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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-07428

Voya Mutual Funds

(Exact name of registrant as specified in charter)

7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ	85258
(Address of principal executive offices)	(Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end:October 31

Date of reporting period:November 1, 2018 to April 30, 2019

Item 1. Reports to Stockholders.

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

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Semi-Annual Report

April 30, 2019

Classes A, C, I, O, P, P3, R, R6 and W

Global and International Funds

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Voya Diversified Emerging Markets Debt Fund

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Voya Global Bond Fund

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Voya Global Equity Fund

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Voya Global Perspectives® Fund

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Voya Multi-Manager International Small Cap Fund

■

Voya Russia Fund

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from each Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, available for filings after March 31, 2019. This report contains a summary portfolio of investments for certain Funds. The Funds’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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President’s Letter

The Fed Holds, the Economy Carries on...Trade Wars Reignite

Dear Shareholder,

As expected, at its April – May meeting the Federal Open Market Committee (“FOMC”) voted unanimously to hold the Federal Funds rate steady in the 2.25 – 2.50% range. The post-meeting press release acknowledged the solid economic backdrop and weaker inflation, and reiterated that the U.S. Federal Reserve Board will remain “patient” as it evaluates potential future adjustments to the target range. Chairman Powell noted that he does not see a strong case for moving rates up or down.

The financial markets took the news in stride, at least until concerns of a trade war between the U.S. and China resurfaced. While lingering trade uncertainty is likely to induce short-term market volatility, in our opinion, we do not see recent developments as a threat to our longer-term outlook. In our view, economic conditions point to slowdown, not recession; the latest FOMC decision seems to confirm our view. In our opinion, the stable interest rates, low inflation and near-trend growth point to continued equity performance and moderately higher Treasury rates.

Despite the broad-based rally in financial assets that has unfolded over the course of this year, investors have been buying bonds and selling equities. We think this is a reflection of skittish sentiment after the gut-wrenching sell-off in late 2018. We continue to believe the economy and financial markets are in the late phases of the business cycle. Though we expect this cycle to persist into 2020, the risks attendant upon late-cycle investing prevail: heightened episodes of volatility are likely to intensify the pain of mistakes.

A common response among investors at such times is to pull back, seeking to avoid losses; in our view, this is a strategic error. No one can predict with certainty how the risks currently roiling the markets will shake out. We think it best to maintain a well-diversified portfolio, stick with your investment plan and avoid the temptation to time market exits or entries. Change your strategy only if your long-term goals change; discuss any changes thoroughly with your financial advisor before taking action.

Voya seeks to remain a reliable partner committed to reliable investing, helping you and your financial advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
June 3, 2019

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

For more complete information, or to obtain a prospectus for 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. A prospectus should be read carefully before investing. Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus contains this information and other information about a fund. Check with your financial advisor to determine which Voya mutual funds are available for sale within their firm. Not all funds are available for sale at all firms.

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Market Perspective: Six Months Ended April 30, 2019

Our new fiscal year opened with global equities, in the form of the MSCI World IndexSM (the “Index”) measured in local currencies, including net reinvestment dividends, having slumped 6.80% in October. Markets were increasingly unnerved by an intensifying economic slowdown outside of the U.S., exacerbating existing concerns about a potential trade war between the U.S. and China in particular, and in general the trade-dampening effects of U.S. tariffs and counter tariffs. (The Index returned 8.83% for the six-months ended April 30, 2019, measured in U.S. dollars.)

Furthermore, the Federal Open Market Committee (“FOMC”) still seemed intent on raising interest rates, despite no apparent inflationary threat. In December the FOMC raised rates for the fourth time in 2018, from 2.25% to 2.50%. Chairman Powell signaled two more increases in 2019, instead of a hoped for pause. Was this a policy mistake in an already late-cycle economy, for which the boost from tax cuts and increased government spending would surely fade? As 2019 ended, the Index was down, coincidentally, another 6.80% in our fiscal year to date.

Yet the equity investor who found this all too much and sold out near year-end would have missed a rebound as intense as it was unexpected, propelling the Index to a new record, up 8.90% for the six-months through April.

Two main factors drove the recovery. Firstly, Powell changed his tune and said repeatedly that the FOMC would be “patient” as the economic data evolved. On March 20, he all but committed to no more increases in 2019. Secondly, on trade, the view emerged that, as far apart as the U.S. and China were on key issues, both were motivated to find some face-saving “deal” that would stop an escalation of the tariff war, if not roll them back.

On the perception of slowing global growth, there was little relief from most of the incoming data, although April provided some late respite.

In Europe, the euro zone’s annual growth in gross domestic product (“GDP”) in the fourth quarter of 2018 was just 1.1%. Weakness in Germany, Europe’s manufacturing powerhouse, was a particular source of concern. In March, the European Central Bank loosened policy guidance and forecast euro zone growth in 2019 to stay at 1.1%. In the UK, Prime Minister May’s proposal to secure Brexit was defeated in parliament for the third time on March 29. The European Union granted an extension to October 31 to try to find some consensus.

In Japan the economy returned to growth in the fourth quarter, 1.9% annualized, after falling 2.4% in the prior quarter. But the Bank of Japan became the latest central bank to emphasize loose policy, since target inflation of 2% seemed as far away as ever.

China’s GDP grew at 6.6% in 2018 over 2017, the smallest advance in 28 years. The official target for 2019 was lowered to 6.0% from 6.5%. Manufacturing activity was in contraction, industrial production was growing at its slowest pace in 17 years and both exports and imports were falling. Some welcome improvement was seen in April.

In the U.S., GDP growth in the fourth quarter of 2018 fell to a more modest 2.2%, after 3.4% in the third. In late March, after

weak manufacturing data from Europe was aggravated by a similar report in the U.S., a rather worrying pattern of Treasury yields emerged (see below). Industrial production and retail sales were slack in March, but the latter rebounded sharply in April. Finally first quarter GDP growth surprised to the upside at 3.2%, although it was flattered by volatile inventory and trade elements.

As the fiscal half-year ended, notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed to be upwards.

In U.S. fixed income markets, the Treasury yield curve mostly fell and flattened over the half-year. It became partially inverted in March, with the yield on the three-month bill greater than the yield on the ten-year note for the first time since 2007. This is thought by some to portend economic weakness, as it implies declining short-term rates. For the half-year, the Bloomberg Barclays U.S. Aggregate Bond Index returned 5.49%.

U.S. equities, represented by the S&P 500® Index including dividends, rose 9.76% to a new record, despite the worst December since 1931. The earnings per share of constituent companies grew by about 25% year-over-year in the first three quarters of 2018, 13% in the fourth, but were set to fall in early 2019. Consumer discretionary was the top performing sector, up 15.24%. Energy was weakest, up just 0.07%.

In currencies, the dollar rose 0.86% against the euro, but lost 2.00% against the pound and 1.42% against the yen. These were small moves in what still looked like a bullish dollar trend. The receding prospect of a no-deal Brexit probably supported the pound.

International markets benefited during the period from the softening tone of central banks and the prospects for a U.S./China trade deal. Yet the MSCI Japan® Index fell 0.01%, the milder recovery perhaps reflecting Japan’s own vulnerability to a trade war. The MSCI Europe ex UK® Index jumped 10.01%. BofA Securities noted that for the first time in their survey of fund managers, bearish positioning against European stocks was the most “crowded trade”. This would tend to support markets on any kind of positive news. The MSCI UK® Index added 6.09%. As usual, a large contribution was made by a few heavily weighted constituents. In this case, half the gain came from two stocks in each of the financials, consumer staples and materials sectors.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Each Fund’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays Global Aggregate Index				Provides a broad-based measure of the global investment-grade fixed-rate debt markets.
		Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		Bloomberg Barclays U.S. Corporate Investment Grade Bond Index				An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
		Bloomberg Barclays U.S. Treasury 20+ Year Bond Index				Measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of 20 or more years. The index includes all publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 20 years, are rated investment grade and have $250 million or more of outstanding face value.
		FTSE EPRA Nareit Developed Index				The index is designed to track the performance of listed real estate companies and real-estate investment trusts (“REITs”) worldwide. Relevant activities are defined as the ownership, disposal and development of income-producing real estate. Constituents are classified into distinct property sectors based on gross invested book assets, as disclosed in the latest published financial statement. Index constituents are free-float adjusted, liquidity, size and revenue screened.
		J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Index				This index is an expansion of the J.P. Morgan Corporate Emerging Markets Bond Index Diversified which is a market capitalization weighted index consisting of U.S. dollar denominated emerging market corporate bonds.
		J.P. Morgan Emerging Markets Bond Index — Global Diversified Index				Tracks total returns for US dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.
		J.P. Morgan Government Bond Index — Emerging Markets Global Diversified USD Index				A comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Weights of those countries in the index with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.
		MSCI All Country World IndexSM				A broad-based index comprised of equity securities in countries around the world, including the United States, other developed countries and emerging markets.
		MSCI Emerging Markets IndexSM				An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE®”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI EAFE® Small Cap Index				An equity index which captures small cap representation across Developed Markets countries around the world, excluding the U.S. and Canada.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI Russia 10/40 Index				A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Russian market taking into account the Undertakings for Collective Investment in Transferable Securities (UCITS III) directive which constrains the weight of any single group entity, as defined therein, at 10% of a fund’s total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund’s total assets.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

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Benchmark Descriptions (continued)

		Index				Description
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		Russia Trading System Index				A capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the Moscow Exchange. The index is operated by the Russian National Association of Securities Market Participants, a statutory self-regulatory organization.
		S&P Developed ex-U.S. Small Cap Index				An float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float-adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US$50 million.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P MidCap 400® Index				An index that measures the performance of the mid-size company segment of the U.S. market.
		S&P SmallCap 600® Index				An index used to measure stock market performance composed of companies with a weighted average market value of approximately $630 million.
		S&P Target Risk® Growth Index				Seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile.

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Portfolio Managers’ Report

Voya Diversified Emerging Markets Debt Fund

	Target Allocations as of April 30, 2019 (percent of net assets)

	Hard Currency			31%
	Local Currency			32%
	Corporates			34%
	Cash			3%
	Portfolio holdings are subject to change daily.

Voya Diversified Emerging Markets Debt Fund (the “Fund”) seeks total return including capital appreciation and current income. Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in: (i) debt instruments of, or derivatives having economic characteristics similar to the debt instruments of, issuers in emerging market countries; or (ii) debt instruments that have principal denominated in emerging market currencies. Though the Fund may make direct investments in fixed-income and floating rate debt instruments of issuers in emerging market countries, it achieves its exposures primarily through investments in other Voya mutual funds (“Underlying Funds”). The Fund is managed by Brian Timberlake, Ph.D., CFA, Jean-Dominique Bütikofer, CFA, and Matthew Toms, CFA, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.71% compared to a composite index, which is a blend of 1/3 J.P. Morgan Government Bond Index — Emerging Markets Global Diversified USD Index, 1/3 J.P. Morgan Emerging Markets Bond Index — Global Diversified Index, and 1/3 J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Index (“Composite Index”), which returned 7.28% for the same period.

Portfolio Specifics: Net of fees and expense, the Fund underperformed its benchmark for the reporting period. Gross of these fees and expenses, the Fund performance in-line with its benchmark for the six-month period. The reporting period saw some dispersion between dollar-denominated, or hard currency, emerging market (“EM”) asset classes and EM assets denominated in local currencies. The start of the period saw volatility spike and EM hard currency and corporate spreads widen, as markets fretted slowing global growth and tighter monetary policy by the U.S. Federal Reserve Board (“Fed”). This led to a decline in U.S. rates and some weakening of the dollar, which allowed EM local currency to outperform. EM hard currency assets saw a rebound to start 2019, as the Fed moved to the sidelines and fears over a slowdown in China subsided. This subsequently led to strength in the dollar, and EM local currency struggled over the last three months of the period.

The Fund maintained its bias towards EM corporates and hard currency sovereigns during the period, while taking advantage of some weakness to add to EM local currency early in the period. All three sleeves posted positive results, with EM hard currency sovereigns outperforming EM corporates and EM local currency for the period. The Fund’s EM corporate sleeve outperformed its respective benchmark, while the EM local currency sleeve and EM hard currency sovereign underperformed their respective benchmarks. The Fund’s preference for EM corporates and hard currency sovereigns helped the Fund.

Within the EM corporates, the sleeve’s overweight positions in Colombian TMT, Mexican banks and Indian oil & gas issuers added to performance. The sleeve’s cash position and underweight Chinese issuers dragged on returns. Within hard currency, key contributors included the Fund’s underweight to China, and overweight positions to Brazil sovereigns and quasi-sovereigns, Indonesia, and Chile. The sleeve’s cash position was the main drag on returns, while its overweight to Turkey and Argentina also dampened performance. Within local currency, key contributors to performance included long positions in Colombian peso, as well the Fund’s long duration posture to Peruvian rates. Detractors included long positions in the Turkish lira and underweight Mexican peso.

The Fund’s use of derivatives had a negative impact on performance during the reporting period.

Current Outlook and Strategy: In our view, absence of inflation pressures across most EMs has turned central banks more dovish, a number foresee rate cuts in the second half of 2019. We believe U.S. and EM interest-rate differentials should remain long-term drivers of EM currency valuations. If global growth slows more sharply, we believe EM central banks might try to “out-dove” each other. In our view, we expect a pick-up of growth momentum in the second half of 2019, differentiated by country and supported by Chinese stimulus.

The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Voya Global Bond Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	United States			50.7%
	Germany			3.2%
	United Kingdom			2.6%
	Peru			2.3%
	Chile			1.5%
	Poland			1.3%
	Colombia			1.0%
	Greece			1.0%
	Canada			1.0%
	Netherlands			0.9%
	Countries between 0.0% – 0.8%^			9.2%
	Assets in Excess of Other Liabilities,*			25.3%
	Net Assets			100.0%
	* Includes short-term investments.
	** Includes purchased options.
	^ Includes 36 countries, which each represents 0.0% – 0.8% of net assets.
	Portfolio holdings are subject to change daily.

Voya Global Bond Fund (the “Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by Mustafa Chowdhury, Ph.D., Brian Timberlake, Ph.D., CFA, and Sean Banai, CFA, Portfolio Managers, of Voya Investment Management Co. LLC — the Sub-Adviser.*

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 3.00% compared to the Bloomberg Barclays Global Aggregate Index (“BBGA Index”), which returned 4.28% for the same period.

Portfolio Specifics: For the reporting period, the Fund posted positive returns, but underperformed the BBGA Index. Bond markets around the globe delivered solid returns for the period. Global treasury markets rallied initially on concerns about the future path of the global economy. Meanwhile, a shift in tone by the U.S. Federal Reserve Board (“Fed”) which recast expectations for future rate levels led to a decline in U.S. and global interest rates. The Fund’s defensive positioning in duration, i.e., exposure to interest-rate risk, detracted from performance against the backdrop of a strong rally in bond markets. Offsetting some of this detraction was the Fund’s allocations to non-government sectors. Non-government performance swung dramatically over the period. Worries of a global slowdown in the final months of 2018 weighed on corporate and securitized market performance, but only for a short time. Better than expected

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	United States Treasury Note, 2.250%, 04/30/21			3.7%
	Bundesrepublik Deutschland, 0.500%, 02/15/25			2.2%
	United States Treasury Note, 2.250%, 04/15/22			2.1%
	United States Treasury Note, 2.250%, 04/30/24			2.0%
	United Kingdom Gilt, 3.500%, 01/22/45			1.5%
	Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26			1.1%
	Hellenic Republic Government Bond, 3.875%, 03/12/29			1.0%
	United States Treasury Bond, 3.375%, 11/15/48			1.0%
	Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/46			0.9%
	United States Treasury Note, 2.375%, 04/30/26			0.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

economic news in the U.S. and comments from central bank officials that indicated the Fed would stop raising interest rates sparked a ferocious rally in the first several months of 2019. Meanwhile, currencies were mixed as the U.S. dollar modestly strengthened against the euro and weakened against the Japanese yen. As a result, the Fund’s currency positioning had little impact on performance for the period.

The Fund used swaps, options and futures in conjunction with cash bonds for duration and yield curve management. It also used currency forward contracts, options and swaps for currency management and risk mitigation. These investment decisions, in total, had a negative impact on the Fund’s performance during the period.

Current Strategy and Outlook: Current valuations seem to reflect good news, in our opinion, which means we are once again focused on avoiding downside velocity. Concerns about a slowing global economy and risk for recession have dominated headlines amplified by the relative “flatness” between the U.S. three-month and ten-year yields. While the yield curve is one indicator, we believe consensus views on the economy are too pessimistic: global business surveys, credit conditions as well as corporate and consumer balance sheets continue to point to a more benign economic slowdown. Meanwhile, both the European Central Bank and Bank of Japan remain on hold given subdued growth and an absence of inflationary pressures. Against this backdrop, we believe the U.S. dollar should remain strong versus other developed currencies, while opportunities will present themselves across emerging markets.

We continue to favor the consumer over corporations. Consumer debt in the U.S. is picking up modestly but still trends broadly sideways relative to GDP, particularly compared to the continued growth of corporate debt. Against this backdrop, we remain overweight securitized credit. In corporate credit, investors remained focused on the growth of debt rated BBB. While the market tends to focus primarily on leverage, we also take account of market fundamentals and characteristics unique to this credit cycle. Much of the increase in leverage has resulted from merger and acquisition transactions by larger

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Portfolio Managers’ Report

Voya Global Bond Fund

companies that have several ways to ensure they remain investment grade. We view risk in BBB bonds as idiosyncratic and believe that going forward the greatest longer-term value will arise among issuers with solid businesses that may be slightly more leveraged, versus those that may currently have healthy balance sheets but poor business fundamentals. In high yield, after a sharp rally to start the year, we do not see much more potential from spreads, particularly among credits rated BB and B.

In emerging markets (“EM”), we believe there should be a pick-up of growth momentum in the second half of 2019, which should boost fundamentals and bond performance. Consumer and business sentiment are mixed but we expect them to bottom out in the near term. We believe the magnitude of China’s economic stimulus will determine the path of commodity prices and the outlook for EM corporate debt fundamentals. Emerging market currencies are supported by a more patient Fed, and the low probability of moves by other developed central banks. However, trade negotiations between the U.S. and China will remain a source of volatility in the months to come.

Effective March 1, 2019, Sean Banai was added as a portfolio manager to the Fund. Effective on or about August 1, 2019, Mustafa Chowdhury will retire and be removed as a portfolio manager to the Fund.

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Voya Global Equity Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	United States			60.2%
	Japan			7.0%
	United Kingdom			5.2%
	Canada			5.1%
	Netherlands			3.5%
	Australia			3.2%
	Switzerland			2.3%
	Spain			2.2%
	Germany			1.9%
	Hong Kong			1.6%
	Countries between 0.3% – 1.4%^			7.1%
	Assets in Excess of Other Liabilities*			0.7%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 10 countries, which each represents 0.3% – 1.4% of net assets.
	Portfolio holdings are subject to change daily.

Voya Global Equity Fund (the “Fund”) seeks long-term capital growth and current income. The Fund is managed by Steve Wetter, Kai Yee Wong, Vincent Costa, CFA, and Peg DiOrio, CFA, Portfolio Managers, Voya Investment Management Co. LLC — the Sub-Adviser.*

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 7.04% compared to the MSCI World IndexSM (the “Index” or “MSCI World”) and the MSCI All Country World IndexSM (“MSCI ACWISM”) which returned 8.83% and 9.37%, respectively, for the same period.

Portfolio Specifics: For the six-month period, the Fund underperformed its benchmark, the MSCI World. In terms of the Fund’s underperformance, low beta was a significant headwind, dividend yield underperformed and the stock ranking model underperformed. In terms of the characteristics of stocks that affected performance during the reporting period, the Fund experienced headwind from the fact that its stocks tend to be less sensitive to movements in the market and the Fund’s high dividend bias was an advantage. On the other hand, the Fund’s lower average market capitalization held back returns. Regionally speaking, Fund holdings within North America and Europe generated the weakest performance for the period while holdings in Japan eked out modest gains. Fund holdings within the consumer discretionary and information technology sectors detracted the most value. Key detractors for the

	Top Ten Holdings as of April 30, 2019 (as a percentage of net assets)

	Apple, Inc.			1.9%
	Johnson & Johnson			1.5%
	Microsoft Corp.			1.3%
	Cisco Systems, Inc.			1.2%
	Royal Dutch Shell PLC - Class A			1.1%
	Pfizer, Inc.			1.1%
	Merck & Co., Inc.			1.0%
	Roche Holding AG			1.0%
	Chevron Corp.			1.0%
	Procter & Gamble Co.			1.0%
	Portfolio holdings are subject to change daily.

period included an overweight position in Walgreens Boots Alliance Inc., and not owning benchmark stock, Amazon.com, Inc. On the sector level, Fund holdings within the utilities and healthcare sectors had the largest positive impact on performance. Key contributors for the period included an underweight position in UnitedHealth Group Incorporated and overweight positons in General Mills, Inc. and KLA-Tencor Corporation.

Current Strategy and Outlook: This is an actively managed investment strategy designed to generate higher dividend income and total returns, with lower volatility and better downside capture, than the benchmark. The investment process first seeks to create a universe of sustainable, dividend-paying stocks and utilizes fundamentally driven sector-specific alpha models to identify the most attractive stocks within each sector. The managers then seek to optimize the Fund’s potential to achieve its dividend, alpha and volatility objectives.

Effective February 1, 2019, Peg DiOrio was added as a portfolio manager to the Fund.

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Portfolio Managers’ Report

Voya Global Perspectives® Fund

	Target Allocations as of April 30, 2019 (percent of net assets)

	U.S. Large Cap Equities			10%
	U.S. Mid Cap Equities			10%
	U.S. Small Cap Equities			10%
	Global Real Estate			10%
	International Equities			10%
	Emerging Market Equities			10%
	U.S. Corporate			10%
	U.S. Government Bonds			10%
	Global Bonds			10%
	U.S. High Yield Bonds			10%
	Portfolio holdings are subject to change daily.

Voya Global Perspectives® Fund (the “Fund”) seeks total return. Under normal market conditions, Voya Investment Management Co. LLC (“Voya IM”), the sub-adviser, invests the assets of the Fund in a combination of underlying funds (“Underlying Funds”) that, in turn, invest directly in securities such as stocks and bonds. The Fund is managed by Douglas Coté, CFA, and Karyn Cavanaugh, CFA, Portfolio Managers, of Voya IM — the Sub-Adviser.

Approximately 60% of the Fund’s net assets are allocated to Underlying Funds that predominantly invest in equity securities and approximately 40% of the Fund’s net assets are allocated to Underlying Funds that predominantly invest in debt instruments. These approximate weights are referred to as “target allocations.” Depending upon the Fund’s rules-based investment strategy, the equity target allocation may drop to approximately 30% and the debt target allocation may rise to approximately 70% — such weightings are called “defensive allocations.” No adjustments to the target allocations or defensive allocations will be made between quarterly allocation dates.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 7.96% compared to the 7.95% return of the S&P Target Risk® Growth Index and the 8.45% return of the Fund’s composite index (“Composite Index”).(1)

Portfolio Specifics: In our view, our tactical signal, based on fundamentals, continues to indicate a positive outlook and was reflected in the Fund’s positioning, which held target allocations throughout the period. Performance of the Fund was positive for the period and the Fund’s return essentially matched its benchmark, the S&P Target Risk® Growth Index.

However, the Fund underperformed the Composite Index as, on average, the Underlying Funds did not match the returns of the sub-indices within the Composite that they represent.

Within equities Voya Small Company Fund contributed most to relative performance (vs the S&P Small Cap 600® Index), while Voya Multi-Manager International Factors Fund detracted the most (vs the MSCI EAFE® Index).

In Fixed Income, Voya High Yield Bond Fund contributed most to relative performance (vs the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Index), while Voya GNMA Income Fund detracted the most (vs the Bloomberg Barclays U.S. Treasury 20+ Year Bond Index).

Current Outlook and Strategy: We believe market volatility will continue to vex investors but there is still plenty of good news in the underlying market fundamentals. We believe the tax reform package will continue to positively affect a key component of U.S. GDP that has been missing — capital investment. In our view, the pessimism and fear in the markets could be the biggest risk for investors as last year’s market swings resulted in excess caution and sidelined investors who may have missed the rebound and best first quarter in 20 years. The new path forward is not without risks. Trade wars, political showdowns in the U.S. and Europe, China’s economic slowdown and the U.S. Federal Reserve Board’s path to normalization are weighing on investor sentiment. However, we believe long-term investors should pay attention to the most positive economic environment in 30 years, a decline in geopolitical tension and corporate earnings reaching all-time highs. In our view, this is a time when a broadly diversified portfolio, as near as the U.S. and as far away as the emerging markets, potentially can lower risk and increase return.

(1)

The Global Perspectives Fund Composite Index is composed of several indices that we believe provide an internal reference benchmark against which the actual performance of the Fund’s portfolio can be compared. As of April 30, 2019, the Index allocation was approximately: 10% of the S&P 500® Index, 10% of the S&P MidCap 400® Index, 10% of the S&P SmallCap 600® Index, 10% of the FTSE EPRA Nareit Developed Index, 10% of the MSCI EAFE® Index, 10% of the MSCI Emerging Markets IndexSM, 10% of the Bloomberg Barclays U.S. Corporate Investment Grade Bond Index, 10% of the Bloomberg Barclays U.S. Treasury 20+ Year Bond Index, 10% of the Bloomberg Barclays Global Aggregate Index, and 10% of the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index.

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Voya Multi-Manager International Small Cap Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	Japan			23.6%
	United Kingdom			12.9%
	Canada			7.5%
	France			6.3%
	Australia			6.2%
	Italy			5.8%
	Germany			4.6%
	Switzerland			4.4%
	South Korea			3.1%
	Sweden			2.9%
	Countries between 0.0% – 2.7%^			21.6%
	Assets in Excess of Other Liabilities*			1.1%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 30 countries, which each represents 0.0% – 2.7% of net assets.
	Portfolio holdings are subject to change daily.

Voya Multi-Manager International Small Cap Fund (“International Small Cap” or the “Fund”) seeks maximum long-term capital appreciation. The Fund’s assets are managed by three sub-advisers — Acadian Asset Management LLC (“Acadian”), Victory Capital Management Inc. (“Victory Capital”), and Wellington Management Company LLP (“Wellington”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). Each manages a portion (“Sleeve”) of the Fund’s assets that is allocated to the Sub-Adviser. The following individuals are primarily responsible for the day-to-day management of their respective Sleeve: Brendan O. Bradley, Ph.D., Senior Vice President and Director of Portfolio Management, and Ryan Taliaferro, Ph.D., Senior Vice President, Director, Equity Strategies, both Portfolio Managers of the Sleeve that is managed by Acadian*; Daniel B. LeVan, CFA, Lead Portfolio Manager and Chief Investment Officer, and John W. Evers, CFA, Senior Portfolio Manager, of the Sleeve that is managed by Victory Capital; and Simon H. Thomas, Senior Managing Director and Equity Portfolio Manager, and Daniel Maguire, CFA, Senior Managing Director and Equity Portfolio Manager, of the Sleeve that is managed by Wellington.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.14% compared to the S&P Developed ex-U.S. Small Cap Index and the MSCI EAFE® Small Cap Index, which returned 5.31% and 5.89%, respectively, for the same period.

Portfolio Specifics: Acadian Sleeve — The Sleeve underperformed the S&P Developed ex-U.S. Small Cap Index by approximately 155 basis points (-1.55%) for the six-months ended April 30, 2019. Negative active return from stock selection was joined with value lost from country allocations. With regard to stock selection, positions in Japan and Canada saw the weakest results, owing largely to holdings in Canadian forest products company Canfor and

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	Thanachart Capital PCL			0.8%
	Tecan Group AG			0.8%
	UbiSoft Entertainment			0.7%
	Kongsberg Gruppen ASA			0.6%
	Yuasa Trading Co., Ltd.			0.6%
	B&M European Value Retail SA			0.6%
	Amadeus Fire AG			0.6%
	Hikma Pharmaceuticals PLC			0.5%
	Road King Infrastructure			0.5%
	Charter Hall Group			0.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Japanese industrial machinery distributor Yuasa Trading. Stock selection in China was more successful, led by an investment in toll road operator Road King Infrastructure. From a country allocation perspective, underweight positions in the U.K. and Korea detracted most from return. An overweight position in Israel and an opportunistic exposure to Taiwan helped mitigate this result. Sector allocations yielded negative results, driven by an overweight position in energy and an underweight position in real estate.

Victory Capital Sleeve — The Sleeve outperformed the S&P Developed ex-U.S. Small Cap Index by approximately 177 basis points (1.77%) for the six-months ended April 30, 2019. International small-cap equity markets rebounded after a volatile fourth quarter of 2018 as the outlook for a U.S.-China trade deal improved and central banks are leaning towards a dovish stance. Overall security selection was positive and accounted for most of the Sleeve’s relative outperformance. Stylistically, growth outperformed value stocks by a wide margin. Notable outperformance was generated in the communication services, consumer discretionary and real estate sectors. Consumer discretionary holding JD Sports Fashion was the top contributor during the period. The UK athleisure retailer gained 57.4% as European consumers continue to favor the specialist athleisure retailer’s strong product range. The company’s acquisition of Finish Line provides a favorable outlook for translating growth success to the U.S. market. Within real estate, Charter Hall Group, gained 43.8% after reporting significant growth in performance fees and assets under management. The diversified REIT is benefitting from sustained demand for its Australian office portfolio.

On the downside, performance lagged in the industrials and materials sectors. German air spring manufacturer Stabilus declined 27.0% as sales growth expectations from its automotive segment were lowered due to a combination of a weaker total auto market and less content per vehicle from its power tailgate product. Within materials, Metsa Board was among the top detractors, down 34.0% on weaker than expected earnings. The Finnish container and packaging company declined as fears of a rising potential supply situation in the European packaging market weighed on investor sentiment.

Wellington Sleeve — The Sleeve underperformed the MSCI EAFE® Small Cap Index by approximately 471 basis points (-4.71%) for the six-months ended April 30, 2019. Security selection and sector allocation, a result of our bottom-up security selection process, both detracted from relative performance during the period.

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Portfolio Managers’ Report

Voya Multi-Manager International Small Cap Fund

Selection within the consumer discretionary, industrials, and communication services sectors detracted most from relative returns. Stronger selection within the materials, information technology and energy sectors partially offset negative returns. The Sleeve’s underweight allocation to the information technology and real estate sectors also detracted. An underweight allocation to the consumer staples sector, however, contributed positively to returns. From a regional perspective, negative security selection in Europe and Japan detracted from relative performance while emerging markets, specifically South Korea, yielded positive results.

The top detractors during the period included IHI, a Japan-based heavy industry manufacturer, Toyo Tire and Rubber, a Japan-based tire manufacturer, and Kier Group, a UK-based construction and engineering firm. Kier was eliminated from the Sleeve during the period. Top contributors to relative performance during the period included NRW Holdings, an Australian mining and civil engineering company, Rhi Magnesita, a UK-based global supplier of refractory products, systems and services, and Cathay Pacific Airways, a Hong Kong based airline company.

Current Strategy and Outlook: Acadian Sleeve — Our approach emphasizes finding companies that we believe are attractively priced, have an improving outlook for earnings growth, strong operating and asset quality characteristics, and good momentum. We use a quantitative framework to trade off these characteristics and determine which companies are currently the best investments. We mostly emphasize stock selection, but also consider macroeconomic drivers and assess which countries and industries are most attractive. As of April 30, 2019, the Sleeve is overweight Israel, Canada, Italy, and Hong Kong. We also maintain opportunistic exposures to China, Taiwan, and Thailand. We are underweight the U.K., France, Switzerland, and Japan. At the sector level, we are emphasizing information technology, materials, and energy. Meanwhile, we are underweight industrials, consumer staples, and real estate.

Victory Capital Sleeve — While the ongoing global trade war has dampened manufacturing activity in Europe and Asia, services PMI remains resilient in both regions as healthy labor markets and rising wages have supported strong domestic demand. Global central banks including the European Central Bank and the Bank of Japan have signaled continued quantitative easing to stimulate investment amid slowing global growth. Although Brexit uncertainty remains, U.K. Parliament’s vote to extend Article 50 indicates lawmakers are committed to negotiating a deal before Britain withdraws from the European Union. We continue to be guided by our bottom-up analysis and remain focused on stock selection while adhering to our disciplined country and sector risk exposures.

Wellington Sleeve — Our investment process continues to prioritize intensive fundamental bottom-up research to select what we believe to be high quality stocks with strong balance sheets and good business models that are attractively valued relative to their global industry. Furthermore, we buy companies whose results we think will exceed consensus expectations over the next two to three years. We believe a disciplined approach to valuation and a quality orientation can offer the potential for better downside mitigation and overall performance over time.

The Sleeve ended the period with overweight exposure to the industrials, health care, and consumer discretionary sectors. The Sleeve was most underweight the real estate, information technology, and consumer staples sectors at the end of the period. Regionally, the Sleeve ended the period with overweight allocations to Japan and emerging markets, and an underweight allocation to Asia Pacific ex Japan as well as Europe.

Effective January 31, 2019, John R. Chisholm and Brian K. Wolahan were removed as portfolio managers to the Fund and Ryan Taliaferro was added as a portfolio manager to the Fund.

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Voya Russia Fund

Portfolio Managers’ Report

	Sector Diversification as of April 30, 2019 (as a percentage of net assets)

	Energy			43.5%
	Financials			16.1%
	Communication Services			6.8%
	Information Technology			6.8%
	Materials			6.4%
	Consumer Staples			4.8%
	Utilities			4.1%
	Industrials			3.4%
	Real Estate			1.0%
	Assets in Excess of Other Liabilities*			7.1%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya Russia Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Renat Nadyukov, Portfolio Manager*, of NNIP Advisors B.V. (“NNIP Advisors”) — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 14.76% compared to the Russia Trading System (“RTS”) Index and the MSCI Russia 10/40 Index, which returned 12.66% and 9.05%, respectively, for the same period.

Portfolio Specifics: During the six-month period, Russian equities appreciated, benefiting from stable oil prices and stronger Russian Ruble. The proposed sanctions initiatives against Russia have not materialized and it seems few practical steps have been taken to impose additional sanctions on Russia. High oil prices, the delay in additional U.S. sanctions and significant inflows into local currency bonds supported investors’ demand for the Russian Ruble. Russia’s recent macroeconomic policy has been focused on strengthening the country’s resilience to external shocks which, we believe, strengthened the appeal of Russian assets to international investors. Russia continued to stand out among large emerging markets given its very low level of indebtedness, conservative fiscal & monetary policies and lower sensitivity to slowing global trade compared with other large emerging markets. While some of these policy changes might not have been deliberate, like Russia’s decreased reliance on the rapidly disappearing cheap offshore U.S. Dollar financing, we believe it might benefit Russia in the medium term. Given the negative growth in offshore U.S. Dollar financing of emerging market economies for the first time since 2009, it is our opinion that this reduced dependence on cheap U.S. Dollar financing could play in Russia’s favor relative to other emerging markets.

For the reporting period, the Fund outperformed the MSCI Russia 10/40 Index. Fund results were driven by stock selection, particularly by the contribution from stock selection in the energy and materials sectors. The Fund’s sector allocation within information technology and financials contributed the most to results, while the Fund’s allocation to the consumer staples and communication services sectors detracted the most from performance. The Fund maintained an allocation to cash, which contributed to performance during the reporting

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	Lukoil PJSC ADR			11.9%
	Tatneft			9.9%
	Sberbank PAO ADR			7.4%
	Novatek PJSC GDR			7.3%
	EPAM Systems, Inc.			4.9%
	Yandex NV			4.8%
	X5 Retail Group N.V. GDR			4.8%
	Halyk Savings Bank of Kazakhstan JSC GDR			4.8%
	Inter RAO UES PJSC			4.1%
	Sberbank of Russia PJSC			3.9%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

period.

The Fund continued to invest in companies with good standards of corporate governance that we believed were well-positioned to benefit from stable demand for Russian exports. At the same time, we maintained our exposure to carefully selected domestic consumption-driven companies that we believed to be better positioned to benefit from future economic recovery.

Current Outlook and Strategy: The outlook for Russian equities is dominated by geopolitical risks, global interest rate policies and commodity prices. We believe Russia currently enjoys one of the best positions globally in terms of macroeconomic fundamentals. In our opinion, Russian equities in fact screen particularly well among major emerging markets’ economies on sensitivity to slowing global trade and high energy prices, the major global issues currently at the forefront of market concerns. Despite potential short-term volatility spikes, we therefore believe that Russian equities could continue to do well in 2019 supported by higher government spending, plans to increase fixed asset investments and potentially more accommodative monetary policy.

Effective November 1, 2018, Ivo Luiten was removed as portfolio manager of the Fund.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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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, 2018 to April 30, 2019. 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, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*			Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*
Voya Diversified Emerging Markets Debt Fund**
Class A		$	1,000.00		$	1,067.10		1.14%		$	5.84		$	1,000.00		$	1,019.14		1.14%		$	5.71
Class C			1,000.00			1,063.50		1.89			9.67			1,000.00			1,015.42		1.89			9.44
Class I			1,000.00			1,068.90		0.84			4.31			1,000.00			1,020.63		0.84			4.21
Class W			1,000.00			1,068.60		0.89			4.56			1,000.00			1,020.38		0.89			4.46
Voya Global Bond Fund
Class A		$	1,000.00		$	1,030.00		0.90%		$	4.53		$	1,000.00		$	1,020.33		0.90%		$	4.51
Class C			1,000.00			1,025.20		1.65			8.29			1,000.00			1,016.61		1.65			8.25
Class I			1,000.00			1,031.40		0.65			3.27			1,000.00			1,021.57		0.65			3.26
Class O			1,000.00			1,029.10		0.90			4.53			1,000.00			1,020.33		0.90			4.51
Class P			1,000.00			1,032.80		0.15			0.76			1,000.00			1,024.05		0.15			0.75
Class P3			1,000.00			1,033.50		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Class R			1,000.00			1,028.30		1.15			5.78			1,000.00			1,019.09		1.15			5.76
Class R6			1,000.00			1,031.40		0.65			3.27			1,000.00			1,021.57		0.65			3.26
Class W			1,000.00			1,031.00		0.65			3.27			1,000.00			1,021.57		0.65			3.26

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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*			Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*
Voya Global Equity Fund
Class A		$	1,000.00		$	1,070.40		0.85%		$	4.36		$	1,000.00		$	1,020.58		0.85%		$	4.26
Class C			1,000.00			1,066.90		1.60			8.20			1,000.00			1,016.86		1.60			8.00
Class I			1,000.00			1,071.80		0.60			3.08			1,000.00			1,021.82		0.60			3.01
Class W			1,000.00			1,071.90		0.60			3.08			1,000.00			1,021.82		0.60			3.01
Voya Global Perspectives® Fund**
Class A		$	1,000.00		$	1,079.60		0.51%		$	2.63		$	1,000.00		$	1,022.27		0.51%		$	2.56
Class C			1,000.00			1,074.50		1.26			6.48			1,000.00			1,018.55		1.26			6.31
Class I			1,000.00			1,079.80		0.26			1.34			1,000.00			1,023.51		0.26			1.30
Class R			1,000.00			1,077.20		0.76			3.91			1,000.00			1,021.03		0.76			3.81
Class W			1,000.00			1,079.60		0.26			1.34			1,000.00			1,023.51		0.26			1.30
Voya Multi-Manager International Small Cap Fund
Class A		$	1,000.00		$	1,041.40		1.54%		$	7.79		$	1,000.00		$	1,017.16		1.54%		$	7.70
Class C			1,000.00			1,037.50		2.29			11.57			1,000.00			1,013.44		2.29			11.43
Class I			1,000.00			1,043.10		1.21			6.13			1,000.00			1,018.79		1.21			6.06
Class O			1,000.00			1,042.70		1.54			7.80			1,000.00			1,017.16		1.54			7.70
Class P3			1,000.00			1,034.60		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Class W			1,000.00			1,043.00		1.29			6.53			1,000.00			1,018.40		1.29			6.46
Voya Russia Fund
Class A		$	1,000.00		$	1,147.60		2.00%		$	10.65		$	1,000.00		$	1,014.88		2.00%		$	9.99
Class I			1,000.00			1,148.90		1.74			9.27			1,000.00			1,016.17		1.74			8.70
Class W			1,000.00			1,148.60		1.75			9.32			1,000.00			1,016.12		1.75			8.75

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

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

(1)

Commencement of operations was February 28, 2019. Expenses paid for the actual Fund’s return reflect the 62-day period ended April 30, 2019.

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STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited)

	Voya Diversified Emerging Markets Debt Fund			Voya Global Bond Fund			Voya Global Equity Fund			Voya Global Perspectives® Fund
ASSETS:
Investments in securities at fair value+*		$	—		$	223,844,778		$	246,919,867		$	—
Investments in affiliated underlying funds at fair value**			17,196,807			—			—			49,753,312
Investments in unaffiliated underlying funds at fair value***			—			—			—			5,504,157
Short-term investments at fair value****			235,000			81,231,681			903,476			—
Cash			8,685			11,881,443			166,561			121,859
Cash collateral for futures			—			692,362			—			—
Cash pledged for centrally cleared swaps (Note 2)			—			1,780,000			—			—
Cash pledged as collateral for OTC derivatives (Note 2)			—			1,204,000			—			—
Foreign currencies at value*****			—			111,583			31,584			—
Foreign cash collateral for futures******			—			51,502			—			—
Receivables:
Investment securities sold			11,250			117,634			—			—
Fund shares sold			1,002			229,953			25,847			147,097
Dividends			237			32,450			686,394			—
Interest			—			1,788,793			—			—
Foreign tax reclaims			—			13,549			308,813			—
Unrealized appreciation on forward foreign currency contracts			1,980			1,357,008			—			—
Variation margin receivable on centrally cleared swaps			—			19,211			—			—
Prepaid expenses			33,831			68,833			38,939			49,210
Reimbursement due from manager			9,835			21,419			33,453			8,791
Other assets			318			15,485			64,121			1,079
Total assets			17,498,945			324,461,684			249,179,055			55,585,505
LIABILITIES:
Income distribution payable			—			15,118			—			—
Payable for investment securities purchased			—			19,208,748			—			—
Payable for investments in affiliated underlying funds purchased			—			—			—			77,846
Payable for fund shares redeemed			4,374			292,348			327,240			50,103
Payable upon receipt of securities loaned			—			3,569,180			413,476			—
Unrealized depreciation on forward foreign currency contracts			271			2,157,765			—			—
Unrealized depreciation on forward premium swaptions			—			111,817			—			—
Cash received as collateral for OTC derivatives (Note 2)			—			10,000			—			—
Payable for investment management fees			11,455			105,085			101,598			10,312
Payable for distribution and shareholder service fees			78			18,721			71,151			16,031
Payable to trustees under the deferred compensation plan (Note 7)			318			15,485			64,121			1,079
Payable for trustee fees			87			1,178			1,213			264
Other accrued expenses and liabilities			8,170			130,152			388,100			14,803
Written options, at fair value^			—			425,645			—			—
Total liabilities			24,753			26,061,242			1,366,899			170,438
NET ASSETS		$	17,474,192		$	298,400,442		$	247,812,156		$	55,415,067
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	17,664,556		$	299,026,143		$	291,466,579		$	54,261,960
Total distributable earnings (loss)			(190,364)			(625,701)			(43,654,423)			1,153,107
NET ASSETS		$	17,474,192		$	298,400,442		$	247,812,156		$	55,415,067
+ Including securities loaned at value		$	—		$	3,422,758		$	402,058		$	—
* Cost of investments in securities		$	—		$	221,231,181		$	236,656,790		$	—
** Cost of investments in affiliated underlying funds		$	17,569,586		$	—		$	—		$	49,388,641
*** Cost of investments in unaffiliated underlying funds		$	—		$	—		$	—		$	5,419,374
**** Cost of short-term investments		$	235,000		$	81,235,359		$	903,476		$	—
***** Cost of foreign currencies		$	—		$	159,190		$	31,443		$	—
****** Cost of foreign cash collateral for futures		$	—		$	51,502		$	—		$	—
^ Premiums received on written options		$	—		$	205,667		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited) (continued)

	Voya Diversified Emerging Markets Debt Fund			Voya Global Bond Fund			Voya Global Equity Fund			Voya Global Perspectives® Fund
Class A
Net assets		$	364,619		$	35,259,177		$	168,788,806		$	7,198,295
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—		$	—
Shares outstanding			39,703			3,724,238			4,703,852			649,364
Net asset value and redemption price per share†		$	9.18		$	9.47		$	35.88		$	11.09
Maximum offering price per share (5.75%)(1)		$	9.42(2)		$	9.71(2)		$	38.07		$	11.77
Class C
Net assets		$	32,969		$	10,663,651		$	44,485,809		$	4,985,859
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—		$	—
Shares outstanding			3,666			1,132,964			1,330,912			455,308
Net asset value and redemption price per share†		$	8.99		$	9.41		$	33.43		$	10.95
Class I
Net assets		$	17,043,321		$	53,548,998		$	32,138,334		$	2,744,006
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—		$	—
Shares outstanding			1,853,018			5,685,559			887,833			247,147
Net asset value and redemption price per share		$	9.20		$	9.42		$	36.20		$	11.10
Class O
Net assets			n/a		$	2,603			n/a			n/a
Shares authorized			n/a			unlimited			n/a			n/a
Par value			n/a		$	—			n/a			n/a
Shares outstanding			n/a			281			n/a			n/a
Net asset value and redemption price per share			n/a		$	9.26			n/a			n/a
Class P
Net assets			n/a		$	110,387			n/a			n/a
Shares authorized			n/a			unlimited			n/a			n/a
Par value			n/a		$	—			n/a			n/a
Shares outstanding			n/a			11,642			n/a			n/a
Net asset value and redemption price per share			n/a		$	9.48			n/a			n/a
Class P3
Net assets			n/a		$	1,422,461			n/a			n/a
Shares authorized			n/a			unlimited			n/a			n/a
Par value			n/a		$	—			n/a			n/a
Shares outstanding			n/a			150,609			n/a			n/a
Net asset value and redemption price per share			n/a		$	9.44			n/a			n/a
Class R
Net assets			n/a		$	6,360,253			n/a		$	25,316,384
Shares authorized			n/a			unlimited			n/a			unlimited
Par value			n/a		$	—			n/a		$	—
Shares outstanding			n/a			673,184			n/a			2,292,903
Net asset value and redemption price per share			n/a		$	9.45			n/a		$	11.04
Class R6
Net assets			n/a		$	118,631,442			n/a			n/a
Shares authorized			n/a			unlimited			n/a			n/a
Par value			n/a		$	—			n/a			n/a
Shares outstanding			n/a			12,559,527			n/a			n/a
Net asset value and redemption price per share			n/a		$	9.45			n/a			n/a
Class W
Net assets		$	33,283		$	72,401,470		$	2,399,207		$	15,170,523
Shares authorized			unlimited			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—		$	—
Shares outstanding			3,627			7,823,762			66,327			1,364,022
Net asset value and redemption price per share		$	9.18		$	9.25		$	36.17		$	11.12

(1)

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

(2)

Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.

†

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited)

	Voya Multi- Manager International Small Cap Fund			Voya Russia Fund
ASSETS:
Investments in securities at fair value+*		$	168,923,955		$	74,579,541
Short-term investments at fair value**			3,810,988			4,609,892
Cash			—			415,436
Foreign currencies at value***			586,610			388
Receivables:
Investment securities sold			431,107			3,312,887
Fund shares sold			18,870			14,513
Dividends			689,806			342,492
Foreign tax reclaims			198,964			3,903
Unrealized appreciation on forward foreign currency contracts			751			—
Prepaid expenses			54,385			21,648
Reimbursement due from manager			26,948			2,596
Other assets			15,748			11,729
Total assets			174,758,132			83,315,025
LIABILITIES:
Payable for investment securities purchased			389,737			2,621,364
Payable for fund shares redeemed			1,013,012			57,123
Payable upon receipt of securities loaned			2,739,553			—
Unrealized depreciation on forward foreign currency contracts			127			—
Payable for investment management fees			148,944			87,546
Payable for distribution and shareholder service fees			17,836			15,749
Payable to trustees under the deferred compensation plan (Note 7)			15,748			11,729
Payable for trustee fees			827			378
Other accrued expenses and liabilities			251,914			222,815
Total liabilities			4,577,698			3,016,704
NET ASSETS		$	170,180,434		$	80,298,321
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	164,357,197		$	53,491,790
Total distributable earnings			5,823,237			26,806,531
NET ASSETS		$	170,180,434		$	80,298,321
+ Including securities loaned at value		$	2,539,669		$	—
* Cost of investments in securities		$	159,720,246		$	47,829,256
** Cost of short-term investments		$	3,810,988		$	4,609,892
*** Cost of foreign currencies		$	588,249		$	485

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited) (continued)

	Voya Multi- Manager International Small Cap Fund			Voya Russia Fund
Class A
Net assets		$	51,190,369		$	77,995,431
Shares authorized			unlimited			unlimited
Par value		$	—		$	—
Shares outstanding			997,874			2,349,613
Net asset value and redemption price per share†		$	51.30		$	33.20
Maximum offering price per share (5.75%)(1)		$	54.43		$	35.23
Class C
Net assets		$	8,723,783			n/a
Shares authorized			unlimited			n/a
Par value		$	—			n/a
Shares outstanding			184,183			n/a
Net asset value and redemption price per share†		$	47.36			n/a
Class I
Net assets		$	77,814,545		$	1,938,392
Shares authorized			unlimited			unlimited
Par value		$	—		$	—
Shares outstanding			1,524,257			58,212
Net asset value and redemption price per share		$	51.05		$	33.30
Class O
Net assets		$	1,551			n/a
Shares authorized			unlimited			n/a
Par value		$	—			n/a
Shares outstanding			30			n/a
Net asset value and redemption price per share		$	51.39			n/a
Class P3
Net assets		$	3,104			n/a
Shares authorized			unlimited			n/a
Par value		$	—			n/a
Shares outstanding			61			n/a
Net asset value and redemption price per share		$	51.15			n/a
Class W
Net assets		$	32,447,082		$	364,498
Shares authorized			unlimited			unlimited
Par value		$	—		$	—
Shares outstanding			515,533			10,973
Net asset value and redemption price per share		$	62.94		$	33.22

(1)

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

†

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended April 30, 2019 (Unaudited)

	Voya Diversified Emerging Markets Debt Fund			Voya Global Bond Fund			Voya Global Equity Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	1,326		$	152,837		$	4,108,477
Interest, net of foreign taxes withheld*			—			4,203,404			—
Dividends from affiliated underlying funds			354,089			—			—
Securities lending income, net			—			4,276			12,354
Total investment income			355,415			4,360,517			4,120,831
EXPENSES:
Investment management fees			69,368			584,376			601,220
Distribution and shareholder service fees:
Class A			263			43,051			202,071
Class C			154			57,986			228,222
Class O			—			3			—
Class R			—			15,703			—
Transfer agent fees:
Class A			48			23,613			134,481
Class C			13			7,951			38,012
Class I			8,590			10,819			12,768
Class O			—			2			—
Class P			—			43			—
Class P3			—			11			—
Class R			—			4,306			—
Class R6			—			142			—
Class W			35			47,255			1,971
Shareholder reporting expense			362			23,932			21,144
Registration fees			37,295			79,754			29,882
Professional fees			7,783			35,838			39,402
Custody and accounting expense			5,068			73,707			40,603
Trustee fees			350			4,714			4,850
Miscellaneous expense			4,302			10,001			11,410
Interest expense			206			2,257			1,211
Total expenses			133,837			1,025,464			1,367,247
Waived and reimbursed fees			(60,111)			(147,855)			(210,783)
Net expenses			73,726			877,609			1,156,464
Net investment income			281,689			3,482,908			2,964,367
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			67,260			(1,282,426)			(6,723,580)
Sale of affiliated underlying funds			(64,829)			—			—
Forward foreign currency contracts			(4,446)			(1,874,599)			—
Foreign currency related transactions			—			53,244			12,525
Futures			—			208,391			—
Swaps			—			1,653,593			—
Written options			—			(117,591)			—
Net realized loss			(2,015)			(1,359,388)			(6,711,055)
Net change in unrealized appreciation (depreciation) on:
Investments			—			6,923,524			20,201,763
Affiliated underlying funds			896,361			—			—
Forward foreign currency contracts			(5,171)			510,176			—
Foreign currency related transactions			—			11,023			(296)
Futures			—			1,112,671			—
Swaps			—			(4,242,427)			—
Written options			—			396,075			—
Net change in unrealized appreciation (depreciation)			891,190			4,711,042			20,201,467
Net realized and unrealized gain			889,175			3,351,654			13,490,412
Increase in net assets resulting from operations		$	1,170,864		$	6,834,562		$	16,454,779
* Foreign taxes withheld		$	—		$	19,202		$	272,144

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended April 30, 2019 (Unaudited)

	Voya Global Perspectives® Fund			Voya Multi- Manager International Small Cap Fund			Voya Russia Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	—		$	1,846,813		$	1,240,990
Dividends from affiliated underlying funds			731,630			—			—
Dividends from unaffiliated underlying funds			54,850			—			—
Securities lending income, net			—			35,318			246
Total investment income			786,480			1,882,131			1,241,236
EXPENSES:
Investment management fees			54,964			902,287			505,921
Distribution and shareholder service fees:
Class A			8,571			62,616			90,645
Class C			25,331			44,406			—
Class O			—			2			—
Class R			61,247			—			—
Transfer agent fees:
Class A			1,499			27,834			74,208
Class C			1,107			4,935			—
Class I			754			23,108			1,441
Class P3			—			3			—
Class R			5,353			—			—
Class W			2,868			16,646			359
Shareholder reporting expense			3,077			6,714			4,110
Registration fees			40,278			61,247			23,632
Professional fees			11,550			38,372			14,706
Custody and accounting expense			3,815			149,520			45,382
Trustee fees			1,055			3,308			1,511
Miscellaneous expense			6,211			8,674			4,542
Interest expense			—			2,124			61
Total expenses			227,680			1,351,796			766,518
Waived and reimbursed fees			(64,046)			(213,618)			(19,209)
Brokerage commission recapture			—			(1,004)			—
Net expenses			163,634			1,137,174			747,309
Net investment income			622,846			744,957			493,927
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of Indian capital gains tax withheld^)			—			(2,614,845)			4,375,535
Sale of affiliated underlying funds			(945,712)			—			—
Capital gain distributions from affiliated underlying funds			2,688,428			—			—
Forward foreign currency contracts			—			(19,059)			—
Foreign currency related transactions			—			(11,569)			13,966
Net realized gain (loss)			1,742,716			(2,645,473)			4,389,501
Net change in unrealized appreciation (depreciation) on:
Investments			—			8,416,831			5,511,109
Affiliated underlying funds			1,564,087			—			—
Unaffiliated underlying funds			84,784			—			—
Forward foreign currency contracts			—			300			—
Foreign currency related transactions			—			2,055			275
Net change in unrealized appreciation (depreciation)			1,648,871			8,419,186			5,511,384
Net realized and unrealized gain			3,391,587			5,773,713			9,900,885
Increase in net assets resulting from operations		$	4,014,433		$	6,518,670		$	10,394,812
* Foreign taxes withheld		$	—		$	222,321		$	111,180
^ Foreign taxes on sale of Indian investments		$	—		$	143		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Diversified Emerging Markets Debt Fund						Voya Global Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income		$	281,689		$	644,719		$	3,482,908		$	8,286,469
Net realized gain (loss)			(2,015)			249,397			(1,359,388)			(3,237,876)
Net change in unrealized appreciation (depreciation)			891,190			(1,794,016)			4,711,042			(8,347,437)
Increase (decrease) in net assets resulting from operations			1,170,864			(899,900)			6,834,562			(3,298,844)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(8,024)			(4,600)			(496,044)			(645,646)
Class C			(1,179)			(511)			(126,602)			(172,116)
Class I			(752,579)			(705,665)			(629,482)			(1,023,476)
Class O			—			—			(36)			(41,223)
Class P			—			—			(1,959)			(2,779)
Class P3			—			—			(20,263)			(7,098)
Class R			—			—			(79,862)			(104,728)
Class R6			—			—			(1,027,390)			(1,579,780)
Class W			(960)			(800)			(1,038,431)			(1,385,326)
Return of capital:
Class A			—			—			(275,424)			(967,529)
Class C			—			—			(89,755)			(369,808)
Class I			—			—			(373,656)			(1,122,573)
Class O			—			—			(21)			(49,688)
Class P			—			—			(860)			(2,606)
Class P3			—			—			(9,870)			(10,644)
Class R			—			—			(49,938)			(163,828)
Class R6			—			—			(625,550)			(1,897,884)
Class W			—			—			(556,043)			(1,781,595)
Total distributions			(762,742)			(711,576)			(5,401,186)			(11,328,327)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			1,260,695			3,703,339			101,451,197			103,688,492
Reinvestment of distributions			762,742			711,576			5,302,769			10,837,235
			2,023,437			4,414,915			106,753,966			114,525,727
Cost of shares redeemed			(2,652,932)			(7,875,091)			(37,756,400)			(128,836,863)
Net increase (decrease) in net assets resulting from capital share transactions			(629,495)			(3,460,176)			68,997,566			(14,311,136)
Net increase (decrease) in net assets			(221,373)			(5,071,652)			70,430,942			(28,938,307)
NET ASSETS:
Beginning of year or period			17,695,565			22,767,217			227,969,500			256,907,807
End of year or period		$	17,474,192		$	17,695,565		$	298,400,442		$	227,969,500

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Equity Fund						Voya Global Perspectives® Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income		$	2,964,367		$	4,761,151		$	622,846		$	946,276
Net realized gain (loss)			(6,711,055)			58,045,943			1,742,716			2,414,744
Net change in unrealized appreciation (depreciation)			20,201,467			(65,280,301)			1,648,871			(5,244,711)
Increase (decrease) in net assets resulting from operations			16,454,779			(2,473,207)			4,014,433			(1,883,691)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(2,172,365)			(6,733,823)			(456,040)			(299,966)
Class C			(427,868)			(1,397,184)			(313,859)			(180,015)
Class I			(462,728)			(1,356,745)			(194,728)			(84,281)
Class R			—			—			(1,585,292)			(856,509)
Class W			(36,555)			(126,473)			(823,217)			(198,534)
Total distributions			(3,099,516)			(9,614,225)			(3,373,136)			(1,619,305)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			15,229,563			12,280,561			6,361,967			18,473,657
Reinvestment of distributions			2,587,353			7,939,114			3,372,928			1,596,862
			17,816,916			20,219,675			9,734,895			20,070,519
Cost of shares redeemed			(27,329,215)			(49,760,505)			(6,954,796)			(9,251,079)
Net increase (decrease) in net assets resulting from capital share transactions			(9,512,299)			(29,540,830)			2,780,099			10,819,440
Net increase (decrease) in net assets			3,842,964			(41,628,262)			3,421,396			7,316,444
NET ASSETS:
Beginning of year or period			243,969,192			285,597,454			51,993,671			44,677,227
End of year or period		$	247,812,156		$	243,969,192		$	55,415,067		$	51,993,671

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Multi-Manager International Small Cap Fund						Voya Russia Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income		$	744,957		$	1,837,786		$	493,927		$	2,259,531
Net realized gain (loss)			(2,645,473)			14,862,935			4,389,501			6,170,964
Net change in unrealized appreciation (depreciation)			8,419,186			(39,611,541)			5,511,384			(4,559,096)
Increase (decrease) in net assets resulting from operations			6,518,670			(22,910,820)			10,394,812			3,871,399
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(5,080,965)			(562,656)			(1,827,663)			(2,141,437)
Class C			(928,465)			(15,607)			—			—
Class I			(8,228,109)			(1,040,110)			(78,896)			(191,534)
Class O			(129)			(30,252)			—			—
Class W			(2,481,272)			(607,003)			(9,935)			(15,063)
Total distributions			(16,718,940)			(2,255,628)			(1,916,494)			(2,348,034)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			10,387,676			55,344,688			1,541,973			3,481,426
Reinvestment of distributions			14,006,679			2,039,974			1,765,885			2,136,038
			24,394,355			57,384,662			3,307,858			5,617,464
Redemption fee proceeds (Note 4)			—			—			15,577			71,554
Cost of shares redeemed			(18,759,545)			(71,182,894)			(7,668,890)			(17,887,773)
Net increase (decrease) in net assets resulting from capital share transactions			5,634,810			(13,798,232)			(4,345,455)			(12,198,755)
Net increase (decrease) in net assets			(4,565,460)			(38,964,680)			4,132,863			(10,675,390)
NET ASSETS:
Beginning of year or period			174,745,894			213,710,574			76,165,458			86,840,848
End of year or period		$	170,180,434		$	174,745,894		$	80,298,321		$	76,165,458

