		293,990		0.1
31,170	Suncor Energy, Inc.		1,189,380		0.5
29,917	TELUS Corp.		480,489		0.2
9,182	Thomson Reuters Corp.		1,386,855		0.6
5,260	West Fraser Timber Co. Ltd.		402,872		0.2
			6,927,194		3.0
	Denmark: 0.6%
47,380	Danske Bank A/S		1,363,929		0.6
	France: 2.5%
40,472	AXA SA		1,398,374		0.6
8,111	BNP Paribas SA		583,683		0.3
16,396 (1)	Carrefour SA		275,834		0.1
5,024	Cie de Saint-Gobain		397,312		0.2
29,733	Getlink SE		506,166		0.2
114,212	Orange SA		1,271,214		0.5
7,473	Sanofi		738,281		0.3
4,072	Thales SA		684,372		0.3
			5,855,236		2.5
	Germany: 1.1%
3,760	Allianz SE		1,067,033		0.5
15,852	Daimler Truck Holding AG		714,866		0.3
2,376	Heidelberg Materials AG		239,111		0.1
6,356 (2)	Scout24 SE		466,897		0.2
			2,487,907		1.1
	Hong Kong: 1.5%
298,000	BOC Hong Kong Holdings Ltd.		913,398		0.4
159,500	CK Asset Holdings Ltd.		680,359		0.3
156,000	CK Hutchison Holdings Ltd.		757,657		0.3
245,000	Hang Lung Properties Ltd.		270,410		0.1
10,700	Jardine Matheson Holdings Ltd.		410,559		0.2

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Hong Kong (continued)
87,000	Power Assets Holdings Ltd.	$	499,045		0.2
			3,531,428		1.5
	Israel: 0.2%
51,693	Bank Leumi Le-Israel BM		402,798		0.2
	Italy: 1.6%
410,105	Intesa Sanpaolo SpA		1,535,027		0.6
48,828 (2)	Poste Italiane SpA		620,269		0.3
45,072	UniCredit SpA		1,654,342		0.7
			3,809,638		1.6
	Japan: 6.8%
54,800	Central Japan Railway Co.		1,253,166		0.5
53,900	Chubu Electric Power Co., Inc.		691,858		0.3
9,400	Dai-ichi Life Holdings, Inc.		217,714		0.1
24,100	Daiwa House Industry Co. Ltd.		678,148		0.3
700	Disco Corp.		199,392		0.1
195,000	ENEOS Holdings, Inc.		900,942		0.4
2,400	Hoya Corp.		278,256		0.1
17,100	Japan Airlines Co. Ltd.		302,991		0.1
59,800	Japan Post Bank Co. Ltd.		606,989		0.3
50,200	Japan Post Holdings Co. Ltd.		482,086		0.2
63,300	Japan Tobacco, Inc.		1,702,872		0.7
9,400	NEC Corp.		680,579		0.3
6,500	Nippon Express Holdings, Inc.		332,529		0.1
642,300	Nippon Telegraph & Telephone Corp.		693,467		0.3
10,600	Nitto Denko Corp.		876,468		0.4
13,800	Ono Pharmaceutical Co. Ltd.		198,766		0.1
10,800	ORIX Corp.		221,026		0.1
11,500	Secom Co. Ltd.		798,819		0.3
23,900	Sekisui Chemical Co. Ltd.		347,698		0.1
56,200	Sekisui House Ltd.		1,291,496		0.6
10,000	Sumitomo Corp.		262,972		0.1
23,700	Sumitomo Mitsui Financial Group, Inc.		1,346,250		0.6
23,600	Takeda Pharmaceutical Co. Ltd.		620,257		0.3
13,900	Trend Micro, Inc./Japan		684,967		0.3
35,900	USS Co. Ltd.		274,251		0.1
			15,943,959		6.8
	Jordan: 0.2%
22,314	Hikma Pharmaceuticals PLC		535,771		0.2
	Netherlands: 1.4%
3,248	BE Semiconductor Industries NV		430,926		0.2
122,220	Koninklijke KPN NV		444,164		0.2
30,297	NN Group NV		1,397,630		0.6
7,388	Wolters Kluwer NV		1,106,033		0.4
			3,378,753		1.4
	Norway: 0.3%
51,574	Telenor ASA		593,808		0.3

See Accompanying Notes to Financial Statements

72

Voya Global High Dividend Low
Volatility Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Singapore: 0.3%
759,500	Genting Singapore Ltd.	$	506,868		0.2
27,600	Oversea-Chinese Banking Corp. Ltd.		286,531		0.1
			793,399		0.3
	Spain: 1.9%
14,431	ACS Actividades de
	Construccion y Servicios SA		577,969		0.2
3,625 (2)	Aena SME SA		660,619		0.3
27,053	Industria de Diseno Textil SA		1,231,750		0.5
21,137	Red Electrica Corp. SA		352,854		0.2
50,643	Repsol SA		794,898		0.3
183,341 (1)	Telefonica SA		821,295		0.4
			4,439,385		1.9
	Sweden: 0.5%
5,708	Holmen AB - Class B		222,311		0.1
18,858	SKF AB - Class B		387,684		0.2
28,185	Swedbank AB - Class A		538,961		0.2
			1,148,956		0.5
	Switzerland: 1.4%
18,449	Holcim AG		1,544,325		0.7
17,798	Novartis AG, Reg		1,727,430		0.7
			3,271,755		1.4
	United Kingdom: 3.6%
89,969	BAE Systems PLC		1,496,380		0.6
46,469	British American Tobacco PLC		1,364,154		0.6
196,248	Centrica PLC		313,265		0.1
17,921	Compass Group PLC		498,449		0.2
54,975	Imperial Brands PLC		1,256,184		0.5
72,752	J Sainsbury PLC		238,639		0.1
28,638	Smiths Group PLC		577,340		0.3
32,369	Standard Chartered PLC		278,099		0.1
295,531	Vodafone Group PLC		249,221		0.1
16,744	Whitbread PLC		659,926		0.3
5,999	Willis Towers Watson PLC		1,506,589		0.7
			8,438,246		3.6
	United States: 67.0%
20,337	AbbVie, Inc.		3,307,610		1.4
2,676	Acuity Brands, Inc.		664,451		0.3
8,675	AECOM		801,223		0.3
17,071	Agree Realty Corp.		976,803		0.4
5,143	Allison Transmission Holdings, Inc.		378,268		0.2
43,107	Altria Group, Inc.		1,888,518		0.8
14,068	Amdocs Ltd.		1,181,571		0.5
18,256	American Electric Power Co., Inc.		1,570,564		0.7
2,731	American Financial Group, Inc.		348,885		0.2
704	Ameriprise Financial, Inc.		289,900		0.1
7,117	AmerisourceBergen Corp.		1,701,319		0.7
7,298	AMETEK, Inc.		1,274,669		0.5
5,332	Amgen, Inc.		1,460,648		0.6
3,696	Aon PLC - Class A		1,042,309		0.4
4,237	Applied Materials, Inc.		841,680		0.4
6,857	Assurant, Inc.		1,195,861		0.5

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United States (continued)
26,531	AT&T, Inc.	$	448,109		0.2
6,393	Atmos Energy Corp.		753,735		0.3
5,232	Automatic Data Processing, Inc.		1,265,569		0.5
2,094	AvalonBay Communities, Inc.		396,960		0.2
24,637	Avnet, Inc.		1,204,010		0.5
39,194	Baker Hughes Co.		1,278,508		0.5
8,091	Black Hills Corp.		444,196		0.2
39,492	Bristol-Myers Squibb Co.		1,735,279		0.7
25,309	Brixmor Property Group, Inc.		559,329		0.2
4,362	Broadridge Financial Solutions, Inc.		843,654		0.4
7,910	Brown & Brown, Inc.		644,981		0.3
3,666	Capital One Financial Corp.		525,814		0.2
12,937	Cardinal Health, Inc.		1,333,028		0.6
7,724	Cboe Global Markets, Inc.		1,399,203		0.6
22,101	Chevron Corp.		3,564,228		1.5
10,035	Church & Dwight Co., Inc.		1,082,676		0.5
5,916	Cigna Group		2,112,249		0.9
1,770	Cintas Corp.		1,165,262		0.5
55,549	Cisco Systems, Inc.		2,609,692		1.1
27,094	Citigroup, Inc.		1,661,675		0.7
7,691	CME Group, Inc.		1,612,341		0.7
15,819	CNO Financial Group, Inc.		416,514		0.2
12,480	Coca-Cola Co.		770,890		0.3
21,234	Colgate-Palmolive Co.		1,951,829		0.8
23,108	Comcast Corp. - Class A		880,646		0.4
19,238	Commerce Bancshares, Inc.		1,051,934		0.5
9,787	ConocoPhillips		1,229,443		0.5
35,465	Coterra Energy, Inc.		970,322		0.4
9,120	CSX Corp.		302,966		0.1
26,462	CVS Health Corp.		1,791,742		0.8
29,609	Dow, Inc.		1,684,752		0.7
10,769	DTE Energy Co.		1,188,036		0.5
22,156	Dun & Bradstreet Holdings, Inc.		201,620		0.1
20,681	Edison International		1,469,592		0.6
11,822	Electronic Arts, Inc.		1,499,266		0.6
20,895	Element Solutions, Inc.		483,301		0.2
2,459	Elevance Health, Inc.		1,299,778		0.6
6,132	EOG Resources, Inc.		810,221		0.3
17,886	Equitable Holdings, Inc.		660,172		0.3
23,087	Equity Residential		1,486,803		0.6
17,630	Essent Group Ltd.		933,861		0.4
26,388	Evergy, Inc.		1,384,051		0.6
10,769	Fortive Corp.		810,583		0.4
25,371	Gaming and Leisure Properties, Inc.		1,084,103		0.5
22,707	General Mills, Inc.		1,599,935		0.7
13,612	General Motors Co.		606,142		0.3
37,563	Genpact Ltd.		1,154,687		0.5
32,981	Gentex Corp.		1,131,248		0.5
8,455	Genuine Parts Co.		1,329,211		0.6
26,257	Gilead Sciences, Inc.		1,711,956		0.7
4,747	Globe Life, Inc.		361,579		0.2

See Accompanying Notes to Financial Statements

73

Voya Global High Dividend Low
Volatility Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United States (continued)
1,748	Goldman Sachs Group, Inc.	$	745,889		0.3
26,067	H&R Block, Inc.		1,231,144		0.5
15,238	Hartford Financial Services Group, Inc.		1,476,410		0.6
14,265	Hewlett Packard Enterprise Co.		242,505		0.1
30,221	Host Hotels & Resorts, Inc.		570,270		0.2
2,708	Humana, Inc.		818,060		0.4
2,044	Ingredion, Inc.		234,222		0.1
8,488	International Bancshares Corp.		472,357		0.2
5,836	International Business Machines Corp.		969,943		0.4
10,205	Iridium Communications, Inc.		314,212		0.1
26,390	Johnson & Johnson		3,815,730		1.6
12,110	Kimberly-Clark Corp.		1,653,378		0.7
818	KLA Corp.		563,839		0.2
30,893	Kraft Heinz Co.		1,192,779		0.5
10,987	Leidos Holdings, Inc.		1,540,597		0.7
11,085	LKQ Corp.		478,096		0.2
19,304	Loews Corp.		1,450,696		0.6
3,129	ManpowerGroup, Inc.		236,083		0.1
3,358	Marsh & McLennan Cos., Inc.		669,686		0.3
2,572	McKesson Corp.		1,381,704		0.6
29,387	Merck & Co., Inc.		3,797,388		1.6
17,757	MetLife, Inc.		1,262,168		0.5
67,648	MGIC Investment Corp.		1,371,901		0.6
6,470	Molson Coors Beverage Co. - Class B		370,472		0.2
3,274	Mondelez International, Inc. - Class A		235,532		0.1
586	Monolithic Power Systems, Inc.		392,227		0.2
13,149	MSC Industrial Direct Co., Inc. - Class A		1,199,715		0.5
17,029	National Fuel Gas Co.		904,240		0.4
12,182	NetApp, Inc.		1,245,122		0.5
1,643	NewMarket Corp.		865,730		0.4
35,371	NiSource, Inc.		985,436		0.4
17,576	NorthWestern Corp.		886,533		0.4
1,591	NVIDIA Corp.		1,374,656		0.6
1,070	Old Dominion Freight Line, Inc.		194,430		0.1
5,837	ONE Gas, Inc.		376,603		0.2
12,595	OneMain Holdings, Inc.		656,325		0.3
4,004	Owens Corning		673,513		0.3
18,047	PepsiCo, Inc.		3,174,648		1.4
29,975	PG&E Corp.		512,872		0.2
24,450	Philip Morris International, Inc.		2,321,283		1.0
13,164	Phillips 66		1,885,216		0.8
5,067	PPG Industries, Inc.		653,643		0.3
7,294	Procter & Gamble Co.		1,190,381		0.5
8,500	Prudential Financial, Inc.		939,080		0.4
7,439	Qualcomm, Inc.		1,233,758		0.5
5,573	Regency Centers Corp.		330,033		0.1

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United States (continued)
7,052	Reinsurance Group of America, Inc.	$	1,318,653		0.6
2,214	Reliance Steel & Aluminum Co.		630,370		0.3
84,662	Rithm Capital Corp.		941,441		0.4
27,893	Rollins, Inc.		1,242,912		0.5
5,356	RPM International, Inc.		572,610		0.2
6,621	Ryder System, Inc.		806,769		0.3
14,722	Sempra Energy		1,054,537		0.5
3,955	Sherwin-Williams Co.		1,184,958		0.5
2,151	Skyworks Solutions, Inc.		229,275		0.1
18,459	SLM Corp.		391,146		0.2
4,922	Snap-on, Inc.		1,318,899		0.6
16,006	Sonoco Products Co.		897,136		0.4
20,928	SS&C Technologies Holdings, Inc.		1,295,234		0.6
19,800	Synchrony Financial		870,804		0.4
10,918	Tapestry, Inc.		435,847		0.2
17,199	TEGNA, Inc.		234,594		0.1
7,528	Travelers Cos., Inc.		1,597,140		0.7
7,019	UnitedHealth Group, Inc.		3,395,090		1.5
27,875	Unum Group		1,413,263		0.6
12,120	Valero Energy Corp.		1,937,624		0.8
66,840	Verizon Communications, Inc.		2,639,512		1.1
46,880	VICI Properties, Inc.		1,338,424		0.6
1,138	Watts Water Technologies, Inc. - Class A		225,848		0.1
36,274	Wells Fargo & Co.		2,151,774		0.9
69,019	Wendy’s Co.		1,379,690		0.6
4,407	Xcel Energy, Inc.		236,788		0.1
			156,652,803		67.0
	Total Common Stock (Cost $202,588,701)		226,818,106		96.9
EXCHANGE-TRADED FUNDS: 2.5%
31,993	iShares MSCI EAFE Value ETF		1,710,666		0.7
24,329	iShares Russell 1000 Value ETF		4,172,423		1.8
			5,883,089		2.5
	Total Exchange-Traded Funds (Cost $5,932,857)		5,883,089		2.5
	Total Long-Term Investments (Cost $208,521,558)		232,701,195		99.4

See Accompanying Notes to Financial Statements

74

Voya Global High Dividend Low
Volatility Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

					Percentage
Principal					of Net
Amount†		Value			Assets
SHORT-TERM INVESTMENTS: 0.6%
	Repurchase Agreements: 0.4%
976,199 (3)	Daiwa Capital Markets America Inc., Repurchase Agreement dated 04/30/2024, 5.350%, due 05/01/2024 (Repurchase Amount $976,342, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $995,723, due 05/07/24-05/01/54)	$	976,199			0.4
	Total Repurchase Agreements (Cost $976,199)		976,199			0.4
						Percentage
						of Net
Shares			Value			Assets
	Mutual Funds: 0.2%
351,000 (4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220% (Cost $351,000)	$	351,000			0.2
	Total Short-Term Investments (Cost $1,327,199)		1,327,199			0.6
	Total Investments in Securities (Cost $209,848,757)	$	234,028,394			100.0
	Liabilities in Excess of Other Assets		(54,312	)		0.0
	Net Assets	$	233,974,082			100.0

^†  Unless otherwise indicated, principal amount is shown in USD.

⁽¹⁾  Security, or a portion of the security, is on loan.

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

⁽⁴⁾  Rate shown is the 7-day yield as of April 30, 2024.

	Percentage
Sector Diversification	of Net Assets
Financials		22.4	%
Health Care		14.4
Industrials		13.3
Consumer Staples		9.6
Energy		7.3
Information Technology		6.4
Utilities		5.8
Communication Services		5.3
Consumer Discretionary		4.9
Materials		4.5
Real Estate		3.0
Exchange-Traded Funds		2.5
Short-Term Investments		0.6
Liabilities in Excess of Other Assets		—
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

75

Voya Global High Dividend Low
Volatility Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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, 2024
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	5,194,466	$	—	$	5,194,466
Bermuda		1,022,432		—		—		1,022,432
Brazil		1,026,243		—		—		1,026,243
Canada		6,927,194		—		—		6,927,194
Denmark		—		1,363,929		—		1,363,929
France		—		5,855,236		—		5,855,236
Germany		—		2,487,907		—		2,487,907
Hong Kong		410,559		3,120,869		—		3,531,428
Israel		—		402,798		—		402,798
Italy		—		3,809,638		—		3,809,638
Japan		—		15,943,959		—		15,943,959
Jordan		—		535,771		—		535,771
Netherlands		—		3,378,753		—		3,378,753
Norway		593,808		—		—		593,808
Singapore		—		793,399		—		793,399
Spain		—		4,439,385		—		4,439,385
Sweden		—		1,148,956		—		1,148,956
Switzerland		—		3,271,755		—		3,271,755
United Kingdom		1,506,589		6,931,657		—		8,438,246
United States		156,652,803		—		—		156,652,803
Total Common Stock		168,139,628		58,678,478		—		226,818,106
Exchange-Traded Funds		5,883,089		—		—		5,883,089
Short-Term Investments		351,000		976,199		—		1,327,199
Total Investments, at fair value	$	174,373,717	$	59,654,677	$	—	$	234,028,394

^{^}  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, 2024, 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 $210,674,377.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	31,632,402
Gross Unrealized Depreciation		(8,264,313)
Net Unrealized Appreciation	$	23,368,089

See Accompanying Notes to Financial Statements

76

Voya Global Perspectives^® Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited)

Shares		Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.8%
497,500	iShares Global REIT ETF	$	11,004,700			9.8
	Total Exchange-Traded Funds (Cost $11,732,765)		11,004,700			9.8
MUTUAL FUNDS: 90.2%
	Affiliated Investment Companies: 90.2%
1,603,484	Voya Global Bond Fund - Class R6		11,288,527			10.1
1,593,552	Voya GNMA Income Fund - Class R6		11,314,221			10.1
1,694,083	Voya High Yield Bond Fund - Class R6		11,502,826			10.3
1,342,197	Voya Intermediate Bond Fund - Class R6		11,341,561			10.1
214,275	Voya Large Cap Growth Fund - Class R6		10,951,589			9.8
562,985	Voya Mid Cap Research Enhanced Index Fund - Class I		10,927,545			9.8
1,147,886	Voya Multi-Manager Emerging Markets Equity Fund - Class I		11,237,809			10.1
1,120,493	Voya Multi-Manager International Equity Fund - Class I		11,328,184			10.1
767,673	Voya Small Company Fund - Class R6		10,962,363			9.8
	Total Mutual Funds (Cost $97,748,998)		100,854,625			90.2
	Total Long-Term Investments (Cost $109,481,763)		111,859,325			100.0
	Total Investments in Securities (Cost $109,481,763)	$	111,859,325			100.0
	Liabilities in Excess of Other Assets		(17,074	)		0.0
	Net Assets	$	111,842,251			100.0

See Accompanying Notes to Financial Statements

77

Voya Global Perspectives^® Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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, 2024
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	11,004,700	$	—	$	—	$	11,004,700
Mutual Funds		100,854,625		—		—		100,854,625
Total Investments, at fair value	$	111,859,325	$	—	$	—	$	111,859,325

^ 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.

The following table provides transactions during the period ended April 30, 2024, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 10/31/2023		Purchases at Cost		Sales at Cost			Change In Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 4/30/2024		Investment Income		Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Global Bond Fund - Class R6	$	19,372,358	$	1,413,325	$	(10,729,385	)	$	1,232,229		$	11,288,527	$	321,243	$	(170,386	)	$	—
Voya GNMA Income Fund - Class R6		19,274,601		1,437,330		(10,577,527	)		1,179,817			11,314,221		291,391		(232,924	)		—
Voya High Yield Bond Fund - Class R6		19,459,552		1,295,846		(10,111,485	)		858,913			11,502,826		510,059		154,220			—
Voya Intermediate Bond Fund -Class R6		19,292,845		1,343,809		(9,839,148	)		544,055			11,341,561		346,237		473,475			—
Voya Large Cap Growth Fund -Class R6		5,441,995		6,106,981		(2,114,892	)		1,517,505			10,951,589		9,529		429,041			—
Voya Mid Cap Research Enhanced Index Fund - Class I		5,312,052		5,852,999		(1,560,739	)		1,323,233			10,927,545		58,856		198,768			—
Voya Multi-Manager Emerging Markets Equity Fund - Class I		5,461,161		6,073,797		(1,266,214	)		969,065			11,237,809		119,052		69,334			—
Voya Multi-Manager International Equity Fund - Class I		—		11,649,772		(97,850	)		(223,738	)		11,328,184		—		(1,305	)		—
Voya Multi-Manager International Factors Fund - Class I		5,418,241		6,078,616		(11,861,648	)		364,791			—		232,384		678,011			—
Voya Small Company Fund - Class R6		5,274,370		5,763,489		(734,324	)		658,828			10,962,363		26,188		43,597			—
	$	104,307,175	$	47,015,964	$	(58,893,212	)	$	8,424,698		$	100,854,625	$	1,914,939	$	1,641,831		$	—

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

At April 30, 2024, 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 $111,361,213.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	3,347,546
Gross Unrealized Depreciation		(2,849,435	)
Net Unrealized Appreciation	$	498,111

See Accompanying Notes to Financial Statements

78

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 97.8%
	Australia: 4.4%
72,669	AGL Energy Ltd.	$	442,594		0.2
222,622 (1)	Alkane Resources Ltd.		89,085		0.0
43,953	ALS Ltd.		367,491		0.1
5,509	Altium Ltd.		232,754		0.1
8,830 (1)	Audinate Group Ltd.		106,011		0.1
79,793	Austin Engineering Ltd.		26,103		0.0
310,498	Base Resources Ltd.		50,285		0.0
1,114,951	Beacon Minerals Ltd.		21,668		0.0
12,335 (1)	Capricorn Metals Ltd.		39,048		0.0
17,538 (1)	Cettire Ltd.		33,338		0.0
122,982	Champion Iron Ltd.		557,332		0.2
48,259	Charter Hall Group		366,489		0.1
1,655	Clinuvel Pharmaceuticals Ltd.		15,985		0.0
5,774	Codan Ltd.		40,693		0.0
12,368 (1)(2)	DGL Group Ltd./Au		4,887		0.0
34,151	Duratec Ltd.		22,557		0.0
69,787	Emeco Holdings Ltd.		32,384		0.0
145,237	Gold Road Resources Ltd.		150,296		0.1
16,365	GR Engineering Services Ltd.		24,167		0.0
53,562	Grange Resources Ltd.		14,419		0.0
32,679	Helia Group Ltd.		83,878		0.0
22,825	Helloworld Travel Ltd.		40,034		0.0
156,949	Horizon Oil Ltd.		17,792		0.0
95,622	Iluka Resources Ltd.		464,972		0.2
122,226 (1)	Image Resources NL		6,968		0.0
70,931	Imdex Ltd.		95,124		0.1
35,650	Inghams Group Ltd.		84,379		0.0
15,081	JB Hi-Fi Ltd.		588,491		0.2
274,207 (1)	Karoon Energy Ltd.		338,440		0.1
352,652	Macmahon Holdings Ltd.		56,681		0.0
67,680	Magellan Financial Group Ltd.		384,295		0.2
27,563	Netwealth Group Ltd.		346,922		0.1
157,619	New Hope Corp. Ltd.		458,516		0.2
100,021	Nufarm Ltd.		330,597		0.1
1,805	Objective Corp. Ltd.		14,569		0.0
282,964	OceanaGold Corp.		612,525		0.2
36,306	OM Holdings Ltd.		11,289		0.0
61,824	Orora Ltd.		86,658		0.0
63,070	Perenti Ltd.		38,712		0.0
399,504	Perseus Mining Ltd.		584,362		0.2
55,885	PointsBet Holdings Ltd.		18,318		0.0
392,247	Ramelius Resources Ltd.		520,319		0.2
162,578 (1)	Regis Resources Ltd.		229,003		0.1
35,026	Seven Group Holdings Ltd.		851,099		0.3
188,925 (1)	Silver Lake Resources Ltd.		174,338		0.1
45,523	SmartGroup Corp. Ltd.		279,131		0.1
47,344	Southern Cross Electrical Engineering Ltd.		37,723		0.0
56,441	Super Retail Group Ltd.		524,809		0.2
79,349	Technology One Ltd.		821,833		0.3
28,889 (1)	Temple & Webster Group Ltd.		210,839		0.1
207,970	Ventia Services Group Pty Ltd.		484,018		0.2
365,038	Westgold Resources Ltd.		521,503		0.2

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Australia (continued)
188,965 (1)	Zip Co. Ltd.	$	148,092		0.1
			12,103,815		4.4
	Austria: 0.1%
1,638	Addiko Bank AG		32,340		0.0
333	DO & Co. AG		51,103		0.0
8,697	Kontron AG		175,076		0.1
1,609	Palfinger AG		36,231		0.0
2,747	Porr AG		41,638		0.0
590	Zumtobel Group AG		3,765		0.0
			340,153		0.1
	Belgium: 0.4%
1,528	Barco NV		21,198		0.0
533	Cie d’Entreprises CFE		4,351		0.0
19,204	Colruyt Group N.V		889,873		0.4
11,865	Deceuninck NV		32,209		0.0
2,945 (1)	Materialise NV, ADR		15,373		0.0
478	Sipef NV		28,771		0.0
3,786 (1)	TINC Comm VA		48,072		0.0
489	Wereldhave Belgium Comm VA		23,432		0.0
			1,063,279		0.4
	Bermuda: 0.4%
40,502	DHT Holdings, Inc.		462,533		0.2
1,809	Ocean Wilsons Holdings Ltd.		32,324		0.0
10,110 (1)	Seadrill Ltd.		490,349		0.2
			985,206		0.4
	Brazil: 0.1%
27,000 (1)	C&A MODAS SA		58,081		0.0
18,900	Cia de Saneamento do Parana		93,579		0.0
60,000	Santos Brasil Participacoes SA		156,569		0.1
			308,229		0.1
	Burkina Faso: 0.2%
25,867	Endeavour Mining PLC		540,583		0.2
	Canada: 9.4%
1,900	ADENTRA, Inc.		58,767		0.0
10,500	Aecon Group, Inc.		128,976		0.1
4,300	AGF Management Ltd. - Class B		24,613		0.0
24,954	AirBoss of America Corp.		106,403		0.0
61,888	Alamos Gold, Inc. - Class A		910,349		0.3
100,300 (1)	Athabasca Oil Corp.		349,719		0.1
19,409	Bird Construction, Inc.		266,889		0.1
22,700	Black Diamond Group Ltd.		139,664		0.1
15,951	Boardwalk Real Estate Investment Trust		821,158		0.3
10,077 (1)	Bombardier, Inc. - Class B		459,107		0.2
23,590	Boralex, Inc. - Class A		473,462		0.2
9,500	Canadian Western Bank		182,250		0.1
19,208 (1)	Canfor Corp.		202,454		0.1
2,696 (1)	Canfor Pulp Products, Inc.		2,977		0.0
39,100	Cascades, Inc.		262,437		0.1
66,503 (1)	Celestica, Inc.		2,879,631		1.1
13,700	Centerra Gold, Inc.		83,395		0.0

See Accompanying Notes to Financial Statements

79

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Canada (continued)
63,178	CES Energy Solutions Corp.	$	260,211		0.1
76,152	CI Financial Corp.		899,453		0.3
5,500 (1)	Coveo Solutions, Inc.		33,560		0.0
34,759 (1)	Crew Energy, Inc.		114,125		0.0
8,207 (1)	Docebo, Inc.		366,875		0.1
124,215	Dundee Precious Metals, Inc.		940,196		0.4
14,613	Enghouse Systems Ltd.		316,430		0.1
15,600 (1)	Ensign Energy Services, Inc.		28,896		0.0
7,369	EQB, Inc.		444,875		0.2
10,508	Exco Technologies Ltd.		53,966		0.0
45,994	Finning International, Inc.		1,442,982		0.5
31,600 (1)	Fortuna Silver Mines, Inc.		143,464		0.1
2,459	Hammond Power Solutions, Inc.		206,058		0.1
130,492	Headwater Exploration, Inc.		709,026		0.3
14,459	High Arctic Energy Services, Inc.		14,074		0.0
1,852	Information Services Corp.		35,664		0.0
3,500 (1)	Kinaxis, Inc.		372,691		0.1
3,400	Leon’s Furniture Ltd.		55,990		0.0
13,589	Linamar Corp.		639,941		0.2
21,528 (1)	Major Drilling Group International, Inc.		149,499		0.1
19,475	Martinrea International, Inc.		161,979		0.1
74,200 (1)	MEG Energy Corp.		1,687,576		0.6
2,200	Melcor Developments Ltd.		18,122		0.0
1,400	Morguard Corp.		112,547		0.0
10,159	Mullen Group Ltd.		94,310		0.0
4,400	Neo Performance Materials, Inc.		18,250		0.0
116,666 (1)	NuVista Energy Ltd.		1,054,244		0.4
200 (1)	O3 Mining, Inc.		211		0.0
14,974	Onex Corp.		1,062,369		0.4
4,074 (1)	Osisko Mining, Inc.		8,996		0.0
19,100	Paramount Resources Ltd. - Class A		432,877		0.2
31,829	Parex Resources, Inc.		554,895		0.2
18,400	Parkland Corp.		566,843		0.2
15,815	Pason Systems, Inc.		179,788		0.1
23,900	PHX Energy Services Corp.		155,554		0.1
3,100	Propel Holdings, Inc.		50,104		0.0
34,234	Russel Metals, Inc.		964,117		0.4
22,300	Secure Energy Services, Inc.		188,877		0.1
8,920	Silvercorp Metals, Inc.		28,315		0.0
11,625	SNC-Lavalin Group, Inc.		446,372		0.2
12,500	Stelco Holdings, Inc.		362,383		0.1
14,589	Stella-Jones, Inc.		847,585		0.3
57,426	Superior Plus Corp.		389,195		0.1
2,000	TECSYS, Inc.		56,282		0.0
10,900 (1)	Thinkific Labs, Inc.		27,000		0.0
40,700 (1)	Torex Gold Resources, Inc.		573,552		0.2
15,400	Total Energy Services, Inc.		108,286		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Canada (continued)
5,229 (1)	Valeura Energy, Inc.	$	21,157		0.0
25,700 (1)	Vitalhub Corp.		115,558		0.0
1,100	Wajax Corp.		27,032		0.0
10,400	Westshore Terminals Investment Corp.		200,045		0.1
81,487	Whitecap Resources, Inc.		617,967		0.2
			25,712,615		9.4
	Chile: 0.2%
55,305	Lundin Mining Corp.		631,529		0.2
	China: 0.7%
114,500	AAC Technologies Holdings, Inc.		364,412		0.1
134,940 (1)	Anhui Genuine New Materials Co. Ltd. - Class A		108,824		0.0
81,400	Canny Elevator Co. Ltd. - Class A		78,208		0.0
78,400	Central China Land Media Co. Ltd. - Class A		111,200		0.1
284,000	Ever Sunshine Services Group Ltd.		59,653		0.0
909,897 (1)	Greenland Hong Kong Holdings Ltd.		25,706		0.0
38,913	Hello Group, Inc., ADR		226,863		0.1
11,000	KHGEARS International Ltd.		32,470		0.0
27,000	Lemtech Holdings Co. Ltd.		107,594		0.0
31,758	Pacific Online Ltd.		1,705		0.0
3,411	Qifu Technology, Inc., ADR		62,387		0.0
24,311 (1)	Sunshine Guojian Pharmaceutical Shanghai Co. Ltd. - Class A		80,438		0.0
300,213	Ten Pao Group Holdings Ltd.		45,285		0.0
206,666	Xiamen Comfort Science & Technology Group Co. Ltd. - Class A		197,205		0.1
70,300	Xiamen Jihong Technology Co. Ltd. - Class A		146,267		0.1
31,666 (1)	Yiren Digital Ltd., ADR		159,597		0.1
38,486 (1)	Zhiou Home Furnishing Technology Co. Ltd. - Class A		124,411		0.1
			1,932,225		0.7
	Colombia: 0.1%
33,300 (1)	Aris Mining Corp.		134,976		0.1
	Denmark: 3.6%
25,512 (1)	ALK-Abello A/S		472,967		0.2
7,497 (1)	Ascendis Pharma A/S, ADR		1,037,885		0.4
14,811 (1)	Bang & Olufsen A/S		20,084		0.0
18,712 (1)(2)	Bavarian Nordic A/S		408,346		0.2
6,155	D/S Norden A/S		259,524		0.1
20,831	ISS A/S		390,027		0.1
9,340	Jyske Bank A/S, Reg		755,698		0.3
4,448 (1)	NKT A/S		368,981		0.1
82	North Media A/S		709		0.0
21,107	Pandora A/S		3,212,484		1.2

See Accompanying Notes to Financial Statements

80

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Denmark (continued)
1,801	Per Aarsleff Holding A/S	$	84,390		0.0
7,915	Rockwool A/S - Class B		2,580,201		0.9
1,323	Skjern Bank		37,292		0.0
4,135	Sparekassen Sjaelland-Fyn A/S		127,635		0.1
			9,756,223		3.6
	Egypt: 0.0%
234,266 (1)	Emaar Misr for Development SAE		20,709		0.0
7,129	Orascom Construction PLC		37,275		0.0
			57,984		0.0
	Finland: 0.7%
30	Alandsbanken Abp - Class B		1,053		0.0
4,809	Cargotec Oyj - Class B		379,287		0.2
27,935	Konecranes Oyj		1,468,136		0.5
35,682	Oriola Oyj - Class B		34,011		0.0
39	Ponsse Oyj		953		0.0
3	Relais Group Oyj		39		0.0
4,221	Scanfil Oyj		32,981		0.0
1,217	Vaisala Oyj - Class A		45,457		0.0
			1,961,917		0.7
	France: 7.3%
19,926	Accor SA		873,272		0.3
10,167	Arkema SA		1,049,101		0.4
1,077	Aubay		47,051		0.0
1,109	Boiron SA		40,552		0.0
5,282	CBo Territoria		20,877		0.0
11,166 (1)	Constellium SE		219,859		0.1
19,704 (1)	Criteo SA, ADR		690,428		0.3
8,405	Eiffage SA		896,802		0.3
37,465	Elis SA		841,142		0.3
9,534	Eurazeo SE		858,801		0.3
314	Fountaine Pajot SA		43,563		0.0
4,792	GL Events		96,145		0.0
342	Groupe Crit		27,447		0.0
15,631	Ipsen SA		1,901,301		0.7
3,430	Jacquet Metals SACA		66,416		0.0
2,691	Kaufman & Broad SA		86,762		0.0
71,216	Klepierre SA		1,912,325		0.7
28,221 (3)	La Francaise des Jeux SAEM		1,063,503		0.4
2,794	Lectra		95,187		0.0
2,263	LISI SA		59,298		0.0
698	Neurones		33,223		0.0
3,325	Nexans SA		354,102		0.1
15,023	Renault SA		744,140		0.3
64,446	Rexel SA		1,670,432		0.6
1,369	SEB SA		161,575		0.1
1,442 (2)	Serge Ferrari SAS		9,233		0.0
489	Societe BIC SA		34,388		0.0
4,361	Sopra Steria Group SACA		954,878		0.4
30,426	SPIE SA		1,106,311		0.4
300	Stef SA		40,724		0.0
1,221	Synergie SE		46,780		0.0
61,526	Technip Energies NV		1,448,941		0.5
2,455	Television Francaise 1 SA		22,418		0.0
19,328 (1)	Ubisoft Entertainment SA		455,164		0.2

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
65,759 (1)(2)	Vallourec SA	$	1,132,158		0.4
10,554 (3)	Verallia SA		406,490		0.2
240	Vetoquinol SA		24,162		0.0
4,398	Vicat SACA		162,367		0.1
1,153	Virbac SA		426,096		0.2
			20,123,414		7.3
	Germany: 5.5%
22,854	Aixtron SE		531,034		0.2
540	Amadeus Fire AG		64,788		0.0
955	Atoss Software AG		255,301		0.1
6,165	Aurubis AG		491,066		0.2
14,004	Bechtle AG		675,829		0.3
1,252	Bijou Brigitte AG		51,174		0.0
18,514	CTS Eventim AG & Co. KGaA		1,637,172		0.6
16,145	Duerr AG		413,015		0.2
948	Elmos Semiconductor SE		78,550		0.0
6,920	Ernst Russ AG		46,526		0.0
4,467	Fielmann AG		208,289		0.1
24,240	Freenet AG		673,833		0.2
21,581	GEA Group AG		871,010		0.3
5,815	Gerresheimer AG		626,259		0.2
7,364	GFT Technologies SE		215,712		0.1
2,629	HOCHTIEF AG		276,832		0.1
3,455	Hornbach Holding AG & Co. KGaA		271,114		0.1
9,074	HUGO BOSS AG		488,951		0.2
1,828	Indus Holding AG		49,635		0.0
1,382 (1)	Ionos SE		35,380		0.0
10,219	KION Group AG		470,973		0.2
750	Krones AG		98,874		0.0
696	Mutares SE & Co. KGaA		31,194		0.0
18,257	Nemetschek SE		1,613,359		0.6
65	New Work SE		4,134		0.0
6,251 (1)	ProCredit Holding AG & Co. KGaA		63,775		0.0
1,609	Rational AG		1,372,476		0.5
957 (1)	Rheinmetall AG		527,351		0.2
4,921	Salzgitter AG		126,377		0.1
8,419 (3)	Scout24 SE		618,441		0.2
4,673 (1)	SMA Solar Technology AG		245,099		0.1
1,125	Stabilus SE		69,804		0.0
492	Stemmer Imaging AG		18,115		0.0
61,744 (1)	TAG Immobilien AG		877,857		0.3
23,509 (1)(3)	TeamViewer SE		310,148		0.1
145,650	thyssenkrupp AG		730,972		0.3
9,724	Trivago NV, ADR		24,893		0.0
564	USU Software AG		10,955		0.0
			15,176,267		5.5
	Greece: 0.1%
3,638	Piraeus Port Authority SA		96,144		0.0
29,864 (1)	StealthGas, Inc.		186,949		0.1
7,911	Thrace Plastics Holding and Co.		33,770		0.0
			316,863		0.1
	Hong Kong: 0.6%
100,838	Analogue Holdings Ltd.		13,922		0.0
350,000	Brilliance China Automotive Holdings Ltd.		290,635		0.1