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expense net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Diversified Emerging Markets Debt Fund(4)
Class A
04-30-19+		8.96		0.13•		0.45		0.58		0.26		0.10		—		0.36		—		9.18		6.71		1.76		1.14		1.14		2.98		365		50
10-31-18		9.72		0.27•		(0.74)		(0.47)		0.29		—		—		0.29		—		8.96		(5.01)		1.92		1.14		1.14		2.95		197		50
10-31-17		9.42		0.29•		0.15		0.44		0.14		—		—		0.14		—		9.72		4.78		1.77		1.14		1.14		3.03		128		12
10-31-16		9.17		0.21•		0.46		0.67		0.42		—		—		0.42		—		9.42		7.72		2.74		1.15		1.15		2.26		47		2
10-31-15		9.72		0.33•		(0.52)		(0.19)		0.36		—		—		0.36		—		9.17		(1.95)		8.46		1.15		1.15		3.52		19		74
10-31-14		9.67		0.30		0.21		0.51		0.46		—		—		0.46		—		9.72		5.57		10.22		1.11		1.11		3.09		38		67
Class C
04-30-19+		8.78		0.10•		0.44		0.54		0.23		0.10		—		0.33		—		8.99		6.35		2.51		1.89		1.89		2.22		33		50
10-31-18		9.54		0.19		(0.74)		(0.55)		0.21		—		—		0.21		—		8.78		(5.95)		2.67		1.89		1.89		2.19		24		50
10-31-17		9.28		0.21•		0.16		0.37		0.11		—		—		0.11		—		9.54		4.07		2.52		1.89		1.89		2.25		23		12
10-31-16		9.06		0.11		0.48		0.59		0.37		—		—		0.37		—		9.28		6.94		3.49		1.90		1.90		1.36		11		2
10-31-15		9.66		0.23•		(0.48)		(0.25)		0.35		—		—		0.35		—		9.06		(2.57)		9.21		1.90		1.90		2.49		10		74
10-31-14		9.61		0.24		0.19		0.43		0.38		—		—		0.38		—		9.66		4.73		10.97		1.86		1.86		2.45		3		67
Class I
04-30-19+		9.00		0.15•		0.45		0.60		0.30		0.10		—		0.40		—		9.20		6.89		1.54		0.84		0.84		3.25		17,043		50
10-31-18		9.76		0.30•		(0.76)		(0.46)		0.30		—		—		0.30		—		9.00		(4.88)		1.46		0.84		0.84		3.22		17,453		50
10-31-17		9.44		0.31•		0.16		0.47		0.15		—		—		0.15		—		9.76		5.14		1.42		0.84		0.84		3.30		22,595		12
10-31-16		9.21		0.29•		0.41		0.70		0.47		—		—		0.47		—		9.44		8.14		2.25		0.85		0.85		3.17		17,615		2
10-31-15		9.76		0.35		(0.51)		(0.16)		0.39		—		—		0.39		—		9.21		(1.61)		8.07		0.85		0.85		3.67		1,009		74
10-31-14		9.70		0.34		0.19		0.53		0.47		—		—		0.47		—		9.76		5.76		9.77		0.81		0.81		3.50		1,026		67
Class W
04-30-19+		8.98		0.14•		0.46		0.60		0.30		0.10		—		0.40		—		9.18		6.86		1.51		0.89		0.89		3.22		33		50
10-31-18		9.74		0.30•		(0.76)		(0.46)		0.30		—		—		0.30		—		8.98		(4.91)		1.67		0.89		0.89		3.18		22		50
10-31-17		9.43		0.31•		0.15		0.46		0.15		—		—		0.15		—		9.74		5.07		1.52		0.89		0.89		3.25		21		12
10-31-16		9.21		0.23•		0.46		0.69		0.47		—		—		0.47		—		9.43		7.99		2.49		0.90		0.90		2.50		6		2
10-31-15		9.76		0.35		(0.51)		(0.16)		0.39		—		—		0.39		—		9.21		(1.64)		8.21		0.90		0.90		3.66		3		74
10-31-14		9.69		0.34		0.19		0.53		0.46		—		—		0.46		—		9.76		5.79		9.97		0.86		0.86		3.45		3		67
Voya Global Bond Fund
Class A
04-30-19+		9.40		0.13•		0.15		0.28		0.14		—		0.07		0.21		—		9.47		3.00		1.08		0.90		0.90		2.83		35,259		113
10-31-18		9.94		0.30•		(0.42)		(0.12)		0.18		—		0.24		0.42		—		9.40		(1.32)		1.05		0.91		0.91		3.08		32,989		105
10-31-17		9.88		0.28•		0.23		0.51		0.34		—		0.11		0.45		—		9.94		5.37		1.02		0.90		0.90		2.90		32,570		153
10-31-16		9.75		0.23•		0.32		0.55		0.17		0.07		0.18		0.42		—		9.88		5.72		0.98		0.90		0.90		2.31		43,467		256
10-31-15		10.76		0.29•		(0.88)		(0.59)		0.04		—		0.38		0.42		—		9.75		(5.58)		0.98		0.90		0.90		2.80		60,274		396
10-31-14		10.99		0.39•		(0.20)		0.19		—		—		0.42		0.42		—		10.76		1.72		0.98		0.90		0.90		3.58		87,055		508
Class C
04-30-19+		9.35		0.10•		0.13		0.23		0.10		—		0.07		0.17		—		9.41		2.52		1.83		1.65		1.65		2.07		10,664		113
10-31-18		9.88		0.23•		(0.42)		(0.19)		0.10		—		0.24		0.34		—		9.35		(1.99)		1.80		1.66		1.66		2.34		12,578		105
10-31-17		9.82		0.21•		0.22		0.43		0.27		—		0.10		0.37		—		9.88		4.53		1.77		1.65		1.65		2.14		17,015		153
10-31-16		9.69		0.15•		0.32		0.47		0.11		0.07		0.16		0.34		—		9.82		4.96		1.73		1.65		1.65		1.55		22,136		256
10-31-15		10.70		0.21•		(0.88)		(0.67)		0.02		—		0.32		0.34		—		9.69		(6.32)		1.73		1.65		1.65		2.04		28,336		396
10-31-14		10.92		0.31•		(0.19)		0.12		—		—		0.34		0.34		—		10.70		1.04		1.73		1.65		1.65		2.81		43,740		508
Class I
04-30-19+		9.35		0.14•		0.15		0.29		0.15		—		0.07		0.22		—		9.42		3.14		0.75		0.65		0.65		3.09		53,549		113
10-31-18		9.89		0.33•		(0.42)		(0.09)		0.21		—		0.24		0.45		—		9.35		(1.06)		0.71		0.66		0.66		3.33		35,067		105
10-31-17		9.84		0.30•		0.24		0.54		0.37		—		0.12		0.49		—		9.89		5.59		0.68		0.65		0.65		3.08		53,004		153
10-31-16		9.71		0.25•		0.33		0.58		0.19		0.07		0.19		0.45		—		9.84		6.06		0.61		0.61		0.61		2.58		84,141		256
10-31-15		10.72		0.31•		(0.87)		(0.56)		0.05		—		0.40		0.45		—		9.71		(5.32)		0.61		0.61		0.61		3.09		103,129		396
10-31-14		10.95		0.40		(0.18)		0.22		—		—		0.45		0.45		—		10.72		2.01		0.63		0.63		0.63		3.81		180,697		508

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expense net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Bond Fund (continued)
Class O
04-30-19+		9.20		0.13•		0.13		0.26		0.13		—		0.07		0.20		—		9.26		2.91		1.08		0.90		0.90		2.82		3		113
10-31-18		9.72		0.30•		(0.41)		(0.11)		0.17		—		0.24		0.41		—		9.20		(1.23)		1.05		0.91		0.91		3.11		3		105
10-31-17		9.67		0.28		0.22		0.50		0.34		—		0.11		0.45		—		9.72		5.32		1.02		0.90		0.90		2.92		2,331		153
10-31-16		9.55		0.21		0.33		0.54		0.18		0.07		0.17		0.42		—		9.67		5.75		0.98		0.90		0.90		2.29		2,291		256
10-31-15		10.55		0.28•		(0.86)		(0.58)		0.04		—		0.38		0.42		—		9.55		(5.59)		0.98		0.90		0.90		2.79		2,359		396
10-31-14		10.78		0.37		(0.18)		0.19		—		—		0.42		0.42		—		10.55		1.77		0.98		0.90		0.90		3.55		3,092		508
Class P
04-30-19+		9.42		0.17•		0.13		0.30		0.17		—		0.07		0.24		—		9.48		3.28		0.78		0.15		0.15		3.58		110		113
10-31-18		9.96		0.38•		(0.42)		(0.04)		0.26		—		0.24		0.50		—		9.42		(0.51)		0.70		0.16		0.16		3.86		106		105
10-31-17		9.90		0.36		0.22		0.58		0.40		—		0.12		0.52		—		9.96		6.05		0.66		0.15		0.15		3.68		104		153
06-29-16(5) - 10-31-16		10.09		0.12•		(0.16)		(0.04)		0.05		0.07		0.03		0.15		—		9.90		(0.42)		0.60		0.10		0.10		3.33		100		256
Class P3
04-30-19+		9.38		0.17•		0.14		0.31		0.18		—		0.07		0.25		—		9.44		3.35		0.70		0.00*		0.00*		3.74		1,422		113
06-01-18(5) - 10-31-18		9.74		0.16•		(0.32)		(0.16)		0.08		—		0.12		0.20		—		9.38		(1.59)		0.67		0.01		0.01		4.06		916		105
Class R
04-30-19+		9.38		0.12•		0.14		0.26		0.12		—		0.07		0.19		—		9.45		2.83		1.33		1.15		1.15		2.57		6,360		113
10-31-18		9.91		0.28		(0.42)		(0.14)		0.15		—		0.24		0.39		—		9.38		(1.47)		1.30		1.16		1.16		2.85		6,263		105
10-31-17		9.86		0.26		0.22		0.48		0.32		—		0.11		0.43		—		9.91		4.99		1.27		1.15		1.15		2.68		6,592		153
10-31-16		9.73		0.20•		0.32		0.52		0.15		0.07		0.17		0.39		—		9.86		5.48		1.23		1.15		1.15		2.02		5,804		256
10-31-15		10.74		0.26•		(0.87)		(0.61)		0.04		—		0.36		0.40		—		9.73		(5.78)		1.23		1.15		1.15		2.57		3,530		396
10-31-14		10.97		0.33•		(0.17)		0.16		—		—		0.39		0.39		—		10.74		1.49		1.23		1.15		1.15		3.01		1,022		508
Class R6
04-30-19+		9.38		0.14•		0.15		0.29		0.15		—		0.07		0.22		—		9.45		3.14		0.70		0.65		0.65		3.07		118,631		113
10-31-18		9.92		0.33•		(0.42)		(0.09)		0.21		—		0.24		0.45		—		9.38		(1.02)		0.67		0.66		0.66		3.34		69,687		105
10-31-17		9.88		0.30•		0.23		0.53		0.37		—		0.12		0.49		—		9.92		5.51		0.63		0.63		0.63		3.08		78,862		153
10-31-16		9.75		0.26•		0.32		0.58		0.19		0.07		0.19		0.45		—		9.88		6.06		0.59		0.59		0.59		2.61		183,254		256
10-31-15		10.76		0.32•		(0.88)		(0.56)		0.05		—		0.40		0.45		—		9.75		(5.27)		0.59		0.59		0.59		3.13		220,401		396
10-31-14		10.99		0.42•		(0.20)		0.22		—		—		0.45		0.45		—		10.76		2.03		0.60		0.60		0.60		3.86		204,999		508
Class W
04-30-19+		9.18		0.14•		0.14		0.28		0.14		—		0.07		0.21		—		9.25		3.10		0.83		0.65		0.65		3.07		72,401		113
10-31-18		9.71		0.32		(0.42)		(0.10)		0.19		—		0.24		0.43		—		9.18		(1.09)		0.80		0.66		0.66		3.36		70,360		105
10-31-17		9.66		0.30•		0.23		0.53		0.36		—		0.12		0.48		—		9.71		5.61		0.77		0.65		0.65		3.13		66,430		153
10-31-16		9.54		0.25•		0.31		0.56		0.19		0.07		0.18		0.44		—		9.66		6.02		0.73		0.65		0.65		2.52		93,181		256
10-31-15		10.54		0.32•		(0.87)		(0.55)		0.05		—		0.40		0.45		—		9.54		(5.35)		0.73		0.65		0.65		3.22		70,620		396
10-31-14		10.78		0.40		(0.19)		0.21		—		—		0.45		0.45		—		10.54		1.93		0.73		0.65		0.65		3.77		34,280		508
Voya Global Equity Fund
Class A
04-30-19+		33.99		0.44•		1.91		2.35		0.46		—		—		0.46		—		35.88		7.04		1.04		0.85		0.85		2.58		168,789		44
10-31-18		35.74		0.67•		(1.07)		(0.40)		1.35		—		—		1.35		—		33.99		(1.29)		1.33		1.11		1.11		1.86		164,032		140
10-31-17		29.23		0.58•		6.34		6.92		0.41		—		—		0.41		—		35.74		23.96		1.62		1.35		1.35		1.80		188,815		59
10-31-16		29.96		0.42•		(0.70)		(0.28)		0.45		—		—		0.45		—		29.23		(0.90)		1.56		1.36		1.36		1.46		169,320		92
10-31-15		31.66		0.50•		(0.86)		(0.36)		1.34		—		—		1.34		—		29.96		(1.17)(a)		1.50		1.35		1.35		1.62		208,797		147
10-31-14		31.26		0.90•		(0.51)		0.39		0.02		—		—		0.02		0.03		31.66		1.33(b)		1.49		1.35		1.35		2.79		186,003		57
Class C
04-30-19+		31.64		0.29•		1.79		2.08		0.29		—		—		0.29		—		33.43		6.69		1.79		1.60		1.60		1.81		44,486		44
10-31-18		33.14		0.37•		(1.01)		(0.64)		0.86		—		—		0.86		—		31.64		(2.06)		2.08		1.86		1.86		1.11		48,210		140
10-31-17		27.11		0.29•		5.93		6.22		0.19		—		—		0.19		—		33.14		23.08		2.37		2.10		2.10		0.99		58,225		59
10-31-16		27.83		0.19•		(0.66)		(0.47)		0.25		—		—		0.25		—		27.11		(1.68)		2.31		2.11		2.11		0.71		73,106		92
10-31-15		29.40		0.26•		(0.81)		(0.55)		1.02		—		—		1.02		—		27.83		(1.91)(a)		2.25		2.10		2.10		0.90		93,243		147
10-31-14		29.23		0.61•		(0.47)		0.14		—		—		—		—		0.03		29.40		0.58(b)		2.24		2.10		2.10		2.03		112,882		57

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expense net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Equity Fund (continued)
Class I
04-30-19+		34.30		0.48•		1.94		2.42		0.52		—		—		0.52		—		36.20		7.18		0.71		0.60		0.60		2.81		32,138		44
10-31-18		36.12		0.77•		(1.08)		(0.31)		1.51		—		—		1.51		—		34.30		(1.05)		1.00		0.86		0.86		2.11		29,178		140
10-31-17		29.53		0.67•		6.41		7.08		0.49		—		—		0.49		—		36.12		24.32		1.21		1.10		1.10		2.04		34,854		59
10-31-16		30.26		0.52		(0.74)		(0.22)		0.51		—		—		0.51		—		29.53		(0.70)		1.23		1.11		1.11		1.70		30,738		92
10-31-15		32.01		0.58•		(0.86)		(0.28)		1.47		—		—		1.47		—		30.26		(0.90)(a)		1.24		1.10		1.10		1.88		37,562		147
10-31-14		31.54		0.95•		(0.48)		0.47		0.03		—		—		0.03		0.03		32.01		1.58(b)		1.21		1.10		1.10		2.93		44,586		57
Class W
04-30-19+		34.27		0.49•		1.93		2.42		0.52		—		—		0.52		—		36.17		7.19		0.79		0.60		0.60		2.84		2,399		44
10-31-18		36.09		0.75•		(1.07)		(0.32)		1.50		—		—		1.50		—		34.27		(1.07)		1.08		0.86		0.86		2.07		2,549		140
10-31-17		29.51		0.70•		6.37		7.07		0.49		—		—		0.49		—		36.09		24.31		1.37		1.10		1.10		2.14		3,703		59
10-31-16		30.24		0.49•		(0.71)		(0.22)		0.51		—		—		0.51		—		29.51		(0.69)		1.31		1.11		1.11		1.69		2,788		92
10-31-15		31.96		0.59•		(0.87)		(0.28)		1.44		—		—		1.44		—		30.24		(0.89)(a)		1.25		1.10		1.10		1.90		4,027		147
10-31-14		31.49		1.06•		(0.59)		0.47		0.03		—		—		0.03		0.03		31.96		1.59(b)		1.24		1.10		1.10		3.28		3,421		57
Voya Global Perspectives® Fund(4)
Class A
04-30-19+		11.04		0.13•		0.66		0.79		0.32		0.42		—		0.74		—		11.09		7.96		0.76		0.51		0.51		2.51		7,198		28
10-31-18		11.81		0.23		(0.56)		(0.33)		0.37		0.07		—		0.44		—		11.04		(2.99)		0.73		0.48		0.48		2.06		6,991		23
10-31-17		10.81		0.23		1.08		1.31		0.24		0.07		—		0.31		—		11.81		12.45		0.77		0.50		0.50		2.05		8,001		46
10-31-16		10.49		0.19		0.26		0.45		0.13		—		—		0.13		—		10.81		4.41		0.75		0.57		0.57		1.74		8,146		20
10-31-15		11.06		0.14		(0.40)		(0.26)		0.23		0.08		—		0.31		—		10.49		(2.44)		0.77		0.46		0.46		1.37		8,302		70
10-31-14		10.61		0.15		0.44		0.59		0.13		0.01		—		0.14		—		11.06		5.56		1.11		0.42		0.42		1.51		7,513		12
Class C
04-30-19+		10.87		0.09•		0.65		0.74		0.24		0.42		—		0.66		—		10.95		7.45		1.51		1.26		1.26		1.78		4,986		28
10-31-18		11.63		0.14		(0.54)		(0.40)		0.29		0.07		—		0.36		—		10.87		(3.65)		1.48		1.23		1.23		1.30		5,112		23
10-31-17		10.66		0.15		1.06		1.21		0.17		0.07		—		0.24		—		11.63		11.55		1.52		1.25		1.25		1.28		5,817		46
10-31-16		10.36		0.10		0.27		0.37		0.07		—		—		0.07		—		10.66		3.58		1.50		1.32		1.32		0.96		5,543		20
10-31-15		10.95		0.06•		(0.38)		(0.32)		0.19		0.08		—		0.27		—		10.36		(3.04)		1.52		1.21		1.21		0.60		4,740		70
10-31-14		10.57		0.06•		0.44		0.50		0.11		0.01		—		0.12		—		10.95		4.73		1.86		1.17		1.17		0.53		3,665		12
Class I
04-30-19+		11.08		0.15•		0.64		0.79		0.35		0.42		—		0.77		—		11.10		7.98		0.52		0.26		0.26		2.76		2,744		28
10-31-18		11.85		0.25•		(0.55)		(0.30)		0.40		0.07		—		0.47		—		11.08		(2.72)		0.49		0.23		0.23		2.14		3,270		23
10-31-17		10.86		0.24		1.09		1.33		0.27		0.07		—		0.34		—		11.85		12.64		0.53		0.25		0.25		2.18		1,712		46
10-31-16		10.53		0.21•		0.28		0.49		0.16		—		—		0.16		—		10.86		4.74		0.57		0.32		0.32		1.94		672		20
10-31-15		11.09		0.18		(0.42)		(0.24)		0.24		0.08		—		0.32		—		10.53		(2.20)		0.62		0.21		0.21		1.65		270		70
10-31-14		10.62		0.20•		0.42		0.62		0.14		0.01		—		0.15		—		11.09		5.83		0.96		0.17		0.17		1.82		287		12
Class R
04-30-19+		10.99		0.12•		0.65		0.77		0.30		0.42		—		0.72		—		11.04		7.72		1.01		0.76		0.76		2.27		25,316		28
10-31-18		11.75		0.21•		(0.56)		(0.35)		0.34		0.07		—		0.41		—		10.99		(3.14)		0.98		0.73		0.73		1.77		24,776		23
10-31-17		10.77		0.20		1.07		1.27		0.22		0.07		—		0.29		—		11.75		12.06		1.02		0.75		0.75		1.77		24,518		46
10-31-16		10.45		0.15		0.28		0.43		0.11		—		—		0.11		—		10.77		4.19		1.00		0.82		0.82		1.48		21,296		20
10-31-15		11.02		0.12•		(0.41)		(0.29)		0.20		0.08		—		0.28		—		10.45		(2.69)		1.02		0.71		0.71		1.09		19,435		70
10-31-14		10.59		0.14		0.42		0.56		0.12		0.01		—		0.13		—		11.02		5.34		1.36		0.67		0.67		1.20		15,877		12
Class W
04-30-19+		11.10		0.14•		0.65		0.79		0.35		0.42		—		0.77		—		11.12		7.96		0.51		0.26		0.26		2.66		15,171		28
10-31-18		11.86		0.22•		(0.51)		(0.29)		0.40		0.07		—		0.47		—		11.10		(2.65)		0.48		0.23		0.23		1.90		11,844		23
10-31-17		10.86		0.27		1.07		1.34		0.27		0.07		—		0.34		—		11.86		12.69		0.52		0.25		0.25		2.28		4,629		46
10-31-16		10.54		0.21		0.27		0.48		0.16		—		—		0.16		—		10.86		4.67		0.50		0.32		0.32		1.99		4,071		20
10-31-15		11.10		0.19		(0.43)		(0.24)		0.24		0.08		—		0.32		—		10.54		(2.20)		0.52		0.21		0.21		1.61		3,997		70
10-31-14		10.62		0.17		0.46		0.63		0.14		0.01		—		0.15		—		11.10		5.93		0.86		0.17		0.17		1.54		3,317		12

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets									Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expense net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)			($000’s)		(%)
Voya Multi-Manager International Small Cap Fund
Class A
04-30-19+		55.06		0.19•		1.42		1.61		0.68		4.69		—		5.37		—		51.30		4.14		1.79		1.54		1.54		0.75			51,190		27
10-31-18		63.00		0.44•		(7.82)		(7.38)		0.56		—		—		0.56		—		55.06		(11.82)		1.78		1.58		1.58		0.70			53,086		46
10-31-17		48.53		0.30•		14.44		14.74		0.27		—		—		0.27		—		63.00		30.55		1.84		1.65		1.65		0.56			64,193		50
10-31-16		48.81		0.28		(0.19)		0.09		0.37		—		—		0.37		—		48.53		0.19		1.83		1.66		1.66		0.57			60,149		64
10-31-15		46.78		0.19•		2.16		2.35		0.32		—		—		0.32		—		48.81		5.09(c)		1.75		1.71		1.71		0.39			67,201		95
10-31-14		47.45		0.21•		(0.21)		0.00*		0.69		—		—		0.69		0.02		46.78		0.03(b)		1.78		1.73		1.73		0.42			70,604		46
Class C
04-30-19+		50.97		(0.01)•		1.32		1.31		0.23		4.69		—		4.92		—		47.36		3.75		2.54		2.29		2.29		(0.05)			8,724		27
10-31-18		58.29		(0.01)•		(7.24)		(7.25)		0.07		—		—		0.07		—		50.97		(12.45)		2.50		2.30		2.30		(0.02)			9,791		46
10-31-17		44.94		(0.05)•		13.40		13.35		—		—		—		—		—		58.29		29.71		2.49		2.30		2.30		(0.10)			12,490		50
10-31-16		45.21		(0.04)•		(0.17)		(0.21)		0.06		—		—		0.06		—		44.94		(0.46)		2.48		2.31		2.31		(0.10)			15,299		64
10-31-15		43.35		(0.11)•		2.01		1.90		0.04		—		—		0.04		—		45.21		4.40(c)		2.40		2.36		2.36		(0.25)			18,054		95
10-31-14		44.05		(0.11)•		(0.18)		(0.29)		0.43		—		—		0.43		0.02		43.35		(0.62)(b)		2.43		2.38		2.38		(0.23)			19,704		46
Class I
04-30-19+		54.99		0.26•		1.40		1.66		0.91		4.69		—		5.60		—		51.05		4.31		1.49		1.21		1.21		1.08			77,815		27
10-31-18		62.99		0.73•		(7.87)		(7.14)		0.86		—		—		0.86		—		54.99		(11.49)		1.44		1.22		1.22		1.16			81,260		46
10-31-17		48.55		0.44•		14.50		14.94		0.50		—		—		0.50		—		62.99		31.13		1.43		1.22		1.22		0.82			73,299		50
10-31-16		48.84		0.48•		(0.18)		0.30		0.59		—		—		0.59		—		48.55		0.63		1.39		1.22		1.22		1.02			100,754		64
10-31-15		46.90		0.40•		2.15		2.55		0.61		—		—		0.61		—		48.84		5.55(c)		1.31		1.25		1.25		0.84			110,360		95
10-31-14		47.56		0.43		(0.20)		0.23		0.91		—		—		0.91		0.02		46.90		0.53(b)		1.32		1.25		1.25		0.92			105,797		46
Class O
04-30-19+		54.35		0.19•		1.54		1.73		—		4.69		—		4.69		—		51.39		4.27		1.79		1.54		1.54		0.77			2		27
10-31-18		62.26		0.50•		(7.76)		(7.26)		0.65		—		—		0.65		—		54.35		(11.78)		1.75		1.55		1.55		0.79			2		46
10-31-17		47.97		0.39		14.23		14.62		0.33		—		—		0.33		—		62.26		30.69		1.74		1.55		1.55		0.70			2,875		50
10-31-16		48.25		0.32•		(0.19)		0.13		0.41		—		—		0.41		—		47.97		0.28		1.73		1.56		1.56		0.69			2,462		64
10-31-15		46.30		0.24		2.12		2.36		0.41		—		—		0.41		—		48.25		5.19(c)		1.65		1.61		1.61		0.49			2,783		95
10-31-14		47.01		0.26		(0.21)		0.05		0.78		—		—		0.78		0.02		46.30		0.14(b)		1.68		1.63		1.63		0.53			2,764		46
Class P3
02-28-19(5) - 04-30-19+		49.44		0.36•		1.35		1.71		—		—		—		—		—		51.15		3.46		2.06		0.00*		0.00*		4.20			3		27
Class W
04-30-19+		66.30		0.31•		1.85		2.16		0.83		4.69		—		5.52		—		62.94		4.30		1.54		1.29		1.29		1.03			32,447		27
10-31-18		75.77		0.60•		(9.28)		(8.68)		0.79		—		—		0.79		—		66.30		(11.57)		1.50		1.30		1.30		0.79			30,608		46
10-31-17		58.29		0.63		17.30		17.93		0.45		—		—		0.45		—		75.77		31.03		1.49		1.30		1.30		0.93	��		60,853		50
10-31-16		58.51		0.53		(0.23)		0.30		0.52		—		—		0.52		—		58.29		0.53		1.48		1.31		1.31		0.92			49,086		64
10-31-15		56.03		0.44		2.57		3.01		0.53		—		—		0.53		—		58.51		5.46(c)		1.40		1.36		1.36		0.77			49,382		95
10-31-14		56.66		0.46•		(0.27)		0.19		0.84		—		—		0.84		0.02		56.03		0.37(b)		1.43		1.38		1.38		0.78			44,417		46
Voya Russia Fund
Class A
04-30-19+		29.71		0.20•		4.05		4.25		0.76		—		—		0.76		—		33.20		14.76		2.06		2.00		2.00		1.32			77,995		17
10-31-18		29.30		0.82•		0.39		1.21		0.80		—		—		0.80		—		29.71		4.14		2.15		2.00		2.00		2.70			72,854		34
10-31-17		24.35		0.64		4.75		5.39		0.44		—		—		0.44		—		29.30		22.29		2.08		2.00		2.00		2.34			79,896		25
10-31-16		22.33		0.45•		2.18		2.63		0.61		—		—		0.61		—		24.35		12.28		2.08		2.00		2.00		2.07			74,307		34
10-31-15		27.47		0.76•		(5.15)		(4.39)		0.75		—		—		0.75		—		22.33		(15.55)		2.13		2.02		2.02		3.24			77,726		16
10-31-14		34.82		0.37•		(7.20)		(6.83)		0.52		—		—		0.52		—		27.47		(19.89)		2.07		2.07		2.07		1.20			105,813		76
Class I
04-30-19+		29.83		0.17•		4.12		4.29		0.82		—		—		0.82		—		33.30		14.89		1.74		1.74		1.74		1.11			1,938		17
10-31-18		29.48		0.72•		0.53		1.25		0.90		—		—		0.90		—		29.83		4.25		1.80		1.75		1.75		2.34			2,950		34
10-31-17		24.51		0.65•		4.83		5.48		0.51		—		—		0.51		—		29.48		22.56		1.72		1.72		1.72		2.38			6,331		25
10-31-16		22.49		0.51		2.17		2.68		0.66		—		—		0.66		—		24.51		12.51		1.73		1.73		1.73		2.14			5,026		34
10-31-15		27.73		0.92•		(5.31)		(4.39)		0.85		—		—		0.85		—		22.49		(15.34)		1.81		1.77		1.77		3.88			3,053		16
10-31-14		35.16		0.47•		(7.33)		(6.86)		0.57		—		—		0.57		—		27.73		(19.80)		1.88		1.88		1.88		1.53			4,354		76

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expense net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Russia Fund (continued)
Class W
04-30-19+		29.78		0.23•		4.04		4.27		0.83		—		—		0.83		—		33.22		14.86		1.81		1.75		1.75		1.56		364		17
10-31-18		29.39		0.80•		0.45		1.25		0.86		—		—		0.86		—		29.78		4.28		1.90		1.75		1.75		2.62		362		34
10-31-17		24.35		1.07•		4.47		5.54		0.50		—		—		0.50		—		29.39		22.93		1.83		1.75		1.75		3.95		613		25
10-31-16		22.36		0.40•		2.26		2.66		0.67		—		—		0.67		—		24.35		12.50		1.83		1.75		1.75		1.83		203		34
10-31-15		27.61		0.96•		(5.33)		(4.37)		0.88		—		—		0.88		—		22.36		(15.35)		1.88		1.77		1.77		4.11		276		16
10-31-14		35.05		0.62•		(7.43)		(6.81)		0.63		—		—		0.63		—		27.61		(19.74)		1.82		1.82		1.82		2.05		56		76

(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 underlying funds.

(5)

Commencement of operations.

(a)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended October 31, 2015, total return for Voya Global Equity Fund would have been (1.80)%, (2.54)%, (1.54)% and (1.53)% for Classes A, C, I and W, respectively.

(b)

Excluding a distribution payment from settlement of a regulatory matter during the year ended October 31, 2014, total return for Voya Global Equity Fund would have been 1.24%, 0.49%, 1.49% and 1.50% on Classes A, C, I and W, respectively; and total return for Voya Multi-Manager International Small Cap Fund would have been (0.01)%, (0.65)%, 0.49%, 0.10% and 0.34% on Classes A, C, I, O and W, respectively.

(c)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended October 31, 2015, total return for Voya Multi-Manager International Small Cap Fund would have been 4.72%, 4.03%, 5.18%, 4.82% and 5.09% for Classes A, C, I, O and W, respectively.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (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 sixteen separate active investment series, six of which are included in this report (each, a “Fund” and collectively, the “Funds”): Voya Diversified Emerging Markets Debt Fund (“Diversified Emerging Markets Debt”), Voya Global Bond Fund (“Global Bond”), Voya Global Equity Fund (“Global Equity”), Voya Global Perspectives® Fund (“Global Perspectives®”), Voya Multi-Manager International Small Cap Fund (“Multi-Manager International Small Cap”), and Voya Russia Fund (“Russia”). Each Fund, except Russia, is a diversified series of the Trust. Russia is a non-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 O, Class P, Class P3, 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 and transfer agent fees. 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.

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 and Russia. 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Fund is calculated by taking the value of the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent a Fund’s assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund’s assets will likely change and you will not be able to purchase or redeem shares of a Fund.

Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

closing price as of the close of the regular trading session on the exchange where the security is principally traded.

When a market quotation is not readily available or is deemed unreliable, each Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Funds’ Board of Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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.

data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Funds’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Funds. 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 a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Funds’ 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. The beginning of period timing recognition is used for the transfers between levels of a Fund’s assets and liabilities. 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:

(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 a 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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

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

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

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

Risks of Investing in Derivatives. The Funds’ use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall

market. In instances where the Funds are using derivatives to decrease or hedge exposures to market or credit risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated 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.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2019, the maximum amount of loss that Diversified Emerging Markets Debt, Global Bond, and Multi-Manager International Small Cap would incur if its counterparties failed to perform would be $1,980, $2,239,452, and $751, respectively, which represents the gross payments to be received on open OTC purchased options (Global Bond only) and forward foreign currency contracts were they to be unwound as of April 30, 2019. To reduce the amount of potential loss to Global Bond, various counterparties have pledged $10,000 in cash collateral for open OTC derivatives. There was no collateral pledged to Diversified Emerging Markets Debt or Multi-Manager International Small Cap at April 30, 2019.

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.

Diversified Emerging Markets Debt, Global Bond and Multi-Manager International Small Cap had a liability position of $271, $2,695,227 and $127, respectively, on forward foreign currency contracts, forward premium swaptions and written options (Global Bond only) with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2019, Diversified Emerging Markets Debt, Global Bond and Multi-Manager International Small Cap could have been required to pay this amount in cash to its counterparties. As of April 30, 2019, Global Bond had pledged $1,204,000 in cash collateral for its open OTC derivative transactions. Diversified Emerging Markets Debt and Multi-Manager International Small Cap did not pledge any cash collateral at April 30, 2019 for their 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.

Diversified Emerging Markets Debt and 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
Diversified Emerging Markets Debt		$	91,011		$	313,087
Global Bond			226,840,446			120,603,014
Multi-Manager International Small Cap			181,435			89,490

Please refer to the tables within the Portfolio of Investments for Diversified Emerging Markets Debt, Global

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Bond and Multi-Manager International Small Cap for open forward foreign currency contracts at April 30, 2019.

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, a Fund or an Underlying Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an Underlying Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2019, Global Bond had both purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve to assist the Fund with its duration strategy. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund’s respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended April 30, 2019, Global Bond had an average notional value of $82,119,528 and $42,644,088 on futures contracts purchased and sold,

respectively. Please refer to the tables for Global Bond within the Portfolio of Investments for open futures contracts at April 30, 2019.

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. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.

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, 2019, Global Bond had purchased and written interest rate swaptions to gain additional exposure to interest rates and to generate

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

income. Global Bond had an average notional value of $147,966,667 and $235,700,000 on purchased and written interest rate swaptions, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at April 30, 2019.

During the period ended April 30, 2019, Global Bond had purchased and written interest rate caps and floors to gain exposure to interest rates and to generate income. Global Bond had an average notional value of $1,052,650,000 and $1,052,600,000 on purchased and written interest rate caps and floors, respectively. There were no open purchased interest rate caps and written interest rate floors at April 30, 2019.

During the period ended April 30, 2019, Global Bond had purchased forward premium swaptions to manage duration and yield curve exposures. Global bond had an average notional value of $64,960,667 on purchased forward premium swaptions. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions at April 30, 2019.

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 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.

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

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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 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, 2019, Global Bond bought credit protection on credit default swap indices (“CDX”) with a notional amount of $10,567,478 to hedge the credit risk associated with various sectors within the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. There were no open credit default swaps to buy protection at April 30, 2019.

For the period ended April 30, 2019, Global Bond sold credit protection on credit default swap indices (“CDX”) with a notional amount of $6,340,000 to gain additional exposure to the various sectors of the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. There were no open credit default swaps to sell protection at April 30, 2019.

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, 2019, 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 $387,334,155.

For the period ended April 30, 2019, 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 $295,447,386.

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, 2019.

At April 30, 2019, Global Bond had pledged $1,780,000 for open centrally cleared swaps.

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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 or expire.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

J. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

K. Securities Lending. Each Fund has the option to temporarily loan securities representing up to 331∕3% of its total assets (except Multi-Manager International Small Cap and Global Equity, 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 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

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2019, there was no cash collateral pledged or received by any Fund 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, 2019, 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
Diversified Emerging Markets Debt		$	8,621,643		$	9,803,809
Global Bond			69,964,173			50,139,420
Global Equity			107,066,858			116,448,622
Global Perspectives®			14,810,265			14,961,511
Multi-Manager International Small Cap			45,175,509			53,384,811
Russia			12,553,481			20,914,675

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

			Purchases						Sales
Global Bond				$	186,890,719					$	175,943,567

NOTE 4 — REDEMPTION FEES

A 2% redemption fee is charged on shares of Russia that are redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the period ended April 30, 2019 and the year ended October 31, 2018 were $15,577 and $71,554, respectively, and are reflected in the accompanying Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT FEES

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. The Board approved a change to reflect that 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
Diversified Emerging Markets Debt			0.80%
Global Bond(1)			0.50%
Global Equity			0.50%
Global Perspectives®			0.20% on affiliated Underlying Funds; 0.40% on unaffiliated Underlying Funds or other direct investments
Multi-Manager International Small Cap(2)			1.10% on first $500 million; 1.00% on next $500 million; and 0.95% in excess of $1 billion
Russia			1.35%

(1)

The Investment Adviser is contractually obligated to waive the management fee for Class P shares of Global Bond. This waiver is not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

(2)

Effective March 1, 2019, the Investment Adviser has contractually agreed to waive 0.036% of the management fee for Multi-Manager International Small Cap. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. This waiver replaces the management fee waiver in connection with the sub-advisory fee reduction.

The Investment Adviser contractually agreed to waive a portion of the management fee for Multi-Manager International Small Cap. The waiver was effective in connection with a sub-advisory fee reduction that occurred on June 1, 2009. The waiver was calculated as follows: waiver = 50% x (former sub-advisory fee rate minus new sub-advisory fee rate) x average daily net assets as of the calculation date. For the period ended April 30, 2019, the Investment Adviser waived $24,941 in management fees for the Fund based on the management fee reduction. Effective March 1, 2019, the Investment Adviser is no longer obligated to waive a portion of the management fee for Multi-Manager International Small Cap based on the sub-advisory fee reduction. The termination of this obligation was approved by the Board and replaced by a contractual management fee waiver.

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NOTE 5 — INVESTMENT MANAGEMENT FEES (continued)

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for 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
Diversified Emerging Markets Debt			Voya IM*
Global Bond			Voya IM*
Global Equity			Voya IM*
Global Perspectives®			Voya IM*
Multi-Manager International Small Cap			Acadian Asset Management LLC, Victory Capital Management Inc. and Wellington Management Company LLP
Russia			NNIP Advisors B.V.

NOTE 6 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I, Class P, Class P3, Class R6 and Class W, 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:

Fund	Class A		Class C		Class O		Class R
Diversified Emerging Markets Debt		0.25%		1.00%		N/A		N/A
Global Bond		0.25%		1.00%		0.25%		0.50%
Global Equity		0.25%		1.00%		N/A		N/A
Global Perspectives®		0.25%		1.00%		N/A		0.50%
Multi-Manager International Small Cap		0.25%		1.00%		0.25%		N/A
Russia		0.25%		N/A		N/A		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, 2019, the Distributor retained the following amounts in sales charges from the following Funds:

	Class A			Class C
Initial Sales Charges:
Diversified Emerging Markets Debt		$	8		$	—
Global Bond			458			—
Global Equity			1,039			—
Global Perspectives®			774			—
Multi-Manager International Small Cap			313			—
Russia			1,191			—
Contingent Deferred Sales Charges:
Global Bond		$	—		$	11
Global Equity			379			—
Global Perspectives®			1,359			379
Multi-Manager International Small Cap			329			23

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2019, 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		15.17%
Voya Institutional Trust Company	Global Bond		5.38
	Global Perspectives®		47.23
	Multi-Manager International Small Cap		7.21
Voya Investment Management Co. LLC	Diversified Emerging Markets Debt		56.19
Voya Solution 2025 Portfolio	Global Bond		8.19

Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.

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

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NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

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”). The Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, resulting 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 Fund, 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.

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2019, the below Fund had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:

Fund	Accrued Expense	Amount
Diversified Emerging Markets Debt	Audit		$	2,791
	Miscellaneous			1,854
	Transfer Agent			6,134
Global Equity	Transfer Agent			264,131

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

Fund	Class A		Class C		Class I		Class O		Class P		Class P3		Class R		Class R6		Class W
Diversified Emerging Markets Debt(1)		1.25%		2.00%		0.95%		N/A		N/A		N/A		N/A		N/A		1.00%
Global Bond		0.90%		1.65%		0.65%		0.90%		0.15%		0.00%		1.15%		0.65%		0.65%
Global Equity		0.85%		1.60%		0.60%		N/A		N/A		N/A		N/A		N/A		0.60%
Global Perspectives®(1)		1.23%		1.98%		0.98%		N/A		N/A		N/A		1.48%		N/A		0.98%
Multi-Manager International Small Cap		1.95%		2.60%		1.40%		1.85%		N/A		0.00%		N/A		N/A		1.60%
Russia		2.15%		N/A		1.90%		N/A		N/A		N/A		N/A		N/A		1.90%

(1)

For Diversified Emerging Markets Debt and 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 side letter agreements, through March 1, 2020, the Investment Adviser has further lowered the expense limits for the following Funds. If the Investment Adviser elects not to renew a side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side letter agreements will continue. Termination or modification of these obligations requires approval by the Board.

Fund

Class
A

Class
C

Class
I

Class
O

Class
R

Class
W

Multi-Manager
International
Small Cap(1)

1.58%

2.33%

1.25%

1.58%

N/A

1.33%

Russia(1)

2.00%

N/A

1.75%

N/A

1.75%

(1)

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 Class P management fee waiver for Global Bond, 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, 2019, 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,
	2020			2021			2022			Total
Diversified Emerging Markets Debt		$	102,600		$	122,518		$	112,776		$	337,894
Global Bond			—			—			74,307			74,307
Global Equity			372,427			262,857			346,564			981,848
Global Perspectives®			83,539			122,846			131,780			338,165

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, 2019, are as follows:

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

	April 30,
	2020			2021			2022			Total
Diversified Emerging Markets Debt
Class A		$	57		$	80		$	372		$	509
Class C			31			84			9			124
Class W			26			76			6			108
Global Bond
Class A		$	39,237		$	51,937		$	50,722		$	141,896
Class C			19,290			24,663			17,792			61,745
Class I			—			30,581			21,628			52,209
Class O			2,028			3,372			1,329			6,729
Class P			—			—			16			16
Class P3			—			—			10			10
Class R			5,023			9,499			8,824			23,346
Class W			71,019			95,267			96,250			262,536
Global Equity
Class A		$	241,565		$	212,462		$	122,111		$	576,138
Class C			104,683			71,115			36,505			212,303
Class W			4,186			4,217			2,086			10,489
Global Perspectives®
Class I		$	205		$	171		$	276		$	652

The expense limitation agreements are contractual through March 1, 2020 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 10 — LINE OF CREDIT

Effective May 18, 2018, each Fund, in addition to certain other funds managed by the Investment Adviser, has 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 May 17, 2019. 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 a 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 May 18, 2018, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 18, 2018.

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, 2019:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Diversified Emerging Markets Debt		1		$	693,000		3.40%
Global Equity		3			2,966,000		3.41
Multi-Manager International Small Cap		4			5,147,000		3.40

NOTE 11 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)		($)
Diversified Emerging Markets Debt
Class A
4/30/2019		18,055		—		919		(1,261)		—		17,713		165,357		—		8,024		—		(11,358)		—		162,023
10/31/2018		143,257		—		480		(134,869)		—		8,868		1,377,056		—		4,600		—		(1,224,275)		—		157,381
Class C
4/30/2019		1,196		—		137		(385)		—		948		10,538		—		1,179		—		(3,402)		—		8,315
10/31/2018		204		—		54		—		—		258		1,881		—		512		—		—		—		2,393
Class I
4/30/2019		118,837		—		86,107		(292,091)		—		(87,147)		1,074,800		—		752,579		—		(2,638,172)		—		(810,793)
10/31/2018		243,440		—		73,430		(692,221)		—		(375,351)		2,314,314		—		705,664		—		(6,642,621)		—		(3,622,643)
Class W
4/30/2019		1,090		—		110		—		—		1,200		10,000		—		960		—		—		—		10,960
10/31/2018		1,068		—		83		(869)		—		282		10,088		—		800		—		(8,195)		—		2,693
Global Bond
Class A
4/30/2019		524,969		—		75,842		(385,350)		—		215,461		4,949,092		—		717,341		—		(3,640,481)		—		2,025,952
10/31/2018		2,904,268		—		149,683		(2,823,449)		—		230,502		29,115,203		—		1,470,623		—		(27,679,043)		—		2,906,783
Class C
4/30/2019		51,851		—		19,441		(284,030)		—		(212,738)		482,930		—		182,734		—		(2,663,838)		—		(1,998,174)
10/31/2018		154,212		—		46,621		(577,754)		—		(376,921)		1,536,481		—		456,635		—		(5,639,631)		—		(3,646,515)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 11 — 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		Redemption fee proceeds		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)		($)
Global Bond (continued)
Class I
4/30/2019		2,911,443		—		105,574		(1,080,369)		—		1,936,648		27,632,176		—		993,953		—		(10,131,441)		—		18,494,688
10/31/2018		2,583,185		—		205,204		(4,400,208)		—		(1,611,819)		25,492,407		—		2,011,761		—		(43,011,981)		—		(15,507,813)
Class O
4/30/2019		—		—		6		—		—		6		—		—		57		—		—		—		57
10/31/2018		27,421		—		12		(267,088)		—		(239,655)		266,107		—		110		—		(2,497,077)		—		(2,230,860)
Class P
4/30/2019		111		—		298		(49)		—		360		1,042		—		2,819		—		(469)		—		3,392
10/31/2018		560		—		547		(306)		—		801		5,474		—		5,385		—		(3,082)		—		7,777
Class P3
4/30/2019		77,398		—		3,192		(27,623)		—		52,967		730,456		—		30,133		—		(260,302)		—		500,287
6/1/2018(1) - 10/31/2018		107,365		—		1,859		(11,582)		—		97,642		1,040,368		—		17,742		—		(110,920)		—		947,190
Class R
4/30/2019		40,295		—		13,581		(48,566)		—		5,310		378,512		—		128,170		—		(458,071)		—		48,611
10/31/2018		128,595		—		27,044		(152,944)		—		2,695		1,273,938		—		265,355		—		(1,500,442)		—		38,851
Class R6
4/30/2019		5,896,625		—		175,185		(940,872)		—		5,130,938		55,579,495		—		1,652,935		—		(8,852,906)		—		48,379,524
10/31/2018		2,142,818		—		354,274		(3,019,898)		—		(522,806)		21,486,369		—		3,477,389		—		(29,665,881)		—		(4,702,123)
Class W
4/30/2019		1,266,320		—		172,624		(1,275,647)		—		163,297		11,697,494		—		1,594,627		—		(11,748,892)		—		1,543,229
10/31/2018		2,448,416		—		326,323		(1,958,227)		—		816,512		23,472,145		—		3,132,235		—		(18,728,806)		—		7,875,574
Global Equity
Class A
4/30/2019		175,831		—		51,582		(349,880)		—		(122,467)		6,050,315		—		1,691,841		—		(11,991,752)		—		(4,249,596)
10/31/2018		148,390		—		145,947		(750,307)		—		(455,970)		5,330,717		—		5,242,730		—		(27,116,044)		—		(16,542,597)
Class C
4/30/2019		41,654		—		13,716		(247,982)		—		(192,612)		1,302,929		—		409,950		—		(7,963,493)		—		(6,250,614)
10/31/2018		21,960		—		39,943		(295,333)		—		(233,430)		735,191		—		1,338,502		—		(9,904,256)		—		(7,830,563)
Class I
4/30/2019		226,194		—		13,523		(202,617)		—		37,100		7,815,140		—		449,049		—		(7,009,723)		—		1,254,466
10/31/2018		167,227		—		34,046		(315,477)		—		(114,204)		6,125,581		—		1,234,095		—		(11,490,887)		—		(4,131,211)
Class W
4/30/2019		1,722		—		1,104		(10,867)		—		(8,041)		61,179		—		36,513		—		(364,247)		—		(266,555)
10/31/2018		2,414		—		3,419		(34,086)		—		(28,253)		89,072		—		123,787		—		(1,249,318)		—		(1,036,459)
Global Perspectives®
Class A
4/30/2019		62,059		—		45,687		(91,439)		—		16,307		673,738		—		455,953		—		(994,596)		—		135,095
10/31/2018		56,303		—		25,125		(125,939)		—		(44,511)		658,714		—		292,703		—		(1,465,356)		—		(513,939)
Class C
4/30/2019		54,669		—		31,723		(101,489)		—		(15,097)		577,215		—		313,739		—		(1,073,701)		—		(182,747)
10/31/2018		50,264		—		15,024		(95,049)		—		(29,761)		583,436		—		173,379		—		(1,091,782)		—		(334,967)
Class I
4/30/2019		53,113		—		19,492		(120,605)		—		(48,000)		577,591		—		194,727		—		(1,318,040)		—		(545,722)
10/31/2018		193,386		—		7,228		(49,973)		—		150,641		2,249,377		—		84,281		—		(573,472)		—		1,760,186
Class R
4/30/2019		26,255		—		159,326		(147,517)		—		38,064		285,940		—		1,585,292		—		(1,587,660)		—		283,572
10/31/2018		412,478		—		73,710		(317,286)		—		168,902		4,782,389		—		856,509		—		(3,679,855)		—		1,959,043
Class W
4/30/2019		404,286		—		82,240		(189,959)		—		296,567		4,247,483		—		823,217		—		(1,980,799)		—		3,089,901
10/31/2018		872,997		—		16,266		(212,063)		—		677,200		10,199,741		—		189,990		—		(2,440,614)		—		7,949,117
Multi-Manager International Small Cap
Class A
4/30/2019		50,999		—		100,839		(118,112)		—		33,726		2,447,858		—		4,601,285		—		(5,895,232)		—		1,153,911
10/31/2018		141,506		—		8,148		(204,458)		—		(54,804)		8,778,622		—		507,395		—		(12,909,392)		—		(3,623,375)
Class C
4/30/2019		861		—		21,741		(30,511)		—		(7,909)		39,383		—		918,340		—		(1,386,748)		—		(429,025)
10/31/2018		10,219		—		265		(32,675)		—		(22,191)		611,975		—		15,398		—		(1,921,595)		—		(1,294,222)
Class I
4/30/2019		82,644		—		132,480		(168,665)		—		46,459		4,023,001		—		6,007,959		—		(8,063,968)		—		1,966,992
10/31/2018		632,342		—		14,725		(332,978)		—		314,089		40,756,255		—		912,773		—		(21,176,948)		—		20,492,080
Class O
4/30/2019		—		—		3		0*		—		3		—		—		129		—		(12)		—		117
10/31/2018		4,249		—		0*		(50,391)		—		(46,142)		269,441		—		18		—		(2,899,190)		—		(2,629,731)
Class P3
2/28/2019(1) - 4/30/2019		61		—		—		—		—		61		3,000		—		—		—		—		—		3,000
Class W
4/30/2019		67,187		—		44,323		(57,633)		—		53,877		3,874,434		—		2,478,966		—		(3,413,585)		—		2,939,815
10/31/2018		64,035		—		8,079		(413,623)		—		(341,509)		4,928,395		—		604,390		—		(32,275,769)		—		(26,742,984)
Russia
Class A
4/30/2019		31,508		—		59,744		(193,667)		—		(102,415)		974,247		—		1,679,412		15,570		(5,850,084)		—		(3,180,855)
10/31/2018		77,026		—		66,788		(418,178)		—		(274,364)		2,356,114		—		1,969,592		71,554		(12,877,677)		—		(8,480,417)

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 11 — 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		Redemption fee proceeds		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)		($)
Russia (continued)
Class I
4/30/2019		18,176		—		2,716		(61,570)		—		(40,678)		562,441		—		76,539		7		(1,768,180)		—		(1,129,193)
10/31/2018		30,688		—		5,146		(151,738)		—		(115,904)		968,938		—		152,155		—		(4,575,704)		—		(3,454,611)
Class W
4/30/2019		167		—		353		(1,694)		—		(1,174)		5,285		—		9,934		—		(50,626)		—		(35,407)
10/31/2018		4,786		—		484		(13,988)		—		(8,718)		156,374		—		14,291		—		(434,392)		—		(263,727)

(1)

Commencement of operations.

Amount is less than 0.50 or $0.50.

NOTE 12 — 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 Securities Lending Collateral.

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, 2019:

Global Bond

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	80,051		$	(80,051)		$	—
Goldman Sachs & Co. LLC			600,385			(600,385)			—
Jefferies LLC			295,800			(295,800)			—
Morgan Stanley & Co. International PLC			2,391,699			(2,391,699)			—
Scotia Capital (USA) INC			54,823			(54,823)			—
Total		$	3,422,758		$	(3,422,758)		$	—

(1)

Collateral with a fair value of $3,569,180 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Global Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Natixis Securities America LLC		$	402,058		$	(402,058)		$	—
Total		$	402,058		$	(402,058)		$	—

(1)

Collateral with a fair value of $413,476 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 12 — SECURITIES LENDING (continued)

Multi-Manager International Small Cap

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Barclays Capital Inc.		$	69,061		$	(69,061)		$	—
Credit Suisse Securities (Europe) Limited			100,494			(100,494)			—
Credit Suisse Securities (USA) LLC			72,356			(72,356)			—
Deutsche Bank Securities Inc.			144,041			(144,041)			—
Deutsche Bank AG			16,115			(16,115)			—
Goldman Sachs & Co. LLC			8,557			(8,557)			—
Goldman Sachs International			10,077			(10,077)			—
UBS AG			124,436			(124,436)			—
UBS Securities LLC.			37,565			(37,565)			—
Citigroup Global Markets Limited			232,126			(232,126)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Deutsche Bank AG			255,566			(255,566)			—
JP Morgan Securities Plc.			124,412			(124,412)			—
Morgan Stanley & Co. LLC			161,142			(161,142)			—
Nomura International PLC			168,269			(168,269)			—
Scotia Capital (USA) INC			48,406			(48,406)			—
Citigroup Global Markets Inc.			228,771			(228,771)			—
Goldman Sachs & Co. LLC			189,745			(189,745)			—
Morgan Stanley & Co. LLC			303,827			(303,827)			—
UBS AG			244,703			(244,703)			—
Total		$	2,539,669		$	(2,539,669)		$	—

(1)

Collateral with a fair value of $2,739,553 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 13 — 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, paydowns, income from passive foreign investment companies (PFICs) and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the 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:

	Six Months Ended April 30, 2019									Year Ended October 31, 2018
	Ordinary Income			Long-term Capital Gain			Return of Capital			Ordinary Income			Long-term Capital Gain			Return of Capital
Diversified Emerging Markets Debt		$	653,518		$	109,224		$	—		$	711,576		$	—		$	—
Global Bond			3,420,069			—			1,981,117			4,962,172			—			6,366,155
Global Equity			3,099,516			—			—			9,614,225			—			—
Global Perspectives®			1,410,741			1,962,395			—			1,368,350			250,955			—
Multi-Manager International Small Cap			2,894,825			13,824,115			—			2,255,628			—			—
Russia			1,916,494			—			—			2,348,034			—			—

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 April 30, 2019 were:

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Diversified Emerging Markets Debt		$	204,428		$	—		$	(427,624)		$	—		—		—
Global Bond			—			—			1,298,712			(1,898,105)		Short-term		None
Global Equity			506,161			—			10,252,897			(28,606,082)		Short-term		None
												(25,032,699)		Long-term		None
											$	(53,638,781)
Global Perspectives®			231,533			1,145,708			(223,500)			—		—		—
Multi-Manager International Small Cap			5,095			—			8,627,151			(2,716,489)		Short-term		None
Russia			(525,240)			822,716			26,520,051			—		—		—

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

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

As of April 30, 2019, 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. The earliest tax year that remains subject to examination by these jurisdictions is 2013.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for interim and annual periods beginning after December 15, 2018.

Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019.

As of April 30, 2019, management of the Funds is currently assessing the potential impact to the financial statements that may result from adopting these ASUs.

NOTE 15 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2019, the Funds paid dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
Global Bond
Class A	$0.0350	June 3, 2019	Daily
Class C	$0.0288	June 3, 2019	Daily
Class I	$0.0368	June 3, 2019	Daily
Class O	$0.0342	June 3, 2019	Daily
Class P	$0.0411	June 3, 2019	Daily
Class P3	$0.0421	June 3, 2019	Daily
Class R	$0.0320	June 3, 2019	Daily
Class R6	$0.0371	June 3, 2019	Daily
Class W	$0.0352	June 3, 2019	Daily

Line of Credit renewal: Effective May 17, 2019, the funds to which the Credit Agreement is available have entered 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 (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than above, no such subsequent events were identified.

TABLE OF CONTENTS

Voya Diversified Emerging

PORTFOLIO OF INVESTMENTS

Markets Debt Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
MUTUAL FUNDS: 98.5%
			Affiliated Investment Companies: 98.5%
	634,432		Voya Emerging Markets Corporate Debt Fund - Class P		$	6,230,125		35.7
	573,176		Voya Emerging Markets Hard Currency Debt Fund - Class P			5,433,707		31.1
	797,259		Voya Emerging Markets Local Currency Debt Fund - Class P			5,532,975		31.7
			Total Mutual Funds (Cost $17,569,586)			17,196,807		98.5
SHORT-TERM INVESTMENTS:1.3%
			Mutual Funds: 1.3%
	235,000	(1)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330% (Cost $235,000)			235,000		1.3

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $235,000)		$	235,000		1.3
	Total Investments in Securities
	(Cost $17,804,586)		$	17,431,807		99.8
	Assets in Excess of Other Liabilities			42,385		0.2
	Net Assets		$	17,474,192		100.0

(1)

Rate shown is the 7-day yield as of April 30, 2019.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 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, 2019
Asset Table
Investments, at fair value
Mutual Funds		$	17,196,807		$	—		$	—		$	17,196,807
Short-Term Investments			235,000			—			—			235,000
Total Investments, at fair value		$	17,431,807		$	—		$	—		$	17,431,807
Other Financial Instruments+
Forward Foreign Currency Contracts			—			1,980			—			1,980
Total Assets		$	17,431,807		$	1,980		$	—		$	17,433,787
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(271)		$	—		$	(271)
Total Liabilities		$	—		$	(271)		$	—		$	(271)

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 valued at the unrealized gain (loss) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Diversified Emerging

PORTFOLIO OF INVESTMENTS

Markets Debt Fund

as of April 30, 2019 (Unaudited) (continued)

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control 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, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 10/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 4/30/2019			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Emerging Markets Corporate Debt Fund - Class P		$	6,257,410		$	397,788		$	(699,061)		$	273,988		$	6,230,125		$	157,784		$	(10,063)		$	—
Voya Emerging Markets Hard Currency Debt Fund - Class P			5,739,016			414,172			(1,050,328)			330,847			5,433,707			139,166			(42,321)			—
Voya Emerging Markets Local Currency Debt Fund - Class P			5,483,754			252,143			(494,448)			291,526			5,532,975			57,139			(12,445)			—
		$	17,480,180		$	1,064,103		$	(2,243,837)		$	896,361		$	17,196,807		$	354,089		$	(64,829)		$	—

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

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya Diversified Emerging Markets Debt Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 301

HUF 85,575

Barclays Bank PLC

06/28/19

USD 86,571

PHP 4,501,346

Barclays Bank PLC

06/28/19

(5)

PHP 4,535,525

USD 85,801

Barclays Bank PLC

06/28/19

1,432

USD 1,556

TRY 9,282

Citibank N.A.

06/28/19

USD 296

BRL 1,157

Citibank N.A.

06/28/19

USD 61

ZAR 871

Citibank N.A.

06/28/19

—

USD 1,049

MXN 20,463

Citibank N.A.

06/28/19

(20)

USD 1,804

PLN 6,887

Citibank N.A.

06/28/19

(2)

THB 2,712,303

USD 85,314

Citibank N.A.

06/28/19

(244)

USD 86,082

THB 2,729,765

HSBC Bank USA N.A.

06/28/19

464

RUB 73,091

USD 1,101

JPMorgan Chase Bank N.A.

06/28/19

1,709

Currency Abbreviations
BRL – Brazilian Real
HUF – Hungarian Forint
MXN – Mexican Peso
PHP – Philippine Peso
PLN – Polish Zloty
RUB – Russian Ruble
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, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		$	1,980
Total Asset Derivatives			$	1,980
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	271
Total Liability Derivatives			$	271

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Diversified Emerging

PORTFOLIO OF INVESTMENTS

Markets Debt Fund

as of April 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(4,446)
Total		$	(4,446)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(5,171)
Total		$	(5,171)

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, 2019:

	Barclays Bank PLC			Citibank N.A.			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Totals
Assets:
Forward foreign currency contracts		$	1,436		$	58		$	464		$	22		$	1,980
Total Assets		$	1,436		$	58		$	464		$	22		$	1,980
Liabilities:
Forward foreign currency contracts		$	5		$	266		$	—		$	—		$	271
Total Liabilities		$	5		$	266		$	—		$	—		$	271
Net OTC derivative instruments by counterparty, at fair value		$	1,431		$	(208)		$	464		$	22		$	1,709
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	1,431		$	(208)		$	464		$	22		$	1,709

(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, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $17,861,140.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	1,980
Gross Unrealized Depreciation		(429,604)
Net Unrealized Depreciation	$	(427,624)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.5%
			Argentina: 0.3%
	1,000,000	(1)(2)	YPF SA, 8.500%, 03/23/2021		$	980,450		0.3
			Brazil: 0.5%
	250,000	(2)	Banco do Brasil SA/Cayman, 4.875%, 04/19/2023			257,250		0.1
	1,100,000		Petrobras Global Finance BV, 8.750%, 05/23/2026			1,320,649		0.4
						1,577,899		0.5
			Canada: 0.7%
	510,000	(2)	1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025			506,812		0.2
	175,000	(2)	Bausch Health Cos, Inc., 6.125%, 04/15/2025			177,625		0.1
	1,311,000		Other Securities			1,311,988		0.4
						1,996,425		0.7
			Cayman Islands: 0.1%
	189,000		Other Securities			209,517		0.1
			Chile: 0.1%
	300,000	(2)	Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029			300,012		0.1
			China: 0.2%
	720,000		Other Securities			736,307		0.2
			Denmark: 0.1%
	336,000	(2)	Danske Bank A/S, 5.375%, 01/12/2024			352,575		0.1
			France: 0.6%
	706,000	(2)	BNP Paribas SA, 3.500%, 03/01/2023			713,321		0.2
	728,000	(2)	BPCE SA, 5.150%, 07/21/2024			766,850		0.3
	256,000	(2)	Electricite de France SA, 2.350%, 10/13/ 2020			254,561		0.1
						1,734,732		0.6
			Guernsey: 0.2%
	662,000		Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/2020			661,128		0.2
			India: 0.2%
	500,000	(2)	Reliance Industries Ltd, 3.667%, 11/30/2027			493,168		0.2

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Indonesia: 0.2%
	425,000	(2)	Perusahaan Listrik Negara PT, 5.375%, 01/25/2029		$	453,263		0.1
	200,000		Other Securities			205,694		0.1
						658,957		0.2
			Ireland: 0.3%
	1,041,000		Other Securities			1,000,924		0.3
			Italy: 0.1%
	170,000		Other Securities			178,075		0.1
			Japan: 0.6%
	255,000	(2)	Mizuho Bank Ltd., 3.200%, 03/26/2025			255,423		0.1
	770,000	(2)	MUFG Bank Ltd, 2.300%, 03/05/2020			767,829		0.2
	766,000		Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026			790,015		0.3
						1,813,267		0.6
			Kazakhstan: 0.2%
	675,000		Other Securities			700,213		0.2
			Luxembourg: 0.1%
	250,000	(2)	ALROSA Finance SA, 4.650%, 04/09/2024			252,535		0.1
	80,000	(2)	Dana Financing Luxembourg Sarl, 6.500%, 06/01/2026			84,100		0.0
						336,635		0.1
			Mexico: 0.6%
	567,000	(2)	Cemex SAB de CV, 6.125%, 05/05/2025			592,799		0.2
	500,000	(2)	Mexichem SAB de CV, 4.875%, 09/19/2022			522,750		0.2
	600,000		Other Securities			560,500		0.2
						1,676,049		0.6
			Netherlands: 0.9%
	1,141,000		Shell International Finance BV, 3.250%-4.000%, 05/11/2025-05/10/2046			1,168,911		0.4
	290,000	(2)	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026			275,041		0.1
	1,333,000		Other Securities			1,377,514		0.4
						2,821,466		0.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Norway: 0.1%
	382,000		Other Securities		$	378,998		0.1
			Peru: 0.3%
	400,000	(2)	Fondo MIVIVIENDA SA, 3.500%, 01/31/2023			400,640		0.2
	375,000	(2)	Petroleos del Peru SA, 4.750%, 06/19/2032			382,500		0.1
						783,140		0.3
			Russia: 0.1%
	250,000	(2)	Evraz PLC, 5.250%, 04/02/2024			253,570		0.1
			Sweden: 0.2%
	666,000	(2)(3)	Nordea Bank ABP, 5.500%, 12/31/2199			667,665		0.2
			Switzerland: 0.4%
	456,000	(2)	Credit Suisse AG, 6.500%, 08/08/2023			496,051		0.2
	604,000		UBS AG/Stamford CT, 7.625%, 08/17/2022			671,880		0.2
						1,167,931		0.4
			Turkey: 0.1%
	200,000	(2)	Turkiye Vakiflar Bankasi TAO, 8.125%, 03/28/2024			188,310		0.1
			United Arab Emirates: 0.2%
	500,000	(2)	Abu Dhabi National Energy Co. PJSC, 5.875%, 12/13/2021			535,070		0.2
			United Kingdom: 0.6%
	200,000	(2)	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027			193,332		0.1
	1,000,000		Santander UK PLC, 2.375%, 03/16/2020			996,896		0.3
	270,000	(2)	Standard Chartered PLC, 5.300%, 01/09/2043			279,273		0.1
	324,000		Other Securities			324,009		0.1
						1,793,510		0.6
			United States: 16.5%
	1,021,000		AbbVie, Inc., 3.600%-4.300%, 05/14/2025-05/14/2036			1,012,041		0.3
	297,000	(2)	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046			301,637		0.1
	182,000	(2)	Apollo Management Holdings L.P., 4.000%, 05/30/2024			183,774		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States (continued)
	1,270,000		AT&T, Inc., 4.300%-5.650%, 02/15/2030-02/15/2047		$	1,356,451		0.5
	1,181,000	(3)	Bank of America Corp., 3.419%, 12/20/2028			1,160,818		0.4
	806,000	(3)	Bank of America Corp., 4.100%-4.330%, 07/24/2023-03/15/2050			839,107		0.3
	766,000		BP Capital Markets America, Inc., 3.216%, 11/28/2023			774,801		0.3
	515,000	(2)	Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025			504,700		0.2
	297,000	(2)	Cigna Corp., 4.375%, 10/15/2028			306,649		0.1
	1,276,000		Citigroup, Inc., 4.000%-5.500%, 08/05/2024-07/25/2028			1,347,947		0.4
	321,000	(2)	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028			315,184		0.1
	970,000		Comcast Corp., 2.350%-5.650%, 01/15/2027-06/15/2035			1,016,045		0.3
	345,000	(2)	CommScope Technologies LLC, 5.000%, 03/15/2027			323,006		0.1
	1,338,000		CVS Health Corp., 2.800%, 07/20/2020			1,336,967		0.5
	717,000		CVS Health Corp., 4.300%, 03/25/2028			722,904		0.2
	581,000	(2)	Dell International LLC / EMC Corp., 5.450%, 06/15/2023			620,258		0.2
	176,000	(2)	Dell International LLC / EMC Corp., 6.020%, 06/15/2026			190,793		0.1
	86,000	(2)	Dow Chemical Co/The, 5.550%, 11/30/2048			97,945		0.0
	208,000		DowDuPont, Inc., 5.319%, 11/15/2038			235,933		0.1
	364,000	(2)	DPL, Inc., 4.350%, 04/15/2029			366,942		0.1
	969,000		Energy Transfer Operating L.P., 4.900%, 02/01/2024			1,024,684		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States (continued)
	286,000		Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		$	297,830		0.1
	616,000		Entergy Corp., 5.125%, 09/15/2020			629,708		0.2
	240,000		Entergy Louisiana LLC, 4.200%, 04/01/2050			248,882		0.1
	175,000	(2)	ESH Hospitality, Inc., 5.250%, 05/01/2025			176,094		0.1
	140,000	(2)	FXI Holdings, Inc., 7.875%, 11/01/2024			132,475		0.0
	289,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021			288,247		0.1
	963,000	(3)	Goldman Sachs Group, Inc./The, 2.876%, 10/31/2022			957,404		0.3
	445,000	(2)	Gray Television, Inc., 7.000%, 05/15/2027			481,573		0.2
	175,000	(2)	Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp., 5.625%, 02/15/2026			179,813		0.1
	1,178,000		JPMorgan Chase & Co., 2.550%, 03/01/2021			1,175,236		0.4
	530,000	(3)	JPMorgan Chase & Co., 6.000%, 12/31/2199			556,839		0.2
	280,000	(3)	JPMorgan Chase Bank NA, 2.604%, 02/01/2021			279,584		0.1
	385,000	(2)	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023			396,936		0.1
	428,000	(2)	Metropolitan Edison Co., 4.000%, 04/15/2025			439,355		0.1
	1,193,000		Morgan Stanley, 3.750%-4.100%, 02/25/2023-05/22/2023			1,229,821		0.4
	403,000	(2)	Newmont Goldcorp Corp., 3.700%, 03/15/2023			411,508		0.1
	300,000	(2)	Novelis Corp., 5.875%, 09/30/2026			305,625		0.1

Principal Amount†				Value			Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States (continued)
	150,000	(2)	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023		$	157,500		0.0
	215,000	(2)	Pilgrim’s Pride Corp., 5.875%, 09/30/2027			222,525		0.1
	505,000	(2)	Post Holdings, Inc., 5.000%, 08/15/2026			505,000		0.2
	90,000	(2)	Quicken Loans, Inc., 5.250%, 01/15/2028			87,638		0.0
	240,000	(1)(2)	Rayonier AM Products, Inc., 5.500%, 06/01/2024			229,800		0.1
	520,000	(2)	Sinclair Television Group, Inc., 5.125%, 02/15/2027			503,100		0.2
	485,000	(2)	Six Flags Entertainment Corp., 5.500%, 04/15/2027			496,398		0.2
	260,000	(2)	SS&C Technologies, Inc., 5.500%, 09/30/2027			267,150		0.1
	180,000	(2)	Standard Industries, Inc./NJ, 5.000%, 02/15/2027			177,300		0.1
	265,000	(2)	Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025			264,338		0.1
	170,000	(2)	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028			174,038		0.1
	647,000		Verizon Communications, Inc., 4.125%-4.522%, 03/16/2027-09/15/2048			676,221		0.2
	400,000	(2)	Walt Disney Co/The, 5.400%, 10/01/2043			492,544		0.2
	430,000		Wells Fargo & Co., 4.100%, 06/03/2026			440,638		0.1
	21,908,524		Other Securities			22,159,834		7.4
						49,079,540		16.5
			Total Corporate Bonds/Notes (Cost $71,483,913)			73,075,533		24.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 9.3%
			United States: 9.3%
	444,112		Alternative Loan Trust 2005-51 3A2A, 3.735%, (12MTA + 1.290%), 11/20/2035		$	436,307		0.1
	227,872		Alternative Loan Trust 2007-23CB A3, 2.977%, (US0001M + 0.500%), 09/25/2037			142,169		0.1
	577,018		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036			562,434		0.2
	99,633		Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.977%, (US0001M + 0.500%), 11/25/2035			65,449		0.0
	281,988		Countrywide Asset-Backed Certificates 2005-IM1 M1, 3.197%, (US0001M + 0.720%), 11/25/2035			282,319		0.1
	367,206	(2)(3)	CSMC Trust 2015-2 B3, 3.938%, 02/25/2045			374,477		0.1
	271,896	(2)(3)	CSMC Trust 2015-3 B1, 3.933%, 03/25/2045			276,762		0.1
	5,742,466	(4)	Fannie Mae 2005-18 SC, 2.173%, (-1.000*US0001M + 4.650%), 03/25/2035			495,121		0.2
	1,547,445	(4)	Fannie Mae 2008-41 S, 4.323%, (-1.000*US0001M + 6.800%), 11/25/2036			259,270		0.1
	4,176,234	(4)	Fannie Mae 2009-106 SA, 3.773%, (-1.000*US0001M + 6.250%), 01/25/2040			575,337		0.2
	400,000		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.127%, (US0001M + 3.650%), 09/25/2029			431,282		0.1
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.477%, (US0001M + 3.000%), 10/25/2029			531,605		0.2

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.677%, (US0001M + 2.200%), 01/25/2030		$	508,173		0.2
	400,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.877%, (US0001M + 2.400%), 05/25/2030			409,570		0.1
	600,000		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.977%, (US0001M + 2.500%), 05/25/2030			612,550		0.2
	143,371		Fannie Mae REMIC Trust 2003-22 BZ, 6.000%, 04/25/2033			156,151		0.1
	120,513		Fannie Mae REMIC Trust 2005-74 DK, 14.094%, (-4.000*US0001M + 24.000%), 07/25/2035			183,263		0.1
	182,628		Fannie Mae REMIC Trust 2006-104 ES, 21.067%, (-5.000*US0001M + 33.450%), 11/25/2036			308,041		0.1
	2,291,180	(4)	Fannie Mae REMIC Trust 2007-36 SN, 4.293%, (-1.000*US0001M + 6.770%), 04/25/2037			412,514		0.1
	187,561		Fannie Mae REMIC Trust 2007-55 DS, 8.808%, (-2.500*US0001M + 15.000%), 06/25/2037			207,347		0.1
	1,316,783	(4)	Fannie Mae REMIC Trust 2008-53 FI, 3.623%, (-1.000*US0001M + 6.100%), 07/25/2038			135,298		0.0
	1,005,285	(4)	Fannie Mae REMIC Trust 2008-58 SM, 3.623%, (-1.000*US0001M + 6.100%), 07/25/2038			158,058		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	147,528		Fannie Mae REMIC Trust 2009-66 SL, 7.495%, (-3.333*US0001M + 15.833%), 09/25/2039		$	199,057		0.1
	93,200		Fannie Mae REMIC Trust 2009-66 SW, 7.662%, (-3.333*US0001M + 16.000%), 09/25/2039			127,464		0.0
	7,039,059	(4)	Fannie Mae REMIC Trust 2010-123 SL, 3.593%, (-1.000*US0001M + 6.070%), 11/25/2040			946,186		0.3
	5,966,022	(4)	Fannie Mae REMIC Trust 2011-55 SK, 4.083%, (-1.000*US0001M + 6.560%), 06/25/2041			1,072,467		0.4
	2,651,972	(4)	Fannie Mae REMIC Trust 2011-86 NS, 3.473%, (-1.000*US0001M + 5.950%), 09/25/2041			364,723		0.1
	1,121,367	(4)	Fannie Mae REMIC Trust 2012-10 US, 3.973%, (-1.000*US0001M + 6.450%), 02/25/2042			151,928		0.0
	3,058,252	(4)	Fannie Mae REMIC Trust 2012-24 HS, 4.073%, (-1.000*US0001M + 6.550%), 09/25/2040			396,574		0.1
	2,279,611	(4)	Fannie Mae REMIC Trust 2013-31 PI, 4.500%, 02/25/2043			272,246		0.1
	977,786	(4)	Fannie Mae Series 2007-9 SE, 3.603%, (-1.000*US0001M + 6.080%), 03/25/2037			144,906		0.0
	1,744,793	(4)	Fannie Mae Series 2013-44 DI, 3.000%, 05/25/2033			212,464		0.1
	236,670	(4)	Freddie Mac REMIC Trust 2303 SY, 6.227%, (-1.000*US0001M + 8.700%), 04/15/2031			52,679		0.0

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	1,796,314	(4)	Freddie Mac REMIC Trust 2989 GU, 4.527%, (-1.000*US0001M + 7.000%), 02/15/2033		$	283,055		0.1
	1,673,101	(4)	Freddie Mac REMIC Trust 3271 SB, 3.577%, (-1.000*US0001M + 6.050%), 02/15/2037			241,502		0.1
	4,524,843	(4)	Freddie Mac REMIC Trust 3424 HI, 3.427%, (-1.000*US0001M + 5.900%), 04/15/2038			679,572		0.2
	1,313,796	(4)	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040			185,577		0.1
	1,307,877	(4)	Freddie Mac REMIC Trust 3710 SL, 3.527%, (-1.000*US0001M + 6.000%), 05/15/2036			33,457		0.0
	6,715,213	(4)	Freddie Mac REMIC Trust 3856 KS, 4.077%, (-1.000*US0001M + 6.550%), 05/15/2041			1,092,444		0.4
	2,603,436	(4)	Freddie Mac REMIC Trust 3925 SD, 3.577%, (-1.000*US0001M + 6.050%), 07/15/2040			276,688		0.1
	2,876,228	(4)	Freddie Mac REMIC Trust 3946 SE, 4.177%, (-1.000*US0001M + 6.650%), 02/15/2041			352,724		0.1
	4,235,684	(4)	Freddie Mac REMIC Trust 4077 SM, 4.227%, (-1.000*US0001M + 6.700%), 08/15/2040			495,090		0.2
	1,419,582	(4)	Freddie Mac REMIC Trust 4152 BI, 4.000%, 12/15/2041			181,784		0.1
	2,538,087	(4)	Freddie Mac REMIC Trust 4313 MI, 5.000%, 04/15/2039			414,352		0.1
	7,461,523		Freddie Mac REMICS 3792 DS, 4.127%, (-1.000*US0001M + 6.600%), 11/15/2040			499,797		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	2,997,277	(4)	Freddie Mac REMICS 4623 MS, 3.527%, (-1.000*US0001M + 6.000%), 10/15/2046		$	550,516		0.2
	300,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.177%, (US0001M + 4.700%), 04/25/2028			344,668		0.1
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.977%, (US0001M + 2.500%), 03/25/2030			412,799		0.1
	600,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 5.127%, (US0001M + 2.650%), 12/25/2029			620,866		0.2
	139,655	(3)	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.607%, 10/25/2046			139,432		0.0
	67,757		Ginnie Mae Series 2007-37 S, 16.216%, (-3.667*US0001M + 25.300%), 04/16/2037			73,873		0.0
	383,440		Ginnie Mae Series 2007-8 SP, 14.004%, (-3.242*US0001M + 22.048%), 03/20/2037			544,283		0.2
	2,384,795	(4)	Ginnie Mae Series 2010-116 NS, 4.173%, (-1.000*US0001M + 6.650%), 09/16/2040			351,381		0.1
	1,228,494	(4)	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/2038			24,815		0.0
	738,603	(4)	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039			86,837		0.0
	4,072,443	(4)	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026			340,852		0.1

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	1,141,617	(4)	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040		$	129,432		0.1
	2,048,326	(4)	Ginnie Mae Series 2013-115 NI, 4.500%, 01/16/2043			321,044		0.1
	1,664,863	(4)	Ginnie Mae Series 2013-5 NI, 3.000%, 01/20/2028			130,927		0.1
	3,484,589	(4)	Ginnie Mae Series 2015-178 GI, 4.000%, 05/20/2044			542,327		0.2
	437,138		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.687%, (US0001M + 0.210%), 04/25/2036			412,787		0.2
	383,987	(2)(3)	JP Morgan Mortgage Trust 2017-3 B1, 3.863%, 08/25/2047			388,184		0.1
	253,777		Lehman XS Trust Series 2005-5N 1A2, 2.837%, (US0001M + 0.360%), 11/25/2035			241,277		0.1
	265,296	(2)(3)	Sequoia Mortgage Trust 2014-3 B3, 3.931%, 10/25/2044			272,875		0.1
	317,083	(2)(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048			322,881		0.1
	20,340	(3)	Structured Asset Securities Corp. 2004-4XS 1A6, 5.050%, 02/25/2034			20,795		0.0
	13,520,144	(3)(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.465%, 08/25/2045			361,784		0.1
	80,748	(3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.896%, 10/25/2036			78,893		0.0
	289,391	(3)	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.913%, 08/25/2046			277,817		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States (continued)
	579,311	(3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.747%, 12/25/2036		$	573,787		0.2
	181,620	(3)	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.566%, 04/25/2037			166,082		0.1
	794,917		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036			732,865		0.2
	210,020		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.907%, (US0001M + 0.430%), 06/25/2037			174,805		0.0
	206,472		Wells Fargo Mortgage Backed Securities 2006-8 A15, 6.000%, 07/25/2036			207,687		0.1
	224,998	(3)	Wells Fargo Mortgage Backed Securities 2006-AR17 A1, 4.750%, 10/25/2036			225,785		0.1
	50,162	(3)	Wells Fargo Mortgage Backed Securities 2006-AR17 A2, 4.750%, 10/25/2036			50,243		0.0
	302,962	(3)	Wells Fargo Mortgage Backed Securities 2006-AR7 2A1, 4.975%, 05/25/2036			313,861		0.1
	300,774	(3)	Wells Fargo Mortgage Backed Securities 2006-AR8 3A2, 5.007%, 04/25/2036			303,366		0.1
	554,662	(2)(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.791%, 08/20/2045			541,458		0.2
	1,290,259		Other Securities			1,157,892		0.4
			Total Collateralized Mortgage Obligations (Cost $26,484,262)			27,639,409		9.3

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: 4.5%
			United States: 4.5%
	500,000	(2)	AMMC CLO 16 Ltd. 2015-16A CR, 4.947%, (US0003M + 2.350%), 04/14/2029		$	497,044		0.2
	500,000	(2)	Apidos CLO XXIX 2018-29A B, 4.480%, (US0003M + 1.900%), 07/25/2030			484,269		0.2
	250,000	(2)	Babson CLO Ltd. 2014-IA BR, 4.792%, (US0003M + 2.200%), 07/20/2025			249,997		0.1
	500,000	(2)	BlueMountain CLO 2013-2A CR, 4.542%, (US0003M + 1.950%), 10/22/2030			487,819		0.2
	1,160,000	(2)	Bristol Park CLO Ltd. 2016-1A B, 4.497%, (US0003M + 1.900%), 04/15/2029			1,160,879		0.4
	500,000	(2)	Burnham Park Clo Ltd. 2016-1A CR, 4.742%, (US0003M + 2.150%), 10/20/2029			496,299		0.2
	500,000	(2)	Cedar Funding IV CLO Ltd. 2014-4A CR, 4.842%, (US0003M + 2.250%), 07/23/2030			489,082		0.2
	750,000	(2)	CIFC Funding 2013-IA BR Ltd., 5.001%, (US0003M + 2.400%), 07/16/2030			742,109		0.2
	508,974	(3)	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.906%, 03/25/2036			341,035		0.1
	500,000	(2)	Dryden 45 Senior Loan Fund 2016-45A CR, 4.797%, (US0003M + 2.200%), 10/15/2030			493,590		0.2
	1,180,000	(2)	Invitation Homes 2018-SFR1 D Trust, 3.924%, (US0001M + 1.450%), 03/17/2037			1,175,045		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
ASSET-BACKED SECURITIES: (continued)
			United States (continued)
	750,000	(2)	LCM XXIV Ltd. 24A C, 4.842%, (US0003M + 2.250%), 03/20/2030		$	737,428		0.2
	500,000	(2)	Madison Park Funding XXXI Ltd. 2018-31A C, 4.742%, (US0003M + 2.150%), 01/23/2031			490,601		0.2
	300,000	(2)(3)	Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058			298,266		0.1
	300,000	(2)(3)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059			291,924		0.1
	250,000	(2)	Octagon Investment Partners XIX Ltd. 2014-1A CR, 4.697%, (US0003M + 2.100%), 04/15/2026			249,972		0.1
	750,000	(2)	Octagon Loan Funding Ltd. 2014-1A CRR, 4.883%, (US0003M + 2.200%), 11/18/2031			733,742		0.2
	1,160,000	(2)	OHA Loan Funding Ltd. 2016-1A B1, 4.392%, (US0003M + 1.800%), 01/20/2028			1,158,769		0.4
	630,000	(2)	Palmer Square Loan Funding 2017-1A D Ltd., 7.447%, (US0003M + 4.850%), 10/15/2025			624,686		0.2
	250,000	(2)	Palmer Square Loan Funding 2018-1A C Ltd., 4.447%, (US0003M + 1.850%), 04/15/2026			239,929		0.1
	1,240,000	(2)	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035			1,270,744		0.4
	495,000	(2)	THL Credit Wind River 2015-1A C1 CLO Ltd., 4.742%, (US0003M + 2.150%), 10/20/2030			478,726		0.1
	200,000	(2)(3)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057			185,334		0.0
			Total Asset-Backed Securities (Cost $13,494,982)			13,377,289		4.5

Principal Amount†				Value			Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS(5): 0.9%
			Federal Home Loan Mortgage Corporation: 0.2%(5)
	703,733		4.000%, 09/01/2045-05/01/2046		$	725,767		0.2
			Federal National Mortgage Association: 0.5%(5)
	1,382,760		2.500%-5.000%, 06/01/2030-05/01/2045			1,448,024		0.5
			Government National Mortgage Association: 0.2%
	537,288	(3)	4.500%-5.500%, 03/20/2039-10/20/2060			554,211		0.2
			Total U.S. Government Agency Obligations (Cost $2,759,841)			2,728,002		0.9
SOVEREIGN BONDS: 16.0%
			Argentina: 0.5%
	1,420,000		Argentine Republic Government International Bond, 6.875%, 04/22/2021			1,199,900		0.4
	275,000		Argentine Republic Government International Bond, 6.875%, 01/26/2027			199,275		0.1
						1,399,175		0.5
			Brazil: 0.1%
	250,000		Other Securities			275,967		0.1
			Canada: 0.3%
	CAD 880,000		Canadian Government Bond, 3.500%, 12/01/2045			857,437		0.3
			Chile: 1.4%
	CLP 2,235,000,000		Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/2026			3,439,656		1.1
	CLP 555,000,000		Bonos de la Tesoreria de la Republica en pesos, 5.000%, 03/01/2035			901,600		0.3
						4,341,256		1.4
			Colombia: 1.0%
	918,000		Colombia Government International Bond, 2.625%-8.125%, 03/15/2023-05/21/2024			1,046,333		0.3

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
			Colombia (continued)
	COP 6,309,700,000		Colombian TES, 7.000%, 06/30/2032		$	1,957,163		0.7
						3,003,496		1.0
			Croatia: 0.1%
	300,000		Other Securities			318,090		0.1
			Dominican Republic: 0.2%
	461,000	(2)	Dominican Republic International Bond, 6.600%, 01/28/2024			499,493		0.2
			Ecuador: 0.1%
	200,000		Other Securities			193,500		0.1
			Egypt: 0.1%
	300,000		Other Securities			303,932		0.1
			Germany: 3.2%
	EUR 1,570,000		Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046			2,593,819		0.9
	EUR 5,530,000		Bundesrepublik Deutschland, 0.500%, 02/15/2025			6,518,786		2.2
	EUR 170,000	(6)	Bundesrepublik Deutschland Bundesanleihe, -0.024%-1.250%, 08/15/2025-08/15/2048			205,736		0.0
	EUR 129,700		Other Securities			147,638		0.1
						9,465,979		3.2
			Greece: 1.0%
	EUR 2,545,000	(2)	Hellenic Republic Government Bond, 3.875%, 03/12/2029			2,976,732		1.0
			Hungary: 0.0%
	110,000		Other Securities			165,745		0.0
			Indonesia: 0.6%
	IDR 26,484,000,000		Indonesia Treasury Bond, 8.750%, 05/15/2031			1,957,976		0.6
			Ivory Coast: 0.1%
	294,125	(3)	Ivory Coast Government International Bond, 5.750%, 12/31/2032			278,242		0.1
			Mexico: 0.0%
	175,000		Other Securities			180,036		0.0
			Morocco: 0.1%
	200,000		Other Securities			205,174		0.1

Principal Amount†				Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
			Nigeria: 0.1%
	200,000		Other Securities		$	207,299		0.1
			Panama: 0.2%
	515,000		Other Securities			618,552		0.2
			Peru: 2.0%
	PEN 6,491,000	(2)	Peru Government Bond, 5.940%, 02/12/2029			2,077,000		0.7
	PEN 7,533,000	(2)	Peru Government Bond, 6.150%, 08/12/2032			2,403,021		0.8
	PEN 4,000,000		Peru Government Bond, 6.350%, 08/12/2028			1,317,858		0.5
	75,000		Other Securities			96,000		0.0
						5,893,879		2.0
			Poland: 1.3%
	PLN 4,269,000		Republic of Poland Government Bond, 2.500%, 07/25/2027			1,089,522		0.4
	PLN 9,262,000	(1)	Republic of Poland Government Bond, 2.750%, 04/25/2028			2,391,816		0.8
	375,000		Other Securities			383,252		0.1
						3,864,590		1.3
			Romania: 0.5%
	RON 6,670,000		Romania Government Bond, 3.400%, 03/08/2022			1,554,182		0.5
			Russia: 0.2%
	600,000	(2)	Russian Foreign Bond - Eurobond, 4.875%, 09/16/2023			633,840		0.2
			Saudi Arabia: 0.1%
	200,000	(2)	KSA Sukuk Ltd., 3.628%, 04/20/2027			201,715		0.1
			Spain: 0.4%
	EUR 1,092,000	(2)	Spain Government Bond, 2.700%, 10/31/2048			1,368,546		0.4
			Sri Lanka: 0.1%
	200,000	(2)	Sri Lanka Government International Bond, 6.825%, 07/18/2026			198,145		0.1
			Turkey: 0.1%
	461,000		Other Securities			457,034		0.1
			Ukraine: 0.1%
	525,000		Other Securities			463,313		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
SOVEREIGN BONDS: (continued)
			United Kingdom: 2.0%
	GBP 1,020,000		United Kingdom Gilt, 2.000%, 09/07/2025		$	1,417,596		0.5
	GBP 2,480,000		United Kingdom Gilt, 3.500%, 01/22/2045			4,447,197		1.5
						5,864,793		2.0
			Uruguay: 0.1%
	150,000		Other Securities			180,703		0.1
			Total Sovereign Bonds (Cost $48,143,761)			47,928,821		16.0
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.8%
			United States: 8.8%
	7,805,617	(3)(4)	BANK 2017-BNK5 XA, 1.231%, 06/15/2060			474,774		0.2
	999,057	(3)(4)	BANK 2019-BNK16 XA, 1.131%, 02/15/2052			73,506		0.0
	2,400,676	(3)(4)	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.676%, 02/15/2050			211,299		0.1
	110,000	(2)	BDS 2018-FL2 D, 5.024%, (US0001M + 2.550%), 08/15/2035			110,276		0.0
	18,785	(2)(3)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 N, 5.405%, 01/12/2041			18,733		0.0
	280,000	(2)	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052			244,177		0.1
	1,439,335	(3)(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.216%, 03/15/2052			119,123		0.0
	890,000	(2)(3)	CALI Mortgage Trust 2019-101C E, 4.469%, 03/10/2039			901,989		0.3
	3,347,276	(3)(4)	CD 2016-CD1 Mortgage Trust XA, 1.554%, 08/10/2049			257,291		0.1
	14,383,183	(3)(4)	CFCRE Commercial Mortgage Trust 2016-C7 XA, 0.895%, 12/10/2054			669,145		0.2
	8,581,000	(3)(4)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.995%, 08/10/2049			474,521		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States (continued)
	3,599,766	(3)(4)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.264%, 10/12/2050		$	242,926		0.1
	230,000	(3)	Citigroup Commercial Mortgage Trust 2017-P8 C, 4.412%, 09/15/2050			230,589		0.1
	5,256,668	(3)(4)	COMM 2012-CR1 XA, 2.041%, 05/15/2045			240,852		0.1
	16,999,422	(2)(3)(4)	COMM 2012-LTRT XA, 1.095%, 10/05/2030			426,053		0.1
	8,720,445	(3)(4)	COMM 2013-CCRE13 XA, 0.961%, 11/10/2046			274,829		0.1
	4,864,265	(3)(4)	COMM 2014-UBS2 XA, 1.377%, 03/10/2047			217,240		0.1
	300,000	(3)	COMM 2016-COR1 C, 4.531%, 10/10/2049			305,500		0.1
	7,259,639	(3)(4)	COMM 2016-CR28 XA, 0.735%, 02/10/2049			250,162		0.1
	1,000,000	(3)	COMM 2017-COR2 C, 4.714%, 09/10/2050			1,033,344		0.3
	350,000	(2)(6)	DBRR Re-REMIC Trust 2015-FRR1 B711, 0.000%, 08/28/2045			344,530		0.1
	3,600,995	(2)(3)(4)	DBUBS 2011-LC1A XA, 0.889%, 11/10/2046			25,746		0.0
	910,000	(2)(3)	Del Amo Fashion Center Trust 2017-AMO C, 3.757%, 06/05/2035			873,121		0.3
	530,000	(2)(3)	DBJPM 16-C3 Mortgage Trust, 3.634%, 08/10/2049			483,913		0.2
	4,300,000	(3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.910%, 01/25/2043			200,613		0.1
	8,087,203	(3)(4)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.639%, 08/25/2040			62,898		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States (continued)
	373,305	(2)(3)	GCCFC Commercial Mortgage Trust 2004-GG1 F, 6.608%, 06/10/2036		$	372,869		0.1
	450,000	(2)(3)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043			437,140		0.1
	3,954,614	(3)(4)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.363%, 05/10/2045			164,090		0.0
	220,000	(2)	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046			177,451		0.1
	4,486,869	(3)(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.219%, 11/10/2046			178,564		0.1
	1,500,000	(2)(3)	GS Mortgage Securities Trust 2016-GS4 E, 3.922%, 11/10/2049			1,123,379		0.4
	7,761,712	(3)(4)	GS Mortgage Securities Trust 2017-GS6 XA, 1.192%, 05/10/2050			538,432		0.2
	970,000	(2)	GS Mortgage Securities Trust 2019-GC38 D, 3.000%, 02/10/2052			838,219		0.3
	5,790,000	(2)(3)(4)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.420%, 12/15/2047			66,903		0.0
	343,147	(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.479%, 06/12/2041			343,839		0.1
	200,000	(2)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046			198,164		0.1

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States (continued)
	2,120,000	(2)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 E, 4.000%, 08/15/2046		$	2,033,482		0.7
	10,136,470	(3)(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 2.066%, 06/15/2045			315,728		0.1
	770,000	(2)(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 D, 4.128%, 01/15/2046			769,860		0.2
	735,000	(3)	JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/2047			775,496		0.3
	1,120,000	(2)(3)	JPMCC Commercial Mortgage Securities Trust 2017-JP6 D, 4.753%, 07/15/2050			1,133,303		0.4
	5,181,534	(2)(3)(4)	LSTAR Commercial Mortgage Trust 2017-5 X, 1.267%, 03/10/2050			220,967		0.1
	1,320,000	(2)(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 E, 4.763%, 11/15/2045			1,313,339		0.5
	21,550,000	(2)(3)(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.584%, 12/15/2047			533,360		0.2
	930,000	(2)(3)	Morgan Stanley Capital I Trust 2011-C1 E, 5.554%, 09/15/2047			966,769		0.3
	8,224,406	(2)(3)(4)	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 1.999%, 08/10/2049			424,979		0.2
	13,194,453	(3)(4)	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.154%, 12/15/2049			603,417		0.2
	630,000	(2)(3)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.407%, 03/15/2045			530,454		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†				Value			Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States (continued)
	620,000	(2)(3)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.111%, 06/15/2046		$	580,672		0.2
	7,796,410	(3)(4)	WFRBS Commercial Mortgage Trust 2013-UBS1 XA, 1.020%, 03/15/2046			207,041		0.0
	15,486,312	(3)(4)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.218%, 03/15/2047			583,101		0.2
	1,360,000	(2)(3)	West Town Mall Trust 2017-KNOX E, 4.491%, 07/05/2030			1,316,649		0.4
	640,000		Other Securities			634,182		0.2
			Total Commercial Mortgage-Backed Securities (Cost $25,853,261)			26,148,999		8.8
U.S. TREASURY OBLIGATIONS: 10.7%
			U.S. Treasury Bonds: 1.2%
	2,734,000		3.375%, 11/15/2048			2,976,002		1.0
	725,000		3.500%, 02/15/2039			808,375		0.2
						3,784,377		1.2
			U.S. Treasury Notes: 9.5%
	2,078,000		1.125%, 03/31/2020			2,054,704		0.7
	11,043,000		2.250%, 04/30/2021			11,039,765		3.7
	6,210,000		2.250%, 04/15/2022			6,212,183		2.1
	5,899,000		2.250%, 04/30/2024			5,891,165		2.0
	2,487,000		2.375%, 04/30/2026			2,484,911		0.8
	591,000		2.625%, 02/15/2029			597,176		0.2
						28,279,904		9.5
			Total U.S. Treasury Obligations (Cost $31,970,730)			32,064,281		10.7

		Value		Percentage of Net Assets
PURCHASED OPTIONS(7): 0.3%
	Total Purchased Options (Cost $1,040,431)		882,444		0.3
	Total Long-Term Investments (Cost $221,231,181)		223,844,778		75.0

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 27.2%
		Commercial Paper: 15.9%
	2,000,000	American Electric Power Co., Inc., 2.670%, 05/06/2019		$	1,999,124		0.7
	2,800,000	Autozone, Inc., 2.660%, 05/03/2019			2,799,389		1.0
	2,500,000	Concord Minutemen, 2.510%, 05/20/2019			2,496,560		0.8
	2,800,000	Consolidated Edison, Inc., 2.700%, 05/08/2019			2,798,342		0.9
	4,300,000	DowDuPont, Inc., 2.610%, 05/01/2019			4,299,693		1.5
	2,800,000	DowDuPont, Inc., 2.660%, 05/17/2019			2,796,529		0.9
	2,800,000	Duke Energy Corp., 2.680%, 05/13/2019			2,797,326		0.9
	2,800,000	Eastman Chemical Co., 2.740%, 05/24/2019			2,794,967		0.9
	2,000,000	Eaton Corp., 2.680%, 05/10/2019			1,998,535		0.7
	2,800,000	Harley-Davidson, Inc., 2.710%, 05/17/2019			2,796,476		0.9
	3,000,000	Johnson Controls International plc, 2.650%, 05/01/2019			2,999,782		1.0
	2,200,000	Marriott International, Inc., 2.730%, 05/20/2019			2,196,716		0.7
	2,000,000	Mondelez International, Inc., 2.670%, 05/08/2019			1,998,830		0.7
	2,800,000	Old Line Funding, 2.510%, 05/16/2019			2,796,925		0.9
	2,000,000	PPG Industries, Inc., 2.700%, 05/17/2019			1,997,492		0.7
	2,000,000	Schlumberger Ltd., 2.720%, 05/06/2019			1,999,108		0.7
	3,000,000	Verizon Communications, Inc., 2.680%, 05/13/2019			2,997,134		1.0
	3,000,000	Whirlpool Corp., 2.600%, 05/02/2019			2,999,573		1.0
					47,562,501		15.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(8): 1.2%
	1,000,000	Cantor Fitzgerald Securities, Repurchase Agreement dated 04/30/19, 2.76%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 05/15/19-03/20/69)		$	1,000,000		0.4
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 04/30/19, 2.77%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.250%-8.500%, Market Value plus accrued interest $1,020,000, due 05/25/19-04/20/69)			1,000,000		0.3
	569,180	JPMorgan Chase & Co., Repurchase Agreement dated 04/30/19, 2.75%, due 05/01/19 (Repurchase Amount $569,223, collateralized by various U.S. Government Securities, 2.125%-2.250%, Market Value plus accrued interest $580,564, due 09/30/21-04/30/24)			569,180		0.2

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(8) (continued)
	1,000,000	Mizuho Securities USA LLC, Repurchase Agreement dated 04/30/19, 2.75%, due 05/01/19 (Repurchase Amount $1,000,075, collateralized by various U.S. Government Agency Obligations, 3.500%-5.000%, Market Value plus accrued interest $1,020,000, due 08/01/47-09/01/48)		$	1,000,000		0.3
					3,569,180		1.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 10.1%
	30,100,000	(9)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330% (Cost $30,100,000)			30,100,000		10.1
			Total Short-Term Investments (Cost $81,235,359)			81,231,681		27.2
			Total Investments in Securities (Cost $302,466,540)		$	305,076,459		102.2
			Liabilities in Excess of Other Assets			(6,676,017)		(2.2)
			Net Assets		$	298,400,442		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2019.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

(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)

Variable rate security. Rate shown is the rate in effect as of April 30, 2019.

(4)

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

(5)

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

(6)

Represents a zero coupon bond. Rate shown reflects the effective yield as of April 30, 2019.

(7)

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

(8)

Represents securities purchased with cash collateral received for securities on loan.

(9)

Rate shown is the 7-day yield as of April 30, 2019.

CAD

Canadian Dollar

CLP

Chilean Peso

COP

Colombian Peso

EUR

EU Euro

GBP

British Pound

IDR

Indonesian Rupiah

PEN

Peruvian Nuevo Sol

PLN

Polish Zloty

RON

Romanian New Leu

Reference Rate Abbreviations:

	12MTA			12-month Treasury Average
	US0001M			1-month LIBOR
	US0003M			3-month LIBOR

Sector Diversification	Percentage of Net Assets
Sovereign Bonds		16.0%
U.S. Treasury Obligations		10.7
Collateralized Mortgage Obligations		9.3
Commercial Mortgage-Backed Securities		8.8
Financial		8.2
Other Asset-Backed Securities		4.5
Energy		3.9
Consumer, Non-cyclical		3.7
Communications		2.9
Utilities		1.7
Consumer, Cyclical		1.5
Basic Materials		1.1
U.S. Government Agency Obligations		0.9
Industrial		0.8
Technology		0.7
Purchased Options		0.3
Short-Term Investments		27.2
Liabilities in Excess of Other Assets		(2.2)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 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, 2019
Asset Table
Investments, at fair value
Purchased Options		$	—		$	882,444		$	—		$	882,444
Corporate Bonds/Notes			—			73,075,533			—			73,075,533
Collateralized Mortgage Obligations			—			27,639,409			—			27,639,409
U.S. Treasury Obligations			—			32,064,281			—			32,064,281
Sovereign Bonds			—			47,928,821			—			47,928,821
U.S. Government Agency Obligations			—			2,728,002			—			2,728,002
Asset-Backed Securities			—			13,377,289			—			13,377,289
Commercial Mortgage-Backed Securities			—			26,148,999			—			26,148,999
Short-Term Investments			30,100,000			51,131,681			—			81,231,681
Total Investments, at fair value		$	30,100,000		$	274,976,459		$	—		$	305,076,459

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (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, 2019
Other Financial Instruments+
Centrally Cleared Swaps			—			975,811			—			975,811
Forward Foreign Currency Contracts			—			1,357,008			—			1,357,008
Futures			984,046			—			—			984,046
Total Assets		$	31,084,046		$	277,309,278		$	—		$	308,393,324
Liabilities Table
Other Financial Instruments+
Centrally Cleared Swaps		$	—		$	(592,505)		$	—		$	(592,505)
Forward Foreign Currency Contracts			—			(2,157,765)			—			(2,157,765)
Forward Premium Swaptions			—			(111,817)			—			(111,817)
Futures			(214,710)			—			—			(214,710)
Written Options			—			(425,645)			—			(425,645)
Total Liabilities		$	(214,710)		$	(3,287,732)		$	—		$	(3,502,442)

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

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya Global Bond Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 3,297,000

EUR 2,936,950

Barclays Bank PLC

05/10/19

6,591

SEK 9,742,633

USD 1,059,827

Barclays Bank PLC

05/10/19

(33,285)

EUR 3,270,989

USD 3,693,000

Barclays Bank PLC

05/10/19

(21,627)

USD 735,000

SEK 6,970,650

Barclays Bank PLC

05/10/19

3,603

EUR 1,000,810

USD 1,124,000

Barclays Bank PLC

05/10/19

(686)

USD 431,000

NOK 3,681,113

Barclays Bank PLC

05/10/19

4,180

GBP 1,823,578

USD 2,354,000

Barclays Bank PLC

05/10/19

25,026

GBP 2,921,723

USD 3,874,914

Barclays Bank PLC

05/10/19

(63,256)

USD 333,000

SEK 3,066,514

Barclays Bank PLC

05/10/19

9,894

CAD 3,176,873

USD 2,380,000

Barclays Bank PLC

05/10/19

(8,154)

NOK 87,609,879

USD 10,289,711

Barclays Bank PLC

05/10/19

(131,474)

USD 1,295,000

GBP 992,981

Barclays Bank PLC

05/10/19

(891)

USD 1,985,000

NOK 16,941,020

Barclays Bank PLC

05/10/19

20,714

USD 1,807,000

NOK 15,563,037

Barclays Bank PLC

05/10/19

2,489

USD 1,798,000

NOK 15,339,863

Barclays Bank PLC

05/10/19

19,365

AUD 1,281,527

USD 919,000

Barclays Bank PLC

05/10/19

(15,399)

USD 955,000

GBP 739,511

Barclays Bank PLC

05/10/19

(9,761)

EUR 993,350

USD 1,125,000

Barclays Bank PLC

05/10/19

(10,059)

USD 2,358,000

NOK 20,025,232

Barclays Bank PLC

05/10/19

36,104

USD 705,000

EUR 622,716

Barclays Bank PLC

05/10/19

6,061

USD 830,000

NOK 7,049,840

Barclays Bank PLC

05/10/19

12,581

NOK 15,334,051

USD 1,798,000

Barclays Bank PLC

05/10/19

(20,039)

AUD 918,950

USD 660,000

Barclays Bank PLC

05/10/19

(12,051)

SEK 7,100,129

USD 759,000

Barclays Bank PLC

05/10/19

(10,889)

USD 1,227,000

JPY 137,177,790

Barclays Bank PLC

05/10/19

(5,316)

USD 383,000

NOK 3,308,314

Barclays Bank PLC

05/10/19

(594)

EUR 492,534

USD 550,000

Barclays Bank PLC

05/10/19

2,823

USD 1,528,000

SEK 14,394,594

Barclays Bank PLC

05/10/19

11,301

HUF 48,742,964

USD 171,523

Barclays Bank PLC

06/28/19

(2,033)

USD 587

PHP 31,017

Barclays Bank PLC

06/28/19

(10)

USD 1,512,427

RON 6,438,962

Barclays Bank PLC

06/28/19

(3,095)

CZK 4,429,558

USD 193,471

Barclays Bank PLC

06/28/19

661

MYR 2,951,127

USD 722,183

Barclays Bank PLC

06/28/19

(10,064)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

PEN 3,749,581

USD 1,129,392

BNP Paribas

05/02/19

4,611

PLN 4,019,717

USD 1,044,820

BNP Paribas

05/02/19

7,062

USD 2,372,000

EUR 2,097,552

BNP Paribas

05/10/19

17,697

NOK 6,652,859

USD 787,000

BNP Paribas

05/10/19

(15,611)

MXN 2,875,410

USD 149,000

BNP Paribas

06/28/19

1,255

ILS 1,941,264

USD 545,000

BNP Paribas

06/28/19

(3,383)

IDR 358,145,530

USD 25,000

BNP Paribas

06/28/19

(8)

THB 4,786,206

USD 149,000

BNP Paribas

06/28/19

1,117

CZK 1,134,465

USD 50,000

BNP Paribas

06/28/19

(280)

USD 1,125,660

PEN 3,749,581

BNP Paribas

06/28/19

(5,388)

USD 1,046,593

PLN 4,019,717

BNP Paribas

06/28/19

(7,174)

EUR 390,414

USD 436,000

Citibank N.A.

05/10/19

2,203

USD 511,000

GBP 390,678

Citibank N.A.

05/10/19

1,325

USD 267,000

SEK 2,471,894

Citibank N.A.

05/10/19

6,547

USD 2,245,000

CHF 2,231,911

Citibank N.A.

05/10/19

52,855

CAD 5,388,194

USD 4,014,000

Citibank N.A.

05/10/19

8,814

AUD 1,387,023

USD 989,000

Citibank N.A.

05/10/19

(11,014)

USD 1,453,000

EUR 1,274,227

Citibank N.A.

05/10/19

22,801

SEK 7,384,579

USD 807,000

Citibank N.A.

05/10/19

(28,917)

JPY 110,467,909

USD 996,938

Citibank N.A.

05/10/19

(4,567)

JPY 329,569,564

USD 2,965,000

Citibank N.A.

05/10/19

(4,363)

AUD 1,174,829

USD 840,000

Citibank N.A.

05/10/19

(11,631)

USD 1,133,000

CAD 1,517,631

Citibank N.A.

05/10/19

(60)

USD 795,000

AUD 1,119,036

Citibank N.A.

05/10/19

5,970

EUR 2,211,697

USD 2,491,000

Citibank N.A.

05/10/19

(8,580)

USD 1,716,000

AUD 2,419,722

Citibank N.A.

05/10/19

9,860

USD 155,000

JPY 17,084,334

Citibank N.A.

05/10/19

1,526

USD 2,015,000

CAD 2,698,753

Citibank N.A.

05/10/19

117

USD 284,000

SEK 2,614,456

Citibank N.A.

05/10/19

8,526

USD 899,000

EUR 794,158

Citibank N.A.

05/10/19

7,633

ZAR 73,261

USD 5,111

Citibank N.A.

06/28/19

(25)

BRL 6,271

USD 1,608

Citibank N.A.

06/28/19

(16)

MXN 12,667,611

USD 649,635

Citibank N.A.

06/28/19

12,313

USD 1,931,361

PLN 7,373,823

Citibank N.A.

06/28/19

(1,683)

KRW 3,482,054,494

USD 3,075,558

Citibank N.A.

06/28/19

(79,393)

SGD 763,827

USD 564,832

Citibank N.A.

06/28/19

(2,698)

TRY 101,974

USD 17,091

Citibank N.A.

06/28/19

(600)

CHF 619,960

USD 607,000

Deutsche Bank AG

05/10/19

1,914

USD 1,307,000

GBP 1,009,396

Goldman Sachs International

05/10/19

(9,850)

USD 1,506,000

CAD 2,010,508

Goldman Sachs International

05/10/19

4,959

USD 1,153,000

NZD 1,705,830

Goldman Sachs International

05/10/19

13,500

USD 1,563,000

CAD 2,100,275

Goldman Sachs International

05/10/19

(5,061)

USD 1,477,000

GBP 1,144,773

Goldman Sachs International

05/10/19

(16,462)

CHF 2,800,206

USD 2,749,000

Goldman Sachs International

05/10/19

1,315

USD 1,354,000

JPY 151,241,990

Goldman Sachs International

05/10/19

(4,659)

NOK 19,833,389

USD 2,341,000

Goldman Sachs International

05/10/19

(41,348)

CHF 1,244,303

USD 1,238,000

Goldman Sachs International

05/10/19

(15,867)

USD 2,662,000

EUR 2,367,805

Goldman Sachs International

05/10/19

4,365

NZD 1,800,996

USD 1,203,000

Goldman Sachs International

05/10/19

USD 2,349,000

AUD 3,272,768

Goldman Sachs International

05/10/19

41,380

NZD 1,525,906

USD 1,032,000

Goldman Sachs International

05/10/19

(12,689)

USD 1,999,000

NOK 16,971,333

Goldman Sachs International

05/10/19

31,199

USD 1,261,000

CHF 1,263,445

Goldman Sachs International

05/10/19

20,066

AUD 4,897,499

USD 3,492,000

Goldman Sachs International

05/10/19

(38,786)

NZD 1,662,844

USD 1,111,000

Goldman Sachs International

05/10/19

(214)

JPY 154,380,360

USD 1,381,000

Goldman Sachs International

05/10/19

5,852

USD 1,930,000

EUR 1,709,035

Goldman Sachs International

05/10/19

11,771

USD 998,000

NZD 1,479,615

Goldman Sachs International

05/10/19

9,612

CAD 709,299

USD 526,000

Goldman Sachs International

05/10/19

3,561

CHF 1,861,045

USD 1,826,000

Goldman Sachs International

05/10/19

1,887

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

EUR 1,701,108

USD 1,918,000

Goldman Sachs International

05/10/19

(8,668)

CHF 253,494

USD 250,000

Goldman Sachs International

05/10/19

(1,022)

AUD 3,548,328

USD 2,518,000

Goldman Sachs International

05/10/19

(16,083)

USD 1,369,000

CAD 1,845,175

Goldman Sachs International

05/10/19

(8,603)

USD 2,683,000

CAD 3,577,737

Goldman Sachs International

05/10/19

11,869

USD 2,517,000

AUD 3,526,405

Goldman Sachs International

05/10/19

30,541

AUD 3,070,468

USD 2,194,000

Goldman Sachs International

05/10/19

(29,021)

USD 3,776,000

NOK 32,062,602

Goldman Sachs International

05/10/19

58,389

EUR 2,600,776

USD 2,933,000

Goldman Sachs International

05/10/19

(13,877)

JPY 173,995,469

USD 1,564,000

Goldman Sachs International

05/10/19

(939)

USD 1,383,000

GBP 1,069,417

Goldman Sachs International

05/10/19

(12,154)

USD 2,596,000

AUD 3,639,576

Goldman Sachs International

05/10/19

29,745

NZD 2,169,597

USD 1,447,000

Goldman Sachs International

05/10/19

2,298

JPY 218,980,706

USD 1,960,000

Goldman Sachs International

05/10/19

7,179

USD 2,702,000

AUD 3,793,468

Goldman Sachs International

05/10/19

27,236

EUR 1,722,640

USD 1,945,000

Goldman Sachs International

05/10/19

(11,500)

USD 1,678,000

NOK 14,357,098

Goldman Sachs International

05/10/19

13,316

USD 1,043,000

SEK 9,899,336

Goldman Sachs International

05/10/19

(52)

USD 1,595,000

JPY 176,832,817

Goldman Sachs International

05/10/19

6,450

USD 981,000

EUR 871,905

Goldman Sachs International

05/10/19

2,370

NOK 2,880,281

USD 332,000

Goldman Sachs International

05/10/19

1,964

USD 1,288,000

CHF 1,283,276

Goldman Sachs International

05/10/19

27,588

CHF 5,289,934

USD 5,191,000

Goldman Sachs International

05/10/19

4,683

CHF 4,481,143

USD 4,403,000

Goldman Sachs International

05/10/19

(1,698)

AUD 1,564,745

USD 1,102,000

Goldman Sachs International

05/10/19

1,298

AUD 1,817,378

USD 1,275,000

Goldman Sachs International

05/10/19

6,429

NOK 16,555,009

USD 1,950,000

Goldman Sachs International

05/10/19

(30,471)

USD 5,543,000

CHF 5,619,427

Goldman Sachs International

05/10/19

23,694

AUD 4,514,094

USD 3,240,000

Goldman Sachs International

05/10/19

(57,124)

USD 1,784,000

EUR 1,576,895

Goldman Sachs International

05/10/19

14,086

CAD 1,583,346

USD 1,178,000

Goldman Sachs International

05/10/19

4,123

USD 1,930,000

JPY 214,855,725

Goldman Sachs International

05/10/19

737

USD 1,357,000

CHF 1,383,270

Goldman Sachs International

05/10/19

(1,625)

��

USD 3,354,000

AUD 4,751,940

Goldman Sachs International

05/10/19

3,420

USD 1,910,000

CHF 1,894,462

Goldman Sachs International

05/10/19

49,292

EUR 2,093,939

USD 2,360,000

Goldman Sachs International

05/10/19

(9,753)

USD 1,782,000

NOK 15,366,054

Goldman Sachs International

05/10/19

329

USD 616,855

COP 2,011,713,237

Goldman Sachs International

06/28/19

(3,569)

USD 173,000

EUR 152,213

HSBC Bank USA N.A.

05/10/19

2,155

CAD 1,475,124

USD 1,109,000

HSBC Bank USA N.A.

05/10/19

(7,676)

AUD 2,444,126

USD 1,741,000

HSBC Bank USA N.A.

05/10/19

(17,654)

CHF 1,261,028

USD 1,265,000

HSBC Bank USA N.A.

05/10/19

(26,440)

NZD 1,459,414

USD 985,000

HSBC Bank USA N.A.

05/10/19

(10,106)

USD 5,037,000

NZD 7,454,193

HSBC Bank USA N.A.

05/10/19

57,572

THB 25,010,197

USD 788,684

HSBC Bank USA N.A.

06/28/19

(4,252)

USD 25,000

COP 78,078,750

HSBC Bank USA N.A.

06/28/19

920

HUF 7,076,852

USD 25,000

HSBC Bank USA N.A.

06/28/19

(392)

USD 4,583,750

PEN 15,225,260

HSBC Bank USA N.A.

06/28/19

(8,896)

HKD 312,256

USD 39,887

HSBC Bank USA N.A.

06/28/19

(49)

THB 796,945

USD 25,000

HSBC Bank USA N.A.

06/28/19

(4)

USD 1,466,882

COP 4,637,415,849

HSBC Bank USA N.A.

06/28/19

36,675

USD 848,000

NOK 7,360,755

JPMorgan Chase Bank N.A.

05/10/19

(5,469)

JPY 20,685,042

USD 185,000

JPMorgan Chase Bank N.A.

05/10/19

821

JPY 993,632,437

USD 8,863,000

JPMorgan Chase Bank N.A.

05/10/19

63,144

USD 1,057,024

NZD 1,539,038

JPMorgan Chase Bank N.A.

05/10/19

28,941

CHF 304,011

USD 308,000

JPMorgan Chase Bank N.A.

05/10/19

(9,406)

AUD 7,995,708

USD 5,640,000

JPMorgan Chase Bank N.A.

05/10/19

(29,637)

GBP 790,939

USD 1,043,000

JPMorgan Chase Bank N.A.

05/10/19

(11,147)

USD 1,798,000

NOK 15,341,393

JPMorgan Chase Bank N.A.

05/10/19

19,188

USD 1,900,000

CAD 2,531,103

JPMorgan Chase Bank N.A.

05/10/19

10,284

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

AUD 1,259,502

USD 897,000

JPMorgan Chase Bank N.A.

05/10/19

(8,928)

AUD 4,141,130

USD 2,946,000

JPMorgan Chase Bank N.A.

05/10/19

(26,100)

CAD 45,171

USD 34,034

JPMorgan Chase Bank N.A.

05/10/19

(310)

EUR 388,818

USD 441,000

JPMorgan Chase Bank N.A.

05/10/19

(4,589)

USD 1,152,000

CAD 1,534,029

JPMorgan Chase Bank N.A.

05/10/19

6,697

USD 947,098

AUD 1,332,251

JPMorgan Chase Bank N.A.

05/10/19

7,731

USD 942,000

JPY 103,874,048

JPMorgan Chase Bank N.A.

05/10/19

8,863

JPY 146,809,944

USD 1,313,000

JPMorgan Chase Bank N.A.

05/10/19

5,845

AUD 7,261,530

USD 5,159,825

JPMorgan Chase Bank N.A.

05/10/19

(39,739)

GBP 1,048,725

USD 1,374,000

JPMorgan Chase Bank N.A.

05/10/19

(5,842)

SEK 6,833,550

USD 716,000

JPMorgan Chase Bank N.A.

05/10/19

4,023

EUR 32,230,421

USD 36,727,419

JPMorgan Chase Bank N.A.

05/10/19

(551,837)

DKK 4,946,164

USD 755,509

JPMorgan Chase Bank N.A.

05/10/19

(11,845)

EUR 2,207,321

USD 2,470,000

JPMorgan Chase Bank N.A.

05/10/19

7,508

AUD 2,180,044

USD 1,529,000

JPMorgan Chase Bank N.A.

05/10/19

8,143

CHF 6,322,920

USD 6,343,686

JPMorgan Chase Bank N.A.

05/10/19

(133,422)

EUR 1,594,554

USD 1,816,658

JPMorgan Chase Bank N.A.

05/10/19

(26,923)

AUD 3,062,796

USD 2,148,000

JPMorgan Chase Bank N.A.

05/10/19

11,569

USD 1,826,000

SEK 17,392,393

JPMorgan Chase Bank N.A.

05/10/19

(6,565)

USD 2,650,000

NOK 22,941,846

JPMorgan Chase Bank N.A.

05/10/19

(10,073)

JPY 4,046,206,104

USD 36,431,279

JPMorgan Chase Bank N.A.

05/10/19

(82,809)

USD 2,236,619

CLP 1,503,589,664

JPMorgan Chase Bank N.A.

06/28/19

17,431

RUB 22,564,410

USD 339,894

JPMorgan Chase Bank N.A.

06/28/19

6,749

USD 289,186

ILS 1,035,031

JPMorgan Chase Bank N.A.

06/28/19

410

IDR 10,080,510,731

USD 698,048

JPMorgan Chase Bank N.A.

06/28/19

5,380

MXN 958,501

USD 50,000

JPMorgan Chase Bank N.A.

06/28/19

KRW 757,920,600

USD 654,000

JPMorgan Chase Bank N.A.

06/28/19

(1,840)

USD 2,091,129

CLP 1,413,603,123

JPMorgan Chase Bank N.A.

06/28/19

4,754

CNY 5,328,167

USD 793,000

JPMorgan Chase Bank N.A.

06/28/19

(1,778)

KRW 56,952,500

USD 50,000

JPMorgan Chase Bank N.A.

06/28/19

(995)

USD 25,000

CLP 16,555,750

JPMorgan Chase Bank N.A.

06/28/19

565

USD 149,000

PEN 491,938

JPMorgan Chase Bank N.A.

06/28/19

609

USD 11,417

JPY 1,274,000

Morgan Stanley

05/08/19

(20)

USD 503,000

GBP 386,209

Morgan Stanley

05/10/19

(845)

USD 797,000

SEK 7,402,026

Morgan Stanley

05/10/19

17,079

NZD 433,803

USD 292,000

Morgan Stanley

05/10/19

(2,218)

CAD 5,798,376

USD 4,333,000

Morgan Stanley

05/10/19

(3,945)

CHF 303,790

USD 307,000

Morgan Stanley

05/10/19

(8,622)

USD 1,123,000

NOK 9,657,816

Morgan Stanley

05/10/19

3,190

AUD 1,259,201

USD 897,000

Morgan Stanley

05/10/19

(9,140)

CAD 1,748,225

USD 1,295,000

Morgan Stanley

05/10/19

10,221

SEK 37,153,446

USD 3,994,000

Morgan Stanley

05/10/19

(79,294)

USD 2,376,000

CHF 2,350,059

Morgan Stanley

05/10/19

67,813

GBP 363,857

USD 473,000

Morgan Stanley

05/10/19

1,685

CAD 11,178,292

USD 8,395,445

Morgan Stanley

05/10/19

(49,756)

USD 507,000

AUD 713,442

Morgan Stanley

05/10/19

3,954

GBP 865,354

USD 1,133,000

Morgan Stanley

05/10/19

(4,066)

JPY 121,322,603

USD 1,090,000

Morgan Stanley

05/10/19

(117)

USD 2,166,000

CAD 2,899,296

Morgan Stanley

05/10/19

1,392

CAD 2,891,047

USD 2,170,000

Morgan Stanley

05/10/19

(11,551)

CHF 993,612

USD 976,000

Morgan Stanley

05/10/19

961

NZD 618,144

USD 411,000

Morgan Stanley

05/10/19

1,922

NOK 25,619,510

USD 2,972,000

Morgan Stanley

05/10/19

(17,429)

CAD 2,042,022

USD 1,525,000

Morgan Stanley

05/10/19

(5,701)

USD 668,000

NZD 1,013,660

Morgan Stanley

05/10/19

(9,129)

USD 293,000

JPY 32,845,886

Morgan Stanley

05/10/19

(2,066)

USD 1,806,000

CAD 2,396,397

Morgan Stanley

05/10/19

16,855

USD 2,207,000

CAD 2,937,471

Morgan Stanley

05/10/19

13,890

USD 794,000

AUD 1,119,623

Morgan Stanley

05/10/19

4,557

USD 236,000

NOK 2,015,311

Morgan Stanley

05/10/19

2,328

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 666,000

CAD 889,877

Morgan Stanley

05/10/19

1,620

USD 897,000

AUD 1,259,163

Morgan Stanley

05/10/19

9,167

GBP 424,582

USD 562,000

Morgan Stanley

05/10/19

(8,094)

USD 327,000

CHF 326,083

Morgan Stanley

05/10/19

6,726

NOK 7,452,966

USD 868,000

Morgan Stanley

05/10/19

(3,840)

CAD 4,306,577

USD 3,214,000

Morgan Stanley

05/10/19

1,281

USD 2,023,036

IDR 29,020,452,132

Standard Chartered Bank

06/28/19

(2,040)

EUR 10,041,108

USD 11,206,000

The Bank of New York Mellon

05/10/19

64,189

(800,757)

At April 30, 2019, the following futures contracts were outstanding for Voya Global Bond Fund:

Description	Number of Contracts		Expiration Date		Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
30-year German Government Bond		26		06/06/19		$	5,503,982		$	137,896
Australia 10-Year Bond		13		06/17/19			1,267,246			21,094
Australia 3-Year Bond		27		06/17/19			2,168,457			16,419
Canada 10-Year Bond		37		06/19/19			3,816,272			42,257
Euro-Bobl 5-Year		51		06/06/19			7,603,838			39,913
Euro-OAT		68		06/06/19			12,355,593			293,812
Euro-Schatz		178		06/06/19			22,344,333			20,075
Long Gilt		26		06/26/19			4,316,664			(6,852)
Long-Term Euro-BTP		62		06/06/19			9,072,119			297,505
Short Gilt		19		06/26/19			2,567,293			(4,043)
U.S. Treasury 2-Year Note		34		06/28/19			7,242,266			23,046
U.S. Treasury Long Bond		53		06/19/19			7,815,844			91,718
U.S. Treasury Ultra Long Bond		9		06/19/19			1,478,531			(1,988)
						$	87,552,438		$	970,852
Short Contracts
Euro-Bund		(7)		06/06/19			(1,297,887)			(17,083)
Japanese Government Bonds 10-Year Mini		(11)		06/12/19			(1,508,075)			311
U.S. Treasury 10-Year Note		(7)		06/19/19			(865,703)			(14)
U.S. Treasury 5-Year Note		(100)		06/28/19			(11,564,062)			(85,434)
U.S. Treasury Ultra 10-Year Note		(54)		06/19/19			(7,116,188)			(99,296)
						$	(22,351,915)		$	(201,516)

At April 30, 2019, 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

6-month EUR-EURIBOR

Semi-Annual

0.294%

Annual

02/10/23

EUR5,700,000

88,242

90,076

Pay

6-month GBP-LIBOR

Semi-Annual

1.483

Semi-Annual

04/29/49

GBP500,000

(2,075)

(2,085)

Pay

6-month JPY-LIBOR

Semi-Annual

(0.015)

Semi-Annual

02/13/24

JPY3,033,800,000

2,121

2,780

Pay

6-month JPY-LIBOR

Semi-Annual

0.135

Semi-Annual

02/13/29

JPY584,400,000

8,826

9,189

Pay

6-month JPY-LIBOR

Semi-Annual

0.328

Semi-Annual

02/13/34

JPY482,800,000

22,055

22,665

Pay

6-month JPY-LIBOR

Semi-Annual

0.519

Semi-Annual

02/15/39

JPY100,000,000

14,176

14,424

Pay

6-month JPY-LIBOR

Semi-Annual

0.462

Semi-Annual

05/07/39

JPY100,000,000

3,339

3,332

Pay

6-month JPY-LIBOR

Semi-Annual

0.583

Semi-Annual

02/13/44

JPY417,900,000

51,615

52,817

Pay

6-month JPY-LIBOR

Semi-Annual

0.670

Semi-Annual

02/07/49

JPY210,000,000

48,127

49,033

Pay

6-month JPY-LIBOR

Semi-Annual

0.558

Semi-Annual

04/05/49

JPY40,000,000

(2,483)

(2,451)

Pay

6-month JPY-LIBOR

Semi-Annual

0.603

Semi-Annual

05/07/49

JPY100,000,000

5,099

5,089

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

Pay/Receive
Floating Rate

Floating Rate Index

Floating
Rate Index
Payment
Frequency

Fixed
Rate

Fixed Rate
Payment
Frequency

Maturity
Date

Notional
Amount

Fair
Value

Unrealized
Appreciation/
(Depreciation)

Pay

1-month USD-LIBOR

Monthly

2.726

Monthly

12/27/28

USD833,000

25,426

Pay

1-month USD-LIBOR

Monthly

2.466

Monthly

01/07/29

USD616,000

4,745

Pay

3-month USD-LIBOR

Quarterly

2.504

Semi-Annual

04/26/29

USD3,695,000

4,156

Pay

3-month USD-LIBOR

Quarterly

2.508

Semi-Annual

04/26/29

USD5,016,000

7,301

Pay

3-month USD-LIBOR

Quarterly

2.511

Semi-Annual

04/26/29

USD4,799,000

8,272

Pay

3-month USD-LIBOR

Quarterly

2.511

Semi-Annual

04/26/29

USD4,347,000

7,648

Pay

3-month USD-LIBOR

Quarterly

2.487

Semi-Annual

05/02/29

USD10,033,000

(2,693)

Pay

1-month USD-LIBOR

Monthly

2.400

Monthly

10/27/32

USD3,090,000

(30,097)

(29,699)

Pay

1-month USD-LIBOR

Monthly

2.488

Monthly

10/27/47

USD1,600,000

(31,674)

(31,452)

Receive

6-month EUR-EURIBOR

Semi-Annual

1.129

Annual

02/16/46

EUR1,300,000

(8,916)

(15,415)

Receive

1-month USD-LIBOR

Monthly

1.720

Monthly

10/27/19

USD11,090,000

40,700

40,108

Receive

1-month USD-LIBOR

Monthly

2.371

Monthly

03/05/20

USD9,500,000

3,939

Receive

1-month USD-LIBOR

Monthly

2.798

Monthly

09/14/20

USD6,000,000

(36,291)

Receive

1-month USD-LIBOR

Monthly

1.079

Monthly

04/04/21

USD20,500,000

460,277

460,278

Receive

1-month USD-LIBOR

Monthly

1.983

Monthly

10/27/22

USD18,400,000

130,990

129,472

Receive

1-month USD-LIBOR

Monthly

2.514

Monthly

01/24/25

USD2,130,000

(31,841)

Receive

1-month USD-LIBOR

Monthly

2.728

Monthly

03/01/25

USD2,360,000

(63,361)

Receive

1-month USD-LIBOR

Monthly

2.843

Monthly

04/30/25

USD2,600,000

(90,275)

Receive

1-month USD-LIBOR

Monthly

3.053

Monthly

10/18/25

USD1,140,000

(54,551)

Receive

1-month USD-LIBOR

Monthly

2.210

Monthly

10/27/26

USD3,420,000

21,054

20,686

Receive

1-month USD-LIBOR

Monthly

2.681

Monthly

02/02/28

USD1,970,000

(52,694)

Receive

1-month USD-LIBOR

Monthly

3.099

Monthly

10/18/28

USD1,600,000

(99,931)

Receive

1-month USD-LIBOR

Monthly

2.390

Monthly

12/11/32

USD1,270,000

14,375

Receive

1-month USD-LIBOR

Monthly

3.148

Monthly

10/18/33

USD530,000

(42,252)

Receive

1-month USD-LIBOR

Monthly

2.940

Monthly

08/03/48

USD500,000

(37,514)

385,835

383,306

At April 30, 2019, the following over-the-counter purchased interest rate swaptions were outstanding for Voya Global Bond Fund:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Cost

Fair Value

Call on 5-Year Interest Rate Swap(1)

Barclays Bank PLC

Receive

2.686%

3-month USD-LIBOR

04/30/24

USD 16,679,000

440,951

Put on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

3.000%

3-month USD-LIBOR

05/28/19

USD 33,442,000

70,228

179

Put on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

3.050%

3-month USD-LIBOR

06/03/19

USD 25,537,000

52,351

219

Put on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

3.050%

3-month USD-LIBOR

06/03/19

USD 16,721,000

35,950

144

Put on 5-Year Interest Rate Swap(2)

Barclays Bank PLC

Pay

2.686%

3-month USD-LIBOR

04/30/24

USD 16,679,000

440,951

1,040,431

882,444

At April 30, 2019, the following over-the-counter written interest rate swaptions were outstanding for Voya Global Bond Fund:

Description

Counterparty

Pay/
Receive
Exercise
Rate

Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premiums
Received

Fair Value

Call on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

2.500%

3-month USD-LIBOR

05/28/19

USD 33,442,000

90,293

(178,572)

Call on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

2.500%

3-month USD-LIBOR

06/03/19

USD 25,537,000

70,227

(149,309)

Call on 10-Year Interest Rate Swap(2)

Citibank N.A.