See Accompanying Notes to Financial Statements

81

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Hong Kong (continued)
204,478	Build King Holdings Ltd.	$	28,097		0.0
116,000	China Leon Inspection Holding Ltd.		21,798		0.0
24,903	China Merchants Land Ltd.		902		0.0
194,000	Comba Telecom Systems Holdings Ltd.		14,745		0.0
80,000	Computer & Technologies Holdings Ltd.		22,703		0.0
1,703	Computime Group Ltd.		91		0.0
111,072 (1)(4)	Ever Reach Group Holdings Co. Ltd.		3,692		0.0
691,406 (1)	Fountain SET Holdings Ltd.		45,076		0.0
32,276	Henan Jinma Energy Co. Ltd. - Class H		3,837		0.0
232,000 (1)	Hop Fung Group Holdings Ltd.		1,928		0.0
102,000	IVD Medical Holding Ltd.		26,339		0.0
14,087	Johnson Electric Holdings Ltd.		19,217		0.0
159,500	Kerry Properties Ltd.		309,209		0.1
58,501	Lee’s Pharmaceutical Holdings Ltd.		8,301		0.0
33,822	Lung Kee Bermuda Holdings		4,972		0.0
210,000	Media Chinese International Ltd.		4,644		0.0
223,367 (1)	Midland Holdings Ltd.		25,306		0.0
66,878	Niraku GC Holdings, Inc.		2,112		0.0
94,851 (1)	Road King Infrastructure Ltd.		14,406		0.0
1,211,244	Singamas Container Holdings Ltd.		84,766		0.1
61,500	SmarTone Telecommunications Holdings Ltd.		28,695		0.0
321,180	Tang Palace China Holdings Ltd.		15,191		0.0
3,031,176 (1)	Tongda Group Holdings Ltd.		30,611		0.0
496,000	United Laboratories International Holdings Ltd.		585,230		0.2
175,138	Vedan International Holdings Ltd.		11,866		0.0
15,840 (1)	Wai Kee Holdings Ltd.		1,843		0.0
22,239	Xingfa Aluminium Holdings Ltd.		21,606		0.0
319,000 (1)(4)	Xiwang Special Steel Co. Ltd.		—		—
119,814	Zengame Technology Holding Ltd.		52,364		0.1
			1,694,104		0.6
	India: 0.2%
25,620 (4)	Geodesic Ltd.		—		—
127,098	Indiabulls Housing Finance Ltd.		258,292		0.1
63,549 (1)	Indiabulls Housing Finance Ltd. Partly Paid		55,753		0.0
46,885	Manappuram Finance Ltd.		111,941		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	India (continued)
11,142	Pearl Global Industries Ltd.	$	80,845		0.0
21,379 (4)	Varun Industries Ltd.		—		—
573	WPIL Ltd.		25,403		0.0
			532,234		0.2
	Indonesia: 0.0%
1,609,000 (1)	Agung Podomoro Land Tbk PT		11,058		0.0
2,468,300 (1)	Alam Sutera Realty Tbk PT		20,038		0.0
494,000	Champ Resto Indonesia Tbk PT		32,660		0.0
672,600	IMC Pelita Logistik Tbk PT		18,863		0.0
24,432	Indo-Rama Synthetics Tbk PT		4,823		0.0
270,721 (1)	Mitrabahtera Segara Sejati Tbk PT		18,814		0.0
			106,256		0.0
	Ireland: 1.2%
96,686	Bank of Ireland Group PLC		1,031,586		0.4
105,323	Dalata Hotel Group PLC		473,656		0.2
5,539	DCC PLC		378,261		0.1
3,084	Dole PLC		37,532		0.0
43,680	Glanbia PLC		831,618		0.3
8,853	Smurfit Kappa Group PLC		383,597		0.2
			3,136,250		1.2
	Israel: 0.4%
37,721 (1)	Ceragon Networks Ltd.		104,487		0.0
62,556 (1)	Cognyte Software Ltd.		426,632		0.2
854	Ituran Location and Control Ltd.		21,931		0.0
1,963 (1)	Radware Ltd.		32,448		0.0
13,573 (1)	SimilarWeb Ltd.		100,304		0.0
101,678 (1)	Taboola.com Ltd.		427,048		0.2
7,854	Tel Aviv Stock Exchange Ltd.		52,036		0.0
			1,164,886		0.4
	Italy: 6.2%
411,310	A2A SpA		811,168		0.3
4,463	Abitare In SpA		19,052		0.0
50,584	Arnoldo Mondadori Editore SpA		121,193		0.1
5,271	Avio SpA		63,644		0.0
18,187	Azimut Holding SpA		479,273		0.2
6,083	Banca IFIS SpA		135,522		0.1
172,716 (1)	Banca Monte dei Paschi di Siena SpA		833,058		0.3
105,478	Banca Popolare di Sondrio SpA		881,245		0.3
157,653	Banco BPM SpA		1,035,094		0.4
386,980	BPER Banca		2,009,667		0.7
4,288	Brunello Cucinelli SpA		437,644		0.2
35,978	Buzzi Unicem SpA		1,296,301		0.5
20,013	Cairo Communication SpA		46,026		0.0
135,364 (1)	CIR SpA-Compagnie Industriali		80,395		0.0
54,108	Coca-Cola HBC AG - Class DI		1,746,533		0.6

See Accompanying Notes to Financial Statements

82

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Italy (continued)
25,026	d’Amico International Shipping SA	$	179,743		0.1
4,166	Danieli & C Officine Meccaniche SpA		106,943		0.0
18,332	Datalogic SpA		111,086		0.0
6,320	De’ Longhi SpA		207,249		0.1
14,331	ERG SpA		385,928		0.1
28,430	Fiera Milano SpA		109,388		0.0
254,754	Hera SpA		919,786		0.3
299,563	Iren SpA		602,189		0.2
91,684	Iveco Group NV		1,149,602		0.4
21,191	Leonardo SpA		487,013		0.2
6,538	Maire Tecnimont SpA		54,146		0.0
89,554	MFE-MediaForEurope NV - Class A		262,924		0.1
10,678	Orsero SpA		166,339		0.1
8,355	Piquadro SpA		16,228		0.0
397,227 (1)	Saipem SpA		911,530		0.3
265,104	Saras SpA		497,821		0.2
29,520 (1)	Sogefi SpA		90,466		0.0
3,839	SOL SpA		147,681		0.1
22 (1)	Somec SpA		344		0.0
57,261	Unipol Gruppo SpA		513,329		0.2
62,672	Webuild SpA		157,310		0.1
			17,072,860		6.2
	Japan: 21.3%
4,900	77 Bank Ltd.		138,525		0.1
5,600	A&D HOLON Holdings Co. Ltd.		97,255		0.1
2,400	ABC-Mart, Inc.		47,804		0.0
20,900	Adastria Co. Ltd.		455,083		0.2
1,800	Ad-sol Nissin Corp.		18,665		0.0
5,800	Adways, Inc.		16,550		0.0
1,900	AEON Financial Service Co. Ltd.		15,816		0.0
10,300	Aichi Steel Corp.		225,907		0.1
786	Aichi Tokei Denki Co. Ltd.		11,882		0.0
1,000	Aiphone Co. Ltd.		19,030		0.0
10,300	Aisan Industry Co. Ltd.		96,214		0.1
5,400	AIT Corp.		61,258		0.0
2,900	Akatsuki, Inc.		42,316		0.0
1,900	Akita Bank Ltd.		25,080		0.0
5,700	Almado, Inc.		53,323		0.0
1,200 (1)	AlphaPolis Co. Ltd.		14,616		0.0
1,900	Alps Logistics Co. Ltd.		38,562		0.0
42,800	Amada Co. Ltd.		467,465		0.2
7,300	Amano Corp.		175,574		0.1
600	Amiyaki Tei Co. Ltd.		24,042		0.0
6,300	Anest Iwata Corp.		53,761		0.0
3,900	AOKI Holdings, Inc.		27,475		0.0
1,000	Arata Corp.		22,156		0.0
4,000	Arealink Co. Ltd.		78,647		0.0
1,000	Argo Graphics, Inc.		25,654		0.0
5,900	Artner Co. Ltd.		81,272		0.1
9,800	Asahi Diamond Industrial Co. Ltd.		57,054		0.0
2,600	ASAHI YUKIZAI Corp.		81,180		0.0
5,000	Asia Pile Holdings Corp.		26,714		0.0
14,200	Asics Corp.		608,645		0.2

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
1,400	ASKA Pharmaceutical Holdings Co. Ltd.	$	20,655		0.0
3,100	Ateam, Inc.		12,267		0.0
12,500 (1)	Atrae, Inc.		34,502		0.0
2,200	Aucnet, Inc.		36,208		0.0
16,600	Avant Group Corp.		135,231		0.1
6,700	Avex, Inc.		55,162		0.0
6,400	Axial Retailing, Inc.		42,774		0.0
6,000	Bando Chemical Industries Ltd.		67,910		0.0
1,500	Bank of Iwate Ltd.		23,362		0.0
1,700	Bank of Saga Ltd.		23,619		0.0
1,200 (1)	baudroie, Inc.		25,609		0.0
2,800	Bewith, Inc.		33,716		0.0
15,700	BIPROGY, Inc.		456,735		0.2
10,100	BrainPad, Inc.		77,216		0.0
4,100	Bunka Shutter Co. Ltd.		44,189		0.0
5,200	Business Brain Showa-Ota, Inc.		66,999		0.0
3,600	Business Engineering Corp.		80,497		0.0
400	C Uyemura & Co. Ltd.		26,183		0.0
4,100	Carlit Holdings Co. Ltd.		29,834		0.0
5,400	Celsys, Inc.		28,410		0.0
2,000	Central Automotive Products Ltd.		73,210		0.0
3,300	Central Glass Co. Ltd.		58,602		0.0
1,500	Central Security Patrols Co. Ltd.		25,464		0.0
6,100	Chiba Kogyo Bank Ltd.		41,930		0.0
1,700	Chino Corp.		30,562		0.0
1,300	Chiyoda Integre Co. Ltd.		22,980		0.0
2,200	Chuetsu Pulp & Paper Co. Ltd.		23,711		0.0
4,100	Chugoku Marine Paints Ltd.		53,658		0.0
72,700	Citizen Watch Co. Ltd.		482,945		0.2
2,100	CMC Corp.		16,817		0.0
19,200	Comture Corp.		235,136		0.1
5,500	Copro-Holdings Co. Ltd.		54,859		0.0
1,800	Core Corp.		22,103		0.0
6,200	Cosmos Initia Co. Ltd.		33,925		0.0
43,600	Credit Saison Co. Ltd.		804,819		0.3
6,600	Creek & River Co. Ltd.		69,286		0.0
7,700	CTS Co. Ltd.		36,080		0.0
2,700	Cube System, Inc.		18,927		0.0
2,800 (1)	Cyber Security Cloud, Inc.		47,400		0.0
6,300	Cybozu, Inc.		63,767		0.0
75,800	Daicel Corp.		704,038		0.3
94,100	Daido Steel Co. Ltd.		1,037,595		0.4
2,700 (2)	Daihatsu Diesel Manufacturing Co. Ltd.		26,724		0.0
11,900	Daihen Corp.		723,370		0.3
7,600	Dai-Ichi Cutter Kogyo KK		73,336		0.0
1,400	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		25,547		0.0
2,400	Daisue Construction Co. Ltd.		24,500		0.0

See Accompanying Notes to Financial Statements

83

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
2,700	Daito Pharmaceutical Co. Ltd.	$	43,108		0.0
5,715	Daitron Co. Ltd.		122,032		0.1
2,400	Daiwa Industries Ltd.		24,384		0.0
3,100	Densan System Holdings Co. Ltd.		54,531		0.0
4,900	Digital Arts, Inc.		131,406		0.1
6,600	Digital Hearts Holdings Co. Ltd.		40,187		0.0
4,400	Digital Information Technologies Corp.		48,553		0.0
2,800	dip Corp.		47,320		0.0
26,700	DMG Mori Co. Ltd.		713,759		0.3
1,900	DMS, Inc.		21,372		0.0
9,900	Doshisha Co. Ltd.		136,458		0.1
6,300	Double Standard, Inc.		71,016		0.0
22,382	DTS Corp.		610,597		0.2
11,200	Ebara Corp.		923,261		0.4
1,500	Eco’s Co. Ltd./Japan		22,307		0.0
5,600	eGuarantee, Inc.		61,205		0.0
2,800	E-Guardian, Inc.		24,559		0.0
3,600	Ehime Bank Ltd.		26,845		0.0
27,000	Eiken Chemical Co. Ltd.		343,350		0.1
4,600	Elematec Corp.		56,139		0.0
19,400	en Japan, Inc.		322,524		0.1
26,000	Enigmo, Inc.		56,578		0.0
4,700	Entrust, Inc.		24,700		0.0
4,100	ERI Holdings Co. Ltd.		58,611		0.0
5,400	Exedy Corp.		98,867		0.1
8,000	Fibergate, Inc./Japan		56,534		0.0
1,600 (1)	FLECT Co. Ltd.		27,571		0.0
5,000	Forum Engineering, Inc.		29,842		0.0
2,400	FTGroup Co. Ltd.		18,785		0.0
1,700	Fudo Tetra Corp.		25,187		0.0
1,900	Fuji Corp./Aichi		31,873		0.0
3,700	Fuji Corp./Miyagi		42,977		0.0
8,000	Fuji Media Holdings, Inc.		95,083		0.1
22,100	Fuji Oil Co. Ltd.		67,229		0.0
2,300	Fuji Seal International, Inc.		29,554		0.0
15,200	Fuji Soft, Inc.		594,834		0.2
7,900	Fujikura Kasei Co. Ltd.		23,362		0.0
49,400	Fujikura Ltd.		848,906		0.3
2,000	Fujimori Kogyo Co. Ltd.		54,119		0.0
2,200	Fukuda Denshi Co. Ltd.		91,225		0.1
1,500	Fukushima Galilei Co. Ltd.		59,977		0.0
7,900	FULLCAST Holdings Co. Ltd.		75,726		0.0
6,000	Furukawa Electric Co. Ltd.		128,465		0.1
15,500	Furyu Corp.		118,087		0.1
5,200	Fuso Pharmaceutical Industries Ltd.		73,729		0.0
7,300	Futaba Corp.		21,464		0.0
8,500	Futaba Industrial Co. Ltd.		49,848		0.0
9,200	Future Corp.		92,813		0.1
5,800	Fuyo General Lease Co. Ltd.		497,406		0.2
13,200	Gakken Holdings Co. Ltd.		76,719		0.0
3,200	Gecoss Corp.		20,918		0.0
1,600	Global Link Management KK		27,574		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
11,700	Glory Ltd.	$	210,814		0.1
1,500	GMO GlobalSign Holdings KK		25,534		0.0
13,900	GungHo Online Entertainment, Inc.		204,351		0.1
3,600	Hanwa Co. Ltd.		138,515		0.1
16,700 (1)(2)	Hennge KK		108,165		0.1
1,400	Hioki EE Corp.		55,829		0.0
10,100	Hisamitsu Pharmaceutical Co., Inc.		245,042		0.1
64,400	Hitachi Zosen Corp.		498,449		0.2
2,000	Hochiki Corp.		30,731		0.0
2,200	Hodogaya Chemical Co. Ltd.		64,862		0.0
4,900	Hokkaido Gas Co. Ltd.		95,569		0.1
2,400	Hokkan Holdings Ltd.		27,493		0.0
5,100	Hokuhoku Financial Group, Inc.		62,561		0.0
12,200	Horiba Ltd.		1,183,633		0.5
3,600	HS Holdings Co. Ltd.		21,944		0.0
1,900	Hyakujushi Bank Ltd.		34,808		0.0
6,200	IBJ, Inc.		21,344		0.0
19,100	Ichikoh Industries Ltd.		64,642		0.0
3,100	ID Holdings Corp.		28,659		0.0
1,700	IDEA Consultants, Inc.		25,688		0.0
6,000	IMAGICA GROUP, Inc.		23,007		0.0
5,300	I-Net Corp./Kanagawa		68,130		0.0
1,800	Infocom Corp.		30,801		0.0
62,000	INFRONEER Holdings, Inc.		549,052		0.2
1,100	Integrated Design & Engineering Holdings Co. Ltd.		32,636		0.0
3,500	Intelligent Wave, Inc.		25,241		0.0
1,322	Invincible Investment Corp.		592,310		0.2
5,900	I-PEX, Inc.		66,321		0.0
2,100	ISB Corp.		17,111		0.0
900	Itochu-Shokuhin Co. Ltd.		42,563		0.0
17,500	Itoki Corp.		209,059		0.1
4,200	Iwaki Co. Ltd.		67,737		0.0
34,700	J Front Retailing Co. Ltd.		302,197		0.1
28,000 (2)	J Trust Co. Ltd.		79,676		0.0
8,400	JAC Recruitment Co. Ltd.		40,477		0.0
16,000	Japan Lifeline Co. Ltd.		117,435		0.1
16,500	Japan Medical Dynamic Marketing, Inc.		70,431		0.0
18,000	Japan System Techniques Co. Ltd.		191,490		0.1
5,300	Japan Transcity Corp.		24,389		0.0
1,900	Japaniace Co. Ltd.		29,630		0.0
3,400	JBCC Holdings, Inc.		71,901		0.0
2,400	JCU Corp.		57,299		0.0
15,100	Jeol Ltd.		598,253		0.2
1,400	JFE Systems, Inc.		32,780		0.0
28,200	JGC Holdings Corp.		271,825		0.1
6,600	JK Holdings Co. Ltd.		44,748		0.0
1,400	JSB Co. Ltd.		25,963		0.0
5,500	J-Stream, Inc.		13,651		0.0
3,700	Justsystems Corp.		64,449		0.0

See Accompanying Notes to Financial Statements

84

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
400	JUTEC Holdings Corp.	$	3,146		0.0
243	Kamei Corp.		3,129		0.0
3,600	Kanamoto Co. Ltd.		60,548		0.0
13,900	Kaneka Corp.		360,038		0.2
7,000	Kanematsu Corp.		113,819		0.1
4,400	Kanro, Inc.		63,129		0.0
1,700 (1)	Kaonavi, Inc.		15,601		0.0
2,500	Katakura Industries Co. Ltd.		30,575		0.0
5,700	Kato Works Co. Ltd.		50,009		0.0
4,800	KAWADA TECHNOLOGIES, Inc.		91,378		0.1
266	Kenedix Office Investment Corp.		262,366		0.1
1,200	KFC Ltd.		11,488		0.0
2,260	Kimura Unity Co. Ltd.		26,276		0.0
2,200	Kitagawa Corp.		21,453		0.0
5,300	Kita-Nippon Bank Ltd.		84,072		0.1
11,100	Kitz Corp.		94,481		0.1
2,000 (1)	KNT-CT Holdings Co. Ltd.		16,024		0.0
3,000	Koa Shoji Holdings Co. Ltd.		16,043		0.0
800	Koike Sanso Kogyo Co. Ltd.		34,739		0.0
1,400	Komatsu Wall Industry Co. Ltd.		28,314		0.0
4,500	Komori Corp.		35,151		0.0
123,700	Konica Minolta, Inc.		411,319		0.2
2,300	Konishi Co. Ltd.		19,533		0.0
3,900	Konoike Transport Co. Ltd.		56,543		0.0
4,000	KRS Corp.		29,642		0.0
1,100	Kurimoto Ltd.		29,263		0.0
3,100	Kuriyama Holdings Corp.		27,339		0.0
2,200	Kyowa Electronic Instruments Co. Ltd.		5,930		0.0
5,100	Kyushu Leasing Service Co. Ltd.		41,451		0.0
12,000 (2)	LAC Co. Ltd.		61,587		0.0
15,500	LIFULL Co. Ltd.		16,223		0.0
4,600	Linical Co. Ltd.		11,748		0.0
7,800	Link And Motivation, Inc.		24,715		0.0
1,400	Look Holdings, Inc.		26,516		0.0
9,500	M&A Capital Partners Co. Ltd.		128,255		0.1
5,900	Maezawa Industries, Inc.		47,685		0.0
2,900	Makino Milling Machine Co. Ltd.		116,327		0.1
1,600	Makiya Co. Ltd.		10,634		0.0
1,300	Maruzen Showa Unyu Co. Ltd.		38,893		0.0
2,600	Marvelous, Inc.		11,124		0.0
12,800	Matching Service Japan Co. Ltd.		98,436		0.1
2,100	Matsuoka Corp.		19,723		0.0
8,000	Maxell Ltd.		78,930		0.0
198,500	Mebuki Financial Group, Inc.		702,218		0.3
4,500	Media Do Co. Ltd.		38,644		0.0
6,800 (1)	Megachips Corp.		157,656		0.1
8,300	Meidensha Corp.		183,919		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
2,000	Meiji Electric Industries Co. Ltd.	$	20,747		0.0
9,500	MEITEC Group Holdings, Inc.		177,175		0.1
3,400	Melco Holdings, Inc.		73,908		0.0
6,300	Menicon Co. Ltd.		60,786		0.0
11,600	Micronics Japan Co. Ltd.		477,846		0.2
4,000	Mimaki Engineering Co. Ltd.		31,183		0.0
1,600	Mimasu Semiconductor Industry Co. Ltd.		36,905		0.0
9,600	Mitani Sangyo Co. Ltd.		22,116		0.0
15,800	Mito Securities Co. Ltd.		53,316		0.0
5,200	Mitsuba Corp.		47,745		0.0
21,900	Mitsubishi Gas Chemical Co., Inc.		387,503		0.2
1,200	Mitsubishi Kakoki Kaisha Ltd.		29,546		0.0
7,000	Mitsubishi Logisnext Co. Ltd.		69,038		0.0
3,100	Mitsubishi Shokuhin Co. Ltd.		109,921		0.1
6,100	Mitsui-Soko Holdings Co. Ltd.		179,931		0.1
800	Mizuno Corp.		38,827		0.0
14,600	Monex Group, Inc.		75,437		0.0
20,200	Morinaga Milk Industry Co. Ltd.		395,827		0.2
1,400	Moriroku Holdings Co. Ltd.		24,024		0.0
800	Morishita Jintan Co. Ltd.		12,093		0.0
4,900	Morita Holdings Corp.		57,684		0.0
800	Mory Industries, Inc.		33,318		0.0
7,700	Mugen Estate Co. Ltd.		67,724		0.0
2,000	Murakami Corp.		59,353		0.0
1,900	Mutoh Holdings Co. Ltd.		26,467		0.0
1,900	Naigai Trans Line Ltd.		30,336		0.0
19,900	Nakanishi, Inc.		305,702		0.1
10,287	Nakano Corp./Tokyo		41,008		0.0
18,200	Nankai Electric Railway Co. Ltd.		316,907		0.1
2,400	Nanyo Corp.		19,089		0.0
3,100	Needs Well, Inc.		16,430		0.0
2,900	NEOJAPAN, Inc.		27,443		0.0
19,200	NET One Systems Co. Ltd.		321,816		0.1
1,100	Nichias Corp.		30,151		0.0
5,200	Nichiban Co. Ltd.		62,934		0.0
42,900	Nichicon Corp.		363,160		0.2
4,400	Nihon Chouzai Co. Ltd.		42,938		0.0
3,200	Nihon Denkei Co. Ltd.		46,692		0.0
1,600	Nihon Falcom Corp.		12,012		0.0
3,900	Nihon Flush Co. Ltd.		22,548		0.0
4,300	Nihon Kohden Corp.		116,910		0.1
61,100	Nihon M&A Center Holdings, Inc.		334,421		0.1
2,700	Nihon Trim Co. Ltd.		60,969		0.0
80	Nippon Accommodations Fund, Inc.		333,161		0.1
2,900	Nippon Ceramic Co. Ltd.		49,631		0.0

See Accompanying Notes to Financial Statements

85

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
2,000	Nippon Chemical Industrial Co. Ltd.	$	30,618		0.0
1,700	Nippon Concept Corp.		19,518		0.0
16,100	Nippon Electric Glass Co. Ltd.		398,380		0.2
9,200	Nippon Shokubai Co. Ltd.		87,447		0.1
13,000	Nippon Thompson Co. Ltd.		53,870		0.0
2,600	Nishimoto Co. Ltd.		96,029		0.1
54,818	Nissan Tokyo Sales Holdings Co. Ltd.		192,270		0.1
1,800	Nissei ASB Machine Co. Ltd.		59,170		0.0
8,531	Nisshin Group Holdings Co. Ltd.		28,947		0.0
8,000	Nisshinbo Holdings, Inc.		60,648		0.0
13,900	Nisso Holdings Co. Ltd.		73,011		0.0
113,000	Nissui Corp.		678,027		0.3
11,100	Nitto Boseki Co. Ltd.		397,848		0.2
1,300	Nitto Kogyo Corp.		34,870		0.0
13,000	Nitto Seiko Co. Ltd.		50,765		0.0
3,400	NJS Co. Ltd.		67,599		0.0
7,200	Noritz Corp.		81,307		0.1
2,900	NSD Co. Ltd.		56,683		0.0
2,100	NSW, Inc./Japan		39,664		0.0
292,100	NTN Corp.		579,680		0.2
1,200	Ochi Holdings Co. Ltd.		12,137		0.0
4,600	Ohba Co. Ltd.		32,842		0.0
1,600	OIE Sangyo Co. Ltd.		16,342		0.0
1,800	Oiles Corp.		27,226		0.0
1,300	Oita Bank Ltd.		24,138		0.0
14,300	Okabe Co. Ltd.		72,759		0.0
2,000	Okada Aiyon Corp.		38,225		0.0
1,000	Okamoto Industries, Inc.		31,369		0.0
1,700	Okinawa Financial Group, Inc.		28,828		0.0
4,700	OKUMA Corp.		211,096		0.1
4,100	Okura Industrial Co. Ltd.		81,377		0.1
2,800	Onamba Co. Ltd.		22,744		0.0
1,100 (1)	One Career, Inc.		24,020		0.0
4,700 (1)	Optim Corp.		26,562		0.0
17,400	Optorun Co. Ltd.		213,756		0.1
1,000	Origin Co. Ltd.		7,632		0.0
7,800	Oro Co. Ltd.		128,882		0.1
45,400 (1)	Park24 Co. Ltd.		488,939		0.2
16,000	Parker Corp.		97,797		0.1
1,800	Pasco Corp.		22,469		0.0
2,200	PCA Corp.		27,101		0.0
5,700	Pegasus Co. Ltd.		18,898		0.0
3,400	Pickles Holdings Co. Ltd.		25,481		0.0
6,900	Pilot Corp.		184,677		0.1
10,900	Pole To Win Holdings, Inc.		34,293		0.0
4,900	Prestige International, Inc.		20,926		0.0
100	Pronexus, Inc.		728		0.0
7,300	QB Net Holdings Co. Ltd.		52,721		0.0
2,600	Rasa Corp.		31,268		0.0
95,100	Rengo Co. Ltd.		713,047		0.3
23,000	Resorttrust, Inc.		380,658		0.2
2,400	Rheon Automatic Machinery Co. Ltd.		22,806		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
2,100	Ride On Express Holdings Co. Ltd.	$	13,811		0.0
11,500	Riken Technos Corp.		73,534		0.0
2,500	Riken Vitamin Co. Ltd.		43,083		0.0
4,100	Riso Kagaku Corp.		76,533		0.0
126,600	Round One Corp.		556,119		0.2
4,500	Sac’s Bar Holdings, Inc.		24,348		0.0
1,000	Saison Information Systems Co. Ltd.		11,864		0.0
10,400	Sakata INX Corp.		105,628		0.1
2,800	San Holdings, Inc.		19,234		0.0
2,000	San ju San Financial Group, Inc.		26,438		0.0
63,600	Sankyo Co. Ltd.		690,824		0.3
1,519	Sankyo Frontier Co. Ltd.		41,388		0.0
12,100	Sankyu, Inc.		419,502		0.2
8,800 (1)	Sansan, Inc.		80,817		0.0
2,400	Sansei Technologies, Inc.		18,784		0.0
18,100 (2)	Sansha Electric Manufacturing Co. Ltd.		175,234		0.1
66,000	Santen Pharmaceutical Co. Ltd.		637,500		0.3
46,800	Sanwa Holdings Corp.		764,285		0.3
1,900	Sanyo Denki Co. Ltd.		89,583		0.1
1,800	Sanyo Shokai Ltd.		31,819		0.0
2,400	Sato Shoji Corp.		26,773		0.0
15,500	Sawai Group Holdings Co. Ltd.		577,615		0.2
1,900	Saxa Holdings, Inc.		34,547		0.0
5,900	SB Technology Corp.		109,523		0.1
6,100	SBI Global Asset Management Co. Ltd.		25,122		0.0
9,500	Scroll Corp.		56,413		0.0
3,600	Seed Co. Ltd./Tokyo		13,469		0.0
1,500	Seika Corp.		38,688		0.0
4,700	Seino Holdings Co. Ltd.		62,967		0.0
6,600	Sekisui Kasei Co. Ltd.		20,739		0.0
800	Senshu Electric Co. Ltd.		27,878		0.0
16,300	SERAKU Co. Ltd.		109,715		0.1
4,700	Seria Co. Ltd.		79,671		0.0
1,900	Shibaura Machine Co. Ltd.		42,534		0.0
1,100	Shibuya Corp.		24,584		0.0
3,100	Shikoku Bank Ltd.		22,320		0.0
11,100	Shimamura Co. Ltd.		547,195		0.2
2,800	Shimojima Co. Ltd.		22,438		0.0
2,100 (2)	Shin Maint Holdings Co. Ltd.		18,173		0.0
5,500	Shinagawa Refractories Co. Ltd.		67,024		0.0
7,400	Shizuoka Gas Co. Ltd.		45,280		0.0
15,800	SIGMAXYZ Holdings, Inc.		157,215		0.1
3,700	Sinfonia Technology Co. Ltd.		78,517		0.0
4,000	Sinko Industries Ltd.		101,582		0.1
1,700	SK-Electronics Co. Ltd.		34,851		0.0
900	SMK Corp.		13,965		0.0
7,700	SMS Co. Ltd.		106,549		0.1
17,100	Socionext, Inc.		499,929		0.2
4,800	Sodick Co. Ltd.		22,226		0.0
7,700	Softcreate Holdings Corp.		90,353		0.1

See Accompanying Notes to Financial Statements

86

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
5,569	Soken Chemical & Engineering Co. Ltd.	$	103,733		0.1
4,600	Soliton Systems KK		37,488		0.0
4,400	SPK Corp.		57,322		0.0
2,600	Sprix, Inc.		12,922		0.0
1,900	St Marc Holdings Co. Ltd.		25,494		0.0
3,300	Star Micronics Co. Ltd.		39,183		0.0
3,200	Startia Holdings, Inc.		29,491		0.0
2,600	St-Care Holding Corp.		14,626		0.0
2,700	Strike Co. Ltd.		75,490		0.0
18,500	Sumitomo Bakelite Co. Ltd.		526,934		0.2
18,400	Sumitomo Forestry Co. Ltd.		566,898		0.2
18,600 (1)	Sumitomo Pharma Co. Ltd.		46,941		0.0
4,800	Sumitomo Riko Co. Ltd.		39,963		0.0
4,000	Sumitomo Rubber Industries Ltd.		48,551		0.0
1,000	Sumitomo Seika Chemicals Co. Ltd.		31,846		0.0
5,300	Sun Frontier Fudousan Co. Ltd.		65,918		0.0
7,100 (1)(2)	Sun*, Inc.		41,576		0.0
3,200	Sun-Wa Technos Corp.		45,842		0.0
2,200	System Research Co. Ltd.		21,873		0.0
4,200	System Support, Inc.		49,745		0.0
2,690	Tachikawa Corp.		24,446		0.0
1,000	Taihei Dengyo Kaisha Ltd.		28,146		0.0
1,900	Taiyo Holdings Co. Ltd.		38,719		0.0
5,600	Takaoka Toko Co. Ltd.		78,341		0.0
4,200	Takara & Co. Ltd.		69,356		0.0
1,500	Takasago International Corp.		33,287		0.0
1,200	Takasago Thermal Engineering Co. Ltd.		40,229		0.0
20,100	Takeuchi Manufacturing Co. Ltd.		762,458		0.3
7,600	Takuma Co. Ltd.		95,105		0.1
2,400	Tanabe Consulting Group Co. Ltd.		15,266		0.0
4,200	TDC Soft, Inc.		30,786		0.0
6,300	TechMatrix Corp.		66,768		0.0
800	Techno Medica Co. Ltd.		8,835		0.0
1,100	Techno Quartz, Inc.		37,176		0.0
4,300	Tecnos Japan, Inc.		16,066		0.0
2,900	Teikoku Electric Manufacturing Co. Ltd.		45,745		0.0
2,200	Temairazu, Inc.		45,026		0.0
1,800	Tenma Corp.		25,728		0.0
2,000	Terasaki Electric Co. Ltd.		24,136		0.0
1,600	TKC Corp.		36,821		0.0
108,300	TOA ROAD Corp.		891,538		0.3
5,900	Tocalo Co. Ltd.		67,986		0.0
22,900	Tochigi Bank Ltd.		51,520		0.0
2,700	Togami Electric Manufacturing Co. Ltd.		53,214		0.0
4,500	Toho Holdings Co. Ltd.		107,808		0.1
3,600	Tokyo Energy & Systems, Inc.		30,759		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
2,500	Tokyo Rope Manufacturing Co. Ltd.	$	22,838		0.0
12,800	Tokyo Seimitsu Co. Ltd.		832,932		0.3
36,300	Tokyo Tatemono Co. Ltd.		604,031		0.2
73,300	Tokyu Fudosan Holdings Corp.		537,015		0.2
11,100	Toli Corp.		27,978		0.0
15,300	TOMONY Holdings, Inc.		40,442		0.0
8,700	Tomy Co. Ltd.		139,106		0.1
1,800	Tonami Holdings Co. Ltd.		54,836		0.0
3,000	Topre Corp.		48,425		0.0
2,500	Topy Industries Ltd.		42,401		0.0
1,900	Torishima Pump Manufacturing Co. Ltd.		34,303		0.0
5,700	Toshiba TEC Corp.		114,649		0.1
13,600	Towa Bank Ltd.		58,233		0.0
10,600	Towa Pharmaceutical Co. Ltd.		190,804		0.1
3,700	Toyo Denki Seizo KK		26,297		0.0
12,300	Toyo Engineering Corp.		73,369		0.0
1,200	Toyo Kanetsu KK		33,295		0.0
13,000	Toyo Suisan Kaisha Ltd.		812,946		0.3
40,900	Toyo Tire Corp.		773,792		0.3
26,100	Toyoda Gosei Co. Ltd.		505,314		0.2
2,500	TPR Co. Ltd.		36,946		0.0
19,700	Traders Holdings Co. Ltd.		93,052		0.1
1,800	Transaction Co. Ltd.		20,397		0.0
6,600	Transcosmos, Inc.		142,674		0.1
6,900	Trusco Nakayama Corp.		114,142		0.1
4,000	Tsubakimoto Chain Co.		137,712		0.1
2,400	Tsubakimoto Kogyo Co. Ltd.		33,272		0.0
7,100	Tsugami Corp.		61,301		0.0
7,300	Tsukada Global Holdings, Inc.		20,022		0.0
16,800	Tsumura & Co.		404,825		0.2
7,800	TYK Corp./Tokyo		23,232		0.0
11,800	Ubicom Holdings, Inc.		86,690		0.1
1,100	Uchida Yoko Co. Ltd.		48,752		0.0
1,900 (2)	ULS Group, Inc.		47,571		0.0
1,100	Union Tool Co.		31,866		0.0
5,500	Unipres Corp.		40,691		0.0
1,500	UNIRITA, Inc.		18,287		0.0
5,100	United Arrows Ltd.		58,775		0.0
11,200	UNITED, Inc./Japan		59,040		0.0
3,400	UT Group Co. Ltd.		71,298		0.0
3,300	V Technology Co. Ltd.		53,017		0.0
6,600	ValueCommerce Co. Ltd.		45,175		0.0
3,800	Vector, Inc.		31,868		0.0
2,200	Vertex Corp./Japan		24,469		0.0
6,100 (1)	Vision, Inc./Tokyo Japan		44,617		0.0
600	WDB coco Co. Ltd.		17,108		0.0
5,500	Will Group, Inc.		37,536		0.0
4,600	WingArc1st, Inc.		77,908		0.0
1,400	World Holdings Co. Ltd.		20,973		0.0
3,400	Wowow, Inc.		23,672		0.0
8,000	YAMABIKO Corp.		105,868		0.1
2,300	YAMADA Consulting Group Co. Ltd.		27,488		0.0

See Accompanying Notes to Financial Statements

87

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
67,600	Yamaguchi Financial Group, Inc.	$	682,869		0.3
2,300	Yamaichi Electronics Co. Ltd.		39,667		0.0
10,700	Yamashin-Filter Corp.		29,058		0.0
17,800	Yokowo Co. Ltd.		189,004		0.1
5,400	Yorozu Corp.		32,805		0.0
3,000	Yossix Holdings Co. Ltd.		53,355		0.0
3,400	Yushin Precision Equipment Co. Ltd.		15,015		0.0
4,700	Yutaka Giken Co. Ltd.		73,660		0.0
1,700	Zaoh Co. Ltd.		27,166		0.0
7,100	Zenrin Co. Ltd.		40,123		0.0
2,000	ZERIA Pharmaceutical Co. Ltd.		26,524		0.0
16,700	ZIGExN Co. Ltd.		55,966		0.0
			58,563,116		21.3
	Jordan: 0.8%
94,131	Hikma Pharmaceuticals PLC		2,260,134		0.8
	Liechtenstein: 0.0%
1,145	Liechtensteinische Landesbank AG		87,407		0.0
	Macao: 0.2%
385,200	MGM China Holdings Ltd.		650,196		0.2
	Malaysia: 0.2%
249,300	CCK Consolidated Holdings BHD		57,287		0.0
29,200	CSC Steel Holdings Bhd		8,627		0.0
165,700	Frencken Group Ltd.		174,981		0.1
287,300	Kelington Group Bhd		164,501		0.1
58,500 (1)	KSL Holdings Bhd		21,016		0.0
211,700	Malayan Flour Mills Bhd		29,243		0.0
3,414	Nextracker, Inc.		440		0.0
98,300	Spritzer BHD		48,403		0.0
			504,498		0.2
	Mexico: 0.1%
353	Corporativo Fragua SAB de CV		15,825		0.0
3,138 (1)	Vista Energy SAB de CV, ADR		135,405		0.1
			151,230		0.1
	Netherlands: 2.4%
5,757	Arcadis NV		355,547		0.1
18,274	ASR Nederland NV		914,423		0.3
11,181	BE Semiconductor Industries NV		1,483,431		0.6
7,771 (3)	Euronext NV		699,786		0.3
48,413	Fugro NV		1,174,271		0.4
258,307	Koninklijke BAM Groep NV		1,052,965		0.4
578	Nedap NV		38,373		0.0
15,725	OCI NV		422,949		0.2
338,142 (1)(2)	Pharming Group NV		314,927		0.1
1,143	TKH Group NV		49,234		0.0
2,219	Van Lanschot Kempen NV		78,606		0.0
64	Vastned Retail NV		1,431		0.0
			6,585,943		2.4

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	New Zealand: 0.1%
46,798	Air New Zealand Ltd.	$	15,166		0.0
8,037	Scales Corp. Ltd.		16,102		0.0
51,430	SKY Network Television Ltd.		88,188		0.1
			119,456		0.1
	Norway: 1.0%
10,146	2020 Bulkers Ltd.		156,574		0.1
29,187	ABG Sundal Collier Holding ASA		15,239		0.0
67,141	Belships ASA		151,405		0.1
170	Bouvet ASA		934		0.0
14,847	Ecit AS - Class B		9,035		0.0
11,158	Elopak ASA		33,850		0.0
12,603	Golden Ocean Group Ltd.		177,576		0.1
66,575	Hoegh Autoliners ASA		698,782		0.3
242,488	MPC Container Ships ASA		389,774		0.1
304,866 (1)	Norwegian Air Shuttle ASA		395,959		0.2
2,740	Odfjell SE - Class A		43,292		0.0
3,578	Protector Forsikring ASA		72,328		0.0
50,921	Reach Subsea ASA		28,512		0.0
65,478 (1)	SATS ASA		101,973		0.0
1,938	SpareBank 1 Nord Norge		17,512		0.0
3,785	Sparebanken More		28,935		0.0
5,460	Stolt-Nielsen Ltd.		233,470		0.1
2,084	Wilh Wilhelmsen Holding ASA - Class A		72,790		0.0
			2,627,940		1.0
	Philippines: 0.0%
18,300	Ginebra San Miguel, Inc.		51,952		0.0
1,430,000	Megaworld Corp.		45,300		0.0
			97,252		0.0
	Poland: 0.5%
14,461 (2)	Arctic Paper SA		72,983		0.0
10,639	Asseco Poland SA		209,088		0.1
1,875	Asseco South Eastern Europe SA		23,112		0.0
114,705 (1)	Bank Millennium SA		261,170		0.1
194	Benefit Systems SA		131,597		0.1
1,206	BNPP Bank Polska SA		30,028		0.0
5,716 (1)(2)	CCC SA		132,496		0.1
93,233 (1)	Enea SA		194,505		0.1
21,800 (2)	Eurocash SA		73,290		0.0
11,747 (1)	Jastrzebska Spolka Weglowa SA		88,436		0.0
5,039	LiveChat Software SA		111,801		0.0
21,412 (1)	PKP Cargo SA		63,443		0.0
204 (2)	Stalprodukt SA		10,762		0.0
2,199 (2)	TEN Square Games SA		46,638		0.0
			1,449,349		0.5
	Portugal: 0.5%
2,981,260 (1)	Banco Comercial Portugues SA - Class R		1,040,910		0.4
34,981	Mota-Engil SGPS SA		151,391		0.1
56,765	Sonae SGPS SA		56,837		0.0
			1,249,138		0.5
	Singapore: 0.6%
59,000	China Sunsine Chemical Holdings Ltd.		17,890		0.0