Pay

2.500%

3-month USD-LIBOR

06/03/19

USD 16,721,000

45,147

(97,764)

205,667

(425,645)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

At April 30, 2019, the following over-the-counter forward premium swaptions were outstanding for Voya Global Bond Fund:

Description

Counterparty

Exercise
Rate(3)

Pay/
Receive
Exercise
Rate

Floating Rate
Index

Expiration
Date

Notional
Amount

Premium
receivable/
(payable)
at expiration(4)

Unrealized
Appreciation/
(Depreciation)

Call on 5-Year Interest Rate Swap (Purchased)

Bank of America N.A.

5.250%

Receive

3-month USD-LIBOR

02/21/20

USD 4,332,000

(2,274,300)

(15,356)

Call on 5-Year Interest Rate Swap (Purchased)

Goldman Sachs
International

5.130%

Receive

3-month USD-LIBOR

03/16/20

USD 7,010,000

(359,613)

(16,715)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services LLC

4.960%

Receive

3-month USD-LIBOR

04/29/20

USD 26,123,000

(1,294,395)

(14,785)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services LLC

5.280%

Receive

3-month USD-LIBOR

02/24/20

USD 3,638,000

(191,995)

(13,769)

Call on 5-Year Interest Rate Swap (Purchased)

Morgan Stanley
Capital Services LLC

5.290%

Receive

3-month USD-LIBOR

02/27/20

USD 12,899,000

(683,002)

(51,192)

(4,803,305)

(111,817)

(1)

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

(2)

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

(3)

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.

(4)

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

Currency Abbreviations

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

COP – Colombian Peso

CNY – Chinese Yuan

CZK – Czech Koruna

DKK – Danish Krone

EUR – EU Euro

GBP – British Pound

HKD – Hong Kong Sar Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

PLN – Polish Zloty

RON – Romanian New Leu

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (Unaudited) (continued)

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

The fair value of derivative instruments as of April 30, 2019 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Interest rate contracts	Investments in securities at value*		$	882,444
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts			1,357,008
Interest rate contracts	Net Assets — Unrealized appreciation**			984,046
Interest rate contracts	Net Assets — Unrealized appreciation***			975,811
Total Asset Derivatives			$	4,199,309
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	2,157,765
Interest rate contracts	Unrealized depreciation on forward premium swaptions			111,817
Interest rate contracts	Net Assets — Unrealized depreciation**			214,710
Interest rate contracts	Net Assets — Unrealized depreciation***			592,505
Interest rate contracts	Written options, at fair value			425,645
Total Liability Derivatives			$	3,502,442

Includes purchased options.

Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

***

Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 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		$	—		$	—		$	—		$	(4,372)		$	—		$	(4,372)
Equity contracts			—			—			(128,702)			—			—			(128,702)
Foreign exchange contracts			—			(1,874,599)			—			—			—			(1,874,599)
Interest rate contracts			(1,401,691)			—			337,093			1,657,965			(117,591)			475,776
Total		$	(1,401,691)		$	(1,874,599)		$	208,391		$	1,653,593		$	(117,591)		$	(1,531,897)

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

Derivatives not accounted for as hedging instruments	Investments*			Forward foreign currency contracts			Futures			Swaps			Written options			Total
Foreign exchange contracts		$	—		$	510,176		$	—		$	—		$	—		$	510,176
Interest rate contracts			(222,014)			—			1,112,671			(4,242,427)			396,075			(2,955,695)
Total		$	(222,014)		$	510,176		$	1,112,671		$	(4,242,427)		$	396,075		$	(2,445,519)

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Bond Fund

as of April 30, 2019 (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, 2019:

	Bank of America N.A			Barclays Bank PLC			BNP Paribas			Citibank N.A.			Deutsche Bank AG			Goldman Sachs International			HBSC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley			Morgan Stanley Capital Services LLC			Standard Chartered Bank			The Bank of New York Mellon			Totals
Assets:
Purchased options		$	—		$	881,902		$	—		$	542		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	882,444
Forward foreign currency contracts			—			161,393			31,742			140,490			1,914			476,575			97,322			218,742			164,641			—			—			64,189			1,357,008
Total Assets		$	—		$	1,043,295		$	31,742		$	141,032		$	1,914		$	476,575		$	97,322		$	218,742		$	164,641		$	—		$	—		$	64,189		$	2,239,452
Liabilities:
Forward foreign currency contracts		$	—		$	358,683		$	31,844		$	153,547		$	—		$	351,095		$	75,469		$	969,254		$	215,833		$	—		$	2,040		$	—		$	2,157,765
Forward premium swaptions			15,356			—			—			—			—			16,715			—			—			—			79,746			—			—			111,817
Written options			—			—			—			425,645			—			—			—			—			—			—			—			—			425,645
Total Liabilities		$	15,356		$	358,683		$	31,844		$	579,192		$	—		$	367,810		$	75,469		$	969,254		$	215,833		$	79,746		$	2,040		$	—		$	2,695,227
Net OTC derivative instruments by counterparty, at fair value		$	(15,356)		$	684,612		$	(102)		$	(438,160)		$	1,914		$	108,765		$	21,853		$	(750,512)		$	(51,192)		$	(79,746)		$	(2,040)		$	64,189		$	(455,775)
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—		$	438,160		$	—		$	(10,000)					$	570,000		$	—		$	—		$	—		$	—		$	998,160
Net Exposure(1)(2)		$	(15,356)		$	684,612		$	(102)		$	—		$	1,914		$	98,765		$	21,853		$	(180,512)		$	(51,192)		$	(79,746)		$	(2,040)		$	64,189		$	542,385

(1)

(2)

At April 30, 2019, the Fund had pledged $100,000 and $534,000 in cash collateral to Barclays Bank PLC and Citibank N.A., respectively. Excess cash collateral is not shown for financial reporting purposes.

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $305,721,561.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	7,308,159
Gross Unrealized Depreciation		(6,009,447)
Net Unrealized Appreciation	$	1,298,712

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 99.3%
			Australia: 3.2%
	61,984		Wesfarmers Ltd.		$	1,573,296		0.6
	722,320		Other Securities			6,325,170		2.6
						7,898,466		3.2
			Belgium: 0.5%
	16,425		Other Securities			1,305,446		0.5
			Canada: 5.1%
	18,677		Bank of Montreal			1,475,256		0.6
	18,412		Canadian Imperial Bank of Commerce - XTSE			1,550,390		0.6
	16,733		Waste Connections, Inc.			1,552,320		0.6
	228,109		Other Securities			8,119,296		3.3
						12,697,262		5.1
			China: 0.5%
	12,384,500	(1)	Other Securities			1,275,189		0.5
			Denmark: 0.7%
	34,816		Novo Nordisk A/S			1,705,794		0.7
			Finland: 0.8%
	50,702		Other Securities			2,050,960		0.8
			France: 1.4%
	156,377		Other Securities			3,497,784		1.4
			Germany: 1.9%
	294,577		Other Securities			4,769,640		1.9
			Hong Kong: 1.6%
	811,200		Other Securities			4,025,736		1.6
			Israel: 0.3%
	103,906		Other Securities			711,543		0.3
			Italy: 1.2%
	79,315		Assicurazioni Generali S.p.A.			1,538,878		0.6
	269,389		Other Securities			1,371,434		0.6
						2,910,312		1.2
			Japan: 7.0%
	5,400		Oracle Corp. Japan			370,266		0.1
	647,769		Other Securities			16,973,786		6.9
						17,344,052		7.0
			Netherlands: 3.5%
	17,299	(2)	ABN AMRO Group NV			407,433		0.2
	34,296		NN Group NV			1,496,670		0.6
	88,558		Royal Dutch Shell PLC - Class A			2,821,588		1.1
	169,601		Other Securities			3,950,587		1.6
						8,676,278		3.5
			New Zealand: 0.3%
	261,889		Other Securities			642,591		0.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Norway: 0.7%
	105,976		Other Securities		$	1,613,046		0.7
			Singapore: 0.7%
	571,200		Other Securities			1,705,031		0.7
			Spain: 2.2%
	7,772	(2)	Aena SME SA			1,443,015		0.6
	154,447		Other Securities			4,000,312		1.6
						5,443,327		2.2
			Switzerland: 2.3%
	17,296		Nestle SA			1,665,218		0.7
	9,229		Roche Holding AG			2,435,195		1.0
	4,957		Zurich Insurance Group AG			1,580,133		0.6
						5,680,546		2.3
			United Kingdom: 5.2%
	91,691		GlaxoSmithKline PLC			1,883,631		0.8
	435,668		Legal & General Group PLC			1,584,323		0.6
	1,955,126		Other Securities			9,452,596		3.8
						12,920,550		5.2
			United States: 60.2%
	23,443		AbbVie, Inc.			1,861,140		0.8
	31,311		Aflac, Inc.			1,577,448		0.6
	8,393		Air Products & Chemicals, Inc.			1,727,195		0.7
	33,163		Altria Group, Inc.			1,801,746		0.7
	16,259		Amphenol Corp.			1,618,746		0.7
	23,743		Apple, Inc.			4,764,508		1.9
	74,939		AT&T, Inc.			2,320,111		0.9
	58,615		Bank of America Corp.			1,792,447		0.7
	32,854		Bristol-Myers Squibb Co.			1,525,411		0.6
	13,906		Broadridge Financial Solutions, Inc. ADR			1,642,716		0.7
	20,039		Chevron Corp.			2,405,882		1.0
	53,228		Cisco Systems, Inc.			2,978,107		1.2
	15,580		Eli Lilly & Co.			1,823,483		0.7
	25,494		Exxon Mobil Corp.			2,046,658		0.8
	29,167		Flir Systems, Inc.			1,544,101		0.6
	29,293		General Mills, Inc.			1,507,711		0.6
	12,602		Hershey Co.			1,573,360		0.6
	12,424		Honeywell International, Inc.			2,157,179		0.9
	45,337		Intel Corp.			2,314,000		0.9
	15,176		International Business Machines Corp.			2,128,737		0.9
	25,699		Johnson & Johnson			3,628,699		1.5
	17,690		JPMorgan Chase & Co.			2,052,924		0.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United States (continued)
	53,061		Juniper Networks, Inc.		$	1,473,504		0.6
	11,652		McDonald’s Corp.			2,302,086		0.9
	31,842		Merck & Co., Inc.			2,506,284		1.0
	24,183		Microsoft Corp.			3,158,300		1.3
	41,077		Oracle Corp.			2,272,790		0.9
	18,564		Paychex, Inc.			1,565,131		0.6
	18,336		PepsiCo, Inc.			2,347,925		0.9
	65,775		Pfizer, Inc.			2,671,123		1.1
	24,619		Philip Morris International, Inc.			2,131,021		0.9
	22,236		Procter & Gamble Co.			2,367,689		1.0
	18,237		Texas Instruments, Inc.			2,148,866		0.9
	14,880		Total System Services, Inc.			1,521,331		0.6
	20,000		Tyson Foods, Inc.			1,500,200		0.6
	15,440		Waste Management, Inc.			1,657,330		0.7
	41,474		Wells Fargo & Co.			2,007,756		0.8
	1,764,554	(3)	Other Securities			70,865,065		28.6
						149,288,710		60.2
			Total Common Stock (Cost $235,941,722)			246,162,263		99.3
EXCHANGE-TRADED FUNDS: 0.3%
	5,442		Other Securities			757,604		0.3
			Total Exchange-Traded Funds (Cost $715,068)			757,604		0.3
			Total Long-Term Investments (Cost $236,656,790)			246,919,867		99.6

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.4%

Securities Lending Collateral(4): 0.2%

413,476

BNP Paribas S.A.,
Repurchase Agreement
dated 04/30/19, 2.70%, due
05/01/19 (Repurchase
Amount $413,507,
collateralized by various U.S.
Government Securities,
0.000%-8.750%, Market
Value plus accrued interest
$421,745, due
05/21/19-09/09/49)
(Cost $413,476)

413,476

0.2

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
			Mutual Funds: 0.2%
	490,000	(5)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330% (Cost $490,000)		$	490,000		0.2
			Total Short-Term Investments (Cost $903,476)			903,476		0.4
			Total Investments in Securities (Cost $237,560,266)		$	247,823,343		100.0
			Liabilities in Excess of Other Assets			(11,187)		—
			Net Assets		$	247,812,156		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

(1)

The grouping contains Level 3 securities.

(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)

The grouping contains securities on loan.

(4)

Represents securities purchased with cash collateral received for securities on loan.

(5)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Information Technology		20.3%
Financials		18.0
Industrials		11.9
Health Care		10.6
Consumer Staples		10.1
Consumer Discretionary		8.0
Communication Services		6.0
Energy		5.6
Utilities		4.3
Materials		3.4
Real Estate		1.1
Exchange-Traded Funds		0.3
Short-Term Investments		0.4
Liabilities in Excess of Other Assets		—
Net Assets		100.0%

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	7,898,466		$	—		$	7,898,466
Belgium			—			1,305,446			—			1,305,446
Canada			12,697,262			—			—			12,697,262
China			—			1,275,189			—			1,275,189
Denmark			—			1,705,794			—			1,705,794
Finland			—			2,050,960			—			2,050,960
France			—			3,497,784			—			3,497,784
Germany			525,115			4,244,525			—			4,769,640
Hong Kong			478,972			3,546,764			—			4,025,736
Israel			—			711,543			—			711,543
Italy			—			2,910,312			—			2,910,312
Japan			—			17,344,052			—			17,344,052
Netherlands			1,334,302			7,341,976			—			8,676,278
New Zealand			—			642,591			—			642,591
Norway			—			1,613,046			—			1,613,046
Singapore			—			1,705,031			—			1,705,031
Spain			—			5,443,327			—			5,443,327
Switzerland			—			5,680,546			—			5,680,546
United Kingdom			—			12,920,550			—			12,920,550
United States			149,288,710			—			—			149,288,710
Total Common Stock			164,324,361			81,837,902			—			246,162,263
Exchange-Traded Funds			757,604			—			—			757,604
Short-Term Investments			490,000			413,476			—			903,476
Total Investments, at fair value		$	165,571,965		$	82,251,378		$	—		$	247,823,343

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $824,743 were transferred from Level 2 to Level 1 within the fair value hierarchy.

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, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $237,587,158.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	21,027,592
Gross Unrealized Depreciation		(10,774,695)
Net Unrealized Appreciation	$	10,252,897

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Perspectives® Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
EXCHANGE-TRADED FUNDS: 9.9%
	207,391		iShares Global REIT ETF		$	5,504,157		9.9
			Total Exchange-Traded Funds (Cost $5,419,374)			5,504,157		9.9
MUTUAL FUNDS: 89.8%
			Affiliated Investment Companies: 89.8%
	257,859		Voya Corporate Leaders® 100 Fund - Class R6			5,574,907		10.1
	578,160		Voya Global Bond Fund - Class R6			5,463,615		9.8
	655,098		Voya GNMA Income Fund - Class I			5,470,069		9.9
	697,160		Voya High Yield Bond Fund - Class R6			5,542,420		10.0
	548,984		Voya Intermediate Bond Fund - Class R6			5,489,844		9.9
	235,294	(1)	Voya MidCap Opportunities Fund - Class R6			5,665,879		10.2

Shares			Value			Percentage of Net Assets
MUTUAL FUNDS: (continued)
		Affiliated Investment Companies (continued)
	454,492	Voya Multi-Manager Emerging Markets Equity Fund - Class I		$	5,594,795		10.1
	579,127	Voya Multi-Manager International Factors Fund - Class I			5,472,754		9.9
	382,881	Voya Small Company Fund - Class R6			5,479,029		9.9
		Total Mutual Funds (Cost $49,388,641)			49,753,312		89.8
		Total Investments in Securities (Cost $54,808,015)		$	55,257,469		99.7
		Assets in Excess of Other Liabilities			157,598		0.3
		Net Assets		$	55,415,067		100.0

(1)

Non-income producing security.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 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, 2019
Asset Table
Investments, at fair value
Exchange-Traded Funds		$	5,504,157		$	—		$	—		$	5,504,157
Mutual Funds			49,753,312			—			—			49,753,312
Total Investments, at fair value		$	55,257,469		$	—		$	—		$	55,257,469

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 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, 2019, where the following issuers were considered an affiliate:

Issuer	Beginning Fair Value at 10/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 4/30/19			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya Corporate Leaders® 100 Fund - Class R6		$	5,203,336		$	1,148,042		$	(683,220)		$	(93,251)		$	5,574,907		$	101,416		$	105,249		$	355,710
Voya Global Bond Fund - Class R6			5,193,221			843,986			(617,423)			43,831			5,463,615			82,731			30,408			—
Voya Global Real Estate Fund - Class R6			5,127,859			911,763			(6,813,038)			773,416			—			33,908			(971,588)			584,783

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Global Perspectives® Fund

as of April 30, 2019 (Unaudited) (continued)

Issuer	Beginning Fair Value at 10/31/18			Purchases at Cost			Sales at Cost			Change in Unrealized Appreciation/ (Depreciation)			Ending Fair Value at 4/30/19			Investment Income			Realized Gains/ (Losses)			Net Capital Gain Distributions
Voya GNMA Income Fund - Class I			5,183,018			858,010			(745,433)			174,474			5,470,069			74,270			(22,773)			—
Voya High Yield Bond Fund - Class R6			5,218,200			652,962			(474,615)			145,873			5,542,420			147,587			(1,352)			—
Voya Intermediate Bond Fund - Class R6			5,181,577			811,609			(712,904)			209,562			5,489,844			90,242			(13,854)			—
Voya MidCap Opportunities Fund - Class R6			5,243,097			1,356,579			(832,383)			(101,414)			5,665,879			—			(40,458)			791,489
Voya Multi-Manager Emerging Markets Equity Fund - Class I			5,266,368			430,395			(726,905)			624,937			5,594,795			51,659			127,913			—
Voya Multi-Manager International Factors Fund - Class I			5,214,187			824,814			(515,630)			(50,617)			5,472,754			136,771			20,605			206,864
Voya Small Company Fund - Class R6			5,186,266			1,552,730			(1,097,243)			(162,724)			5,479,029			13,046			(179,862)			749,582
		$	52,017,129		$	9,390,890		$	(13,218,794)		$	1,564,087		$	49,753,312		$	731,630		$	(945,712)		$	2,688,428

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

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $55,480,970.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	1,238,625
Gross Unrealized Depreciation		(1,462,125)
Net Unrealized Appreciation	$	(223,500)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.4%
			Australia: 6.2%
	23,079		Altium Ltd.		$	551,550		0.3
	410,707		Beach Energy Ltd.			615,875		0.4
	131,455		Charter Hall Group			910,550		0.5
	95,651		Iluka Resources Ltd.			583,682		0.4
	125,112		OZ Minerals Ltd.			880,947		0.5
	2,967,331	(1)	Other Securities			6,989,356		4.1
						10,531,960		6.2
			Austria: 0.9%
	11,669		Rhi Magnesita NV			756,249		0.4
	30,733	(1)(2)	Other Securities			788,243		0.5
						1,544,492		0.9
			Azerbaijan: 0.0%
	14,821		Other Securities			17,394		0.0
			Belgium: 1.0%
	127,401	(1)	Other Securities			1,717,284		1.0
			Brazil: 0.1%
	12,922		Other Securities			195,327		0.1
			Canada: 7.5%
	18,700		iA Financial Corp., Inc.			744,538		0.4
	12,388		West Fraser Timber Co., Ltd.			637,755		0.4
	1,549,815	(1)(2)	Other Securities			11,360,590		6.7
						12,742,883		7.5
			China: 2.7%
	512,558		Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. - A Shares			602,022		0.4
	7,213,172	(1)(3)	Other Securities			3,918,097		2.3
						4,520,119		2.7
			Denmark: 0.8%
	76,557		Other Securities			1,367,169		0.8
			Finland: 1.2%
	149,871	(1)	Other Securities			2,016,696		1.2
			France: 6.3%
	5,346		Arkema SA			548,911		0.3
	5,329		Eiffage SA			556,409		0.3
	3,341	(4)	ID Logistics Group			597,316		0.4
	21,793	(4)(5)	Maisons du Monde SA			469,229		0.3
	6,416	(4)	SOITEC			649,841		0.4
	4,460		Teleperformance			857,397		0.5
	12,128	(4)	UbiSoft Entertainment			1,158,692		0.7
	3,616	(4)(5)	Worldline SA/France			227,907		0.1
	354,556	(1)(2)	Other Securities			5,606,901		3.3
						10,672,603		6.3
			Germany: 4.1%
	6,941		Amadeus Fire AG			926,282		0.6
	55,433		Deutz AG			547,790		0.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Germany (continued)
	4,170	(5)(6)	Scout24 AG		$	214,679		0.1
	175,795	(1)(2)	Other Securities			5,265,654		3.1
						6,954,405		4.1
			Greece: 0.1%
	10,413		Other Securities			87,148		0.1
			Hong Kong: 2.2%
	405,064		Road King Infrastructure			919,838		0.5
	12,799,961	(1)(3)	Other Securities			2,840,429		1.7
						3,760,267		2.2
			India: 0.1%
	70,215	(1)(3)	Other Securities			195,302		0.1
			Indonesia: 0.1%
	2,614,417	(1)	Other Securities			116,474		0.1
			Ireland: 0.6%
	283,414	(1)(2)	Other Securities			1,095,376		0.6
			Israel: 2.2%
	171,835		Israel Discount Bank Ltd.			670,788		0.4
	25,716		Mizrahi Tefahot Bank Ltd.			556,677		0.3
	515,548	(1)(2)	Other Securities			2,557,736		1.5
						3,785,201		2.2
			Italy: 5.8%
	59,064	(5)	Anima Holding SpA			235,395		0.1
	66,626		Autogrill S.p.A.			647,467		0.4
	22,817		ASTM SpA			581,387		0.4
	20,512		Banca Generali SpA			579,567		0.3
	27,868	(4)(5)(6)	Gima TT SpA			221,458		0.1
	200,102		Hera SpA			712,316		0.4
	49,439	(5)	Infrastrutture Wireless Italiane SpA			409,801		0.3
	17,762		Interpump Group SpA			667,929		0.4
	86,980	(4)(5)(6)	OVS SpA			181,506		0.1
	27,261		Salvatore Ferragamo Italia SpA			618,495		0.4
	16,720	(4)(5)	Technogym SpA			205,175		0.1
	792,756	(1)(2)	Other Securities			4,734,885		2.8
						9,795,381		5.8
			Japan: 23.6%
	22,500		Advantest Corp.			638,071		0.4
	15,719		Asahi Intecc Co. Ltd.			796,308		0.5
	42,600		Infocom Corp.			819,239		0.5
	24,400		Net One systems Co., Ltd.			633,519		0.4
	11,013		Nippon Shinyaku Co., Ltd.			760,446		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Japan (continued)
	14,600		SCSK Corp.		$	693,803		0.4
	34,978		Yuasa Trading Co., Ltd.			997,822		0.6
	23,000		Zenkoku Hosho Co. Ltd.			807,616		0.5
	2,844,247	(1)(2)	Other Securities			33,954,053		19.9
						40,100,877		23.6
			Liechtenstein: 0.0%
	415		Other Securities			60,522		0.0
			Malaysia: 0.3%
	1,491,797	(1)	Other Securities			515,176		0.3
			Mexico: 0.0%
	137,436	(1)	Other Securities			72,088		0.0
			Netherlands: 1.3%
	6,189	(5)	Euronext NV			430,026		0.3
	10,892	(5)	Intertrust NV			207,041		0.1
	511,074	(1)(2)(3)	Other Securities			1,550,557		0.9
						2,187,624		1.3
			New Zealand: 0.3%
	292,317	(1)	Other Securities			479,155		0.3
			Norway: 1.6%
	73,291		Kongsberg Gruppen ASA			1,062,480		0.6
	7,502		SpareBank 1 Nord Norge			57,177		0.1
	59,056		SpareBank 1 SMN			640,645		0.4
	293,925	(1)	Other Securities			888,420		0.5
						2,648,722		1.6
			Philippines: 0.0%
	205,100		Other Securities			57,788		0.0
			Poland: 0.1%
	43,945	(1)	Other Securities			166,548		0.1
			Portugal: 0.3%
	88,854		Other Securities			547,890		0.3
			Qatar: 0.1%
	26,127		Other Securities			96,880		0.1
			Singapore: 1.2%
	533,000		IGG, Inc.			675,766		0.4
	1,944,745	(1)	Other Securities			1,391,947		0.8
						2,067,713		1.2
			South Africa: 0.3%
	322,388	(1)	Other Securities			584,512		0.3
			South Korea: 3.1%
	295,906	(1)	Other Securities			5,282,156		3.1
			Spain: 1.6%
	61,207		Melia Hotels International SA			606,672		0.4

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Spain (continued)
	71,988	(5)	Prosegur Cash SA		$	154,813		0.1
	173,077	(1)	Other Securities			1,962,255		1.1
						2,723,740		1.6
			Sweden: 2.9%
	31,846	(5)	Dometic Group AB			290,937		0.2
	2,669	(5)	Evolution Gaming Group AB			274,025		0.1
	30,196	(5)	Resurs Holding AB			186,927		0.1
	636,684	(1)	Other Securities			4,225,153		2.5
						4,977,042		2.9
			Switzerland: 4.4%
	15,325		Logitech International SA			600,525		0.3
	1,506		Swiss Life Holding AG			708,013		0.4
	5,997		Tecan Group AG			1,353,829		0.8
	6,187	(4)(5)	Wizz Air Holdings PLC			274,458		0.2
	76,871	(2)	Other Securities			4,599,465		2.7
						7,536,290		4.4
			Taiwan: 1.0%
	2,431,420		Other Securities			1,784,620		1.0
			Thailand: 0.9%
	814,900		Thanachart Capital PCL			1,353,839		0.8
	238,896		Other Securities			90,807		0.1
						1,444,646		0.9
			Turkey: 0.1%
	444,042		Other Securities			116,202		0.1
			United Kingdom: 12.9%
	40,300	(5)	Auto Trader Group PLC			297,913		0.2
	184,796		B&M European Value Retail SA			952,676		0.6
	103,144	(5)	ConvaTec Group PLC			186,814		0.1
	139,746		Drax Group PLC			622,396		0.4
	40,090		Hikma Pharmaceuticals PLC			925,117		0.5
	82,600		JD Sports Fashion PLC			678,989		0.4
	134,372		OneSavings Bank PLC			764,021		0.4
	54,365		Softcat PLC			644,408		0.4
	3,392,067	(1)(2)	Other Securities			16,844,179		9.9
						21,916,513		12.9

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United States: 0.5%
	132,510	(1)	Other Securities		$	849,189		0.5
			Total Common Stock (Cost $158,238,903)			167,331,374		98.4
EXCHANGE-TRADED FUNDS: 0.4%
	16,915		Vanguard FTSE Developed Markets ETF			710,938		0.4
			Total Exchange-Traded Funds (Cost $692,162)			710,938		0.4
PREFERRED STOCK: 0.5%
			Germany: 0.5%
	11,528	(6)	Draegerwerk AG & Co. KGaA			691,747		0.4
	5,779		Other Securities			140,874		0.1
						832,621		0.5
			South Africa: 0.0%
	776		Other Securities			39,492		0.0
			Sweden: 0.0%
	267		Other Securities			9,278		0.0
			United Kingdom: 0.0%
	193,515	(1)	Other Securities			252		0.0
			Total Preferred Stock (Cost $789,181)			881,643		0.5
			Total Long-Term Investments (Cost $159,720,246)			168,923,955		99.3

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 2.2%

Securities Lending Collateral(7): 1.6%

739,553

BNP Paribas S.A.,
Repurchase
Agreement dated
04/30/19, 2.70%,
due 05/01/19
(Repurchase
Amount $739,608,
collateralized by
various U.S.
Government
Securities,
0.000%-8.750%,
Market Value plus
accrued interest
$754,344, due
05/21/19-09/09/49)

739,553

0.4

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
		Securities Lending Collateral(7) (continued)
	1,000,000	Millennium Fixed Income Ltd., Repurchase Agreement dated 04/30/19, 2.90%, due 05/01/19 (Repurchase Amount $1,000,079, collateralized by various U.S. Government Securities, 0.125%-2.875%, Market Value plus accrued interest $1,020,000, due 04/15/20-10/15/21)		$	1,000,000		0.6
	1,000,000	RBC Dominion Securities Inc., Repurchase Agreement dated 04/30/19, 2.72%, due 05/01/19 (Repurchase Amount $1,000,075, collateralized by various U.S. Government Agency Obligations, 2.652%-7.000%, Market Value plus accrued interest $1,020,000, due 04/01/34-04/20/49)			1,000,000		0.6
					2,739,553		1.6

Shares				Value		Percentage of Net Assets
			Mutual Funds: 0.6%
	1,071,435	(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $1,071,435)		1,071,435		0.6
			Total Short-Term Investments (Cost $3,810,988)		3,810,988		2.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
	Total Investments in Securities (Cost $163,531,234)		$	172,734,943		101.5
	Liabilities in Excess of Other Assets			(2,554,509)		(1.5)
	Net Assets		$	170,180,434		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(2)

The grouping contains securities on loan.

(3)

The grouping contains Level 3 securities.

(4)

Non-income producing security.

(5)

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.

(6)

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

(7)

Represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Industrials		21.7%
Consumer Discretionary		12.7
Information Technology		12.2
Financials		10.6
Health Care		10.3
Materials		10.3
Real Estate		6.5
Energy		4.5
Communication Services		4.4
Consumer Staples		3.2
Utilities		2.5
Exchange-Traded Funds		0.4
Short-Term Investments		2.2
Liabilities in Excess of Other Assets		(1.5)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	164,957		$	10,367,003		$	—		$	10,531,960
Austria			102,141			1,442,351			—			1,544,492
Azerbaijan			17,394			—			—			17,394
Belgium			426,880			1,290,404			—			1,717,284
Brazil			195,327			—			—			195,327
Canada			12,357,198			385,685			—			12,742,883
China			226,213			4,293,906			—			4,520,119
Denmark			66,007			1,301,162			—			1,367,169
Finland			442,821			1,573,875			—			2,016,696
France			2,341,406			8,331,197			—			10,672,603
Germany			1,817,722			5,136,683			—			6,954,405
Greece			24,026			63,122			—			87,148
Hong Kong			629,203			3,131,064			—			3,760,267
India			83,271			112,031			—			195,302
Indonesia			36,328			80,146			—			116,474
Ireland			495,789			599,587			—			1,095,376

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (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, 2019
Israel			1,452,541			2,332,660				—			3,785,201
Italy			791,669			9,003,712				—			9,795,381
Japan			87,830			40,013,047				—			40,100,877
Liechtenstein			60,522			—				—			60,522
Malaysia			151,596			363,580				—			515,176
Mexico			72,088			—				—			72,088
Netherlands			5,232			2,182,392				—			2,187,624
New Zealand			79,668			399,487				—			479,155
Norway			—			2,648,722				—			2,648,722
Philippines			8,158			49,630				—			57,788
Poland			32,562			133,986				—			166,548
Portugal			88,499			459,391				—			547,890
Qatar			96,880			—				—			96,880
Singapore			207,090			1,860,623				—			2,067,713
South Africa			527,684			56,828				—			584,512
South Korea			584,228			4,697,928				—			5,282,156
Spain			309,362			2,414,378				—			2,723,740
Sweden			1,393,918			3,583,124				—			4,977,042
Switzerland			305,575			7,230,715				—			7,536,290
Taiwan			21,850			1,762,770				—			1,784,620
Thailand			28,751			1,415,895				—			1,444,646
Turkey			9,067			107,135				—			116,202
United Kingdom			5,977,600			15,938,913				—			21,916,513
United States			849,189			—				—			849,189
Total Common Stock			32,568,242			134,763,132				—			167,331,374
Exchange-Traded Funds			710,938			—				—			710,938
Preferred Stock			881,391			252				—			881,643
Short-Term Investments			1,071,435			2,739,553				—			3,810,988
Total Investments, at fair value		$	35,232,006		$	137,502,937			$	—		$	172,734,943
Other Financial Instruments+
Forward Foreign Currency Contracts			—			751				—			751
Total Assets		$	35,232,006		$	137,503,688			$	—		$	172,735,694
Liabilities Table							��
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(127)			$	—		$	(127)
Total Liabilities		$	—		$	(127)			$	—		$	(127)

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $4,635,880 and $8,156,629 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (Unaudited) (continued)

At April 30, 2019, 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 10,794

EUR 9,658

Bank of America N.A.

05/02/19

(39)

USD 81,403

SEK 772,582

Bank of America N.A.

05/03/19

388

HKD 86,098

USD 10,977

Bank of America N.A.

05/03/19

(3)

USD 56,634

EUR 50,500

Bank of America N.A.

05/03/19

USD 32,979

SGD 44,867

Bank of America N.A.

05/03/19

JPY 2,609,268

USD 23,282

Bank of America N.A.

05/07/19

152

JPY 1,770,646

USD 15,870

Bank of America N.A.

05/08/19

JPY 2,712,962

USD 24,317

Bank of America N.A.

05/09/19

HKD 187,024

USD 23,839

HSBC Bank USA N.A.

05/03/19

(1)

USD 24,607

JPY 2,748,994

HSBC Bank USA N.A.

05/07/19

(82)

HKD 183,993

USD 23,456

Standard Chartered Bank

05/02/19

(2)

USD 85

MYR 353

The Bank of New York Mellon

05/02/19

—

624

Currency Abbreviations

EUR – EU Euro

HKD – Hong Kong Sar Dollar

JPY – Japanese Yen

MYR – Malaysian Ringgit

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

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

The fair value of derivative instruments as of April 30, 2019 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		$	751
Total Asset Derivatives			$	751
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	127
Total Liability Derivatives			$	127

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(19,059)
Total		$	(19,059)

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	300
Total		$	300

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Small Cap Fund

as of April 30, 2019 (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, 2019:

	Bank of America N.A.			HSBC Bank USA N.A.			Standard Chartered Bank			Totals
Assets:
Forward foreign currency contracts		$	751		$	—		$	—		$	751
Total Assets		$	751		$	—		$	—		$	751
Liabilities:
Forward foreign currency contracts		$	42		$	83		$	2		$	127
Total Liabilities		$	42		$	83		$	2		$	127
Net OTC derivative instruments by counterparty, at fair value		$	709		$	(83)		$	(2)		$	624
Total collateral pledged by the Fund/ (Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	709		$	(83)		$	(2)		$	624

(1)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $164,681,715.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	27,315,912
Gross Unrealized Depreciation		(18,688,761)
Net Unrealized Appreciation	$	8,627,151

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Russia Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 81.1%
			Communication Services: 6.8%
	70,000	(1)	Mail.ru Group Ltd. GDR		$	1,617,000		2.0
	103,600	(1)	Yandex NV			3,877,748		4.8
						5,494,748		6.8
			Consumer Staples: 4.8%
	127,000		X5 Retail Group N.V. GDR			3,854,450		4.8
			Energy: 31.7%
	532,638		Gazprom Neft JSC			2,963,735		3.7
	90,700		Gazprom Neft PJSC ADR			2,566,810		3.2
	1,000,000		Gazprom PJSC			2,541,229		3.2
	111,500		Lukoil PJSC ADR			9,533,250		11.9
	80,000		Novatek PJSC			1,492,135		1.8
	30,650		Novatek PJSC GDR			5,913,233		7.3
	7,000		Tatneft PJSC ADR			491,820		0.6
						25,502,212		31.7
			Financials: 16.1%
	326,000		Halyk Savings Bank of Kazakhstan JSC GDR			3,821,121		4.8
	900,000		Sberbank of Russia PJSC			3,153,020		3.9
	411,000		Sberbank PAO ADR			5,938,950		7.4
						12,913,091		16.1
			Industrials: 3.4%
	285,000		Globaltrans Investment PLC GDR			2,755,950		3.4
			Information Technology: 6.8%
	21,750	(1)	EPAM Systems, Inc.			3,901,080		4.9
	110,000	(1)	QIWI plc ADR			1,541,100		1.9
						5,442,180		6.8
			Materials: 6.4%
	400,000	(1)	Kinross Gold Corp.			1,271,927		1.6
	5,500		MMC Norilsk Nickel PJSC			1,222,187		1.5
	117,500		MMC Norilsk Nickel PJSC ADR			2,632,587		3.3
						5,126,701		6.4

Shares					Value			Percentage of Net Assets
COMMON STOCK: (continued)
				Real Estate: 1.0%
	420,000			Etalon Group PLC GDR		$	777,000		1.0
				Utilities: 4.1%
	54,000,000			Inter RAO UES PJSC			3,278,105		4.1
			��	Total Common Stock (Cost $42,046,149)			65,144,437		81.1
PREFERRED STOCK: 11.8%
				Energy: 11.8%
	2,500,000			Surgutneftegas			1,515,275		1.9
	806,680			Tatneft			7,919,829		9.9
				Total Preferred Stock (Cost $5,783,107)			9,435,104		11.8
				Total Long-Term Investments (Cost $47,829,256)			74,579,541		92.9
SHORT-TERM INVESTMENTS: 5.7%
				Mutual Funds: 5.7%
	4,609,892	(2)		BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $4,609,892)			4,609,892		5.7
				Total Short-Term Investments (Cost $4,609,892)			4,609,892		5.7
				Total Investments in Securities (Cost $52,439,148)		$	79,189,433		98.6
				Assets in Excess of Other Liabilities			1,108,888		1.4
				Net Assets		$	80,298,321		100.0

ADR American Depositary Receipt

GDR Global Depositary Receipt

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya Russia Fund

as of April 30, 2019 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Communication Services		$	5,494,748		$	—		$	—		$	5,494,748
Consumer Staples			3,854,450			—			—			3,854,450
Energy			12,591,880			12,910,332			—			25,502,212
Financials			5,938,950			6,974,141			—			12,913,091
Industrials			2,755,950			—			—			2,755,950
Information Technology			5,442,180			—			—			5,442,180
Materials			3,904,514			1,222,187			—			5,126,701
Real Estate			777,000			—			—			777,000
Utilities			—			3,278,105			—			3,278,105
Total Common Stock			40,759,672			24,384,765			—			65,144,437
Preferred Stock			—			9,435,104			—			9,435,104
Short-Term Investments			4,609,892			—			—			4,609,892
Total Investments, at fair value		$	45,369,564		$	33,819,869		$	—		$	79,189,433

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $3,078,000 and $7,789,695 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $52,669,769.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	28,593,163
Gross Unrealized Depreciation		(2,073,112)
Net Unrealized Appreciation	$	26,520,051

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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, 2018, the Board of Trustees (“Board”) of Voya Mutual Funds (the “Trust”), including a majority of 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 Voya Diversified Emerging Markets Debt Fund, Voya Global Bond Fund, Voya Global Equity Fund, Voya Global Perspectives® Fund, Voya Multi-Manager International Small Cap Fund, and Voya Russia Fund), each a series of the Trust (the “Funds”), and the sub-advisory contracts (the “Sub-Advisory Contracts”) with the sub-adviser(s) to each Fund (the “Sub-Advisers”) for an additional one year period ending November 30, 2019. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 16, 2018, the Independent Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Advisers (collectively, such persons are referred to herein as “management”) on October 11, 2018, and November 14, 2018, specifically to review and consider materials related to the proposed continuance of each Management Contract and each Sub-Advisory Contract that they believed to be relevant to the renewal of the Management Contracts and Sub-Advisory Contracts in light of the legal advice furnished to them by K&L Gates LLP, their independent legal counsel, and their own business judgment. Subsequent references herein to factors considered and determinations made by the Independent Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Trustees. 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.

management and sub-advisory contracts approval and renewal process, among other functions, and each IRC provides oversight throughout the year regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”). The Methodology Guide 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. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Management Contracts and Sub-Advisory Contracts and the compensation to be paid thereunder. Board members did not identify any particular information or factor that was overarching, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Fund’s investment management and sub-advisory arrangements.

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” platform of the Voya funds that has been developed by the

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

Manager pursuant to which the Manager selects, subject to the Board’s approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the investment program, performance, developments, ongoing operations, and regulatory compliance of the Sub-Advisers 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 oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which 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 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 whether the regulatory compliance systems and procedures of the Manager and the Sub-Advisers are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are consistently complied with, and other periodic reports covering related matters.

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 Management Contracts and respective Sub-Advisory Contracts were appropriate.

Fund Performance

considered the investment performance of Voya Global Bond Fund and Voya Global Equity Fund compared to an additional performance peer group that is approved by each Fund’s respective IRC due to the unique investment structure or strategy of that Fund. With respect to Voya Multi-Manager International Small Cap Fund, the Board also reviewed the performance of the Fund assets allocated by the Manager to each Sub-Adviser. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Advisers as a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in management fee schedules that will result in a lower management fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Funds do not have management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the respective Sub-Advisers could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

Information Regarding Services to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and the 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 the 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

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

between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules.

Fee Schedules, Profitability, and Fall-out Benefits

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

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and, as applicable, the Voya-affiliated Sub-Adviser. In analyzing the profitability of the Manager and its affiliated service providers in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers that are not affiliated with the Manager because the Board did not view this data as being 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 typically employ different methodologies in connection with these calculations.

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, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Advisers and their respective affiliates from their association with the Funds, including their ability to engage in soft-dollar transactions on behalf of the Funds. Following its reviews, the Board determined that the Manager’s and the Voya-affiliated Sub-Adviser’s profitability with respect to their services to the Funds and the Manager and Sub-Advisers’ potential fall-out benefits were not unreasonable.

Fund-by-Fund Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its October 11, 2018, November 14, 2018, and/or November 16, 2018 meetings in relation to approving each Fund’s Management Contracts and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category (except with respect to Voya Russia Fund), as well as its primary benchmark and, in the case of Voya Global Bond Fund and Voya Global Equity Fund, a performance peer group. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest (worst) performance. The performance data provided to the Board primarily was for various periods ended March 31, 2018. In addition, the Board also considered at its October 11, 2018, November 14, 2018, and November 16, 2018, 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.

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

Voya Diversified Emerging Markets Debt Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Diversified Emerging Markets Debt Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods, the third quintile for the five-year period, and the fourth quintile for the three-year period; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it outperformed. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of sector allocation on the Fund’s performance during certain periods; (2) management’s discussion of the Fund’s favorable performance during certain periods; and (3) management’s expectation that longer-term performance will improve.

In considering the fees payable under the Management and Sub-Advisory 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 above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is above the median contractual management fee rate 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 equal to the median all-in net expense ratio of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is below the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests; and (2) management’s representations regarding the competitiveness of the Fund’s management fee rate and net expense ratio.

reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Global Bond Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date and three-year periods, and the second quintile for the one-year, five-year and ten-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Global Equity Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global

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

Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the second quintile of its Morningstar category for the ten-year period, the third quintile for the one-year period, and the fourth quintile for the year-to-date, three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed. In analyzing this performance data, the Board took into account: (1) management’s representations that there were a number of changes in the Fund’s portfolio management team and investment strategies, effective May 1, 2018; (2) management’s view that, in light of these changes, it is reasonable to provide more time for the purpose of evaluating investment performance; and (3) management’s discussion of the Fund’s favorable performance during certain periods.

Voya Global Perspectives® Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global

Perspectives® Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year, three-year and five-year periods, and the third quintile for the year-to-date period; and (2) the Fund underperformed its primary benchmark for all periods presented.

In considering the fees payable under the Management and Sub-Advisory 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 below the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is below the median contractual management fee rate 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 below the median all-in net expense ratio of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of AFFE, is below the median net expense ratio of the funds in its Selected Peer Group.

In analyzing this fee data, the Board took into account that the Fund indirectly bears the fees payable by the underlying funds in which the Fund invests.

Voya Multi-Manager International Small Cap Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Multi-Manager International Small Cap Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in

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

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

In considering the fees payable under the Management and Sub-Advisory 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 below the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account Management’s representations regarding the competitiveness of the Fund’s management fee rate and net expense ratio.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Russia Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Russia

Fund, the Board considered that, based on performance data for the periods ended March 31, 2018, the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it underperformed. In analyzing this performance data, the Board took into account management’s representations that the Fund falls within a category for which Morningstar does not provide rankings, percentiles or a category average.

In considering the fees payable under the Management and Sub-Advisory 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 above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations that the Fund’s focus of investing at least 80% of its net assets in Russian equity securities differentiates it from the other Selected Peer Group funds.

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

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

167703 (0419-062419)

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Semi-Annual Report

April 30, 2019

Classes A, C, I, O, R, P, P3 and W

■

Voya Global Corporate Leaders® 100 Fund

■

Voya Global Equity Dividend Fund

■

Voya International High Dividend Low Volatility Fund

■

Voya Multi-Manager Emerging Markets Equity Fund

■

Voya Multi-Manager International Equity Fund

■

Voya Multi-Manager International Factors Fund

		Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from each Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

E-Delivery Sign-up – details inside

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					Go Paperless with E-Delivery!
		Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.
		Just go to www.individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
		You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.

PROXY VOTING INFORMATION

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 N-Q or Form N-PORT, available for filings after March 31, 2019. This report contains a summary portfolio of investments for the Funds. The Funds’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

The Fed Holds, the Economy Carries on...Trade Wars Reignite

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
June 3, 2019

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Market Perspective: Six Months Ended April 30, 2019

On the perception of slowing global growth, there was little relief from most of the incoming data, although April provided some late respite.

emerged (see below). Industrial production and retail sales were slack in March, but the latter rebounded sharply in April. Finally first quarter GDP growth surprised to the upside at 3.2%, although it was flattered by volatile inventory and trade elements.

As the fiscal half-year ended, notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed to be upwards.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		MSCI All Country World IndexSM				A broad-based index comprised of equity securities in countries around the world, including the United States, other developed countries and emerging markets.
		MSCI All Country World (ex-U.S.) IndexSM				A free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Emerging Markets IndexSM				An index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Europe, Australasia and Far East® (“MSCI EAFE®”) Index				An index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		S&P Global 100 Index*				An index that measures the performance of multi-national, blue chip companies of major importance in the global equity markets.

The S&P Global 100 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Voya Financial. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Voya Financial Product(s) is/are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Global 100 Index.

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Voya Global Corporate Leaders® 100 Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	United States			64.0%
	United Kingdom			7.4%
	France			6.3%
	Germany			5.8%
	Japan			4.8%
	Switzerland			4.0%
	Netherlands			2.3%
	Spain			2.3%
	Australia			0.5%
	South Korea			0.5%
	Assets in Excess of Other Liabilities*			2.1%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	Portfolio holdings are subject to change daily.

Voya Global Corporate Leaders® 100 Fund (the “Fund”) seeks to outperform the S&P Global 100 Index. The Fund is managed by Vincent Costa, CFA, Steve Wetter, and Kai Yee Wong, Portfolio Managers, of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 9.03% compared to the S&P Global 100 Index (the “Index”) and the MSCI All Country World IndexSM, which returned 8.75% and 9.37%, respectively, for the same period.

Portfolio Specifics: For the reporting period, the Fund outperformed the Index due to positive allocation effects driven by the Fund’s portfolio construction rules described below. On the regional level, holdings within the United States added the most value while holdings within Japan were the biggest laggards. On the sector level, holdings within the information technology and energy sectors had the largest positive impact on relative performance. Additionally, the Fund’s modest overweight allocation to real estate contributed to performance. At the individual stock level, key contributors included an underweight position in Apple Inc., and overweight positions in Kimberly-Clark Corporation and American Tower Corporation. By contrast, holdings within the consumer discretionary and communication services sectors had the largest negative impact on the Fund’s relative performance. Key detractors were underweight positions in Microsoft Corporation and Amazon.com, Inc. and an overweight to HP Inc.

As of the end of the reporting period, the Fund’s largest sector overweights were the industrials and financials sectors. The Fund’s largest sector underweight was the information technology sector. Sector exposures are purely a function of the strategy’s quantitative investment discipline, however, and are not actively managed.

	Top Ten Holdings as of April 30, 2019 (as a percentage of net assets)

	Ford Motor Co.			1.8%
	Morgan Stanley			1.8%
	JPMorgan Chase & Co.			1.8%
	Citigroup, Inc.			1.8%
	United Technologies Corp.			1.7%
	Microsoft Corp.			1.7%
	Texas Instruments, Inc.			1.7%
	Honeywell International, Inc.			1.7%
	Colgate-Palmolive Co.			1.7%
	Goldman Sachs Group, Inc.			1.7%
	Portfolio holdings are subject to change daily.

Current Strategy and Outlook: The Fund’s investment strategy follows a strict rules-based approach. It starts by holding 100 large-cap multi-national stocks that are equally-weighted within each of the three regions (North America, Europe and Asia), while keeping the regions “cap-weighted.” On a quarterly basis, if the value of a security rises by more than 50% relative to the Index, the position size is immediately reduced so that its weight is similar to its weight at the end of the previous quarter. If the value of a security falls more than 30% relative to the Index during a calendar quarter, the position will be sold. The Fund is rebalanced quarterly in order to realign position sizes within each region back to equal-weighted holdings.

We continue to believe the equity market is in a late-cycle environment, which becomes harder to navigate as concerns of recession start to rise. Three important factors are the decline in the unemployment rate, bubbling wage growth and peak profit margins; but the two missing ingredients for a classic, late-cycle environment are rising inflation and financial market excesses. The absence of those last two factors is particularly important, because they are the ones central banks tend to lean into when tightening monetary policy.

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Portfolio Managers’ Report

Voya Global Equity Dividend Fund

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	United States			46.9%
	France			12.2%
	United Kingdom			7.5%
	Switzerland			7.2%
	Japan			6.3%
	Netherlands			4.7%
	Canada			3.6%
	Germany			2.8%
	Ireland			1.5%
	Singapore			1.3%
	Countries between 0.8% – 1.1%^			2.8%
	Assets in Excess of Other Liabilities*			3.2%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 3 countries, which each represents 0.8% – 1.1% of net assets.
	Portfolio holdings are subject to change daily.

Voya Global Equity Dividend Fund (the “Fund”) seeks growth of capital with dividend income as a secondary consideration. The Fund is managed by Pieter Schop and Bruno Springael, Portfolio Managers* of NNIP Advisors B.V. (“NNIP Advisors”) — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.30%, compared to the MSCI World IndexSM, which returned 8.83% for the same period.

Portfolio Specifics: In the six-month period ending April 30, 2019, our global equity dividend strategy made gains in absolute terms but lagged the MSCI World IndexSM. The spread between growth and value ended at 5% in favor of growth. Our strategy underperformed in this environment, with negative contributions coming from both stock selection and sector allocation. Our stock selection within financials, consumer discretionary, and energy weighed most on performance, whereas technology, utilities and industrials were brighter sectors for the Fund. Citigroup and BNP Paribas were our largest detractors in the financials sector. Qualcomm was our best performer in technology after chipmaker settled its dispute with Apple. From an allocation perspective, our overweight positioning in energy and underweight to real estate were the main detractors.

We started a position in Daimler, where we expect to see better cash flow generation following the negative drag from WLTP (new global standard for testing emissions and fuel consumption). Daimler’s China exposure is not particularly geared to the segments that are most likely to see a stimulus; however, it does

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	Microsoft Corp.			3.3%
	Cisco Systems, Inc.			2.4%
	Apple, Inc.			2.3%
	Cie de Saint-Gobain			2.3%
	Walmart, Inc.			2.1%
	Chevron Corp.			2.0%
	Standard Chartered PLC			2.0%
	General Electric Co.			1.9%
	Vodafone Group PLC			1.9%
	McDonald’s Corp.			1.8%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

have a strong product cycle for 2019 that we believe should appeal to Chinese consumers.

In the Technology sector, we took the opportunity to add Samsung Electronics to the Fund. The global IT leader, in our opinion, is trading at attractive valuation levels due to fears that the semiconductor cycle is turning. In our opinion, the market has already discounted the coming DRAM memory chip down-cycle. We decided to exit our position in Ericsson; the company is profiting from 5G, the China trade war and security issues, but this looks priced in now.

In health care we took profits on Eli Lilly after the pharma company’s strong outperformance versus the sector. Good commercial momentum and pipeline successes are now well priced. We replaced it with Johnson & Johnson whose valuation is underpinned by solid growth and prospects of a turnaround in the baby care consumer segment.

We exited our position in Mosaic (producer of phosphate- and potash-based crop nutrients) following strong performance, which has been driven by the company’s good execution. We reinvested the proceeds in Nutrien, which offers a higher yield and a better diversified commodity mix (less phosphate dependent) than Mosaic.

In the Industrials sector, we added Eaton and Deere. Eaton is a manufacturer of a wide variety of electrical, hydraulic, and mechanical equipment that facilitates power management across a diverse set of industrial end markets. Relative to industrial peers Eaton looks like a good risk-reward proposition, especially given less downside to trough earnings. We believe the company also offers a strong management team who has added value through capital allocation over time, as evidenced by strong dividend growth, disciplined M&A and opportunistic share buybacks. Deere is a leader in the consolidated agricultural machinery industry, with a strong cash flow profile, and is in the early stages of the agricultural equipment replacement cycle.

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Voya Global Equity Dividend Fund

Portfolio Managers’ Report

Within Financials, we sold out of Barclays, Citigroup and Metlife, and started new positions in Northern Trust and Chubb. Northern Trust provides wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Northern Trust’s unique, leading wealth management franchise serving ultra-high net-worth individuals and family offices should continue to experience secular growth tailwinds. The company also offers a favorable combination of asset sensitivity to rising short-term rates and significantly less credit risk than commercial banks. Chubb is the world’s largest publicly traded P&C insurance company and the largest commercial insurer in the U.S. it’s a high quality company that trades at a discount to peers. Its excess capital position is currently weighing down its returns, but we think this is the right strategy based on where we are in the underwriting cycle. The company will deploy its excess capital when it can achieve its target returns. We also added ABN Amro, JPMorgan Chase, and Bank of New York Mellon to the portfolio.

In Energy, we exited Eni and started a position in Chevron. Chevron is one of the largest integrated energy companies in the world, running upstream, downstream, and chemical operations. Their upstream (oil and gas production) portfolio is one of the biggest in the world — the company produces approximately 2.8 million barrels of oil equivalent energy per day. The company also has large refining and chemical operations. The company faces a period of healthy free-cash-flow generation as the company’s low cost asset base requires limited capital spending to achieve healthy returns on capital and production levels. This free-cash-flow generation will allow the company to sustain its dividend and potentially return more capital to shareholders in the form of share repurchases.

Elsewhere, we sold out of Philip Morris and Mattel in the consumer space. We exited our position in Telefonica within communication services. We also sold out of Orange after the stock’s recovery. The French competitive landscape is deteriorating, while high capital expenditure needs in the coming years are likely to dampen cash flow and dividend prospects.

Current Strategy and Outlook: Valuations have risen a lot due to the combination of a market rally and downward earnings revisions but have not been stretched, especially not outside the U.S, in our opinion. The P/E discount of Europe and Japan relative to the U.S. ranges from 20% to 26%, the biggest discount since the Great Financial Crisis. Moreover, the equity risk premium remains very high. Chinese data have turned the corner, indicating that stimulus efforts are finally feeding through. In particular, credit growth numbers were encouraging. Although the latest PMI data came in somewhat below expectations, they show stability. Historically, the euro zone economy follows with a couple of months delay. In the U.S., the first quarter GDP print came in above 3%, dispelling fears that the U.S. economy is slowing down. Key risks to the outlook for equities remain U.S.-China trade negotiations and Brexit.

Effective November 1, 2018, Nicolas Simar was removed as a portfolio manager of the Fund.

The Board of Trustees (the “Board”) of the Fund has approved changes to the Fund’s sub-advisory relationship. The Board approved the reallocation of the Fund’s assets from NNIP Advisors B.V. to Voya Investment Management Co. LLC (“VIM”), effective May 6, 2019, following the termination of NNIP Advisors B.V.’s sub-advisory agreement. In connection with these approvals, the investment strategies and portfolio managers of the Fund changed effective May 6, 2019.

In conjunction with the strategy and sub-adviser changes, effective May 6, 2019, Kai Yee Wong, Vincent Costa, Peg DiOrio, and Steve Wetter were added as portfolio managers of the Fund and Pieter Schops and Bruno Springael were removed as portfolio managers of the Fund.

Beginning May 6, 2019 through on or about May 20, 2019, the Fund was in a transition period and may have held a large portion of the Fund’s assets in temporary investments.

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Portfolio Managers’ Report

Voya International High Dividend Low Volatility Fund

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	Japan			23.9%
	United Kingdom			13.8%
	Netherlands			8.0%
	France			7.8%
	Switzerland			7.7%
	Australia			7.6%
	Germany			5.6%
	Hong Kong			4.3%
	Italy			4.1%
	Spain			3.1%
	Countries between 0.0% – 2.5%^			12.0%
	Assets in Excess of Other Liabilities*			2.1%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 12 countries, which each represents 0.0% – 2.5% of net assets.
	Portfolio holdings are subject to change daily.

Voya International High Dividend Low Volatility Fund (the “Fund”) seeks maximum total return. The Fund is managed by Vincent Costa, CFA, Steve Wetter, Kai Yee Wong, and Peg DiOrio, CFA, Portfolio Managers, of Voya Investment Management Co. LLC — the Sub-Adviser.*

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.87% compared to the MSCI EAFE® Index (the “Index” or “MSCI EAFE®”) and the MSCI World IndexSM (the “MSCI World”), which returned 7.45% and 8.83%, respectively, for the same period.

Portfolio Specifics: For the reporting period, the Fund underperformed its benchmark, the MSCI EAFE®. In terms of the Fund’s performance, low beta was a headwind, dividend yield slightly outperformed and our stock ranking model lagged the Index. The Fund’s positive exposures to industries and countries offset losses from stock specific exposures. Regionally, holdings within the United Kingdom and Europe detracted the most from performance for the period. On the sector level, holdings within the consumer staples and communication services sectors detracted the most value. Notable underperformers for the period included overweight positions in German broadcasting company, ProSiebenSat.1 Media SE, and UK based companies, Centrica plc and J Sainsbury

	Top Ten Holdings as of April 30, 2019 (as a percentage of net assets)

	Royal Dutch Shell PLC - Class A			2.4%
	Nestle SA			2.4%
	Roche Holding AG			1.9%
	Unilever NV			1.7%
	Novartis AG			1.4%
	GlaxoSmithKline PLC			1.3%
	Sanofi			1.3%
	Novo Nordisk A/S			1.2%
	iShares MSCI EAFE ETF			1.1%
	BASF SE			0.9%
	Portfolio holdings are subject to change daily.

plc. By contrast, stock selection was strongest within the healthcare and financials sectors. Key contributors for the period included not owning Japan based benchmark stocks, Mitsubishi UFJ Financial Group, Inc. and Sony Corporation, and an overweight position in Italian transportation company, Atlantia S.p.A.

Current Strategy and Outlook: This is an actively managed investment strategy that seeks to generate higher dividend income and total returns, with lower volatility and better downside capture, than the Index. The investment process seeks to create a universe of sustainable dividend-paying stocks and utilizes fundamentally driven sector-specific alpha models to identify the most attractive stocks within each sector. The Fund is optimized in seeking to achieve its dividend, alpha and volatility objectives.

Effective February 1, 2019, Peg DiOrio was added as a portfolio manager to the Fund.

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Voya Multi-Manager Emerging Markets Equity Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	China			32.3%
	South Korea			10.8%
	India			8.5%
	Brazil			8.4%
	Taiwan			6.5%
	Russia			5.0%
	Mexico			3.9%
	South Africa			3.5%
	Philippines			2.1%
	United States			1.1%
	Countries between 0.0% – 1.8%^			12.6%
	Assets in Excess of Other Liabilities*			5.3%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 21 countries, which each represents 0.0% – 1.8% of net assets.
	Portfolio holdings are subject to change daily.

Voya Multi-Manager Emerging Markets Equity Fund (the “Fund”) seeks long-term capital appreciation. The Fund’s assets are managed by three sub-advisers and Voya Investment Management Co. LLC (“VIM”) — J.P. Morgan Investment Management, Inc. (“JPMorgan”), Van Eck Associates Corporation (“Van Eck”), and Delaware Investments Fund Advisers (“Delaware”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). Each manages a portion (“Sleeve”) of the Fund’s assets that is allocated to the Sub-Adviser. The following individuals are primarily responsible for the day-to-day management of their respective Sleeve: Anuj Arora and Joyce Weng, Portfolio Managers*, of the Sleeve that is managed by JPMorgan; David A. Semple, Portfolio Manager, and Angus Shillington, Assistant Portfolio Manager, of the Sleeve that is managed by Van Eck; Liu-Er Chen, CFA, Senior Vice President and Chief Investment Officer, Emerging Markets and Healthcare, of the Sleeve that is managed by Delaware, and Halvard Kvaale, CIMA and Paul Zemsky, CFA, Portfolio Managers, of the Sleeve that is managed by VIM.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares provided a total return of 16.17%, compared to the MSCI Emerging Markets IndexSM (“MSCI EM IndexSM”), which returned 13.76% for the same period.

Portfolio Specifics: Delaware Sleeve — The Sleeve underperformed the MSCI EM IndexSM by approximately 98 basis points (-0.98%) for the six-months ended April 30, 2019. In India, favorable stock selection contributed to relative performance as Reliance Industries reported strong financial results driven by its refining and petrochemicals business in addition to its telecom and retail businesses. The company continues to focus on strengthening its media and retail businesses which is experiencing attractive growth.

In Russia, stock selection detracted as our energy holdings, namely Rosneft and Gazprom, experienced weakness amid lower oil prices during 2018. In South Korea, our overweight allocation detracted. Additionally, our telecom operators, SK Telecom and LG Uplus, underperformed due to concerns about 5G investment spending weighing on profitability. Despite a muted near-term outlook, we remain optimistic about both companies’ long-term growth opportunities arising from 5G. Furthermore, we believe valuations are inexpensive.

In China, our underweight allocation and stock selection detracted. Concerns about slower economic growth weighed on advertising-driven stocks such as Baidu and SINA. Alternately, our consumer staples stocks, Wuliangye Yibin, Tsingtao Brewery, and Kewichow Moutai, contributed. Kweichow

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	Alibaba Group Holding Ltd. ADR			5.2%
	Tencent Holdings Ltd.			5.2%
	iShares Edge MSCI Min Vol Emerging Markets ETF			4.0%
	Reliance Industries Ltd.			3.4%
	Ping An Insurance Group Co. of China Ltd.-H Shares			3.2%
	Naspers Ltd.			2.3%
	Samsung Electronics Co., Ltd.			2.1%
	Taiwan Semiconductor Manufacturing Co., Ltd.			1.8%
	SK Hynix, Inc.			1.6%
	HDFC Bank Ltd. ADR			1.5%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

Moutai and Wuliangye Yibin reported attractive financial results and the market has a more favorable view toward future growth prospects, in our opinion. Both companies specialize in the distribution of baijiu, a premium grain alcohol that is popular in China. We continue to have an optimistic view towards long-term consumption premiumization and internet engagement in China, and we continue to see these companies as well-positioned to capture value from these trends.

From a sector perspective, consumer staples contributed to relative performance, while communication services was the largest detractor from relative performance.

JPMorgan Sleeve — The Sleeve underperformed the MSCI EM IndexSM by approximately 364 basis points (-3.64%) for the six-months ended April 30, 2019. Stock selection detracted from returns, while country allocation was neutral.

Korea was the single-largest country detractor in the period, as this cyclical market has lagged emerging markets overall year to date, despite very attractive valuations, on investor worries about global growth. The market was further hindered by corporate earnings downgrades, especially in the semiconductor sector. Woori Financial Group, a Seoul-based bank, was among the leading detractors from performance as a result.

Stock selection in South Africa was a leading detractor from returns during the period, specifically driven by the Sleeve’s lack of exposure to Naspers, a broad-based multinational internet and media group. The stock was buoyed by the announcement that the company will form a new group (NewCo), comprised of its international internet assets, which will be listed on the Euronext Exchange and the Johannesburg Stock Exchange.

On the positive side, performance was aided by stock selection in Mexico. Grupo Financiero Banorte was a significant contributor to returns on the back of reduced risk of fee regulation in the market. Financial services stocks in Mexico were also boosted by a favorable valuation signal from Banco Santander’s tender offer for the minority interest in its Mexican subsidiary.

Chinese property developer Country Garden Holdings was among the top contributors during the period. The company reported strong 2018 results, boosted by increased revenues and gross margin expansions due to stabilizing property sales in tier-three cities. We believe the company is strategically positioned to benefit from a recovery in the Chinese property market, given its strong competitiveness in lower-tier cities and improved risk-management capability.

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Portfolio Managers’ Report

Voya Multi-Manager Emerging Markets Equity Fund

Van Eck Sleeve — The Sleeve outperformed the MSCI EM IndexSM by approximately 931 basis points (9.31%) for the six-months ended April 30, 2019. After a turbulent couple of months, 2018 ended on a positive note, delivered by the U.S. Federal Reserve Board as it expressed its patience in terms of the path of interest rates in 2019. Whilst the dispute between the U.S. and China over trade continued, there were signs of progress in trade negotiations over the end of the year and into 2019. In the first four months of 2019, against the background of central banks “blinking,” which they have done one by one, emerging markets staged an impressive comeback as risks appeared to dissipate. Overall, we believe we are not facing a tighter monetary environment around the globe, which is good for emerging markets. If anything, the environment may even be looser, in our opinion.

Growth stocks have staged a comeback in 2019 and outperformed value stocks. Small-cap stocks, on the other hand, continued to underperform large-cap stocks. On a country level, China, of course, was the Sleeve’s top contributor to relative performance, in addition to the Philippines. Exposures in the United Arab Emirates and Turkey detracted most. On a sector level, exposures in the consumer discretionary and financial sectors topped the Sleeve’s performers list, while exposures in healthcare and information technology detracted from performance. The top performing names in the past six months were Ping An Insurance (Group), Yihai International Holding, and Movida Participacoes. On the other hand, China Medical System Holdings, Sunny Optical Technology Group, and Grupo Supervielle SA detracted from the Sleeve’s performance.

Voya IM Sleeve — The Sleeve outperformed the MSCI EM IndexSM by approximately 86 basis points (0.86%) for the period beginning April 9, 2019, through April 30, 2019. On April 9, 2019, the Sleeve invested 4% in the iShares Edge MSCI Min Vol Emerging Markets ETF (“EEMV”). EEMV seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets. The Fund’s position in EEMV during this period had an immaterial impact on the performance of the Fund.

Current Strategy & Outlook: Delaware Sleeve — Our positive long-term view on emerging markets remains intact. Considering the varied macroeconomic backdrop that we see across emerging markets, we believe there are selective opportunities for long-term stock appreciation driven by structural demographic shifts, technology adoption, implementation of government policy, improvement in corporate governance, and industry consolidation. We are particularly focused on companies that we expect to benefit from long-term changes in how people in emerging markets live and work. We are overweight Brazil, South Korea, and Russia, and underweight South Africa and Taiwan. We are overweight communication services, energy (due to Reliance Industries), and consumer staples and underweight financials.

JPMorgan Sleeve — In our opinion, the current growth and policy backdrop supports a continued recovery of emerging market equities. We also find valuations to be relatively attractive. That said, investors are monitoring growth trends and the U.S. dollar valuations carefully, as disappointing growth or persistent dollar strength could threaten the strong rally currently underway. Macro trends and recent policy developments support investor optimism, particularly in the U.S. and China. We remain constructive on emerging markets equities, particularly in view of current valuations, which at 1.6 times book value, remain below the long-term average. Slowing growth, earnings downgrades and a stubbornly strong U.S. dollar continue to be the primary risks to the emerging markets rally.

Van Eck Sleeve — We see the outlook as being constructive. Although we believe that some kind of a deal will be reached between China and the U.S. over trade, the more worrying thing is the gravitation towards bilateralism and the continuing attrition that is going to take place between the two “empires.” We believe a turnaround in China can be positive for Asia and emerging markets in general. The asset class may not be quite as under-owned as it has been. Not only do valuations remain at long-term historical averages, but we also have the singular positive of corporates continuing to generate record high free cash flow.

Voya IM Sleeve — Following an unusually long period of low volatility, equity markets have settled into a new phase of more frequent and larger price movements. We believe this phase will persist as financial conditions tighten and the Federal Reserve gradually raises interest rates. Nonetheless, corporate earnings remain strong, supported by stable economic growth and rising employment. In our view, the inflation outlook is stable despite potential risks from U.S. fiscal policies.

On May 23, 2019, the Board of Trustees of the Fund approved the sub-adviser replacement of JPMorgan with VIM.

In conjunction with the sub-advisor replacement, effective August 9, 2019, Kai Yee Wong and Steve Wetter will be added as portfolio managers of the Fund and Anuj Arora and Joyce Weng will be removed as portfolio managers of the Fund.

Beginning on the close of business on or about August 9, 2019, through the close of business on or about August 23, 2019, the Fund will be in a transition period during which time VIM will sell a portion of the Fund’s assets currently managed by JPMorgan. VIM may hold a large portion of the Fund’s assets in temporary investments.

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Voya Multi-Manager International Equity Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	United Kingdom			13.9%
	Japan			13.4%
	France			8.2%
	Germany			8.1%
	China			5.9%
	Switzerland			5.2%
	Sweden			4.9%
	Netherlands			4.2%
	South Korea			4.0%
	Canada			3.5%
	Countries between 0.1% – 2.2%^			24.6%
	Assets in Excess of Other Liabilities*			4.1%
	Net Assets			100.0%
	* Includes short-term investments and exchange-traded funds.
	^ Includes 22 countries, which each represents 0.1% – 2.2% of net assets.
	Portfolio holdings are subject to change daily.

Voya Multi-Manager International Equity Fund (the “Fund”) seeks long-term growth of capital. The Fund’s assets are managed by four sub-advisers — Baillie Gifford Overseas Limited (“Baillie Gifford”), Lazard Asset Management LLC (“Lazard”), Polaris Capital Management, LLC (“Polaris”), and Wellington Management Company LLP (“Wellington”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). Each manages a portion (“Sleeve”) of the Fund’s assets that is allocated to the Sub-Adviser. The following individuals are primarily responsible for the day-to-day management of their respective Sleeve: Gerard Callahan, Iain Campbell, Sophie Earnshaw, CFA, Joe Faraday, CFA, Moritz Sitte, CFA, Portfolio Managers of the Sleeve that is managed by Baillie Gifford; Bernard R. Horn, Jr., Sumanta Biswas, CFA, Jason Crawshaw and Bin Xiao, CFA, Portfolio Managers of the Sleeve that is managed by Polaris; Michael G. Fry, Michael Powers, Michael A. Bennett, Kevin Matthews, and John R. Reinsberg, Portfolio Managers of the Sleeve that is managed by Lazard; and Nicolas M. Choumenkovitch and Tara Connolly Stillwell, CFA, Portfolio Managers of the Sleeve that is managed by Wellington.

Performance: For the six-months ended April 30, 2019, the Fund’s Class I shares provided a total return of 9.76% compared to the MSCI EAFE® Index (“MSCI EAFE®”) and the MSCI All Country World (ex-U.S.) IndexSM (“MSCI ACWI ex-U.S.SM”), which returned 7.45% and 9.12%, respectively, for the same period.

Portfolio Specifics: Baillie Gifford Sleeve — The Sleeve outperformed the MSCI EAFE® by approximately 680 basis points (6.80%) for the six-months ended April 30, 2019. The manager adopts a stock-picking approach to investment, and while this proved successful across the vast majority of sectors there were two contributors to performance that stood out,

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	Novartis AG			1.7%
	Samsung Electronics Co., Ltd.			1.3%
	Shiseido Co., Ltd.			1.2%
	AIA Group Ltd.			1.2%
	Alibaba Group Holding Ltd. ADR			1.2%
	United Overseas Bank Ltd.			1.2%
	Cie Generale des Etablissements Michelin SCA			1.1%
	Svenska Handelsbanken AB			1.0%
	Nexon Co. Ltd.			1.0%
	Adidas AG			1.0%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

namely Mettler Toledo, the Swiss-listed manufacturer of precision weighing equipment, and Naspers, the South African tech-focused holding company. Mettler Toledo has been a good long-term performer in share-price terms, and we believe is stewarded by a very capable management team. It reported increased earnings during the period, boosting the share price, and contributing to the Sleeve’s outperformance.

Naspers is perhaps best known as the largest shareholder of Chinese tech giant Tencent, which is typically a major driver of its performance. After a weak 2018, Naspers (and Tencent) performed strongly through April 2019, contributing to the Sleeve’s outperformance.

At the other end of the spectrum, ASOS fared less well. This UK online clothing retailer had an especially difficult 2018, with the month of October being notably challenging, and the share price fell considerably. This drop in value is still seen in the six-months-through-April figures, however these hide the fact that the shares have performed well since the beginning of 2019.

Another notable business that detracted from the Sleeve’s performance was Mahindra & Mahindra, an Indian manufacturer of tractors and utility vehicles. The business had a very difficult fourth quarter 2018, which was exacerbated by its report of flat earnings in quarter one of 2019, driven by a decline in margins. That said, it continues to invest for future growth, which the manager would hope to see from a growth business.

Lazard Sleeve — The Sleeve outperformed the MSCI EAFE® by approximately 6 basis points (0.06%) for the six-months ended April 30, 2019. Stock selection in the communication services sector helped relative returns. Vivendi, formerly a sprawling conglomerate, is now an integrated media group focused on music and pay TV. We believe the music market, after more than 15 years of decline, is on the crest of the new digital wave driven by streaming and subscription services, which may improve monetization. Universal Music Group, owned by Vivendi, is a leader in a market dominated by three

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Portfolio Managers’ Report

Voya Multi-Manager International Equity Fund

players. The stock rallied strongly after reporting results in February, with strong growth and operating leverage coming through in the music business as our thesis continues to play out. In the consumer discretionary sector, Techtronic rose more than 50%. This global maker of power tools performed well as concerns about a U.S.-China trade war eased and the company reported another quarter of very strong organic growth. This organic growth meant the company enjoyed material positive operating leverage and hence offset the raw material cost inflation that impacted industry peers. Lastly, stock selection in the materials sector was additive to relative returns as shares of BHP, an Anglo-Australian, diversified materials company with low cost exposure to oil, copper, iron ore and metallurgical, rose more than 25%. BHP has benefited from their capital discipline and framework to return cash to shareholders. The company has reduced net debt to $9.9 billion, below their target range of $10 – 15 billion, and therefore we expect further cash generation. The company also benefited from the Brumadinho dam collapse in Brazil and the subsequent increased price of iron ore.

Stock selection in the real estate sector hurt relative returns. Shares of Japanese commercial and residential builder Daiwa House declined on concerns around the costs associated with some failures to meet building regulations. Despite this, after quantifying the costs related to the repair work needed on these houses and rental apartments, management recently revised their guidance for the second time this year. In the information technology sector, shares of Cielo, a leading credit card acquirer in Brazil, declined facing a combination of macroeconomic challenges affecting the Brazilian equity market as well as increased competition. We sold the position as new competition drove Cielo to be more aggressive on pricing, which in turn compressed short-to-medium term margins. Lastly, stock selection in the health care sector detracted from relative returns. Medtronic is an Irish-domiciled medical devices manufacturer that was a significant outperformer in 2018 but lagged in over the last 6 months, rising 0.3%. Health care sector performance augmented a strong improvement in corporate fundamentals over the past year. At a conference in early 2019, management gave a very bullish presentation on numerous pipeline investments that are driving organic growth in line with our fundamental thesis. However, investments unexpectedly led to a higher tax rate, which negatively impacted earnings and caused the stock to lag the strongly rising market in the first quarter. We continue to own a large position in the company on the belief in the pipeline acceleration, limited government price impact, leading market shares, and what we believe to be an inexpensive valuation.

Polaris Sleeve — The Sleeve outperformed the MSCI EAFE® by approximately 59 basis points (0.59%) for the six-months ended April 30, 2019. Cyclical sectors differed in performance terms: consumer discretionary, financials and information technology had notable gains, while industrials and materials were in negative territory. At the country level, the Sleeve benefitted from holdings in various developed markets including Sweden, Ireland, and U.K., offset by losses in France stemming from the “Yellow Vest” social unrest. Out-of-benchmark holdings in Colombia and Puerto Rico also added to gains.

Irish convenience foods supplier, Greencore Group Plc, was one of the top contributors for the period. In late May, the company announced half-year numbers, highlighting revenue growth from both its U.K. food-to-go grocery business and its U.S. Peacock Foods divestiture. Among other top performers, Puerto Rican bank, Popular, Inc., reported top-line growth and improving net interest margins, while discharging more non-performing loans. Supply-demand metrics worked in BHP Group’s favor, as competitor Vale’s iron ore tailings dam failed in January. Iron prices rose from the low $70s to mid-$80s due to the supply disruption.

Detractors were concentrated in materials and industrials, with 6 of the 10 worst performing stocks within these two sectors. French minerals company, Imerys SA, had solid earnings, but unfavorable foreign exchange rates and a recent U.S. verdict against Imerys’ talcum powder unit put pressure on the stock. LANXESS fell during the period due to industry-wide pricing softness in chemicals. In industrials, U.K.-based Babcock International reaffirmed full year profit targets, but lowered revenue assumptions. A spurious short-seller report also pressured the stock. Austria-based Andritz AG declined as it missed fourth quarter 2018 revenue and earnings-per-share estimates.

Wellington Sleeve — The Sleeve outperformed the MSCI ACWI ex-USSM by approximately 87 basis points (0.87%) for the six-months ended April 30, 2019. Security selection was the main driver of outperformance during the period while allocation decisions detracted, although to a lesser degree.

Stock selection was particularly strong within the communication services, consumer discretionary, and financials sectors. Weak selection within real estate, information technology, and health care partially offset positive results. Sector allocation effects modestly detracted from relative performance primarily as a result of our overweight position to the health care sector. An overweight position to real estate proved beneficial.

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Voya Multi-Manager International Equity Fund

Portfolio Managers’ Report

The top individual contributors to relative performance during the period were telecommunications company, China Tower, education services provider, New Oriental Education, and global technology conglomerate, Tencent, and are all China-based. Top detractors from relative performance during the period included Canada-based energy production company, EnCana, UK-based tobacco company, British-American Tobacco, and Japan-based bank, Sumitomo Mitsui Banking Corporation.

Current Strategy and Outlook: Baillie Gifford Sleeve — Typically, spikes in news flow surrounding political and economic events breed volatility in the stock market. This was certainly true of the six-months ended April 30, 2019, with markets tumbling in quarter four of 2018 before a resurgence in quarter one of 2019. Issues such as Brexit and U.S.-China trade tensions make for an ever-uncertain future. This Sleeve remains a mix of exciting growth businesses, and we believe our patient approach to stock-picking puts us in a strong position to deliver long-term outperformance for investors.

Lazard Sleeve — The global economy, in our view, will muddle through this late cycle at low levels of economic growth. We believe the closer alignment of interest rates and economic growth expectations, along with the similarity of earnings expectations across regions, may make investors focus more on fundamentals and valuations. Value stocks, which have lagged growth stocks for several years, are now at historically low valuations. Much of the uncertainty in the markets, in our view, appears to be priced into these equities, which can make them relatively attractive to investors.

In this environment, we believe stock selection will be a main driver of returns as the performance differential between growth and value stocks narrows. We believe high quality, more defensive companies, whose fortunes are less geared to the economic cycle and offer inexpensive valuations, will be the leadership stocks for the foreseeable future.

Polaris Sleeve — Current growth drivers may not be sustainable, as many portfolio companies are projecting sluggish business conditions. We are already seeing signs of this at a macro-economic level, with China’s economy slowing, compounded by worries in Europe. Volatility will likely ensue, in our opinion, as evidenced by the fourth quarter 2018 correction and subsequent early 2019 rally. We believe that stocks may become attractively priced as volatility persists. As value managers, we intend to capitalize on these periods to add high-quality, undervalued companies to the Sleeve’s portfolio.

Wellington Sleeve — Taking a longer term perspective, we still see many investment opportunities where companies’ return on capital are mispriced due to the nature of their businesses or because their valuations provide greater insulation from cyclical change. We remain selective and diversified in our holdings related to these short-term risks in the context of a balanced global equity portfolio.

The Sleeve ended the period with overweight exposures to the health care, consumer discretionary, and real estate sectors. The portfolio was most underweight the materials, financials, and consumer staples sectors. Regionally, the Sleeve ended the period most overweight to Developed Europe ex-UK and most underweight to the Pacific Developed ex-Japan region.

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Portfolio Managers’ Report

Voya Multi-Manager International Factors Fund

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	Japan			18.3%
	United Kingdom			13.3%
	Australia			9.0%
	Canada			6.7%
	France			6.3%
	Germany			5.0%
	Switzerland			4.7%
	Netherlands			4.5%
	Hong Kong			4.1%
	Sweden			3.4%
	Countries between 0.0% – 3.4%^			22.8%
	Assets in Excess of Other Liabilities*			1.9%
	Net Assets			100.0%
	* Includes short-term investments.
	^ Includes 23 countries, which each represent 0.0% – 3.4% of net assets.
	Portfolio holdings are subject to change daily.

Voya Multi-Manager International Factors Fund (the “Fund”) seeks long-term growth of capital. The Fund’s assets are managed by two sub-advisers — PanAgora Asset Management, Inc. (“PanAgora”) and Voya Investment Management Co. LLC. (“Voya IM”) (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). Each manages a portion (“Sleeve”) of the Fund’s assets that is allocated to the Sub-Adviser. The following individuals are primarily responsible for the day-to-day management of their respective Sleeve: Jamie Lee, Ph.D. and Oleg Nusinzon, CFA, Portfolio Managers of the Sleeve that is managed by PanAgora; and Steve Wetter and Kai Yee Wong, Portfolio Managers of the Sleeve that is managed by Voya IM.

Performance: For the six-months ended April 30, 2019, the Fund’s Class I shares provided a total return of 6.12% compared to the MSCI EAFE® Index (“MSCI EAFE®”) and the MSCI All Country World (ex-U.S.) IndexSM (“MSCI ACWI ex-U.S.SM”), which returned 7.45% and 9.12%, respectively, for the same period.

Portfolio Specifics: PanAgora Sleeve — The Sleeve underperformed the MSCI EAFE® by approximately 164 basis points (-1.64%) for the six-months ended April 30, 2019. During the six-month period the Dynamic Contextual Model underperformed largely because of the disappointing return of valuation based metrics. Companies with more compelling book-to-price and dividend yield related scores struggled the most. Quality factors were broadly positive as investors preferred companies with conservative asset growth rates and stronger operating efficiency. Sentiment factors detracted from performance with both price driven metrics and analyst-based signals underperforming.

	Top Ten Holdings as of April 30, 2019* (as a percentage of net assets)

	Link REIT			1.0%
	Roche Holding AG			1.0%
	Koninklijke Ahold Delhaize NV			0.9%
	GlaxoSmithKline PLC			0.8%
	Rio Tinto PLC			0.8%
	3i Group PLC			0.7%
	Wesfarmers Ltd.			0.7%
	Sanofi			0.7%
	Nestle SA			0.7%
	Unilever NV			0.7%
	* Excludes short-term investments.
	Portfolio holdings are subject to change daily.

From a sector perspective the Sleeve benefitted from stock selection in the real estate and health care sectors. In the real estate sector the performance was strong in the Asia/Pacific region, specifically China (the Sleeve had an overweight position in Longfor Group Holdings which was the largest contributor). Gains in the health care sector originated largely in Europe where underweight position Bayer AG and overweight position Roche Holdings AG stood out.

On the negative side, we highlight the negative contribution of the information technology (“IT”) and financial sectors. In the IT sector, Taiwan was the largest detractor with overweight position Au Optronics Corp detracting most. Within financials, underperformance was in large part caused by poor stock selection in Sweden (an overweight position in Swedbank AB detracted sharply).

Country-wise, the Sleeve performed well in Italy where the strategy was overweight utilities and Denmark where overweight positions in Industrials and Vestas Wind Systems in particular contributed strongly. The largest detractors for the six month period were Taiwan (stock selection in the Information Technology was weak) and Japan (stock selection in the Industrials sector disappointed).

Voya IM Sleeve — Net of fees and expense, the Sleeve underperformed the MSCI EAFE® by approximately 98 basis points (-0.98%) for the six-months ended April 30, 2019. Gross of these fees and expenses, the Sleeve closely tracked the FTSE Index for the reporting period. The Sleeve employs a passive management approach designed to track the performance of the FTSE Developed ex-U.S. Select Factor Index.

For the reporting period, the Sleeve underperformed the FTSE Developed ex-U.S. Select Factor Index. On the sector level, and on an absolute basis, all sectors generated positive performance for the reporting period with the exception of the energy sector, which lagged. The real estate and information technology sectors generated the strongest performance for

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Voya Multi-Manager International Factors Fund

Portfolio Managers’ Report

the period. On a regional basis, holdings within Japan detracted from performance, while holdings within Asia/Pacific ex Japan generated the strongest absolute performance.

Current Strategy and Outlook: PanAgora Sleeve — The current stage of the economic cycle has historically been challenging for diversified quantitative strategies as investors discard stocks with stronger fundamentals and embrace expensive companies with compelling stories about their future growth. In our opinion, chasing returns through factor timing is unlikely to benefit the strategy over the long term. We expect momentum and especially growth-based strategies to disappoint should equities move lower and earnings growth slow. We also expect investors to refocus their attention to fundamentals and relative valuations. We also emphasize that companies preferred by our models are well positioned from a valuation standpoint.

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shareholder expense example (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*			Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*
Voya Global Corporate Leaders® 100 Fund
Class A		$	1,000.00		$	1,090.30		0.88%		$	4.56		$	1,000.00		$	1,020.43		0.88%		$	4.41
Class I			1,000.00			1,092.60		0.56			2.91			1,000.00			1,022.02		0.56			2.81
Voya Global Equity Dividend Fund
Class A		$	1,000.00		$	1,063.00		1.25%		$	6.39		$	1,000.00		$	1,018.60		1.25%		$	6.26
Class C			1,000.00			1,058.70		2.00			10.21			1,000.00			1,014.88		2.00			9.99
Class I			1,000.00			1,064.50		1.00			5.12			1,000.00			1,019.84		1.00			5.01
Class O			1,000.00			1,063.00		1.25			6.39			1,000.00			1,018.60		1.25			6.26
Class W			1,000.00			1,064.40		1.00			5.12			1,000.00			1,019.84		1.00			5.01
Voya International High Dividend Low Volatility Fund
Class A		$	1,000.00		$	1,048.70		0.87%		$	4.42		$	1,000.00		$	1,020.48		0.87%		$	4.36
Class I			1,000.00			1,050.40		0.62			3.15			1,000.00			1,021.72		0.62			3.11
Class P3(1)			1,000.00			1,012.10		0.00			0.00			1,000.00			1,024.79		0.00			0.00

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shareholder expense example (Unaudited) (continued)

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*			Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*
Voya Multi-Manager Emerging Markets Equity Fund
Class A		$	1,000.00		$	1,161.70		1.58%		$	8.47		$	1,000.00		$	1,016.96		1.58%		$	7.90
Class C			1,000.00			1,158.10		2.33			12.47			1,000.00			1,013.24		2.33			11.63
Class I			1,000.00			1,164.10		1.23			6.60			1,000.00			1,018.70		1.23			6.16
Class P(1)			1,000.00			1,051.20		0.15			0.26			1,000.00			1,024.05		0.15			0.75
Class P3			1,000.00			1,170.90		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Class R			1,000.00			1,160.50		1.83			9.80			1,000.00			1,015.72		1.83			9.15
Class W			1,000.00			1,163.20		1.33			7.13			1,000.00			1,018.20		1.33			6.66
Voya Multi-Manager International Equity Fund
Class I		$	1,000.00		$	1,097.60		0.97%		$	5.04		$	1,000.00		$	1,019.98		0.97%		$	4.86
Class P(1)			1,000.00			1,048.80		0.15			0.26			1,000.00			1,024.05		0.15			0.75
Class P3			1,000.00			1,101.80		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Voya Multi-Manager International Factors Fund
Class I		$	1,000.00		$	1,061.20		0.75%		$	3.83		$	1,000.00		$	1,021.08		0.75%		$	3.76
Class P(1)			1,000.00			1,022.70		0.15			0.26			1,000.00			1,024.05		0.15			0.75
Class P3			1,000.00			1,065.40		0.00			0.00			1,000.00			1,024.79		0.00			0.00
Class W			1,000.00			1,061.20		0.75			3.83			1,000.00			1,021.08		0.75			3.76

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

(1)

Commencement of operations was February 28, 2019. Expenses paid for the actual Fund’s return reflect the 62-day period ended April 30, 2019.

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STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited)

	Voya Global Corporate Leaders® 100 Fund			Voya Global Equity Dividend Fund			Voya International High Dividend Low Volatility Fund
ASSETS:
Investments in securities at fair value*		$	4,182,739		$	61,457,439		$	9,348,838
Short-term investments at fair value**			3,000			1,799,140			12,000
Cash			1,484			7,127			1,904
Foreign currencies at value***			2,619			100,512			932
Receivables:
Fund shares sold			—			3,813			—
Dividends			11,595			221,130			52,846
Foreign tax reclaims			2,419			35,094			11,602
Prepaid expenses			20,262			30,867			41,912
Reimbursement due from manager			5,291			12,225			6,830
Other assets			43			11,980			105
Total assets			4,229,452			63,679,327			9,476,969
LIABILITIES:
Payable for fund shares redeemed			—			38,859			—
Payable for investment management fees			1,709			41,833			3,866
Payable for distribution and shareholder service fees			457			17,809			968
Payable to trustees under the deferred compensation plan (Note 6)			43			11,980			105
Payable for trustee fees			20			313			45
Other accrued expenses and liabilities			11,761			79,780			24,140
Total liabilities			13,990			190,574			29,124
NET ASSETS		$	4,215,462		$	63,488,753		$	9,447,845
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	3,621,859		$	61,241,034		$	9,781,326
Total distributable earnings (loss)			593,603			2,247,719			(333,481)
NET ASSETS		$	4,215,462		$	63,488,753		$	9,447,845
* Cost of investments in securities		$	3,610,163		$	58,924,542		$	9,433,954
** Cost of short-term investments		$	3,000		$	1,799,140		$	12,000
*** Cost of foreign currencies		$	2,630		$	102,311		$	926

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited) (continued)

	Voya Global Corporate Leaders® 100 Fund			Voya Global Equity Dividend Fund			Voya International High Dividend Low Volatility Fund
Class A
Net assets		$	2,253,899		$	43,521,676		$	4,728,429
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			190,312			3,133,015			488,161
Net asset value and redemption price per share†		$	11.84		$	13.89		$	9.69
Maximum offering price per share (5.75%)(1)		$	12.56		$	14.74		$	10.28
Class C
Net assets			n/a		$	10,558,649			n/a
Shares authorized			n/a			unlimited			n/a
Par value			n/a		$	—			n/a
Shares outstanding			n/a			764,111			n/a
Net asset value and redemption price per share			n/a		$	13.82			n/a
Class I
Net assets		$	1,961,563		$	7,948,812		$	4,716,380
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			165,403			571,476			486,830
Net asset value and redemption price per share		$	11.86		$	13.91		$	9.69
Class O
Net assets			n/a		$	429,949			n/a
Shares authorized			n/a			unlimited			n/a
Par value			n/a		$	—			n/a
Shares outstanding			n/a			30,937			n/a
Net asset value and redemption price per share			n/a		$	13.90			n/a
Class P3
Net assets			n/a			n/a		$	3,036
Shares authorized			n/a			n/a			unlimited
Par value			n/a			n/a		$	—
Shares outstanding			n/a			n/a			313
Net asset value and redemption price per share			n/a			n/a		$	9.70
Class W
Net assets			n/a		$	1,029,667			n/a
Shares authorized			n/a			unlimited			n/a
Par value			n/a		$	—			n/a
Shares outstanding			n/a			66,109			n/a
Net asset value and redemption price per share			n/a		$	15.58			n/a

(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

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STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited)

	Voya Multi-Manager Emerging Markets Equity Fund			Voya Multi-Manager International Equity Fund			Voya Multi-Manager International Factors Fund
ASSETS:
Investments in securities at fair value+*		$	403,191,832		$	580,102,928		$	460,576,420
Short-term investments at fair value**			10,363,170			28,206,943			21,067,820
Cash			41,691			4,662,471			675,878
Cash collateral for futures			—			—			273,136
Foreign currencies at value***			3,669,538			106,552			532,479
Receivables:
Investment securities and currencies sold			2,295,416			2,753,989			—
Fund shares sold			1,112,699			1,067,245			1,320,949
Dividends			583,550			1,674,782			1,498,604
Interest			—			—			98,033
Foreign tax reclaims			5,299			677,763			640,694
Unrealized appreciation on forward foreign currency contracts			117			30,416			58,966
Prepaid expenses			63,291			39,967			36,567
Reimbursement due from manager			45,039			20,603			39,110
Other assets			11,237			14,284			11,195
Total assets			421,382,879			619,357,943			486,829,851
LIABILITIES:
Payable for investment securities and currencies purchased			7,055,291			15,041,167			15,810,824
Payable for fund shares redeemed			238,412			282,650			299,631
Payable upon receipt of securities loaned			3,140,240			262,558			741,987
Unrealized depreciation on forward foreign currency contracts			595			4,159			—
Payable for investment management fees			352,634			389,092			216,091
Payable for distribution and shareholder service fees			7,679			—			—
Payable to trustees under the deferred compensation plan (Note 6)			11,237			14,284			11,195
Payable for trustee fees			1,851			2,549			1,927
Payable for borrowings against line of credit			1,467,000			—			—
Other accrued expenses and liabilities			556,609			247,354			257,995
Total liabilities			12,831,548			16,243,813			17,339,650
NET ASSETS		$	408,551,331		$	603,114,130		$	469,490,201
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	374,733,152		$	555,320,061		$	461,604,835
Total distributable earnings			33,818,179			47,794,069			7,885,366
NET ASSETS		$	408,551,331		$	603,114,130		$	469,490,201
+ Including securities loaned at value		$	3,041,092		$	251,938		$	705,076
* Cost of investments in securities		$	368,698,289		$	529,211,612		$	451,571,322
** Cost of short-term investments		$	10,363,170		$	28,206,943		$	21,067,820
*** Cost of foreign currencies		$	3,669,248		$	106,557		$	532,147

See Accompanying Notes to Financial Statements

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STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2019 (Unaudited) (continued)

	Voya Multi-Manager Emerging Markets Equity Fund			Voya Multi-Manager International Equity Fund			Voya Multi-Manager International Factors Fund
Class A
Net assets		$	23,834,335			n/a			n/a
Shares authorized			unlimited			n/a			n/a
Par value		$	—			n/a			n/a
Shares outstanding			1,939,406			n/a			n/a
Net asset value and redemption price per share		$	12.29			n/a			n/a
Maximum offering price per share (5.75%)(1)		$	13.04			n/a			n/a
Class C
Net assets		$	3,282,062			n/a			n/a
Shares authorized			unlimited			n/a			n/a
Par value		$	—			n/a			n/a
Shares outstanding			268,371			n/a			n/a
Net asset value and redemption price per share		$	12.23			n/a			n/a
Class I
Net assets		$	311,127,617		$	591,407,485		$	397,301,677
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			25,279,456			51,924,432			42,021,598
Net asset value and redemption price per share		$	12.31		$	11.39		$	9.45
Class P
Net assets		$	3,153		$	3,147		$	3,068
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			256			276			324
Net asset value and redemption price per share		$	12.33		$	11.40		$	9.48
Class P3
Net assets		$	7,601,062		$	11,703,498		$	11,659,001
Shares authorized			unlimited			unlimited			unlimited
Par value		$	—		$	—		$	—
Shares outstanding			611,042			1,018,349			1,224,187
Net asset value and redemption price per share		$	12.44		$	11.49		$	9.52
Class R
Net assets		$	125,378			n/a			n/a
Shares authorized			unlimited			n/a			n/a
Par value		$	—			n/a			n/a
Shares outstanding			10,176			n/a			n/a
Net asset value and redemption price per share		$	12.32			n/a			n/a
Class W
Net assets		$	62,577,724			n/a		$	60,526,455
Shares authorized			unlimited			n/a			unlimited
Par value		$	—			n/a		$	—
Shares outstanding			5,092,069			n/a			6,402,646
Net asset value and redemption price per share		$	12.29			n/a		$	9.45

(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

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STATEMENTS OF OPERATIONS for the six months ended April 30, 2019 (Unaudited)

	Voya Global Corporate Leaders® 100 Fund			Voya Global Equity Dividend Fund			Voya International High Dividend Low Volatility Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	58,140		$	948,581		$	177,595
Securities lending income, net			106			603			8
Total investment income			58,246			949,184			177,603
EXPENSES:
Investment management fees			9,746			248,407			22,527
Distribution and shareholder service fees:
Class A			2,605			51,890			5,652
Class C			—			56,702			—
Class O			—			499			—
Transfer agent fees:
Class A			670			35,195			278
Class C			—			9,603			—
Class I			53			2,031			2,470
Class O			—			338			—
Class P3			—			—			3
Class W			—			830			—
Shareholder reporting expense			91			6,335			362
Registration fees			14,502			36,644			17,556
Professional fees			4,590			11,419			6,300
Custody and accounting expense			7,597			26,080			10,926
Trustee fees			79			1,252			182
License fee			390			—			—
Miscellaneous expense			1,683			5,514			3,910
Interest expense			9			—			8
Total expenses			42,015			492,739			70,174
Waived and reimbursed fees			(27,774)			(72,472)			(36,593)
Net expenses			14,241			420,267			33,581
Net investment income			44,005			528,917			144,022
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			33,821			840,957			(265,887)
Foreign currency related transactions			(439)			2,617			(252)
Net realized gain (loss)			33,382			843,574			(266,139)
Net change in unrealized appreciation (depreciation) on:
Investments			275,679			2,367,365			564,829
Foreign currency related transactions			(39)			2,320			(323)
Net change in unrealized appreciation (depreciation)			275,640			2,369,685			564,506
Net realized and unrealized gain			309,022			3,213,259			298,367
Increase in net assets resulting from operations		$	353,027		$	3,742,176		$	442,389
* Foreign taxes withheld		$	3,378		$	52,682		$	27,219

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS for the six months ended April 30, 2019 (Unaudited)

	Voya Multi-Manager Emerging Markets Equity Fund			Voya Multi-Manager International Equity Fund			Voya Multi-Manager International Factors Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	2,755,338		$	6,218,130		$	6,315,860
Interest, net of foreign taxes withheld*			26,677			—			11,696
Securities lending income, net			52,834			21,409			5,504
Other			—			—			89,462
Total investment income			2,834,849			6,239,539			6,422,522
EXPENSES:
Investment management fees			2,019,633			2,149,006			1,242,295
Distribution and shareholder service fees:
Class A			28,002			—			—
Class C			16,701			—			—
Class R			278			—			—
Transfer agent fees:
Class A			23,791			—			—
Class C			3,546			—			—
Class I			10,189			1,092			1,836
Class P			3			5			5
Class P3			259			74			74
Class R			118			—			—
Class W			63,174			—			49,063
Shareholder reporting expense			12,632			5,502			10,290
Registration fees			48,265			23,884			28,739
Professional fees			48,810			54,620			44,946
Custody and accounting expense			299,590			228,110			209,709
Trustee fees			7,405			10,197			7,708
License fee			—			—			29,835
Miscellaneous expense			9,154			11,878			13,421
Interest expense			3,608			324			2,077
Total expenses			2,595,158			2,484,692			1,639,998
Waived and reimbursed fees			(271,479)			(60,665)			(226,841)
Brokerage commission recapture			(338)			(782)			—
Net expenses			2,323,341			2,423,245			1,413,157
Net investment income			511,508			3,816,294			5,009,365
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of Peruvian capital gains tax withheld^)			3,162,798			(2,594,761)			(2,099,453)
Forward foreign currency contracts			1,367			13,129			(5,221)
Foreign currency related transactions			(57,250)			16,425			(200,695)
Futures			(6,749)			—			117,609
Net realized gain (loss)			3,100,166			(2,565,207)			(2,187,760)
Net change in unrealized appreciation (depreciation) on:
Investments (net of Indian capital gains tax accrued#) (net of Peruvian capital gains tax accrued##)			51,721,816			48,151,781			20,648,946
Forward foreign currency contracts			(438)			26,405			58,970
Foreign currency related transactions			4,993			(44,663)			(108,835)
Futures			—			—			156,765
Net change in unrealized appreciation (depreciation)			51,726,371			48,133,523			20,755,846
Net realized and unrealized gain			54,826,537			45,568,316			18,568,086
Increase in net assets resulting from operations		$	55,338,045		$	49,384,610		$	23,577,451
* Foreign taxes withheld		$	357,540		$	884,836		$	690,520
# Foreign taxes accrued on Indian investments		$	222,845		$	19,313		$	—
^ Foreign taxes on sale of Peruvian investments		$	22,149		$	—		$	—
## Foreign taxes accrued on Peruvian investments		$	61,948		$	—		$	—

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Corporate Leaders® 100 Fund						Voya Global Equity Dividend Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income		$	44,005		$	84,458		$	528,917		$	1,269,749
Net realized gain			33,382			76,034			843,574			3,025,154
Net change in unrealized appreciation (depreciation)			275,640			(218,827)			2,369,685			(5,722,630)
Increase (decrease) in net assets resulting from operations			353,027			(58,335)			3,742,176			(1,427,727)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(107,486)			(74,569)			(2,214,154)			(641,738)
Class C			—			—			(580,974)			(153,730)
Class I			(98,013)			(70,090)			(433,730)			(209,366)
Class O			—			—			(19,822)			(233,192)
Class W			—			—			(48,664)			(23,797)
Total distributions			(205,499)			(144,659)			(3,297,344)			(1,261,823)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			13,675			208,711			2,483,513			17,206,262
Reinvestment of distributions			205,469			144,659			2,777,120			825,332
			219,144			353,370			5,260,633			18,031,594
Cost of shares redeemed			(38,883)			(96,289)			(7,757,000)			(28,982,382)
Net increase (decrease) in net assets resulting from capital share transactions			180,261			257,081			(2,496,367)			(10,950,788)
Net increase (decrease) in net assets			327,789			54,087			(2,051,535)			(13,640,338)
NET ASSETS:
Beginning of year or period			3,887,673			3,833,586			65,540,288			79,180,626
End of year or period		$	4,215,462		$	3,887,673		$	63,488,753		$	65,540,288

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya International High Dividend Low Volatility Fund						Voya Multi-Manager Emerging Markets Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income		$	144,022		$	288,205		$	511,508		$	3,475,418
Net realized gain (loss)			(266,139)			670,643			3,100,166			20,289,746
Net change in unrealized appreciation (depreciation)			564,506			(1,621,068)			51,726,371			(95,695,069)
Increase (decrease) in net assets resulting from operations			442,389			(662,220)			55,338,045			(71,929,905)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(377,984)			(370,852)			(122,663)			(319,843)
Class C			—			—			—			(19,638)
Class I			(381,865)			(389,593)			(2,640,753)			(3,007,576)
Class P3			(14)			—			(36,027)			—
Class R			—			—			(428)			(905)
Class W			—			—			(506,565)			(876,676)
Total distributions			(759,863)			(760,445)			(3,306,436)			(4,224,638)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			92,579			108,437			69,904,290			210,392,822
Reinvestment of distributions			759,863			760,445			3,298,666			4,197,708
			852,442			868,882			73,202,956			214,590,530
Cost of shares redeemed			(20,248)			(91,446)			(72,055,488)			(97,244,816)
Net increase in net assets resulting from capital share transactions			832,194			777,436			1,147,468			117,345,714
Net increase (decrease) in net assets			514,720			(645,229)			53,179,077			41,191,171
NET ASSETS:
Beginning of year or period			8,933,125			9,578,354			355,372,254			314,181,083
End of year or period		$	9,447,845		$	8,933,125		$	408,551,331		$	355,372,254

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Multi-Manager International Equity Fund						Voya Multi-Manager International Factors Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income		$	3,816,294		$	7,095,356		$	5,009,365		$	9,246,692
Net realized gain (loss)			(2,565,207)			18,867,652			(2,187,760)			17,471,570
Net change in unrealized appreciation (depreciation)			48,133,523			(71,665,451)			20,755,846			(59,213,266)
Increase (decrease) in net assets resulting from operations			49,384,610			(45,702,443)			23,577,451			(32,495,004)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class I			(25,678,527)			(11,581,280)			(21,511,340)			(19,548,257)
Class P3			(275,950)			—			(363,638)			—
Class W			—			—			(3,773,220)			(3,763,303)
Total distributions			(25,954,477)			(11,581,280)			(25,648,198)			(23,311,560)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			132,865,868			127,699,280			117,728,589			109,198,502
Reinvestment of distributions			25,940,983			11,581,280			25,648,198			23,310,874
			158,806,851			139,280,560			143,376,787			132,509,376
Cost of shares redeemed			(76,639,866)			(98,901,436)			(59,394,166)			(84,130,269)
Net increase in net assets resulting from capital share transactions			82,166,985			40,379,124			83,982,621			48,379,107
Net increase (decrease) in net assets			105,597,118			(16,904,599)			81,911,874			(7,427,457)
NET ASSETS:
Beginning of year or period			497,517,012			514,421,611			387,578,327			395,005,784
End of year or period		$	603,114,130		$	497,517,012		$	469,490,201		$	387,578,327

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights

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

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expenses net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Corporate Leaders® 100 Fund
Class A
04-30-19+		11.47		0.12•		0.84		0.96		0.27		0.32		—		0.59		—		11.84		9.03		2.30		0.88		0.88		2.11		2,254		18
10-31-18		12.07		0.23		(0.39)		(0.16)		0.22		0.22		—		0.44		—		11.47		(1.47)		2.74		0.84		0.84		1.99		2,074		22
12-06-16(4) - 10-31-17		10.00		0.21•		1.87		2.08		0.01		—		—		0.01		—		12.07		20.88		3.56		0.81		0.81		2.05		2,016		18
Class I
04-30-19+		11.50		0.13•		0.86		0.99		0.31		0.32		—		0.63		—		11.86		9.26		1.99		0.56		0.56		2.42		1,962		18
10-31-18		12.10		0.27		(0.41)		(0.14)		0.24		0.22		—		0.46		—		11.50		(1.24)		2.46		0.56		0.56		2.26		1,814		22
12-06-16(4) - 10-31-17		10.00		0.23•		1.89		2.12		0.02		—		—		0.02		—		12.10		21.20		3.31		0.56		0.56		2.29		1,818		18
Voya Global Equity Dividend Fund
Class A
04-30-19+		13.81		0.12•		0.68		0.80		0.15		0.57		—		0.72		—		13.89		6.30		1.50		1.25		1.25		1.81		43,522		19
10-31-18		14.41		0.26•		(0.60)		(0.34)		0.26		—		—		0.26		—		13.81		(2.39)		1.47		1.25		1.25		1.76		43,222		33
10-31-17		12.46		0.26		2.00		2.26		0.31		—		—		0.31		—		14.41		18.32		1.49		1.25		1.25		1.93		37,260		29
10-31-16		12.74		0.29		(0.27)		0.02		0.30		—		—		0.30		—		12.46		0.22		1.50		1.25		1.25		2.31		33,764		29
10-31-15		13.41		0.27		(0.67)		(0.40)		0.27		—		—		0.27		—		12.74		(2.99)(a)		1.54		1.25		1.25		2.01		40,159		25
10-31-14		12.92		0.37		0.48		0.85		0.36		—		—		0.36		—		13.41		6.60		1.46		1.27		1.27		2.75		29,971		40
Class C
04-30-19+		13.73		0.07•		0.67		0.74		0.08		0.57		—		0.65		—		13.82		5.87		2.25		2.00		2.00		1.02		10,559		19
10-31-18		14.32		0.15		(0.58)		(0.43)		0.16		—		—		0.16		—		13.73		(3.07)		2.22		2.00		2.00		1.02		12,686		33
10-31-17		12.38		0.17		1.98		2.15		0.21		—		—		0.21		—		14.32		17.44		2.24		2.00		2.00		1.21		16,541		29
10-31-16		12.66		0.19		(0.26)		(0.07)		0.21		—		—		0.21		—		12.38		(0.53)		2.25		2.00		2.00		1.55		21,851		29
10-31-15		13.32		0.17		(0.66)		(0.49)		0.17		—		—		0.17		—		12.66		(3.72)(a)		2.29		2.00		2.00		1.26		25,594		25
10-31-14		12.84		0.27		0.48		0.75		0.27		—		—		0.27		—		13.32		5.78		2.21		2.02		2.02		2.00		18,079		40
Class I
04-30-19+		13.83		0.14•		0.68		0.82		0.17		0.57		—		0.74		—		13.91		6.45		1.13		1.00		1.00		2.05		7,949		19
10-31-18		14.43		0.30		(0.60)		(0.30)		0.30		—		—		0.30		—		13.83		(2.15)		1.10		1.00		1.00		2.05		8,178		33
10-31-17		12.47		0.30		2.01		2.31		0.35		—		—		0.35		—		14.43		18.66		1.10		1.00		1.00		2.17		10,474		29
10-31-16		12.75		0.31		(0.26)		0.05		0.33		—		—		0.33		—		12.47		0.47		1.10		1.00		1.00		2.55		8,598		29
10-31-15		13.43		0.30		(0.67)		(0.37)		0.31		—		—		0.31		—		12.75		(2.80)(a)		1.14		1.00		1.00		2.24		9,447		25
10-31-14		12.94		0.39		0.50		0.89		0.40		—		—		0.40		—		13.43		6.85		1.11		1.00		1.00		2.86		5,994		40

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expenses net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Global Equity Dividend Fund (continued)																																		��
Class O
04-30-19+		13.77		0.12•		0.68		0.80		0.10		0.57		—		0.67		—		13.90		6.30		1.50		1.25		1.25		1.81		430			19
10-31-18		14.38		0.27•		(0.62)		(0.35)		0.26		—		—		0.26		—		13.77		(2.47)		1.47		1.25		1.25		1.87		412			33
10-31-17		12.43		0.26		2.00		2.26		0.31		—		—		0.31		—		14.38		18.36		1.49		1.25		1.25		1.93		13,612			29
10-31-16		12.71		0.28		(0.26)		0.02		0.30		—		—		0.30		—		12.43		0.22		1.50		1.25		1.25		2.30		12,340			29
10-31-15		13.38		0.27		(0.67)		(0.40)		0.27		—		—		0.27		—		12.71		(3.02)(a)		1.54		1.25		1.25		2.05		13,308			25
10-31-14		12.90		0.37		0.48		0.85		0.37		—		—		0.37		—		13.38		6.54		1.46		1.27		1.27		2.73		15,343			40
Class W
04-30-19+		15.40		0.15•		0.77		0.92		0.17		0.57		—		0.74		—		15.58		6.44		1.25		1.00		1.00		2.06		1,030			19
10-31-18		16.03		0.33•		(0.66)		(0.33)		0.30		—		—		0.30		—		15.40		(2.13)		1.22		1.00		1.00		2.05		1,043			33
10-31-17		13.82		0.33		2.23		2.56		0.35		—		—		0.35		—		16.03		18.64		1.24		1.00		1.00		2.22		1,293			29
10-31-16		14.09		0.34		(0.28)		0.06		0.33		—		—		0.33		—		13.82		0.49		1.25		1.00		1.00		2.53		1,144			29
10-31-15		14.80		0.34		(0.75)		(0.41)		0.30		—		—		0.30		—		14.09		(2.76)(a)		1.29		1.00		1.00		2.29		1,181			25
10-31-14		14.23		0.44		0.53		0.97		0.40		—		—		0.40		—		14.80		6.81		1.21		1.02		1.02		3.00		1,275			40
Voya International High Dividend Low Volatility Fund
Class A
04-30-19+		10.10		0.15•		0.28		0.43		0.11		0.73		—		0.84		—		9.69		4.87		1.63		0.87		0.87		3.07		4,728			38
10-31-18		11.73		0.32		(1.06)		(0.74)		0.58		0.31		—		0.89		—		10.10		(6.95)		1.72		0.85		0.85		2.85		4,470			129
12-06-16(4) - 10-31-17		10.00		0.24•		1.51		1.75		0.02		—		—		0.02		—		11.73		17.49		2.20		0.85		0.85		2.41		4,847			35
Class I
04-30-19+		10.10		0.16•		0.29		0.45		0.13		0.73		—		0.86		—		9.69		5.04		1.48		0.62		0.62		3.33		4,716			38
10-31-18		11.76		0.35		(1.07)		(0.72)		0.63		0.31		—		0.94		—		10.10		(6.80)		1.57		0.60		0.60		3.10		4,463			129
12-06-16(4) - 10-31-17		10.00		0.26•		1.52		1.78		0.02		—		—		0.02		—		11.76		17.81		2.03		0.60		0.60		2.66		4,732			35
Class P3
02-28-19(4) - 04-30-19+		9.63		0.10•		0.02		0.12		0.05		—		—		0.05		—		9.70		1.21		2.03		0.00*		0.00*		6.33		3			38
Voya Multi-Manager Emerging Markets Equity Fund
Class A
04-30-19+		10.64		(0.00)*		1.71		1.71		0.06		—		—		0.06		—		12.29		16.17		1.80		1.58		1.58		(0.04)		23,834			32
10-31-18		13.17		0.09		(2.48)		(2.39)		0.14		—		—		0.14		—		10.64		(18.31)		1.77		1.57		1.57		0.60		21,470			53
10-31-17		10.00		0.07		3.16		3.25		0.08		—		—		0.08		—		13.17		32.77		1.80		1.59		1.59		0.56		29,254			51
10-31-16		9.33		0.08		0.69		0.77		0.10		—		—		0.10		—		10.00		8.41		1.90		1.59		1.59		0.73		23,604			47
10-31-15		11.55		0.09		(2.19)		(2.10)		0.12		—		—		0.12		—		9.33		(18.30)(b)		1.82		1.60		1.60		0.78		25,071			74
10-31-14		11.76		0.12		(0.24)		(0.12)		0.09		—		—		0.09		—		11.55		(1.00)		1.83		1.60		1.60		0.91		35,004			68

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expenses net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Multi-Manager Emerging Markets Equity Fund (continued)
Class C
04-30-19+		10.56		(0.04)•		1.71		1.67		—		—		—		—		—		12.23		15.81		2.55		2.33		2.33		(0.78)		3,282		32
10-31-18		13.09		(0.02)		(2.45)		(2.47)		0.06		—		—		0.06		—		10.56		(18.97)		2.52		2.32		2.32		(0.18)		3,581		53
10-31-17		9.94		(0.03)•		3.18		3.15		0.00*		—		—		0.00*		—		13.09		31.74		2.55		2.34		2.34		(0.27)		4,419		51
10-31-16		9.26		0.01		0.70		0.71		0.03		—		—		0.03		—		9.94		7.69		2.65		2.34		2.34		(0.03)		4,205		47
10-31-15		11.44		0.00*•		(2.17)		(2.17)		0.01		—		—		0.01		—		9.26		(18.96)(b)		2.57		2.35		2.35		0.02		4,420		74
10-31-14		11.65		0.02•		(0.23)		(0.21)		0.00*		—		—		0.00*		—		11.44		(1.77)		2.58		2.35		2.35		0.15		6,884		68
Class I
04-30-19+		10.68		0.02•		1.72		1.74		0.11		—		—		0.11		—		12.31		16.41		1.34		1.23		1.23		0.31		311,128		32
10-31-18		13.22		0.14•		(2.49)		(2.35)		0.19		—		—		0.19		—		10.68		(18.06)		1.32		1.22		1.22		1.11		269,739		53
10-31-17		10.04		0.11		3.18		3.29		0.11		—		—		0.11		—		13.22		33.22		1.33		1.24		1.24		0.96		215,037		51
10-31-16		9.36		0.10		0.71		0.81		0.13		—		—		0.13		—		10.04		8.89		1.35		1.24		1.24		1.05		166,301		47
10-31-15		11.61		0.12•		(2.20)		(2.08)		0.17		—		—		0.17		—		9.36		(18.06)(b)		1.34		1.25		1.25		1.14		199,847		74
10-31-14		11.82		0.15		(0.23)		(0.08)		0.13		—		—		0.13		—		11.61		(0.64)		1.30		1.25		1.25		1.22		169,635		68
Class P
02-28-19(4) - 04-30-19+		12.00		0.03•		0.30		0.33		—		—		—		—		—		12.33		5.12		1.99		0.15		0.15		1.25		3		32
Class P3
04-30-19+		10.73		0.09•		1.73		1.82		0.11		—		—		0.11		—		12.44		17.09		1.34		0.00*		0.00*		1.54		7,601		32
06-01-18(4) - 10-31-18		12.95		0.15•		(2.37)		(2.22)		—		—		—		—		—		10.73		(17.14)		1.31		0.00*		0.00*		2.98		3,456		53
Class R
04-30-19+		10.66		(0.02)		1.72		1.70		0.04		—		—		0.04		—		12.32		16.05		2.05		1.83		1.83		(0.28)		125		32
10-31-18		13.20		0.04		(2.46)		(2.42)		0.12		—		—		0.12		—		10.66		(18.51)		2.02		1.82		1.82		0.39		101		53
10-31-17		10.03		0.04		3.19		3.23		0.06		—		—		0.06		—		13.20		32.44		2.05		1.84		1.84		0.34		103		51
10-31-16		9.28		0.07•		0.68		0.75		—		—		—		—		—		10.03		8.08		2.15		1.84		1.84		0.81		71		47
10-31-15		11.48		0.06•		(2.17)		(2.11)		0.09		—		—		0.09		—		9.28		(18.49)(b)		2.07		1.85		1.85		0.60		6		74
10-31-14		11.75		0.08		(0.23)		(0.15)		0.12		—		—		0.12		—		11.48		(1.25)		2.08		1.85		1.85		0.73		29		68
Class W
04-30-19+		10.66		0.01		1.72		1.73		0.10		—		—		0.10		—		12.29		16.32		1.55		1.33		1.33		0.21		62,578		32
10-31-18		13.19		0.10		(2.46)		(2.36)		0.17		—		—		0.17		—		10.66		(18.10)		1.52		1.32		1.32		0.86		57,026		53
10-31-17		10.02		0.10		3.17		3.27		0.10		—		—		0.10		—		13.19		33.06		1.55		1.34		1.34		0.85		65,369		51
10-31-16		9.34		0.09		0.71		0.80		0.12		—		—		0.12		—		10.02		8.75		1.65		1.34		1.34		1.03		27,824		47
10-31-15		11.58		0.12•		(2.20)		(2.08)		0.16		—		—		0.16		—		9.34		(18.09)(b)		1.57		1.35		1.35		1.16		22,938		74
10-31-14		11.80		0.16•		(0.25)		(0.09)		0.13		—		—		0.13		—		11.58		(0.76)		1.58		1.35		1.35		1.36		31,560		68

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Financial Highlights (continued)

			Income (loss) from investment operations						Less Distributions														Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments if any(2)(3)		Expenses net of all reductions/additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya Multi-Manager International Equity Fund
Class I
04-30-19+		10.98		0.08•		0.91		0.99		0.18		0.40		—		0.58		—		11.39		9.76		0.98		0.97		0.97		1.49		591,407		28
10-31-18		12.32		0.16		(1.22)		(1.06)		0.21		0.07		—		0.28		—		10.98		(8.83)		0.97		0.97		0.97		1.36		492,439		45
10-31-17		10.29		0.17		2.05		2.22		0.19		—		—		0.19		—		12.32		21.93		0.98		0.96		0.96		1.42		514,422		143
10-31-16		10.87		0.17		(0.51)		(0.34)		0.14		0.10		—		0.24		—		10.29		(3.14)		0.96		0.94		0.94		1.61		514,051		39
10-31-15		11.67		0.15		(0.24)		(0.09)		0.26		0.45		—		0.71		—		10.87		(0.45)		0.98		0.96		0.96		1.34		538,662		66
10-31-14		11.88		0.26•		(0.34)		(0.08)		0.12		0.01		—		0.13		—		11.67		(0.61)		0.99		0.97		0.97		2.18		485,230		45
Class P
02-28-19(4) - 04-30-19+		11.00		0.08•		0.32		0.40		—		—		—		—		—		11.40		4.88		2.00		0.15		0.15		4.22		3		28
Class P3
04-30-19+		11.03		0.14•		0.90		1.04		0.18		0.40		—		0.58		—		11.49		10.18		0.98		0.00*		0.00*		2.71		11,703		28
06-01-18(4) - 10-31-18		12.35		0.09•		(1.41)		(1.32)		—		—		—		—		—		11.03		(10.69)		0.97		0.00*		0.00*		1.85		5,078		45
Voya Multi-Manager International Factors Fund
Class I
04-30-19+		9.57		0.12•		0.41		0.53		0.26		0.39		—		0.65		—		9.45		6.12		0.83		0.75		0.75		2.60		397,302		25
10-31-18		11.06		0.24		(1.08)		(0.84)		0.33		0.32		—		0.65		—		9.57		(8.02)		0.84		0.75		0.75		2.31		326,126		55
10-31-17		9.07		0.20		1.93		2.13		0.14		—		—		0.14		—		11.06		23.83		0.86		0.79		0.79		1.95		331,871		213
10-31-16		9.59		0.13		(0.41)		(0.28)		0.10		0.14		—		0.24		—		9.07		(2.87)		0.96		0.95		0.95		1.37		308,486		84
10-31-15		11.00		0.12•		0.03		0.15		0.10		1.46		—		1.56		—		9.59		2.10		0.97		0.95		0.95		1.20		330,601		85
10-31-14		11.10		0.11•		0.07		0.18		0.25		0.03		—		0.28		—		11.00		1.68		1.04		0.95		0.95		1.00		261,963		93
Class P
02-28-19(4) - 04-30-19+		9.00		0.07•		0.41		0.48		—		—		—		—		—		9.48		2.27		1.49		0.15		0.15		4.13		3		25
Class P3
04-30-19+		9.60		0.16•		0.41		0.57		0.26		0.39		—		0.65		—		9.52		6.54		0.83		0.00*		0.00*		3.50		11,659		25
06-01-18(4) - 10-31-18		10.66		0.10•		(1.16)		(1.06)		—		—		—		—		—		9.60		(9.94)		0.84		0.00*		0.00*		2.27		5,242		55
Class W
04-30-19+		9.57		0.12•		0.41		0.53		0.26		0.39		—		0.65		—		9.45		6.12		1.00		0.75		0.75		2.61		60,526		25
10-31-18		11.05		0.24		(1.07)		(0.83)		0.33		0.32		—		0.65		—		9.57		(7.93)		0.96		0.75		0.75		2.29		56,210		55
10-31-17		9.07		0.20		1.92		2.12		0.14		—		—		0.14		—		11.05		23.71		0.97		0.79		0.79		2.16		63,135		213
10-31-16		9.59		0.12•		(0.40)		(0.28)		0.10		0.14		—		0.24		—		9.07		(2.88)		1.19		0.95		0.95		1.37		26,176		84
10-31-15		11.00		0.12•		0.03		0.15		0.10		1.46		—		1.56		—		9.59		2.10		1.10		0.95		0.95		1.26		21,495		85
10-31-14		11.09		0.12•		0.07		0.19		0.25		0.03		—		0.28		—		11.00		1.77		1.04		0.95		0.95		1.06		29,662		93

(1)

(2)

Annualized for periods less than one year.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(3)

(4)

Commencement of operations.