See Accompanying Notes to Financial Statements

88

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Singapore (continued)
29,800	CSE Global Ltd.	$	9,223		0.0
403,600	Frasers Logistics & Commercial Trust		292,362		0.1
30,600	Frasers Property Ltd.		17,893		0.0
553,000 (1)	IGG, Inc.		230,530		0.1
1,710,000	Keppel Pacific Oak US REIT		232,406		0.1
114,100	Pacific Century Regional Developments Ltd.		27,584		0.0
52,600	Samudera Shipping Line Ltd.		34,922		0.0
18,700	Sarine Technologies Ltd.		3,767		0.0
196,500	Sembcorp Industries Ltd.		767,937		0.3
83,600	Sing Holdings Ltd.		20,210		0.0
19,950	Sing Investments & Finance Ltd.		14,176		0.0
31,892	Tai Sin Electric Ltd.		9,112		0.0
53,000	Tiong Woon Corp. Holding Ltd.		19,025		0.0
			1,697,037		0.6
	South Africa: 0.9%
99,298	Harmony Gold Mining Co. Ltd., ADR		850,984		0.3
102,043	Investec PLC - ZAR		654,453		0.3
8,994	JOYY, Inc., ADR		293,384		0.1
46,729	Momentum Metropolitan Holdings		51,170		0.0
51,144	Mr Price Group Ltd.		475,265		0.2
			2,325,256		0.9
	South Korea: 3.5%
1,452	Advanced Process Systems Corp.		36,376		0.0
5,628	AfreecaTV Co. Ltd.		455,540		0.2
18,335 (1)	Agabang&Co.		67,259		0.0
1,307	AK Holdings, Inc.		14,305		0.0
2	ASIA Holdings Co. Ltd.		342		0.0
4,710	Asia Paper Manufacturing Co. Ltd.		28,933		0.0
16,487	Atinum Investment Co. Ltd.		33,373		0.0
4,646	Baiksan Co. Ltd.		46,126		0.0
857	Binggrae Co. Ltd.		44,124		0.0
13,919	Byucksan Corp.		22,567		0.0
20,400	Classys, Inc.		555,191		0.2
2,763	Com2uSCorp		79,312		0.0
2,725	Cuckoo Holdings Co. Ltd.		38,569		0.0
33,171	Dae Hyun Co. Ltd.		46,144		0.0
6,145	Daewon San Up Co. Ltd.		29,211		0.0
2,978	Daihan Pharmaceutical Co. Ltd.		61,150		0.0
5,611	Dentium Co. Ltd.		523,499		0.2
11,558	DGB Financial Group, Inc.		70,600		0.0
4,561	DMS Co. Ltd.		20,741		0.0
1,584	Dongwon F&B Co. Ltd.		44,468		0.0
1,516	DoubleUGames Co. Ltd.		47,850		0.0
2,267	DY POWER Corp.		21,381		0.0
8,077	Eusu Holdings Co. Ltd.		32,859		0.0
1,300	Fursys, Inc.		35,443		0.0
3,062	Gabia, Inc.		39,312		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
23,067	H.PIO Co. Ltd.	$	64,834		0.0
2,042	Hanmi Pharm Co. Ltd.		465,174		0.2
4,414	Hanyang Securities Co. Ltd.		33,769		0.0
6,080	HD Hyundai Electric Co. Ltd.		1,072,601		0.4
3,456 (1)	Hyundai Livart Furniture Co. Ltd.		18,993		0.0
4,254	Hyundai Motor Securities Co. Ltd.		27,324		0.0
2,040	IDIS Holdings Co. Ltd.		15,129		0.0
8,332	Iljin Holdings Co. Ltd.		25,783		0.0
28,970	JB Financial Group Co. Ltd.		277,963		0.1
4,964 (1)	Jin Air Co. Ltd.		49,950		0.0
1,918	JS Corp.		26,078		0.0
4,796	KC Tech Co. Ltd./New		125,744		0.1
3,015	Kolon Corp.		35,678		0.0
38,154	Korea Asset In Trust Co. Ltd.		84,880		0.1
396	KPX Chemical Co. Ltd.		13,004		0.0
9,359 (1)	Kumho Tire Co., Inc.		47,389		0.0
3,470	LEADCORP, Inc.		13,457		0.0
2,827	LEENO Industrial, Inc.		503,701		0.2
73	LF Corp.		813		0.0
7,130	LOT Vacuum Co. Ltd.		101,819		0.1
9,174	LOTTE Fine Chemical Co. Ltd.		297,768		0.1
3,276	LOTTE Himart Co. Ltd.		22,761		0.0
1,941	LX Hausys Ltd.		60,351		0.0
2,831	Maeil Dairies Co. Ltd.		83,134		0.1
2,191	Mcnex Co. Ltd.		40,303		0.0
2,411	MegaStudy Co. Ltd.		19,416		0.0
4,025	NeoPharm Co. Ltd.		75,415		0.0
613 (1)	NEOWIZ HOLDINGS Corp.		8,701		0.0
2,214	NICE Holdings Co. Ltd.		19,671		0.0
599	Nice Information & Telecommunication, Inc.		9,708		0.0
13,277	NICE Information Service Co. Ltd.		101,433		0.1
1,014	NongShim Co. Ltd.		291,160		0.1
6,191	NOROO Paint & Coatings Co. Ltd.		42,160		0.0
3,140	PHA Co. Ltd.		25,449		0.0
7,376	Poongsan Corp.		344,659		0.1
3,975	POONGSAN Corp.		87,361		0.1
3,023	Rayence Co. Ltd.		18,770		0.0
9,090 (1)	Refine Co. Ltd.		69,217		0.0
87,913 (4)	S&C Engine Group Ltd.		—		—
8,006	Sam Young Electronics Co. Ltd.		63,323		0.0
3,844	Sambo Corrugated Board Co. Ltd.		29,111		0.0
976	Samchully Co. Ltd.		64,812		0.0
2,982	Sammok S-Form Co. Ltd.		42,440		0.0
24,535 (1)	Samsung Engineering Co. Ltd.		465,167		0.2
1,134	Samyang Holdings Corp.		57,089		0.0

See Accompanying Notes to Financial Statements

89

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
5,759	SeAH Besteel Holdings Corp.	$	92,094		0.1
144	SeAH Holdings Corp.		11,522		0.0
232	SeAH Steel Holdings Corp.		38,759		0.0
14,101	Sebang Co. Ltd.		122,583		0.1
3,541	Segyung Hitech Co. Ltd.		24,476		0.0
1,306	Seoul City Gas Co. Ltd.		53,876		0.0
8,661	Seoyon Co. Ltd.		58,186		0.0
22,652	Shinsung Tongsang Co. Ltd.		29,802		0.0
1,735	SJ Group Co. Ltd.		8,866		0.0
2,085	SK Discovery Co. Ltd.		68,386		0.0
3,242	SL Corp.		78,172		0.0
10,720	SNT Dynamics Co. Ltd.		122,627		0.1
22,624 (1)	SOLUM Co. Ltd.		426,227		0.2
1,330	Spigen Korea Co. Ltd.		29,200		0.0
9,828	STIC Investments, Inc.		61,497		0.0
126	Taekwang Industrial Co. Ltd.		60,821		0.0
2,484 (1)	Thinkware Systems Corp.		27,717		0.0
24,076	Tongyang Life Insurance Co. Ltd.		92,345		0.1
2,315	Ubiquoss, Inc.		28,543		0.0
5,491	Uju Electronics Co. Ltd.		79,474		0.1
1,445	Unid Co. Ltd.		100,033		0.1
4,222	WiSoL Co. Ltd.		27,113		0.0
10,985	Youngone Corp.		303,987		0.1
			9,684,443		3.5
	Spain: 3.6%
51,632	Acerinox SA		556,264		0.2
59,157	ACS Actividades de Construccion y Servicios SA		2,369,267		0.9
787,943	Banco de Sabadell SA		1,505,134		0.5
165,770	Bankinter SA		1,310,275		0.5
20,424	Cia de Distribucion Integral Logista Holdings SA		555,522		0.2
45,870	Indra Sistemas SA		876,890		0.3
14,498	Laboratorios Farmaceuticos Rovi SA		1,301,109		0.5
164,711	Mapfre SA		397,377		0.1
19,294 (1)	Melia Hotels International SA		150,037		0.1
78,167	Merlin Properties Socimi SA		879,314		0.3
7,389	Naturhouse Health SAU		13,169		0.0
			9,914,358		3.6
	Sweden: 2.3%
27,826	AFRY AB		437,111		0.2
10,943	Alleima AB		68,015		0.0
17,284	Alligo AB - Class B		201,736		0.1
65,620	Arjo AB - Class B		275,407		0.1
20,239 (2)	Avanza Bank Holding AB		433,722		0.2
16,067	Axfood AB		415,645		0.2
96	Beijer Alma AB		1,817		0.0
14,518	Betsson AB - Class B		160,473		0.1
17,650	BioGaia AB - Class B		187,947		0.1

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Sweden (continued)
102,505	Bredband2 i Skandinavien AB	$	17,896		0.0
4,973	Bufab AB		151,273		0.1
2 (1)	Careium AB		5		0.0
1,849	Cellavision AB		37,537		0.0
3,712	Clas Ohlson AB - Class B		44,798		0.0
6,300	Doro AB		11,433		0.0
23,332	Electrolux Professional AB - Class B		150,653		0.1
1,265	Ependion AB		12,466		0.0
11,403	Fagerhult Group AB		73,171		0.0
5,708	Fasadgruppen Group AB		35,583		0.0
2,964	G5 Entertainment AB		32,136		0.0
10,656	Heba Fastighets AB - Class B		31,474		0.0
13,083	Hemnet Group AB		340,010		0.1
5,626	Inwido AB		69,292		0.0
4,657	Lagercrantz Group AB - Class B		68,334		0.0
13,535	Lindab International AB		271,895		0.1
12,809	Loomis AB		327,357		0.1
274	Micro Systemation AB - Class B		1,267		0.0
8,468	Mycronic AB		294,720		0.1
29,917	NCC AB - Class B		363,861		0.1
53,476 (1)	Neobo Fastigheter AB		76,520		0.0
166,960 (1)	Net Insight AB - Class B		79,538		0.0
33,254	Nordic Paper Holding AB		166,354		0.1
25,710	Ratos AB - Class B		89,235		0.1
5,165 (1)	RaySearch Laboratories AB		56,522		0.0
8,136	Scandi Standard AB		56,625		0.0
3,204	Solid Forsakring AB		20,991		0.0
3,729	Systemair AB		25,378		0.0
14,592 (1)	Tobii Dynavox AB		72,126		0.0
15,702	Trelleborg AB - Class B		553,377		0.2
1,623	VBG Group AB - Class B		56,796		0.0
2,565	Volati AB		23,880		0.0
56,989	Wihlborgs Fastigheter AB		477,319		0.2
10,370	Zinzino AB - Class B		69,350		0.0
			6,341,045		2.3
	Switzerland: 5.3%
34,449	Accelleron Industries AG		1,339,335		0.5
9,664	Adecco Group AG		338,071		0.1
360	ALSO Holding AG		88,674		0.0
53,827 (1)	Aryzta AG		101,907		0.1
1,506 (1)	Basilea Pharmaceutica AG, Reg		64,636		0.0
518	Belimo Holding AG		239,672		0.1
7,542	BKW AG		1,119,519		0.4
955	Bucher Industries AG, Reg		366,963		0.1
158	Burckhardt Compression Holding AG		100,634		0.0
558	Burkhalter Holding AG		61,187		0.0
86	Cie Financiere Tradition SA - Class BR		13,565		0.0
2,007	Comet Holding AG, Reg		633,311		0.2
2,523	Flughafen Zurich AG, Reg		505,107		0.2
140	Forbo Holding AG, Reg		161,699		0.1

See Accompanying Notes to Financial Statements

90

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Switzerland (continued)
9,136 (3)	Galenica AG	$	699,071		0.3
663	Huber + Suhner AG, Reg		52,742		0.0
203	Inficon Holding AG		282,251		0.1
336	Kardex Holding AG		88,900		0.0
7,152 (1)	Kudelski SA - Class BR		11,126		0.0
4,303	Landis+Gyr Group AG		318,353		0.1
25	LEM Holding SA		42,589		0.0
30,746	Logitech International SA		2,393,798		0.9
5,322	Meier Tobler Group AG		178,317		0.1
17	Metall Zug AG, Reg		23,487		0.0
1,707	Mikron Holding AG, Reg		33,239		0.0
3,607 (1)(2)	On Holding AG - Class A		114,522		0.1
47 (1)	Phoenix Mecano AG		25,258		0.0
7,205	PSP Swiss Property AG, Reg		890,692		0.3
789	Siegfried Holding AG, Reg		753,955		0.3
6,644	Sulzer AG, Reg		804,722		0.3
3,413	Swissquote Group Holding SA, Reg		923,129		0.3
663	Tecan Group AG, Reg		233,897		0.1
21,165	Temenos AG		1,316,620		0.5
732	u-blox Holding AG		67,716		0.0
117	Vaudoise Assurances Holding SA		56,899		0.0
684	VZ Holding AG		78,883		0.0
397	Ypsomed Holding AG		141,507		0.1
			14,665,953		5.3
	Taiwan: 1.7%
16,000	Alltop Technology Co. Ltd.		108,083		0.0
122,000	AmTRAN Technology Co. Ltd.		57,038		0.0
15,000	ASROCK, Inc.		103,165		0.0
28,000 (1)	Azurewave Technologies, Inc.		37,668		0.0
15,000	Bon Fame Co. Ltd.		46,473		0.0
1,421	ChipMOS Technologies, Inc., ADR		39,632		0.0
62,000	CviLux Corp.		82,472		0.0
50,000	Darfon Electronics Corp.		96,687		0.0
18,000	DingZing Advanced Materials, Inc.		109,034		0.1
54,000	Ennoconn Corp.		540,010		0.2
71,000	Everlight Electronics Co. Ltd.		137,141		0.1
70,000	FocalTech Systems Co. Ltd.		180,332		0.1
31,000	Foxsemicon Integrated Technology, Inc.		285,953		0.1
30,000	FSP Technology, Inc.		56,753		0.0
30,000	Getac Holdings Corp.		96,179		0.0
15,000	Global Lighting Technologies, Inc.		28,703		0.0
26,000	Global Mixed Mode Technology, Inc.		229,003		0.1
18,000	ITE Technology, Inc.		91,474		0.0
3,000	Keystone Microtech Corp.		27,233		0.0
70,670	Kindom Development Co. Ltd.		122,059		0.1
20,000	Lida Holdings Ltd.		18,666		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Taiwan (continued)
12,080	Mega Union Technology, Inc.	$	132,874		0.1
36,000	Merry Electronics Co. Ltd.		133,100		0.1
21,000	Munsin Garment Corp.		39,341		0.0
31,000	Nova Technology Corp./ Taiwan		192,745		0.1
60,000	Orient Semiconductor Electronics Ltd.		116,323		0.1
27,000	Pixart Imaging, Inc.		130,308		0.1
10,000	Raydium Semiconductor Corp.		130,359		0.1
50,000	Rechi Precision Co. Ltd.		42,495		0.0
19,000	Rich Honour International Designs Co. Ltd.		36,373		0.0
16,000	Sentelic Corp.		48,735		0.0
5,000	Sinmag Equipment Corp.		23,794		0.0
69,000	Sinon Corp.		85,893		0.0
36,000	Sitronix Technology Corp.		307,454		0.1
16,000	Sunrex Technology Corp.		30,168		0.0
30,000	Sunspring Metal Corp.		26,819		0.0
45,000	Syscom Computer Engineering Co.		80,608		0.0
40,000	Systex Corp.		152,935		0.1
18,000	TaiSol Electronics Co. Ltd.		40,644		0.0
7,000	Tofu Restaurant Co. Ltd.		61,590		0.0
103,000	Ubright Optronics Corp.		181,624		0.1
10,255	Userjoy Technology Co. Ltd.		25,400		0.0
23,000	Utechzone Co. Ltd.		63,540		0.0
19,000	Weblink International, Inc.		36,754		0.0
			4,613,634		1.7
	Thailand: 0.2%
109,600	After You PCL		27,104		0.0
1,285,800	BTS Rail Mass Transit Growth Infrastructure Fund - Class F		123,515		0.1
196,900	Namyong Terminal PCL		23,286		0.0
93,600	Pruksa Holding PCL		29,217		0.0
215,800	Ratchaphruek Hospital PCL		35,520		0.0
56,900	Regional Container Lines PCL		31,626		0.0
171,700	Rojana Industrial Park PCL		35,722		0.0
105,400	Supalai PCL		56,168		0.0
17,700	Thai Stanley Electric PCL		103,497		0.1
39,300	Zen Corp. Group PCL		8,271		0.0
			473,926		0.2
	Turkey: 0.2%
30,113 (1)	Eldorado Gold Corp.		429,170		0.2
	United Arab Emirates: 0.1%
25,561	Agthia Group PJSC		39,738		0.0
25,524	Commercial Bank of Dubai PSC		45,518		0.0
166,088 (1)	Gulf Marine Services PLC		45,243		0.0
33,881	Ras Al Khaimah Ceramics		25,460		0.0
27,455 (1)	Yalla Group Ltd., ADR		129,038		0.1
			284,997		0.1

See Accompanying Notes to Financial Statements

91

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom: 9.4%
15,340	4imprint Group PLC	$	1,185,598		0.4
3,244 (1)	accesso Technology Group PLC		26,753		0.0
12,301	AG Barr PLC		87,572		0.0
12,352	AJ Bell PLC		49,930		0.0
4,660	Anglo-Eastern Plantations PLC		41,343		0.0
9,959	Animalcare Group PLC		28,871		0.0
131,226	Balfour Beatty PLC		595,106		0.2
75,089	Beazley PLC		621,268		0.2
14,642	Berkeley Group Holdings PLC		859,859		0.3
6,697	Breedon Group PLC		30,092		0.0
106,358	British Land Co. PLC		512,873		0.2
10,920	Bytes Technology Group PLC		66,419		0.0
7,956	Cerillion PLC		156,336		0.1
5,100	Chesnara PLC		16,059		0.0
57,280	CLS Holdings PLC		58,978		0.0
1,328	Cohort PLC		12,412		0.0
25,150	Computacenter PLC		806,320		0.3
3,021	Concentric AB		52,304		0.0
166,239 (3)	ConvaTec Group PLC		517,220		0.2
76,177	Costain Group PLC		79,195		0.0
22,477	CVS Group PLC		274,963		0.1
120,649 (1)	Darktrace PLC		900,625		0.3
3,814	Domino’s Pizza Group PLC		15,461		0.0
23,027	dotdigital group PLC		26,903		0.0
280,206	Dowlais Group PLC		284,794		0.1
65,560	Drax Group PLC		424,347		0.2
24,124	Dunelm Group PLC		303,908		0.1
2,897 (1)	Eagle Eye Solutions Group PLC		17,376		0.0
188,909	easyJet PLC		1,265,319		0.5
9,755	FDM Group Holdings PLC		42,114		0.0
2,731	Foresight Group Holdings Ltd.		15,083		0.0
721	Fuller Smith & Turner PLC - Class A		5,442		0.0
1,030	Games Workshop Group PLC		127,302		0.1
85,471 (1)	Gem Diamonds Ltd.		9,633		0.0
1,510	Gooch & Housego PLC		10,378		0.0
98,862	Harbour Energy PLC		353,281		0.1
992	Hargreaves Services PLC		7,090		0.0
13,311	Hill & Smith PLC		312,438		0.1
21,934	IMI PLC		477,781		0.2
64,060	Inchcape PLC		638,479		0.2
27,372	Intermediate Capital Group PLC		713,420		0.3
75,967	International Personal Finance PLC		98,721		0.0
128,320	Investec PLC - GBP		812,814		0.3
9,137 (1)	J D Wetherspoon PLC		82,717		0.0
92,933	JET2 PLC		1,661,883		0.6
5,458	Johnson Matthey PLC		119,760		0.0
112,851	Just Group PLC		145,122		0.1
18,667	Knights Group Holdings PLC		30,206		0.0

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
34,339	Liontrust Asset Management PLC	$	289,630		0.1
243,215	LondonMetric Property PLC		593,665		0.2
24,278	Macfarlane Group PLC		43,988		0.0
220,814	Man Group PLC/Jersey		708,128		0.3
361,915	Marks & Spencer Group PLC		1,153,037		0.4
31,691	Mears Group PLC		143,350		0.1
27,649	Mitie Group PLC		40,422		0.0
211,045	Moneysupermarket.com Group PLC		565,429		0.2
5,425	Morgan Sindall Group PLC		152,961		0.1
14,527	Ninety One PLC		30,214		0.0
20,178	Nomad Foods Ltd.		364,415		0.1
18,017	Norcros PLC		41,649		0.0
88,638	OSB Group PLC		453,888		0.2
30,578	Oxford Metrics PLC		41,647		0.0
40,963	Pagegroup PLC		227,632		0.1
350,714	Pan African Resources PLC		106,053		0.0
77,708	Paragon Banking Group PLC		693,007		0.3
78,325 (1)	Playtech PLC		518,715		0.2
27,585	Polar Capital Holdings PLC		186,856		0.1
1,874	PPHE Hotel Group Ltd.		34,656		0.0
119,309	QinetiQ Group PLC		509,173		0.2
2,983	Robert Walters PLC		14,835		0.0
79,042 (1)	S4 Capital PLC		48,336		0.0
41,412	Safestore Holdings PLC		399,122		0.2
315,232	Serco Group PLC		721,620		0.3
23,666	Serica Energy PLC		54,800		0.0
69,803	Severfield PLC		58,962		0.0
9,754	Spectris PLC		403,455		0.2
226,119	Speedy Hire PLC		78,124		0.0
85,075	Spirent Communications PLC		205,650		0.1
40,308	SThree PLC		213,006		0.1
53,688	Sylvania Platinum Ltd.		47,631		0.0
273,572	Taylor Wimpey PLC		448,281		0.2
1,133 (2)	TORM PLC - USD - Class A		39,009		0.0
205,918	Tritax Big Box REIT PLC		388,945		0.1
42,718	Vesuvius PLC		255,058		0.1
25,786	Victorian Plumbing Group PLC		24,810		0.0
17,951	Weir Group PLC		458,061		0.2
24,027	Wickes Group PLC		43,713		0.0
41,751	XPS Pensions Group PLC		138,799		0.1
			25,922,600		9.4
	United States: 1.1%
22,704	Civeo Corp.		527,187		0.2
4,417 (1)	Gravity Co. Ltd., ADR		288,430		0.1
70,698 (1)	IMAX Corp.		1,131,875		0.4
18,871	Navigator Holdings Ltd.		283,442		0.1
45,054	Reliance Worldwide Corp. Ltd.		147,882		0.1
41,554 (1)	Riskified Ltd. - Class A		214,003		0.1

See Accompanying Notes to Financial Statements

92

Voya Multi-Manager
International Small Cap Fund PORTFOLIO OF INVESTMENTS
as of April 30, 2024 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
9,552	Sims Ltd.	$	73,209		0.0
44,856 (1)	Zymeworks, Inc.		384,865		0.1
			3,050,893		1.1
	Total Common Stock (Cost $249,241,367)		268,600,839		97.8
EXCHANGE-TRADED FUNDS: 0.9%
18,997	iShares MSCI EAFE Small-Cap ETF		1,162,047		0.4
26,631	Vanguard FTSE Developed Markets ETF		1,290,538		0.5
			2,452,585		0.9
	Total Exchange-Traded Funds (Cost $2,458,536)		2,452,585		0.9
PREFERRED STOCK: 0.2%
	Brazil: 0.0%
33,100	Bradespar SA		127,680		0.0
	Germany: 0.2%
185	Einhell Germany AG		31,826		0.0
7,769	Fuchs Petrolub SE		362,807		0.2
88	KSB SE & Co. KGaA		57,427		0.0
8,138	Schaeffler AG		47,621		0.0
182	STO SE & Co. KGaA		31,257		0.0
1,268	Villeroy & Boch AG		23,140		0.0
			554,078		0.2
	South Africa: 0.0%
776	Absa Bank Ltd.		29,768		0.0
	Total Preferred Stock (Cost $687,968)		711,526		0.2
	Total Long-Term Investments (Cost $252,387,871)		271,764,950		98.9
Principal Amount†		Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.4%
	Repurchase Agreements: 0.9%
555,286 (5)	Barclays Capital Inc., Repurchase Agreement dated 04/30/2024, 5.310%, due 05/01/2024 (Repurchase Amount $555,367, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $566,392, due 02/15/27-11/15/42)		555,286		0.2

Principal Amount†		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (5)	Bethesda Securities LLC, Repurchase Agreement dated 04/30/2024, 5.380%, due 05/01/2024 (Repurchase Amount $1,000,147, collateralized by various U.S. Government Agency Obligations, 2.500%-5.881%, Market Value plus accrued interest $1,020,000, due 10/01/27-01/01/57)	$	1,000,000			0.4
1,000,000 (5)	Daiwa Capital Markets America Inc., Repurchase Agreement dated 04/30/2024, 5.350%, due 05/01/2024 (Repurchase Amount $1,000,147, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,020,000, due 05/07/24-05/01/54)		1,000,000			0.3
	Total Repurchase Agreements (Cost $2,555,286)		2,555,286			0.9
Shares		Value			Percentage of Net Assets
	Mutual Funds: 0.5%
1,226,339 (6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.180% (Cost $1,226,339)	$	1,226,339			0.5
	Total Short-Term Investments (Cost $3,781,625)		3,781,625			1.4
	Total Investments in Securities (Cost $256,169,496)	$	275,546,575			100.3
	Liabilities in Excess of Other Assets		(853,834	)		(0.3	)
	Net Assets	$	274,692,741			100.0

ADR American Depositary Receipt

See Accompanying Notes to Financial Statements

93

Voya Multi-Manager	PORTFOLIO OF INVESTMENTS
International Small Cap Fund
	as of April 30, 2024 (Unaudited) (continued)

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	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, 2024.

Sector Diversification	Percentage of Net Assets
Industrials	25.5	%
Information Technology	14.7
Financials	11.6
Consumer Discretionary	9.6
Materials	9.6
Health Care	7.0
Energy	5.2
Real Estate	4.6
Communication Services	4.2
Consumer Staples	3.5
Utilities	2.5
Exchange-Traded Funds	0.9
Short-Term Investments	1.4
Liabilities in Excess of Other Assets	(0.3	)
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

94

Voya Multi-Manager	PORTFOLIO OF INVESTMENTS
International Small Cap Fund
	as of April 30, 2024 (Unaudited) (continued)

Fair Value Measurements^{^} 

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 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, 2024
Asset Table
Investments, at fair value
Common Stock
Australia	$	803,809	$	11,300,006	$	—	$	12,103,815
Austria		123,439		216,714		—		340,153
Belgium		961,800		101,479		—		1,063,279
Bermuda		494,857		490,349		—		985,206
Brazil		308,229		—		—		308,229
Burkina Faso		540,583		—		—		540,583
Canada		25,712,615		—		—		25,712,615
Chile		631,529		—		—		631,529
China		908,010		1,024,215		—		1,932,225
Colombia		134,976		—		—		134,976
Denmark		1,075,177		8,681,046		—		9,756,223
Egypt		20,709		37,275		—		57,984
Finland		47,502		1,914,415		—		1,961,917
France		1,111,257		19,012,157		—		20,123,414
Germany		219,572		14,956,695		—		15,176,267
Greece		220,719		96,144		—		316,863
Hong Kong		850,765		839,647		3,692		1,694,104
India		162,001		370,233		—		532,234
Indonesia		95,198		11,058		—		106,256
Ireland		869,150		2,267,100		—		3,136,250
Israel		1,164,886		—		—		1,164,886
Italy		336,560		16,736,300		—		17,072,860
Japan		436,023		58,127,093		—		58,563,116
Jordan		—		2,260,134		—		2,260,134
Liechtenstein		—		87,407		—		87,407
Macao		—		650,196		—		650,196
Malaysia		57,470		447,028		—		504,498
Mexico		151,230		—		—		151,230
Netherlands		1,431		6,584,512		—		6,585,943
New Zealand		119,456		—		—		119,456
Norway		871,231		1,756,709		—		2,627,940
Philippines		97,252		—		—		97,252
Poland		175,703		1,273,646		—		1,449,349
Portugal		—		1,249,138		—		1,249,138
Singapore		93,874		1,603,163		—		1,697,037
South Africa		2,325,256		—		—		2,325,256
South Korea		367,851		9,316,592		—		9,684,443
Spain		13,169		9,901,189		—		9,914,358
Sweden		441,141		5,899,904		—		6,341,045
Switzerland		503,290		14,162,663		—		14,665,953
Taiwan		157,975		4,455,659		—		4,613,634
Thailand		167,306		306,620		—		473,926
Turkey		429,170		—		—		429,170
United Arab Emirates		284,997		—		—		284,997
United Kingdom		4,173,165		21,749,435		—		25,922,600
United States		2,829,802		221,091		—		3,050,893
Total Common Stock		50,490,135		218,107,012		3,692		268,600,839
Exchange-Traded Funds		2,452,585		—		—		2,452,585
Preferred Stock		212,414		499,112		—		711,526
Short-Term Investments		1,226,339		2,555,286		—		3,781,625
Total Investments, at fair value	$	54,381,473	$	221,161,410	$	3,692	$	275,546,575

See Accompanying Notes to Financial Statements

95

Voya Multi-Manager	PORTFOLIO OF INVESTMENTS
International Small Cap Fund
	as of April 30, 2024 (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, 2024
Other Financial Instruments+
Forward Foreign Currency Contracts		—		73		—		73
Total Assets	$	54,381,473	$	221,161,483	$	3,692	$	275,546,648

^{^}  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.

⁺  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, 2024, 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)
USD	10,559	SEK	115,561	The Bank of New York Mellon	05/02/24	$	73
						$	73

Currency Abbreviations:
SEK	—	Swedish Krona
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, 2024 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	$	73
Total Asset Derivatives		$	73

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2024 was as follows:

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts
Foreign exchange contracts	$	(8,168	)
Total	$	(8,168	)

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts
Foreign exchange contracts	$	73
	$	73

See Accompanying Notes to Financial Statements

96

Voya Multi-Manager	PORTFOLIO OF INVESTMENTS
International Small Cap Fund
	as of April 30, 2024 (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, 2024:

	The Bank of New York Mellon		Total
Assets:
Forward foreign currency contracts	$	73	$	73
Total Assets	$	73	$	73
Liabilities:
Total Liabilities	$	—	$	–
Net OTC derivative instruments by
counterparty, at fair value	$	73	$	73
Total collateral pledged by the
Fund/(Received from counterparty)	$	—	$	–
Net Exposure(1)	$	73	$	73

⁽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.

At April 30, 2024, 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 $258,916,112.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	36,079,800
Gross Unrealized Depreciation		(18,981,135	)
Net Unrealized Appreciation	$	17,098,665

See Accompanying Notes to Financial Statements

97

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

At a meeting held on November 16, 2023, 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 and sub-advisory contracts, and who are not “interested persons” of Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund, Voya Global Perspectives^® Fund and Voya Multi-Manager International Small Cap Fund, each a series of the Trust (the “Funds”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent /Trustees”), considered and approved the renewal of the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Funds, and the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, Acadian Asset Management LLC and Victory Capital Management Inc., the respective sub-advisers to each Fund (the “Sub-Advisers”), for an additional one-year period ending November 30, 2024.

In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight

regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or a Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds’ operations and risk management and the oversight of their various other service providers.

The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the 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.

98

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

The Board recognized that the Manager is responsible for monitoring the Sub-Advisers’ investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser’s management team, portfolio data and attribution analysis related to each Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Advisers to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and the Sub-Advisers, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and each Sub-Adviser under the Contracts were appropriate.

Fund Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (“Morningstar,” an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. In addition, the Board considered the Voya Global Bond Fund’s investment performance 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 the 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 may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Advisers could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-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

99

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

payable by each Fund to the Manager compared to the Fund’s Selected Peer Group. The Board also considered the compensation payable by the Manager to each Sub-Adviser for sub-advisory services for each Fund, including the portion of the contractual and net management fee rates that are paid to each Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund/ both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers, which 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 by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not

be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Funds and the Manager and Sub-Advisers’ potential fall-out benefits were not unreasonable.

Fund-by-Fund Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Fund’s more recent performance, asset levels and asset flows. Each Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

Voya 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, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and ten-year periods, the third quintile for the three-year and five-year periods, and the fourth quintile for the one-year period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception

100

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

of the one-year and five-year periods, 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 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 second 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, 2023: (1) the Fund is ranked in the third quintile of its Morningstar category for the one-year and ten-year periods, the fourth quintile for the three-year and five-year periods, and the fifth quintile for the year-to-date 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: (1) the impact of stock selection on the Fund’s performance; 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 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, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date period, the third quintile for the ten-year period, the fourth quintile for the one-year and five-year periods, and the fifth quintile for the three-year period; and (2) the Fund underperformed its primary benchmark for all periods presented.

In analyzing this performance data, the Board took into account management’s representations regarding: (1) the competitiveness of the Fund’s performance during certain periods; and (2) the recent changes to the Fund’s portfolio management team.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a 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 fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the fourth quintile of all-in net expense ratios of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is above the median of net expense ratios of the funds in its Selected Peer Group.

In analyzing this fee data, the Board took into account: (1) that, as reflected in the AFFE, the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management’s representations regarding its belief that the Fund’s pricing is competitive.

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, 2023: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the year-to-date period, and the third quintile for the one-year period; and (2) the Fund outperformed its primary benchmark for all periods presented.

101

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

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a 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, 2024.

102

[This Page Intentionally Left Blank]

Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286
Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

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

RETIREMENT  |  INVESTMENTS  |  INSURANCE
voyainvestments.com	167703 (0424)

  

Semi-Annual Report

April 30, 2024

Classes A, C, I, R, and W

 ■     Voya Multi-Manager Emerging Markets Equity Fund

 ■     Voya Multi-Manager International Equity Fund

 ■     Voya Multi-Manager International Factors Fund

Effective January 24, 2023, the U.S. Securities and Exchange Commission adopted rule and form amendments to require mutual funds to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information deemed important for investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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INVESTMENT MANAGEMENT

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TABLE OF CONTENTS

Shareholder Expense Examples	1
Statements of Assets and Liabilities	2
Statements of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	7
Notes to Financial Statements	9
Portfolios of Investments	22
Advisory and Sub-Advisory Contract Approval Discussion	49

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024. 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	Ending		Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account		During the	Account	Account		During the
	Value	Value	Annualized	Period Ended	Value	Value	Annualized	Period Ended
	November 1,	April 30,	Expense	April 30,	November 1,	April 30,	Expense	April 30,
	2023	2024	Ratio	2024*	2023	2024	Ratio	2024*
Voya Multi-Manager Emerging Markets Equity Fund
Class A	$1,000.00	$1,153.80	1.51%	$8.09	$1,000.00	$1,017.35	1.51%	$7.57
Class C	1,000.00	1,149.50	2.26	12.08	1,000.00	1,013.63	2.26	11.31
Class I	1,000.00	1,155.80	1.16	6.22	1,000.00	1,019.10	1.16	5.82
Class R	1,000.00	1,152.20	1.76	9.42	1,000.00	1,016.11	1.76	8.82
Class W	1,000.00	1,155.70	1.26	6.75	1,000.00	1,018.60	1.26	6.32
...
Voya Multi-Manager International Equity Fund
Class I	$1,000.00	$1,161.00	0.89%	$4.78	$1,000.00	$1,020.44	0.89%	$4.47
...
Voya Multi-Manager International Factors Fund
Class I	$1,000.00	$1,166.70	0.72%	$3.88	$1,000.00	$1,021.28	0.72%	$3.62
Class W	1,000.00	1,166.10	0.72	3.88	1,000.00	1,021.28	0.72	3.62

* Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

1

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (unaudited)

	Voya Multi-			Voya Multi-		Voya Multi-
	Manager			Manager		Manager
	Emerging Markets			International		International
	Equity Fund			Equity Fund		Factors Fund
ASSETS:
Investments in securities at fair value+*	$	223,457,800		$	362,710,689	$	228,761,587
Short-term investments at fair value†		2,948,313			7,822,906		1,332,293
Cash		47,527			5,030,007		317
Cash collateral for futures contracts		21,807			–		83,972
Foreign currencies at value‡		88,460			136,346		389,206
Receivables:
Investment securities and currencies sold		127,465			367,732		218,766
Fund shares sold		888,784			201,953		175,810
Dividends		447,232			1,607,808		1,450,006
Interest		22			12,494		–
Foreign tax reclaims		38,039			1,088,472		1,157,226
Unrealized appreciation on forward foreign currency contracts		65			487		–
Prepaid expenses		40,639			16,473		13,143
Reimbursement due from Investment Adviser		36,933			6,986		18,507
Other assets		12,772			17,265		13,881
Total assets		228,155,858			379,019,618		233,614,714
LIABILITIES:
Payable for investment securities and currencies purchased		374,591			473,373		665,601
Payable for fund shares redeemed		929,521			1,255,784		854,371
Payable upon receipt of securities loaned		1,244,779			–		–
Variation margin payable on futures contracts		9,295			–		32,760
Payable for investment management fees		187,018			245,778		153,770
Payable for distribution and shareholder service fees		3,336			–		–
Payable to trustees under the deferred compensation plan (Note 6)		12,772			17,265		13,881
Payable for trustee fees		600			764		829
Payable for foreign capital gains tax		429,799			116,860		–
Other accrued expenses and liabilities		280,374			111,560		442,005
Total liabilities		3,472,085			2,221,384		2,163,217
NET ASSETS	$	224,683,773		$	376,798,234	$	231,451,497
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	298,875,524		$	375,545,306	$	237,487,457
Total distributable earnings (loss)		(74,191,751	)		1,252,928		(6,035,960	)
NET ASSETS	$	224,683,773		$	376,798,234	$	231,451,497
+        Including securities loaned at value	$	1,190,484		$	—	$	—
*        Cost of investments in securities	$	224,513,327		$	341,117,975	$	212,666,885
†       Cost of short-term investments	$	2,948,313		$	7,822,906	$	1,332,293
‡       Cost of foreign currencies	$	90,188		$	196,910	$	444,547

See Accompanying Notes to Financial Statements

2

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2024 (unaudited) (continued)

	Voya Multi-		Voya Multi-		Voya Multi-
	Manager		Manager		Manager
	Emerging Markets		International		International
	Equity Fund		Equity Fund		Factors Fund
Class A
Net assets	$	15,487,348		n/a		n/a
Shares authorized		unlimited		n/a		n/a
Par value		—		n/a		n/a
Shares outstanding		1,590,320		n/a		n/a
Net asset value and redemption price per share†	$	9.74		n/a		n/a
Maximum offering price per share (5.75%)(1)	$	10.33		n/a		n/a
Class C
Net assets	$	115,752		n/a		n/a
Shares authorized		unlimited		n/a		n/a
Par value		—		n/a		n/a
Shares outstanding		11,889		n/a		n/a
Net asset value and redemption price per share†	$	9.74		n/a		n/a
Class I
Net assets	$	183,013,146	$	376,798,234	$	229,770,076
Shares authorized		unlimited		unlimited		unlimited
Par value		—		—		—
Shares outstanding		18,697,373		37,253,044		24,658,470
Net asset value and redemption price per share	$	9.79	$	10.11	$	9.32
Class R
Net assets	$	64,310		n/a		n/a
Shares authorized		unlimited		n/a		n/a
Par value		—		n/a		n/a
Shares outstanding		6,582		n/a		n/a
Net asset value and redemption price per share	$	9.77		n/a		n/a
Class W
Net assets	$	26,003,217		n/a	$	1,681,421
Shares authorized		unlimited		n/a		unlimited
Par value		—		n/a		—
Shares outstanding		2,663,390		n/a		180,528
Net asset value and redemption price per share	$	9.76		n/a	$	9.31

(1) Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.

† Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

3

STATEMENTS OF OPERATIONS for the six months ended April 30, 2024 (unaudited)

	Voya Multi-			Voya Multi-			Voya Multi-
	Manager			Manager			Manager
	Emerging Markets			International			International
	Equity Fund			Equity Fund			Factors Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,957,558		$	4,396,540		$	4,975,621
Interest		1,129			69,919			2,630
Securities lending income, net		21,783			931			3,355
Other		563			662			764
Total investment income		2,981,033			4,468,052			4,982,370
EXPENSES:
Investment management fees		1,194,068			1,291,927			1,071,738
Distribution and shareholder service fees:
Class A		19,142			—			—
Class C		594			—			—
Class R		154			—			—
Transfer agent fees:
Class A		22,698			—			—
Class C		177			—			—
Class I		11,733			455			1,641
Class R		91			—			—
Class W		33,127			—			16,784
Shareholder reporting expense		14,399			1,092			5,460
Registration fees		46,198			21,882			27,702
Professional fees		70,860			38,360			33,670
Custody and accounting expense		134,145			59,290			94,650
Trustee fees		2,999			3,822			4,144
Licensing fee (Note 7)		9,221			—			22,750
Miscellaneous expense		32,949			14,133			24,088
Interest expense		20,762			337			21,619
Total expenses		1,613,317			1,431,298			1,324,246
Waived and reimbursed fees		(188,876	)		(72,575	)		(139,584	)
Brokerage commission recapture		—			(434	)		—
Net expenses		1,424,441			1,358,289			1,184,662
Net investment income		1,556,592			3,109,763			3,797,708
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		(805,099	)		1,617,589			26,024,624
Forward foreign currency contracts		(16,983	)		15,118			(34,752	)
Foreign currency related transactions		(124,858	)		(42,400	)		(43,804	)
Futures		105,336			—			195,884
Net realized gain (loss)		(841,604	)		1,590,307			26,141,952
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)		33,757,928			36,926,670			21,118,783
Forward foreign currency contracts		65			487			(258	)
Foreign currency related transactions		(34,745	)		(5,645	)		37,153
Futures		40,267			—			(24,691	)
Net change in unrealized appreciation (depreciation)		33,763,515			36,921,512			21,130,987
Net realized and unrealized gain		32,921,911			38,511,819			47,272,939
Increase in net assets resulting from operations	$	34,478,503		$	41,621,582		$	51,070,647
*  Foreign taxes withheld	$	324,214		$	438,346		$	505,761
^  Foreign capital gains taxes withheld	$	303,761		$	—		$	—
#  Change in foreign capital gains taxes accrued	$	164,113		$	56,110		$	6,298

See Accompanying Notes to Financial Statements

4

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Multi- Manager						Voya Multi- Manager
	Emerging Markets Equity Fund						International Equity Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	April 30, 2024			October 31,			April 30, 2024			October 31,
	(Unaudited)			2023			(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	1,556,592		$	6,070,695		$	3,109,763		$	4,586,718
Net realized gain (loss)		(841,604	)		(27,404,824	)		1,590,307			(1,848,399	)
Net change in unrealized appreciation (depreciation)		33,763,515			66,557,536			36,921,512			40,155,089
Increase in net assets resulting from operations		34,478,503			45,223,407			41,621,582			42,893,408
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(256,991	)		(620,322	)		—			—
Class C		(900	)		(6,606	)		—			—
Class I		(4,275,258	)		(6,445,593	)		(5,245,491	)		(3,784,036	)
Class P(1)		—			(5,179,457	)		—			—
Class P3(2)(3)		—			(431,555	)		—			(232,895	)
Class R		(907	)		(1,914	)		—			—
Class W		(276,266	)		(1,633,948	)		—			—
Total distributions		(4,810,322	)		(14,319,395	)		(5,245,491	)		(4,016,931	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		47,256,727			184,430,594			111,039,005			92,527,235
Reinvestment of distributions		4,799,025			14,293,629			5,245,491			4,014,435
		52,055,752			198,724,223			116,284,496			96,541,670
Cost of shares redeemed		(78,013,098	)		(342,725,617	)		(39,543,427	)		(194,337,977	)
Net increase (decrease) in net assets resulting from capital share transactions		(25,957,346	)		(144,001,394	)		76,741,069			(97,796,307	)
Net increase (decrease) in net assets		3,710,835			(113,097,382	)		113,117,160			(58,919,830	)
NET ASSETS:
Beginning of year or period		220,972,938			334,070,320			263,681,074			322,600,904
End of year or period	$	224,683,773		$	220,972,938		$	376,798,234		$	263,681,074

⁽¹⁾  Class P for Voya Multi-Manager Emerging Markets Equity Fund was fully redeemed on close of business March 28, 2023.

⁽²⁾  Class P3 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 International Equity Fund was fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

5

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Multi- Manager
	International Factors Fund
	Six Months
	Ended			Year Ended
	April 30, 2024			October 31,
	(Unaudited)			2023
FROM OPERATIONS:
Net investment income	$	3,797,708		$	9,077,624
Net realized gain (loss)		26,141,952			(2,116,362	)
Net change in unrealized appreciation (depreciation)		21,130,987			41,401,805
Increase in net assets resulting from operations		51,070,647			48,363,067
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class I		(12,306,494	)		(10,079,517	)
Class P3(1)		—			(726,535	)
Class W		(595,957	)		(1,442,175	)
Total distributions		(12,902,451	)		(12,248,227	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		50,358,610			112,858,166
Reinvestment of distributions		12,902,451			12,248,227
		63,261,061			125,106,393
Cost of shares redeemed		(168,537,948	)		(198,858,325	)
Net decrease in net assets resulting from capital share transactions		(105,276,887	)		(73,751,932	)
Net decrease in net assets		(67,108,691	)		(37,637,092	)
NET ASSETS:
Beginning of year or period		298,560,188			336,197,280
End of year or period	$	231,451,497		$	298,560,188

⁽¹⁾  Class P3 for Voya Multi-Manager International Factors Fund was fully redeemed on close of business January 10, 2023.

See Accompanying Notes to Financial Statements

6

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
Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Multi-Manager Emerging Markets Equity Fund
Class A
04-30-24+	8.59	0.05•	1.26	1.31	0.16	—	—	0.16	—	9.74	15.38	1.83	1.51	1.51	1.01	15,487	23
10-31-23	8.00	0.14•	0.81	0.95	0.36	—	—	0.36	—	8.59	11.94	1.76	1.51	1.51	1.52	14,328	85
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
Class C
04-30-24+	8.54	0.01•	1.26	1.27	0.07	—	—	0.07	—	9.74	14.95	2.58	2.26	2.26	0.27	116	23
10-31-23	8.00	0.07•	0.83	0.90	0.36	—	—	0.36	—	8.54	11.23	2.51	2.26	2.26	0.80	108	85
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
Class I
04-30-24+	8.65	0.06•	1.27	1.33	0.19	—	—	0.19	—	9.79	15.58	1.29	1.16	1.16	1.35	183,013	23
10-31-23	8.03	0.17•	0.81	0.98	0.36	—	—	0.36	—	8.65	12.31	1.21	1.16	1.16	1.92	192,678	85
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
Class R
04-30-24+	8.61	0.04•	1.26	1.30	0.14	—	—	0.14	—	9.77	15.22	2.08	1.76	1.76	0.80	64	23
10-31-23	8.03	0.12•	0.82	0.94	0.36	—	—	0.36	—	8.61	11.74	2.01	1.76	1.76	1.29	55	85
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
Class W
04-30-24+	8.61	0.05•	1.28	1.33	0.18	—	—	0.18	—	9.76	15.57	1.58	1.26	1.26	1.13	26,003	23
10-31-23	8.00	0.14•	0.83	0.97	0.36	—	—	0.36	—	8.61	12.22	1.51	1.26	1.26	1.57	13,804	85
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
Voya Multi-Manager International Equity Fund
Class I
04-30-24+	8.87	0.10•	1.32	1.42	0.18	—	—	0.18	—	10.11	16.10	0.94	0.89	0.89	2.04	376,798	25
10-31-23	8.04	0.14•	0.80	0.94	0.11	—	—	0.11	—	8.87	11.65	0.94	0.90	0.90	1.45	263,681	49
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
Voya Multi-Manager International Factors Fund
Class I
04-30-24+	8.32	0.10•	1.26	1.36	0.36	—	—	0.36	—	9.32	16.67	0.79	0.72	0.72	2.30	229,770	50
10-31-23	7.54	0.23•	0.84	1.07	0.29	—	—	0.29	—	8.32	14.32	0.79	0.71	0.71	2.70	284,741	97
10-31-22	11.30	0.25•	(2.45)	(2.20)	0.46	1.10	—	1.56	—	7.54	(22.48)(4)	0.79	0.73	0.73	2.78	275,219	91

See Accompanying Notes to Financial Statements

7

FINANCIAL HIGHLIGHTS (continued)

		Income (loss) from investment operations			Less Distributions							Ratios to average net assets				Supplemental Data
Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000’s)	(%)
Voya Multi-Manager International Factors Fund (continued)
Class I (continued)
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
Class W
04-30-24+	8.32	0.10•	1.26	1.36	0.37	—	—	0.37	—	9.31	16.61	0.97	0.72	0.72	2.30	1,681	50
10-31-23	7.54	0.22•	0.85	1.07	0.29	—	—	0.29	—	8.32	14.32	0.98	0.71	0.71	2.59	13,819	97
10-31-22	11.29	0.24•	(2.43)	(2.19)	0.46	1.10	—	1.56	—	7.54	(22.41)(4)	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

(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)	Excluding a payment by affiliate in the fiscal year ended October 31, 2022, the total return for Multi-Manager International Factors would have been -22.51% and -22.44% on Classes I and W, respectively.

*	Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.
+	Unaudited.
●	Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

8

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (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 nine separate active investment series, three of which are included in this report (each, a “Fund” and collectively, the “Funds”): 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, 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 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

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.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security,

9

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (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 each Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Fund.

The Funds’ financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity

associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing each Fund’s investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of 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 Portfolios of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, 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 amortization and discount accretion are determined by the effective yield method.

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

Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

10

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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

11

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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, 2024, the maximum amount of loss that Multi-Manager Emerging Markets and Multi-Manager International Equity would incur if the counterparties to their derivative transactions failed to perform would be $65 and $487, respectively, on open forward foreign currency contracts. No cash collateral was pledged by any counterparty to either Fund as of April 30, 2024.

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.

There were no Funds with liability positions on OTC derivatives at April 30, 2024 nor did any Fund post cash collateral as of April 30, 2024.

E. Forward Foreign Currency Transactions and Futures Contracts. Each 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 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

12

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

to protect their non-U.S. dollar denominated holdings from adverse currency movements. During the period ended April 30, 2024, 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	$	—‌	$	24,535‌
Multi-Manager International Equity		13,919‌		45,103‌
Multi-Manager International Factors		236,336‌		—‌

Please refer to the tables within the Portfolio of Investments for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity for open forward foreign currency contracts at April 30, 2024. Multi-Manager International Factors did not have any open forward foreign currency contracts at April 30, 2024.

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, 2024, 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, 2024, 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	$	909,167‌
Multi-Manager International Factors		2,134,503‌

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, 2024.

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. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. Federal Income Taxes. It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

13

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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, 2024, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

		Purchases		Sales
Multi-Manager Emerging Markets Equity	$	53,847,544‌	$	82,151,087‌
Multi-Manager International Equity		140,415,825‌		73,676,776‌
Multi-Manager International Factors		159,911,283‌		274,673,037‌

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Funds have entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments, the Investment Adviser to Multi- Manager 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.

	As a Percentage of Average
Fund	Daily Net Assets
Multi-Manager Emerging Markets Equity(1)	Direct Investments 1.10%; Passively Managed Assets 0.70%
Multi-Manager International Equity(2)	0.85%
Multi-Manager International Factors(3)	0.65%

14

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

⁽¹⁾  The Investment Adviser is contractually obligated to waive 0.020% of the management fee for Multi-Manager Emerging Markets Equity. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

⁽²⁾  The Investment Adviser is contractually obligated to waive 0.01% of the management fee for Multi-Manager International Equity. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

⁽³⁾  The Investment Adviser is contractually obligated to waive 0.018% of the management fee for Multi-Manager International Factors. 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, 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
Multi-Manager Emerging Markets Equity	Delaware Investments Fund Advisers, Sustainable Growth Advisers, LP 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
Multi-Manager Emerging Markets Equity	0.25%	1.00%	0.50%

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, 2024, the Distributor retained the following amounts in sales charges from the following Funds:

	Class A
Initial Sales Charges:
Multi-Manager Emerging Markets Equity	$	56

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2024, 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	7.60%
	Multi-Manager International Factors	11.30
Voya Global Perspectives® Fund	Multi-Manager Emerging Markets Equity	5.00
Voya Solution 2025 Portfolio	Multi-Manager International Factors	8.54
Voya Solution 2035 Portfolio	Multi-Manager Emerging Markets Equity	7.74
	Multi-Manager International Equity	9.21
	Multi-Manager International Factors	17.47
Voya Solution 2045 Portfolio	Multi-Manager Emerging Markets Equity	9.99
	Multi-Manager International Equity	10.70
	Multi-Manager International Factors	17.43
Voya Solution 2055 Portfolio	Multi-Manager International Factors	6.52

15

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

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

Voya Solution Moderately Aggressive Portfolio Multi-Manager International Factors 7.08

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.

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, 2024, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

Fund	Amount
Multi-Manager Emerging Markets Equity	$1,514

NOTE 7 — LICENSING FEE

Multi-Manager Emerging Markets Equity and Multi-Manager International Factors pay an annual licensing fee to FTSE International Limited in order to obtain data and permissions necessary to achieve its principal investment strategy.

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Fund whereby the Investment Adviser has agreed

to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

	Class	Class	Class	Class	Class
Fund	A	C	I	R	W
Multi-Manager Emerging Markets Equity	1.60%	2.35%	1.35%	1.85%	1.35%
Multi-Manager International Equity	N/A	N/A	0.97%	N/A	N/A
Multi-Manager International Factors	N/A	N/A	0.75%	N/A	0.75%

Pursuant to a side letter agreement, through March 1, 2025, the Investment Adviser has further lowered the expense limits for the following Funds. 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 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	N/A	0.90%	N/A	N/A
Multi-Manager International Factors(2)	N/A	N/A	0.73%	N/A	0.73%

⁽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 shall not be eligible for recoupment.

Unless otherwise specified above, and with the exception of the non-recoupable management fee waiver for Multi-Manager Emerging Markets Equity, Multi-Manager International Equity and 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, 2024, 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,
	2025		2026		2027		Total
Multi-Manager Emerging Markets Equity	$	101,361	$	258,745	$	130,424	$	490,530

16

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

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, 2024, are as follows:

	April 30,
	2025		2026		2027		Total
Multi-Manager Emerging Markets Equity
Class A	$	28,668	$	25,933	$	30,653	$	85,254
Class C		471		212		332		1,015
Class I		10,868		—		11,733		22,601
Class R		50		32		164		246
Class W		75,285		65,503‌		51,191		191,979

The Expense Limitation Agreement is contractual through March 1, 2025, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 9 — LINE OF CREDIT

Effective June 12, 2023, the Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 13, 2023.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Funds utilized the line of credit during the period ended April 30, 2024:

				Approximate
		Approximate		Weighted
		Average		Average
		Daily Balance		Interest Rate
	Days	For Days		For Days
Fund	Utilized	Utilized		Utilized
Multi-Manager Emerging Markets Equity	21	$	5,622,667	6.33%
Multi-Manager International Equity	1	1,915,000		6.33
Multi-Manager International Factors	22	5,588,636		6.33

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	Net increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
Multi-Manager Emerging Markets Equity
Class A
4/30/2024	10,690	—	27,113	(116,063)	—	(78,260)	100,038	—	245,912	(1,094,520)	—	(748,570)
10/31/2023	74,503	—	70,154	(244,302)	—	(99,645)	685,478	—	594,908	(2,203,173)	—	(922,787)
Class C
4/30/2024	533	—	99	(1,401)	—	(769)	4,997	—	900	(13,401)	—	(7,504)
10/31/2023	804	—	779	(8,613)	—	(7,030)	7,208	—	6,606	(75,430)	—	(61,616)
Class I
4/30/2024	3,598,852	—	469,788	(7,652,183)	—	(3,583,543)	34,021,168	—	4,275,075	(73,192,953)	—	(34,896,710)
10/31/2023	12,877,849	—	757,381	(9,839,730)	—	3,795,500	114,602,514	—	6,445,314	(89,208,989)	—	31,838,839
Class P(1)
4/30/2024	—	—	—	—	—	—	—	—	—	—	—	—
10/31/2023	5,512,925	—	580,657	(20,326,734)	—	(14,233,152)	50,131,492	—	5,179,457	(187,152,377)	—	(131,841,428)
Class P3(2)
4/30/2024	—	—	—	—	—	—	—	—	—	—	—	—
10/31/2023	463,009	—	47,528	(2,225,705)	—	(1,715,168)	4,338,346	—	431,555	(20,651,033)	—	(15,881,132)
Class R
4/30/2024	905	—	100	(811)	—	194	8,592	—	907	(7,561)	—	1,938
10/31/2023	1,206	—	225	(304)	—	1,127	10,852	—	1,914	(2,685)	—	10,081

17

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 10 — CAPITAL SHARES (continued)

						Net
						increase		Proceeds
						(decrease)		from
		Shares	Reinvestment			in		shares	Reinvestment
	Shares	issued in	of	Shares	Shares	shares	Shares	issued in	of	Shares	Shares	Net increase
	sold	merger	distributions	redeemed	converted	outstanding	sold	merger	distributions	redeemed	converted	(decrease)
Year or
period ended	#	#	#	#	#	#	($)	($)	($)	($)	($)	($)
Multi-Manager Emerging Markets Equity (continued)
Class W
4/30/2024	1,410,765	—	30,422	(380,709)	—	1,060,478	13,121,932	—	276,231	(3,704,663)	—	9,693,500
10/31/2023	1,582,833	—	192,674	(4,849,316)	—	(3,073,809)	14,654,704	—	1,633,875	(43,431,930)	—	(27,143,351)
Multi-Manager International Equity
Class I
4/30/2024	10,968,071	—	549,266	(4,000,737)	—	7,516,600	111,039,005	—	5,245,491	(39,543,427)	—	76,741,069
10/31/2023	9,222,500	—	427,310	(17,369,731)	—	(7,719,921)	87,173,526	—	3,781,540	(164,363,561)	—	(73,408,495)
Class P3(3)
4/30/2024	—	—	—	—	—	—	—	—	—	—	—	—
10/31/2023	576,353	—	24,963	(3,135,561)	—	(2,534,245)	5,353,709	—	232,895	(29,974,416)	—	(24,387,812)
Multi-Manager International Factors
Class I
4/30/2024	4,137,291	—	1,401,651	(15,119,721)	—	(9,580,779)	37,510,094	—	12,306,494	(140,475,246)	—	(90,658,658)
10/31/2023	10,696,894	—	1,249,011	(14,221,789)	—	(2,275,884)	92,700,505	—	10,079,517	(122,227,726)	—	(19,447,704)
Class P3(3)
4/30/2024	—	—	—	—	—	—	—	—	—	—	—	—
10/31/2023	668,548	—	86,492	(3,530,816)	—	(2,775,776)	5,613,836	—	726,535	(30,260,047)	—	(23,919,676)
Class W
4/30/2024	1,428,498	—	67,954	(2,977,255)	—	(1,480,803)	12,848,516	—	595,957	(28,062,702)	—	(14,618,229)
10/31/2023	1,645,736	—	178,708	(5,369,125)	—	(3,544,681)	14,543,825	—	1,442,175	(46,370,552)	—	(30,384,552)

(1)	Class P was fully redeemed on close of business March 28, 2023.
(2)	Class P3 was fully redeemed on close of business March 28, 2023.
(3)	Class P3 was fully redeemed on close of business January 10, 2023.

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.

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, 2024:

18

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 11 — SECURITIES LENDING (continued)

Multi-Manager Emerging Markets Equity
	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
BNP Paribas Prime Brokerage Intl Ltd	$	18,837	$	(18,837)	$	—
Merrill Lynch International		703,465		(703,465)		—
Mizuho Securities USA LLC.		321,028		(321,028)		—

	Securities		Cash Collateral		Net
Counterparty	Loaned at Value		Received(1)		Amount
UBS AG	$	147,154	$	(147,154)	$	—
Total	$	1,190,484	$	(1,190,484)	$	—

⁽¹⁾  Cash collateral with a fair value of $1,244,779 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), 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.

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

	Year Ended
	October 31,		Year Ended
	2023		October 31, 2022
	Ordinary		Ordinary		Long-term
	Income		Income		Capital Gains
Multi-Manager Emerging Markets Equity	$	14,319,395	$	25,785,148	$	53,706,086
Multi-Manager International Equity		4,016,931		51,140,911		54,692,799
Multi-Manager International Factors		12,248,227		32,342,195		33,535,838

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, 2023 were:

	Undistributed		Unrealized							Total
	Ordinary		Appreciation/		Capital Loss Carryforwards					Distributable
	Income		(Depreciation)		Amount		Character	Other		Earnings/(Loss)
Multi-Manager Emerging Markets Equity	$	4,016,049	$	(44,976,659)	$	(16,406,967)	Short-term	$	(265,687)	$	(103,859,932)
						(46,226,668)	Long-term
					$	(62,633,635)
Multi-Manager International Equity		4,864,606		(24,680,090)		(11,968,491)	Short-term		(396,618)		(35,123,163)
						(2,942,570)	Long-term
					$	(14,911,061)
Multi-Manager International Factors		12,332,740		(11,383,083)		(38,790,761)	Short-term		(588,870)		(44,204,156)
						(5,774,182)	Long-term
					$	(44,564,943)

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

As of April 30, 2024, 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.

19

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

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

The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.

In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

NOTE 14 — 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, 2023 through December 31, 2023, 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 15 — MARKET DISRUPTION AND GEOPOLITICAL

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 resulted 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. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. 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

20

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (unaudited) (continued)

NOTE 15 — MARKET DISRUPTION AND GEOPOLITICAL (continued)

affect the value of investments, including beyond the 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

NOTE 16 — SUBSEQUENT EVENTS

Fee Changes: Effective close of business May 6, 2024, the expense limit for Class I of Multi-Manager International Equity was reduced to 0.88%. In conjunction, the side letter agreement and the 0.01% management fee waiver were eliminated. In conjunction with the fee changes, Baillie Gifford Overseas Limited was removed as one of the sub-advisers to the Fund. Lastly, Lazard Asset Management LLC and Voya IM were added as additional sub-advisers to the Fund.

Fund Liquidation: Voya Multi-Manager International Factors Fund liquidated close of business May 17, 2024.

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

Line of Credit Renewal: Effective June 10, 2024, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to 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.

21

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: 98.8%
	Argentina: 0.2%
19,974	Cresud SACIF y A, ADR	$	190,552	0.1
26,433	IRSA Inversiones y Representaciones SA, ADR		251,113	0.1
			441,665	0.2
	Brazil: 7.0%
33,652	Ambev SA		79,000	0.0
62,670	B3 SA - Brasil Bolsa Balcao		129,743	0.1
349,498	Banco Bradesco SA, ADR		943,645	0.4
71,402	Banco Santander Brasil SA, ADR		396,995	0.2
31,102	BB Seguridade Participacoes SA		192,868	0.1
159,492 (1)	BRF SA, ADR		524,729	0.2
5,493	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		86,204	0.0
15,530	Energisa S/A		135,214	0.1
237,702	Itau Unibanco Holding SA, ADR		1,438,097	0.6
44,575	JBS S/A		201,303	0.1
37,581	Klabin SA		166,461	0.1
16,240	Petroleo Brasileiro SA		138,612	0.1
139,864	Petroleo Brasileiro SA - Foreign, ADR		2,373,492	1.0
339,161	Raia Drogasil SA		1,674,708	0.7
32,495	Rumo SA		126,348	0.0
60,676 (1)(2)	Sitios Latinoamerica SAB de CV		18,843	0.0
8,421	Suzano SA		94,806	0.0
16,025	Telefonica Brasil SA		147,301	0.1
86,664	Telefonica Brasil SA, ADR		800,775	0.3
248,669	TIM SA/Brazil		846,680	0.4
197,059	TOTVS SA		1,050,455	0.5
121,520	Vale SA, ADR		1,478,898	0.7
18,382	Vale SA - Foreign		223,907	0.1
82,304	Vibra Energia SA		372,005	0.2
106,030	XP, Inc. - Class A		2,170,434	1.0
			15,811,523	7.0
	Chile: 0.6%
69,961	Cencosud SA		119,882	0.0
28,732	Empresas Copec SA		205,034	0.1
2,726,520	Enel Chile SA		161,879	0.1
18,059 (2)	Sociedad Quimica y Minera de Chile SA, ADR		825,116	0.4
			1,311,911	0.6
	China: 14.9%
390,800	Alibaba Group Holding Ltd.		3,659,086	1.6
9,756 (1)	Baidu, Inc., ADR		1,008,770	0.4
3,538 (1)	BeiGene Ltd., ADR		544,640	0.2
4,500	BYD Co. Ltd. - Class H		123,357	0.1
1,061,000 (3)	CGN Power Co. Ltd. - Class H		355,762	0.2
146,000	China Construction Bank Corp. - Class H		94,461	0.0
625,342	China Mengniu Dairy Co. Ltd.		1,295,382	0.6

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	China (continued)
1,037,650	China Petroleum & Chemical Corp. - Class H	$	619,375	0.3
27,500	China Shenhua Energy Co. Ltd. - Class H		114,138	0.0
93,000	COSCO SHIPPING Holdings Co. Ltd. - Class H		120,327	0.1
158,800	CSPC Pharmaceutical Group Ltd.		130,396	0.1
20,875 (1)	DiDi Global, Inc., ADR		103,122	0.0
360,849	H World Group Ltd.		1,342,601	0.6
62,200	Haier Smart Home Co. Ltd. - Class H		230,390	0.1
174,000	Hengan International Group Co. Ltd.		584,148	0.3
176,200	Inner Mongolia Yitai Coal Co. Ltd. - Class B		342,449	0.2
90,000 (1)(3)	Innovent Biologics, Inc.		435,687	0.2
33,145 (1)	iQIYI, Inc., ADR		160,753	0.1
79,961	JD.com, Inc. - Class A		1,152,108	0.5
12,800	Kweichow Moutai Co. Ltd. - Class A		3,001,001	1.3
26,480 (1)(3)	Meituan - Class B		361,572	0.2
7,300	NetEase, Inc.		136,836	0.1
353,000	People's Insurance Co. Group of China Ltd. - Class H		115,863	0.0
1,660,000	PetroChina Co. Ltd. - Class H		1,546,691	0.7
154,000	PICC Property & Casualty Co. Ltd. - Class H		191,327	0.1
107,000	Shenzhen International Holdings Ltd.		85,762	0.0
23,457	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A		984,901	0.4
318,000	Shougang Fushan Resources Group Ltd.		121,143	0.1
18,602 (1)	Sohu.com Ltd., ADR		214,667	0.1
119,369	Tencent Holdings Ltd.		5,238,294	2.3
512,000	Tingyi Cayman Islands Holding Corp.		565,093	0.2
26,029 (1)	Trip.com Group Ltd., ADR		1,256,160	0.6
98,000 (2)	Tsingtao Brewery Co. Ltd. - Class H		706,227	0.3
1,088,600	Uni-President China Holdings Ltd.		836,346	0.4
25,001	Weibo Corp., ADR		215,509	0.1
10,440	Weibo Corp. - Class A		91,151	0.0
134,200	Wuliangye Yibin Co. Ltd. - Class A		2,775,258	1.2
326,800	Yangzijiang Shipbuilding Holdings Ltd.		419,485	0.2
38,000	Yankuang Energy Group Co. Ltd. - Class H		82,436	0.0
57,223	Yum China Holdings, Inc.		2,142,171	1.0
			33,504,845	14.9
	France: 0.8%
3,687	L'Oreal SA		1,728,664	0.8

See Accompanying Notes to Financial Statements

22

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	Germany: 0.6%
5,822	adidas AG	$	1,403,006	0.6
	Greece: 0.6%
7,641	GEK Terna Holding Real Estate Construction SA		136,144	0.1
11,206	Hellenic Telecommunications Organization SA		170,238	0.1
13,203	Helleniq Energy Holdings SA		118,359	0.0
4,722	Jumbo SA		147,048	0.1
4,190	Motor Oil Hellas Corinth Refineries SA		121,448	0.0
11,552	Mytilineos SA		468,667	0.2
11,366	OPAP SA		189,346	0.1
			1,351,250	0.6
	Hong Kong: 2.2%
338,795	AIA Group Ltd.		2,481,456	1.1
41,500	Beijing Enterprises Holdings Ltd.		132,864	0.1
1,100,361 (3)	Budweiser Brewing Co. APAC Ltd.		1,530,813	0.7
780,000	Kunlun Energy Co. Ltd.		756,116	0.3
			4,901,249	2.2
	Hungary: 0.3%
56,000	Magyar Telekom Telecommunications PLC		141,232	0.1
27,611	MOL Hungarian Oil & Gas PLC		226,593	0.1
12,519	Richter Gedeon Nyrt		318,796	0.1
			686,621	0.3
	India: 17.7%
1,980	AIA Engineering Ltd.		89,855	0.0
2,410	Alkem Laboratories Ltd.		139,542	0.1
15,621	Ambuja Cements Ltd.		115,806	0.0
38,302	Asian Paints Ltd.		1,317,510	0.6
1,448	Bajaj Auto Ltd.		154,585	0.1
13,076	Bajaj Finance Ltd.		1,084,683	0.5
65,609	Bharat Electronics Ltd.		183,467	0.1
59,958	Bharat Petroleum Corp. Ltd.		436,289	0.2
7,351	Bharti Airtel Ltd.		116,357	0.0
290	Bosch Ltd.		101,959	0.0
1,801	Britannia Industries Ltd.		102,937	0.0
37,863	Castrol India Ltd.		95,367	0.0
13,005	Cipla Ltd./India		217,708	0.1
65,837	Coal India Ltd.		357,952	0.2
2,233	Coforge Ltd.		135,977	0.1
6,331	Colgate-Palmolive India Ltd.		214,251	0.1
9,910	Container Corp. Of India Ltd.		121,724	0.1
12,119	Coromandel International Ltd.		175,226	0.1
4,413	Cummins India Ltd.		172,786	0.1
2,141	Divi's Laboratories Ltd.		102,516	0.0
4,364	Dr Reddy's Laboratories Ltd.		323,842	0.1
3,673	Eicher Motors Ltd.		202,212	0.1

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	India (continued)
39,594	Exide Industries Ltd.	$	223,988	0.1
106,301	GAIL India Ltd.		265,553	0.1
3,611	Grasim Industries Ltd.		104,117	0.0
5,304	Havells India Ltd.		105,563	0.0
62,676	HCL Technologies Ltd.		1,022,559	0.5
3,770 (3)	HDFC Asset Management Co. Ltd.		175,753	0.1
48,000	HDFC Bank Ltd.		871,708	0.4
65,856	HDFC Bank Ltd., ADR		3,793,306	1.7
6,284	Hero MotoCorp Ltd.		341,046	0.1
48,434	Hindalco Industries Ltd.		372,495	0.2
2,766	Hindustan Aeronautics Ltd.		130,532	0.1
28,413	Hindustan Petroleum Corp. Ltd.		168,538	0.1
14,248	Indian Hotels Co. Ltd.		98,182	0.0
185,064	Indian Oil Corp. Ltd.		373,715	0.2
25,259	Indraprastha Gas Ltd.		141,713	0.1
1,685	Info Edge India Ltd.		121,865	0.1
63,915	Infosys Ltd.		1,079,174	0.5
165,226	Infosys Ltd. - Foreign, ADR		2,760,926	1.2
3,209 (1)(3)	InterGlobe Aviation Ltd.		153,018	0.1
12,791	JSW Steel Ltd.		134,765	0.1
3,717	Larsen & Toubro Ltd.		159,779	0.1
1,484 (3)	LTIMindtree Ltd.		83,350	0.0
6,309	Mahindra & Mahindra Ltd.		162,734	0.1
1,484	Maruti Suzuki India Ltd.		227,674	0.1
14,749	Max Healthcare Institute Ltd.		148,212	0.1
3,986	Mphasis Ltd.		110,089	0.0
139	MRF Ltd.		221,255	0.1
4,725	Nestle India Ltd.		141,833	0.1
56,965	NMDC Ltd.		172,870	0.1
61,303	NTPC Ltd.		266,419	0.1
92,158	Oil & Natural Gas Corp. Ltd.		311,103	0.1
19,933	Oil India Ltd.		147,381	0.1
3,260	Persistent Systems Ltd.		131,143	0.1
84,619	Petronet LNG Ltd.		314,089	0.1
3,444	Phoenix Mills Ltd.		129,891	0.1
2,853	PI Industries Ltd.		124,691	0.1
75,032	Power Grid Corp. of India Ltd.		270,624	0.1
313,560	Reliance Industries Ltd.		11,007,294	4.9
279,398 (1)	Reliance Strategic Investments Ltd.		1,258,171	0.6
1,592	Siemens Ltd.		111,231	0.0
7,918	Sun Pharmaceutical Industries Ltd.		142,248	0.1
2,433	Supreme Industries Ltd.		147,354	0.1
55,754	Tata Consultancy Services Ltd.		2,544,619	1.1
91,819	Tata Consumer Products Ltd.		1,215,892	0.5
22,573	Tata Power Co. Ltd.		121,144	0.1
151,858	Tata Steel Ltd.		299,340	0.1
19,168	Tech Mahindra Ltd.		288,741	0.1
2,598	Titan Co. Ltd.		111,473	0.0
12,697	Torrent Power Ltd.		228,902	0.1
1,907	Trent Ltd.		100,661	0.0
1,349	UltraTech Cement Ltd.		160,888	0.1

See Accompanying Notes to Financial Statements

23

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	India (continued)
55,757	Vedanta Ltd.	$	266,109	0.1
19,268	Wipro Ltd.		106,111	0.0
8,204	Zydus Lifesciences Ltd.		93,704	0.0
			39,728,086	17.7
	Indonesia: 1.7%
2,306,300	Astra International Tbk PT		727,765	0.3
3,765,584	Bank Central Asia Tbk PT		2,264,188	1.0
257,300	Bank Mandiri Persero Tbk PT		108,755	0.1
227,400	Bank Rakyat Indonesia Persero Tbk PT		68,835	0.0
932,300	Telkom Indonesia Persero Tbk PT		180,734	0.1
1,527,900	Unilever Indonesia Tbk PT		246,065	0.1
98,300	United Tractors Tbk PT		149,819	0.1
			3,746,161	1.7
	Japan: 0.9%
7,511	Fast Retailing Co. Ltd.		1,963,894	0.9
	Kuwait: 0.0%
76,342	Mobile Telecommunications Co. KSCP		120,651	0.0
	Malaysia: 0.8%
107,700	CELCOMDIGI BHD		93,486	0.0
102,900	CIMB Group Holdings Bhd		142,211	0.1
106,900	Gamuda Bhd		118,940	0.1
87,100	Genting Bhd		82,325	0.0
82,600	MISC Bhd		137,768	0.1
43,100	Petronas Gas Bhd		162,556	0.1
183,000	Sime Darby Bhd		107,136	0.0
86,800	Telekom Malaysia Bhd		112,581	0.0
231,800	Tenaga Nasional Bhd		580,896	0.3
175,287	UEM Sunrise Bhd		39,068	0.0
195,900	YTL Corp. Bhd		126,659	0.1
111,400	YTL Power International Bhd		106,793	0.0
			1,810,419	0.8
	Mexico: 7.1%
171,973	Alfa SAB de CV - Class A		125,887	0.1
27,958 (1)	Alsea SAB de CV		117,017	0.0
58,676	America Movil SAB de CV - Foreign, ADR		1,118,365	0.5
12,314	Arca Continental SAB de CV		119,799	0.1
374,615 (1)	Cemex SAB de CV		296,311	0.1
105,921 (1)	Cemex SAB de CV - Foreign, ADR		837,835	0.4
34,594	Coca-Cola Femsa SAB de CV		342,472	0.1
8,565	Coca-Cola Femsa SAB de CV - Foreign, ADR		849,220	0.4
48,083	Corp Inmobiliaria Vesta SAB de CV		170,290	0.1
15,349	El Puerto de Liverpool SAB de CV - Class C1		122,724	0.1
87,969	Fibra Uno Administracion SA de CV		125,914	0.1

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	Mexico (continued)
26,591	Fomento Economico Mexicano SAB de CV	$	312,745	0.1
43,074	Fomento Economico Mexicano SAB de CV - Foreign, ADR		5,068,087	2.3
14,591	GCC SAB de CV		164,335	0.1
10,258	Gruma SAB de CV - Class B		201,205	0.1
12,456	Grupo Aeroportuario del Centro Norte SAB de CV		137,613	0.1
10,681	Grupo Aeroportuario del Pacifico SAB de CV - Class B		195,130	0.1
5,373	Grupo Aeroportuario del Sureste SAB de CV - Class B		185,020	0.1
21,397	Grupo Bimbo SAB de CV		89,456	0.0
29,003	Grupo Comercial Chedraui SA de CV		213,560	0.1
135,668	Grupo Financiero Banorte SAB de CV - Class O		1,345,692	0.6
35,337 (1)	Grupo Financiero Inbursa SAB de CV - Class O		97,384	0.0
25,273	Grupo Mexico SAB de CV		156,175	0.1
154,189	Grupo Televisa SAB, ADR		450,232	0.2
47,547 (1)	Ollamani SAB		97,171	0.0
69,865	Orbia Advance Corp. SAB de CV		114,357	0.0
49,941	Prologis Property Mexico SA de CV		196,140	0.1
11,623	Promotora y Operadora de Infraestructura SAB de CV		116,422	0.0
692,178	Wal-Mart de Mexico SAB de CV		2,579,897	1.1
			15,946,455	7.1
	Netherlands: 1.0%
21,903	Heineken NV		2,131,595	1.0
15,173	NEPI Rockcastle NV		102,383	0.0
			2,233,978	1.0
	Peru: 0.5%
25,445	Cia de Minas Buenaventura SAA, ADR		440,198	0.2
4,670	Credicorp Ltd.		773,399	0.3
			1,213,597	0.5
	Philippines: 0.2%
462,400	DMCI Holdings, Inc.		88,688	0.0
31,310	International Container Terminal Services, Inc.		179,399	0.1
15,380	Manila Electric Co.		98,241	0.1
			366,328	0.2
	Qatar: 0.2%
34,158	Ooredoo QPSC		93,721	0.0
25,990	Qatar Fuel QSC		103,218	0.1
17,042	Qatar Islamic Bank SAQ		85,583	0.0
76,322	Qatar Navigation QSC		221,404	0.1
			503,926	0.2
	Romania: 0.1%
1,304,485	OMV Petrom SA		193,301	0.1