(a)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended October 31, 2015, total return for Voya Global Equity Dividend Fund would have been (3.88)%, (4.59)%, (3.67)%, (3.89)% and (3.62)% for Classes A, C, I, O and W, respectively.

(b)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended October 31, 2015, total return for Voya Multi-Manager Emerging Markets Equity Fund would have been (18.57)%, (19.23)%, (18.33)%, (18.76)% and (18.36)% for Classes A, C, I, R and W, respectively.

Unaudited.

•

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

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (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 sixteen separate active investment series, six of which are included in this report (each, a “Fund” and collectively, the “Funds”): Voya Global Corporate Leaders® 100 Fund (“Global Corporate Leaders® 100”), Voya Global Equity Dividend Fund (“Global Equity Dividend”), Voya International High Dividend Low Volatility Fund (“International High Dividend Low Volatility”), Voya Multi-Manager Emerging Markets Equity Fund (“Multi-Manager Emerging Markets Equity”), Voya Multi-Manager International Equity Fund (“Multi-Manager International Equity”) and Voya Multi-Manager International Factors Fund (“Multi-Manager International Factors”). Each Fund is a diversified series of the Trust.

Each Fund offers at least one or more of the following classes of shares: Class A, Class C, Class I, Class O, Class R, Class P, Class P3 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, and transfer agent fees. 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.

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 Global Corporate Leaders® 100 and International High Dividend Low Volatility. Voya IM also serves as the sub-adviser to a sleeve for 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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

applicable accounting rules. A table summarizing the Funds’ investments under these levels of classification is included within the Portfolios of Investments.

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

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

(1)

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

(2)

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds 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.

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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

As of April 30, 2019, the maximum amount of loss that Multi-Manager Emerging Markets Equity, Multi-Manager International Equity and Multi-Manager International Factors would incur if the counterparty to its derivative

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

transactions failed to perform would be $117, $30,416 and $58,966, respectively, on open forward foreign currency contracts. No cash collateral was pledged by any counterparty to each respective Fund as of April 30, 2019.

Multi-Manager Emerging Markets Equity and Multi-Manager International Equity had a liability position of $595 and $4,159, respectively, on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2019, the Fund could have been required to pay this amount in cash to its counterparties. The Funds did not post any cash collateral as of April 30, 2019.

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 to protect its non-U.S. dollar denominated holdings from

adverse currency movements. During the period ended April 30, 2019, 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		$	697,506		$	405,919
Multi-Manager International Equity			4,733,685			805,480
Multi-Manager International Factors			7,796,789			—

Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at April 30, 2019 for Multi-Manager Emerging Markets Equity, Multi-Manager International Equity and Multi-Manager International Factors, respectively.

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 such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2019, 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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2019, Multi-Manager Emerging Markets Equity and Multi-Manager International Factors had an average notional value on futures contracts purchased as disclosed below.

	Purchased
Multi-Manager Emerging Markets Equity		$	1,748,500
Multi-Manager International Factors			3,158,173

Please refer to the table within the Portfolio of Investments for Multi-Manager International Factors for open futures contracts at April 30, 2019. There were no open futures contracts for Multi-Manager Emerging Markets Equity at April 30, 2019.

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

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.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

	Purchases			Sales
Global Corporate Leaders® 100		$	715,309		$	719,949
Global Equity Dividend			11,454,709			14,808,280
International High Dividend Low Volatility			3,616,902			3,469,270
Multi-Manager Emerging Markets Equity			123,428,356			116,382,692
Multi-Manager International Equity			214,173,302			138,161,850
Multi-Manager International Factors			159,555,347			95,891,293

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. The Board approved a change to reflect that 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. Effective February 28, 2019, the Investment Adviser is contractually obligated to waive the management fee for Class P shares of Multi-Manager Emerging Markets Equity, Multi-Manager International Equity, and Multi-Manager International Factors. These waivers are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Fund			As a Percentage of Average Daily Net Assets
Global Corporate Leaders® 100			0.50%
Global Equity Dividend			0.80% on the first $500 million; 0.78% on the next $500 million; and 0.76% thereafter
International High Dividend Low Volatility			0.50%
Multi-Manager Emerging Markets Equity(1)			1.10%
Multi-Manager International Equity			0.85%
Multi-Manager International Factors			0.65%

(1)

Effective March 1, 2019, the Investment Adviser has contractually agreed to waive 0.016% of the management fee for Multi-Manager Emerging Markets Equity. Any fees waived or reimbursed are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board. This waiver replaces the management fee waiver in connection with the sub-advisory fee reduction.

The Investment Adviser contractually agreed to waive a portion of the management fee for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity. The waivers were effective in connection with a sub-advisory fee reduction that occurred on July 1, 2015 and July 1, 2013 for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity, respectively. The waivers were calculated as follows: waiver = 50% x (former sub-advisory fee rate minus new sub-advisory fee rate) x average daily net assets as of the calculation date. For the period ended April 30, 2019, the Investment Adviser waived $23,729 and $0 in management fees for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity, respectively, based on the sub-advisory fee reductions. Effective March 1, 2019, the Investment Adviser is no longer obligated to waive a portion of the management fee for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity based on the sub-advisory fee reductions. The termination of these obligations were approved by the Board and for Multi-Manager Emerging Markets Equity, replaced with a management fee waiver.

The Investment Adviser has entered into a sub-advisory agreement with each respective sub-adviser. These sub-advisers provide investment advice for the various Funds and are paid by the Investment Adviser based on the average daily net assets of the respective Funds. Subject to such policies as the Board or the Investment Adviser may determine, the sub-advisers manage each respective Fund’s assets in accordance with that Fund’s investment objectives, policies, and limitations. The sub-adviser of each Fund is as follows (*denotes an affiliated sub-adviser):

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

Fund			Sub-Adviser
Global Corporate Leaders® 100			Voya IM*
Global Equity Dividend			NNIP Advisors B.V.
International High Dividend Low Volatility			Voya IM*
Multi-Manager Emerging Markets Equity			J.P. Morgan Investment Management Inc., Delaware Investments Fund Advisers, Van Eck Associates Corporation and Voya IM*(1)
Multi-Manager International Equity			Baillie Gifford Overseas Limited, Lazard Asset Management LLC, Polaris Capital Management, LLC and Wellington Management Company LLP
Multi-Manager International Factors			PanAgora Asset Management, Inc. and Voya IM*

(1)

Effective April 9, 2019, Voya IM began managing a portion of the Fund’s assets.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I, Class P, Class P3 and Class W, 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 O

Class R

Global Corporate Leaders® 100

0.25%

N/A

Global Equity Dividend

0.25%

1.00%

0.25%

N/A

International High Dividend Low Volatility

0.25%

N/A

Multi-Manager Emerging Markets
Equity

0.25%

1.00%

N/A

0.50%

and Class C shares. For the period ended April 30, 2019, the Distributor retained the following amounts in sales charges from the following Funds:

	Class A			Class C
Initial Sales Charges:
Global Corporate Leaders® 100		$	17		$	—
Global Equity Dividend			517			—
International High Dividend Low Volatility			194			—
Multi-Manager Emerging Markets Equity			267			—
Contingent Deferred Sales Charges:
Global Equity Dividend		$	418		$	45
Multi-Manager Emerging Markets Equity			574			75

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2019, the following direct or indirect, wholly-owned subsidiary 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 Emerging Markets Equity		7.75%
Voya Global Diversified Payment Fund	Multi-Manager International Factors		13.49
Voya Investment Management Co. LLC	Global Corporate Leaders® 100		92.75
Voya Investment Management Co. LLC	International High Dividend Low Volatility		97.37
Voya Solution 2025 Portfolio	Multi-Manager Emerging Markets Equity		6.92
	Multi-Manager International Equity		5.38
	Multi-Manager International Factors		17.34
Voya Solution 2035 Portfolio	Multi-Manager Emerging Markets Equity		12.27
	Multi-Manager International Equity		13.91
	Multi-Manager International Factors		17.83
Voya Solution 2045 Portfolio	Multi-Manager Emerging Markets Equity		10.76
	Multi-Manager International Equity		14.61
	Multi-Manager International Factors		12.07
Voya Solution 2055 Portfolio	Multi-Manager International Equity		5.44
Voya Solution Income Portfolio	Multi-Manager International Factors		5.11
Voya Solution Moderately Aggressive Portfolio	Multi-Manager Emerging Markets Equity		7.54
	Multi-Manager International Equity		8.19
	Multi-Manager International Factors		5.26

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

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

NOTE 7 — LICENSING FEE

Global Corporate Leaders® 100 pays an annual licensing fee to S&P Opco, LLC and Multi-Manager International Factors pays an annual licensing fee to FTSE International Limited.

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2019, the below Funds had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:

Fund	Accrued Expense	Amount
Global Corporate Leaders® 100	Audit		$	4,349
	Custody			5,223
	SEC Registration			986
Global Equity Dividend	Audit			13,053
	Custody			20,695
	Transfer Agent			33,643
International High Dividend Low Volatility	Audit			9,354
	Custody			8,612
	Miscellaneous			4,077

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

Fund

Class
A

Class
C

Class
I

Class
O

Class
P

Class
P3

Class
R

Class
W

Global Corporate Leaders® 100

0.91%

N/A

0.56%

N/A

Global Equity Dividend

1.40%

2.15%

1.15%

1.40%

N/A

1.15%

International High Dividend Low Volatility(1)

0.90%

N/A

0.65%

N/A

0.00%

N/A

Multi-Manager
Emerging Markets
Equity

1.60%

2.35%

1.35%

N/A

0.15%

0.00%

1.85%

1.35%

Multi-Manager International Equity

N/A

0.97%

N/A

0.15%

0.00%

N/A

Multi-Manager International Factors

N/A

0.75%

N/A

0.15%

0.00%

N/A

0.75%

(1)

Prior to March 1, 2019, the expense limits for International High Dividend Low Volatility were 0.85% and 0.60% for Class A and Class I, respectively.

Fund	Class A		Class C		Class I		Class O		Class R		Class W
Global Equity Dividend(1)		1.25%		2.00%		1.00%		1.25%		N/A		1.00%
Multi-Manager Emerging Markets Equity		1.60%		2.35%		1.25%		N/A		1.85%		1.35%

(1)

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 Class P management fee waivers 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.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES (continued)

As of April 30, 2019, 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,
	2020			2021			2022			Total
Global Corporate Leaders® 100		$	29,652		$	99,591		$	58,617		$	187,860
International High Dividend Low Volatility			34,880			118,655			68,740			222,275
Multi-Manager Emerging Markets Equity			234,458			208,770			310,275			753,503
Multi-Manager International Equity			8,980			—			78,597			87,577
Multi-Manager International Factors			121,693			273,858			382,174			777,725

	April 30,
	2020			2021			2022			Total
Global Corporate Leaders® 100
Class I		$	—		$	25		$	89		$	114
International High Dividend Low Volatility
Class A			—			—			41			41
Class I			982			4,902			4,890			10,774
Multi-Manager Emerging Markets Equity
Class A			38,811			33,536			23,198			95,545
Class C			6,758			5,080			3,577			15,415
Class P			—			—			3			3
Class R			117			117			103			337
Class W			57,767			75,477			59,241			192,485
Multi-Manager International Equity
Class P			—			—			5			5
Multi-Manager International Factors
Class P			—			—			5			5
Class W			40,589			72,620			84,358			197,567

The expense limitation agreements are contractual through March 1, 2020 and shall renew automatically for one-year terms. Termination or modification of these obligations requires approval by the Board.

NOTE 10 — LINE OF CREDIT

Effective May 18, 2018, each Fund, in addition to certain other funds managed by the Investment Adviser, has 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 May 17, 2019. 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 a 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 May 18, 2018, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 18, 2018.

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, 2019:

Fund	Days Utilized		Approximate Average Daily Balance For Days Utilized			Approximate Weighted Average Interest Rate For Days Utilized
Multi-Manager Emerging Markets Equity(1)		15		$	2,559,940		3.43%
Multi-Manager International Factors		11			1,641,661		3.40

(1)

At April 30, 2019, Multi-Manager Emerging Markets Equity had an outstanding balance of $1,467,000.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 11 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)
Global Corporate Leaders® 100
Class A
4/30/2019		1,220		—		10,176		(1,901)		—		9,495		13,675		—		107,456		(20,594)		—		100,537
10/31/2018		15,727		—		6,250		(8,135)		—		13,842		188,711		—		74,569		(96,289)		—		166,991
Class I
4/30/2019		—		—		9,281		(1,614)		—		7,667		—		—		98,013		(18,289)		—		79,724
10/31/2018		1,614		—		5,875		—		—		7,489		20,000		—		70,090		—		—		90,090
Global Equity Dividend
Class A
4/30/2019		127,134		—		149,623		(272,956)		—		3,801		1,654,001		—		1,907,092		(3,632,111)		—		(71,018)
10/31/2018		975,854		—		36,076		(468,131)		—		543,799		13,849,994		—		516,685		(6,840,674)		—		7,526,005
Class C
4/30/2019		6,439		—		42,939		(209,520)		—		(160,142)		81,346		—		541,180		(2,744,390)		—		(2,121,864)
10/31/2018		10,691		—		10,060		(251,317)		—		(230,566)		157,028		—		142,700		(3,656,752)		—		(3,357,024)
Class I
4/30/2019		56,838		—		20,477		(97,047)		—		(19,732)		737,416		—		261,457		(1,290,744)		—		(291,871)
10/31/2018		163,433		—		9,428		(307,391)		—		(134,530)		2,391,977		—		135,106		(4,483,891)		—		(1,956,808)
Class O
4/30/2019		790		—		1,534		(1,283)		—		1,041		10,650		—		19,561		(16,961)		—		13,250
10/31/2018		40,239		—		536		(957,359)		—		(916,584)		587,931		—		7,667		(13,558,029)		—		(12,962,431)
Class W
4/30/2019		7		—		3,348		(4,965)		—		(1,610)		100		—		47,830		(72,794)		—		(24,864)
10/31/2018		13,045		—		1,453		(27,447)		—		(12,949)		219,332		—		23,174		(443,036)		—		(200,530)
International High Dividend Low Volatility
Class A
4/30/2019		5,989		—		41,535		(2,068)		—		45,456		59,579		—		377,984		(20,248)		—		417,315
10/31/2018		4,605		—		33,016		(7,959)		—		29,662		52,187		—		370,852		(91,446)		—		331,593
Class I
4/30/2019		3,102		—		41,901		—		—		45,003		30,000		—		381,864		—		—		411,864
10/31/2018		4,775		—		34,667		—		—		39,442		56,250		—		389,593		—		—		445,843
Class P3
2/28/2019(1) - 4/30/2019		312		—		1		—		—		313		3,000		—		15		—		—		3,015
Multi-Manager Emerging Markets Equity
Class A
4/30/2019		106,637		—		10,787		(196,355)		—		(78,931)		1,236,558		—		115,311		(2,256,715)		—		(904,846)
10/31/2018		203,487		—		22,900		(429,023)		—		(202,636)		2,721,297		—		297,694		(5,479,112)		—		(2,460,121)
Class C
4/30/2019		5,915		—		—		(76,514)		—		(70,599)		65,880		—		—		(833,842)		—		(767,962)
10/31/2018		68,782		—		1,495		(68,892)		—		1,385		862,200		—		19,422		(870,056)		—		11,566
Class I
4/30/2019		4,940,442		—		247,028		(5,164,852)		—		22,618		58,792,400		—		2,640,725		(58,956,194)		—		2,476,931
10/31/2018		14,268,145		—		230,970		(5,510,339)		—		8,988,776		180,733,353		—		3,004,921		(72,372,330)		—		111,365,944
Class P
2/28/2019(1) - 4/30/2019		256		—		—		—		—		256		3,000		—		—		—		—		3,000
Class P3
4/30/2019		418,565		—		3,348		(132,965)		—		288,948		4,875,076		—		36,027		(1,543,391)		—		3,367,712
6/1/2018(1) - 10/31/2018		511,799		—		—		(189,705)		—		322,094		6,374,857		—		—		(2,290,404)		—		4,084,453
Class R
4/30/2019		1,172		—		6		(483)		—		695		13,296		—		64		(5,477)		—		7,883
10/31/2018		2,460		—		9		(764)		—		1,705		30,723		—		108		(10,408)		—		20,423
Class W
4/30/2019		436,184		—		47,429		(742,086)		—		(258,473)		4,918,080		—		506,539		(8,459,869)		—		(3,035,250)
10/31/2018		1,586,340		—		67,351		(1,258,017)		—		395,674		19,670,392		—		875,563		(16,222,506)		—		4,323,449
Multi-Manager International Equity
Class I
4/30/2019		11,374,467		—		2,579,400		(6,861,634)		—		7,092,233		125,771,042		—		25,665,032		(75,271,254)		—		76,164,820
10/31/2018		10,101,422		—		954,763		(7,971,794)		—		3,084,391		121,433,608		—		11,581,280		(98,249,758)		—		34,765,130
Class P
2/28/2019(1) - 4/30/2019		276		—		—		—		—		276		3,000		—		—		—		—		3,000

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 11 — 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	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)
Multi-Manager International Equity (continued)
Class P3
4/30/2019		653,665		—		27,567		(123,423)		—		557,809		7,091,826		—		275,951		(1,368,612)		—		5,999,165
6/1/2018(1) - 10/31/2018		514,264		—		—		(53,725)		—		460,539		6,265,672		—		—		(651,678)		—		5,613,994
Multi-Manager International Factors
Class I
4/30/2019		11,083,910		—		2,492,623		(5,627,241)		—		7,949,292		103,704,324		—		21,511,340		(51,886,797)		—		73,328,867
10/31/2018		8,722,322		—		1,877,835		(6,545,401)		—		4,054,756		91,304,185		—		19,548,257		(69,814,939)		—		41,037,503
Class P
2/28/2019(1) - 4/30/2019		324		—		—		—		—		324		3,000		—		—		—		—		3,000
Class P3
4/30/2019		754,495		—		41,942		(118,223)		—		678,214		6,950,748		—		363,638		(1,101,309)		—		6,213,077
6/1/2018(1) - 10/31/2018		607,549		—		—		(61,576)		—		545,973		6,392,502		—		—		(640,677)		—		5,751,825
Class W
4/30/2019		784,917		—		437,222		(693,167)		—		528,972		7,070,517		—		3,773,220		(6,406,060)		—		4,437,677
10/31/2018		1,093,977		—		361,790		(1,293,386)		—		162,381		11,501,815		—		3,762,617		(13,674,653)		—		1,589,779

(1)

Commencement of operations.

NOTE 12 — SECURITIES LENDING

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 Securities Lending Collateral.

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, 2019:

Multi-Manager Emerging Markets Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citadel Securities LLC		$	165,562		$	(165,562)		$	—
Credit Suisse Securities (USA) LLC			445			(445)			—
Goldman Sachs & Co. LLC			640,060			(640,060)			—
J.P. Morgan Securities LLC			769,599			(769,599)			—

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 12 — SECURITIES LENDING (continued)

Multi-Manager Emerging Markets Equity (continued)

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Merrill Lynch, Pierce, Fenner & Smith Inc.			655,278			(655,278)			—
National Bank Of Canada Financial Inc.			661,920			(661,920)			—
UBS AG			148,228			(148,228)			—
Total		$	3,041,092		$	(3,041,092)		$	—

(1)

Collateral with a fair value of $3,140,240 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Multi-Manager International Equity

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Inc.		$	121,363		$	(121,363)		$	—
Credit Suisse Securities (USA) LLC			7,255			(7,255)			—

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Goldman Sachs & Co. LLC			15,936			(15,936)			—
UBS AG			107,384			(107,384)			—
Total		$	251,938		$	(251,938)		$	—

(1)

Collateral with a fair value of $262,558 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

Multi-Manager International Factors

Counterparty	Securities Loaned at Value			Cash Collateral Received(1)			Net Amount
Citigroup Global Markets Limited		$	705,076		$	(705,076)		$	—
Total		$	705,076		$	(705,076)		$	—

(1)

Collateral with a fair value of $741,987 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

NOTE 13 — 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, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the 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:

	Six Months Ended April 30, 2019						Year Ended October 31, 2018
	Ordinary Income			Long-term Capital Gain			Ordinary Income			Long-term Capital Gain
Global Corporate Leaders® 100		$	113,241		$	92,258		$	144,659		$	—
Global Equity Dividend			654,582			2,642,762			1,261,823			—
International High Dividend Low Volatility			113,433			646,430			752,602			7,843
Multi-Manager Emerging Markets Equity			3,306,436			—			4,224,638			—
Multi-Manager International Equity			8,635,021			17,319,456			11,581,280			—
Multi-Manager International Factors			11,712,446			13,935,752			23,311,560			—

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
Global Corporate Leaders® 100		$	38,280		$	46,939		$	509,737		$	—		—		—
Global Equity Dividend			210,120			363,613			1,781,201			—		—		—
International High Dividend Low Volatility			49,140			—			(91,935)			(274,071)		Short-term		None
												(12,549)		Long-term		None
											$	(286,620)
Multi-Manager Emerging Markets Equity			172,734			2,085,057			31,568,426			—		—		—
Multi-Manager International Equity			3,407,618			—			47,105,393			(2,021,771)		Short-term		None
Multi-Manager International Factors			4,077,109			—			6,445,681			(2,192,450)		Short-term		None

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

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

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENTS

As of April 30, 2019, management of the Funds is currently assessing the potential impact to the financial statements that may result from adopting these ASUs.

NOTE 15 — SUBSEQUENT EVENTS

Fund changes: On March 14, 2019, the Board approved changes to Global Equity Dividend’s sub-advisory relationship. The Board approved the reallocation of the

Fund’s assets from NNIP Advisors to Voya IM, effective May 6, 2019, following the termination of NNIP Advisors. In connection with these changes, the management fee will be reduced to 0.50% on all assets and the Investment Adviser, through March 1, 2021, will further lower the expense limits to 0.85%, 1.60%, 0.60%, 0.85% and 0.60% for Class A, Class C, Class I, Class O, and Class W, respectively. The termination of the side letter expense limitation agreement was also approved by the Board on March 14, 2019.

Fund changes: On May 23, 2019, the Board approved the sub-adviser replacement of J.P. Morgan Investment Management Inc. with Voya Investment Management Co. LLC for Multi-Manager Emerging Markets Equity, along with related changes to the Fund’s expense structure, all effective on or about August 9, 2019. The management fee will be 1.10% on actively managed assets and 0.70% on assets managed with the goal of replicating an index (“Passively Managed Assets”), and the Investment Adviser, through March 1, 2021, has agreed to further lower the side letter expense limits so that they will be 1.50%, 2.25%, 1.15%, 1.75% and 1.25% for Class A, Class C, Class I, Class R and Class W shares, respectively. In connection with the lower management fee and expense limits, the Board also approved the termination of the management fee waiver.

Licensing Fee: On May 23, 2019, the Board approved an allocation of licensing fees to Multi-Manager Emerging Markets Equity. Effective August 1, 2019, the Fund will pay an annual licensing fee to FTSE International Limited.

TABLE OF CONTENTS

Voya Global Corporate

SUMMARY PORTFOLIO OF INVESTMENTS

Leaders® 100 Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.9%
			Australia: 0.5%
	820		Other Securities		$	21,699		0.5
			France: 6.3%
	648		Cie de Saint-Gobain			26,568		0.6
	6,670		Other Securities			240,054		5.7
						266,622		6.3
			Germany: 5.8%
	319		BASF SE			26,044		0.6
	401		Daimler AG			26,320		0.7
	217		Siemens AG			26,019		0.6
	7,652		Other Securities			165,021		3.9
						243,404		5.8
			Japan: 4.8%
	13,100		Other Securities			201,985		4.8
			Netherlands: 2.3%
	3,654		Other Securities			97,333		2.3
			South Korea: 0.5%
	550		Other Securities			21,624		0.5
			Spain: 2.3%
	13,235		Other Securities			96,600		2.3
			Switzerland: 4.0%
	1,258		ABB Ltd.			25,876		0.6
	2,028		Credit Suisse Group AG			26,970		0.7
	1,945		UBS Group AG			26,081		0.6
	814		Other Securities			89,423		2.1
						168,350		4.0
			United Kingdom: 7.4%
	1,136		Prudential PLC			25,811		0.6
	3,057		Standard Chartered PLC			27,951		0.7
	39,865		Other Securities			258,509		6.1
						312,271		7.4
			United States: 64.0%
	310		3M Co.			58,748		1.4
	817		Abbott Laboratories			65,001		1.5
	55	(1)	Alphabet, Inc. - Class C			65,366		1.5
	36	(1)	Amazon.com, Inc.			69,355		1.6
	331		American Tower Corp.			64,644		1.5
	382		Aon PLC			68,813		1.6
	341		Apple, Inc.			68,428		1.6
	1,339		Bristol-Myers Squibb Co.			62,170		1.5
	490		Caterpillar, Inc.			68,316		1.6
	523		Chevron Corp.			62,791		1.5
	1,058		Citigroup, Inc.			74,801		1.8
	1,378		Coca-Cola Co.			67,605		1.6
	958		Colgate-Palmolive Co.			69,733		1.7

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United States (continued)
	1,761		DowDuPont, Inc.		$	67,710		1.6
	956		Emerson Electric Co.			67,866		1.6
	799		Exxon Mobil Corp.			64,144		1.5
	7,451		Ford Motor Co.			77,863		1.8
	6,448		General Electric Co.			65,576		1.6
	338		Goldman Sachs Group, Inc.			69,601		1.7
	409		Honeywell International, Inc.			71,015		1.7
	3,393		HP, Inc.			67,690		1.6
	1,208		Intel Corp.			61,656		1.5
	461		International Business Machines Corp.			64,664		1.5
	463		Johnson & Johnson			65,376		1.5
	1,761		Johnson Controls International plc			66,038		1.6
	645		JPMorgan Chase & Co.			74,852		1.8
	521		Kimberly-Clark Corp.			66,886		1.6
	698		Marsh & McLennan Cos., Inc.			65,814		1.6
	343		McDonald’s Corp.			67,767		1.6
	780		Merck & Co., Inc.			61,394		1.5
	550		Microsoft Corp.			71,830		1.7
	1,553		Morgan Stanley			74,932		1.8
	773		Nike, Inc.			67,893		1.6
	525		PepsiCo, Inc.			67,226		1.6
	1,528		Pfizer, Inc.			62,052		1.5
	738		Philip Morris International, Inc.			63,881		1.5
	624		Procter & Gamble Co.			66,444		1.6
	606		Texas Instruments, Inc.			71,405		1.7
	509		United Technologies Corp.			72,589		1.7
	661		Walmart, Inc.			67,977		1.6
						2,697,912		64.0
			Total Common Stock (Cost $3,556,759)			4,127,800		97.9
EXCHANGE-TRADED FUNDS: 1.3%
	1,111		iShares Global 100 ETF			54,939		1.3
			Total Exchange-Traded Funds (Cost $53,404)			54,939		1.3
			Total Long-Term Investments (Cost $3,610,163)			4,182,739		99.2
SHORT-TERM INVESTMENTS: 0.1%
			Mutual Funds: 0.1%
	3,000	(2)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330% (Cost $3,000)			3,000		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global Corporate

SUMMARY PORTFOLIO OF INVESTMENTS

Leaders® 100 Fund

as of April 30, 2019 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $3,000)		$	3,000		0.1
	Total Investments in Securities (Cost $3,613,163)		$	4,185,739		99.3
	Assets in Excess of Other Liabilities			29,723		0.7
	Net Assets		$	4,215,462		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)

Non-income producing security.

(2)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Financials		20.2%
Consumer Staples		13.9
Industrials		13.6
Consumer Discretionary		11.3
Health Care		11.3
Information Technology		10.6
Energy		5.2
Communication Services		4.3
Materials		3.9
Utilities		2.1
Real Estate		1.5
Exchange-Traded Funds		1.3
Short-Term Investments		0.1
Assets in Excess of Other Liabilities		0.7
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	21,699		$	—		$	21,699
France			25,475			241,147			—			266,622
Germany			24,559			218,845			—			243,404
Japan			—			201,985			—			201,985
Netherlands			—			97,333			—			97,333
South Korea			—			21,624			—			21,624
Spain			—			96,600			—			96,600
Switzerland			—			168,350			—			168,350
United Kingdom			—			312,271			—			312,271
United States			2,697,912			—			—			2,697,912
Total Common Stock			2,747,946			1,379,854			—			4,127,800
Exchange-Traded Funds			54,939			—			—			54,939
Short-Term Investments			3,000			—			—			3,000
Total Investments, at fair value		$	2,805,885		$	1,379,854		$	—		$	4,185,739

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $41,802 were transferred from Level 2 to Level 1 within the fair value hierarchy.

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Global Corporate

SUMMARY PORTFOLIO OF INVESTMENTS

Leaders® 100 Fund

as of April 30, 2019 (Unaudited) (continued)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $3,678,539.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	672,500
Gross Unrealized Depreciation		(162,763)
Net Unrealized Appreciation	$	509,737

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Dividend Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 96.8%
			Canada: 3.6%
	19,500		Nutrien Ltd.		$	1,057,602		1.7
	35,632		Shaw Communications, Inc. - Class B			721,577		1.1
	6,159		Other Securities			518,621		0.8
						2,297,800		3.6
			France: 12.2%
	17,541		BNP Paribas			933,765		1.5
	35,370		Cie de Saint-Gobain			1,450,174		2.3
	11,500		Danone			929,720		1.5
	62,134		Engie SA			922,228		1.5
	9,566		Sanofi			834,630		1.3
	9,303		Schneider Electric SE			787,371		1.2
	17,500		Total SA			972,842		1.5
	8,823		Vinci SA			891,093		1.4
						7,721,823		12.2
			Germany: 2.8%
	13,439		Daimler AG			882,085		1.4
	18,559		Other Securities			921,342		1.4
						1,803,427		2.8
			Ireland: 1.5%
	10,462		Medtronic PLC			929,130		1.5
			Italy: 0.8%
	35,092		Other Securities			485,819		0.8
			Japan: 6.3%
	192,500		Mitsubishi UFJ Financial Group, Inc.			955,094		1.5
	15,800		Murata Manufacturing Co., Ltd.			793,376		1.2
	92,300		Nissan Motor Co., Ltd.			740,989		1.2
	28,300		Sumitomo Mitsui Financial Group, Inc.			1,028,598		1.6
	14,700		Other Securities			479,417		0.8
						3,997,474		6.3
			Netherlands: 4.7%
	24,285	(1)	ABN AMRO Group NV			571,970		0.9
	34,641		Royal Dutch Shell PLC - Class A			1,102,314		1.7
	15,400		Unilever NV			931,774		1.5
	18,200		Other Securities			395,962		0.6
						3,002,020		4.7
			Singapore: 1.3%
	244,400		Other Securities			822,371		1.3
			South Korea: 0.9%
	13,942		Other Securities			548,161		0.9
			Spain: 1.1%
	15,197		ACS Actividades de Construccion y Servicios SA			698,855		1.1

Shares			Value			Percentage of Net Assets
COMMON STOCK: (continued)
		Switzerland: 7.2%
	7,178	Chubb Ltd.		$	1,042,246		1.7
	198,000	Glencore PLC			785,578		1.2
	8,700	Nestle SA			837,615		1.3
	3,877	Roche Holding AG			1,022,998		1.6
	65,900	UBS Group AG			883,684		1.4
					4,572,121		7.2
		United Kingdom: 7.5%
	219,800	Kingfisher PLC			757,913		1.2
	46,500	Prudential PLC			1,056,546		1.7
	140,300	Standard Chartered PLC			1,282,789		2.0
	643,867	Vodafone Group PLC			1,194,294		1.9
	31,600	Other Securities			472,820		0.7
					4,764,362		7.5
		United States: 46.9%
	4,500	Allergan PLC			661,500		1.0
	7,423	Apple, Inc.			1,489,573		2.3
	15,240	Bank of New York Mellon Corp.			756,818		1.2
	18,765	Bristol-Myers Squibb Co.			871,259		1.4
	14,200	Carnival Corp.			779,012		1.2
	10,822	Chevron Corp.			1,299,289		2.0
	26,969	Cisco Systems, Inc.			1,508,916		2.4
	15,000	ConocoPhillips			946,800		1.5
	10,642	Exxon Mobil Corp.			854,340		1.3
	117,530	General Electric Co.			1,195,280		1.9
	11,500	Gilead Sciences, Inc.			747,960		1.2
	12,092	Intel Corp.			617,176		1.0
	4,500	International Business Machines Corp.			631,215		1.0
	9,020	JPMorgan Chase & Co.			1,046,771		1.6
	14,300	Las Vegas Sands Corp.			958,815		1.5
	5,858	McDonald’s Corp.			1,157,365		1.8
	14,200	Merck & Co., Inc.			1,117,682		1.8
	16,043	Microsoft Corp.			2,095,216		3.3
	24,056	Pfizer, Inc.			976,914		1.5
	5,832	PNC Financial Services Group, Inc.			798,576		1.3
	8,854	Procter & Gamble Co.			942,774		1.5
	11,151	Qualcomm, Inc.			960,436		1.5
	18,765	Schlumberger Ltd.			800,890		1.3
	13,000	Walmart, Inc.			1,336,920		2.1
	74,931	Other Securities			5,262,579		8.3
					29,814,076		46.9
		Total Common Stock (Cost $58,924,542)			61,457,439		96.8

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Dividend Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.8%
			Mutual Funds: 2.8%
	1,799,140	(2)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $1,799,140)		$	1,799,140		2.8
			Total Short-Term Investments (Cost $1,799,140)			1,799,140		2.8
			Total Investments in Securities (Cost $60,723,682)		$	63,256,579		99.6
			Assets in Excess of Other Liabilities			232,174		0.4
			Net Assets		$	63,488,753		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(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)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Financials		19.0%
Information Technology		14.6
Health Care		12.7
Industrials		10.0
Energy		9.4
Consumer Discretionary		9.4
Consumer Staples		8.6
Communication Services		4.8
Materials		4.3
Utilities		4.0
Short-Term Investments		2.8
Assets in Excess of Other Liabilities		0.4
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Canada		$	2,297,800		$	—		$	—		$	2,297,800
France			1,717,091			6,004,732			—			7,721,823
Germany			—			1,803,427			—			1,803,427
Ireland			929,130			—			—			929,130
Italy			—			485,819			—			485,819
Japan			—			3,997,474			—			3,997,474
Netherlands			—			3,002,020			—			3,002,020
Singapore			—			822,371			—			822,371
South Korea			—			548,161			—			548,161
Spain			—			698,855			—			698,855
Switzerland			1,042,246			3,529,875			—			4,572,121
United Kingdom			—			4,764,362			—			4,764,362
United States			29,814,076			—			—			29,814,076
Total Common Stock			35,800,343			25,657,096			—			61,457,439
Short-Term Investments			1,799,140			—			—			1,799,140
Total Investments, at fair value		$	37,599,483		$	25,657,096		$	—		$	63,256,579

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $814,350 were transferred from Level 2 to Level 1 within the fair value hierarchy.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SUMMARY PORTFOLIO OF INVESTMENTS

Voya Global Equity Dividend Fund

as of April 30, 2019 (Unaudited) (continued)

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

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $61,574,734.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	7,264,272
Gross Unrealized Depreciation		(5,483,071)
Net Unrealized Appreciation	$	1,781,201

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 97.9%
			Australia: 7.6%
	5,759		Amcor Ltd.		$	65,099		0.7
	6,568		Coca-Cola Amatil Ltd.			40,742		0.4
	2,872		Wesfarmers Ltd.			72,898		0.8
	142,663		Other Securities			542,524		5.7
						721,263		7.6
			Belgium: 0.5%
	586		Other Securities			42,303		0.5
			China: 0.3%
	7,000		Other Securities			31,376		0.3
			Denmark: 2.5%
	478		Carlsberg A/S			61,806		0.6
	581		Coloplast A/S			62,761		0.7
	2,312		Novo Nordisk A/S			113,275		1.2
						237,842		2.5
			Finland: 2.2%
	1,485		Sampo OYJ			67,995		0.7
	8,878		Other Securities			141,314		1.5
						209,309		2.2
			France: 7.8%
	812		Danone			65,646		0.7
	4,640		Engie SA			68,870		0.7
	1,337		Sanofi			116,653		1.3
	2,004		Societe Generale			63,550		0.7
	11,705		Other Securities			417,312		4.4
						732,031		7.8
			Germany: 5.6%
	1,049		BASF SE			85,642		0.9
	496		Deutsche Boerse AG			66,277		0.7
	2,203		Deutsche Post AG			76,578		0.8
	3,714		Deutsche Telekom AG			62,228		0.6
	418		Hannover Rueck SE			63,122		0.7
	410	(1)	Innogy SE			19,033		0.2
	14,947		Other Securities			158,924		1.7
						531,804		5.6
			Hong Kong: 4.3%
	5,500		CLP Holdings Ltd.			62,423		0.7
	2,800		Hang Seng Bank Ltd.			73,566		0.8
	92,800		Other Securities			269,501		2.8
						405,490		4.3
			Ireland: 0.3%
	6,857		Other Securities			31,857		0.3
			Israel: 1.7%
	33,228		Other Securities			162,887		1.7
			Italy: 4.1%
	3,731		Assicurazioni Generali S.p.A.			72,389		0.8
	4,170		ENI S.p.A.			71,062		0.7
	30,772		Intesa Sanpaolo SpA			80,623		0.9
	18,013		Other Securities			161,636		1.7
						385,710		4.1

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: 23.9%
	2,400		Canon, Inc.		$	66,595		0.7
	1,400		Fuji Film Holdings Corp.			65,403		0.7
	2,600		Mitsubishi Corp.			71,624		0.8
	2,400		Mitsubishi Tanabe Pharma Corp.			30,209		0.3
	1,500		Mitsubishi Heavy Industries Ltd.			62,512		0.7
	4,300		Mitsui & Co., Ltd.			69,551		0.7
	48,500		Mizuho Financial Group, Inc.			75,744		0.8
	3,200		NTT DoCoMo, Inc.			69,490		0.7
	4,300		Sumitomo Corp.			61,631		0.6
	79,125		Other Securities			1,687,802		17.9
						2,260,561		23.9
			Luxembourg: 0.9%
	3,735		Other Securities			79,480		0.9
			Netherlands: 8.0%
	2,635	(1)	ABN AMRO Group NV			62,061		0.7
	2,706		Koninklijke Ahold Delhaize NV			65,219		0.7
	7,244		Royal Dutch Shell PLC - Class A			230,805		2.4
	2,632		Unilever NV			159,249		1.7
	982		Wolters Kluwer NV			68,541		0.7
	5,937		Other Securities			168,825		1.8
						754,700		8.0
			New Zealand: 0.5%
	18,148		Other Securities			44,529		0.5
			Norway: 0.8%
	5,672		Other Securities			78,525		0.8
			Singapore: 1.7%
	28,100		Singapore Telecommunications Ltd.			65,553		0.7
	20,800		Other Securities			95,717		1.0
						161,270		1.7
			Spain: 3.1%
	327	(1)	Aena SME SA			60,714		0.7
	2,664		Ferrovial SA			65,693		0.7
	15,982		Other Securities			164,594		1.7
						291,001		3.1
			Sweden: 0.6%
	3,294		Other Securities			53,821		0.6
			Switzerland: 7.7%
	26		Givaudan			67,322		0.7
	2,380		Nestle SA			229,141		2.4
	1,635		Novartis AG			133,972		1.4
	659		Roche Holding AG			173,886		1.9
	267		Zurich Insurance Group AG			85,111		0.9
	460	(2)	Other Securities			38,164		0.4
						727,596		7.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: 13.8%
	12,597		Aviva PLC		$	70,746		0.8
	10,632		BAE Systems PLC			68,335		0.7
	1,171		Coca-Cola European Partners PLC - USD			62,754		0.7
	3,055		Compass Group PLC			69,513		0.7
	5,817		GlaxoSmithKline PLC			119,500		1.3
	2,202		Imperial Brands PLC			70,064		0.7
	20,432		Legal & General Group PLC			74,302		0.8
	2,222		Persimmon PLC			64,911		0.7
	41,815		Vodafone Group PLC			77,562		0.8
	159,463	(2)	Other Securities			623,147		6.6
						1,300,834		13.8
			United States: 0.0%
	0		Other Securities			36		0.0
			Total Common Stock (Cost $9,333,420)			9,244,225		97.9
EXCHANGE-TRADED FUNDS: 1.1%
	1,567		iShares MSCI EAFE ETF			104,613		1.1
			Total Exchange-Traded Funds (Cost $100,534)			104,613		1.1
			Total Long-Term Investments (Cost $9,433,954)			9,348,838		99.0
SHORT-TERM INVESTMENTS: 0.1%
			Mutual Funds: 0.1%
	12,000	(3)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330% (Cost $12,000)			12,000		0.1
			Total Short-Term Investments (Cost $12,000)			12,000		0.1
			Total Investments in Securities (Cost $9,445,954)		$	9,360,838		99.1
			Assets in Excess of Other Liabilities			87,007		0.9
			Net Assets		$	9,447,845		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(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)

The grouping contains non-income producing securities.

(3)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Financials		17.9%
Industrials		16.6
Consumer Staples		12.5
Health Care		9.6
Consumer Discretionary		9.4
Communication Services		6.7
Materials		6.2
Information Technology		5.0
Real Estate		4.7
Energy		4.7
Utilities		4.6
Exchange-Traded Funds		1.1
Short-Term Investments		0.1
Assets in Excess of Other Liabilities		0.9
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	721,263		$	—		$	721,263
Belgium			—			42,303			—			42,303

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya International High Dividend

SUMMARY PORTFOLIO OF INVESTMENTS

Low Volatility Fund

as of April 30, 2019 (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, 2019
China			—			31,376			—			31,376
Denmark			—			237,842			—			237,842
Finland			—			209,309			—			209,309
France			187,877			544,154			—			732,031
Germany			56,039			475,765			—			531,804
Hong Kong			49,037			356,453			—			405,490
Ireland			—			31,857			—			31,857
Israel			—			162,887			—			162,887
Italy			—			385,710			—			385,710
Japan			—			2,260,561			—			2,260,561
Luxembourg			56,659			22,821			—			79,480
Netherlands			—			754,700			—			754,700
New Zealand			—			44,529			—			44,529
Norway			—			78,525			—			78,525
Singapore			—			161,270			—			161,270
Spain			—			291,001			—			291,001
Sweden			—			53,821			—			53,821
Switzerland			18,832			708,764			—			727,596
United Kingdom			62,754			1,238,080			—			1,300,834
United States			—			36			—			36
Total Common Stock			431,198			8,813,027			—			9,244,225
Exchange-Traded Funds			104,613			—			—			104,613
Short-Term Investments			12,000			—			—			12,000
Total Investments, at fair value		$	547,811		$	8,813,027		$	—		$	9,360,838

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $87,080 and $128,514 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $9,453,133.

Net unrealized depreciation consisted of:

Gross Unrealized Appreciation	$	485,288
Gross Unrealized Depreciation		(577,223)
Net Unrealized Depreciation	$	(91,935)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

SUMMARY PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 92.6%
			Argentina: 0.5%
	246,617	(1)	Other Securities		$	1,984,972		0.5
			Brazil: 7.6%
	357,670	(2)	B2W Cia Digital			3,504,547		0.9
	249,314		Itau Unibanco Holding SA ADR			2,156,566		0.5
	929,000		Movida Participacoes SA			2,800,434		0.7
	173,300		Petroleo Brasileiro SA ADR			2,639,359		0.6
	185,056		Vale SA ADR			2,365,016		0.6
	3,081,620	(1)(3)	Other Securities			17,548,407		4.3
						31,014,329		7.6
			Chile: 0.3%
	40,600		Other Securities			1,344,114		0.3
			China: 32.3%
	114,575	(2)	Alibaba Group Holding Ltd. ADR			21,261,683		5.2
	1,733,000	(2)(4)	A-Living Services Co. Ltd. - H Shares			2,766,302		0.7
	320,000		Anta Sports Products Ltd.			2,250,605		0.5
	19,600	(2)	Baidu, Inc. ADR			3,258,108		0.8
	91,000	(2)	Baozun, Inc. ADR			4,413,500		1.1
	43,500		Beijing Enterprises Holdings Ltd.			231,782		0.1
	3,891,900		Beijing Enterprises Water Group Ltd.			2,414,900		0.6
	265,500		China Mobile Ltd.			2,533,242		0.6
	25,600		China Mobile Ltd-SPON ADR			1,220,352		0.3
	2,947,000		Fu Shou Yuan International Group Ltd.			2,528,733		0.6
	55,860		Huazhu Group Ltd. ADR			2,368,464		0.6
	4,307,000		Industrial & Commercial Bank of China - H Shares			3,239,553		0.8
	91,900	(2)	JD.com, Inc. ADR			2,781,813		0.7
	52,215		Kweichow Moutai Co. Ltd. - A Shares			7,550,786		1.8
	1,091,500		Ping An Insurance Group Co. of China Ltd. - H Shares			13,212,242		3.2
	515,000	(4)	Postal Savings Bank of China Co. Ltd. - H Shares			313,393		0.1
	65,700	(2)	Sina Corp.			4,135,158		1.0
	430,200		Tencent Holdings Ltd.			21,203,553		5.2
	362,000		Tsingtao Brewery Co., Ltd. - H Shares			2,309,214		0.6
	281,300		Wuliangye Yibin Co. Ltd. - A Shares			4,272,743		1.0
	42,600	(4)	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares			211,444		0.1
	15,914,098	(1)(3)	Other Securities			27,373,511		6.7
						131,851,081		32.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Egypt: 0.7%
	1,693,105	(1)	Other Securities		$	2,887,943		0.7
			Georgia: 0.4%
	73,172		Other Securities			1,642,277		0.4
			Germany: 0.5%
	40,900	(2)(4)	Delivery Hero SE			1,884,947		0.5
			Hong Kong: 1.0%
	438,200		Galaxy Entertainment Group Ltd.			3,281,783		0.8
	487,000		Other Securities			755,702		0.2
						4,037,485		1.0
			Hungary: 0.5%
	74,180	(1)	Other Securities			2,210,475		0.5
			India: 8.5%
	54,755		HDFC Bank Ltd. ADR			6,277,661		1.5
	64,250		HDFC Bank Ltd. - Foreign Premium			2,134,395		0.5
	84,600	(2)(4)	Quess Corp. Ltd.			850,207		0.2
	682,926		Reliance Industries Ltd.			13,681,383		3.4
	1,335,244	(1)	Other Securities			11,817,863		2.9
						34,761,509		8.5
			Indonesia: 1.8%
	11,399,200		Bank Rakyat Indonesia			3,504,746		0.9
	11,828,100	(1)	Other Securities			3,638,974		0.9
						7,143,720		1.8
			Kenya: 0.3%
	4,825,000		Other Securities			1,342,795		0.3
			Kuwait: 0.3%
	112,455		Other Securities			1,229,636		0.3
			Malaysia: 0.6%
	1,151,000		Malaysia Airports Holdings Bhd			2,125,734		0.5
	662,587		Other Securities			149,157		0.1
						2,274,891		0.6
			Mexico: 3.9%
	217,181		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand			364,646		0.1
	225,000	(5)	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR			1,896,750		0.4
	43,767		Coca-Cola Femsa SA de CV ADR			2,806,340		0.7
	2,779,182	(1)	Other Securities			10,964,912		2.7
						16,032,648		3.9
			Netherlands: 0.1%
	134,724		Other Securities			315,254		0.1
			Peru: 0.4%
	88,925		Other Securities			1,800,096		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

SUMMARY PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Philippines: 2.1%
	3,840,400		Ayala Land, Inc.		$	3,613,102		0.9
	11,261,000		Bloomberry Resorts Corp.			2,754,206		0.7
	941,130		International Container Terminal Services, Inc.			2,284,537		0.5
						8,651,845		2.1
			Poland: 0.4%
	44,669	(1)	Other Securities			1,529,727		0.4
			Russia: 4.7%
	27,981		Lukoil PJSC ADR			2,392,375		0.6
	398,388		Rosneft Oil Co. PJSC GDR			2,654,620		0.6
	385,385		Sberbank PAO ADR			5,568,813		1.4
	85,900	(2)	Yandex NV			3,215,237		0.8
	12,283,760	(1)	Other Securities			5,360,966		1.3
						19,192,011		4.7
			Singapore: 0.0%
	14,200	(4)	BOC Aviation Ltd.			122,056		0.0
			South Africa: 3.5%
	37,136		Naspers Ltd.			9,553,256		2.3
	1,599,110		Transaction Capital Ltd.			2,136,246		0.5
	868,122	(1)	Other Securities			2,619,068		0.7
						14,308,570		3.5
			South Korea: 10.1%
	53,200	(2)(5)	LG Display Co. Ltd. ADR			444,220		0.1
	16,729	(2)	LG Display Co., Ltd.			284,473		0.1
	9,498		LG Electronics, Inc.			617,105		0.1
	98,069		LG Uplus Corp.			1,201,264		0.3
	1,970	(2)(4)	Samsung Biologics Co. Ltd.			574,164		0.1
	3,255		Samsung Electronics Co., Ltd. GDR			3,222,102		0.8
	217,753		Samsung Electronics Co., Ltd.			8,561,444		2.1
	8,866		Samsung Life Insurance Co. Ltd.			644,899		0.2
	14,200		Samsung SDI Co., Ltd.			2,883,254		0.7
	1,699		Samsung SDS Co. Ltd.			315,936		0.1
	760		SK Holdings Co. Ltd.			167,133		0.0
	99,183		SK Hynix, Inc.			6,711,792		1.6
	192,100		SK Telecom Co., Ltd. ADR			4,533,560		1.1
	11,621		SK Telecom Co., Ltd.			2,464,882		0.6
	212,325		Other Securities			8,797,575		2.2
						41,423,803		10.1
			Spain: 0.8%
	119,929		CIE Automotive SA			3,351,709		0.8
			Switzerland: 0.3%
	24,940	(2)(4)	Wizz Air Holdings PLC			1,106,349		0.3
			Taiwan: 6.5%
	1,123,409		HON HAI Precision Industry Co., Ltd.			3,162,765		0.8
	248,000		MediaTek, Inc.			2,376,963		0.6
	174,667		Poya International Co. Ltd.			2,117,386		0.5

Shares					Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Taiwan (continued)
	68,939		Taiwan Semiconductor Manufacturing Co., Ltd. ADR			$	3,020,907		0.7
	890,000		Taiwan Semiconductor Manufacturing Co., Ltd.				7,472,469		1.8
	4,307,250	(1)	Other Securities				8,405,389		2.1
							26,555,879		6.5
			Thailand: 1.5%
	1,251,487		Srisawad Corp. PCL				2,149,571		0.5
	3,119,800		Other Securities				3,891,729		1.0
							6,041,300		1.5
			Turkey: 1.5%
	673,930	(2)(4)	MLP Saglik Hizmetleri AS				1,347,595		0.3
	2,736,276	(1)	Other Securities	��			4,707,098		1.2
							6,054,693		1.5
			United Arab Emirates: 0.5%
	56,300		Other Securities				2,079,043		0.5
			United Kingdom: 0.2%
	56,372	(1)	Other Securities				743,913		0.2
			United States: 0.8%
	59,000	(2)	Micron Technology, Inc.				2,481,540		0.6
	61,000	(1)	Other Securities				960,140		0.2
							3,441,680		0.8
			Total Common Stock (Cost $343,885,988)				378,360,750		92.6
EXCHANGE-TRADED FUNDS: 4.0%
	272,481		iShares Edge MSCI Min Vol Emerging Markets ETF				16,325,699		4.0
			Total Exchange-Traded Funds (Cost $16,297,467)				16,325,699		4.0
PREFERRED STOCK: 1.8%
			Brazil: 0.8%
	278,185		Itau Unibanco Holding S.A.				2,407,895		0.6
	70,665		Other Securities				921,959		0.2
							3,329,854		0.8
			Russia: 0.3%
	323,243	(1)	Other Securities				1,134,837		0.3
			South Korea: 0.7%
	94,050		Samsung Electronics Co., Ltd.				3,000,310		0.7
			Total Preferred Stock (Cost $7,874,918)				7,465,001		1.8
CLOSED-END FUNDS: 0.3%
			United States: 0.3%
	13,800	(1)	Other Securities				1,040,382		0.3
			Total Closed-End Funds (Cost $639,916)				1,040,382		0.3
			Total Long-Term Investments (Cost $368,698,289)				403,191,832		98.7

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

SUMMARY PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
		Securities Lending Collateral(6): 0.8%
	140,240	Bank of Montreal, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $140,250, collateralized by various U.S. Government Securities, 0.000%-3.750%, Market Value plus accrued interest $143,045, due 05/23/19-02/15/46)		$	140,240		0.0
	1,000,000	BNP Paribas S.A., Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $1,000,074, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $1,020,000, due 05/21/19-09/09/49)			1,000,000		0.2
	1,000,000	Cantor Fitzgerald Securities, Repurchase Agreement dated 04/30/19, 2.76%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 05/15/19-03/20/69)			1,000,000		0.3
	1,000,000	Citigroup, Inc., Repurchase Agreement dated 04/30/19, 2.77%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.250%-8.500%, Market Value plus accrued interest $1,020,000, due 05/25/19-04/20/69)			1,000,000		0.3
					3,140,240		0.8

Shares				Value		Percentage of Net Assets
			Mutual Funds: 1.7%
	7,222,930	(7)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $7,222,930)		7,222,930		1.7

Shares		Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: (continued)
	Total Short-Term Investments (Cost $10,363,170)		$	10,363,170		2.5
	Total Investments in Securities (Cost $379,061,459)		$	413,555,002		101.2
	Liabilities in Excess of Other Assets			(5,003,671)		(1.2)
	Net Assets		$	408,551,331		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

ADR American Depositary Receipt

GDR Global Depositary Receipt

(1)

The grouping contains non-income producing securities.

(2)

Non-income producing security.

(3)

The grouping contains securities on loan.

(4)

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.

(5)

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

(6)

Represents securities purchased with cash collateral received for securities on loan.

(7)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Consumer Discretionary		19.8%
Financials		19.6
Communication Services		13.7
Information Technology		12.4
Consumer Staples		8.6
Energy		8.2
Industrials		4.3
Exchange-Traded Funds		4.0
Materials		2.8
Health Care		2.7
Real Estate		1.7
Utilities		0.9
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(1.2)
Net Assets		100.0%

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

SUMMARY PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Argentina		$	1,984,972		$	—		$	—		$	1,984,972
Brazil			31,014,329			—			—			31,014,329
Chile			1,344,114			—			—			1,344,114
China			46,811,043			85,040,038			—			131,851,081
Egypt			831,953			2,055,990			—			2,887,943
Georgia			—			1,642,277			—			1,642,277
Germany			1,884,947			—			—			1,884,947
Hong Kong			—			4,037,485			—			4,037,485
Hungary			—			2,210,475			—			2,210,475
India			6,277,661			28,483,848			—			34,761,509
Indonesia			—			7,143,720			—			7,143,720
Kenya			1,342,795			—			—			1,342,795
Kuwait			1,229,636			—			—			1,229,636
Malaysia			—			2,274,891			—			2,274,891
Mexico			16,032,648			—			—			16,032,648
Netherlands			315,254			—			—			315,254
Peru			1,800,096			—			—			1,800,096
Philippines			2,284,537			6,367,308			—			8,651,845
Poland			—			1,529,727			—			1,529,727
Russia			15,557,211			3,634,800			—			19,192,011
Singapore			—			122,056			—			122,056
South Africa			3,121,595			11,186,975			—			14,308,570
South Korea			5,362,009			36,061,794			—			41,423,803
Spain			—			3,351,709			—			3,351,709
Switzerland			—			1,106,349			—			1,106,349
Taiwan			3,185,465			23,370,414			—			26,555,879
Thailand			—			6,041,300			—			6,041,300
Turkey			902,175			5,152,518			—			6,054,693
United Arab Emirates			—			2,079,043			—			2,079,043
United Kingdom			743,913			—			—			743,913
United States			3,441,680			—			—			3,441,680
Total Common Stock			145,468,033			232,892,717			—			378,360,750
Exchange-Traded Funds			16,325,699			—			—			16,325,699
Preferred Stock			3,329,854			4,135,147			—			7,465,001
Closed-End Funds			1,040,382			—			—			1,040,382
Short-Term Investments			7,222,930			3,140,240			—			10,363,170
Total Investments, at fair value		$	173,386,898		$	240,168,104		$	—		$	413,555,002
Other Financial Instruments+
Forward Foreign Currency Contracts			—			117			—			117
Total Assets		$	173,386,898		$	240,168,221		$	—		$	413,555,119
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(595)		$	—		$	(595)
Total Liabilities		$	—		$	(595)		$	—		$	(595)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

SUMMARY PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2019 (Unaudited) (continued)

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $5,884,327 and $4,330,711 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 608,049

HKD 4,770,011

Barclays Bank PLC

05/03/19

USD 21,661

HKD 169,907

State Street Bank and Trust Co.

05/02/19

USD 20,053

HKD 157,281

The Bank of New York Mellon

05/02/19

USD 65,059

EUR 58,167

The Bank of New York Mellon

05/02/19

(181)

USD 9,346

HKD 73,360

The Bank of New York Mellon

05/02/19

(6)

USD 44,443

HKD 348,684

The Bank of New York Mellon

05/03/19

(1)

HKD 3,490,326

USD 445,290

The Bank of New York Mellon

05/03/19

(407)

USD 33,415

EUR 29,795

The Bank of New York Mellon

05/03/19

(478)

Currency Abbreviations

EUR – EU Euro

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, 2019 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		$	117
Total Asset Derivatives			$	117
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	595
Total Liability Derivatives			$	595

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager Emerging

SUMMARY PORTFOLIO OF INVESTMENTS

Markets Equity Fund

as of April 30, 2019 (Unaudited) (continued)

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Equity contracts		$	—		$	(6,749)		$	(6,749)
Foreign exchange contracts			1,367			—			1,367
Total		$	1,367		$	(6,749)		$	(5,382)

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	(438)
Total		$	(438)

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, 2019:

	Barclays Bank PLC			State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	56		$	2		$	59		$	117
Total Assets		$	56		$	2		$	59		$	117
Liabilities:
Forward foreign currency contracts		$	—		$	—		$	595		$	595
Total Liabilities		$	—		$	—		$	595		$	595
Net OTC derivative instruments by counterparty, at fair value		$	56		$	2		$	(536)		$	(478)
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—		$	—
Net Exposure(1)		$	56		$	2		$	(536)		$	(478)

(1)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $385,653,078.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	54,051,972
Gross Unrealized Depreciation		(22,483,546)
Net Unrealized Appreciation	$	31,568,426

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 95.2%
			Australia: 1.5%
	456,023		Other Securities		$	9,210,308		1.5
			Austria: 0.5%
	66,148		Other Securities			3,158,977		0.5
			Belgium: 1.0%
	28,956		Solvay S.A.			3,491,405		0.6
	27,420		Other Securities			2,437,843		0.4
						5,929,248		1.0
			Brazil: 0.2%
	62,500		Other Securities			1,272,507		0.2
			Canada: 3.5%
	47,331		Canadian National Railway Co. - CNR			4,396,409		0.7
	72,511		Magna International, Inc.			4,036,086		0.7
	63,900		Methanex Corp.			3,502,886		0.6
	451,211		Other Securities			9,122,842		1.5
						21,058,223		3.5
			China: 5.9%
	39,269	(1)	Alibaba Group Holding Ltd. ADR			7,287,148		1.2
	10,595,006	(2)	China Tower Corp. Ltd. - H Shares			2,868,462		0.5
	387,356		Ping An Insurance Group Co. of China Ltd. - H Shares			4,688,815		0.8
	104,379		Tencent Holdings Ltd.			5,144,597		0.8
	46,570	(1)(2)	WuXi AppTec Co. Ltd. - H Shares			572,864		0.1
	719,195	(1)(2)	Xiaomi Corp. - B Shares			1,105,355		0.2
	1,262,440	(3)(4)	Other Securities			13,753,274		2.3
						35,420,515		5.9
			Colombia: 0.6%
	75,900		BanColombia SA ADR			3,849,648		0.6
			Denmark: 1.0%
	92,026		Other Securities			5,749,000		1.0
			Finland: 1.4%
	104,408		Kone OYJ			5,737,057		0.9
	178,492		Other Securities			2,789,517		0.5
						8,526,574		1.4
			France: 8.2%
	27,989		Capgemini SE			3,396,599		0.6
	50,813		Cie Generale des Etablissements Michelin SCA			6,570,680		1.1
	58,000		Publicis Groupe			3,447,319		0.6
	38,425		Safran S.A.			5,600,893		0.9
	83,198		Total SA			4,625,057		0.8
	55,879		Vinci SA			5,643,591		0.9

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			France (continued)
	819,777		Other Securities		$	20,265,991		3.3
						49,550,130		8.2
			Germany: 7.4%
	23,299		Adidas AG			6,001,565		1.0
	203,274		Deutsche Telekom AG			3,405,849		0.6
	27,512		Hannover Rueck SE			4,154,595		0.7
	15,949		Muenchener Rueckversicherungs- Gesellschaft AG			3,968,987		0.6
	83,685		Vonovia SE			4,182,300		0.7
	80,192	(1)(2)	Zalando SE			3,772,239		0.6
	326,554		Other Securities			19,400,667		3.2
						44,886,202		7.4
			Hong Kong: 1.7%
	717,625		AIA Group Ltd.			7,348,075		1.2
	119,100		Other Securities			2,776,713		0.5
						10,124,788		1.7
			India: 1.8%
	362,252		Infosys Ltd. ADR			3,897,832		0.6
	657,770	(4)	Other Securities			7,071,708		1.2
						10,969,540		1.8
			Ireland: 1.6%
	1,320,428		Greencore Group PLC			3,960,234		0.7
	82,559	(4)	Other Securities			5,671,620		0.9
						9,631,854		1.6
			Israel: 0.7%
	336,210	(4)	Other Securities			4,080,924		0.7
			Italy: 1.1%
	18,591		Ferrari NV			2,521,537		0.4
	198,134	(1)(2)	Pirelli & C SpA			1,448,438		0.3
	164,772		Other Securities			2,454,549		0.4
						6,424,524		1.1
			Japan: 13.4%
	44,320		Kao Corp.			3,421,390		0.6
	6,491		Keyence Corp.			4,055,537		0.7
	429,880	(1)	Nexon Co. Ltd.			6,119,426		1.0
	96,345		Shiseido Co., Ltd.			7,578,306		1.2
	8,300		SMC Corp.			3,466,620		0.6
	80,660		Sumitomo Mitsui Financial Group, Inc.			2,931,687		0.5
	90,700		Sumitomo Mitsui Trust Holdings, Inc.			3,164,629		0.5
	1,535,801		Other Securities			49,822,336		8.3
						80,559,931		13.4
			Netherlands: 4.2%
	40,703	(2)	ABN AMRO Group NV			958,653		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Netherlands (continued)
	275,083		ING Groep NV		$	3,510,081		0.6
	10,523		Koninklijke DSM NV			1,203,537		0.2
	67,048		Koninklijke Philips NV			2,879,302		0.5
	160,038		Royal Dutch Shell PLC - Class A			5,099,046		0.8
	25,037		Unilever NV			1,514,859		0.2
	165,778	(4)	Other Securities			10,132,859		1.7
						25,298,337		4.2
			Norway: 2.1%
	204,599		DNB ASA			3,934,278		0.6
	81,147		Yara International ASA			3,668,983		0.6
	369,455		Other Securities			5,265,349		0.9
						12,868,610		2.1
			Portugal: 0.4%
	160,879		Other Securities			2,620,026		0.4
			Russia: 0.2%
	25,955	(4)	Other Securities			971,496		0.2
			Singapore: 1.6%
	353,336		United Overseas Bank Ltd.			7,235,784		1.2
	1,249,080		Other Securities			2,548,235		0.4
						9,784,019		1.6
			South Africa: 1.1%
	148,674		Other Securities			6,851,255		1.1
			South Korea: 4.0%
	197,608		Samsung Electronics Co., Ltd.			7,769,398		1.3
	417,059		Other Securities			16,434,628		2.7
						24,204,026		4.0
			Spain: 2.0%
	73,718	(2)	Cellnex Telecom SA			2,270,823		0.4
	989,500		Other Securities			9,845,640		1.6
						12,116,463		2.0
			Sweden: 4.9%
	212,900		SKF AB - B Shares			3,951,845		0.7
	567,713		Svenska Handelsbanken AB			6,201,185		1.0
	794,002	(4)	Other Securities			19,277,864		3.2
						29,430,894		4.9
			Switzerland: 5.2%
	18,290		Ferguson PLC			1,301,626		0.2
	58,835		Nestle SA			5,664,496		1.0
	127,783		Novartis AG			10,470,552		1.7
	171,880	(4)	Other Securities			14,035,370		2.3
						31,472,044		5.2

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Taiwan: 1.3%
	57,198		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		$	2,506,416		0.4
	600,240		Taiwan Semiconductor Manufacturing Co., Ltd.			5,039,635		0.9
						7,546,051		1.3
			Thailand: 0.5%
	799,000		Other Securities			3,280,350		0.5
			United Arab Emirates: 0.1%
	62,478	(1)(2)	Network International Holdings PLC			424,466		0.1
			United Kingdom: 13.9%
	427,578	(2)	Auto Trader Group PLC			3,160,816		0.5
	100,034		Bellway PLC			4,062,132		0.7
	77,928		BHP Group PLC ADR			3,672,747		0.6
	1,053,700		Cineworld Group PLC			4,372,549		0.7
	149,995		Hargreaves Lansdown PLC			4,430,691		0.8
	62,449		Intertek Group PLC			4,367,927		0.7
	49,500		Next PLC			3,727,044		0.6
	391,684		Standard Chartered PLC			3,581,239		0.6
	1,553,577		Taylor Wimpey PLC			3,683,240		0.6
	35,240		Unilever PLC			2,136,079		0.4
	3,553,592	(4)	Other Securities			46,449,875		7.7
						83,644,339		13.9
			United States: 2.2%
	6,450	(1)	Mettler Toledo International, Inc.			4,806,927		0.8
	69,866		Popular, Inc.			4,031,967		0.7
	56,917	(4)	Other Securities			4,469,646		0.7
						13,308,540		2.2
			Total Common Stock (Cost $523,978,775)			574,223,809		95.2
EXCHANGE-TRADED FUNDS: 0.3%
	32,290		Other Securities			1,536,036		0.3
			Total Exchange-Traded Funds (Cost $1,493,645)			1,536,036		0.3
PREFERRED STOCK: 0.7%
			China: 0.0%
	2,046	(1)(5)(6)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)			98,188		0.0

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Shares			Value			Percentage of Net Assets
PREFERRED STOCK: (continued)
		Germany: 0.7%
	23,589	Other Securities		$	4,244,895		0.7
		Total Preferred Stock (Cost $3,739,192)			4,343,083		0.7
		Total Long-Term Investments (Cost $529,211,612)			580,102,928		96.2

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.7%

Securities Lending Collateral(7): 0.1%

262,558

BNP Paribas S.A.,
Repurchase Agreement
dated 04/30/19, 2.70%, due
05/01/19 (Repurchase
Amount $262,577,
collateralized by various U.S.
Government Securities,
0.000%-8.750%, Market
Value plus accrued interest
$267,809, due
05/21/19-09/09/49)
(Cost $262,558)

262,558

0.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.6%
	27,944,385	(8)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $27,944,385)			27,944,385		4.6
			Total Short-Term Investments (Cost $28,206,943)			28,206,943		4.7
			Total Investments in Securities (Cost $557,418,555)		$	608,309,871		100.9
			Liabilities in Excess of Other Assets			(5,195,741)		(0.9)
			Net Assets		$	603,114,130		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

The grouping contains securities on loan.