See Accompanying Notes to Financial Statements

24

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	Russia: —%
164,710 (4)	Alrosa PJSC	$	—	—
951,000 (1)(4)	Detsky Mir PJSC		—	—
1,037,141 (1)(4)	Gazprom PJSC		—	—
25,468 (4)	Lukoil PJSC		—	—
14,210 (4)	Magnit PJSC		—	—
271,070 (1)(4)	Magnitogorsk Iron & Steel Works PJSC		—	—
117,900 (4)	MMC Norilsk Nickel PJSC		—	—
91,474 (4)	Mobile TeleSystems PJSC		—	—
83,570 (1)(4)	Novolipetsk Steel PJSC		—	—
4,078 (4)	PhosAgro PJSC		—	—
453,015 (4)	Rosneft Oil Co. PJSC		—	—
1,076,340 (4)	Sberbank of Russia PJSC		—	—
16,184 (1)(4)	Severstal PAO		—	—
34,543 (4)	Tatneft PJSC		—	—
			—	—
	Saudi Arabia: 0.9%
34,131	Abdullah Al Othaim Markets Co.		113,163	0.0
2,579	Astra Industrial Group		119,394	0.0
2,425	Bupa Arabia for Cooperative Insurance Co.		155,951	0.1
10,087	Etihad Etisalat Co.		139,851	0.1
36,656	Jarir Marketing Co.		132,128	0.1
4,391	SABIC Agri-Nutrients Co.		135,311	0.1
15,612	Sahara International Petrochemical Co.		142,690	0.1
2,893	Saudi Airlines Catering Co.		97,344	0.0
89,149 (3)	Saudi Arabian Oil Co.		714,325	0.3
3,999	Saudi Aramco Base Oil Co.		161,104	0.1
12,074	Saudi Telecom Co.		121,154	0.0
967	Saudia Dairy & Foodstuff Co.		94,106	0.0
			2,126,521	0.9
	South Africa: 1.4%
8,592	Bid Corp. Ltd.		197,018	0.1
10,672	Bidvest Group Ltd.		139,623	0.1
11,828	Clicks Group Ltd.		183,209	0.1
24,384	Exxaro Resources Ltd.		233,625	0.1
21,932	MTN Group Ltd.		105,551	0.0
46,929	OUTsurance Group Ltd.		101,157	0.0
457,719	Sanlam Ltd.		1,655,744	0.7
17,057	Shoprite Holdings Ltd.		227,580	0.1
13,029	Tiger Brands Ltd.		141,725	0.1
61,396	Woolworths Holdings Ltd./South Africa		196,213	0.1
			3,181,445	1.4
	South Korea: 17.4%
6,514	Cheil Worldwide, Inc.		88,845	0.0
1,432	DB Insurance Co. Ltd.		100,447	0.0
2,770	Doosan Bobcat, Inc.		103,529	0.0
6,978	GS Holdings Corp.		225,611	0.1
4,001	Hana Financial Group, Inc.		168,749	0.1
3,290	Hankook Tire & Technology Co. Ltd.		139,602	0.1
2,119	HD Hyundai Co. Ltd.		102,587	0.0
1,555	Hyundai Glovis Co. Ltd.		203,565	0.1
2,401	Hyundai Mobis Co. Ltd.		392,802	0.2

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	South Korea (continued)
1,217	Hyundai Motor Co.	$	218,909	0.1
4,028	Hyundai Steel Co.		93,534	0.0
30,203	Kakao Corp.		1,048,916	0.5
3,942	KB Financial Group, Inc.		213,802	0.1
4,926	Kia Corp.		417,344	0.2
3,642	Korea Aerospace Industries Ltd.		135,610	0.1
10,747	Korean Air Lines Co. Ltd.		162,067	0.1
2,913	KT&G Corp.		187,701	0.1
1,367	LG Corp.		77,998	0.0
1,980	LG Electronics, Inc.		131,872	0.1
92,812	LG Uplus Corp.		659,198	0.3
2,193	Lotte Corp.		43,712	0.0
469	Lotte Wellfood Co. Ltd.		45,385	0.0
18,642	NAVER Corp.		2,458,872	1.1
876	POSCO Holdings, Inc.		252,884	0.1
4,466	Samsung C&T Corp.		481,583	0.2
828	Samsung Electro-Mechanics Co. Ltd.		92,358	0.0
159,650	Samsung Electronics Co. Ltd.		8,874,407	3.9
6,019 (1)	Samsung Engineering Co. Ltd.		114,116	0.0
636	Samsung Fire & Marine Insurance Co. Ltd.		142,353	0.1
16,706	Samsung Life Insurance Co. Ltd.		1,052,693	0.5
1,825	Samsung SDS Co. Ltd.		209,655	0.1
21,769	Shinhan Financial Group Co. Ltd.		731,380	0.3
69,582	SK Hynix, Inc.		8,586,814	3.8
146,194 (1)	SK Square Co. Ltd.		8,032,259	3.6
70,190	SK Telecom Co. Ltd.		2,595,753	1.2
1,051	SK, Inc.		125,240	0.1
2,804	S-Oil Corp.		146,396	0.1
14,412	Woori Financial Group, Inc.		147,690	0.1
			39,006,238	17.4
	Taiwan: 15.9%
12,000	Accton Technology Corp.		168,113	0.1
166,000	Acer, Inc.		228,408	0.1
14,471	Advantech Co. Ltd.		168,318	0.1
88,000	ASE Technology Holding Co. Ltd.		395,877	0.2
88,000	Asia Cement Corp.		118,026	0.0
16,000	Asustek Computer, Inc.		209,804	0.1
15,000	Catcher Technology Co. Ltd.		100,195	0.0
75,000	Cheng Shin Rubber Industry Co. Ltd.		108,280	0.0
73,000	Chicony Electronics Co. Ltd.		451,915	0.2
232,000 (1)	China Development Financial Holding Corp.		96,986	0.0
134,000	China Steel Corp.		102,084	0.0
53,000	Chunghwa Telecom Co. Ltd.		201,444	0.1
557,000	Compal Electronics, Inc.		607,553	0.3

See Accompanying Notes to Financial Statements

25

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	Taiwan (continued)
166,000	CTBC Financial Holding Co. Ltd.	$	173,257	0.1
29,000	Delta Electronics, Inc.		284,006	0.1
11,000	Eclat Textile Co. Ltd.		173,076	0.1
7,000	Elite Material Co. Ltd.		87,156	0.0
141,000	Eva Airways Corp.		153,301	0.1
22,000	Evergreen Marine Corp. Taiwan Ltd.		128,033	0.1
139,000	Far Eastern New Century Corp.		138,658	0.1
35,000	Far EasTone Telecommunications Co. Ltd.		86,815	0.0
23,000	Feng TAY Enterprise Co. Ltd.		114,359	0.0
857,000 (1)(3)	FIT Hon Teng Ltd.		245,717	0.1
69,000	Formosa Chemicals & Fibre Corp.		117,275	0.0
78,000	Formosa Plastics Corp.		163,873	0.1
80,000	Foxconn Technology Co. Ltd.		150,783	0.1
10,000	Gigabyte Technology Co. Ltd.		90,184	0.0
123,000	Hon Hai Precision Industry Co. Ltd.		585,523	0.3
213,000	Inventec Corp.		341,698	0.1
2,700	Largan Precision Co. Ltd.		179,977	0.1
125,000	Lite-On Technology Corp.		378,348	0.2
180,300	MediaTek, Inc.		5,436,258	2.4
51,000	Micro-Star International Co. Ltd.		248,152	0.1
84,000	Nan Ya Plastics Corp.		145,858	0.1
20,000	Novatek Microelectronics Corp.		377,904	0.2
163,000	Pegatron Corp.		486,135	0.2
271,000	Pou Chen Corp.		299,962	0.1
71,000	Powertech Technology, Inc.		378,101	0.2
29,000	Quanta Computer, Inc.		227,599	0.1
13,000	Realtek Semiconductor Corp.		205,077	0.1
40,000	Sino-American Silicon Products, Inc.		238,150	0.1
183,000	SinoPac Financial Holdings Co. Ltd.		123,116	0.1
51,000	Synnex Technology International Corp.		124,657	0.1
53,000	Taiwan Fertilizer Co. Ltd.		106,198	0.0
768,307	Taiwan Semiconductor Manufacturing Co. Ltd.		18,396,165	8.2
6,301	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		865,379	0.4
72,000	Teco Electric and Machinery Co. Ltd.		122,327	0.1
79,000	Uni-President Enterprises Corp.		185,303	0.1
148,000	United Microelectronics Corp.		227,391	0.1
195,000	Wistron Corp.		667,692	0.3

				Percentage
				of Net
Shares	RA		Value	Assets
COMMON STOCK: (continued)
	Taiwan (continued)
34,000	WPG Holdings Ltd.	$	91,828	0.0
105,000	Yuanta Financial Holding Co. Ltd.		98,494	0.0
56,000	Zhen Ding Technology Holding Ltd.		198,216	0.1
			35,799,004	15.9
	Thailand: 1.6%
16,700	Advanced Info Service PCL		88,728	0.0
170,800	Bangkok Dusit Medical Services PCL - Foreign - Class F		133,375	0.1
18,200	Bumrungrad Hospital PCL - Foreign		120,124	0.1
1,639,849	CP ALL PCL - Foreign		2,534,408	1.1
45,700	PTT Exploration & Production PCL - Foreign Shares		191,177	0.1
216,500	PTT Oil & Retail Business PCL		108,705	0.1
302,800	PTT PCL - Foreign		274,419	0.1
12,800	Siam Cement PCL - Foreign		85,752	0.0
			3,536,688	1.6
	Turkey: 0.8%
482,665	Akbank TAS		888,389	0.4
11,210	BIM Birlesik Magazalar AS		133,925	0.1
3,919 (1)	D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR		5,683	0.0
28,057	KOC Holding AS		195,876	0.1
12,610 (1)	Turk Hava Yollari AO		126,932	0.0
65,053	Turkcell Iletisim Hizmetleri AS		162,300	0.1
50,992	Turkiye Petrol Rafinerileri AS		308,286	0.1
			1,821,391	0.8
	United Arab Emirates: 0.4%
301,593	Air Arabia PJSC		219,592	0.1
58,091	Aldar Properties PJSC		86,356	0.0
82,720	Emaar Development PJSC		188,281	0.1
160,354	Emaar Properties PJSC		358,438	0.2
			852,667	0.4
	United Kingdom: 1.1%
342,800 (4)	Fix Price Group PLC, GDR		—	—
47,556	Unilever PLC, ADR		2,465,779	1.1
			2,465,779	1.1
	United States: 0.8%
15,165	Micron Technology, Inc.		1,713,038	0.8
	Uruguay: 1.1%
1,721 (1)	MercadoLibre, Inc.		2,510,423	1.1
	Total Common Stock
	(Cost $221,304,766)		221,980,724	98.8

See Accompanying Notes to Financial Statements

26

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
PREFERRED STOCK: 0.7%
	Brazil: 0.6%
25,009	Bradespar SA	$	96,470	0.1
129,416	Cia Energetica de Minas Gerais		242,004	0.1
54,540	Cia Paranaense de Energia		95,266	0.0
42,313	Gerdau SA		148,552	0.1
277,540	Itausa SA		510,974	0.2
29,885	Petroleo Brasileiro SA		241,262	0.1
			1,334,528	0.6
	Chile: 0.1%
2,551	Sociedad Quimica y Minera de Chile SA		116,516	0.1
	Russia: —%
378 (4)	AK Transneft PJSC OAO		—	—
863,754 (4)	Surgutneftegas PJSC		—	—
217 (4)	Transneft PJSC		—	—
			—	—
	Total Preferred Stock
	(Cost $3,208,561)		1,451,044	0.7
WARRANTS: 0.0%
	United States: 0.0%
38,283 (1)	IRSA Inversiones y Representaciones SA		26,032	0.0
	Total Warrants
	(Cost $–)		26,032	0.0
	Total Long-Term Investments
	(Cost $224,513,327)		223,457,800	99.5

			Percentage
Principal			of Net
Amount†	RA	Value	Assets
SHORT-TERM INVESTMENTS: 1.3%
	Repurchase Agreements: 0.5%
244,779 (5)	Barclays Capital Inc., Repurchase Agreement dated 04/30/2024, 5.310%, due 05/01/2024 (Repurchase Amount $244,815, collateralized by various U.S. Government Securities, 0.000%, Market Value plus accrued interest $249,675, due 02/15/27-11/15/42)	244,779	0.1

				Percentage
Principal				of Net
Amount†	RA		Value	Assets
SHORT-TERM INVESTMENTS: (continued)
	Repurchase Agreements (continued)
1,000,000 (5)	Daiwa Capital Markets America Inc., Repurchase Agreement dated 04/30/2024, 5.350%, due 05/01/2024 (Repurchase Amount $1,000,147, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $1,020,000, due 05/07/24-05/01/54)	$	1,000,000	0.4
	Total Repurchase Agreements
	(Cost $1,244,779)		1,244,779	0.5

				Percentage
				of Net
Shares			Value	Assets
SHORT-TERM INVESTMENTS: (continued)
	Mutual Funds: 0.8%
1,444,534 (6)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.180%		1,444,534	0.7
259,000 (6)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%		259,000	0.1
	Total Mutual Funds
	(Cost $1,703,534)		1,703,534	0.8
	Total Short-Term Investments
	(Cost $2,948,313)		2,948,313	1.3
	Total Investments in Securities
	(Cost $227,461,640)	$	226,406,113	100.8
	Liabilities in Excess of Other Assets		(1,722,340)	(0.8)
	Net Assets	$	224,683,773	100.0
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	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, 2024.

See Accompanying Notes to Financial Statements

27

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

	Percentage
Sector Diversification	of Net Assets
Information Technology	27.4%
Consumer Staples	16.1
Financials	11.8
Consumer Discretionary	9.7
Energy	9.6
Communication Services	8.6
Industrials	7.2
Materials	4.7
Utilities	2.0
Health Care	1.7
Real Estate	0.7
Warrants	0.0
Short-Term Investments	1.3
Liabilities in Excess of Other Assets	(0.8)
Net Assets	100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

28

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs#		Inputs		at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2024
Asset Table
Investments, at fair value
Common Stock
Argentina	$	441,665	$	—	$	—	$	441,665
Brazil		15,811,523		—		—		15,811,523
Chile		1,311,911		—		—		1,311,911
China		4,425,729		29,079,116		—		33,504,845
France		—		1,728,664		—		1,728,664
Germany		—		1,403,006		—		1,403,006
Greece		457,842		893,408		—		1,351,250
Hong Kong		—		4,901,249		—		4,901,249
Hungary		545,389		141,232		—		686,621
India		6,554,232		33,173,854		—		39,728,086
Indonesia		—		3,746,161		—		3,746,161
Japan		—		1,963,894		—		1,963,894
Kuwait		—		120,651		—		120,651
Malaysia		1,112,741		697,678		—		1,810,419
Mexico		15,946,455		—		—		15,946,455
Netherlands		102,383		2,131,595		—		2,233,978
Peru		1,213,597		—		—		1,213,597
Philippines		366,328		—		—		366,328
Qatar		196,939		306,987		—		503,926
Romania		193,301		—		—		193,301
Russia		—		—		—		—
Saudi Arabia		389,908		1,736,613		—		2,126,521
South Africa		922,771		2,258,674		—		3,181,445
South Korea		—		39,006,238		—		39,006,238
Taiwan		993,412		34,805,592		—		35,799,004
Thailand		—		3,536,688		—		3,536,688
Turkey		799,077		1,022,314		—		1,821,391
United Arab Emirates		633,075		219,592		—		852,667
United Kingdom		2,465,779		—		—		2,465,779
United States		1,713,038		—		—		1,713,038
Uruguay		2,510,423		—		—		2,510,423
Total Common Stock		59,107,518		162,873,206		—		221,980,724
Preferred Stock		1,451,044		—		—		1,451,044
Warrants		26,032		—		—		26,032
Short-Term Investments		1,703,534		1,244,779		—		2,948,313
Total Investments, at fair value	$	62,288,128	$	164,117,985	$	—	$	226,406,113
Other Financial Instruments+
Forward Foreign Currency Contracts		—		65		—		65
Total Assets	$	62,288,128	$	164,118,050	$	—	$	226,406,178
Liabilities Table
Other Financial Instruments+
Futures	$	(510)	$	—	$	—	$	(510)
Total Liabilities	$	(510)	$	—	$	—	$	(510)

^	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.
+	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.

See Accompanying Notes to Financial Statements

29

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (unaudited) (continued)

At April 30, 2024, the following forward foreign currency contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	19,542	EUR	18,251	The Bank of New York Mellon	05/02/24	$	65
						$	65

At April 30, 2024, the following futures contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

	Number	Expiration	Notional		Unrealized
Description	of Contracts	Date	Amount		Depreciation
Long Contracts:
MSCI Emerging Markets Index	13	06/21/24	$	677,300	$	(510	)
			$	677,300	$	(510	)

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, 2024 was as follows:

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	65
Total Asset Derivatives		$	65
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*	$	510
Total Liability Derivatives		$	510

* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2024 was as follows:

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts			Futures		Total
Equity contracts	$	—		$	105,336	$	105,336
Foreign exchange contracts		(16,983	)		—		(16,983	)
Total	$	(16,983	)	$	105,336	$	88,353

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts		Futures		Total
Equity contracts	$	—	$	40,267	$	40,267
Foreign exchange contracts		65		—		65
Total	$	65	$	40,267	$	40,332

See Accompanying Notes to Financial Statements

30

Voya Multi-Manager Emerging	PORTFOLIO OF INVESTMENTS
Markets Equity Fund	as of April 30, 2024 (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, 2024:

	The Bank
	of New York
	Mellon		Total
Assets:
Forward foreign currency contracts	$	65	$	65
Total Assets	$	65	$	65
Liabilities:
Total Liabilities	$	—	$	–
Net OTC derivative instruments by counterparty, at fair value	$	65	$	65
Total collateral pledged by the Fund/(Received from counterparty)	$	—	$	–
Net Exposure(1)	$	65	$	65

⁽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.

At April 30, 2024, 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 $237,469,454.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	33,159,194
Gross Unrealized Depreciation		(44,208,225	)
Net Unrealized Depreciation	$	(11,049,031	)

See Accompanying Notes to Financial Statements

31

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (unaudited)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: 95.2%
	Australia: 0.2%
24,005	BHP Group Ltd. - Class DI	$	658,362	0.2
	Austria: 0.7%
80,295	Mondi PLC MNP		1,531,095	0.4
65,269	Mondi PLC QX		1,238,846	0.3
			2,769,941	0.7
	Belgium: 0.8%
20,024	Anheuser-Busch InBev SA		1,196,912	0.3
8,588	D'ieteren Group		1,852,628	0.5
			3,049,540	0.8
	Brazil: 0.8%
263,910	B3 SA - Brasil Bolsa Balcao		546,361	0.1
78,992	Localiza Rent a Car SA		746,777	0.2
123,856	Raia Drogasil SA		611,576	0.2
49,587	XP, Inc. - Class A		1,015,046	0.3
			2,919,760	0.8
	Canada: 8.2%
18,428	Cameco Corp.		840,782	0.2
34,352	Canadian Pacific Kansas City Ltd.		2,694,959	0.7
31,551	Canadian Tire Corp. Ltd. - Class A		3,047,955	0.8
96,310	Cenovus Energy, Inc.		1,978,460	0.5
683	Constellation Software, Inc.		1,758,430	0.5
60,900	Magna International, Inc.		2,910,849	0.8
59,400	Methanex Corp.		2,844,331	0.7
87,700	Open Text Corp.		3,096,718	0.8
25,103	RB Global, Inc.		1,796,132	0.5
26,485	Royal Bank of Canada		2,562,407	0.7
22,300 (1)	Shopify, Inc. - CAD - Class A		1,565,609	0.4
19,276 (1)	Shopify, Inc. - USD - Class A		1,353,175	0.4
10,863	TFI International, Inc.		1,414,680	0.4
51,321	Toronto-Dominion Bank		3,044,627	0.8
			30,909,114	8.2
	Chile: 1.7%
68,500	Antofagasta PLC		1,879,072	0.5
382,432	Lundin Mining Corp.		4,367,001	1.2
			6,246,073	1.7
	China: 2.5%
61,440	Alibaba Group Holding Ltd.		575,267	0.2
33,500	BYD Co. Ltd. - Class H		918,322	0.3
16,700	Contemporary Amperex Technology Co. Ltd. - Class A		467,076	0.1
101,284	ENN Energy Holdings Ltd.		862,980	0.2
54,229	KE Holdings, Inc., ADR		819,942	0.2
109,500	Ping An Insurance Group Co. of China Ltd. - Class H		496,263	0.1
78,400	Proya Cosmetics Co. Ltd. - Class A		1,182,809	0.3
89,999	Tencent Holdings Ltd.		3,949,444	1.1
			9,272,103	2.5
	Denmark: 1.0%
4,335	DSV A/S		615,871	0.2

				Percentage
				of Net
Shares	RA		Value	Assets
COMMON STOCK: (continued)
	Denmark (continued)
24,487	Novo Nordisk A/S - Class B	$	3,140,269	0.8
			3,756,140	1.0
	France: 10.1%
5,655	Air Liquide SA		1,105,999	0.3
14,248	Airbus SE		2,344,623	0.6
71,209	AXA SA		2,460,388	0.7
36,690	BNP Paribas SA		2,640,285	0.7
26,268	Bureau Veritas SA		766,124	0.2
6,764	Capgemini SE		1,421,667	0.4
82,492	Cie Generale des Etablissements Michelin SCA		3,169,236	0.8
825	Hermes International		1,975,045	0.5
26,626	IPSOS		1,781,751	0.5
3,354	L'Oreal SA		1,572,536	0.4
1,575	LVMH Moet Hennessy Louis Vuitton SE		1,293,764	0.3
8,256	Pernod Ricard SA		1,248,656	0.3
35,100	Publicis Groupe SA		3,873,178	1.0
7,052	Remy Cointreau SA		669,022	0.2
42,899	Renault SA		2,124,933	0.6
2,898 (1)	SOITEC		283,374	0.1
25,700	Teleperformance		2,328,030	0.6
43,600	TotalEnergies SE		3,165,309	0.8
58,773 (1)	Vallourec SA		1,011,881	0.3
25,268	Vinci SA		2,960,809	0.8
			38,196,610	10.1
	Germany: 8.5%
11,314	adidas AG		2,726,487	0.7
79,100	Daimler Truck Holding AG		3,567,116	1.0
214,254	Deutsche Telekom AG, Reg		4,907,617	1.3
66,900 (1)	flatexDEGIRO AG		874,073	0.2
13,112	Hannover Rueck SE		3,252,358	0.9
73,292	Infineon Technologies AG		2,543,458	0.7
3,678	Linde PLC DE		1,621,865	0.4
7,705	Merck KGaA		1,224,339	0.3
7,349	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,232,158	0.9
9,538	Nemetschek SE		842,867	0.2
53,639	RWE AG		1,868,545	0.5
13,751	SAP SE		2,482,981	0.7
14,771	Siemens AG, Reg		2,767,109	0.7
			31,910,973	8.5
	Hong Kong: 1.2%
185,200	AIA Group Ltd.		1,356,471	0.4
51,700	Hong Kong Exchanges & Clearing Ltd.		1,642,738	0.4
99,500	Techtronic Industries Co. Ltd.		1,375,021	0.4
			4,374,230	1.2
	India: 1.7%
149,826	Axis Bank Ltd.		2,091,286	0.6
18,921	HDFC Bank Ltd.		343,617	0.1
36,264	Larsen & Toubro Ltd.		1,558,842	0.4
65,037	Reliance Industries Ltd.		2,283,076	0.6

See Accompanying Notes to Financial Statements

32 

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	India (continued)
9,681 (1)	Reliance Strategic Investments Ltd.	$	43,595	0.0
			6,320,416	1.7
	Indonesia: 0.3%
2,008,300	Bank Central Asia Tbk PT		1,207,560	0.3
	Ireland: 1.5%
41,726	Experian PLC		1,682,970	0.5
565,428 (1)	Greencore Group PLC		924,942	0.2
73,621	Smurfit Kappa Group PLC		3,189,970	0.8
			5,797,882	1.5
	Israel: 0.3%
4,428 (1)	CyberArk Software Ltd.		1,059,399	0.3
	Italy: 2.1%
190,600	Eni SpA		3,061,363	0.8
3,314	Ferrari NV		1,362,967	0.4
5,562	Ryanair Holdings PLC, ADR		757,544	0.2
371,980 (1)	Saipem SpA		853,595	0.2
137,907 (1)	TREVI - Finanziaria Industriale SpA		54,087	0.0
52,802	UniCredit SpA		1,938,067	0.5
			8,027,623	2.1
	Japan: 13.2%
58,900	Bandai Namco Holdings, Inc.		1,100,557	0.3
7,600	Cosmos Pharmaceutical Corp.		701,138	0.2
147,200	Daicel Corp.		1,367,208	0.4
47,000	Dai-ichi Life Holdings, Inc.		1,088,569	0.3
27,200	Daito Trust Construction Co. Ltd.		2,915,687	0.8
5,500	Fast Retailing Co. Ltd.		1,438,080	0.4
122,209	ITOCHU Corp.		5,513,431	1.5
105,800	KDDI Corp.		2,935,823	0.8
7,546	Keyence Corp.		3,318,503	0.9
174,600	Marubeni Corp.		3,110,737	0.8
292,500	Mitsubishi UFJ Financial Group, Inc.		2,913,697	0.8
53,700	Murata Manufacturing Co. Ltd.		981,216	0.2
109,800	Nippon Paint Holdings Co. Ltd.		702,832	0.2
81,000	Olympus Corp.		1,128,307	0.3
57,800	Recruit Holdings Co. Ltd.		2,489,293	0.6
5,500	Shimano, Inc.		893,822	0.2
37,400	Shiseido Co. Ltd.		1,001,133	0.3
3,400	SMC Corp.		1,786,247	0.5
69,200	Sony Group Corp.		5,719,475	1.5
43,000	Sumitomo Mitsui Trust Holdings, Inc.		904,068	0.2
46,500	Sysmex Corp.		743,552	0.2
94,500	T&D Holdings, Inc.		1,541,988	0.4
118,200	Takeda Pharmaceutical Co. Ltd.		3,106,541	0.8
5,600	Tokyo Electron Ltd.		1,228,337	0.3
31,500	Unicharm Corp.		935,964	0.2
157,500	Z Holdings Corp.		378,415	0.1
			49,944,620	13.2

				Percentage
				of Net
Shares	RA		Value	Assets
COMMON STOCK: (continued)
	Mexico: 0.2%
5,406	Fomento Economico Mexicano SAB de CV - Foreign, ADR	$	636,070	0.2
	Netherlands: 5.5%
856 (1)(2)	Adyen NV		1,025,489	0.3
6,808	ASML Holding NV		5,929,862	1.6
21,806	EXOR NV		2,380,685	0.6
6,261	IMCD NV		944,627	0.2
101,000	Koninklijke Ahold Delhaize NV		3,065,777	0.8
35,159	Prosus NV		1,176,420	0.3
105,054	Shell PLC - EUR		3,753,985	1.0
6,759	Topicus.com, Inc.		550,824	0.1
13,872	Wolters Kluwer NV		2,076,730	0.6
			20,904,399	5.5
	New Zealand: 0.1%
7,444 (1)	Xero Ltd.		577,938	0.1
	Norway: 2.3%
158,899	DNB Bank ASA		2,769,476	0.7
183,465	SpareBank 1 SR-Bank ASA		2,221,492	0.6
79,476	Sparebanken Vest		914,205	0.3
97,347	Yara International ASA		2,774,891	0.7
			8,680,064	2.3
	Portugal: 0.4%
66,271	Jeronimo Martins SGPS SA		1,363,312	0.4
	Puerto Rico: 0.8%
34,066	Popular, Inc.		2,895,269	0.8
	Russia: —%
1,561,600 (3)	Alrosa PJSC		—	—
	Singapore: 1.4%
233,738	United Overseas Bank Ltd.		5,186,834	1.4
	South Korea: 5.8%
15,700	F&F Co. Ltd.		743,187	0.2
37,721	Kia Corp.		3,195,822	0.8
44,600	LG Electronics, Inc.		2,970,454	0.8
135,729	Samsung Electronics Co. Ltd.		7,544,719	2.0
95,300	Shinhan Financial Group Co. Ltd.		3,201,823	0.9
33,100	SK Hynix, Inc.		4,084,728	1.1
			21,740,733	5.8
	Spain: 0.5%
167,167	Iberdrola SA		2,049,734	0.5
	Sweden: 3.7%
28,359	Assa Abloy AB - Class B		749,285	0.2
149,291	Atlas Copco AB - Class A		2,614,994	0.7
56,524	Duni AB		524,187	0.1
52,054	Epiroc AB - Class B		862,846	0.2
81,470	Investor AB - Class B		1,995,425	0.5
54,013	Loomis AB		1,380,398	0.4
147,400	SKF AB - Class B		3,030,259	0.8
10,356 (1)	Spotify Technology SA		2,904,237	0.8
			14,061,631	3.7

See Accompanying Notes to Financial Statements

33 

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares			Value	Assets
COMMON STOCK: (continued)
	Switzerland: 2.9%
9,901	Cie Financiere Richemont SA	$	1,368,586	0.4
2,787	Lonza Group AG		1,538,406	0.4
63,168	Novartis AG, Reg		6,130,932	1.6
1,302	Partners Group Holding AG		1,675,109	0.4
5,853 (1)	Sandoz Group AG		198,925	0.1
			10,911,958	2.9
	Taiwan: 2.1%
219,331	Taiwan Semiconductor Manufacturing Co. Ltd.		5,251,611	1.4
20,034	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,751,469	0.7
			8,003,080	2.1
	Thailand: 0.7%
497,970	Kasikornbank PCL - Foreign		1,748,023	0.5
22,500	Kasikornbank PCL - NVDR		78,982	0.0
271,000	Tisco Financial Group PCL		710,293	0.2
			2,537,298	0.7
	United Kingdom: 11.3%
73,114	Anglo American PLC		2,389,175	0.6
28,748	Ashtead Group PLC		2,087,442	0.5
25,293	AstraZeneca PLC		3,825,531	1.0
201,743 (2)	Auto Trader Group PLC		1,749,003	0.5
165,050	BAE Systems PLC		2,745,141	0.7
87,307	Bellway PLC		2,743,683	0.7
22,281	Bunzl PLC		854,425	0.2
27,855	Burberry Group PLC		398,566	0.1
9,512	Games Workshop Group PLC		1,175,625	0.3
66,493	GSK PLC		1,379,522	0.4
61,359	Hargreaves Lansdown PLC		620,052	0.2
346,072	HSBC Holdings PLC		2,999,729	0.8
190,019	Inchcape PLC		1,893,900	0.5
14,345	Intertek Group PLC		882,883	0.2
24,460	London Stock Exchange Group PLC		2,696,467	0.7
25,400	Next PLC		2,848,805	0.8
52,000	Nomad Foods Ltd.		939,120	0.2
18,844	Reckitt Benckiser Group PLC		1,053,509	0.3
155,476	Rightmove PLC		995,947	0.3
31,619	Rio Tinto PLC		2,139,361	0.6
166,980 (1)(2)	Trainline PLC		622,610	0.2
74,614	Unilever PLC		3,859,833	1.0
45,625	Weir Group PLC		1,164,228	0.3
71,330 (1)	Wise PLC - Class A		685,512	0.2
			42,750,069	11.3
	United States: 2.2%
1,805 (1)	ARM Holdings PLC, ADR		182,684	0.1
28,600 (1)	Jazz Pharmaceuticals PLC		3,167,450	0.8
7,705	Linde PLC US		3,397,597	0.9
1,050 (1)	Mettler-Toledo International, Inc.		1,291,185	0.3
7,400	Tecnoglass, Inc.		411,070	0.1
			8,449,986	2.2

				Percentage
				of Net
Shares	RA		Value	Assets
COMMON STOCK: (continued)
	Uruguay: 0.5%
1,183 (1)	MercadoLibre, Inc.	$	1,725,642	0.5
	Total Common Stock (Cost $336,665,948)		358,894,363	95.2
EXCHANGE-TRADED FUNDS: 0.7%
47,736	iShares MSCI ACWI ex U.S. ETF		2,486,568	0.7
	Total Exchange-Traded Funds (Cost $2,437,251)		2,486,568	0.7
PREFERRED STOCK: 0.3%
	Germany: 0.3%
4,448	Sartorius AG		1,329,758	0.3
	Total Preferred Stock (Cost $2,014,776)		1,329,758	0.3
WARRANTS: —%
	Canada: —%
794 (1)(3)	Constellation Software, Inc.		—	—
	Total Warrants (Cost $–)		—	—
	Total Long-Term Investments (Cost $341,117,975)		362,710,689	96.2
SHORT-TERM INVESTMENTS: 2.1%
	Mutual Funds: 2.1%
7,822,906 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.180% (Cost $7,822,906)	$	7,822,906	2.1
	Total Short-Term Investments (Cost $7,822,906)		7,822,906	2.1
	Total Investments in Securities (Cost $348,940,881)	$	370,533,595	98.3
	Assets in Excess of Other Liabilities		6,264,639	1.7
	Net Assets	$	376,798,234	100.0
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)	Rate shown is the 7-day yield as of April 30, 2024.

See Accompanying Notes to Financial Statements

34 

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (unaudited) (continued)

Sector Diversification	Percentage of Net Assets
Financials		18.3	%
Industrials		16.1
Consumer Discretionary		13.9
Information Technology		12.9
Materials		8.3
Health Care		7.4
Communication Services		6.2
Consumer Staples		5.6
Energy		4.5
Utilities		1.3
Real Estate		1.0
Exchange-Traded Funds		0.7
Short-Term Investments		2.1
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

35 

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs#		Inputs		at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2024
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	658,362	$	—	$	658,362
Austria		1,238,846		1,531,095		—		2,769,941
Belgium		—		3,049,540		—		3,049,540
Brazil		2,919,760		—		—		2,919,760
Canada		30,909,114		—		—		30,909,114
Chile		4,367,001		1,879,072		—		6,246,073
China		819,942		8,452,161		—		9,272,103
Denmark		—		3,756,140		—		3,756,140
France		—		38,196,610		—		38,196,610
Germany		—		31,910,973		—		31,910,973
Hong Kong		—		4,374,230		—		4,374,230
India		—		6,320,416		—		6,320,416
Indonesia		—		1,207,560		—		1,207,560
Ireland		—		5,797,882		—		5,797,882
Israel		1,059,399		—		—		1,059,399
Italy		811,631		7,215,992		—		8,027,623
Japan		701,138		49,243,482		—		49,944,620
Mexico		636,070		—		—		636,070
Netherlands		550,824		20,353,575		—		20,904,399
New Zealand		—		577,938		—		577,938
Norway		914,205		7,765,859		—		8,680,064
Portugal		—		1,363,312		—		1,363,312
Puerto Rico		2,895,269		—		—		2,895,269
Russia		—		—		—		—
Singapore		—		5,186,834		—		5,186,834
South Korea		—		21,740,733		—		21,740,733
Spain		—		2,049,734		—		2,049,734
Sweden		3,428,424		10,633,207		—		14,061,631
Switzerland		—		10,911,958		—		10,911,958
Taiwan		2,751,469		5,251,611		—		8,003,080
Thailand		—		2,537,298		—		2,537,298
United Kingdom		1,561,730		41,188,339		—		42,750,069
United States		8,449,986		—		—		8,449,986
Uruguay		1,725,642		—		—		1,725,642
Total Common Stock		65,740,450		293,153,913		—		358,894,363
Exchange-Traded Funds		2,486,568		—		—		2,486,568
Preferred Stock		—		1,329,758		—		1,329,758
Warrants		—		—		—		—
Short-Term Investments		7,822,906		—		—		7,822,906
Total Investments, at fair value	$	76,049,924	$	294,483,671	$	—	$	370,533,595
Other Financial Instruments+
Forward Foreign Currency Contracts		—		487		—		487
Total Assets	$	76,049,924	$	294,484,158	$	—	$	370,534,082

^	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.
+	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.

See Accompanying Notes to Financial Statements

36 

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (unaudited) (continued)

At April 30, 2024, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Equity Fund:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	45,103	CHF	41,021	BNP Paribas	05/02/24	$	479
HKD	108,940	USD	13,919	The Bank of New York Mellon	05/02/24		8
						$	487

Currency Abbreviations:

CHF    —     Swiss Franc

HKD    —     Hong Kong Sar 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, 2024 was as follows:

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	487
Total Asset Derivatives		$	487

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2024 was as follows:

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts
Foreign exchange contracts	$	15,118
Total	$	15,118

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts
Foreign exchange contracts	$	487
Total	$	487

See Accompanying Notes to Financial Statements

37 

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND	PORTFOLIO OF INVESTMENTS
	as of april 30, 2024 (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, 2024:

			The Bank
			of New York
	BNP Paribas		Mellon		Total
Assets:
Forward foreign currency contracts	$	479	$	8	$	487
Total Assets	$	479	$	8	$	487
Liabilities:
Total Liabilities	$	—	$	—	$	—
Net OTC derivative instruments by counterparty, at fair value	$	479	$	8	$	487
Total collateral pledged by the Fund/(Received from counterparty)	$	—	$	—	$	—
Net Exposure(1)	$	479	$	8	$	487

⁽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.

At April 30, 2024, 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 $358,332,292.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	41,763,749
Gross Unrealized Depreciation		(29,466,217)
Net Unrealized Appreciation	$	12,297,532

See Accompanying Notes to Financial Statements

38 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: 98.4%
	Australia: 6.3%
32,691	Ampol Ltd.	$	771,957	0.3
16,885	ANZ Group Holdings Ltd.		304,671	0.1
17,385	Aristocrat Leisure Ltd.		443,664	0.2
34,774	BHP Group Ltd. - Class DI		953,713	0.4
21,848	BlueScope Steel Ltd.		318,880	0.1
128,321	Brambles Ltd.		1,207,197	0.5
2,980	Cochlear Ltd.		621,650	0.3
36,782	Coles Group Ltd.		383,607	0.2
12,099	Commonwealth Bank of Australia		886,486	0.4
31,162	Computershare Ltd.		547,464	0.2
482	CSL Ltd.		85,640	0.0
26,445	Fortescue Metals Group Ltd.		438,310	0.2
46,134	Goodman Group		931,887	0.4
2,813	HUB24 Ltd.		72,276	0.0
79,994	Insurance Australia Group Ltd.		331,412	0.1
11,027	JB Hi-Fi Ltd.		430,296	0.2
278,522	Medibank Pvt Ltd.		638,332	0.3
7,572	Orica Ltd.		87,674	0.0
42,691 (1)	Qantas Airways Ltd.		161,069	0.1
69,762	QBE Insurance Group Ltd.		798,003	0.4
13,008	Rio Tinto Ltd.		1,082,580	0.5
250,596	Telstra Group Ltd.		592,060	0.3
32,236	Wesfarmers Ltd.		1,380,962	0.6
26,728	Westpac Banking Corp.		443,853	0.2
9,471	Woodside Energy Group Ltd. (WDS)		169,691	0.1
24,298	Woolworths Group Ltd.		498,524	0.2
			14,581,858	6.3
	Austria: 0.2%
19,190	Mondi PLC QX		364,238	0.2
	Belgium: 0.1%
8,152	Solvay SA		263,339	0.1
	Brazil: 0.0%
42,800	Ambev SA		100,476	0.0
	Canada: 4.5%
9,587 (1)	Air Canada		141,509	0.0
21,673	Alimentation Couche-Tard, Inc.		1,201,213	0.5
24,602	ARC Resources Ltd.		445,522	0.2
2,954	Atco Ltd./Canada - Class I		80,617	0.0
19,231	Brookfield Asset Management Ltd. - Class A		734,652	0.3
5,040	Canadian National Railway Co.		611,727	0.3
2,366	Canadian Natural Resources Ltd.		179,291	0.1
3,466	Canadian Pacific Kansas City Ltd.		271,912	0.1
4,601 (1)	CGI, Inc.		466,200	0.2
96	Constellation Software, Inc.		247,159	0.1
1,993 (1)	Descartes Systems Group, Inc.		184,874	0.1
5,273	Dollarama, Inc.		439,873	0.2

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Canada (continued)
179	Fairfax Financial Holdings Ltd.	$	194,611	0.1
2,249	FirstService Corp.		330,329	0.1
4,683	Fortis, Inc./Canada		183,898	0.1
3,426	George Weston Ltd.		450,869	0.2
6,420	iA Financial Corp., Inc.		389,215	0.2
3,879	Loblaw Cos. Ltd.		425,361	0.2
33,899	Manulife Financial Corp.		790,685	0.3
12,549 (1)	MEG Energy Corp.		285,410	0.1
8,271	Metro, Inc.		423,088	0.2
4,276	Royal Bank of Canada		413,700	0.2
7,574 (1)	Shopify, Inc. - CAD - Class A		531,745	0.2
7,475	Sun Life Financial, Inc.		381,664	0.2
2,838	Thomson Reuters Corp.		428,653	0.2
4,091	Toronto-Dominion Bank		242,699	0.1
			10,476,476	4.5
	Chile: 0.1%
2,536,218	Cia Sud Americana de Vapores SA		197,868	0.1
6,272,112 (1)	Latam Airlines Group SA		84,865	0.0
			282,733	0.1
	China: 1.9%
63,220	Alibaba Group Holding Ltd.		591,933	0.3
203,000	AviChina Industry & Technology Co. Ltd. - Class H		87,305	0.0
13,572 (1)	Baidu, Inc. - Class A		175,833	0.1
7,000	BYD Co. Ltd. - Class H		191,888	0.1
256,000	China Communications Services Corp. Ltd. - Class H		122,380	0.1
544,000	China Construction Bank Corp. - Class H		351,963	0.1
15,450	China Merchants Bank Co. Ltd. - Class A		72,895	0.0
124,000	China Oilfield Services Ltd. - Class H		132,594	0.1
47,100	Guotai Junan Securities Co. Ltd. - Class A		89,147	0.0
40,400	Haier Smart Home Co. Ltd. - Class H		149,643	0.1
19,732	JD.com, Inc. - Class A		284,306	0.1
25,830 (1)(2)	Meituan - Class B		352,696	0.2
5,875	NetEase, Inc.		110,125	0.0
522,000	PetroChina Co. Ltd. - Class H		486,369	0.2
83,000	Ping An Insurance Group Co. of China Ltd. - Class H		376,163	0.2
5,900	Tencent Holdings Ltd.		258,911	0.1
14,025	Thunder Software Technology Co. Ltd. - Class A		93,980	0.0
4,250 (1)	Trip.com Group Ltd.		207,006	0.1
14,400 (2)	WuXi AppTec Co. Ltd. - Class H		64,816	0.0

See Accompanying Notes to Financial Statements

39 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	China (continued)
310,000	Zhejiang Expressway Co. Ltd. - Class H	$	202,688	0.1
			4,402,641	1.9
	Denmark: 2.2%
1,678	Carlsberg AS - Class B		225,712	0.1
27,515	Danske Bank A/S		792,074	0.3
29,948	Novo Nordisk A/S - Class B		3,840,601	1.6
2,948	Novozymes A/S - Class B		163,251	0.1
6,780 (1)	Vestas Wind Systems A/S		181,695	0.1
			5,203,333	2.2
	Finland: 1.2%
18,838	Fortum Oyj		248,236	0.1
15,653	Kesko Oyj - Class B		267,234	0.1
6,365	Kone Oyj - Class B		310,275	0.1
11,293	Nordea Bank Abp - EUR		132,334	0.1
63,661	Nordea Bank Abp - SEK		740,010	0.3
4,296	Sampo Oyj - Class A		174,347	0.1
15,994	UPM-Kymmene Oyj		560,513	0.3
13,742	Wartsila Oyj Abp		253,506	0.1
			2,686,455	1.2
	France: 7.6%
8,300	Air Liquide SA		1,623,305	0.7
545	Airbus SE		89,684	0.0
1,096	Arkema SA		113,093	0.1
29,186	AXA SA		1,008,424	0.4
6,224	Bouygues SA		229,388	0.1
4,126	Capgemini SE		867,208	0.4
9,077	Carrefour SA		152,705	0.1
18,781	Cie de Saint-Gobain		1,485,253	0.6
12,784	Cie Generale des
	Etablissements Michelin SCA		491,145	0.2
3,203	Danone SA		200,468	0.1
71,870	Engie SA		1,247,709	0.5
4,091	EssilorLuxottica SA		872,332	0.4
572	Hermes International		1,369,364	0.6
10,949	Legrand SA		1,125,193	0.5
832	L'Oreal SA		390,086	0.2
1,286	LVMH Moet Hennessy Louis Vuitton SE		1,056,369	0.5
40,626	Orange SA		452,180	0.2
6,981	Publicis Groupe SA		770,332	0.3
15,276	Sanofi		1,509,165	0.7
4,488	Schneider Electric SE		1,023,325	0.4
10,209	TotalEnergies SE		741,162	0.3
13,437	Veolia Environnement SA		417,726	0.2
2,572	Vinci SA		301,377	0.1
			17,536,993	7.6
	Germany: 5.6%
2,030	Allianz SE		576,084	0.2
3,067	BASF SE		160,701	0.1
11,474	Bayerische Motoren Werke AG		1,250,087	0.5
1,778	Beiersdorf AG		267,240	0.1
6,899	Brenntag SE		550,565	0.2
4,817	Commerzbank AG		71,591	0.0
15,466	Deutsche Post AG, Reg		647,561	0.3

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	Germany (continued)
38,633	Deutsche Telekom AG, Reg	$	884,912	0.4
188,118	E.ON SE		2,491,057	1.1
4,272	GEA Group AG		172,418	0.1
9,246	Heidelberg Materials AG		930,478	0.4
7,565	KION Group AG		348,655	0.1
5,565	Mercedes-Benz Group AG		420,942	0.2
8,413	SAP SE		1,519,113	0.7
2,483 (2)	Scout24 SE		182,396	0.1
9,027	Siemens AG, Reg		1,691,063	0.7
1,775	Talanx AG		133,506	0.1
61,221	thyssenkrupp AG		307,249	0.1
16,430 (1)(2)	Zalando SE		429,896	0.2
			13,035,514	5.6
	Hong Kong: 1.2%
22,800	AIA Group Ltd.		166,995	0.1
268,000	Bosideng International Holdings Ltd.		155,137	0.1
108,400	China Taiping Insurance Holdings Co. Ltd.		99,112	0.0
35,500	CK Hutchison Holdings Ltd.		172,416	0.1
32,000	CLP Holdings Ltd.		251,714	0.1
6,400	Hong Kong Exchanges & Clearing Ltd.		203,356	0.1
6,300	Jardine Matheson Holdings Ltd. (SGX:J36)		241,731	0.1
31,000	Link REIT		132,829	0.1
12,995 (1)	Melco Resorts & Entertainment Ltd., ADR		84,987	0.0
55,000	Power Assets Holdings Ltd.		315,489	0.1
275,000	Sino Biopharmaceutical Ltd.		93,967	0.0
75,000	Swire Pacific Ltd. - Class A		635,153	0.3
291,000 (2)	WH Group Ltd.		211,510	0.1
			2,764,396	1.2
	Hungary: 0.1%
4,087	OTP Bank Nyrt		202,575	0.1
	India: 1.1%
16,889	Cipla Ltd./India		282,727	0.1
5,604	Cummins India Ltd.		219,419	0.1
10,473	HCL Technologies Ltd.		170,867	0.1
4,006 (2)	HDFC Asset Management Co. Ltd.		186,756	0.1
13,959	ICICI Bank Ltd., ADR		384,291	0.2
11,264	Infosys Ltd. - Foreign, ADR		188,221	0.1
52,545	Power Grid Corp. of India Ltd.		189,518	0.1
7,712	Reliance Industries Ltd.		270,724	0.1
6,046	Tata Consultancy Services Ltd.		275,940	0.1
21,685	Tata Motors Ltd.		261,501	0.1
			2,429,964	1.1
	Indonesia: 0.2%
2,010,100	Aneka Tambang Tbk		202,055	0.1
375,600	Astra International Tbk PT		118,523	0.0

See Accompanying Notes to Financial Statements

40 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Indonesia (continued)
450,500	Bank Rakyat Indonesia Persero Tbk PT	$	136,368	0.1
			456,946	0.2
	Ireland: 1.3%
6,132	CRH PLC - London		474,866	0.2
8,072	CRH PLC US		624,934	0.3
12,713	DCC PLC		868,177	0.4
9,232	Experian PLC		372,362	0.1
5,085 (1)	James Hardie Industries PLC		174,812	0.1
3,808	Kerry Group PLC - Class A		327,711	0.1
2,192 (1)	PDD Holdings, Inc., ADR		274,395	0.1
			3,117,257	1.3
	Israel: 0.1%
703 (1)	Monday.com Ltd.		133,099	0.1
	Italy: 2.9%
235,253	A2A SpA		463,956	0.2
269,735	Enel SpA		1,772,819	0.8
3,756	Ferrari NV		1,544,750	0.7
118,155	Hera SpA		426,597	0.2
219,333	Intesa Sanpaolo SpA		820,966	0.3
5,475	Prysmian SpA		297,065	0.1
2,810	Recordati Industria Chimica e Farmaceutica SpA		149,530	0.1
26,234	Terna - Rete Elettrica Nazionale		210,185	0.1
24,908	UniCredit SpA		914,234	0.4
			6,600,102	2.9
	Japan: 24.9%
12,400	Air Water, Inc.		186,189	0.1
5,200	Aisin Corp.		197,789	0.1
11,400	Alfresa Holdings Corp.		168,942	0.1
17,100	Amada Co. Ltd.		186,767	0.1
68,400	Asahi Kasei Corp.		476,894	0.2
12,600	Azbil Corp.		351,918	0.1
13,800	Bandai Namco Holdings, Inc.		257,855	0.1
19,500	Bridgestone Corp.		860,477	0.4
23,400	Canon, Inc.		633,328	0.3
8,000	Central Japan Railway Co.		182,944	0.1
74,000	Chubu Electric Power Co., Inc.		949,861	0.4
6,200	Chugai Pharmaceutical Co. Ltd.		197,184	0.1
28,400	Citizen Watch Co. Ltd.		188,661	0.1
10,400	COMSYS Holdings Corp.		243,438	0.1
6,100	Dai Nippon Printing Co. Ltd.		177,669	0.1
17,700	Daiichi Sankyo Co. Ltd.		595,741	0.3
4,400	Daito Trust Construction Co. Ltd.		471,655	0.2
15,400	Daiwa House Industry Co. Ltd.		433,339	0.2
21,500	Denso Corp.		366,427	0.2
11,600	East Japan Railway Co.		212,616	0.1
16,800	Electric Power Development Co. Ltd.		285,382	0.1

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Japan (continued)
418,100	ENEOS Holdings, Inc.	$	1,931,712	0.8
8,400	FUJIFILM Holdings Corp.		178,689	0.1
39,300	Fujikura Ltd.		675,344	0.3
29,200	Fujitsu Ltd.		451,086	0.2
5,900	Furukawa Electric Co. Ltd.		126,324	0.1
22,800	Hitachi Ltd.		2,103,544	0.9
143,100	Honda Motor Co. Ltd.		1,628,132	0.7
1,900	Horiba Ltd.		184,336	0.1
2,400	Hoya Corp.		278,256	0.1
19,300	Hulic Co. Ltd.		177,843	0.1
214,300	Idemitsu Kosan Co. Ltd.		1,451,908	0.6
15,500	Inpex Corp.		232,187	0.1
12,100	Isuzu Motors Ltd.		153,342	0.1
20,500	ITOCHU Corp.		924,853	0.4
5,500	Iwatani Corp.		312,304	0.1
11,800	Japan Tobacco, Inc.		317,439	0.1
34,200	JFE Holdings, Inc.		510,460	0.2
20,400	JVCKenwood Corp.		103,702	0.0
7,100	Kamigumi Co. Ltd.		153,329	0.1
23,500	Kansai Electric Power Co., Inc.		352,016	0.1
6,300	Kansai Paint Co. Ltd.		82,014	0.0
18,700	KDDI Corp.		518,902	0.2
700	Keyence Corp.		307,839	0.1
13,700	Kinden Corp.		261,411	0.1
8,000	Kintetsu Group Holdings Co. Ltd.		205,669	0.1
14,800	Kirin Holdings Co. Ltd.		216,044	0.1
10,500	Kokuyo Co. Ltd.		179,384	0.1
36,300	Komatsu Ltd.		1,083,778	0.5
26,800	Kuraray Co. Ltd.		296,921	0.1
20,200	Kyocera Corp.		246,211	0.1
22,900	Kyushu Electric Power Co., Inc.		212,441	0.1
14,300	Makita Corp.		413,998	0.2
37,400	Marubeni Corp.		666,332	0.3
6,700	Maruichi Steel Tube Ltd.		172,515	0.1
10,200	MatsukiyoCocokara & Co.		144,643	0.1
61,000	Mazda Motor Corp.		690,488	0.3
3,900	McDonald's Holdings Co. Japan Ltd.		171,556	0.1
19,200	Medipal Holdings Corp.		301,115	0.1
10,100	MEIJI Holdings Co. Ltd.		225,981	0.1
167,100	Mitsubishi Chemical Group Corp.		974,839	0.4
102,600	Mitsubishi Corp.		2,346,419	1.0
21,500	Mitsubishi Electric Corp.		374,743	0.2
58,400	Mitsubishi UFJ Financial Group, Inc.		581,743	0.2
29,500	Mitsui & Co. Ltd.		1,424,133	0.6
8,600	Mitsui Chemicals, Inc.		244,781	0.1
29,700	MS&AD Insurance Group Holdings, Inc.		533,978	0.2
8,600	Murata Manufacturing Co. Ltd.		157,141	0.1
29,400	Nikon Corp.		303,976	0.1
15,100	Nintendo Co. Ltd.		736,412	0.3
8,600	Nippon Steel Corp.		192,803	0.1
179,000	Nippon Telegraph & Telephone Corp.		193,260	0.1

See Accompanying Notes to Financial Statements

41 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Japan (continued)
14,100	Nippon Yusen KK	$	400,306	0.2
16,200	Nitto Denko Corp.		1,339,508	0.6
10,400	NOF Corp.		139,526	0.1
494	Nomura Real Estate Master Fund, Inc.		472,225	0.2
73,200	Obayashi Corp.		816,970	0.3
16,500	Olympus Corp.		229,840	0.1
4,700	Oriental Land Co. Ltd./Japan		129,681	0.1
16,800	ORIX Corp.		343,819	0.1
18,100	Osaka Gas Co. Ltd.		402,470	0.2
8,300	Otsuka Corp.		165,071	0.1
6,500	Otsuka Holdings Co. Ltd.		277,920	0.1
57,700	Panasonic Holdings Corp.		503,632	0.2
6,600	Recruit Holdings Co. Ltd.		284,245	0.1
20,300	Ricoh Co. Ltd.		175,129	0.1
25,100	Sankyo Co. Ltd.		272,637	0.1
21,300	Sanwa Holdings Corp.		347,848	0.1
2,700	SCREEN Holdings Co. Ltd.		278,578	0.1
7,800	Secom Co. Ltd.		541,808	0.2
60,600	Sekisui Chemical Co. Ltd.		881,612	0.4
9,200	Sekisui House Ltd.		211,419	0.1
46,600	Shimizu Corp.		288,662	0.1
17,900	Shin-Etsu Chemical Co. Ltd.		692,890	0.3
6,100	Shionogi & Co. Ltd.		284,875	0.1
13,500	Skylark Holdings Co. Ltd.		192,384	0.1
300	SMC Corp.		157,610	0.1
21,800	SoftBank Corp.		262,945	0.1
16,100	Sojitz Corp.		414,524	0.2
5,700	Sony Group Corp.		471,113	0.2
36,600	Subaru Corp.		817,241	0.3
24,000	Sumitomo Corp.		631,132	0.3
29,400	Sumitomo Electric Industries Ltd.		454,416	0.2
20,900	Sumitomo Mitsui Financial Group, Inc.		1,187,200	0.5
33,200	Sumitomo Mitsui Trust Holdings, Inc.		698,024	0.3
17,000	Sumitomo Rubber Industries Ltd.		206,343	0.1
10,100	Suzuken Co. Ltd./Aichi Japan		298,291	0.1
20,300	Suzuki Motor Corp.		236,409	0.1
9,000	Takeda Pharmaceutical Co. Ltd.		236,539	0.1
19,200	Teijin Ltd.		187,309	0.1
6,900	Tobu Railway Co. Ltd.		136,899	0.1
31,500	Tokio Marine Holdings, Inc.		995,601	0.4
6,500	Tokyo Electron Ltd.		1,425,748	0.6
54,600	Tokyo Gas Co. Ltd.		1,224,529	0.5
9,700	TOPPAN Holdings, Inc.		230,122	0.1
3,200	Toyo Suisan Kaisha Ltd.		200,110	0.1
61,500	Toyota Motor Corp.		1,402,729	0.6
8,000	Toyota Tsusho Corp.		508,640	0.2
3,500	Ulvac, Inc.		209,285	0.1
12,100	USS Co. Ltd.		92,435	0.0
7,800	West Japan Railway Co.		148,055	0.1
3,700	Yamato Kogyo Co. Ltd.		198,798	0.1

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Japan (continued)
31,800	Yokogawa Electric Corp.	$	702,647	0.3
			57,741,101	24.9
	Jordan: 0.2%
15,327	Hikma Pharmaceuticals PLC		368,009	0.2
	Mexico: 0.3%
3,671	Coca-Cola Femsa SAB de CV - Foreign, ADR		363,979	0.2
20,500	Fomento Economico Mexicano SAB de CV		241,107	0.1
			605,086	0.3
	Netherlands: 4.7%
2,840	ASML Holding NV		2,473,679	1.1
15,849	EXOR NV		1,730,325	0.7
67,645	ING Groep NV		1,069,488	0.5
53,746	Koninklijke Ahold Delhaize NV		1,631,418	0.7
270,180	Koninklijke KPN NV		981,871	0.4
12,920 (1)	Koninklijke Philips, N.V.		343,107	0.1
3,068	Randstad NV		153,863	0.1
39,478	Stellantis NV (STLAM)		873,511	0.4
6,473	Universal Music Group NV		190,405	0.1
9,156	Wolters Kluwer NV		1,370,714	0.6
			10,818,381	4.7
	New Zealand: 0.2%
137,820	Spark New Zealand Ltd.		387,374	0.2
	Norway: 0.4%
14,169	Equinor ASA		377,014	0.1
2,619	Kongsberg Gruppen ASA		184,883	0.1
9,643	Mowi ASA		169,301	0.1
26,425	Orkla ASA		179,754	0.1
			910,952	0.4
	Philippines: 0.0%
6,910	SM Investments Corp.		113,635	0.0
	Poland: 0.3%
4,235	Bank Polska Kasa Opieki SA		175,330	0.1
29,538	Polski Koncern Naftowy ORLEN SA		481,599	0.2
			656,929	0.3
	Portugal: 0.3%
25,241	Galp Energia SGPS SA		542,207	0.2
9,864	Jeronimo Martins SGPS SA		202,920	0.1
			745,127	0.3
	Qatar: 0.0%
18,950	Qatar National Bank QPSC		72,148	0.0
	Russia: —%
4,061 (3)	Lukoil PJSC		—	—
	Saudi Arabia: 0.1%
8,651	Saudi Basic Industries Corp.		194,910	0.1
	Singapore: 2.0%
314,100	ComfortDelGro Corp. Ltd.		341,652	0.1

See Accompanying Notes to Financial Statements

42 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Singapore (continued)
32,980	DBS Group Holdings Ltd.	$	839,585	0.4
212,600	Keppel Corp. Ltd.		1,063,407	0.5
27,900	Oversea-Chinese Banking Corp. Ltd.		289,646	0.1
5,322 (1)	Sea Ltd., ADR		336,297	0.1
208,500	Singapore Airlines Ltd.		994,883	0.4
50,000	Singapore Exchange Ltd.		341,076	0.1
52,500	Singapore Technologies Engineering Ltd.		154,218	0.1
114,500	Singapore Telecommunications Ltd.		198,575	0.1
7,500	United Overseas Bank Ltd.		166,431	0.1
			4,725,770	2.0
	South Korea: 1.9%
3,670	Doosan Bobcat, Inc.		137,166	0.0
45,066	DoubleUGames Co. Ltd.		139,895	0.1
6,795	GS Holdings Corp.		219,694	0.1
3,362	Hana Financial Group, Inc.		141,798	0.1
1,392	Hanwha Aerospace Co. Ltd.		211,440	0.1
1,016	Hyundai Glovis Co. Ltd.		133,005	0.0
1,642	Hyundai Mobis Co. Ltd.		268,630	0.1
1,288	Hyundai Motor Co.		231,680	0.1
4,290	Hyundai Steel Co.		99,618	0.0
8,910	Kia Corp.		754,879	0.3
4,295	KT&G Corp.		276,752	0.1
4,244	Samsung C&T Corp.		457,645	0.2
15,118	Samsung Electronics Co. Ltd.		840,359	0.4
1,985	Samsung SDS Co. Ltd.		228,035	0.1
5,853	Shinhan Financial Group Co. Ltd.		196,645	0.1
1,416	SK Hynix, Inc.		174,742	0.1
			4,511,983	1.9
	Spain: 0.9%
6,042	Amadeus IT Group SA		383,510	0.2
21,383	Banco Bilbao Vizcaya Argentaria SA		231,235	0.1
22,336	Iberdrola SA		273,875	0.1
16,564	Industria de Diseno Textil SA		754,176	0.3
72,240	Telefonica SA		323,607	0.2
			1,966,403	0.9
	Sweden: 4.8%
5,486	Alfa Laval AB		233,565	0.1
7,595	Assa Abloy AB - Class B		200,671	0.1
27,702	Atlas Copco AB - Class A		485,231	0.2
16,760	Atlas Copco AB - Class B		251,303	0.1
7,441	Axfood AB		192,495	0.1
49,510	Elekta AB - Class B		352,552	0.1
18,677	Epiroc AB - Class A		345,289	0.1
24,358	Essity AB - Class B		607,726	0.3
17,884	Industrivarden AB - Class A		575,928	0.2
19,289	Industrivarden AB - Class C		620,138	0.3
16,554	Investor AB - Class A		403,198	0.2
104,696	Investor AB - Class B		2,564,294	1.1
11,308	Saab AB - Class B		895,240	0.4

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	Sweden (continued)
447,047	Samhallsbyggnadsbolaget i Norden AB	$	160,339	0.1
9,426	Sandvik AB		187,894	0.1
37,681	Securitas AB - Class B		377,624	0.2
15,456	SKF AB - Class B		317,745	0.1
26,777	SSAB AB - Class B		149,832	0.1
19,829	Swedbank AB - Class A		379,176	0.2
17,146	Trelleborg AB - Class B		604,267	0.2
46,114	Volvo AB - Class B		1,173,748	0.5
			11,078,255	4.8
	Switzerland: 6.9%
31,877	ABB Ltd., Reg		1,548,854	0.7
6,246	Adecco Group AG		218,501	0.1
670	Alcon, Inc.		51,373	0.0
2	Chocoladefabriken Lindt & Spruengli AG		230,805	0.1
14	Chocoladefabriken Lindt & Spruengli AG - Class PC		161,266	0.1
27,598	Coca-Cola HBC AG - Class DI		890,826	0.4
593	Geberit AG, Reg		316,532	0.1
2,050	Georg Fischer AG		143,081	0.1
96	Givaudan SA, Reg		410,570	0.2
20,824	Holcim AG		1,743,131	0.7
5,062	Julius Baer Group Ltd.		271,619	0.1
2,387	Kuehne + Nagel International AG		630,876	0.3
12,272	Logitech International SA		955,464	0.4
611	Lonza Group AG		337,268	0.1
14,421	Nestle SA		1,447,871	0.6
26,711	Novartis AG, Reg		2,592,504	1.1
490	Partners Group Holding AG		630,417	0.3
5,663	Roche Holding AG		1,356,935	0.6
9,780 (1)	Sandoz Group AG		332,392	0.1
895	Schindler Holding AG		223,085	0.1
1,839	SGS SA		161,934	0.1
863	Sonova Holding AG, Reg		238,561	0.1
342	Swisscom AG, Reg		187,624	0.1
1,717	Zurich Insurance Group AG		831,108	0.4
			15,912,597	6.9
	Taiwan: 1.0%
6,000	Asustek Computer, Inc.		78,676	0.0
2,000	eMemory Technology, Inc.		134,425	0.1
26,000	MediaTek, Inc.		783,931	0.3
54,000	Taiwan Semiconductor Manufacturing Co. Ltd.		1,292,964	0.6
3,998	Yuanta Financial Holding Co. Ltd.		3,750	0.0
			2,293,746	1.0
	Thailand: 0.1%
78,100	PTT Exploration & Production PCL		326,715	0.1
	United Arab Emirates: 0.1%
34,804	Emirates NBD Bank PJSC		161,090	0.1
	United Kingdom: 11.8%
70,865	3i Group PLC		2,531,820	1.1

See Accompanying Notes to Financial Statements

43 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
11,533	Admiral Group PLC	$	392,549	0.2
8,386	Associated British Foods PLC		277,556	0.1
7,921	AstraZeneca PLC		1,198,040	0.5
22,554 (2)	Auto Trader Group PLC		195,531	0.1
29,696	Aviva PLC		172,419	0.1
43,583	B&M European Value Retail SA		281,265	0.1
141,341	BAE Systems PLC		2,350,809	1.0
4,674	Berkeley Group Holdings PLC		274,483	0.1
92,510	British Land Co. PLC		446,096	0.2
21,824	Britvic PLC		240,669	0.1
8,369	Burberry Group PLC		119,749	0.0
101,495	Centrica PLC		162,013	0.1
6,433	Coca-Cola European Partners PLC - USD		463,305	0.2
21,269	Compass Group PLC		591,569	0.2
5,431	Diageo PLC		187,693	0.1
75,756	Direct Line Insurance Group PLC		175,883	0.1
71,317	DS Smith PLC		310,694	0.1
41,520	GSK PLC		861,410	0.4
55,880	Haleon PLC		236,000	0.1
23,525	Howden Joinery Group PLC		256,062	0.1
68,471	HSBC Holdings PLC		593,502	0.3
44,303	IG Group Holdings PLC		413,402	0.2
31,991	Imperial Brands PLC		730,998	0.3
7,588	InterContinental Hotels Group PLC		740,086	0.3
3,248	Intertek Group PLC		199,903	0.1
109,062	J Sainsbury PLC		357,742	0.1
19,703	JET2 PLC		352,341	0.1
6,699 (1)(2)	Just Eat Takeaway.com NV		97,856	0.0
185,612	Man Group PLC/Jersey		595,238	0.3
24,104	National Grid PLC		316,175	0.1
3,257	Next PLC		365,298	0.2
42,969	Pearson PLC		521,378	0.2
6,509	Reckitt Benckiser Group PLC		363,898	0.2
49,573	RELX PLC		2,036,795	0.9
27,057	Rightmove PLC		173,321	0.1
19,814	Rio Tinto PLC		1,340,627	0.6
11,861	Sage Group PLC		171,995	0.1
44,143	Shell PLC		1,569,219	0.7
24,975	Smiths Group PLC		503,494	0.2
10,547	Spectris PLC		436,256	0.2
40,457	Tate & Lyle PLC		333,144	0.1
689,897	Tesco PLC		2,547,142	1.1
16,799	Unilever PLC		869,024	0.4
			27,354,449	11.8
	United States: 0.9%
20,709	Amcor PLC		184,133	0.1
6,415	Ferguson PLC		1,352,637	0.6
43,926 (1)(2)	Sinch AB		99,316	0.0

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	United States (continued)
3,010	Waste Connections, Inc.	$	488,019	0.2
			2,124,105	0.9
	Total Common Stock (Cost $211,597,858)		227,707,160	98.4
EXCHANGE-TRADED FUNDS: 0.4%
13,646	iShares MSCI EAFE ETF		1,054,427	0.4
	Total Exchange-Traded Funds (Cost $1,069,027)		1,054,427	0.4
WARRANTS: —%
	Canada: —%
215 (1)(3)	Constellation Software, Inc.		—	—
	Total Warrants (Cost $–)		—	—
	Total Long-Term Investments (Cost $212,666,885)		228,761,587	98.8
SHORT-TERM INVESTMENTS: 0.6%
	Mutual Funds: 0.6%
254,293 (4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.180%		254,293	0.1
1,078,000 (4)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%		1,078,000	0.5
	Total Mutual Funds (Cost $1,332,293)		1,332,293	0.6
	Total Short-Term Investments (Cost $1,332,293)		1,332,293	0.6
	Total Investments in Securities (Cost $213,999,178)	$	230,093,880	99.4
	Assets in Excess of Other Liabilities		1,357,617	0.6
	Net Assets	$	231,451,497	100.0
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⁾  Rate shown is the 7-day yield as of April 30, 2024.

See Accompanying Notes to Financial Statements

44 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

	Percentage
Sector Diversification	of Net Assets
Industrials	22.9%
Financials	15.2
Consumer Discretionary	12.4
Consumer Staples	8.6
Materials	8.2
Health Care	8.0
Information Technology	7.8
Utilities	5.4
Energy	4.6
Communication Services	3.5
Real Estate	1.8
Exchange-Traded Funds	0.4
Short-Term Investments	0.6
Assets in Excess of Other Liabilities	0.6
Net Assets	100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

45 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs#		Inputs		at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2024
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	14,581,858	$	—	$	14,581,858
Austria		364,238		—		—		364,238
Belgium		—		263,339		—		263,339
Brazil		100,476		—		—		100,476
Canada		10,476,476		—		—		10,476,476
Chile		282,733		—		—		282,733
China		—		4,402,641		—		4,402,641
Denmark		—		5,203,333		—		5,203,333
Finland		—		2,686,455		—		2,686,455
France		—		17,536,993		—		17,536,993
Germany		—		13,035,514		—		13,035,514
Hong Kong		326,718		2,437,678		—		2,764,396
Hungary		—		202,575		—		202,575
India		572,512		1,857,452		—		2,429,964
Indonesia		—		456,946		—		456,946
Ireland		899,329		2,217,928		—		3,117,257
Israel		133,099		—		—		133,099
Italy		—		6,600,102		—		6,600,102
Japan		—		57,741,101		—		57,741,101
Jordan		—		368,009		—		368,009
Mexico		605,086		—		—		605,086
Netherlands		—		10,818,381		—		10,818,381
New Zealand		387,374		—		—		387,374
Norway		—		910,952		—		910,952
Philippines		113,635		—		—		113,635
Poland		—		656,929		—		656,929
Portugal		—		745,127		—		745,127
Qatar		—		72,148		—		72,148
Russia		—		—		—		—
Saudi Arabia		—		194,910		—		194,910
Singapore		336,297		4,389,473		—		4,725,770
South Korea		—		4,511,983		—		4,511,983
Spain		—		1,966,403		—		1,966,403
Sweden		—		11,078,255		—		11,078,255
Switzerland		—		15,912,597		—		15,912,597
Taiwan		—		2,293,746		—		2,293,746
Thailand		—		326,715		—		326,715
United Arab Emirates		161,090		—		—		161,090
United Kingdom		796,449		26,558,000		—		27,354,449
United States		488,019		1,636,086		—		2,124,105
Total Common Stock		16,043,531		211,663,629		—		227,707,160
Exchange-Traded Funds		1,054,427		—		—		1,054,427
Warrants		—		—		—		—
Short-Term Investments		1,332,293		—		—		1,332,293
Total Investments, at fair value	$	18,430,251	$	211,663,629	$	—	$	230,093,880
Liabilities Table
Other Financial Instruments+
Futures	$	(67,388)	$	—	$	—	$	(67,388)
Total Liabilities	$	(67,388)	$	—	$	—	$	(67,388)

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

See Accompanying Notes to Financial Statements

46 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

^# 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.

⁺ 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, 2024, the following futures contracts were outstanding for Voya Multi-Manager International Factors Fund:

	Number	Expiration		Notional	Unrealized
Description	of Contracts	Date		Amount	Depreciation
Long Contracts:
MSCI EAFE Index	21	06/21/24	$	2,380,875	$	(67,388)
			$	2,380,875	$	(67,388)

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, 2024 was as follows:

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*	$	67,388
Total Liability Derivatives		$	67,388

* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2024 was as follows:

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts		Futures		Total
Equity contracts	$	—	$	195,884	$	195,884
Foreign exchange contracts		(34,752)		—		(34,752)
Total	$	(34,752)	$	195,884	$	161,132

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts		Futures		Total
Equity contracts	$	—	$	(24,691)	$	(24,691)
Foreign exchange contracts		(258)		—		(258)
Total	$	(258)	$	(24,691)	$	(24,949)

See Accompanying Notes to Financial Statements

47 

VOYA MULTI-MANAGER INTERNATIONAL FACTORS FUND	PORTFOLIO OF INVESTMENTS
	as of April 30, 2024 (unaudited) (continued)

At April 30, 2024, 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 $220,589,872.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	20,542,578
Gross Unrealized Depreciation		(10,788,376)
Net Unrealized Appreciation	$	9,754,202

See Accompanying Notes to Financial Statements

48 

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS, SUB-ADVISORY CONTRACTS AND SUB-SUB-ADVISORY CONTRACTS

At a meeting held on November 16, 2023, 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 and sub-advisory contracts, and who are not “interested persons” of 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 (1) the investment management contracts (the “Management Contracts”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Funds, (2) the sub-advisory contracts (the “Sub-Advisory Contracts,” and together with the Management Contracts, the “Contracts”) with Voya Investment Management Co. LLC, Delaware Investments Fund Advisers, Baillie Gifford Overseas Limited, Polaris Capital Management, LLC, Wellington Management Company LLP, and PanAgora Asset Management, Inc., the respective sub-advisers to each Fund (the “Sub-Advisers”), and (3) the sub-sub-advisory contract (the “Sub-Sub-Advisory Contract” and together with the Management Contracts and the Sub-Advisory Contracts, the “Contracts”) with Macquarie Investment Management Global Limited, the sub-sub-adviser to Voya Multi-Manager Emerging Markets Equity Fund (the “Sub-Sub-Adviser”), for an additional one-year period ending November 30, 2024.

In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Advisers and Sub-Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager, Sub-Advisers or 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 omission of any such information was determined to not be material to the Board’s considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides

49

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

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’ and Sub-Sub-Adviser’s 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-adviser and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-adviser, or allocation among sub-advisers and sub-sub-adviser 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 the 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 the 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-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser and Sub-Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and 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,

each Sub-Adviser and Sub-Sub-Adviser under the Contracts were appropriate.

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, Inc. (“Morningstar,” an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. With respect to the 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 and Sub-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 the Sub-Sub-Adviser 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, the Funds may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Advisers or the Sub-Sub-Adviser could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Advisers and Sub-Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager, Sub-Advisers or Sub-Sub-Adviser, as applicable, for these

50

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

differences. For the non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm’s-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Adviser is responsible for paying the fees of the Sub-Sub-Adviser.

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 recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers, and Sub-Sub-Adviser which 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-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Advisers and Sub-Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Funds and the Manager, Sub-Advisers’ and Sub-Sub-Adviser’s potential fall-out benefits were not unreasonable.

Fund-by-Fund Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving each Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding each Fund’s more recent performance, asset levels and asset flows. Each Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and

51

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

the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

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, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods, and the fourth 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 analyzing this performance data, the Board took into account management’s representations regarding: (1) the recent change of a Sub-Adviser implemented in July 2023; and (2) the competitiveness of the Fund’s performance during more recent periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the 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 fourth quintile of net expense ratios of the funds in its Selected Peer Group.

In analyzing this fee data, the Board took into account management’s representations regarding its belief that the Fund’s pricing is competitive.

Voya Multi-Manager 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, 2023: (1) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period, the fourth quintile for the three-year and five-year periods, and the fifth quintile for the one-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented.

In analyzing this performance data, the Board took into account: (1) management’s representations regarding the competitiveness of the Fund’s performance during certain periods; (2) management’s confidence in the ability of the Sub-Advisers to achieve the Fund’s long-term investment objective and management’s representation that it continues to monitor the Sub-Advisers’ performance; and (3) the recent changes to the Fund’s portfolio management team.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a 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 third 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 the competitiveness of the Fund’s management fee rate and net expense ratio; 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, 2023: (1) the Fund is ranked in the second quintile of its Morningstar category for the three-year period, the third quintile for the year-to-date and ten-year periods, and the fourth quintile for the one-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of three-year period, 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

52

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

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

After its deliberation, the Board concluded that, in its

business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to each Fund’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2024.

53

Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286

Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

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

RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com	167702 (0424)

Semi-Annual Report

April 30, 2024

Classes A, C, I, R, R6 and W

Global Fund-of-Funds

■     Voya Global Diversified Payment 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

INVESTMENT MANAGEMENT   voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Example	1
Statement of Assets and Liabilities	2
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Portfolios of Investments	20
Advisory and Sub-Advisory Contract Approval Discussion	27
Additional Information	31

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

SHAREHOLDER EXPENSE EXAMPLE (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Fund Return					Hypothetical (5% return before expenses)
	Beginning	Ending			Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account			During the	Account	Account		During the
	Value	Value		Annualized	Period Ended	Value	Value	Annualized	Period Ended
	November 1,	April 30,		Expense	April 30,	November 1,	April 30,	Expense	April 30,
	2023	2024		Ratio*	2024**	2023	2024	Ratio*	2024**
Class A	$1,000.00	$1,130.80	0.59%		$3.13	$1,000.00	$1,021.93	0.59%	$2.97
Class C	1,000.00	1,126.20	1.34		7.08	1,000.00	1,018.20	1.34	6.72
Class I	1,000.00	1,132.30	0.33		1.75	1,000.00	1,023.22	0.33	1.66
Class R	1,000.00	1,129.60	0.84		4.45	1,000.00	1,020.69	0.84	4.22
Class R6	1,000.00	1,132.30	0.33		1.75	1,000.00	1,023.22	0.33	1.66
Class W	1,000.00	1,131.30	0.34		1.80	1,000.00	1,023.17	0.34	1.71

* 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 182/366 to reflect the most recent fiscal half-year.

1

STATEMENT OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)

ASSETS:
Investments in securities at fair value*		$	16,393
Investments in affiliated underlying funds at fair value**			212,431,779
Investments in unaffiliated underlying funds at fair value***			44,330,556
Cash collateral for futures contracts			849,999
Cash pledged as collateral for OTC derivatives (Note 2)			1,270,000
Receivables:
Investment securities sold			404,851
Investments in affiliated underlying funds sold			3,272,430
Fund shares sold			1,620,344
Dividends			8,818
Interest			331
Variation margin on futures contracts			347,273
Unrealized appreciation on forward foreign currency contracts			203,246
Unrealized appreciation on OTC swap agreements			86,966
Prepaid expenses			56,261
Reimbursement due from Investment Adviser			8,373
Other assets			14,202
Total assets			264,921,822
LIABILITIES:
Income distribution payable			1,530,507
Payable for investment securities purchased			16,393
Payable for fund shares redeemed			931,547
Unrealized depreciation on forward foreign currency contracts			835,419
Unrealized depreciation on OTC swap agreements			38,036
Payable for investment management fees			18,135
Payable for distribution and shareholder service fees			51,606
Payable to custodian due to bank overdraft			212,480
Payable to trustees under the deferred compensation plan (Note 6)			14,202
Payable for trustee fees			679
Other accrued expenses and liabilities			280,984
Written options, at fair value^			203,863
Total liabilities			4,133,851
NET ASSETS		$	260,787,971
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	294,291,318
Total distributable loss			(33,503,347	)
NET ASSETS		$	260,787,971
*	Cost of investments in securities	$	16,393
**	Cost of investments in affiliated underlying funds	$	236,604,689
***	Cost of investments in unaffiliated underlying funds	$	45,410,829
^	Premiums received on written options	$	203,863

See Accompanying Notes to Financial Statements

2

STATEMENT OF ASSETS AND LIABILITIES as of April 30, 2024 (Unaudited)(continued)

Class A
Net assets	$	156,172,212
Shares authorized		unlimited
Par value		—
Shares outstanding		23,989,817
Net asset value and redemption price per share†	$	6.51
Maximum offering price per share (5.75%)(1)	$	6.91
Class C
Net assets	$	22,417,674
Shares authorized		unlimited
Par value		—
Shares outstanding		3,297,346
Net asset value and redemption price per share†	$	6.80
Class I
Net assets	$	64,316,711
Shares authorized		unlimited
Par value		—
Shares outstanding		9,973,489
Net asset value and redemption price per share	$	6.45
Class R
Net assets	$	34,411
Shares authorized		unlimited
Par value		—
Shares outstanding		5,247
Net asset value and redemption price per share	$	6.56
Class R6
Net assets	$	257,214
Shares authorized		unlimited
Par value		—
Shares outstanding		39,908
Net asset value and redemption price per share	$	6.45
Class W
Net assets	$	17,589,749
Shares authorized		unlimited
Par value		—
Shares outstanding		2,744,175
Net asset value and redemption price per share	$	6.41

⁽¹⁾ Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.

^† Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

3

STATEMENT OF OPERATIONS for the six months ended April 30, 2024 (Unaudited)

INVESTMENT INCOME:
Dividends from affiliated underlying funds	$	4,921,986
Dividends from unaffiliated underlying funds		893,712
Interest		57,004
Other		630
Total investment income		5,873,332
EXPENSES:
Investment management fees		294,580
Distribution and shareholder service fees:
Class A		199,065
Class C		128,164
Class R		84
Transfer agent fees:
Class A		27,614
Class C		4,428
Class I		18,545
Class R		5
Class R6		63
Class W		3,053
Shareholder reporting expense		20,120
Registration fees		42,644
Professional fees		16,562
Custody and accounting expense		9,100
Trustee fees		3,397
Miscellaneous expense		22,252
Interest expense		1,567
Total expenses		791,243
Waived and reimbursed fees		(10,214	)
Net expenses		781,029
Net investment income		5,092,303
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		289,961
Sale of affiliated underlying funds		(841,343	)
Sale of unaffiliated underlying funds		806,365
Capital gain distributions from affiliated underlying funds		1,217,669
Forward foreign currency contracts		(996,737	)
Foreign currency related transactions		(150,811	)
Futures		2,582,454
Swaps		(85,031	)
Written options		(2,257,977	)
Net realized gain		564,550
Net change in unrealized appreciation (depreciation) on:
Investments		774
Affiliated underlying funds		21,783,141
Unaffiliated underlying funds		5,513,248
Forward foreign currency contracts		(263,627	)
Foreign currency related transactions		(280	)
Futures		607,898
Swaps		9,606
Written options		(1,700	)
Net change in unrealized appreciation (depreciation)		27,649,060
Net realized and unrealized gain		28,213,610
Increase in net assets resulting from operations	$	33,305,913

See Accompanying Notes to Financial Statements

4

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	April 30, 2024			Year Ended
	(Unaudited)			October 31, 2023
FROM OPERATIONS:
Net investment income	$	5,092,303		$	6,506,607
Net realized gain (loss)		564,550			(4,839,677	)
Net change in unrealized appreciation (depreciation)		27,649,060			14,745,781
Increase in net assets resulting from operations		33,305,913			16,412,711
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(2,330,095	)		(4,529,886	)
Class C		(293,036	)		(745,783	)
Class I		(1,138,011	)		(2,209,188	)
Class R		(422	)		(741	)
Class R6		(3,680	)		(4,110	)
Class W		(295,290	)		(611,269	)
Return of capital:
Class A		(3,220,884	)		(7,113,909	)
Class C		(467,869	)		(1,427,783	)
Class I		(1,361,090	)		(3,057,840	)
Class R		(690	)		(1,374	)
Class R6		(5,030	)		(6,395	)
Class W		(361,866	)		(815,766	)
Total distributions		(9,477,963	)		(20,524,044	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		15,443,395			41,238,655
Reinvestment of distributions		9,266,305			20,067,819
		24,709,700			61,306,474
Cost of shares redeemed		(46,214,684	)		(87,026,916	)
Net decrease in net assets resulting from capital share transactions		(21,504,984	)		(25,720,442	)
Net increase (decrease) in net assets		2,322,966			(29,831,775	)
NET ASSETS:
Beginning of year or period		258,465,005			288,296,780
End of year or period	$	260,787,971		$	258,465,005

See Accompanying Notes to Financial Statements

5

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
Year or period ended	($)	($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)		(%)	(%)	(%)	(%)	($000’s)	(%)
Class A
04-30-24+	5.96	0.12•	0.66	0.78	0.10	—	0.13	0.23	—	6.51	13.08		0.59	0.59	0.59	3.74	156,172	14
10-31-23	6.08	0.14•	0.20	0.34	0.18	—	0.28	0.46	—	5.96	5.35		0.62	0.62	0.62	2.26	149,354	34
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
Class C
04-30-24+	6.22	0.11•	0.67	0.78	0.07	—	0.13	0.20	—	6.80	12.62		1.34	1.34	1.34	3.14	22,418	14
10-31-23	6.32	0.11•	0.20	0.31	0.13	—	0.28	0.41	—	6.22	4.71		1.37	1.37	1.37	1.65	27,398	34
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
Class I
04-30-24+	5.91	0.13•	0.65	0.78	0.11	—	0.13	0.24	—	6.45	13.23		0.36	0.33	0.33	4.02	64,317	14
10-31-23	6.03	0.16•	0.20	0.36	0.20	—	0.28	0.48	—	5.91	5.80		0.37	0.35	0.35	2.55	64,922	34
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
Class R
04-30-24+	6.00	0.11•	0.66	0.77	0.08	—	0.13	0.21	—	6.56	12.96		0.84	0.84	0.84	3.44	34	14
10-31-23	6.10	0.12•	0.21	0.33	0.15	—	0.28	0.43	—	6.00	5.27		0.87	0.87	0.87	1.92	30	34
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	0.44	—	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
Class R6
04-30-24+	5.91	0.12•	0.66	0.78	0.11	—	0.13	0.24	—	6.45	13.23		0.36	0.33	0.33	3.84	257	14
10-31-23	6.03	0.15•	0.21	0.36	0.20	—	0.28	0.48	—	5.91	5.80		0.37	0.35	0.35	2.36	184	34
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
Class W
04-30-24+	5.88	0.13•	0.64	0.77	0.11	—	0.13	0.24	—	6.41	13.13		0.34	0.34	0.34	3.99	17,590	14
10-31-23	6.00	0.16•	0.20	0.36	0.20	—	0.28	0.48	—	5.88	5.83		0.37	0.37	0.37	2.59	16,577	34
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

(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.

See Accompanying Notes to Financial Statements

6

FINANCIAL HIGHLIGHTS (continued)

(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)	Ratios do not include expenses of the Underlying Funds.
+	Unaudited.
•	Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

7

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (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 nine separate active investment series. This report is for Voya Global Diversified Payment Fund (“Global Diversified Payment” or the “Fund”), a diversified series of the Trust.

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R, 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.

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

8

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in the Fund.

The Fund’s financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values. 

A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.

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.

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.

9

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any 

given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.

Foreign Exchange Rate Risk. To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced 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 debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, 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. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including 

10

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

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, 2024, the maximum amount of loss that the Fund would incur if its counterparties failed to perform would be $306,605 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, 2024. There was no collateral pledged to the Fund at April 30, 2024.

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 derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties.

11

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 $1,077,318 on open forward foreign currency contracts, total return swaps and written OTC options with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2024, the Fund could have been required to pay this amount in cash to its counterparties. The Fund pledged $1,270,000 in cash collateral at April 30, 2024 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, 2024, 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, 2024, the Fund had average contract amounts on forward foreign currency contracts to buy and sell of $27,641,351 and $27,757,993, respectively. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at April 30, 2024.

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, 2024, 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, 2024, the Fund had an average notional value on futures contracts purchased and sold of $23,502,355 and $23,280,652, respectively. Please refer to the tables within the Portfolio of Investments for open futures contracts at April 30, 2024. 

12

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2024, 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, 2024, the Fund had an average notional value on purchased and written equity 

options of $3,998,961 and $19,863,921, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written equity options at April 30, 2024.

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 swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount

13

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2024, the Fund entered into total return swaps on custom equity indices with an average notional amount of $41,849,498 on receiver total return swaps, respectively. Please refer to the tables within the Portfolio of Investments for open total return swaps at April 30, 2024. 

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, 2024, the cost of purchases and the proceeds from sales of investments, excluding short-term securities, were: $36,923,413 and $63,088,388, 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

Each share class of the Fund (except Class I, Class R6 and Class W) 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 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”)

14

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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.

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, 2024, the Distributor retained the following amounts in sales charges:

	Class A		Class C
Initial Sales Charges:	$	10,334	$	—
Contingent Deferred Sales Charges:	$	—	$	162

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2024, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

Subsidiary	Percentage
Voya Institutional Trust Company		6.84%

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, 2024, the per account fees for affiliated recordkeeping services paid by the Fund were $4,472.

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, 2024, 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,
2025		2026		2027		Total
$	147,063	$	—	$	—	$	147,063

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, 2024, are as follows:

	April 30,
	2025		2026		2027		Total
Class I	$	53,952	$	33,034	$	24,229	$	111,215
Class R6		418		—		60		478

The Expense Limitation Agreement is contractual through March 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 8 — LINE OF CREDIT

Effective June 12, 2023, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of

15

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 8 — LINE OF CREDIT (continued)

credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 23, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum

on the daily unused portion of the committed line amount through June 12, 2023.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Fund utilized the line of credit during the period ended April 30, 2024 as follows:

			Approximate
	Approximate		Weighted
	Average		Average
	Daily Balance		Interest Rate
Days	For Days		For Days
Utilized	Utilized		Utilized
6	$	1,485,333	6.33%

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

												Net
												increase					Proceeds
												(decrease)					from
			Shares		Reinvestment							in					shares		Reinvestment
	Shares		issued in		of		Shares			Shares		shares			Shares		issued in		of		Shares			Shares		Net increase
	sold		merger		distributions		redeemed			converted		outstanding			sold		merger		distributions		redeemed			converted		(decrease)
Year or
period ended	#		#		#		#			#		#			($)		($)		($)		($)			($)		($)
Class A
4/30/2024		1,554,458		—		822,007		(3,440,674	)		—		(1,064,209	)		10,154,790		—		5,389,646		(22,523,664	)		—		(6,979,228	)
10/31/2023		3,422,927		—		1,790,990		(6,009,080	)		—		(795,163	)		21,632,679		—		11,298,265		(37,939,504	)		—		(5,008,560	)
Class C
4/30/2024		57,851		—		109,258		(1,275,999	)		—		(1,108,890	)		388,528		—		747,087		(8,673,197	)		—		(7,537,582	)
10/31/2023		247,090		—		326,059		(3,019,101	)		—		(2,445,952	)		1,624,822		—		2,144,139		(19,842,592	)		—		(16,073,631	)
Class I
4/30/2024		636,288		—		382,849		(2,030,175	)		—		(1,011,038	)		4,088,537		—		2,487,345		(13,145,706	)		—		(6,569,824	)
10/31/2023		2,765,684		—		836,250		(3,913,720	)		—		(311,786	)		17,267,338		—		5,234,701		(24,433,965	)		—		(1,931,926	)
Class R
4/30/2024		—		—		168		—			—		168			—		—		1,112		—			—		1,112
10/31/2023		—		—		334		(17,926	)		—		(17,592	)		—		—		2,115		(109,894	)		—		(107,779	)
Class R6
4/30/2024		12,435		—		1,340		(5,040	)		—		8,735			80,455		—		8,710		(32,972	)		—		56,193
10/31/2023		16,991		—		1,683		(3,875	)		—		14,799			105,895		—		10,504		(23,978	)		—		92,421
Class W
4/30/2024		111,054		—		97,898		(285,735	)		—		(76,783	)		731,085		—		632,405		(1,839,145	)		—		(475,655	)
10/31/2023		98,625		—		221,361		(754,079	)		—		(434,093	)		607,921		—		1,378,095		(4,676,983	)		—		(2,690,967	)

NOTE 10 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, futures contracts, swaps, 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.

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

16

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 10 — FEDERAL INCOME TAXES (continued)

Year Ended				Year Ended
October 31, 2023				October 31, 2022
Ordinary		Return of			Ordinary		Long-term		Return of
Income		Capital			Income		Capital Gains		Capital
$	8,100,977	$	12,423,067		$	13,228,565	$	29,848,038	$	320,965

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, 2023 were:

Unrealized					Total
Appreciation/		Capital Loss Carryforwards			Distributable
(Depreciation)		Amount		Character	Earnings/(Loss)
$	(53,027,629)	$	(486,571)	Short-term	$	(62,748,726	)
			(9,234,526)	Long-term
		$	(9,721,097)

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

As of April 30, 2024, no provision for income tax is required in the Fund’s financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.

In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision)

(EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

NOTE 12 — 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

17

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

NOTE 12 — LIQUIDITY (continued)

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, 2023 through December 31, 2023, 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.

NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL

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 resulted 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. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. 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 investments, including beyond the 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 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2024, the Fund declared dividends of:

	Per Share	Payable	Record
	Amount	Date	Date
Class A	$0.0380	June 3, 2024	May 30, 2024
Class C	$0.0340	June 3, 2024	May 30, 2024
Class I	$0.0400	June 3, 2024	May 30, 2024
Class R	$0.0360	June 3, 2024	May 30, 2024
Class R6	$0.0400	June 3, 2024	May 30, 2024
Class W	$0.0400	June 3, 2024	May 30, 2024

Line of Credit Renewal: Effective June 10, 2024, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

Reorganization: On May 22, 2024, the Board approved a proposal to reorganize Global Diversified Payment (the “Merging Fund”) with and into Voya Global Income & Growth Fund (the “Reorganization”), which is not included in this report. The proposed Reorganization is scheduled to be voted on by the shareholders of the Merging Fund at a shareholder meeting held on or about October 10, 2024. If the shareholder approval is obtained, the Reorganization will take place on or about close of business October 25, 2024.

18

NOTES TO FINANCIAL STATEMENTS as of April 30, 2024 (Unaudited) (continued)

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.

19

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED)

Shares		Value		Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 7.1%
106,156	Schwab U.S. TIPS ETF	$	5,438,372		2.1
129,476	Vanguard Global ex- U.S. Real Estate ETF		5,259,315		2.0
96,072	Vanguard Real Estate ETF		7,648,292		3.0
	Total Exchange-Traded Funds (Cost $21,403,432)		18,345,979		7.1
MUTUAL FUNDS: 91.4%
	Affiliated Investment Companies: 81.4%
639,594	Voya Floating Rate Fund - Class I		5,289,439		2.0
2,616,773	Voya Global Bond Fund - Class R6		18,422,081		7.1
2,345,311	Voya High Yield Bond Fund - Class R6		15,924,659		6.1
3,749,349	Voya Intermediate Bond Fund - Class R6		31,681,995		12.1
331,037	Voya Large Cap Growth Fund - Class R6		16,919,282		6.5
886,820	Voya Large Cap Value Fund - Class R6		11,750,363		4.5
258,343 (1)	Voya MidCap Opportunities Fund - Class R6		6,538,649		2.5
542,381	Voya Multi-Manager Emerging Markets Equity Fund - Class I		5,309,912		2.0
2,828,967	Voya Multi-Manager International Equity Fund - Class I		28,600,859		11.0
2,806,084	Voya Multi-Manager International Factors Fund - Class I		26,152,704		10.0
658,694	Voya Multi-Manager Mid Cap Value Fund - Class I		6,481,548		2.5
1,326,982	Voya Short Duration High Income Fund - Class R6		13,283,092		5.1
574,324	Voya Short Term Bond Fund - Class R6		5,272,297		2.0
543,554	Voya Small Company Fund - Class R6		7,761,945		3.0
1,223,542	Voya U.S. High Dividend Low Volatility Fund - Class R6		13,042,954		5.0
			212,431,779		81.4
	Unaffiliated Investment Companies: 10.0%
470,906	TIAA-CREF S&P 500 Index Fund - Institutional Class		25,984,577		10.0
	Total Mutual Funds (Cost $260,612,086)		238,416,356		91.4

Shares		Value		Percentage of Net Assets
PURCHASED OPTIONS(2): 0.0%
	Total Purchased Options
	(Cost $16,393)	$	16,393		0.0
	Total Long-Term Investments (Cost $282,031,911)		256,778,728		98.5
	Total Investments in Securities (Cost $282,031,911)	$	256,778,728		98.5
	Assets in Excess of Other Liabilities		4,009,243		1.5
	Net Assets	$	260,787,971		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.

See Accompanying Notes to Financial Statements

20

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other			Significant
	for Identical		Observable			Unobservable		Fair Value
	Investments		Inputs			Inputs		at
	(Level 1)		(Level 2)			(Level 3)		April 30, 2024
Asset Table
Investments, at fair value
Exchange-Traded Funds	$	18,345,979	$	—		$	—	$	18,345,979	��
Mutual Funds		238,416,356		—			—		238,416,356
Purchased Options		—		16,393			—		16,393
Total Investments, at fair value	$	256,762,335	$	16,393		$	—	$	256,778,728
Other Financial Instruments+
Forward Foreign Currency Contracts		—		203,246			—		203,246
Futures		184,290		—			—		184,290
OTC Total Return Swaps		—		86,966			—		86,966
Total Assets	$	256,946,625	$	306,605		$	—	$	257,253,230
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(835,419	)	$	—	$	(835,419	)
OTC Total Return Swaps		—		(38,036	)		—		(38,036	)
Written Options		—		(203,863	)		—		(203,863	)
Total Liabilities	$	—	$	(1,077,318	)	$	—	$	(1,077,318	)

^	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+	Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control with the issuer, results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended April 30, 2024, where the following issuers were considered an affiliate:

								Change In		Ending							Net
	Beginning							Unrealized		Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/		Value at		Investment		Gains/			Gain
Issuer	at 10/31/2023		at Cost		at Cost			(Depreciation)		4/30/2024		Income		(Losses)			Distributions
Voya Floating Rate Fund - Class I	$	7,990,521	$	685,262	$	(4,015,075	)	$	628,731	$	5,289,439	$	311,469	$	(611,237	)	$	—
Voya Global Bond Fund - Class R6		13,112,025		6,087,973		(1,192,639	)		414,722		18,422,081		337,747		(73,102	)		—
Voya High Yield Bond Fund - Class
R6		26,333,113		1,258,479		(12,717,270	)		1,050,337		15,924,659		628,290		96,414			—
Voya Intermediate Bond Fund -
Class R6		36,670,016		1,660,756		(9,258,212	)		2,609,435		31,681,995		848,193		(1,032,768	)		—
Voya Large Cap Growth Fund -
Class R6		17,067,350		29,709		(3,252,913	)		3,075,136		16,919,282		29,708		1,017,575			—
Voya Large Cap Value Fund -
Class R6		11,844,599		1,083,953		(2,300,761	)		1,122,572		11,750,363		87,845		7,239			996,109
Voya MidCap Opportunities Fund -
Class R6		6,594,491		51,441		(1,341,203	)		1,233,920		6,538,649		—		44,649			51,443
Voya Multi-Manager Emerging
Markets Equity Fund - Class I		10,346,999		227,427		(6,666,190	)		1,401,676		5,309,912		227,428		(197,809	)		—
Voya Multi-Manager International
Equity Fund - Class I		23,143,846		5,654,285		(3,293,311	)		3,096,039		28,600,859		456,903		134,849			—
Voya Multi-Manager International
Factors Fund - Class I		26,222,066		1,094,113		(4,674,597	)		3,511,122		26,152,704		1,094,114		(375,951	)		—
Voya Multi-Manager Mid Cap Value
Fund - Class I		6,579,957		71,423		(1,190,800	)		1,020,968		6,481,548		71,423		134,091			—

See Accompanying Notes to Financial Statements

21

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

								Change In			Ending							Net
	Beginning							Unrealized			Fair				Realized			Capital
	Fair Value		Purchases		Sales			Appreciation/			Value at		Investment		Gains/			Gain
Issuer	at 10/31/2023		at Cost		at Cost			(Depreciation)			4/30/2024		Income		(Losses)			Distributions
Voya Short Duration High Income
Fund - Class R6	$	—	$	14,232,691	$	(931,266	)	$	(18,333	)	$	13,283,092	$	456,118	$	7,071		$	—
Voya Short Term Bond Fund -
Class R6		5,341,609		306,390		(397,188	)		21,486			5,272,297		131,176		(3,839	)		—
Voya Small Company Fund - Class
R6		7,429,784		236,176		(988,345	)		1,084,330			7,761,945		38,252		62,633			—
Voya U.S. High Dividend Low
Volatility Fund - Class R6		13,137,627		408,979		(2,034,652	)		1,531,000			13,042,954		203,320		(51,158	)		170,117
	$	211,814,003	$	33,089,057	$	(54,254,422	)	$	21,783,141		$	212,431,779	$	4,921,986	$	(841,343	)	$	1,217,669

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

At April 30, 2024, the following forward foreign currency contracts were outstanding for Voya Global Diversified Payment Fund:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
SGD	5,900,000	USD	4,368,817	Brown Brothers Harriman & Co.	05/03/24	$	(46,421	)
USD	4,178,917	NOK	45,800,000	Morgan Stanley Capital Services LLC	05/03/24		55,838
USD	5,830,167	NZD	9,800,000	Morgan Stanley Capital Services LLC	05/03/24		55,509
USD	9,537,159	GBP	7,600,000	Morgan Stanley Capital Services LLC	05/03/24		40,550
SEK	58,700,000	USD	5,440,159	Morgan Stanley Capital Services LLC	05/03/24		(113,429	)
USD	6,774,995	EUR	6,300,000	The Bank of New York Mellon	05/03/24		51,349
JPY	2,391,200,000	USD	15,849,302	The Bank of New York Mellon	05/07/24		(675,569	)
						$	(632,173	)

At April 30, 2024, the following futures contracts were outstanding for Voya Global Diversified Payment Fund:                

	Number	Expiration	Notional			Unrealized
Description	of Contracts	Date	Amount			Appreciation
Long Contracts:
Tokyo Price Index (TOPIX)	56	06/13/24	$	9,753,796		$	68,943
			$	9,753,796		$	68,943
Short Contracts:
MSCI Emerging Markets Index	(183)	06/21/24		(9,534,300	)		82,002
S&P 500 E-Mini	(3)	06/21/24		(760,050	)		33,345
			$	(10,294,350	)	$	115,347

At April 30, 2024, the following OTC total return swaps were outstanding for Voya Global Diversified Payment Fund:

Reference

(Pay)/

Floating

Upfront

Pay/Receive

Entity

Receive

Rate

Payments

Unrealized

Total

Payment

Financing

Payment

Termination

Notional

Fair

Paid/

Appreciation/

Return(1)

Reference Entity

Frequency

Rate

Frequency

Counterparty

Date

Amount

Value

(Received)

(Depreciation)

Receive

JPMorgan JPUSVCO1 Index(2)

Quarterly

(0.06)%

Quarterly

JPMorgan Chase Bank N.A.

08/30/24

USD

8,312,160

$

26,030

$

—

$

26,030

Receive

JPMorgan JPUSVCO2 Index(3)

Quarterly

(0.06)%

Quarterly

JPMorgan Chase Bank N.A.

08/30/24

USD

13,978,053

60,936

—

60,936

Receive

Morgan Stanley SPX 1-month Volatility Premium Intraday Hedge Index(4)

Quarterly

0.00%

Quarterly

Morgan Stanley Capital Services LLC

08/30/24

USD

8,346,434

(28,138

)

—

(28,138

)

Receive

Morgan Stanley SPX 2-month Volatility Premium Intraday Hedge Index(5)

Quarterly

0.00%

Quarterly

Morgan Stanley Capital Services LLC

08/30/24

USD

6,085,908

(9,898

)

—

(9,898

)

$

48,930

$

—

$

48,930

See Accompanying Notes to Financial Statements

22

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

⁽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.

⁽²⁾  The following table represents the individual positions within the total return swap as of April 30, 2024:

	Notional
Reference Entity	Amount*			% of Index
Cash
Cash	$	6,480,007			77.96	%
Long Futures Contracts
S&P 500® E-Mini, expires 06/21/24		1,852,326			22.28	%
Written Call Options
S&P 500® Index, Strike Price $5,165, expires 05/17/24		(20,173	)		(0.24)	%
Total Notional Amount	$	8,312,160			100	%

⁽³⁾ The following table represents the individual positions within the total return swap as of April 30, 2024:

	Notional
Reference Entity	Amount*			% of Index
Cash
Cash	$	11,714,053			83.80	%
Long Futures Contracts
S&P 500® E-Mini, expires 06/21/24		2,293,401			16.41	%
Written Call Options
S&P 500® Index, Strike Price $5,245 expires 05/31/24		(29,401	)		(0.21)	%
Total Notional Amount	$	13,978,053			100	%

⁽⁴⁾ The following table represents the individual positions within the total return swap as of April 30, 2024:

	Notional
Reference Entity	Amount*			% of Index
Cash
Cash	$	5,326,610			63.82	%
Long Futures Contracts
S&P 500® E-Mini, expires 06/21/24		3,059,659			36.66	%
Written Call Options
S&P 500® Index, Strike Price $5,140, expires 05/17/24		(39,835	)		(0.48)	%
Total Notional Amount	$	8,346,434			100	%

See Accompanying Notes to Financial Statements

23

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

⁽⁵⁾ The following table represents the individual positions within the total return swap as of April 30, 2024:

	Notional
Reference Entity	Amount*			% of Index
Long Futures Contracts
S&P 500® E-Mini, expires 06/21/24	$	747,863			12.29	%
Written Call Options
S&P 500® Index, Strike Price $5,200, expires 06/21/24		(1,764	)		(0.03)	%
S&P 500® Index, Strike Price $5,300, expires 05/17/24		(69	)		—	%
S&P 500® Index, Strike Price $5,400, expires 05/17/24		(14	)		—	%
S&P 500® Index, Strike Price $5,355, expires 05/17/24		(26	)		—	%
S&P 500® Index, Strike Price $5,345, expires 05/17/24		(32	)		—	%
S&P 500® Index, Strike Price $5,295, expires 05/17/24		(76	)		—	%
S&P 500® Index, Strike Price $5,385, expires 05/17/24		(17	)		—	%
S&P 500® Index, Strike Price $5,395, expires 05/17/24		(31	)		—	%
S&P 500® Index, Strike Price $5,325, expires 05/17/24		(88	)		—	%
S&P 500® Index, Strike Price $5,275, expires 06/21/24		(942	)		(0.02)	%
S&P 500® Index, Strike Price $5,225, expires 06/21/24		(1,445	)		(0.02)	%
S&P 500® Index, Strike Price $5,140, expires 05/17/24		(968	)		(0.02)	%
S&P 500® Index, Strike Price $5,340, expires 05/17/24		(34	)		—	%
S&P 500® Index, Strike Price $5,360, expires 05/17/24		(49	)		—	%
S&P 500® Index, Strike Price $5,390, expires 05/17/24		(16	)		—	%
S&P 500® Index, Strike Price $5,155, expires 05/17/24		(800	)		(0.01)	%
S&P 500® Index, Strike Price $5,185, expires 05/17/24		(522	)		(0.01)	%
S&P 500® Index, Strike Price $5,205, expires 05/17/24		(385	)		(0.01)	%
S&P 500® Index, Strike Price $5,250, expires 06/21/24		(1,177	)		(0.02)	%
S&P 500® Index, Strike Price $5,350, expires 05/17/24		(57	)		—	%
S&P 500® Index, Strike Price $5,375, expires 05/17/24		(20	)		—	%
S&P 500® Index, Strike Price $5,260, expires 06/21/24		(1,076	)		(0.02)	%
S&P 500® Index, Strike Price $5,260, expires 05/17/24		(147	)		—	%
S&P 500® Index, Strike Price $5,095, expires 05/17/24		(1,630	)		(0.03)	%
S&P 500® Index, Strike Price $5,410, expires 05/17/24		(13	)		—	%
S&P 500® Index, Strike Price $5,245, expires 06/21/24		(1,225	)		(0.02)	%
		(12,623	)		(0.21)	%
Cash		5,350,668			87.92	%
Total Notional Amount	$	6,085,908			100	%

^* Notional amount represents the fair value of each underlying component (including the financing rate, if any) allocated to each underlying component on a pro-rata basis.

At April 30, 2024, the following OTC purchased equity options were outstanding for Voya Global Diversified Payment Fund:

			Expiration	Exercise	Number of	Notional
Description	Counterparty	Put/Call	Date	Price	Contracts	Amount		Cost		Fair Value
S&P 500® Index	JPMorgan Chase
	Bank N.A.	Call	05/31/24	USD    5,199.350	794	USD   3,998,338	$	16,393	$	16,393
							$	16,393	$	16,393

At April 30, 2024, the following OTC written equity options were outstanding for Voya Global Diversified Payment Fund:

		Put/	Expiration	Exercise	Number of	Notional	Premiums
Description	Counterparty	Call	Date	Price	Contracts	Amount	Received		Fair Value
	JPMorgan Chase
S&P 500® Index	Bank N.A.	Call	05/31/24	USD 5,048.280	794	USD 3,998,338	$	64,173	$	(64,173	)
	JPMorgan Chase
S&P 500® Index	Bank N.A.	Call	05/31/24	USD 5,098.640	1,569	USD 7,900,998		84,541		(84,541	)

See Accompanying Notes to Financial Statements

24

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

		Put/	Expiration	Exercise	Number of	Notional	Premiums
Description	Counterparty	Call	Date	Price	Contracts	Amount	Received		Fair Value
	JPMorgan Chase
S&P 500® Index	Bank N.A.	Call	05/31/24	USD    5,148.990	1,569	USD   7,900,997	$	55,149	$	(55,149	)
							$	203,863	$	(203,863	)

Currency Abbreviations:			Currency Abbreviations:
EUR	—	EU Euro	NZD	—	New Zealand Dollar
GBP	—	British Pound	SEK	—	Swedish Krona
JPY	—	Japanese Yen	SGD	—	Singapore Dollar
NOK	—	Norwegian Krone	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, 2024 was as follows:

	Location on Statement
Derivatives not accounted for as hedging instruments	of Assets and Liabilities	Fair Value
Asset Derivatives
Equity contracts	Investments in securities at value*	$	16,393
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		203,246
Equity contracts	Variation margin receivable on futures contracts**		184,290
Equity contracts	Unrealized appreciation on OTC swap agreements		86,966
Total Asset Derivatives		$	490,895
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	835,419
Equity contracts	Unrealized depreciation on OTC swap agreements		38,036
Equity contracts	Written options, at fair value		203,863
Total Liability Derivatives		$	1,077,318

*

Includes purchased options.

**

The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2024 was as follows:

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

			Forward
			foreign
Derivatives not accounted for as hedging			currency						Written
instruments	Investments*		contracts		Futures		Swaps		options		Total
Equity contracts	$	302,357	$	—	$	2,468,121	$	(85,031)	$	(2,257,977)	$	427,470
Foreign exchange contracts		—		(996,737)		—		—		—		(996,737)
Interest rate contracts		—		—		114,333		—		—		114,333
Total	$	302,357	$	(996,737)	$	2,582,454	$	(85,031)	$	(2,257,977)	$	(454,934)

See Accompanying Notes to Financial Statements

25

VOYA GLOBAL DIVERSIFIED PAYMENT FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

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

			Forward
			foreign
Derivatives not accounted for as hedging			currency						Written
Instruments	Investments*		contracts		Futures		Swaps		options		Total
Equity contracts	$	774	$	—	$	737,251	$	9,606	$	(1,700)	$	745,932
Foreign exchange contracts		—		(263,627)		—		—		—		(263,627)
Interest rate contracts		—		—		(129,353)		—		—		(129,354)
Total	$	774	$	(263,627)	$	607,898	$	9,606	$	(1,700)	$	352,951

^* 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, 2024:

	Brown						Morgan
	Brothers			JPMorgan			Stanley		The Bank
	Harriman &			Chase Bank			Capital		of New York
	Co.			N.A.			Services LLC		Mellon			Total
Assets:
Purchased options	$	—		$	16,393		$	—	$	—		$	16,393
Forward foreign currency contracts		—			—			151,897		51,349			203,246
OTC total return swaps		—			86,966			—		—			86,966
Total Assets	$	—		$	103,359		$	151,897	$	51,349		$	306,605
Liabilities:
Forward foreign currency contracts	$	46,421		$	—		$	113,429	$	675,569		$	835,419
OTC total return swaps		—			—			38,036		—			38,036
Written options		—			203,863			—		—			203,863
Total Liabilities	$	46,421		$	203,863		$	151,465	$	675,569		$	1,077,318
Net OTC derivative instruments by counterparty, at fair value	$	(46,421	)	$	(100,504	)	$	432	$	(624,220	)	$	(770,713	)
Total collateral pledged by the Fund/(Received from counterparty)	$	—		$	100,504		$	—	$	590,000		$	690,504
Net Exposure(1)(2)	$	(46,421	)	$	—		$	432	$	(34,220	)	$	(80,209	)

⁽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, 2024, 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.

At April 30, 2024, 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 $281,554,539.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation	$	7,392,645
Gross Unrealized Depreciation		(32,771,214	)
Net Unrealized Depreciation	$	(25,378,569	)

See Accompanying Notes to Financial Statements

26

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

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

At a meeting held on November 16, 2023, the Board of Trustees (“Board”) of Voya Mutual Funds (the “Trust”), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not “interested persons” of Voya Global Diversified Payment Fund, a series of the Trust (the “Fund”), as such term is defined under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and approved the renewal of the investment management contract (the “Management Contract”) between Voya Investments, LLC (the “Manager”) and the Trust, on behalf of the Fund, and the sub-advisory contract (the “Sub-Advisory Contract,” and together with the Management Contract, the “Contracts”) with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the “Sub-Adviser”), for an additional one-year period ending November 30, 2024.

In addition to the Board meeting on November 16, 2023, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2023 and November 14, 2023. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund’s investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund (“Selected Peer Group”) based on the Fund’s particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was determined to not be material to the Board’s considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

Nature, Extent and Quality of Services

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund’s operations and risk management and the oversight of its various other service providers.

The Board considered the “manager-of-managers” structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser’s investment program, 

27

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

performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund’s performance. In connection with the Manager’s performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser’s management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust’s Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

Fund Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar, Inc. (an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as the Fund grows larger and the extent to which any such economies are shared with the Fund. The Board considered that, while the Fund does not have management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with the Fund through such fee waivers, expense reimbursements, or other expense reductions.

Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

Fee Schedules, Profitability, and Fall-out Benefits

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund’s Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

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

28

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

Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund’s operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Fund and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Fund Analysis

Set forth below are certain of the specific factors that the Board considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings in relation to approving the Fund’s Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2023. In addition, the Board also considered at its October 9, 2023, November 14, 2023, and/or November 16, 2023 meetings certain additional data regarding the Fund’s more recent performance, asset

levels and asset flows. The Fund’s management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2023: (1) the Fund is ranked in the second quintile of its Morningstar, Inc. category for the year-to-date period, the third quintile for the three-year and ten-year periods, and the fourth quintile for the one-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed.

In analyzing this performance data, the Board took into account management’s representations regarding: (1) the impact of asset allocation on the Fund’s performance; (2) the competitiveness of the Fund’s performance during certain periods; (3) its confidence in the Sub-Adviser’s ability to execute the Fund’s investment objective; and (4) the recent changes to the Fund’s portfolio management team.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a 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 fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the all-in net expense ratio for the Fund, inclusive of the Acquired Fund Fees and Expenses (“AFFE”), is ranked in the 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

29

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

its belief that the Fund’s pricing is competitive.

Board Conclusions

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management’s related representations, the Board concluded that it was satisfied with management’s responses relating to the Fund’s investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2024.

30

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 2024, 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 6.50% for Class A shares, 5.60% for Class C shares, 6.81% for Class I shares, 6.15% for Class R shares, 6.81% for Class R6 shares and 6.75% 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 DISTRIBU-TIONS

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 provide disclosures with payments made that estimate the percentages of the year- to-date payments through the

31

ADDITIONAL INFORMATION (Unaudited) (continued)

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.

32

Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286
Distributor	Legal Counsel
Voya Investments Distributor, LLC	Ropes& Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

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

RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com	163309 (0424)

 

Semi-Annual Report

April 30, 2024

Voya VACS Series EME 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

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Shareholder Expense Example	1
Statement of Assets and Liabilities	2
Statement of Operations	3
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	6
Portfolio of Investments	16

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You will be notified by e-mail when these communications become available on the internet.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge and upon request, by calling 1-800-992-0180 or by accessing the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund’s Forms NPORT-P are available on the SEC’s website at www.sec.gov.

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, 2023 to April 30, 2024. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Fund Return				Hypothetical (5% return before expenses)
	Beginning	Ending		Expenses Paid	Beginning	Ending		Expenses Paid
	Account	Account		During the	Account	Account		During the
	Value	Value	Annualized	Period Ended	Value	Value	Annualized	Period Ended
	November 1,	April 30,	Expense	April 30,	November 1,	April 30,	Expense	April 30,
	2023	2024	Ratio	2024*	2023	2024	Ratio	2024*
Voya VACS Series EME Fund	$1,000.00	$1,160.40	0.18%	$0.97	$1,000.00	$1,023.97	0.18%	$0.91

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

1

STATEMENT OF ASSETS AND LIABILITIES AS OF APRIL 30, 2024 (UNAUDITED)

ASSETS:
Investments in securities at fair value+*	$	201,117,571
Short-term investments at fair value†		4,831,889
Cash		15,924
Cash collateral for futures contracts		19,824
Foreign currencies at value‡		23,847
Receivables:
Investment securities and currencies sold		114,407
Fund shares sold		23,378
Dividends		406,284
Interest		7
Foreign tax reclaims		9,734
Unrealized appreciation on forward foreign currency contracts		56
Prepaid offering expense		3,548
Reimbursement due from Investment Adviser		38,410
Other assets		301
Total assets		206,605,180
LIABILITIES:
Payable for investment securities and currencies purchased		336,216
Payable for fund shares redeemed		74,903
Payable upon receipt of securities loaned		1,274,986
Variation margin payable on futures contracts		9,147
Payable to trustees under the deferred compensation plan (Note 5)		301
Payable for trustee fees		567
Payable for foreign capital gains tax		358,378
Other accrued expenses and liabilities		167,701
Total liabilities		2,222,199
NET ASSETS	$	204,382,981
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	192,434,604
Total distributable earnings		11,948,377
NET ASSETS	$	204,382,981
+           Including securities loaned at value	$	1,215,081
*            Cost of investments in securities	$	190,195,769
†           Cost of short-term investments	$	4,831,889
‡           Cost of foreign currencies	$	25,825
Net assets	$	204,382,981
Shares authorized		unlimited
Par value		—
Shares outstanding		18,930,779
Net asset value and redemption price per share	$	10.80

See Accompanying Notes to Financial Statements

2

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2024 (UNAUDITED)

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,718,503
Interest		5,391
Securities lending income, net		14,075
Other		545
Total investment income		2,738,514
EXPENSES:
Transfer agent fees		376
Shareholder reporting expense		2,730
Registration fees		6,737
Professional fees		62,136
Custody and accounting expense		101,000
Trustee fees		2,836
Offering expense		17,452
Miscellaneous expense		21,388
Interest expense		26,626
Total expenses		241,281
Waived and reimbursed fees		(38,410	)
Net expenses		202,871
Net investment income		2,535,643
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)		635,312
Foreign currency related transactions		(158,829	)
Futures		46,645
Net realized gain		523,128
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)		30,459,136
Forward foreign currency contracts		56
Foreign currency related transactions		(3,550	)
Futures		13,090
Net change in unrealized appreciation (depreciation)		30,468,732
Net realized and unrealized gain		30,991,860
Increase in net assets resulting from operations	$	33,527,503
*  Foreign taxes withheld	$	320,923
^  Foreign capital gains taxes withheld	$	364,647
#  Change in foreign capital gains taxes accrued	$	358,378

See Accompanying Notes to Financial Statements

3

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	April 30, 2024			June 7, 2023 to
	(Unaudited)			October 31, 2023(1)
FROM OPERATIONS:
Net investment income	$	2,535,643		$	2,046,044
Net realized gain		523,128			416,790
Net change in unrealized appreciation (depreciation)		30,468,732			(19,911,042	)
Increase (decrease) in net assets resulting from operations		33,527,503			(17,448,208	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital)		(4,130,918	)		—
Total distributions		(4,130,918	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		35,809,932			252,114,264
Reinvestment of distributions		4,130,918			—
		39,940,850			252,114,264
Cost of shares redeemed		(83,569,672	)		(16,050,838	)
Net increase (decrease) in net assets resulting from capital share transactions		(43,628,822	)		236,063,426
Net increase (decrease) in net assets		(14,232,237	)		218,615,218
NET ASSETS:
Beginning of year or period		218,615,218			—
End of year or period	$	204,382,981		$	218,615,218

⁽¹⁾Commencement of operations.