(4)

The grouping contains non-income producing securities.

(5)

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

(6)

Restricted security as to resale, excluding Rule 144A securities. As of April 30, 2019, the Fund held restricted securities with a fair value of $98,188 or 0.0% of net assets. Please refer to the table below for additional details.

(7)

Represents securities purchased with cash collateral received for securities on loan.

(8)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Financials		19.1%
Industrials		15.2
Consumer Discretionary		14.6
Communication Services		9.5
Materials		8.1
Health Care		7.8
Consumer Staples		7.7
Information Technology		7.3
Energy		3.0
Real Estate		1.9
Utilities		1.7
Exchange-Traded Funds		0.3
Short-Term Investments		4.7
Liabilities in Excess of Other Assets		(0.9)
Net Assets		100.0%

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	9,210,308		$	—		$	9,210,308
Austria			—			3,158,977			—			3,158,977
Belgium			—			5,929,248			—			5,929,248
Brazil			1,272,507			—			—			1,272,507
Canada			21,058,223			—			—			21,058,223
China			14,820,588			20,599,927			—			35,420,515
Colombia			3,849,648			—			—			3,849,648
Denmark			—			5,749,000			—			5,749,000
Finland			—			8,526,574			—			8,526,574
France			2,904,141			46,645,989			—			49,550,130
Germany			3,772,239			41,113,963			—			44,886,202
Hong Kong			—			10,124,788			—			10,124,788
India			6,707,695			4,261,845			—			10,969,540
Ireland			9,631,854			—			—			9,631,854
Israel			3,233,367			847,557			—			4,080,924
Italy			—			6,424,524			—			6,424,524
Japan			—			80,559,931			—			80,559,931
Netherlands			2,337,597			22,960,740			—			25,298,337
Norway			—			12,868,610			—			12,868,610
Portugal			2,620,026			—			—			2,620,026
Russia			971,496			—			—			971,496
Singapore			708,255			9,075,764			—			9,784,019
South Africa			565,985			6,285,270			—			6,851,255
South Korea			—			24,204,026			—			24,204,026
Spain			—			12,116,463			—			12,116,463
Sweden			3,148,099			26,282,795			—			29,430,894
Switzerland			2,726,076			28,745,968			—			31,472,044
Taiwan			2,506,416			5,039,635			—			7,546,051
Thailand			—			3,280,350			—			3,280,350
United Arab Emirates			424,466			—			—			424,466
United Kingdom			3,672,747			79,971,592			—			83,644,339
United States			13,308,540			—			—			13,308,540
Total Common Stock			100,239,965			473,983,844			—			574,223,809
Exchange-Traded Funds			1,536,036			—			—			1,536,036
Preferred Stock			—			4,244,895			98,188			4,343,083
Short-Term Investments			27,944,385			262,558			—			28,206,943
Total Investments, at fair value		$	129,720,386		$	478,491,297		$	98,188		$	608,309,871

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (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, 2019
Other Financial Instruments+
Forward Foreign Currency Contracts			—			30,416			—			30,416
Total Assets		$	129,720,386		$	478,521,713		$	98,188		$	608,340,287
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts		$	—		$	(4,159)		$	—		$	(4,159)
Total Liabilities		$	—		$	(4,159)		$	—		$	(4,159)

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $9,638,704 and $9,064,998 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

At April 30, 2019, Voya Multi-Manager International Equity Fund held the following restricted securities:

Security	Acquisition Date		Acquisition Cost			Fair Value
Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)		10/19/2015		$	56,114		$	98,188
				$	56,114		$	98,188

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Equity Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD 148,152

EUR 132,539

BNP Paribas

05/02/19

(504)

USD 998,952

JPY 111,551,907

Credit Suisse International

05/09/19

(3,071)

JPY 202,599,597

USD 1,813,507

HSBC Bank USA N.A.

05/07/19

6,038

USD 657,937

EUR 586,679

JPMorgan Chase Bank N.A.

05/03/19

1,065

BRL 178,895

USD 45,497

Morgan Stanley & Co. International PLC

05/02/19

126

BRL 197,117

USD 50,023

Morgan Stanley & Co. International PLC

05/03/19

248

BRL 695,867

USD 177,585

Morgan Stanley & Co. International PLC

05/06/19

(95)

USD 91,936

HKD 721,158

Standard Chartered Bank

05/02/19

USD 78,351

JPY 8,763,483

State Street Bank and Trust Co.

05/08/19

(361)

SEK 238,189

USD 25,106

The Bank of New York Mellon

05/03/19

(128)

JPY 374,682,793

USD 3,357,674

The Bank of New York Mellon

05/07/19

7,349

JPY 906,292,909

USD 8,124,537

The Bank of New York Mellon

05/08/19

15,582

26,257

Currency Abbreviations

BRL – Brazilian Real

EUR – EU Euro

HKD – Hong Kong Sar Dollar

JPY – Japanese Yen

SEK – Swedish Krona

USD – United States Dollar

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (Unaudited) (continued)

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

The fair value of derivative instruments as of April 30, 2019 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		$	30,416
Total Asset Derivatives			$	30,416
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		$	4,159
Total Liability Derivatives			$	4,159

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	13,129
Total		$	13,129

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	26,405
Total		$	26,405

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, 2019:

	BNP Paribas			Credit Suisse International			HSBC Bank USA N.A.			JPMorgan Chase Bank N.A.			Morgan Stanley & Co. International PLC			Standard Chartered Bank			State Street Bank and Trust Co.			The Bank of New York Mellon			Totals
Assets:
Forward foreign currency contracts		$	—		$	—		$	6,038		$	1,065		$	374		$	8		$	—		$	22,931		$	30,416
Total Assets		$	—		$	—		$	6,038		$	1,065		$	374		$	8		$	—		$	22,931		$	30,416
Liabilities:
Forward foreign currency contracts		$	504		$	3,071		$	—		$	—		$	95		$	—		$	361		$	128		$	4,159
Total Liabilities		$	504		$	3,071		$	—		$	—		$	95		$	—		$	361		$	128		$	4,159
Net OTC derivative instruments by counterparty, at fair value		$	(504)		$	(3,071)		$	6,038		$	1,065		$	279		$	8		$	(361)		$	22,803		$	26,257
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net Exposure(1)		$	(504)		$	(3,071)		$	6,038		$	1,065		$	279		$	8		$	(361)		$	22,803		$	26,257

(1)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Equity Fund

as of April 30, 2019 (Unaudited) (continued)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $561,203,019.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	67,915,090
Gross Unrealized Depreciation		(20,809,697)
Net Unrealized Appreciation	$	47,105,393

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Factors Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.0%
			Australia: 9.0%
	242,114		Dexus		$	2,137,561		0.5
	446,514		GPT Group			1,806,174		0.4
	21,605		Macquarie Group Ltd.			2,053,212		0.4
	21,387		Rio Tinto Ltd.			1,441,535		0.3
	733,757		Stockland			1,953,356		0.4
	130,253		Wesfarmers Ltd.			3,306,120		0.7
	102,768		Westpac Banking Corp.			1,996,412		0.4
	129,861		Woolworths Group Ltd			2,915,708		0.6
	5,149,246	(1)	Other Securities			24,783,777		5.3
						42,393,855		9.0
			Austria: 0.5%
	34,767		OMV AG			1,864,878		0.4
	18,572		Other Securities			602,681		0.1
						2,467,559		0.5
			Belgium: 0.5%
	44,855		Other Securities			2,422,674		0.5
			Brazil: 0.1%
	40,062		Other Securities			511,992		0.1
			Cambodia: 0.0%
	74,000		Other Securities			95,027		0.0
			Canada: 6.7%
	20,689	(2)	Hydro One Ltd.			334,804		0.1
	40,098		Rogers Communications, Inc.			2,018,818		0.4
	84,918		Suncor Energy, Inc.			2,800,386		0.6
	628,531	(1)	Other Securities			26,196,641		5.6
						31,350,649		6.7
			China: 2.1%
	37,800		Tencent Holdings Ltd.			1,863,074		0.4
	5,458,610	(1)	Other Securities			8,004,168		1.7
						9,867,242		2.1
			Denmark: 2.0%
	56,273		Novo Nordisk A/S			2,757,071		0.6
	5,377	(2)	Orsted A/S			411,658		0.1
	23,744		Vestas Wind Systems A/S			2,148,449		0.5
	46,756	(1)	Other Securities			3,963,351		0.8
						9,280,529		2.0
			Finland: 1.3%
	71,257		UPM-Kymmene OYJ			2,011,936		0.4
	143,631		Other Securities			3,981,604		0.9
						5,993,540		1.3
			France: 6.3%
	177,135		Engie SA			2,629,137		0.5
	48,403		Klepierre SA			1,719,960		0.4
	83,373		Peugeot S.A.			2,185,955		0.5
	37,574		Sanofi			3,278,318		0.7
	416,118	(1)	Other Securities			19,712,027		4.2
						29,525,397		6.3

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Germany: 4.9%
	26,494		BASF SE		$	2,163,004		0.5
	11,456	(2)	Covestro AG			629,482		0.1
	13,718	(2)	Deutsche Pfandbriefbank AG			191,544		0.1
	3,364	(2)	Innogy SE			156,167		0.0
	674,246	(1)(3)	Other Securities			19,680,593		4.2
						22,820,790		4.9
			Hong Kong: 4.1%
	390,000		Link REIT			4,556,743		1.0
	113,500		Sun Hung Kai Properties Ltd.			1,958,822		0.4
	650,000	(2)	WH Group Ltd.			769,089		0.1
	3,273,439	(4)	Other Securities			12,113,051		2.6
						19,397,705		4.1
			India: 0.7%
	1,094,366	(1)	Other Securities			3,090,741		0.7
			Ireland: 0.2%
	21,706	(3)	Other Securities			1,195,531		0.2
			Israel: 0.8%
	792,538	(1)	Other Securities			3,547,768		0.8
			Italy: 2.2%
	45,146	(2)(5)	Enav SpA			246,539		0.1
	447,270		Enel S.p.A.			2,832,198		0.6
	701		Ferrari NV			95,078		0.0
	33,722	(2)	Poste Italiane SpA			360,402		0.1
	1,322,423	(1)	Other Securities			6,808,938		1.4
						10,343,155		2.2
			Japan: 18.3%
	50,900		AGC, Inc.			1,736,597		0.4
	158,900		Astellas Pharma, Inc.			2,152,122		0.4
	258,300		Marubeni Corp.			1,850,873		0.4
	135,600		Mitsui & Co., Ltd.			2,193,276		0.5
	53,900		Sumitomo Mitsui Financial Group, Inc.			1,959,062		0.4
	35,600		Toyota Motor Corp.			2,204,012		0.5
	9,100		Toyota Tsusho Corp.			302,263		0.0
	3,569,331	(1)	Other Securities			73,581,687		15.7
						85,979,892		18.3
			Luxembourg: 0.0%
	5,439		Other Securities			92,543		0.0
			Mexico: 0.1%
	204,100		Other Securities			599,669		0.1
			Netherlands: 4.5%
	3,230	(2)	GrandVision NV			72,687		0.0
	173,724		Koninklijke Ahold Delhaize NV			4,187,042		0.9
	9,170		Koninklijke DSM NV			1,048,792		0.2
	115,378		Koninklijke KPN NV			354,599		0.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Factors Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Netherlands (continued)
	61,119		Koninklijke Philips NV		$	2,624,688		0.6
	1,612		Koninklijke Vopak NV			71,981		0.0
	14,588	(2)	Signify NV			437,355		0.1
	78,550		Royal Dutch Shell PLC - Class A			2,502,718		0.5
	65,203		Royal Dutch Shell PLC - Class B			2,104,323		0.4
	51,691		Unilever NV			3,127,555		0.7
	68,805	(1)	Other Securities			4,754,155		1.0
						21,285,895		4.5
			New Zealand: 0.6%
	930,132		Other Securities			2,800,789		0.6
			Norway: 1.5%
	24,258	(2)(5)	Aker Solutions ASA			124,540		0.0
	104,757		Equinor ASA			2,335,205		0.5
	92,322		Telenor ASA			1,855,845		0.4
	150,122		Other Securities			2,797,576		0.6
						7,113,166		1.5
			Poland: 0.5%
	478,518	(1)	Other Securities			2,230,912		0.5
			Portugal: 0.3%
	231,455		Other Securities			1,243,781		0.3
			Russia: 0.5%
	235,903		Other Securities			2,218,234		0.5
			Singapore: 1.5%
	20,900	(2)	BOC Aviation Ltd.			179,646		0.0
	3,700,800		Other Securities			6,936,404		1.5
						7,116,050		1.5
			South Korea: 2.4%
	74,545		Samsung Electronics Co., Ltd.			2,930,903		0.6
	264,288	(1)	Other Securities			8,507,374		1.8
						11,438,277		2.4
			Spain: 3.4%
	58,614		ACS Actividades de Construccion y Servicios SA			2,695,446		0.6
	7,227	(2)	Aena SME SA			1,341,826		0.3
	32,916		Amadeus IT Group SA			2,623,305		0.5
	2,640	(2)	Cellnex Telecom SA			81,323		0.0
	237,556		Iberdrola S.A.			2,158,773		0.5
	436,148		Other Securities			6,961,414		1.5
						15,862,087		3.4
			Sweden: 3.4%
	138,321		Sandvik AB			2,561,481		0.5

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Sweden (continued)
	857,263	(1)	Other Securities		$	13,500,882		2.9
						16,062,363		3.4
			Switzerland: 4.7%
	22,875		Ferguson PLC			1,627,922		0.3
	33,620		Nestle SA			3,236,855		0.7
	23,467		Novartis AG			1,922,888		0.4
	17,015		Roche Holding AG			4,489,635		1.0
	79,093	(1)	Other Securities			10,606,291		2.3
						21,883,591		4.7
			Taiwan: 1.4%
	9,408,000		Other Securities			6,718,207		1.4
			United Kingdom: 13.3%
	241,407		3i Group PLC			3,377,875		0.7
	27,518	(2)	Auto Trader Group PLC			203,423		0.0
	285,407		BP PLC			2,075,398		0.4
	83,845		Burberry Group PLC			2,209,907		0.5
	175,723		GlaxoSmithKline PLC			3,609,923		0.8
	525,608		Legal & General Group PLC			1,911,393		0.4
	2,695,734		Lloyds Banking Group Plc			2,204,669		0.5
	20,849	(2)	Merlin Entertainments PLC			99,702		0.0
	168,509		Pearson PLC			1,825,442		0.4
	61,054		Rio Tinto PLC			3,561,839		0.8
	36,437		Unilever PLC			2,208,635		0.5
	5,385,705	(1)	Other Securities			38,973,005		8.3
						62,261,211		13.3
			United States: 0.2%
	40,386	(1)	Other Securities			932,703		0.2
			Total Common Stock (Cost $451,112,244)			460,143,524		98.0
PREFERRED STOCK: 0.1%
			Germany: 0.1%
	4,572		Other Securities			291,025		0.1
			South Korea: 0.0%
	2,346		Other Securities			74,840		0.0
			Spain: 0.0%
	3,188		Other Securities			61,373		0.0
			United Kingdom: 0.0%
	4,339,094	(1)	Other Securities			5,658		0.0
			Total Preferred Stock (Cost $459,078)			432,896		0.1
			Total Long-Term Investments (Cost $451,571,322)			460,576,420		98.1

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Factors Fund

as of April 30, 2019 (Unaudited) (continued)

Principal Amount†			Value			Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.5%
		Securities Lending Collateral(6): 0.2%
	741,987	RBC Dominion Securities Inc., Repurchase Agreement dated 04/30/19, 2.72%, due 05/01/19 (Repurchase Amount $742,042, collateralized by various U.S. Government Agency Obligations, 2.652%-7.000%, Market Value plus accrued interest $756,827, due 04/01/34-04/20/49) (Cost $741,987)		$	741,987		0.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.3%
	528,833	(7)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%			528,833		0.1
	19,797,000	(7)	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330%			19,797,000		4.2
			Total Mutual Funds (Cost $20,325,833)			20,325,833		4.3
			Total Short-Term Investments (Cost $21,067,820)			21,067,820		4.5
			Total Investments in Securities (Cost $472,639,142)		$	481,644,240		102.6
			Liabilities in Excess of Other Assets			(12,154,039)		(2.6)
			Net Assets		$	469,490,201		100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(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)

The grouping contains securities on loan.

(4)

The grouping contains Level 3 securities.

(5)

Non-income producing security.

(6)

Represents securities purchased with cash collateral received for securities on loan.

(7)

Rate shown is the 7-day yield as of April 30, 2019.

Sector Diversification	Percentage of Net Assets
Industrials		17.3%
Financials		11.3
Consumer Staples		10.1
Real Estate		9.4
Consumer Discretionary		9.1
Materials		8.2
Energy		7.4
Utilities		7.0
Health Care		6.9
Communication Services		6.1
Information Technology		5.3
Short-Term Investments		4.5
Liabilities in Excess of Other Assets		(2.6)
Net Assets		100.0%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	42,393,855		$	—		$	42,393,855
Austria			—			2,467,559			—			2,467,559
Belgium			—			2,422,674			—			2,422,674
Brazil			511,992			—			—			511,992
Cambodia			—			95,027			—			95,027
Canada		��	31,350,649			—			—			31,350,649

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Factors Fund

as of April 30, 2019 (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, 2019
China			911,149			8,956,093			—			9,867,242
Denmark			449,889			8,830,640			—			9,280,529
Finland			378,393			5,615,147			—			5,993,540
France			2,754,396			26,771,001			—			29,525,397
Germany			1,796,625			21,024,165			—			22,820,790
Hong Kong			120,105			18,961,059			316,541			19,397,705
India			—			3,090,741			—			3,090,741
Ireland			515,132			680,399			—			1,195,531
Israel			64,672			3,483,096			—			3,547,768
Italy			—			10,343,155			—			10,343,155
Japan			—			85,979,892			—			85,979,892
Luxembourg			92,543			—			—			92,543
Mexico			599,669			—			—			599,669
Netherlands			437,355			20,848,540			—			21,285,895
New Zealand			90,658			2,710,131			—			2,800,789
Norway			—			7,113,166			—			7,113,166
Poland			—			2,230,912			—			2,230,912
Portugal			108,463			1,135,318			—			1,243,781
Russia			—			2,218,234			—			2,218,234
Singapore			—			7,116,050			—			7,116,050
South Korea			1,046,025			10,392,252			—			11,438,277
Spain			152,334			15,709,753			—			15,862,087
Sweden			410,371			15,651,992			—			16,062,363
Switzerland			434,082			21,449,509			—			21,883,591
Taiwan			—			6,718,207			—			6,718,207
United Kingdom			297,246			61,963,965			—			62,261,211
United States			932,703			—			—			932,703
Total Common Stock			43,454,451			416,372,532			316,541			460,143,524
Preferred Stock			89,574			343,322			—			432,896
Short-Term Investments			20,325,833			741,987			—			21,067,820
Total Investments, at fair value		$	63,869,858		$	417,457,841		$	316,541		$	481,644,240
Other Financial Instruments+
Forward Foreign Currency Contracts			—			58,966			—			58,966
Futures			62,917			—			—			62,917
Total Assets		$	63,932,775		$	417,516,807		$	316,541		$	481,766,123

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $797,816 and $4,084,960 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. In addition, certain securities valued at $100,419 were transferred from Level 2 to Level 3 due to significant unobservable inputs.

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

See Accompanying Notes to Financial Statements

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Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Factors Fund

as of April 30, 2019 (Unaudited) (continued)

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Factors Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

JPY 1,741,005,326

USD 15,576,985

The Bank of New York Mellon

05/07/19

58,966

At April 30, 2019, the following futures contracts were outstanding for Voya Multi-Manager International Factors Fund:

Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Mini MSCI EAFE Index	59	06/21/19		$	5,655,150		$	62,917
				$	5,655,150		$	62,917

Currency Abbreviations

JPY – Japanese Yen

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, 2019 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		$	58,966
Equity contracts	Net Assets — Unrealized appreciation*			62,917
Total Asset Derivatives			$	121,883

Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Equity contracts		$	—		$	117,609		$	117,609
Foreign exchange contracts			(5,221)			—			(5,221)
Total		$	(5,221)		$	117,609		$	112,388

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

Derivatives not accounted for as hedging instruments	Forward foreign currency contracts			Futures			Total
Equity contracts		$	—		$	156,765		$	156,765
Foreign exchange contracts			58,970			—			58,970
Total		$	58,970		$	156,765		$	215,735

See Accompanying Notes to Financial Statements

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Voya Multi-Manager

SUMMARY PORTFOLIO OF INVESTMENTS

International Factors Fund

as of April 30, 2019 (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, 2019:

	The Bank of New York Mellon
Assets:
Forward foreign currency contracts		$	58,966
Total Assets		$	58,966
Net OTC derivative instruments by counterparty, at fair value		$	58,966
Total collateral pledged by the Fund/(Received from counterparty)		$	—
Net Exposure(1)		$	58,966

(1)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $475,556,720.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	25,850,100
Gross Unrealized Depreciation		(19,404,419)
Net Unrealized Appreciation	$	6,445,681

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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, 2018, the Board of Trustees (“Board”) of Voya Mutual Funds (the “Trust”), including a majority of 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 Voya Global Corporate Leaders® 100 Fund, Voya Global Equity Dividend Fund, Voya International High Dividend Low Volatility Fund, Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, and Voya Multi-Manager International Factors Fund, each a series of the Trust (the “Funds”), and the sub-advisory contracts (the “Sub-Advisory Contracts”) with the sub-adviser(s) to each Fund (the “Sub-Advisers”) for an additional one year period ending November 30, 2019. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

Committee provides oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC provides oversight throughout the year regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

Nature, Extent and Quality of Services

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

The Board considered the “manager-of-managers” platform 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 investment program, performance, developments, ongoing operations, and regulatory compliance of the Sub-Advisers 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 oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which 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 visits, and telephonic meetings with the Sub-Adviser.

Fund Performance

broad-based securities market index that appears in the Fund’s prospectus. In addition, the Board considered investment performance of Voya Global Equity Dividend Fund and Voya International High Dividend Low Volatility Fund compared to an additional performance peer group that is approved by each Fund’s respective IRC due to the unique investment structure or strategy of that Fund. With respect to Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, and Voya Multi-Manager International Factors Fund, the Board also reviewed the performance of the Fund assets allocated by the Manager to each Sub-Adviser. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.

Economies of Scale

Information Regarding Services to Other Clients

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

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.

Fee Schedules, Profitability, and Fall-out Benefits

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser. In analyzing the profitability of the Manager and its affiliated service providers in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Advisers that are not affiliated with the Manager because the Board did not view this data as being 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 typically employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no

uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

Fund-by-Fund Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its October 11, 2018, November 14, 2018, and/or November 16, 2018 meetings in relation to approving each Fund’s Management Contracts and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category, as well as its primary benchmark and, in the case of Voya Global Equity Dividend Fund and Voya International High Dividend Low Volatility Fund, a performance peer group. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest (worst) performance. The performance data provided to the Board primarily was for various periods ended March 31, 2018. In addition, the Board also considered at its October 11, 2018, November 14, 2018, and November 16, 2018 meetings certain additional data regarding each Fund’s more recent performance, asset levels and asset flows. Each Fund’s

TABLE OF CONTENTS

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

management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group.

Voya Global Corporate Leaders® 100 Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global Corporate Leaders® 100 Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the third quintile of its Morningstar category for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Fund underperformed its primary benchmark for the year-to-date and one-year periods. In analyzing this performance data, the Board took into account: (1) that the Fund commenced operations in December 2016, and therefore had a limited operating history for the purpose of analyzing its performance; (2) management’s representations regarding the impact of sector allocation on the Fund’s performance; and (3) management’s confidence in the Sub-Adviser’s ability to execute the Fund’s investment strategy.

Voya Global Equity Dividend Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global Equity Dividend Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the three-year period, and the fifth (lowest) quintile for the year-to-date, one-year, five-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 of the effect that the composition of the Fund’s Morningstar category had on the Fund’s performance relative to its Morningstar category due to, among other matters, differences between the Fund’s strategies and the strategies of the majority of the other funds in the category; (2) management’s representations regarding the Fund’s performance relative to its Performance Peer Group in recent periods; (3) management’s representations regarding the impact of security selection on the Fund’s performance; and (4) management’s confidence in the ability of the Sub-Adviser to execute the Fund’s investment strategy.

In considering the fees payable under the Management and Sub-Advisory 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 above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is above the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s representations regarding the competitiveness of the Fund’s management fee rate and net expense ratio.

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

fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya International High Dividend Low Volatility Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya International High Dividend Low Volatility Fund (formerly, Voya Global High Dividend Low Volatility Fund), the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the fourth quintile of its Morningstar category for all periods presented; and (2) the Fund underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) that the Fund commenced operations in December 2016, and therefore had a limited operating history for the purpose of analyzing its performance; (2) management’s representations that there was a change in the Fund’s portfolio management team and investment strategies in May 2018; (3) management’s representations regarding the impact of security selection on the Fund’s performance; and (4) management’s confidence in the Sub-Adviser’s ability to execute the Fund’s investment strategy.

factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Multi-Manager Emerging Markets Equity Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Multi-Manager Emerging Markets Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one-year and three-year periods, the third quintile for the five-year period, and the fourth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the five-year period, during which it underperformed.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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

Voya Multi-Manager International Equity Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Multi-Manager International Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods, the third quintile for the three-year period, and the fourth quintile for the five-year period; and (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods and underperformed for the three-year and five-year periods.

In analyzing this performance data, the Board took into account: (1) management’s representations with respect to a restructuring of the Fund, including changes to the sub-advisers managing the Fund, which became effective in January 2017; and (2) that, during more recent periods, the Fund’s performance has improved.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Voya Multi-Manager International Factors Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Multi-Manager International Factors Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the second quintile of its Morningstar category for all periods presented; and (2) the Fund outperformed its primary benchmark for all periods presented.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Management and Sub-Advisory Contracts for the Fund for the year ending November 30, 2019. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

BOARD CONSIDERATION AND APPROVAL OF NEW SUB-SUB-ADVISORY CONTRACTS

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), provides that an investment company, such as Voya Mutual Funds (“VMF”), on behalf of Voya Multi-Manager Emerging Markets Equity Fund (the “Fund”), a series of VMF, can enter into a new sub-sub-advisory agreement, only if the Board of Trustees of VMF (the “Board”), including a majority of Board members who have no direct or indirect interest in the sub-sub-advisory

TABLE OF CONTENTS

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

agreement, and who are not “interested persons” of the Fund (“Independent Trustees”), approve the new arrangement. Thus, at a meeting on January 25, 2019, the Board considered a proposal by management that the Board approve a sub-sub-advisory agreement between Delaware Investment Fund Advisers (“Delaware”) and Macquarie Investment Management Global Limited (“MIMGL”) and a sub-sub-advisory agreement between Delaware and Macquarie Funds Management Hong Kong Limited (“MFMHKL”) (together, the “Sub-Sub-Advisers”) (the “New Sub-Sub-Advisory Agreements”) under which MIMGL and MFMHKL would serve as the sub-sub-advisers to Delaware’s portion of the Fund. The Fund has been sub-advised by Delaware, a series of Macquarie Investment Management Business Trust, and J.P. Morgan Investment Management Inc. since October 11, 2011, and by Van Eck Associates Corporation since August 24, 2015.

In determining whether to approve the New Sub-Sub-Advisory Agreements, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the New Sub-Sub-Advisory Agreements should be approved for the Fund.

The materials provided to the Board to inform its consideration of whether to approve the New Sub-Sub-Advisory Agreements included the following: (1) memoranda and related materials provided to the Board in advance of its January 25, 2019 meeting discussing: (a) Delaware’s rationale for requesting that MIMGL and MFMHKL be added as sub-sub-advisers to the Fund, including a discussion of the services MIMGL and MFMHKL would provide under the New Sub-Sub-Advisory Agreements; and (b) how MIMGL and MFMHKL would support Delaware’s investment process and trading for Delaware’s portion of the Fund; (2) Delaware’s responses to inquiries from K&L Gates LLP, counsel to the Independent Trustees; (3) supporting documentation, including a copy of each of the proposed New Sub-Sub-Advisory Agreements; and (4) other information relevant to the Board’s evaluation.

In reviewing the proposed New Sub-Sub-Advisory Agreements, the Board considered a number of factors, including, but not limited to, the following: (1) the view of Voya Investments, LLC, the investment adviser to the Fund (the “Adviser”), regarding the reputation of Delaware, MIMGL, and MFMHKL, and their current and proposed services, respectively; (2) the nature, extent and quality of the services to be provided by MIMGL and MFMHKL under the New Sub-Sub-Advisory Agreements, including that MIMGL and MFMHKL would only provide quantitative,

research and/or trading support to Delaware with respect to Delaware’s portion of the Fund; (3) the personnel, operations, financial condition, investment management capabilities and resources of MIMGL and MFMHKL; (4) that MIMGL and MFMHKL would not receive any fees under the New Sub-Sub-Advisory Agreements; and (5) the potential fall-out benefits to MIMGL and MFMHKL and their affiliates from their relationship with the Fund.

The Board did not consider the profitability of MIMGL and MFMHKL under the respective New Sub-Sub-Advisory Agreements because it did not view this data as essential to its deliberations, given the arm’s-length nature of the relationship between the Adviser and Delaware, MIMGL and MFMHKL, none of which is affiliated with the Adviser, with respect to the negotiation of sub-advisory fee rates and that MIMGL and MFMHKL would not receive any fees under the New Sub-Sub-Advisory Agreements. The Board also considered the expected “fall-out” benefits that would accrue to MIMGL and MFMHKL and their affiliates from MIMGL’s and MFMHKL’s relationships with the Fund, such as the ability to engage in soft-dollar transactions and the benefits to Delaware’s, MIMGL’s and MFMHKL’s image from servicing the Fund, were reasonable. The Board determined that any economies of scale that may be realized by MIMGL and MFMHKL as Delaware’s portion of the Fund (or MIMGL’s and MFMHKL’s allocations of Delaware’s portion of the Fund) grows larger were not relevant to the Board’s consideration of the New Sub-Sub-Advisory Agreements because no fees would be paid to MIMGL and MFMHKL under the New Sub-Sub-Advisory Agreements. With respect to performance, the Board considered Delaware’s representations regarding the potential benefits to the Fund of adding MIMGL and MFMHKL as sub-sub-advisers.

After its deliberation, the Board reached the following conclusions: (1) MIMGL and MFMHKL should be appointed to serve as sub-sub-advisers to the Fund under the New Sub-Sub-Advisory Agreements; (2) the nature, extent and quality of the services to be provided by MIMGL and MFMHKL under the New Sub-Sub-Advisory Agreements was reasonable; and (3) the sub-sub-advisory fee rate schedules under the New Sub-Sub-Advisory Agreements are reasonable. Based on these conclusions and other factors, the Board voted to approve the New Sub-Sub-Advisory Agreements for the Fund. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.

TABLE OF CONTENTS

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

167702 (0419-062419)

Semi-Annual Report

April 30, 2019

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

n Voya Global Real Estate Fund

n Voya International Real Estate Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from each Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.

You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

E-Delivery Sign-up — details inside

INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

President’s Letter					1
Market Perspective					2
Portfolio Managers’ Reports					4
Shareholder Expense Examples					8
Statements of Assets and Liabilities					9
Statements of Operations					11
Statements of Changes in Net Assets					12
Financial Highlights					13
Notes to Financial Statements					15
Summary Portfolios of Investments (“Portfolio of Investments”)					26
Advisory and Sub-Advisory Contract Approval Discussion					34


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You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.

PROXY VOTING INFORMATION

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 N-Q or Form N-PORT, available for filings after March 31, 2019. This report contains a summary portfolio of investments for the Funds. The Funds’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

(THIS PAGE INTENTIONALLY LEFT BLANK)

PRESIDENT’S LETTER

The Fed Holds, the Economy Carries on...Trade Wars Reignite

Dear Shareholder,

As expected, at its April—May meeting the Federal Open Market Committee (“FOMC”) voted unanimously to hold the Federal Funds rate steady in the 2.25—2.50% range. The post-meeting press release acknowledged the solid economic backdrop and weaker inflation, and reiterated that the U.S. Federal Reserve Board will remain “patient” as it evaluates potential future adjustments to the target range. Chairman Powell noted that he does not see a strong case for moving rates up or down.

Sincerely,

Dina Santoro
President
Voya Family of Funds
June 3, 2019

MARKET PERSPECTIVE: SIX MONTHS ENDED APRIL 30, 2019

Our new fiscal year opened with global equities, in the form of the MSCI World Index^SM (the “Index”) measured in local currencies, including net reinvestment dividends, having slumped 6.80% in October. Markets were increasingly unnerved by an intensifying economic slowdown outside of the U.S., exacerbating existing concerns about a potential trade war between the U.S. and China in particular, and in general the trade-dampening effects of U.S. tariffs and counter tariffs. (The Index returned 8.83% for the six-months ended April 30, 2019, measured in U.S. dollars.)

On the perception of slowing global growth, there was little relief from most of the incoming data, although April provided some late respite.

In the U.S., GDP growth in the fourth quarter of 2018 fell to a more modest 2.2%, after 3.4% in the third. In late March, after weak manufacturing data from Europe was aggravated by a similar report in the U.S., a rather worrying pattern of Treasury yields emerged (see below). Industrial production and retail sales were slack in March, but the latter rebounded sharply in April. Finally first quarter GDP growth surprised to the upside at 3.2%, although it was flattered by volatile inventory and trade elements.

As the fiscal half-year ended, notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed to be upwards.

U.S. equities, represented by the S&P 500^® Index including dividends, rose 9.76% to a new record, despite the worst December since 1931. The earnings per share of constituent companies grew by about 25% year-over-year in the first three quarters of 2018, 13% in the fourth, but were set to fall in early 2019. Consumer discretionary was the top performing sector, up 15.24%. Energy was weakest, up just 0.07%.

International markets benefited during the period from the softening tone of central banks and the prospects for a U.S./China trade deal. Yet the MSCI Japan^® Index fell 0.01%, the milder recovery perhaps reflecting Japan’s own vulnerability to a trade war. The MSCI Europe ex UK^® Index jumped 10.01%. BofA Securities noted that for the first time in their survey of fund managers, bearish positioning against European stocks was the most “crowded trade”. This would tend to support markets on any kind of positive news. The MSCI UK^® Index added 6.09%. As usual, a large contribution was made by a few heavily weighted constituents. In this case, half the gain came from two stocks in each of the financials, consumer staples and materials sectors.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

BENCHMARK DESCRIPTIONS

Index				Description
Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
FTSE EPRA Nareit Developed Index				The index is designed to track the performance of listed real estate companies and real-estate investment trusts (“REITs”) worldwide. Relevant activities are defined as the ownership, disposal and development of income-producing real estate. Constituents are classified into distinct property sectors based on gross invested book assets, as disclosed in the latest published financial statement. Index constituents are free-float adjusted, liquidity, size and revenue screened.
FTSE EPRA Nareit Developed ex-U.S. Index				The index is designed to track the performance of listed real estate companies and real-estate investment trusts (“REITs”) outside the United States. Relevant activities are defined as the ownership, disposal and development of income-producing real estate. Constituents are classified into distinct property sectors based on gross invested book assets, as disclosed in the latest published financial statement. Index constituents are free-float adjusted, liquidity, size and revenue screened.
MSCI Europe ex UK^® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan^® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK^® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World Index^SM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
S&P 500^® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

VOYA GLOBAL REAL ESTATE FUND

PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2019 (as a percentage of net assets)
United States	53.3	%
Japan	11.8	%
Hong Kong	8.6	%
Germany	5.2	%
United Kingdom	4.7	%
Australia	4.2	%
Sweden	3.2	%
Singapore	2.1	%
Canada	1.9	%
France	1.0	%
Countries between 0.4%-1.0%^	3.8	%
Assets in Excess of Other Liabilities*	0.2	%
Net Assets	100.0	%
* Includes short-term investments.
^ Includes 6 countries, which each represents 0.4%-1.0% of net assets.
*Portfolio holdings are subject to change daily.*

Voya Global Real Estate Fund (the “Fund”) seeks to provide investors with high total return consisting of capital appreciation and current income. The Fund is managed by T. Ritson Ferguson, CFA, Chief Executive Officer and Global Chief Investment Officer, Steven D. Burton, CFA, Co-Chief Investment Officer, and Joseph P. Smith, CFA, President and Co-Chief Investment Officer, Portfolio Managers of CBRE Clarion Securities LLC — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 12.22%, compared to the FTSE EPRA NAREIT Developed Net Index and S&P 500^® Index, which returned 10.75% and 9.76%, respectively, for the same period.

Portfolio Specifics: Global real estate stocks generated a total return of 10.80% over the past six months as all regions delivered positive performance. Property stocks in the Asia-Pacific region were the best performers, up 16.1%, led by the solid performance of Hong Kong property stocks which were up 28.8% during the period. The Americas region performed in-line during the period while Europe lagged.

Real estate companies should generate earnings growth in the 4% range in 2019, in our view. With earnings of real estate companies generated by contractual leases, we believe the quality and consistency of earnings is high. This contrasts with broad equities which are seeing sharply decelerating earnings growth. The growth in S&P 500 companies’ earnings alone is decelerating from 22% in 2018 to less than one-third of this in 2019 versus real estate company earnings which remain in the 4% range. Additionally, real estate dividend yield remains attractive at nearly 4% and should grow again in 2020, in our opinion. We believe that dividends should grow at least in-line with earnings, as real estate companies will pay out nearly half of their total return as cash payouts to shareholders.

M&A activity should continue to support listed property companies as the gap between private real estate and public company valuation remains too wide, in our opinion. We believe that this should keep cap rates relatively low despite upward pressure on interest rates. Real estate companies trading at a 4% discount to our estimate of inherent real estate value of net asset value, or an implied unleveraged cash flow yield of 5.5%. We believe real estate stocks remain attractively priced relative to private real estate and competing asset classes. This is particularly true given the significant private capital which has been raised by private equity funds, which real estate firm Preqin estimates to be $295 billion as of the end of December 2018. With leverage, this capital easily implies more than $500 billion of potential buying power from private market buyers, in our view. If history is any guide, we believe that it is highly likely that some of this capital finds its way into the listed real estate market via further M&A.

Top Ten Holdings as of April 30, 2019 (as a percentage of net assets)
ProLogis, Inc.	4.3	%
Welltower, Inc.	3.8	%
Equity Residential	3.6	%
Link REIT	3.1	%
AvalonBay Communities, Inc.	3.0	%
Simon Property Group, Inc.	2.9	%
Extra Space Storage, Inc.	2.5	%
CK Asset Holdings Ltd.	2.2	%
Vonovia SE	2.2	%
Regency Centers Corp.	2.1	%
*Portfolio holdings are subject to change daily.*

For the trailing six-month period, the Fund outperformed as the result of strong stock selection, which was positive across all regions. Stock selection in the U.S. was the top contributor to relative performance as holdings in the healthcare, office, hotel and storage sectors added the most value during the period. In Europe, holdings in the U.K. added the most value and was the result of outperformance by holdings in the student housing, industrial and storage sectors. Stock selection on the Continent was also good as exposure to the Nordic companies contributed to relative performance as did avoiding underperforming retail companies. Stock selection in the Asia-Pacific region helped performance, mostly the result of positive stock selection in Australia. Sector allocation was also positive for the period as the modest benefit of good positioning in the Asia-Pacific region and the Americas was modestly impacted by positioning in Europe.

Current Strategy and Outlook: We are positive on property types and markets with valuations that are attractive relative to their growth. In the U.S., we favor the residential, office, and shopping center sectors. We have become more “neutral” on technology companies (data centers and cell towers), which have good but decelerating earnings growth, as well as self-storage, which has ongoing supply issues. We prefer grocery-anchored shopping centers and west coast urban office. Within residential, we like manufactured housing, single family home-for-rent companies and apartment REITs, which are benefitting from firming demand, particularly in the coastal markets.

In the Asia-Pacific region, we favor Hong Kong property companies which are showing strong growth relative to real estate valuations. We, however, are monitoring elevated geopolitical risk surrounding trade friction between the U.S. and China. The Tokyo office market continues to experience improved rental growth as vacancies have fallen below 2% in the central business district (5 central wards), a level at which landlords enjoy increasing pricing power.

PORTFOLIO MANAGERS’ REPORT

VOYA GLOBAL REAL ESTATE FUND

In Europe, we favor the U.K. niche sectors of student housing, self-storage plus the industrial sector, which continue to generate superior earnings growth on strong fundamentals. In continental Europe, we prefer property companies in markets with superior growth, including the Nordic region and the German residential sector. We conversely are cautious on retail.

We are cautious and selective in markets and property types which screen expensive relative to the rate of earnings growth. This includes Singapore, Canada and the U.S. net lease, skilled nursing and suburban office sectors. This also includes Class B mall/shopping center companies globally. In Australia, the stocks are becoming increasingly expensive despite attractive dividend yield. Our outlook is mixed in Australia as fundamentals range from robust office and industrial markets to an uncertain retail market, and a residential market, which is meeting headwinds of affordability.

VOYA INTERNATIONAL REAL ESTATE FUND

PORTFOLIO MANAGERS’ REPORT

Geographic Diversification as of April 30, 2019 (as a percentage of net assets)
Japan	24.2	%
Hong Kong	18.8	%
United Kingdom	10.3	%
Germany	10.1	%
Australia	9.9	%
Canada	4.8	%
Sweden	4.6	%
France	4.4	%
Singapore	4.1	%
Belgium	1.7	%
Countries between 0.0%-1.6%^	5.8	%
Assets in Excess of Other Liabilities*	1.3	%
Net Assets	100.0	%
* Includes short-term investments.
^ Includes 7 countries, which each represents 0.0%-1.6% of net assets.
*Portfolio holdings are subject to change daily.*

Voya International Real Estate Fund (the “Fund”) seeks to provide investors with high total return. The Fund is managed by T. Ritson Ferguson, CFA, Chief Executive Officer and Global Chief Investment Officer, Steven D. Burton, CFA, Co-Chief Investment Officer, and Joseph P. Smith, CFA, President and Co-Chief Investment Officer, Portfolio Managers of CBRE Clarion Securities LLC — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 12.88% compared to the FTSE EPRA NAREIT Developed ex-U.S. Net Index and S&P 500^® Index which returned 11.10% and 9.76%, respectively, for the same period.

Portfolio Specifics: International real estate stocks, as measured by the FTSE EPRA NAREIT Developed ex-US Net Index, generated a total return of 11.10% over the past six months as all regions delivered positive performance. Property stocks in the Asia-Pacific region were the best performers, up 16.1%, led by the solid performance of Hong Kong property stocks which were up 28.8% during the period. The Americas and Europe regions both lagged, although returns were positive.

We believe that the economic expansion should continue but the rate of growth has moderated, potentially exacerbated by geopolitical risk including Brexit, U.S. trade policy uncertainty, and a slowing/bottoming Chinese economy. Inflationary pressures are easing and monetary policy globally is more accommodative. Despite a slowing pace of growth, job markets remain tight at this stage of the economic cycle and the capital markets remain accommodative to companies that need to raise or refinance attractively priced debt.

International real estate companies should generate earnings growth in the 5% range in 2019, in our opinion. With earnings of real estate companies generated by contractual leases, the quality and consistency of earnings is high. This contrasts with broad equities which are seeing sharply decelerating earnings growth. The growth in S&P 500 companies’ earnings alone is decelerating from 22% in 2018 to less than one-third of this in 2019 versus international real estate company earnings which remain in the 5% range. Additionally, real estate dividend yield remains attractive at nearly 4% and will grow again in 2019, in our opinion. We believe that dividends will again grow at least in-line with earnings, as real estate companies will pay out nearly half of their total return as cash payouts to shareholders.

Top Ten Holdings as of April 30, 2019 (as a percentage of net assets)
Link REIT	5.6	%
Sun Hung Kai Properties Ltd.	4.1	%
Mitsubishi Estate Co., Ltd.	3.8	%
Mirvac Group	3.7	%
CK Asset Holdings Ltd.	3.5	%
Vonovia SE	3.4	%
Unibail-Rodamco-Westfield	2.8	%
Hysan Development Co., Ltd.	2.8	%
New World Development Ltd.	2.8	%
Mitsui Fudosan Co., Ltd.	2.5	%
*Portfolio holdings are subject to change daily.*

M&A activity should continue to support listed property companies as the gap between private real estate and public company valuation remains too wide, in our opinion. We believe that this should keep cap rates relatively low despite upward pressure on interest rates. Real estate companies are trading at a 13% discount to our estimate of inherent real estate value of net asset value, or an implied unleveraged cash flow yield of 5.2%. We believe real estate stocks remain attractively priced relative to private real estate and competing asset classes. This is particularly true given the significant private capital which has been raised by private equity funds, which real estate firm Preqin estimates to be $295 billion as of the end of December 2018. With leverage, this capital easily implies more than $500 billion of potential buying power from private market buyers, in our view. If history is any guide, we believe that it is highly likely that some of this capital finds its way into the listed real estate market via further M&A.

For the trailing six-month period, the Fund outperformed the Index as the result of strong stock selection, which was positive across all regions. Stock selection in the Asia-Pacific region was the top contributor to relative performance, led by strong selection in Australia, Hong Kong and Japan. In Europe, holdings in the U.K. added the most value and was the result of outperformance by holdings in the student housing, industrial and storage sectors. Sector allocation was flat for the period as the modest benefit of good positioning in the Asia-Pacific region and the Americas region was offset by the impact of holding a modest cash position in a strong up market.

Current Strategy and Outlook: We are positive on property types and markets with valuations that are attractive relative to their growth. In the Asia-Pacific region, we favor Hong Kong property companies which are showing strong growth relative to real estate valuations. We, however, are monitoring elevated geopolitical risk surrounding trade friction between the U.S. and China. The Tokyo office market continues to experience improved rental growth as vacancies have fallen below 2% in the central business district (5 central wards), a level at which landlords enjoy increasing pricing power.

PORTFOLIO MANAGERS’ REPORT

VOYA INTERNATIONAL REAL ESTATE FUND

We are cautious and selective in markets and property types which screen expensive relative to the rate of earnings growth. This includes Singapore and Canada. In Australia, the stocks are becoming increasingly expensive despite attractive dividend yield. Our outlook is mixed in Australia as fundamentals range from a robust office market to an uncertain retail market, and a residential market, which is meeting headwinds of affordability.

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2019*		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period Ended April 30, 2019*
Voya Global Real Estate Fund
Class A	$	1,000.00	$	1,122.20		1.29	%	$	6.79	$	1,000.00	$	1,018.40		1.29	%	$	6.46
Class C		1,000.00		1,117.50		2.04			10.71		1,000.00		1,014.68		2.04			10.19
Class I		1,000.00		1,122.90		1.04			5.47		1,000.00		1,019.64		1.04			5.21
Class O		1,000.00		1,121.60		1.29			6.79		1,000.00		1,018.40		1.29			6.46
Class R		1,000.00		1,120.70		1.54			8.10		1,000.00		1,017.16		1.54			7.70
Class R6		1,000.00		1,123.50		0.98			5.16		1,000.00		1,019.93		0.98			4.91
Class W		1,000.00		1,123.40		1.04			5.48		1,000.00		1,019.64		1.04			5.21
Voya International Real Estate Fund
Class A	$	1,000.00	$	1,128.80		1.34	%	$	7.07	$	1,000.00	$	1,018.15		1.34	%	$	6.71
Class C		1,000.00		1,123.60		2.09			11.00		1,000.00		1,014.43		2.09			10.44
Class I		1,000.00		1,129.50		1.09			5.76		1,000.00		1,019.39		1.09			5.46
Class W		1,000.00		1,128.80		1.09			5.75		1,000.00		1,019.39		1.09			5.46

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

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2019 (UNAUDITED)

	Voya Global Real Estate Fund		Voya International Real Estate Fund
ASSETS:
Investments in securities at fair value+*	$	542,982,255	$	82,909,519
Short-term investments at fair value**		117,349		625,330
Cash		4,098		—
Foreign currencies at value***		2,217		11,009
Receivables:
Investment securities and currencies sold		14,843,169		399,374
Fund shares sold		228,957		9,029
Dividends		1,177,620		283,202
Foreign tax reclaims		477,548		186,553
Unrealized appreciation on forward foreign currency contracts		553		21
Prepaid expenses		70,194		39,375
Reimbursement due from manager		132,706		20,833
Other assets		114,695		18,789
Total assets		560,151,361		84,503,034
LIABILITIES:
Payable for investment securities and currencies purchased		7,523,499		163,626
Payable for fund shares redeemed		2,888,361		73,821
Payable upon receipt of securities loaned		117,349		—
Unrealized depreciation on forward foreign currency contracts		2,631		177
Payable for investment management fees		419,838		63,038
Payable for distribution and shareholder service fees		72,433		7,368
Payable to trustees under the deferred compensation plan (Note 6)		114,695		18,789
Payable for trustee fees		4,157		443
Payable for borrowings against line of credit		3,912,000		—
Other accrued expenses and liabilities		968,412		119,544
Total liabilities		16,023,375		446,806
NET ASSETS	$	544,127,986	$	84,056,228
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	377,403,675	$	82,534,066
Total distributable earnings		166,724,311		1,522,162
NET ASSETS	$	544,127,986	$	84,056,228
_________________
+ Including securities loaned at value	$	110,844	$	—
* Cost of investments in securities	$	404,532,466	$	69,506,676
** Cost of short-term investments	$	117,349	$	625,330
*** Cost of foreign currencies	$	2,213	$	11,024

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

	Voya Global Real Estate Fund		Voya International Real Estate Fund
Class A
Net assets	$	136,213,843	$	10,669,750
Shares authorized		unlimited		unlimited
Par value	$	—	$	—
Shares outstanding		8,805,573		1,261,839
Net asset value and redemption price per share†	$	15.47	$	8.46
Maximum offering price per share (5.75%)⁽¹⁾	$	16.41	$	8.98

Class C
Net assets	$	51,784,496	$	6,156,001
Shares authorized		unlimited		unlimited
Par value	$	—	$	—
Shares outstanding		4,202,136		730,985
Net asset value and redemption price per share†	$	12.32	$	8.42

Class I
Net assets	$	271,534,978	$	58,859,749
Shares authorized		unlimited		unlimited
Par value	$	—	$	—
Shares outstanding		17,582,029		6,971,408
Net asset value and redemption price per share	$	15.44	$	8.44

Class O
Net assets	$	360,476		n/a
Shares authorized		unlimited		n/a
Par value	$	—		n/a
Shares outstanding		23,221		n/a
Net asset value and redemption price per share	$	15.52		n/a

Class R
Net assets	$	1,725,285		n/a
Shares authorized		unlimited		n/a
Par value	$	—		n/a
Shares outstanding		112,121		n/a
Net asset value and redemption price per share	$	15.39		n/a

Class R6
Net assets	$	19,940,865		n/a
Shares authorized		unlimited		n/a
Par value	$	—		n/a
Shares outstanding		1,291,617		n/a
Net asset value and redemption price per share	$	15.44		n/a

Class W
Net assets	$	62,568,043	$	8,370,728
Shares authorized		unlimited		unlimited
Par value	$	—	$	—
Shares outstanding		4,038,975		987,028
Net asset value and redemption price per share	$	15.49	$	8.48

________________
⁽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

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2019 (UNAUDITEE)

	Voya Global Real Estate Fund			Voya International Real Estate Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	11,625,363		$	1,238,153
Securities lending income, net		2,102			—
Total investment income		11,627,465			1,238,153

EXPENSES:
Investment management fees		3,515,483			426,837
Distribution and shareholder service fees:
Class A		170,651			13,036
Class C		276,477			31,271
Class O		427			—
Class R		4,167			—
Transfer agent fees:
Class A		154,373			6,793
Class C		62,526			4,072
Class I		539,676			13,823
Class O		386			—
Class R		1,886			—
Class R6		200			—
Class W		121,034			6,066
Shareholder reporting expense		136,373			5,587
Registration fees		74,463			31,520
Professional fees		75,260			11,489
Custody and accounting expense		255,582			79,875
Trustee fees		16,629			1,770
Miscellaneous expense		74,119			13,924
Interest expense		43,647			3,287
Total expenses		5,523,359			649,350
Waived and reimbursed fees		(767,053	)		(125,502	)
Brokerage commission recapture		(12,118	)		—
Net expenses		4,744,188			523,848
Net investment income		6,883,277			714,305
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		87,800,729			2,875,018
Forward foreign currency contracts		(129,789	)		(44,716	)
Foreign currency related transactions		20,460			38,237
Net realized gain		87,691,400			2,868,539
Net change in unrealized appreciation (depreciation) on:
Investments		5,892,928			6,938,281
Forward foreign currency contracts		(5,112	)		(176	)
Foreign currency related transactions		(1,454	)		1,528
Net change in unrealized appreciation (depreciation)		5,886,362			6,939,633
Net realized and unrealized gain		93,577,762			9,808,172
Increase in net assets resulting from operations	$	100,461,039		$	10,522,477

________________
* Foreign taxes withheld	$	548,189		$	134,568

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Voya Global Real Estate Fund						Voya International Real Estate Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income	$	6,883,277		$	30,142,427		$	714,305		$	3,170,327
Net realized gain		87,691,400			277,587,730			2,868,539			36,345,349
Net change in unrealized appreciation (depreciation)		5,886,362			(319,860,099	)		6,939,633			(36,714,397	)
Increase (decrease) in net assets resulting from operations		100,461,039			(12,129,942	)		10,522,477			2,801,279
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A		(17,650,036	)		(41,317,874	)		(310,319	)		(1,710,995	)
Class C		(8,978,083	)		(18,806,844	)		(152,987	)		(440,987	)
Class I		(74,370,014	)		(206,750,003	)		(1,849,456	)		(10,822,927	)
Class O		(40,813	)		(1,960,518	)		—			—
Class P3⁽¹⁾		—			(8,161	)		—			—
Class R		(208,518	)		(419,537	)		—			—
Class R6		(3,053,713	)		(6,796,219	)		—			—
Class W		(17,583,256	)		(40,015,314	)		(296,533	)		(747,060	)
Total distributions		(121,884,433	)		(316,074,470	)		(2,609,295	)		(13,721,969	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		48,914,216			329,153,368			7,181,415			35,448,083
Reinvestment of distributions		115,792,914			293,235,884			1,762,668			6,830,221
		164,707,130			622,389,252			8,944,083			42,278,304
Cost of shares redeemed		(672,948,171	)		(1,181,516,398	)		(32,875,458	)		(168,532,367	)
Net decrease in net assets resulting from capital share transactions		(508,241,041	)		(559,127,146	)		(23,931,375	)		(126,254,063	)
Net decrease in net assets		(529,664,435	)		(887,331,558	)		(16,018,193	)		(137,174,753	)
NET ASSETS:
Beginning of year or period		1,073,792,421			1,961,123,979			100,074,421			237,249,174
End of year or period	$	544,127,986		$	1,073,792,421		$	84,056,228		$	100,074,421

⁽¹⁾

Class P3 shares were fully redeemed September 4, 2018.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets									Supplemental data

	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions⁽²⁾⁽³⁾		Expenses net of fee waivers and/or recoupments if any⁽²⁾⁽³⁾		Expenses net of all reductions/ additions⁽²⁾⁽³⁾		Net investment income (loss)⁽²⁾⁽³⁾			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)			($000’s)		(%)
Voya Global Real Estate Fund
Class A
04-30-19⁺		15.76		0.12	^•		1.62			1.74			0.20		1.83		—		2.03		—		15.47		12.22			1.50		1.29		1.29		1.61			136,214		33
10-31-18		19.42		0.31	^•		(0.66	)		(0.35	)		0.78		2.53		—		3.31		—		15.76		(2.86	)		1.37		1.31		1.31		1.78			145,760		107
10-31-17		19.27		0.26	^•		0.60			0.86			0.66		0.05		—		0.71		—		19.42		4.59			1.34		1.34		1.34		1.35			276,144		83
10-31-16		20.01		0.34	^•		(0.55	)		(0.21	)		0.53		—		—		0.53		—		19.27		(1.15	)		1.30		1.30		1.30		1.71			588,084		34
10-31-15		20.42		0.23	^•		(0.21	)		0.02			0.43		—		—		0.43		—		20.01		0.11			1.26		1.26		1.26		1.13			877,431		42
10-31-14		18.85		0.28	^•		1.70			1.98			0.41		—		—		0.41		—		20.42		10.64			1.26		1.26		1.26		1.45			1,199,991		40
Class C
04-30-19⁺		12.96		0.05	^•		1.29			1.34			0.15		1.83		—		1.98		—		12.32		11.75			2.25		2.04		2.04		0.84			51,784		33
10-31-18		16.55		0.14	^•		(0.52	)		(0.38	)		0.68		2.53		—		3.21		—		12.96		(3.59	)		2.12		2.06		2.06		1.00			62,772		107
10-31-17		16.53		0.09	^•		0.53			0.62			0.55		0.05		—		0.60		—		16.55		3.85			2.09		2.09		2.09		0.54			101,243		83
10-31-16		17.25		0.17	^•		(0.48	)		(0.31	)		0.41		—		—		0.41		—		16.53		(1.91	)		2.05		2.05		2.05		0.97			146,114		34
10-31-15		17.67		0.06	^•		(0.17	)		(0.11	)		0.31		—		—		0.31		—		17.25		(0.65	)		2.01		2.01		2.01		0.34			184,435		42
10-31-14		16.37		0.11	^•		1.48			1.59			0.29		—		—		0.29		—		17.67		9.84			2.01		2.01		2.01		0.66			215,023		40
Class I
04-30-19⁺		15.74		0.13	^•		1.62			1.75			0.22		1.83		—		2.05		—		15.44		12.29			1.23		1.04		1.04		1.77			271,535		33
10-31-18		19.40		0.35	^•		(0.65	)		(0.30	)		0.83		2.53		—		3.36		—		15.74		(2.59	)		1.08		1.05		1.05		2.03			695,447		107
10-31-17		19.26		0.30	^•		0.62			0.92			0.73		0.05		—		0.78		—		19.40		4.90			1.05		1.05		1.05		1.58			1,266,207		83
10-31-16		20.01		0.40	^•		(0.56	)		(0.16	)		0.59		—		—		0.59		—		19.26		(0.90	)		1.01		1.01		1.01		2.02			1,950,686		34
10-31-15		20.42		0.28	^•		(0.20	)		0.08			0.49		—		—		0.49		—		20.01		0.41			0.99		0.99		0.99		1.39			2,665,641		42
10-31-14		18.85		0.34			1.69			2.03			0.46		—		—		0.46		—		20.42		10.97			0.98		0.98		0.98		1.67			3,294,318		40
Class O
04-30-19⁺		15.73		0.12	^•		1.62			1.74			0.12		1.83		—		1.95		—		15.52		12.16			1.50		1.29		1.29		1.62			360		33
10-31-18		19.41		0.31	^•		(0.68	)		(0.37	)		0.78		2.53		—		3.31		—		15.73		(2.95	)		1.37		1.31		1.31		1.83			327		107
10-31-17		19.26		0.26			0.61			0.87			0.67		0.05		—		0.72		—		19.41		4.65			1.34		1.34		1.34		1.26			11,274		83
10-31-16		20.01		0.33			(0.55	)		(0.22	)		0.53		—		—		0.53		—		19.26		(1.18	)		1.30		1.30		1.30		1.70			11,929		34
10-31-15		20.42		0.22	^•		(0.20	)		0.02			0.43		—		—		0.43		—		20.01		0.12			1.26		1.26		1.26		1.08			12,976		42
10-31-14		18.85		0.26			1.72			1.98			0.41		—		—		0.41		—		20.42		10.65			1.26		1.26		1.26		1.40			14,360		40
Class R
04-30-19⁺		15.69		0.10	^•		1.61			1.71			0.18		1.83		—		2.01		—		15.39		12.07			1.75		1.54		1.54		1.35			1,725		33
10-31-18		19.35		0.26	^•		(0.65	)		(0.39	)		0.74		2.53		—		3.27		—		15.69		(3.10	)		1.62		1.56		1.56		1.50			1,656		107
10-31-17		19.21		0.19	^•		0.62			0.81			0.62		0.05		—		0.67		—		19.35		4.34			1.59		1.59		1.59		1.01			2,654		83
10-31-16		19.96		0.29	^•		(0.55	)		(0.26	)		0.49		—		—		0.49		—		19.21		(1.40	)		1.55		1.55		1.55		1.46			3,100		34
10-31-15		20.37		0.15	^•		(0.18	)		(0.03	)		0.38		—		—		0.38		—		19.96		(0.12	)		1.51		1.51		1.51		0.72			2,231		42
10-31-14		18.82		0.23	^•		1.69			1.92			0.37		—		—		0.37		—		20.37		10.35			1.51		1.51		1.51		1.17			1,631		40
Class R6
04-30-19⁺		15.74		0.14	^•		1.61			1.75			0.22		1.83		—		2.05		—		15.44		12.35			1.02		0.98		0.98		1.88			19,941		33
10-31-18		19.40		0.38	^•		(0.66	)		(0.28	)		0.85		2.53		—		3.38		—		15.74		(2.45	)		0.92		0.92		0.92		2.22			24,339		107
10-31-17		19.26		0.34	^•		0.61			0.95			0.76		0.05		—		0.81		—		19.40		5.08			0.89		0.89		0.89		1.75			47,605		83
10-31-16		20.01		0.43	^•		(0.56	)		(0.13	)		0.62		—		—		0.62		—		19.26		(0.75	)		0.87		0.87		0.87		2.17			85,600		34
10-31-15		20.42		0.29	^•		(0.19	)		0.10			0.51		—		—		0.51		—		20.01		0.53			0.87		0.87		0.87		1.45			105,257		42
07-15-14⁽⁴⁾–10-31-14		20.36		(0.03	)^•		0.20			0.17			0.11		—		—		0.11		—		20.42		0.87			0.87		0.87		0.87		(0.56	)		103,446		40
Class W
04-30-19⁺		15.78		0.13	^•		1.63			1.76			0.22		1.83		—		2.05		—		15.49		12.34			1.25		1.04		1.04		1.73			62,568		33
10-31-18		19.44		0.35	^•		(0.66	)		(0.31	)		0.82		2.53		—		3.35		—		15.78		(2.59	)		1.12		1.06		1.06		2.02			143,491		107
10-31-17		19.30		0.29	^•		0.62			0.91			0.72		0.05		—		0.77		—		19.44		4.85			1.09		1.09		1.09		1.52			255,997		83
10-31-16		20.05		0.38			(0.55	)		(0.17	)		0.58		—		—		0.58		—		19.30		(0.92	)		1.05		1.05		1.05		1.97			304,493		34
10-31-15		20.46		0.27	^•		(0.20	)		0.07			0.48		—		—		0.48		—		20.05		0.38			1.01		1.01		1.01		1.35			324,820		42
10-31-14		18.89		0.33	^•		1.70			2.03			0.46		—		—		0.46		—		20.46		10.91			1.01		1.01		1.01		1.70			392,003		40

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (CONTINUED)

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

			Income (loss) from investment operations									Less distributions															Ratios to average net assets								Supplemental data

	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return⁽¹⁾			Expenses before reductions/ additions⁽²⁾⁽³⁾		Expenses net of fee waivers and/or recoupments if any⁽²⁾⁽³⁾		Expenses net of all reductions/ additions⁽²⁾⁽³⁾		Net investment income (loss)⁽²⁾⁽³⁾		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)		(%)		(%)		(%)		($000’s)		(%)
Voya International Real Estate Fund
Class A
04-30-19⁺		7.73		0.06	^•		0.91			0.97			0.24		—		—		0.24		—		8.46		12.88			1.69		1.34		1.34		1.56		10,670		39
10-31-18		8.52		0.15	^•		(0.39	)		(0.24	)		0.55		—		—		0.55		—		7.73		(3.33	)		1.64		1.47		1.47		1.77		10,389		118
10-31-17		8.56		0.16	^•		0.57			0.73			0.77		—		—		0.77		—		8.52		9.50			1.55		1.46		1.46		1.92		38,715		106
10-31-16		8.88		0.13			(0.32	)		(0.19	)		0.13		—		—		0.13		—		8.56		(2.17	)		1.45		1.45		1.45		1.49		123,744		89
10-31-15		9.52		0.13			(0.31	)		(0.18	)		0.44		—		0.02		0.46		—		8.88		(1.91	)^(a)		1.40		1.40		1.40		1.39		166,211		84
10-31-14		9.66		0.16			0.23			0.39			0.53		—		—		0.53		—		9.52		4.30			1.42		1.42		1.42		1.74		185,840		67
Class C
04-30-19⁺		7.69		0.03	^•		0.90			0.93			0.20		—		—		0.20		—		8.42		12.36			2.44		2.09		2.09		0.77		6,156		39
10-31-18		8.49		0.09	^•		(0.39	)		(0.30	)		0.50		—		—		0.50		—		7.69		(4.06	)		2.39		2.22		2.22		1.09		6,322		118
10-31-17		8.53		0.09	^•		0.57			0.66			0.70		—		—		0.70		—		8.49		8.69			2.30		2.21		2.21		1.14		7,827		106
10-31-16		8.84		0.06			(0.31	)		(0.25	)		0.06		—		—		0.06		—		8.53		(2.81	)		2.20		2.20		2.20		0.73		10,394		89
10-31-15		9.49		0.07			(0.33	)		(0.26	)		0.37		—		0.02		0.39		—		8.84		(2.74	)^(a)		2.15		2.15		2.15		0.64		13,225		84
10-31-14		9.63		0.09	^•		0.23			0.32			0.46		—		—		0.46		—		9.49		3.52			2.17		2.17		2.17		0.98		15,391		67
Class I
04-30-19⁺		7.72		0.07	^•		0.91			0.98			0.26		—		—		0.26		—		8.44		12.95			1.35		1.09		1.09		1.71		58,860		39
10-31-18		8.52		0.17	^•		(0.38	)		(0.21	)		0.59		—		—		0.59		—		7.72		(3.05	)		1.38		1.22		1.22		1.97		72,064		118
10-31-17		8.57		0.18	^•		0.56			0.74			0.79		—		—		0.79		—		8.52		9.68			1.21		1.21		1.21		2.14		179,501		106
10-31-16		8.89		0.16			(0.32	)		(0.16	)		0.16		—		—		0.16		—		8.57		(1.85	)		1.13		1.13		1.13		1.80		301,304		89
10-31-15		9.53		0.15	^•		(0.30	)		(0.15	)		0.47		—		0.02		0.49		—		8.89		(1.59	)^(a)		1.09		1.09		1.09		1.65		432,423		84
10-31-14		9.67		0.18			0.24			0.42			0.56		—		—		0.56		—		9.53		4.62			1.12		1.12		1.12		1.98		399,924		67
Class W
04-30-19⁺		7.76		0.07	^•		0.91			0.98			0.26		—		—		0.26		—		8.48		12.88			1.44		1.09		1.09		1.73		8,371		39
10-31-18		8.56		0.19	^•		(0.40	)		(0.21	)		0.59		—		—		0.59		—		7.76		(3.00	)		1.39		1.22		1.22		2.23		11,299		118
10-31-17		8.60		0.18	^•		0.57			0.75			0.79		—		—		0.79		—		8.56		9.77			1.30		1.21		1.21		2.16		11,206		106
10-31-16		8.92		0.16			(0.33	)		(0.17	)		0.15		—		—		0.15		—		8.60		(1.91	)		1.20		1.20		1.20		1.74		20,057		89
10-31-15		9.56		0.13			(0.29	)		(0.16	)		0.46		—		0.02		0.48		—		8.92		(1.65	)^(a)		1.15		1.15		1.15		1.55		32,756		84
10-31-14		9.70		0.18			0.23			0.41			0.55		—		—		0.55		—		9.56		4.55			1.17		1.17		1.17		1.93		32,251		67

⁽¹⁾

⁽²⁾

Annualized for periods less than one year.