See Accompanying Notes to Financial Statements

4

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
Year or period ended	($)		($)	($)	($)	($)	($)	($)	($)	($)	($)	(%)	(%)	(%)	(%)	(%)	($000's)	(%)
04-30-24+	9.47		0.12•	1.34	1.46	0.13	—	—	0.13	—	10.80	16.04	0.21	0.18	0.18	2.25	204,383	17
06-07-23(4)-
10-31-23	10.00		0.11•	(0.64)	(0.53)	—	—	—	—	—	9.47	(5.30)	0.17	0.15	0.15	2.61	218,615	11

(1)	Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.
(2)	Annualized for periods less than one year.
(3)	Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.
(4)	Commencement of operations.
+	Unaudited.
•	Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

5

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (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 nine separate active investment series. This report is for Voya VACS Series EME Fund (“EME” or the “Fund”), a diversified series of the Trust.

The Fund’s shares are not registered under the Securities Act of 1933 (the “1933 Act”) because the shares are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Fund may only be made by “accredited investors,” as defined in Regulation D under the 1933 Act.

The Fund does not have a share class designation. All shareholders are allocated the common expenses of the Fund and earn income and realized gains/losses from the Fund. Expenses that are specific to the Fund are charged directly to the Fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as one of the multiple sub-advisers to the Fund. Voya IM serves as one of the multiple sub-advisers for the Fund. Voya Investments Distributor, LLC (“VID”), a Delaware limited liability company, serves as the principal underwriter to the Fund.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

A. Security Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of the Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of

the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities’ prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund’s assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund’s sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset’s fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from 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.

6

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).

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

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table

summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.

B. Securities Transactions and Revenue Recognition.

Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method.

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

Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.

(2) Purchases and sales of investment securities, income and expenses — at the exchange rates prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities 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.

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

7

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

E. Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code 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. 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.

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.

Foreign Exchange Rate Risk. To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

Interest Rate Risk. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater

8

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. has recently experienced 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 debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, 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. Increased redemptions may cause a fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

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

9

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2024, the maximum amount of loss that the Fund would incur if its counterparties failed to perform would be $56 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of April 30, 2024. There was no collateral pledged to the Fund at April 30, 2024.

H. 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, 2024, 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, 2024, the Fund had average contract amounts on forward foreign currency contracts to sell of $83,843. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at April 30, 2024.

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, 2024, 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, 2024, the Fund had an average notional value on futures contracts purchased of $702,827. Please refer to the tables within the Portfolio of Investments for open futures contracts during the period ended April 30, 2024.

10

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

I. Securities Lending. The Fund has the option to temporarily loan securities representing up to 33 1∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Fund. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks.

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, 2024, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:

Purchases		Sales
$	38,542,756	$	85,017,114

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. There is no management fee charged per the Management Agreement for EME.

The Investment Adviser has entered into sub-advisory agreements with Delaware Investments Fund Advisers, Sustainable Growth Advisers, LP and Voya IM. These sub-advisers provide investment advice for the Fund and are paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the

Board or the Investment Adviser may determine, the sub-advisers manage the Fund’s assets in accordance with the Fund’s investment objectives, policies, and limitations.

NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2024, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

Subsidiary	Percentage
Voya Investment Trust Co.	91.34%

The Investment Advisor may direct the Fund’s Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.

The Fund has adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended April 30, 2024, there were no account fees for affiliated recordkeeping services paid by the Fund.

NOTE 6 — 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,

11

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 6 — EXPENSE LIMITATION AGREEMENT (continued)

taxes, investment-related costs, leverage expenses and extraordinary expenses to 0.15% of the average net assets.

The Investment Adviser may at a later date recoup from the Fund for 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, 2024, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Advisor and the related expiration dates are as follows:

April 30,
2025		2026		2027		Total
$	—	$	—	$	48,109	$	48,109

The Expense Limitation Agreement is contractual through March 1, 2025 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 7 — LINE OF CREDIT

Effective June 12, 2023, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $400,000,000 through June 10, 2024. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 12, 2023, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 12, 2023.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Fund utilized the line of credit during the period ended April 30, 2024:

			Approximate
	Approximate		Weighted
	Average		Average
	Daily Balance		Interest Rate
Days	For Days		For Days
Utilized	Utilized		Utilized
20	$	7,571,400	6.33%

NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

							Net
							increase			Proceeds
							(decrease)			from
		Shares	Reinvestment				in			shares	Reinvestment
	Shares	issued in	of	Shares		Shares	shares		Shares	issued in	of	Shares		Shares	Net increase
	sold	merger	distributions	redeemed		converted	outstanding		sold	merger	distributions	redeemed		converted	(decrease)
Year or
period ended	#	#	#	#		#	#		($)	($)	($)	($)		($)	($)
4/30/2024	3,436,556	—	412,679	(7,993,187	)	—	(4,143,952	)	35,809,932	—	4,130,918	(83,569,672	)	—	(43,628,822	)
6/07/2023(1)-
10/31/2023	24,690,627	—		(1,615,896	)	—	23,074,731		252,114,264	—		(16,050,838	)	—	236,063,426

⁽¹⁾Commencement of operations.

NOTE 9 — SECURITIES LENDING

Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the

market value of U.S. securities loaned. The market value of the loaned securities is determined at the 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

12

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 9 — SECURITIES LENDING (continued)

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.

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.

NOTE 10 — FEDERAL INCOME TAXES

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.

The following table represents a summary of the Fund’s securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2024:

	Securities		Cash Collateral			Net
Counterparty	Loaned at Value		Received(1)			Amount
Merrill Lynch
International	$	547,343	$	(547,343	)	$	—
Mizuho Securities
USA LLC.		667,738		(667,738	)		—
Total	$	1,215,081	$	(1,215,081	)	$	—

⁽¹⁾ Cash Collateral with a fair value of $1,274,986 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.

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) and wash sale deferrals.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax-basis components of distributable earnings as of October 31, 2023 were:

Undistributed		Unrealized			Total
Ordinary		Appreciation/			Distributable
Income		(Depreciation)			Earnings/(Loss)
$	2,982,497	$	(20,430,705	)	$	(17,448,208	)

At October 31, 2023, the Fund did not have any capital loss carryforward for U.S. federal income tax purposes.

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

As of April 30, 2024, 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.

13

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 11 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

The London Interbank Offered Rate (“LIBOR”) was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly on the Fund and the financial instruments in which it invests; however, longer-term impacts are still uncertain.

In addition, interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

NOTE 12 — 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, 2023 through December 31, 2023, 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.

NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL

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 resulted 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. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. 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

14

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL (continued)

could affect the value of investments, including beyond the 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 — SUBSEQUENT EVENTS

Line of Credit Renewal: Effective June 10, 2024, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to 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 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.

15

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: 97.8%
	Brazil: 7.1%
30,166	Ambev SA	$	70,817	0.0
56,689	B3 SA - Brasil Bolsa Balcao		117,361	0.0
325,968	Banco Bradesco SA, ADR		880,114	0.4
69,651	Banco Santander Brasil SA, ADR		387,259	0.2
28,133	BB Seguridade Participacoes SA		174,456	0.1
143,532 (1)	BRF SA, ADR		472,220	0.2
4,924	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		77,275	0.0
14,048	Energisa S/A		122,311	0.0
202,394	Itau Unibanco Holding SA, ADR		1,224,484	0.6
40,321	JBS S/A		182,091	0.1
33,994	Klabin SA		150,572	0.1
14,690	Petroleo Brasileiro SA		125,382	0.1
132,063	Petroleo Brasileiro SA - Foreign, ADR		2,241,109	1.1
320,518	Raia Drogasil SA		1,582,652	0.8
40,840	Rumo SA		158,795	0.1
7,549	Suzano SA		84,989	0.0
14,496	Telefonica Brasil SA		133,246	0.1
64,531	Telefonica Brasil SA, ADR		596,266	0.3
40,548	TIM SA/Brazil		138,060	0.1
34,756	TIM SA/Brazil, ADR		591,895	0.3
176,866	TOTVS SA		942,813	0.5
126,251	Vale SA, ADR		1,536,475	0.7
16,628	Vale SA - Foreign		202,542	0.1
74,449	Vibra Energia SA		336,502	0.2
100,412	XP, Inc. - Class A		2,055,434	1.0
			14,585,120	7.1
	Chile: 0.5%
63,284	Cencosud SA		108,441	0.0
25,990	Empresas Copec SA		185,467	0.1
2,466,302	Enel Chile SA		146,429	0.1
14,287 (2)	Sociedad Quimica y Minera de Chile SA, ADR		652,773	0.3
			1,093,110	0.5
	China: 14.3%
359,300	Alibaba Group Holding Ltd.		3,364,149	1.6
69,550 (1)	Baidu, Inc. - Class A		901,061	0.4
3,351 (1)	BeiGene Ltd., ADR		515,853	0.3
4,000	BYD Co. Ltd. - Class H		109,650	0.1
960,000 (3)	CGN Power Co. Ltd. - Class H		321,896	0.2
133,000	China Construction Bank Corp. - Class H		86,050	0.0
537,018	China Mengniu Dairy Co. Ltd.		1,112,421	0.5
912,000	China Petroleum & Chemical Corp. - Class H		544,375	0.3
25,500	China Shenhua Energy Co. Ltd. - Class H		105,837	0.1
83,500	COSCO SHIPPING Holdings Co. Ltd. - Class H		108,035	0.1

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	China (continued)
144,000	CSPC Pharmaceutical Group Ltd.	$	118,243	0.1
323,516	H World Group Ltd.		1,203,697	0.6
56,200	Haier Smart Home Co. Ltd. - Class H		208,166	0.1
144,500	Hengan International Group Co. Ltd.		485,111	0.2
159,400	Inner Mongolia Yitai Coal Co. Ltd. - Class B		309,798	0.1
82,500 (1)(3)	Innovent Biologics, Inc.		399,380	0.2
24,967 (1)	iQIYI, Inc., ADR		121,090	0.1
79,550	JD.com, Inc. - Class A		1,146,186	0.6
11,500	Kweichow Moutai Co. Ltd. - Class A		2,696,212	1.3
21,100 (1)(3)	Meituan - Class B		288,111	0.1
6,600	NetEase, Inc.		123,715	0.1
320,000	People's Insurance Co. Group of China Ltd. - Class H		105,032	0.0
1,502,000	PetroChina Co. Ltd. - Class H		1,399,476	0.7
140,000	PICC Property & Casualty Co. Ltd. - Class H		173,934	0.1
96,000	Shenzhen International Holdings Ltd.		76,945	0.0
19,400	Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A		814,557	0.4
288,000 (2)	Shougang Fushan Resources Group Ltd.		109,715	0.1
103,242	Tencent Holdings Ltd.		4,530,589	2.2
350,000	Tingyi Cayman Islands Holding Corp.		386,294	0.2
23,131 (1)	Trip.com Group Ltd., ADR		1,116,302	0.5
86,000 (2)	Tsingtao Brewery Co. Ltd. - Class H		619,751	0.3
761,000	Uni-President China Holdings Ltd.		584,659	0.3
29,680	Weibo Corp. - Class A		259,135	0.1
117,400	Wuliangye Yibin Co. Ltd. - Class A		2,427,834	1.2
295,600	Yangzijiang Shipbuilding Holdings Ltd.		379,436	0.2
36,000	Yankuang Energy Group Co. Ltd. - Class H		78,097	0.0
50,079	Yum China Holdings, Inc.		1,874,731	0.9
			29,205,523	14.3
	France: 0.7%
3,167	L'Oreal SA		1,484,860	0.7
	Germany: 0.5%
4,115	adidas AG		991,647	0.5
	Greece: 0.6%
6,911	GEK Terna Holding Real Estate Construction SA		123,137	0.1
10,137	Hellenic Telecommunications Organization SA		153,998	0.1
11,943	Helleniq Energy Holdings SA		107,064	0.0

See Accompanying Notes to Financial Statements

16

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Greece (continued)
4,271	Jumbo SA	$	133,003	0.1
3,791	Motor Oil Hellas Corinth Refineries SA		109,883	0.0
10,449	Mytilineos SA		423,918	0.2
10,282	OPAP SA		171,288	0.1
			1,222,291	0.6
	Hong Kong: 2.3%
323,425	AIA Group Ltd.		2,368,881	1.2
37,500	Beijing Enterprises Holdings Ltd.		120,058	0.0
1,149,008 (3)	Budweiser Brewing Co. APAC Ltd.		1,598,490	0.8
720,000	Kunlun Energy Co. Ltd.		697,953	0.3
			4,785,382	2.3
	Hungary: 0.3%
50,655	Magyar Telekom Telecommunications PLC		127,752	0.1
24,976	MOL Hungarian Oil & Gas PLC		204,968	0.1
11,324	Richter Gedeon Nyrt		288,366	0.1
			621,086	0.3
	India: 17.5%
1,775	AIA Engineering Ltd.		80,552	0.0
2,180	Alkem Laboratories Ltd.		126,225	0.1
14,130	Ambuja Cements Ltd.		104,753	0.0
33,071	Asian Paints Ltd.		1,137,574	0.6
1,310	Bajaj Auto Ltd.		139,853	0.1
13,171	Bajaj Finance Ltd.		1,092,564	0.5
59,347	Bharat Electronics Ltd.		165,956	0.1
54,235	Bharat Petroleum Corp. Ltd.		394,645	0.2
6,649	Bharti Airtel Ltd.		105,245	0.0
260	Bosch Ltd.		91,411	0.0
1,614	Britannia Industries Ltd.		92,248	0.0
33,942	Castrol India Ltd.		85,491	0.0
11,763	Cipla Ltd./India		196,916	0.1
59,554	Coal India Ltd.		323,792	0.2
2,020	Coforge Ltd.		123,006	0.1
5,727	Colgate-Palmolive India Ltd.		193,811	0.1
8,965	Container Corp. Of India Ltd.		110,116	0.1
10,963	Coromandel International Ltd.		158,512	0.1
3,992	Cummins India Ltd.		156,303	0.1
1,920	Divi's Laboratories Ltd.		91,934	0.0
3,947	Dr Reddy's Laboratories Ltd.		292,898	0.1
3,323	Eicher Motors Ltd.		182,943	0.1
35,815	Exide Industries Ltd.		202,609	0.1
96,156	GAIL India Ltd.		240,209	0.1
3,237	Grasim Industries Ltd.		93,333	0.0
4,755	Havells India Ltd.		94,637	0.0
55,887	HCL Technologies Ltd.		911,796	0.4
3,410 (3)	HDFC Asset Management Co. Ltd.		158,971	0.1
43,000	HDFC Bank Ltd.		780,905	0.4
55,510	HDFC Bank Ltd., ADR		3,197,376	1.6
5,684	Hero MotoCorp Ltd.		308,482	0.1

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	India (continued)
43,812	Hindalco Industries Ltd.	$	336,948	0.2
2,502	Hindustan Aeronautics Ltd.		118,073	0.1
25,701	Hindustan Petroleum Corp. Ltd.		152,451	0.1
12,773	Indian Hotels Co. Ltd.		88,018	0.0
167,402	Indian Oil Corp. Ltd.		338,049	0.2
22,849	Indraprastha Gas Ltd.		128,192	0.1
1,524	Info Edge India Ltd.		110,221	0.1
56,521	Infosys Ltd.		954,330	0.5
156,654	Infosys Ltd. - Foreign, ADR		2,617,688	1.3
2,903 (1)(3)	InterGlobe Aviation Ltd.		138,426	0.1
11,571	JSW Steel Ltd.		121,911	0.1
3,362	Larsen & Toubro Ltd.		144,519	0.1
1,331 (3)	LTIMindtree Ltd.		74,757	0.0
5,707	Mahindra & Mahindra Ltd.		147,206	0.1
1,342	Maruti Suzuki India Ltd.		205,889	0.1
13,341	Max Healthcare Institute Ltd.		134,063	0.1
3,605	Mphasis Ltd.		99,566	0.0
126	MRF Ltd.		200,562	0.1
4,274	Nestle India Ltd.		128,295	0.1
51,528	NMDC Ltd.		156,371	0.1
55,452	NTPC Ltd.		240,991	0.1
83,363	Oil & Natural Gas Corp. Ltd.		281,413	0.1
18,031	Oil India Ltd.		133,318	0.1
2,916	Persistent Systems Ltd.		117,305	0.1
76,543	Petronet LNG Ltd.		284,112	0.1
3,115	Phoenix Mills Ltd.		117,483	0.1
2,581	PI Industries Ltd.		112,803	0.1
67,871	Power Grid Corp. of India Ltd.		244,796	0.1
277,868	Reliance Industries Ltd.		9,754,353	4.8
332,226 (1)	Reliance Strategic Investments Ltd.		1,496,063	0.7
1,440	Siemens Ltd.		100,611	0.0
7,162	Sun Pharmaceutical Industries Ltd.		128,667	0.1
2,201	Supreme Industries Ltd.		133,303	0.1
48,311	Tata Consultancy Services Ltd.		2,204,920	1.1
79,985	Tata Consumer Products Ltd.		1,059,183	0.5
20,419	Tata Power Co. Ltd.		109,584	0.0
137,364	Tata Steel Ltd.		270,770	0.1
17,338	Tech Mahindra Ltd.		261,175	0.1
2,350	Titan Co. Ltd.		100,832	0.0
11,485	Torrent Power Ltd.		207,052	0.1
1,709	Trent Ltd.		90,209	0.0
1,220	UltraTech Cement Ltd.		145,503	0.1
50,435	Vedanta Ltd.		240,709	0.1
17,430	Wipro Ltd.		95,989	0.0
7,355	Zydus Lifesciences Ltd.		84,007	0.0
			35,845,752	17.5
	Indonesia: 1.8%
3,481,800	Astra International Tbk PT		1,098,701	0.5
3,233,727	Bank Central Asia Tbk PT		1,944,390	1.0
232,700	Bank Mandiri Persero Tbk PT		98,357	0.0

See Accompanying Notes to Financial Statements

17

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Indonesia (continued)
203,800	Bank Rakyat Indonesia Persero Tbk PT	$	61,691	0.0
843,300	Telkom Indonesia Persero Tbk PT		163,481	0.1
1,439,800	Unilever Indonesia Tbk PT		231,877	0.1
88,900	United Tractors Tbk PT		135,492	0.1
			3,733,989	1.8
	Japan: 0.9%
7,341	Fast Retailing Co. Ltd.		1,919,444	0.9
	Kuwait: 0.1%
69,056	Mobile Telecommunications Co. KSCP		109,136	0.1
	Malaysia: 0.8%
96,500	CELCOMDIGI BHD		83,764	0.0
93,000	CIMB Group Holdings Bhd		128,529	0.1
96,700	Gamuda Bhd		107,591	0.1
78,100	Genting Bhd		73,819	0.0
74,700	MISC Bhd		124,591	0.1
39,000	Petronas Gas Bhd		147,093	0.1
165,500	Sime Darby Bhd		96,891	0.0
78,600	Telekom Malaysia Bhd		101,945	0.0
209,600	Tenaga Nasional Bhd		525,262	0.3
177,200	YTL Corp. Bhd		114,568	0.1
99,900	YTL Power International Bhd		95,769	0.0
			1,599,822	0.8
	Mexico: 7.0%
155,560	Alfa SAB de CV - Class A		113,873	0.1
25,290 (1)	Alsea SAB de CV		105,850	0.1
55,514	America Movil SAB de CV - Foreign, ADR		1,058,097	0.5
11,138	Arca Continental SAB de CV		108,358	0.1
338,862 (1)	Cemex SAB de CV		268,032	0.1
89,931 (1)	Cemex SAB de CV - Foreign, ADR		711,354	0.3
31,293	Coca-Cola Femsa SAB de CV		309,793	0.1
8,154	Coca-Cola Femsa SAB de CV - Foreign, ADR		808,469	0.4
43,494	Corp Inmobiliaria Vesta SAB de CV		154,038	0.1
13,884	El Puerto de Liverpool SAB de CV - Class C1		111,010	0.1
79,573	Fibra Uno Administracion SA de CV		113,896	0.1
24,053	Fomento Economico Mexicano SAB de CV		282,895	0.1
38,802	Fomento Economico Mexicano SAB de CV - Foreign, ADR		4,565,443	2.2
13,198	GCC SAB de CV		148,646	0.1
9,279	Gruma SAB de CV - Class B		182,002	0.1
11,267	Grupo Aeroportuario del Centro Norte SAB de CV		124,478	0.1

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	Mexico (continued)
9,662	Grupo Aeroportuario del Pacifico SAB de CV - Class B	$	176,514	0.1
4,860	Grupo Aeroportuario del Sureste SAB de CV - Class B		167,355	0.1
19,180	Grupo Bimbo SAB de CV		80,188	0.0
26,235	Grupo Comercial Chedraui SA de CV		193,178	0.1
123,051	Grupo Financiero Banorte SAB de CV - Class O		1,220,544	0.6
31,676 (1)	Grupo Financiero Inbursa SAB de CV - Class O		87,295	0.0
22,861	Grupo Mexico SAB de CV		141,270	0.1
118,972	Grupo Televisa SAB, ADR		347,398	0.2
34,993 (1)	Ollamani SAB		71,515	0.0
63,197	Orbia Advance Corp. SAB de CV		103,442	0.0
45,175	Prologis Property Mexico SA de CV		177,422	0.1
10,514	Promotora y Operadora de Infraestructura SAB de CV		105,313	0.0
595,323	Wal-Mart de Mexico SAB de CV		2,218,897	1.1
			14,256,565	7.0
	Netherlands: 1.0%
18,809	Heineken NV		1,830,487	0.9
14,006	NEPI Rockcastle NV		94,508	0.1
			1,924,995	1.0
	Peru: 0.6%
31,499	Cia de Minas Buenaventura SAA, ADR		544,933	0.3
4,150	Credicorp Ltd.		687,281	0.3
			1,232,214	0.6
	Philippines: 0.2%
414,500	DMCI Holdings, Inc.		79,501	0.0
28,320	International Container Terminal Services, Inc.		162,267	0.1
13,790	Manila Electric Co.		88,085	0.1
			329,853	0.2
	Qatar: 0.2%
30,620	Ooredoo QPSC		84,014	0.0
23,298	Qatar Fuel QSC		92,526	0.1
15,277	Qatar Islamic Bank SAQ		76,720	0.0
69,038	Qatar Navigation QSC		200,274	0.1
			453,534	0.2
	Romania: 0.1%
1,179,985	OMV Petrom SA		174,852	0.1
	Saudi Arabia: 0.9%
30,874	Abdullah Al Othaim Markets Co.		102,364	0.0
2,333	Astra Industrial Group		108,005	0.0
2,194	Bupa Arabia for Cooperative Insurance Co.		141,096	0.1
9,125	Etihad Etisalat Co.		126,513	0.1
33,158	Jarir Marketing Co.		119,519	0.1
3,972	SABIC Agri-Nutrients Co.		122,399	0.1

See Accompanying Notes to Financial Statements

18

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Saudi Arabia (continued)
14,122	Sahara International Petrochemical Co.	$	129,072	0.1
2,593	Saudi Airlines Catering Co.		87,250	0.0
77,883 (3)	Saudi Arabian Oil Co.		624,054	0.3
3,617	Saudi Aramco Base Oil Co.		145,715	0.1
10,922	Saudi Telecom Co.		109,594	0.0
867	Saudia Dairy & Foodstuff Co.		84,375	0.0
			1,899,956	0.9
	South Africa: 1.4%
7,772	Bid Corp. Ltd.		178,216	0.1
9,654	Bidvest Group Ltd.		126,304	0.1
10,699	Clicks Group Ltd.		165,721	0.1
22,056	Exxaro Resources Ltd.		211,320	0.1
19,660	MTN Group Ltd.		94,617	0.0
42,068	OUTsurance Group Ltd.		90,679	0.0
393,070	Sanlam Ltd.		1,421,884	0.7
15,429	Shoprite Holdings Ltd.		205,859	0.1
11,786	Tiger Brands Ltd.		128,204	0.1
55,537	Woolworths Holdings Ltd./ South Africa		177,488	0.1
			2,800,292	1.4
	South Korea: 17.5%
5,839	Cheil Worldwide, Inc.		79,639	0.0
1,283	DB Insurance Co. Ltd.		89,996	0.0
2,506	Doosan Bobcat, Inc.		93,662	0.0
6,345	GS Holdings Corp.		205,145	0.1
3,619	Hana Financial Group, Inc.		152,638	0.1
2,976	Hankook Tire & Technology Co. Ltd.		126,279	0.1
1,899	HD Hyundai Co. Ltd.		91,936	0.0
1,407	Hyundai Glovis Co. Ltd.		184,191	0.1
2,172	Hyundai Mobis Co. Ltd.		355,338	0.2
1,101	Hyundai Motor Co.		198,044	0.1
3,611	Hyundai Steel Co.		83,851	0.0
28,528	Kakao Corp.		990,745	0.5
3,566	KB Financial Group, Inc.		193,409	0.1
4,455	Kia Corp.		377,439	0.2
3,294	Korea Aerospace Industries Ltd.		122,652	0.1
9,721	Korean Air Lines Co. Ltd.		146,594	0.1
2,635	KT&G Corp.		169,788	0.1
1,225	LG Corp.		69,896	0.0
1,791	LG Electronics, Inc.		119,284	0.1
73,560	LG Uplus Corp.		522,460	0.3
16,236	NAVER Corp.		2,141,521	1.0
792	POSCO Holdings, Inc.		228,635	0.1
5,015	Samsung C&T Corp.		540,784	0.3
742	Samsung Electro-Mechanics Co. Ltd.		82,765	0.0
141,626	Samsung Electronics Co. Ltd.		7,872,513	3.8
5,444 (1)	Samsung Engineering Co. Ltd.		103,215	0.0
576	Samsung Fire & Marine Insurance Co. Ltd.		128,924	0.1
17,241	Samsung Life Insurance Co. Ltd.		1,086,405	0.5

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	South Korea (continued)
1,651	Samsung SDS Co. Ltd.	$	189,666	0.1
29,931	Shinhan Financial Group Co. Ltd.		1,005,601	0.5
64,386	SK Hynix, Inc.		7,945,598	3.9
132,940 (1)	SK Square Co. Ltd.		7,304,051	3.6
64,878	SK Telecom Co. Ltd.		2,399,305	1.2
950	SK, Inc.		113,204	0.0
2,537	S-Oil Corp.		132,456	0.1
13,036	Woori Financial Group, Inc.		133,590	0.1
			35,781,219	17.5
	Taiwan: 15.8%
10,000	Accton Technology Corp.		140,094	0.1
150,000	Acer, Inc.		206,393	0.1
12,699	Advantech Co. Ltd.		147,707	0.1
80,000	ASE Technology Holding Co. Ltd.		359,888	0.2
80,000	Asia Cement Corp.		107,297	0.1
14,000	Asustek Computer, Inc.		183,578	0.1
14,000	Catcher Technology Co. Ltd.		93,515	0.0
68,000	Cheng Shin Rubber Industry Co. Ltd.		98,174	0.0
67,000	Chicony Electronics Co. Ltd.		414,771	0.2
208,000 (1)	China Development Financial Holding Corp.		86,953
120,000	China Steel Corp.		91,419	0.0
48,000	Chunghwa Telecom Co. Ltd.		182,440	0.1
504,000	Compal Electronics, Inc.		549,743	0.3
150,000	CTBC Financial Holding Co. Ltd.		156,558	0.1
26,000	Delta Electronics, Inc.		254,626	0.1
10,000	Eclat Textile Co. Ltd.		157,341	0.1
6,000	Elite Material Co. Ltd.		74,705	0.0
127,000	Eva Airways Corp.		138,079	0.1
20,000	Evergreen Marine Corp. Taiwan Ltd.		116,393	0.1
125,000	Far Eastern New Century Corp.		124,693	0.1
33,000	Far EasTone Telecommunications Co. Ltd.		81,854	0.0
21,000	Feng TAY Enterprise Co. Ltd.		104,415	0.0
749,000 (1)(3)	FIT Hon Teng Ltd.		214,752	0.1
63,000	Formosa Chemicals & Fibre Corp.		107,077	0.0
71,000	Formosa Plastics Corp.		149,166	0.1
73,000	Foxconn Technology Co. Ltd.		137,589	0.1
9,000	Gigabyte Technology Co. Ltd.		81,166	0.0
112,000	Hon Hai Precision Industry Co. Ltd.		533,159	0.3
193,000	Inventec Corp.		309,614	0.1
2,400	Largan Precision Co. Ltd.		159,979	0.1
113,000	Lite-On Technology Corp.		342,026	0.2
159,000	MediaTek, Inc.		4,794,038	2.3

See Accompanying Notes to Financial Statements

19

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Taiwan (continued)
47,000	Micro-Star International Co. Ltd.	$	228,689	0.1
76,000	Nan Ya Plastics Corp.		131,967	0.1
18,000	Novatek Microelectronics Corp.		340,114	0.2
147,000	Pegatron Corp.		438,416	0.2
246,000	Pou Chen Corp.		272,290	0.1
64,000	Powertech Technology, Inc.		340,824	0.2
26,000	Quanta Computer, Inc.		204,054	0.1
12,000	Realtek Semiconductor Corp.		189,302	0.1
36,000	Sino-American Silicon Products, Inc.		214,335	0.1
164,000	SinoPac Financial Holdings Co. Ltd.		110,334	0.1
47,000	Synnex Technology International Corp.		114,880	0.1
49,000	Taiwan Fertilizer Co. Ltd.		98,183	0.0
690,225	Taiwan Semiconductor Manufacturing Co. Ltd.		16,526,588	8.1
6,464	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		887,766	0.4
66,000	Teco Electric and Machinery Co. Ltd.		112,133	0.1
72,000	Uni-President Enterprises Corp.		168,884	0.1
134,000	United Microelectronics Corp.		205,881	0.1
176,000	Wistron Corp.		602,635	0.3
32,000	WPG Holdings Ltd.		86,426	0.0
95,000	Yuanta Financial Holding Co. Ltd.		89,113	0.0
51,000	Zhen Ding Technology Holding Ltd.		180,518	0.1
			32,242,534	15.8
	Thailand: 1.6%
15,000	Advanced Info Service PCL		79,696	0.0
154,500	Bangkok Dusit Medical Services PCL - Foreign - Class F		120,646	0.1
16,300	Bumrungrad Hospital PCL - Foreign		107,584	0.1
1,460,643	CP ALL PCL - Foreign		2,257,443	1.1
41,300	PTT Exploration & Production PCL - Foreign Shares		172,770	0.1
194,100	PTT Oil & Retail Business PCL		97,458	0.1
273,900	PTT PCL - Foreign		248,228	0.1
11,500	Siam Cement PCL - Foreign		77,043	0.0
			3,160,868	1.6
	Turkey: 0.8%
425,715	Akbank TAS		783,568	0.4
10,140	BIM Birlesik Magazalar AS		121,142	0.1
25,379	KOC Holding AS		177,180	0.1

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Turkey (continued)
11,407 (1)	Turk Hava Yollari AO	$	114,823	0.0
58,844	Turkcell Iletisim Hizmetleri AS		146,809	0.1
46,125	Turkiye Petrol Rafinerileri AS		278,861	0.1
			1,622,383	0.8
	United Arab Emirates: 0.4%
270,854	Air Arabia PJSC		197,210	0.1
52,074	Aldar Properties PJSC		77,411	0.0
74,825	Emaar Development PJSC		170,312	0.1
144,695	Emaar Properties PJSC		323,436	0.2
			768,369	0.4
	United Kingdom: 1.0%
40,839	Unilever PLC, ADR		2,117,502	1.0
	United States: 0.8%
13,820	Micron Technology, Inc.		1,561,107	0.8
	Uruguay: 1.1%
1,551 (1)	MercadoLibre, Inc.		2,262,444	1.1
	Total Common Stock
	(Cost $188,796,805)		199,785,849	97.8
EXCHANGE-TRADED FUNDS: 0.0%
505	iShares MSCI Emerging Markets ETF		20,700	0.0
	Total Exchange-Traded Funds
	(Cost $20,160)		20,700	0.0
PREFERRED STOCK: 0.6%
	Brazil: 0.6%
22,419	Bradespar SA		86,479	0.1
117,065	Cia Energetica de Minas Gerais		218,908	0.1
48,891	Cia Paranaense de Energia		85,399	0.0
38,275	Gerdau SA		134,374	0.1
251,052	Itausa SA		462,207	0.2
27,033	Petroleo Brasileiro SA		218,238	0.1
			1,205,605	0.6
	Chile: 0.0%
2,308	Sociedad Quimica y Minera de Chile SA		105,417	0.0
	Total Preferred Stock
	(Cost $1,378,804)		1,311,022	0.6
	Total Long-Term Investments
	(Cost $190,195,769)		201,117,571	98.4

See Accompanying Notes to Financial Statements

20

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

				Percentage
Principal				of Net
Amount†		Value		Assets
SHORT-TERM INVESTMENTS: 2.4%
	Repurchase Agreements: 0.6%
274,986 (4)	Bank of America Securities Inc., Repurchase Agreement dated 04/30/2024, 5.300%, due 05/01/2024 (Repurchase Amount $275,026, collateralized by various U.S. Government Securities, 0.000%- 4.625%, Market Value plus accrued interest $280,486, due 09/15/26-11/15/44)	$	274,986	0.1
1,000,000 (4)	Daiwa Capital Markets America Inc., Repurchase Agreement dated 04/30/2024, 5.350%, due 05/01/2024 (Repurchase Amount $1,000,147, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 6.500%, Market Value plus accrued interest $1,020,000, due 05/07/24-05/01/54)		1,000,000	0.5
	Total Repurchase Agreements
	(Cost $1,274,986)		1,274,986	0.6

				Percentage
				of Net
Shares	RA	Value		Assets
	Mutual Funds: 1.8%
3,027,903 (5)	BlackRock Liquidity Funds, FedFund, Institutional Class, 5.180%		3,027,903	1.5
529,000 (5)	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 5.220%		529,000	0.3
	Total Mutual Funds
	(Cost $3,556,903)		3,556,903	1.8
	Total Short-Term Investments
	(Cost $4,831,889)		4,831,889	2.4
	Total Investments in Securities
	(Cost $195,027,658)	$	205,949,460	100.8
	Liabilities in Excess of Other Assets		(1,566,479)	(0.8)
	Net Assets	$	204,382,981	100.0
ADR	American Depositary Receipt

†	Unless otherwise indicated, principal amount is shown in USD.
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	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)	All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(5)	Rate shown is the 7-day yield as of April 30, 2024.

	Percentage
Sector Diversification	of Net Assets
Information Technology	27.2%
Consumer Staples	15.6
Financials	12.1
Energy	9.5
Consumer Discretionary	9.5
Communication Services	8.2
Industrials	7.4
Materials	4.7
Utilities	1.9
Health Care	1.7
Real Estate	0.6
Exchange-Traded Funds	0.0
Short-Term Investments	2.4
Liabilities in Excess of Other Assets	(0.8)
Net Assets	100.0%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

21

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of April 30, 2024 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs#		Inputs		at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2024
Asset Table
Investments, at fair value
Common Stock
Brazil	$	14,585,120	$	—	$	—	$	14,585,120
Chile		1,093,110		—		—		1,093,110
China		2,414,849		26,790,674		—		29,205,523
France		—		1,484,860		—		1,484,860
Germany		—		991,647		—		991,647
Greece		414,174		808,117		—		1,222,291
Hong Kong		—		4,785,382		—		4,785,382
Hungary		493,334		127,752		—		621,086
India		5,815,064		30,030,688		—		35,845,752
Indonesia		—		3,733,989		—		3,733,989
Japan		—		1,919,444		—		1,919,444
Kuwait		—		109,136		—		109,136
Malaysia		1,006,482		593,340		—		1,599,822
Mexico		14,256,565		—		—		14,256,565
Netherlands		94,508		1,830,487		—		1,924,995
Peru		1,232,214		—		—		1,232,214
Philippines		329,853		—		—		329,853
Qatar		176,540		276,994		—		453,534
Romania		174,852		—		—		174,852
Saudi Arabia		351,984		1,547,972		—		1,899,956
South Africa		833,025		1,967,267		—		2,800,292
South Korea		—		35,781,219		—		35,781,219
Taiwan		1,004,159		31,238,375		—		32,242,534
Thailand		—		3,160,868		—		3,160,868
Turkey		717,673		904,710		—		1,622,383
United Arab Emirates		571,159		197,210		—		768,369
United Kingdom		2,117,502		—		—		2,117,502
United States		1,561,107		—		—		1,561,107
Uruguay		2,262,444		—		—		2,262,444
Total Common Stock		51,505,718		148,280,131		—		199,785,849
Exchange-Traded Funds		20,700		—		—		20,700
Preferred Stock		1,311,022		—		—		1,311,022
Short-Term Investments		3,556,903		1,274,986		—		4,831,889
Total Investments, at fair value	$	56,394,343	$	149,555,117	$	—	$	205,949,460
Other Financial Instruments+
Forward Foreign Currency Contracts		—		56		—		56
Total Assets	$	56,394,343	$	149,555,173	$	—	$	205,949,516
Liabilities Table
Other Financial Instruments+
Futures	$	(443)	$	—	$	—	$	(443)
Total Liabilities	$	(443)	$	—	$	—	$	(443)

^	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.
+	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.

See Accompanying Notes to Financial Statements

22

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

At April 30, 2024, the following forward foreign currency contracts were outstanding for Voya VACS Series EME Fund:

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	16,786	EUR	15,677	The Bank of New York Mellon	05/02/24	$	56
						$	56

At April 30, 2024, the following futures contracts were outstanding for Voya VACS Series EME Fund:

	Number	Expiration	Notional		Unrealized
Description	of Contracts	Date	Amount		Depreciation
Long Contracts:
MSCI Emerging Markets Index	12	06/21/24	$	625,200	$	(443	)
			$	625,200	$	(443	)

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, 2024 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	$	56
Total Asset Derivatives		$	56
Liability Derivatives
Equity contracts	Variation margin payable on futures contracts*	$	443
Total Liability Derivatives		$	443

* The fair value presented above represents the cumulative unrealized appreciation (depreciation) on futures contracts as reported in the tables within the Portfolio of Investments. In the Statement of Assets and Liabilities, only current day’s unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss).

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2024 was as follows:

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

Derivatives not accounted for as hedging instruments	Futures
Equity contracts	$	46,645
Total	$	46,645

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

	Forward
	foreign
	currency
Derivatives not accounted for as hedging instruments	contracts		Futures		Total
Equity contracts	$	—	$	13,090	$	13,090
Foreign exchange contracts		56		—		56
Total	$	56	$	13,090	$	13,146

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, 2024:

See Accompanying Notes to Financial Statements

23

VOYA VACS SERIES EME FUND	PORTFOLIO OF INVESTMENTS
	AS OF APRIL 30, 2024 (UNAUDITED) (CONTINUED)

	The Bank
	of New York
	Mellon		Total
Assets:
Forward foreign currency contracts	$	56	$	56
Total Assets	$	56	$	56
Liabilities:
Total Liabilities	$	—	$	–
Net OTC derivative instruments by counterparty, at fair value	$	56	$	56
Total collateral pledged by the Fund/(Received from counterparty)	$	—	$	–
Net Exposure(1)	$	56	$	56

⁽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.

At April 30, 2024, 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 $195,573,146.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	22,157,535
Gross Unrealized Depreciation		(11,761,130	)
Net Unrealized Appreciation	$	10,396,405

See Accompanying Notes to Financial Statements

24

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Investment Adviser	Custodian
Voya Investments, LLC	The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100	225 Liberty Street
Scottsdale, Arizona 85258	New York, New York 10286
Placement Agent	Legal Counsel
Voya Investments Distributor, LLC	Ropes & Gray LLP
7337 East Doubletree Ranch Road, Suite 100	Prudential Tower
Scottsdale, Arizona 85258	800 Boylston Street
	Boston, Massachusetts 02199
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

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

RETIREMENT | INVESTMENTS | INSURANCE voyainvestments.com	226105 (0424)

(b)       Not applicable.

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

(a)       Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b)       Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) 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 applicable.

(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Mutual Funds

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: July 3, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Andy Simonoff
	Andy Simonoff
	Chief Executive Officer

Date: July 3, 2024

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: July 3, 2024