⁽³⁾

⁽⁴⁾

Commencement of operations.

^(a)

Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended October 31, 2015, total return for Voya International Real Estate Fund would have been (2.03)%, (2.86)%, (1.71)% and (1.77)% for Classes A, C, I and W, respectively.

⁺

Unaudited.

^•

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

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED)

NOTE 1 — ORGANIZATION

Each Fund offers at least one or more of the following classes of shares: Class A, Class C, Class I, Class O, 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 and transfer agent fees. 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 fundpro 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 classpro 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.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Funds.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Fund is calculated by taking the value of the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent a Fund’s assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund’s assets will likely change and you will not be able to purchase or redeem shares of a Fund.

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

Foreign securities’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

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

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

The Funds estimate components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If the Funds no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

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.

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.

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.

Risks of Investing in Derivatives. The Funds’ use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market or credit risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

At April 30, 2019, the Funds had not entered into any Master Agreements.

E. Forward Foreign Currency Transactions. 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.

During the period ended April 30, 2019, Global Real Estate and International Real Estate had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below. Each Fund used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. Please refer to the tables within the respective Portfolio of Investments for each Fund for open forward foreign currency contracts at April 30, 2019.

				Buy				Sell
Global Real Estate				$	790,867			$	3,510,823
International Real Estate					473,904				399,182

F. Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund declares and pays dividends, if any, quarterly and each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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 33 1/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds’ other risks.

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended April 30, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

				Purchases				Sales
Global Real Estate				$	273,925,421			$	898,759,581
International Real Estate					34,686,080				60,559,534

NOTE 4 — INVESTMENT MANAGEMENT FEES

Fund				As a Percentage of Average Daily Net Assets
Global Real Estate				0.90% on the first $250 million; 0.875% on the next $250 million; and 0.80% thereafter
International Real Estate⁽¹⁾				0.90% on the first $250 million; 0.80% on the next $250 million; and 0.70% thereafter

⁽¹⁾

Prior to January 1, 2019, the management fee was 1.10% on the first $250 million; 1.00% on the next $250 million; and 0.90% thereafter.

CBRE Clarion Securities LLC serves as the sub-adviser to the Funds. The sub-adviser provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or Investment Adviser may determine, the sub-adviser manages each Fund’s assets in accordance with that Fund’s investment objectives, policies, and limitations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I, Class R6, and Class W, 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:

Fund				Class A				Class C				Class O				Class R
Global Real Estate					0.25	%			1.00	%			0.25	%			0.50	%
International Real Estate					0.25	%			1.00	%			N/A				N/A

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

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

	Class A		Class C
Initial Sales Charges:
Global Real Estate	$	1,047	$	—
International Real Estate		217		—
Contingent Deferred Sales Charges:
Global Real Estate	$	409	$	990
International Real Estate		—		597

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2019, there were no direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. that owned more than 5% of the Funds.

Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.

The Investment Adviser may request that the Funds’ sub-adviser use its best efforts (subject to obtaining best execution of each transaction) to allocate a Fund’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to the Funds are reflected as brokerage commission recapture in the Statements of Operations.

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2019, the below Fund had the following payables included in Other Accrued Expenses and Liabilities on the Statement of Assets and Liabilities that exceeded 5% of total liabilities:

Fund				Accrued Expense				Amount
International Real Estate					Custody			$	75,744

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser and, for International Real Estate, CBRE Clarion Securities LLC have agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

Fund				Class A				Class C				Class I				Class O				Class R				Class R6				Class W
Global Real Estate					1.30	%			2.05	%			1.05	%			1.30	%			1.55	%			1.00	%			1.05	%
International Real Estate⁽¹⁾					1.30	%			2.05	%			1.05	%			N/A				N/A				N/A				1.05	%

⁽¹⁾

Prior to January 1, 2019, the expense limits for International Real Estate were 1.50%, 2.25%, 1.25%, and 1.25% for Class A, Class C, Class I, and Class W shares, respectively.

Pursuant to a side letter agreement, through at least March 1, 2020, the Investment Adviser and, for International Real Estate, CBRE Clarion Securities LLC have further lowered the expense limits for the following funds. If the Investment Adviser and, for International Real Estate, CBRE Clarion Securities LLC elect not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. Termination or modification of this obligation requires approval by the Board.

Fund				Class A				Class C				Class I				Class O				Class R				Class R6				Class W
Global Real Estate⁽¹⁾⁽²⁾					1.26	%			2.01	%			1.01	%			1.26	%			1.51	%			0.96	%			1.01	%
International Real Estate⁽¹⁾⁽³⁾					1.25	%			2.00	%			1.00	%			N/A				N/A				N/A				1.00	%

⁽¹⁾

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

⁽²⁾

Side letter expense limits were implemented on January 1, 2019.

⁽³⁾

Prior to January 1, 2019, the side letter expense limits were 1.45%, 2.20%, 1.20% and 1.20% for Class A, Class C, Class I, and Class W shares, respectively.

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.

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)

As of April 30, 2019 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,
				2020				2021				2022				Total
Global Real Estate				$	—			$	—			$	149,718			$	149,718

	April 30,
	2020		2021		2022		Total
Global Real Estate
Class A	$	—	$	37,447	$	187,490	$	224,937
Class C		—		15,606		78,308		93,914
Class I		—		46,737		558,146		604,883
Class R		—		414		2,255		2,669
Class O		—		2,030		3,930		5,960
Class W		—		39,023		161,621		200,644

NOTE 9 — LINE OF CREDIT

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 Funds utilized the line of credit during the period ended April 30, 2019 as follows:

Fund				Days Utilized				Approximate Average Daily Balance For Days Utilized				Approximate Weighted Average Interest Rate For Days Utilized
Global Real Estate⁽¹⁾					89			$	5,252,258				3.35	%
International Real Estate					11				1,230,727				3.37

⁽¹⁾

At April 30, 2019, Global Real Estate had an outstanding balance of $3,912,000.

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Real Estate
Class A
4/30/2019		518,285		—		1,152,172		(2,111,544	)		(441,087	)		7,781,525		—		16,546,319		(31,902,923	)		(7,575,079	)
10/31/2018		1,635,967		—		2,188,186		(8,797,249	)		(4,973,096	)		27,338,055		—		38,288,884		(153,982,191	)		(88,355,252	)
Class C
4/30/2019		161,325		—		690,507		(1,492,465	)		(640,633	)		1,916,653		—		7,913,760		(17,887,205	)		(8,056,792	)
10/31/2018		218,380		—		1,104,086		(2,598,379	)		(1,275,913	)		3,163,592		—		16,018,403		(37,097,770	)		(17,915,775	)
Class I
4/30/2019		2,055,484		—		4,923,837		(33,579,028	)		(26,599,707	)		29,976,130		—		70,537,631		(512,414,777	)		(411,901,016	)
10/31/2018		12,061,186		—		11,008,546		(44,154,211	)		(21,084,479	)		211,467,282		—		192,191,836		(761,069,674	)		(357,410,556	)
Class O
4/30/2019		17		—		2,757		(340	)		2,434			260		—		39,606		(5,099	)		34,767
10/31/2018		114,975		—		3,429		(678,616	)		(560,212	)		1,996,255		—		59,807		(10,705,938	)		(8,649,876	)
Class P3⁽¹⁾
4/30/2019		—		—		—		—			—			—		—		—		—			—
6/1/2018⁽²⁾– 10/31/2018		65,459		—		491		(65,950	)		—			1,092,967		—		8,161		(1,112,692	)		(11,564	)
Class R
4/30/2019		16,680		—		10,436		(20,547	)		6,569			246,986		—		149,004		(312,663	)		83,327
10/31/2018		26,535		—		18,997		(77,152	)		(31,620	)		452,512		—		330,837		(1,322,103	)		(538,754	)

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

Year or	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Global Real Estate (continued)
Class R6
4/30/2019		119,768		—		213,090		(587,849	)		(254,991	)		1,787,995		—		3,053,713		(8,868,965	)		(4,027,257	)
10/31/2018		2,404,738		—		389,577		(3,701,475	)		(907,160	)		42,644,384		—		6,795,432		(65,449,643	)		(16,009,827	)
Class W
4/30/2019		492,601		—		1,222,564		(6,768,354	)		(5,053,189	)		7,204,667		—		17,552,881		(101,556,539	)		(76,798,991	)
10/31/2018		2,378,175		—		2,259,702		(8,712,631	)		(4,074,754	)		40,998,321		—		39,542,524		(150,776,387	)		(70,235,542	)
International Real Estate
Class A
4/30/2019		95,743		—		35,555		(212,870	)		(81,572	)		795,144		—		275,978		(1,728,178	)		(657,056	)
10/31/2018		169,489		—		189,438		(3,559,592	)		(3,200,665	)		1,454,683		—		1,619,137		(30,525,133	)		(27,451,313	)
Class C
4/30/2019		64,573		—		18,948		(174,514	)		(90,993	)		506,639		—		144,574		(1,408,426	)		(757,213	)
10/31/2018		125,734		—		48,247		(274,366	)		(100,385	)		1,101,122		—		410,253		(2,345,390	)		(834,015	)
Class I
4/30/2019		716,069		—		135,751		(3,209,806	)		(2,357,986	)		5,811,854		—		1,051,965		(25,628,380	)		(18,764,561	)
10/31/2018		2,849,958		—		478,736		(15,055,766	)		(11,727,072	)		24,428,809		—		4,072,067		(127,743,359	)		(99,242,483	)
Class W
4/30/2019		8,799		—		37,313		(515,379	)		(469,267	)		67,778		—		290,151		(4,110,474	)		(3,752,545	)
10/31/2018		983,629		—		85,508		(921,764	)		147,373			8,463,469		—		728,764		(7,918,485	)		1,273,748

⁽¹⁾

Class P3 shares were fully redeemed September 4, 2018.

⁽²⁾

Commencement of operations.

NOTE 11 — SECURITIES LENDING

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

The following table represents a summary of Global Real Estate’s securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2019:

Global Real Estate

Counterparty				Securities Loaned at Value				Cash Collateral Received⁽¹⁾				Net Amount
Morgan Stanley & Co. LLC				$	110,844			$	(110,844	)		$	—
Total				$	110,844			$	(110,844	)		$	—

⁽¹⁾

Collateral with a fair value of $117,349 has been received in connection with the above securities lending transactions.

Excess 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 short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), wash sale deferrals, and the expiration of capital loss carryforwards. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

Global Real Estate has a tax year-end of December 31. The amounts shown below are estimated as of April 30, 2019.

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

	Six Months Ended April 30, 2019				Year Ended October 31, 2018*
	Ordinary Income		Long-term Capital Gain		Ordinary Income		Long-term Capital Gain
Global Real Estate	$	11,505,469	$	110,378,964	$	72,172,905	$	303,374,813	⁽¹⁾
International Real Estate		2,609,295		—		13,721,969		—

Amounts for Global Real Estate were estimated as of October 31, 2018.

⁽¹⁾

$59,473,248 related to equalization accounting.

							Capital Loss Carryforwards
	Undistributed Ordinary Income		Undistributed Long-term Capital Gains		Unrealized Appreciation/ (Depreciation)		Amount			Character		Expiration
Global Real Estate	$	4,589,772	$	58,805,298	$	103,508,357	$	—			—		—
International Real Estate		1,102,203		—		9,901,403		(8,974,059	)		Short-term		2019
								(448,777	)		Short-term		None
							$	(9,422,836	)

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

As of April 30, 2019 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. The earliest tax year that remains subject to examination by these jurisdictions is 2013.

NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS

As of April 30, 2019, management of the Funds is currently assessing the potential impact to the financial statements that may result from adopting these ASUs.

NOTE 14 — SUBSEQUENT EVENTS

Line of Credit renewal: Effective May 17, 2019, the funds to which the Credit Agreement is available have entered 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.

VOYA GLOBAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED)

Shares			Value

COMMON STOCK: 99.8%
		Australia: 4.2%
674,399		Dexus	$	5,954,091	1.1
787,877		Goodman Group		7,331,660	1.4
4,625,092		Mirvac Group		9,258,925	1.7
				22,544,676	4.2

		Belgium: 0.6%
64,383	(1)	Other Securities		3,285,589	0.6

		Canada: 1.9%
157,130		Canadian Apartment Properties REIT		5,621,588	1.1
405,175		Other Securities		4,442,801	0.8
				10,064,389	1.9

		China: 0.5%
744,000		Other Securities		2,787,512	0.5

		France: 1.0%
31,493		Unibail-Rodamco-Westfield		5,413,201	1.0

		Germany: 5.2%
48,720		LEG Immobilien AG		5,684,651	1.1
236,635		Vonovia SE		11,826,236	2.2
781,760		Other Securities		10,490,203	1.9
				28,001,090	5.2

		Hong Kong: 8.6%
1,509,674		CK Asset Holdings Ltd.		12,138,594	2.2
1,462,245		Link REIT		17,084,806	3.1
3,750,000		New World Development Ltd.		6,212,664	1.1
879,100		Wheelock & Co., Ltd.		6,264,832	1.2
1,076,000		Other Securities		5,228,128	1.0
				46,929,024	8.6

		Ireland: 0.7%
2,235,726		Other Securities		3,851,685	0.7

		Japan: 11.8%
186,800		Aeon Mall Co., Ltd.		2,867,929	0.5
2,223		AEON REIT Investment Corp.		2,686,700	0.5
7,766		Japan Hotel REIT Investment Corp.		6,320,661	1.2
527,400		Mitsubishi Estate Co., Ltd.		8,918,308	1.6
485,681		Mitsui Fudosan Co., Ltd.		11,249,312	2.1
3,342		Mori Hills REIT Investment Corp.		4,452,559	0.8
4,440		Orix JREIT, Inc.		7,795,352	1.4
471,859		Other Securities		19,954,876	3.7
				64,245,697	11.8

		Luxembourg: 0.6%
146,877		Other Securities		3,461,017	0.6

COMMON STOCK: (continued)
		Norway: 0.4%
158,507	(2)	Entra ASA	$	2,300,659	0.4

		Singapore: 2.1%
1,864,200		CapitaLand Commercial Trust		2,663,377	0.5
2,671,700		CapitaLand Ltd.		6,942,716	1.3
1,720,395		Other Securities		1,874,856	0.3
				11,480,949	2.1

		Spain: 1.0%
486,286	(3)	Inmobiliaria Colonial Socimi SA		5,239,418	1.0

		Sweden: 3.2%
363,275		Castellum AB		6,531,484	1.2
356,573		Fabege AB		4,952,686	0.9
546,996		Other Securities		6,131,854	1.1
				17,616,024	3.2

		United Kingdom: 4.7%
608,732		Land Securities Group PLC		7,336,407	1.3
872,585		Segro PLC		7,731,624	1.4
379,598		Unite Group PLC		4,665,615	0.9
1,135,262		Other Securities		5,830,351	1.1
				25,563,997	4.7

		United States: 53.3%
77,761		Alexandria Real Estate Equities, Inc.		11,072,389	2.0
118,112		American Campus Communities, Inc.		5,574,886	1.0
81,108		AvalonBay Communities, Inc.		16,297,030	3.0
411,827		Brixmor Property Group, Inc.		7,363,467	1.4
53,595		Camden Property Trust		5,394,337	1.0
549,051		Cousins Properties, Inc.		5,254,418	1.0
219,785		CubeSmart		7,013,339	1.3
163,855		Douglas Emmett, Inc.		6,749,188	1.2
19,347		Equinix, Inc.		8,797,081	1.6
256,148		Equity Residential		19,574,830	3.6
132,422		Extra Space Storage, Inc.		13,730,837	2.5
304,787		Healthcare Trust of America, Inc.		8,406,026	1.5
62,280		Hilton Worldwide Holdings, Inc.		5,417,737	1.0
210,462		Hudson Pacific Properties, Inc.		7,336,705	1.4
284,908		Invitation Homes, Inc.		7,082,813	1.3
118,355		Liberty Property Trust		5,875,142	1.1
257,912		Park Hotels & Resorts, Inc.		8,273,817	1.5
307,272		ProLogis, Inc.		23,558,544	4.3
170,401		Regency Centers Corp.		11,445,835	2.1

See Accompanying Notes to Financial Statements

VOYA GLOBAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

Shares		Value

COMMON STOCK: (continued)
	United States: (continued)
92,040	Simon Property Group, Inc.	$	15,987,348	2.9
267,358	Store Capital Corp.		8,908,369	1.6
56,128	Sun Communities, Inc.		6,908,234	1.3
97,805	Taubman Centers, Inc.		4,821,787	0.9
965,358	Vereit, Inc.		7,973,857	1.5
373,196	VICI Properties, Inc.		8,508,869	1.6
92,263	Vornado Realty Trust		6,379,064	1.2
279,848	Welltower, Inc.		20,857,071	3.8
1,034,958	Other Securities		25,634,308	4.7
			290,197,328	53.3
	Total Common Stock (Cost $404,532,466)		542,982,255	99.8

Principal Amount†		Value

SHORT-TERM INVESTMENTS: 0.0%
	Securities Lending Collateral⁽⁴⁾: 0.0%
117,349	Bank of Montreal, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $117,358, collateralized by various U.S. Government Securities, 0.000%–3.750%, Market Value plus accrued interest $119,696, due 05/23/19–02/15/46) (Cost $117,349)		117,349	0.0
	Total Short-Term Investments (Cost $117,349)		117,349	0.0
	Total Investments in Securities (Cost $404,649,815)	$	543,099,604	99.8
	Assets in Excess of Other Liabilities		1,028,382	0.2
	Net Assets	$	544,127,986	100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

†

Unless otherwise indicated, principal amount is shown in USD.

(1)

The grouping contains non-income producing securities.

(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)

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

(4)

Represents securities purchased with cash collateral received for securities on loan.

REIT Diversification
Office REITs	15.8	%
Residential REITs	13.1
Retail REITs	12.5
Real Estate Operating Companies	10.3
Diversified Real Estate Activities	8.9
Industrial REITs	8.4
Diversified REITs	8.3
Specialized REITs	8.1
Health Care REITs	5.3
Hotel & Resort REITs	4.2
Real Estate Development	2.7
Hotels, Resorts & Cruise Lines	1.4
Health Care Facilities	0.8
Assets in Excess of Other Liabilities*	0.2
Net Assets	100.0	%

Includes short-term investments.

See Accompanying Notes to Financial Statements

VOYA GLOBAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:⁽¹⁾

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	22,544,676		$	—	$	22,544,676
Belgium		3,285,589		—			—		3,285,589
Canada		10,064,389		—			—		10,064,389
China		—		2,787,512			—		2,787,512
France		5,413,201		—			—		5,413,201
Germany		2,785,604		25,215,486			—		28,001,090
Hong Kong		—		46,929,024			—		46,929,024
Ireland		—		3,851,685			—		3,851,685
Japan		623,762		63,621,935			—		64,245,697
Luxembourg		—		3,461,017			—		3,461,017
Norway		—		2,300,659			—		2,300,659
Singapore		—		11,480,949			—		11,480,949
Spain		—		5,239,418			—		5,239,418
Sweden		—		17,616,024			—		17,616,024
United Kingdom		4,904,115		20,659,882			—		25,563,997
United States		290,197,328		—			—		290,197,328
Total Common Stock		317,273,988		225,708,267			—		542,982,255
Short-Term Investments		—		117,349			—		117,349
Total Investments, at fair value	$	317,273,988	$	225,825,616		$	—	$	543,099,604
Other Financial Instruments+
Forward Foreign Currency Contracts		—		553			—		553
Total Assets	$	317,273,988	$	225,826,169		$	—	$	543,100,157
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(2,631	)	$	—	$	(2,631	)
Total Liabilities	$	—	$	(2,631	)	$	—	$	(2,631	)

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $7,998,891 and $15,232,234 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

See Accompanying Notes to Financial Statements

VOYA GLOBAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya Global Real Estate Fund:

Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD 760,212	HKD 5,963,485	Brown Brothers Harriman & Co.	05/02/19	$	29
USD 398,067	EUR 355,075	Brown Brothers Harriman & Co.	05/03/19		510
USD 269,050	HKD 2,110,723	Brown Brothers Harriman & Co.	05/03/19		14
USD 23,024	JPY 2,573,186	Brown Brothers Harriman & Co.	05/07/19		(86	)
USD 973,308	JPY 108,565,151	Brown Brothers Harriman & Co.	05/08/19		(1,800	)
USD 376,678	JPY 42,017,290	Brown Brothers Harriman & Co.	05/09/19		(745	)
				$	(2,078	)

Currency Abbreviations

EUR — EU Euro

HKD — Hong Kong Sar Dollar

JPY — Japanese Yen

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, 2019 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	$	553
Total Asset Derivatives		$	553
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	2,631
Total Liability Derivatives		$	2,631

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(129,789	)
Total	$	(129,789	)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(5,112	)
Total	$	(5,112	)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $439,571,660.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	123,681,355
Gross Unrealized Depreciation		(20,172,998	)
Net Unrealized Appreciation	$	103,508,357

See Accompanying Notes to Financial Statements

VOYA INTERNATIONAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED)

Shares			Value

COMMON STOCK: 98.1%
		Australia: 9.9%
630,000		Centuria Metropolitan REIT	$	1,128,061	1.3
454,030		Charter Hall Education Trust		1,193,856	1.4
310,125		GPT Group		1,254,473	1.5
769,039		Ingenia Communities Group		1,668,709	2.0
1,552,653		Mirvac Group		3,108,240	3.7
				8,353,339	9.9

		Austria: 0.4%
9,722		Other Securities		340,757	0.4

		Belgium: 1.7%
6,600		Warehouses De Pauw SCA		990,467	1.2
14,236	(1)	Other Securities		471,031	0.5
				1,461,498	1.7

		Canada: 4.8%
126,200		Chartwell Retirement Residences		1,383,801	1.6
65,013		SmartCentres Real Estate Investment Trust		1,644,130	2.0
65,400		Other Securities		966,192	1.2
				3,994,123	4.8

		China: 0.5%
116,000		Other Securities		434,612	0.5

		Finland: 0.0%
286		Other Securities		3,394	0.0

		France: 4.4%
5,391		Gecina S.A.		805,493	1.0
13,752		Unibail-Rodamco-Westfield		2,363,774	2.8
5,033		Other Securities		544,746	0.6
				3,714,013	4.4

		Germany: 10.1%
41,270		Deutsche Wohnen SE		1,859,033	2.2
10,749		LEG Immobilien AG		1,254,194	1.5
62,429		TAG Immobilien AG		1,405,904	1.7
22,336		TLG Immobilien AG		657,619	0.8
57,562		Vonovia SE		2,876,759	3.4
52,141		Other Securities		423,622	0.5
				8,477,131	10.1

		Hong Kong: 18.8%
368,221		CK Asset Holdings Ltd.		2,960,696	3.5
421,000		Hysan Development Co., Ltd.		2,359,592	2.8
399,000		Link REIT		4,661,898	5.6
1,421,000		New World Development Ltd.		2,354,186	2.8

COMMON STOCK: (continued)
		Hong Kong: (continued)
200,754		Sun Hung Kai Properties Ltd.	$	3,464,682	4.1
				15,801,054	18.8

		Ireland: 1.3%
626,415		Other Securities		1,091,236	1.3

		Japan: 24.2%
202		Activia Properties, Inc.		844,257	1.0
65,600		Aeon Mall Co., Ltd.		1,007,153	1.2
765		AEON REIT Investment Corp.		924,573	1.1
403		Hulic Reit, Inc.		660,475	0.8
2,157		Japan Hotel REIT Investment Corp.		1,755,558	2.1
167		Kenedix Office Investment Corp.		1,117,232	1.3
232		Kenedix Retail REIT Corp.		561,862	0.7
1,296		LaSalle Logiport REIT		1,390,185	1.6
1,013		MCUBS MidCity Investment Corp.		928,285	1.1
189,500		Mitsubishi Estate Co., Ltd.		3,204,436	3.8
91,856		Mitsui Fudosan Co., Ltd.		2,127,563	2.5
671		Mori Hills REIT Investment Corp.		893,976	1.1
35,800		Nomura Real Estate Holdings, Inc.		761,296	0.9
994		Orix JREIT, Inc.		1,745,176	2.1
977	(2)	Sankei Real Estate, Inc.		977,921	1.2
127,000		Tokyo Tatemono Co., Ltd.		1,433,523	1.7
				20,333,471	24.2

		Norway: 1.2%
67,346	(3)	Entra ASA		977,497	1.2

		Singapore: 4.1%
877,200		CapitaLand Commercial Trust		1,253,253	1.5
272,300		City Developments Ltd.		1,792,328	2.1
398,100		Other Securities		433,842	0.5
				3,479,423	4.1

		Spain: 1.6%
70,511		Inmobiliaria Colonial Socimi SA		759,711	0.9
43,795		Other Securities		597,386	0.7
				1,357,097	1.6

		Sweden: 4.6%
62,512		Castellum AB		1,123,931	1.3
66,391		Fabege AB		922,150	1.1
46,954		Pandox AB		805,725	1.0
51,763		Wihlborgs Fastigheter AB		688,689	0.8

See Accompanying Notes to Financial Statements

VOYA INTERNATIONAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

Shares			Value

COMMON STOCK: (continued)
		Sweden: (continued)
17,598		Other Securities	$	293,240	0.4
				3,833,735	4.6

		Switzerland: 0.8%
7,972		Swiss Prime Site AG		640,186	0.8

		United Kingdom: 9.7%
322,370		Grainger PLC		1,059,335	1.3
64,627		Land Securities Group PLC		778,881	0.9
128,470		Safestore Holdings PLC		1,078,862	1.3
141,125		Segro PLC		1,250,452	1.5
313,627		Tritax Big Box REIT Plc		608,322	0.7
110,441		Unite Group PLC		1,357,424	1.6
50,082		Workspace Group PLC		645,994	0.8
222,417		Other Securities		1,383,345	1.6
				8,162,615	9.7
		Total Common Stock (Cost $69,056,562)		82,455,181	98.1

CLOSED-END FUNDS: 0.6%
		United Kingdom: 0.6%
370,657		Other Securities		454,338	0.6
		Total Closed-End Funds (Cost $450,114)		454,338	0.6
		Total Long-Term Investments (Cost $69,506,676)		82,909,519	98.7

SHORT-TERM INVESTMENTS: 0.7%
		Mutual Funds: 0.7%
625,330	(4)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $625,330)		625,330	0.7
		Total Short-Term Investments (Cost $625,330)		625,330	0.7
		Total Investments in Securities (Cost $70,132,006)	$	83,534,849	99.4
		Assets in Excess of Other Liabilities		521,379	0.6
		Net Assets	$	84,056,228	100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(1)

The grouping contains non-income producing securities.

(2)

Non-income producing security.

(3)

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

(4)

Rate shown is the 7-day yield as of April 30, 2019.

REIT Diversification
Real Estate Operating Companies	23.1	%
Diversified Real Estate Activities	17.9
Office REITs	12.4
Retail REITs	12.1
Diversified REITs	11.5
Industrial REITs	5.6
Residential REITs	4.3
Real Estate Development	4.0
Specialized REITs	3.1
Hotel & Resort REITs	2.1
Health Care Facilities	1.6
Hotels, Resorts & Cruise Lines	1.0
Assets in Excess of Other Liabilities*	1.3
Net Assets	100.0	%

*Includes short-term investments.

See Accompanying Notes to Financial Statements

VOYA INTERNATIONAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:⁽¹⁾

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia	$	2,321,917		$	6,031,422		$	—	$	8,353,339
Austria		340,757			—			—		340,757
Belgium		1,461,498			—			—		1,461,498
Canada		3,994,123			—			—		3,994,123
China		—			434,612			—		434,612
Finland		3,394			—			—		3,394
France		2,908,520			805,493			—		3,714,013
Germany		657,619			7,819,512			—		8,477,131
Hong Kong		—			15,801,054			—		15,801,054
Ireland		—			1,091,236			—		1,091,236
Japan		977,921			19,355,550			—		20,333,471
Norway		—			977,497			—		977,497
Singapore		—	��		3,479,423			—		3,479,423
Spain		—			1,357,097			—		1,357,097
Sweden		—			3,833,735			—		3,833,735
Switzerland		—			640,186			—		640,186
United Kingdom		2,488,872			5,673,743			—		8,162,615
Total Common Stock		15,154,621			67,300,560			—		82,455,181
Closed-End Funds		454,338			—			—		454,338
Short-Term Investments		625,330			—			—		625,330
Total Investments, at fair value	$	16,234,289		$	67,300,560		$	—	$	83,534,849
Other Financial Instruments+
Forward Foreign Currency Contracts		—			21			—		21
Total Assets	$	16,234,289		$	67,300,581		$	—	$	83,534,870
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—		$	(177	)	$	—	$	(177	)
Total Liabilities	$	—		$	(177	)	$	—	$	(177	)

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $4,081,471 and $7,457,305 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.

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

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya International Real Estate Fund:

Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SGD 222,520	USD 163,578	Brown Brothers Harriman & Co.	05/03/19	$	(177	)
USD 399,182	HKD 3,131,621	Brown Brothers Harriman & Co.	05/03/19		21
				$	(156	)

See Accompanying Notes to Financial Statements

VOYA INTERNATIONAL REAL ESTATE FUND

SUMMARY PORTFOLIO OF INVESTMENTS
AS OF APRIL 30, 2019 (UNAUDITED) (CONTINUED)

Currency Abbreviations

HKD — Hong Kong Sar Dollar

SGD — Singapore Dollar

USD — United States Dollar

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

The fair value of derivative instruments as of April 30, 2019 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	$	21
Total Asset Derivatives		$	21
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	177
Total Liability Derivatives		$	177

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(44,716	)
Total	$	(44,716	)

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts	$	(176	)
Total	$	(176	)

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $73,636,271.

Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	12,066,167
Gross Unrealized Depreciation		(2,164,764	)
Net Unrealized Appreciation	$	9,901,403

See Accompanying Notes to Financial Statements

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, 2018, the Board of Trustees (“Board”) of Voya Mutual Funds (the “Trust”), including a majority of 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 Voya Global Real Estate Fund and Voya International Real Estate Fund, each a series of the Trust (the “Funds”), and the sub-advisory contracts (the “Sub-Advisory Contracts”) with CBRE Clarion Securities LLC, the sub-adviser to each Fund (the “Sub-Adviser”) for an additional one year period ending November 30, 2019. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

In addition to the Board meeting on November 16, 2018, the Independent Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 11, 2018, and November 14, 2018, specifically to review and consider materials related to the proposed continuance of each Management Contract and each Sub-Advisory Contract that they believed to be relevant to the renewal of the Management Contracts and Sub-Advisory Contracts in light of the legal advice furnished to them by K&L Gates LLP, their independent legal counsel, and their own business judgment. Subsequent references herein to factors considered and determinations made by the Independent Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Trustees. 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 follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and Investment Review Committees (the “IRCs”), each of which includes only Independent Trustees as members. The Contracts Committee provides oversight with respect to the management and sub-advisory contracts approval and renewal process, among other functions, and each IRC provides oversight throughout the year regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

Nature, Extent and Quality of Services

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

developments, ongoing operations, and regulatory compliance of the Sub-Adviser 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 oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which 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 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 whether the regulatory compliance systems and procedures of the Manager and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are consistently complied with, and other periodic reports covering related matters.

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

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

Fund Performance

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund’s Morningstar category and primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. In addition, the Board considered each Fund’s investment performance compared to an additional performance peer group that is approved by the Fund’s IRC due to the unique investment structure or strategy of each Fund. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund’s performance and risk, including risk-adjusted investment return information, from the Trust’s Chief Investment Risk Officer.

Economies of Scale

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser as a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in 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, in addition to the management fee breakpoints, they have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In evaluating these matters, the Independent Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

Information Regarding Services to Other Clients

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and the Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or the Sub-Adviser, as applicable, for these differences. For the non-Voya-affiliated Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm’s-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Adviser with respect to sub-advisory fee schedules.

Fee Schedules, Profitability, and Fall-out Benefits

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

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

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager. In analyzing the profitability of the Manager and its affiliated service providers in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Adviser since it is not affiliated with the Manager because the Board did not view this data as being a key factor to its deliberations given the arm’s-length nature of the relationship between the Manager and the non-Voya-affiliated Sub-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do typically employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager, as well as other industry participants with whom the profits of the Manager 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, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.

The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds, including their ability to engage in soft-dollar transactions on behalf of the Funds. Following its reviews, the Board determined that the Manager’s profitability with respect to its services to the Funds and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Fund-by-Fund Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its October 11, 2018, November 14, 2018, and/or November 16, 2018 meetings in relation to approving each Fund’s Management Contracts and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category, as well as its primary benchmark and, in the case of Voya International Real Estate Fund, a performance peer group. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest (worst) performance. The performance data provided to the Board primarily was for various periods ended March 31, 2018. In addition, the Board also considered at its October 11, 2018, November 14, 2018, and November 16, 2018 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.

Voya Global Real Estate Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya Global Real Estate Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the third quintile of its Morningstar category for the ten-year period, the fourth quintile for the one-year period, and the fifth (lowest) quintile for the year-to-date, three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it outperformed. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of security selection and sector allocation on the Fund’s performance; and (2) management’s discussion of the investment process enhancements implemented to the Fund in May 2017.

In considering the fees payable under the Management and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is below the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is below the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is below the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) that, as directed by the Board during the 2017 annual contract renewal cycle, lower expense limits were implemented for the Fund, effective January 1, 2018; and (2) management’s proposal to modify the sub-advisory fee schedule and further limit expenses, effective January 1, 2019.

Voya International Real Estate Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya International Real Estate Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date and one-year periods, the second quintile for the three-year period, and the fourth quintile for the five-year and ten-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it underperformed.

In considering the fees payable under the Management and Sub-Advisory 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 above the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is above the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is above the median net expense ratio 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) management’s proposal to modify the sub-advisory fee schedule and further limit expenses, effective January 1, 2019.

(THIS PAGE INTENTIONALLY LEFT BLANK)

Investment Adviser

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

Distributor

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

Transfer Agent

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

Custodian

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

Legal Counsel

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

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voyainvestments.com

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TABLE OF CONTENTS

Semi-Annual Report

April 30, 2019

Classes A, C, I and W

■

Voya CBRE Global Infrastructure Fund

■

Voya CBRE Long/Short Fund

		Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from each Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let each Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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PROXY VOTING INFORMATION

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 N-Q or Form N-PORT, available for filings after March 31, 2019. The Funds’ Form N-Q or Form N-PORT is available on the SEC’s website at www.sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, are available: on www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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President’s Letter

The Fed Holds, the Economy Carries on...Trade Wars Reignite

Dear Shareholder,

Sincerely,

Dina Santoro
President
Voya Family of Funds
June 3, 2019

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Market Perspective: Six Months Ended April 30, 2019

On the perception of slowing global growth, there was little relief from most of the incoming data, although April provided some late respite.

slack in March, but the latter rebounded sharply in April. Finally first quarter GDP growth surprised to the upside at 3.2%, although it was flattered by volatile inventory and trade elements.

As the fiscal half-year ended, notwithstanding the tepid-to-mixed picture painted above, the path of least resistance for the Index still seemed to be upwards.

All indices are unmanaged and investors cannot invest directly in an index. Past performance does not guarantee future results. The performance quoted represents past performance.

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Benchmark Descriptions

		Index				Description
		Bloomberg Barclays U.S. Aggregate Bond Index				An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities.
		FTSE Global Core Infrastructure 50/50 Index				An unmanaged market-weighted index which consists of companies within the 3 core infrastructure sectors (transportation, energy, and telecommunications).
		HFRX Equity Hedge Index				An index that measures the performance of funds which maintains at least 50% or more exposure to both long and short positions in primarily equity and equity derivative securities.
		MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
		MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
		MSCI U.S. REIT® Index				A free float-adjusted market capitalization weighted index that is comprised of equity real estate investment trusts that are included in the MSCI U.S. Investable Market 2500 Index (with the exception of specialty REITs that do not generate a majority of their revenue and income from real estate rental and leasing obligations). The index represents approximately 85% of the U.S. REIT market.
		MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
		MSCI World IndexSM				An index that measures the performance of over 1,600 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
		S&P 500® Index				An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
		UBS Global Infrastructure & Utilities 50/50 Index				An unmanaged market-weighted index which consists of infrastructure and utility companies from developed markets whose floats are larger than US $500 million.

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Voya CBRE Global Infrastructure Fund

Portfolio Managers’ Report

	Geographic Diversification as of April 30, 2019 (as a percentage of net assets)

	United States			53.1%
	Canada			9.4%
	Spain			8.1%
	Australia			5.8%
	France			5.5%
	Japan			4.7%
	United Kingdom			3.4%
	Italy			2.8%
	Germany			2.5%
	Mexico			2.3%
	Belgium			0.5%
	Assets in Excess of Other Liabilities*			1.9%
	Net Assets			100.0%
	* Includes short-term investments.
	Portfolio holdings are subject to change daily.

Voya CBRE Global Infrastructure Fund (the “Fund”) seeks total return including capital appreciation and current income. The Fund is managed by Jeremy Anagnos, CFA, and T. Ritson Ferguson, CFA, Portfolio Managers of CBRE Clarion Securities LLC — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 14.77% compared to the FTSE Global Core Infrastructure 50/50 Index, which returned 13.02%.

Portfolio Specifics: Global listed infrastructure stocks were up a little more than 13% over the trailing six-month period as positive total returns were generated in all regions. Continental Europe was the top-performing region during the period, led by the outperformance of the transportation sector. The Americas region also outperformed, led by strong returns in the U.S. communications sector. The U.S. midstream/pipelines sector also delivered solid performance. The Asian region lagged slightly during the period as the relative underperformance of the utilities sector weighed on returns. U.K. utilities continued to struggle behind the backdrop of power reform and regulatory uncertainty.

The Fund outperformed the benchmark as both sector allocation and stock selection decisions added value. The primary contributor to relative performance was sector allocation in the Americas region, led by an overweight to the outperforming U.S. midstream/pipelines, communications and renewables sectors. In Europe, an overweight to the outperforming transportation sector on the continent was the primary contributor to relative performance. In the Asian region, an underweight to the underperforming utilities sector helped relative performance during the period.

	Top Ten Holdings as of April 30, 2019 (as a percentage of net assets)

	American Electric Power Co., Inc.			4.2%
	Williams Cos., Inc.			4.1%
	Enbridge, Inc.			3.9%
	Union Pacific Corp.			3.9%
	Crown Castle International Corp.			3.7%
	Vinci SA			3.6%
	Cheniere Energy, Inc.			3.6%
	Ferrovial SA			3.5%
	Atmos Energy Corp.			3.4%
	Sempra Energy			3.2%
	Portfolio holdings are subject to change daily.

Stock selection benefited from holdings in continental Europe as positioning in the utilities and communication sectors were the primary contributors. In the Americas, stock selection was essentially flat as the outperformance in U.S. utilities was negated by stock selection in U.S. midstream/pipelines. Meanwhile, stock selection in the Asian region was a drag on relative performance as positioning in the transportation and utilities sector hurt relative performance during the period.

Current Outlook and Strategy: We believe that the combination of solid fundamentals, growth and discounted valuation should position this asset class to continue to deliver strong returns for the remainder of 2019 and beyond. One of the key catalysts belying our constructive outlook for listed infrastructure remains the discount that the assets trade versus the private market where there is significant capital seeking investments. Some of the largest, most sophisticated investors in the global infrastructure market have been very active in buying assets from listed companies, taking private listed companies public and buying significant equity interests in listed companies. In nearly every case, the valuation of the underlying assets by the private investors was at a premium to the valuation of the listed companies, in our opinion. Our research indicates that the public market is trading at a material discount to private asset values, and these transactions suggest our estimates are conservative.

On-going fundamentals for infrastructure assets remain generally positive and investment needs are driving growth opportunities. The combination of solid fundamentals, growth and discounted valuation positions to the asset class continue to deliver strong returns for the remainder of 2019. Our strategy leverages the perspectives we have on the private market from our colleagues that invest in these assets directly, while also focusing on key fundamental issues that will provide for consistent growth.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Portfolio Managers’ Report

Voya CBRE Long/Short Fund

	Top Ten Long Holdings as of April 30, 2019 (as a percentage of net assets)

	Equinix, Inc.			7.9%
	Alexandria Real Estate Equities, Inc.			5.3%
	Hudson Pacific Properties, Inc.			4.5%
	Extra Space Storage, Inc.			4.3%
	Welltower, Inc.			4.2%
	Healthcare Trust of America, Inc.			4.2%
	AvalonBay Communities, Inc.			3.7%
	NexPoint Residential Trust, Inc.			3.5%
	VICI Properties, Inc.			3.5%
	QTS Realty Trust, Inc.			3.5%
	Portfolio holdings are subject to change daily.

Voya CBRE Long/Short Fund (the “Fund”)* seeks total return including capital appreciation and current income. The Fund is managed by Steven D. Burton, CFA, Joseph P. Smith, CFA, and T. Ritson Ferguson, CFA, Portfolio Managers of CBRE Clarion Securities LLC — the Sub-Adviser.

Performance: For the six-months ended April 30, 2019, the Fund’s Class A shares, excluding sales charges, provided a total return of 13.46% compared to the S&P 500® Index, the MSCI U.S. REIT® Index, and the HFRX Equity Hedge Index, which returned 9.76%, 11.47%, and 1.51% respectively, for the same period.

Portfolio Specifics: Real estate stocks were positive for the trailing six months, up 11.5% as measured by the U.S. the long-only MSCI U.S. REIT® Index. Earnings releases and real estate operating fundamentals have been solid, in our opinion. Geopolitical trade distractions and expectations for higher interest rates have created market volatility and uncertainty. Economic growth continues but we believe that the pace is likely to decelerate in 2019. We believe this “not too hot, not too cold” environment should be good for real estate stocks. The economic expansion should continue this year but is slowing, potentially exacerbated by geopolitical risk including BREXIT, U.S. trade policy uncertainty and a slowing/bottoming Chinese economy. Despite a slowing pace of growth, job markets remain tight at this stage of the economic cycle and the capital markets remain accommodative to companies that need to raise or refinance attractively priced debt.

The Fund’s gross performance was 14.6%. The Fund’s weighted average gross and net exposure over the trailing six months was 165.4% and 78.6%, respectively. The following are estimates of contributors and detractors to performance. The long side of the portfolio contributed 17.0% to performance, the short side of the portfolio detracted 2.4% to gross performance, producing gross performance of 14.6%. From a regional perspective, the Americas Region generated 14.2% to gross performance, the Asia-Pacific Region generated 0.4% to gross performance and the European Region detracted 0.1% to gross performance.

Positive contributors to the Fund’s results include: weighted average net long exposure of 11.6% to the U.S. office sector which contributed 3.6% gross performance to the Fund; weighted average net long exposure of 3.9% to the U.S. healthcare sector which contributed 2.2% gross performance to the Fund; and weighted average net long exposure of 16.0% to the U.S. residential sector which contributed 2.1% gross performance to the Fund;

Detractors from the Fund’s results include: weighted average net short exposure of 0.1% to Canada which detracted 0.2% gross performance to

	Top Ten Short Holdings as of April 30, 2019 (as a percentage of net assets)

	Coresite Realty Corp.			(3.5)%
	Washington Real Estate Investment Trust			(3.3)%
	SL Green Realty Corp.			(3.1)%
	LTC Properties, Inc.			(2.9)%
	Tanger Factory Outlet Centers, Inc.			(2.5)%
	Essential Properties Realty Trust, Inc.			(2.4)%
	EPR Properties			(2.3)%
	Apartment Investment & Management Co.			(2.2)%
	Retail Opportunity Investments Corp.			(2.2)%
	American Homes 4 Rent			(2.2)%
	Portfolio holdings are subject to change daily.

the Fund; weighted average net long exposure of 0.5% to France which detracted 0.1% gross performance to the Fund; and weighted average net long exposure of 1.0% to Japan which contributed 0.0% gross performance to the Fund.

Current Outlook and Strategy: Our outlook for the real estate securities sector is constructive. Specifically, we believe that REIT valuations are attractive and that real estate operating fundamentals are solid, albeit late cycle fundamentals in most markets. We expect 2019 earnings growth estimates to be in the 4% range. As the result of the attractive valuations in the listed markets and strong capital flows to the private real estate markets, we believe M&A activity is likely to continue and be supportive of positive total return potential.

Risks to our constructive outlook include: uncertainty related to diverging central bank policies and political risk remain, creating opportunities for our portfolio positioning; intensifying trade war creates a deceleration in corporate profits and/or economic recession as well as unintended outcomes from BREXIT; cost of and access to capital negatively impacted from interest rate volatility and/or reduction in monetary stimulus.

On March 14, 2019, the Fund’s Board of Trustees approved a proposal to liquidate the Fund on June 7, 2019.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund's performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.

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Shareholder Expense Examples (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

	Actual Fund Return											Hypothetical (5% return before expenses)
	Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*			Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Annualized Expense Ratio		Expenses Paid During the Period Ended April 30, 2019*
Voya CBRE Global Infrastructure Fund
Class A		$	1,000.00		$	1,147.70		1.35%		$	7.19		$	1,000.00		$	1,018.10		1.35%		$	6.76
Class C**			1,000.00			1,044.00		2.10			3.65			1,000.00			989.59		2.10			10.49
Class I			1,000.00			1,149.10		1.10			5.86			1,000.00			1,019.34		1.10			5.51
Class W**			1,000.00			1,044.80		1.10			1.91			1,000.00			1,019.34		1.10			5.51
Voya CBRE Long/Short Fund(1)
Class A		$	1,000.00		$	1,134.60		5.28%		$	27.95		$	1,000.00		$	998.61		5.28%		$	26.16
Class I			1,000.00			1,136.10		5.03			26.64			1,000.00			999.85		5.03			24.94

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

Commencement of operation was February 28, 2019. Expenses paid for the actual Fund’s return reflect the 62-day period ended April 30, 2019.

(1)

Annualized expense ratios include dividend and prime brokerage fees on short sales.

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Statements of Assets and Liabilities as of April 30, 2019 (Unaudited)

	Voya CBRE Global Infrastructure Fund			Voya CBRE Long/Short Fund
ASSETS:
Investments in securities at fair value*		$	152,703,332		$	53,939,633
Short-term investments at fair value**			3,130,376			—
Cash pledged as collateral at prime broker for securities sold short (Note 2)			—			6,344,971
Foreign currencies at value***			—			295
Receivables:
Investment securities sold			530,323			—
Fund shares sold			779,901			3,396
Dividends			145,852			8,372
Foreign tax reclaims			58,318			30,239
Unrealized appreciation on forward foreign currency contracts			161			—
Prepaid expenses			45,947			12,747
Reimbursement due from manager			6,430			14,246
Other assets			694			1,361
Total assets			157,401,334			60,355,260
LIABILITIES:
Securities sold short^^			—			17,136,590
Payable for investment securities purchased			1,530,628			—
Payable for fund shares redeemed			27,551			4,322
Payable for dividends on securities sold short			—			68,271
Payable for investment management fees			123,577			49,964
Payable for distribution and shareholder service fees			1,000			316
Payable to trustees under the deferred compensation plan (Note 6)			694			1,361
Payable for trustee fees			537			236
Other accrued expenses and liabilities			77,247			260,823
Total liabilities			1,761,234			17,521,883
NET ASSETS		$	155,640,100		$	42,833,377
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	144,078,578		$	40,542,042
Total distributable earnings			11,561,522			2,291,335
NET ASSETS		$	155,640,100		$	42,833,377
* Cost of investments in securities		$	142,222,743		$	49,941,362
** Cost of short-term investments		$	3,130,376		$	—
*** Cost of foreign currencies		$	—		$	296
^^ Proceeds received from securities sold short		$	—		$	16,967,884

See Accompanying Notes to Financial Statements

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Statements of Assets and Liabilities as of April 30, 2019 (Unaudited) (continued)

	Voya CBRE Global Infrastructure Fund			Voya CBRE Long/Short Fund
Class A
Net assets		$	5,023,827		$	1,465,649
Shares authorized			unlimited			unlimited
Par value		$	—		$	—
Shares outstanding			446,199			139,696
Net asset value and redemption price per share†		$	11.26		$	10.49
Maximum offering price per share (5.75%)(1)		$	11.95		$	11.13
Class C
Net assets		$	48,472			n/a
Shares authorized			unlimited			n/a
Par value		$	—			n/a
Shares outstanding			4,308			n/a
Net asset value and redemption price per share		$	11.25			n/a
Class I
Net assets		$	150,179,607		$	41,367,728
Shares authorized			unlimited			unlimited
Par value		$	—		$	—
Shares outstanding			13,339,597			3,902,054
Net asset value and redemption price per share		$	11.26		$	10.60
Class W
Net assets		$	388,194			n/a
Shares authorized			unlimited			n/a
Par value		$	—			n/a
Shares outstanding			34,494			n/a
Net asset value and redemption price per share		$	11.25			n/a

(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

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Statements of Operations for the six months ended April 30, 2019 (Unaudited)

	Voya CBRE Global Infrastructure Fund			Voya CBRE Long/Short Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	1,705,247		$	775,369
Interest			—			200,323
Total investment income			1,705,247			975,692
EXPENSES:
Investment management fees			533,247			315,961
Distribution and shareholder service fees:
Class A			4,893			1,887
Class C			23			—
Transfer agent fees:
Class A			3,627			807
Class C			4			—
Class I			8,906			15,846
Class W			19			—
Dividends on securities sold short (Note 2)			—			602,427
Prime brokerage fees (Note 2)			—			187,222
Shareholder reporting expense			2,715			20,815
Registration fees			25,878			19,248
Professional fees			21,358			37,648
Custody and accounting expense			30,227			34,842
Trustee fees			2,152			944
Shareholder notification (Note 6)			—			7,325
Miscellaneous expense			2,602			24,455
Interest expense			—			25
Total expenses			635,651			1,269,452
Waived and reimbursed fees			(42,815)			(90,589)
Net expenses			592,836			1,178,863
Net investment income (loss)			1,112,411			(203,171)
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments			1,230,023			1,624,988
Forward foreign currency contracts			8,056			—
Foreign currency related transactions			(10,584)			940
Securities sold short			—			340,166
Net realized gain			1,227,495			1,966,094
Net change in unrealized appreciation (depreciation) on:
Investments			13,037,824			4,880,427
Forward foreign currency contracts			161			—
Foreign currency related transactions			(977)			567
Securities sold short			—			(617,325)
Net change in unrealized appreciation (depreciation)			13,037,008			4,263,669
Net realized and unrealized gain			14,264,503			6,229,763
Increase in net assets resulting from operations		$	15,376,914		$	6,026,592
* Foreign taxes withheld		$	105,360		$	1,230

See Accompanying Notes to Financial Statements

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Statements of Changes in Net Assets

	Voya CBRE Global Infrastructure Fund						Voya CBRE Long/Short Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
FROM OPERATIONS:
Net investment income (loss)		$	1,112,411		$	1,377,008		$	(203,171)		$	(1,492,950)
Net realized gain			1,227,495			1,221,896			1,966,094			8,446,027
Net change in unrealized appreciation (depreciation)			13,037,008			(5,637,401)			4,263,669			(5,208,292)
Increase (decrease) in net assets resulting from operations			15,376,914			(3,038,497)			6,026,592			1,744,785
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):
Class A			(87,383)			(110,149)			(32,929)			—
Class C			(13)			—			—			—
Class I			(2,175,039)			(4,118,454)			(1,056,388)			(126,723)
Class W			(15)			—			—			—
Return of capital:
Class A			—			—			(928)			—
Class I			—			—			(27,607)			—
Total distributions			(2,262,450)			(4,228,603)			(1,117,852)			(126,723)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			74,551,908			41,146,323			1,331,010			9,063,403
Reinvestment of distributions			2,262,414			4,227,734			1,078,072			119,078
			76,814,322			45,374,057			2,409,082			9,182,481
Cost of shares redeemed			(7,994,781)			(2,302,303)			(17,394,047)			(202,872,998)
Net increase (decrease) in net assets resulting from capital share transactions			68,819,541			43,071,754			(14,984,965)			(193,690,517)
Net increase (decrease) in net assets			81,934,005			35,804,654			(10,076,225)			(192,072,455)
NET ASSETS:
Beginning of year or period			73,706,095			37,901,441			52,909,602			244,982,057
End of year or period		$	155,640,100		$	73,706,095		$	42,833,377		$	52,909,602

See Accompanying Notes to Financial Statements

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STATEMENT OF CASH FLOWS for the period ended April 30, 2019

	Voya CBRE Long/Short Fund
	Period Ended April 30, 2019
INCREASE (DECREASE) IN CASH
Cash Flows From Operating Activities:
Net increase in net assets from operations		$	6,026,592
Adjustment to reconcile net decrease in net assets from operations to net cash used in operating activities:
Purchase of investment securities			(64,218,211)
Proceeds from disposition of investment securities			80,431,519
Proceeds from return of capital distributions from investments			281,158
Decrease in investment securities sold receivable			814,860
Decrease in cash pledged as collateral at prime broker for securities sold short			6,052,149
Decrease in receivable for fund shares sold			14,757
Decrease in dividends and interest receivable			5,861
Increase in tax reclaim receivable			(296)
Decrease in prepaid expenses			5,624
Increase in reimbursement due from manager			(1,685)
Proceeds from securities sold short			(48,011,139)
Purchases to cover			43,663,972
Decrease in payable for investment securities purchased			(2,654,069)
Decrease in payable for fund shares redeemed			(155,613)
Decrease in payable to adviser			(13,142)
Decrease in accrued trustee fees			(438)
Increase in other accrued expenses			72,954
Increase in dividends payable on securities sold short			16,515
Change in unrealized (appreciation) appreciation on investments			(4,880,427)
Change in unrealized (appreciation) depreciation on short positions			617,325
Realized (gain) loss on investments			(1,624,988)
Realized (gain) loss on short positions			(340,166)
Net cash provided for operating activities			16,103,112
Cash Flows From Financing Activities:
Distributions to shareholders (net of reinvestment of distributions)			(39,780)
Proceeds from capital shares sold			1,331,010
Payments on capital shares redeemed			(17,394,047)
Net cash flows provided by financing activities			(16,102,817)
Net change in cash			295
Cash and foreign currency at beginning of year or period			—
Cash and foreign currency at end of year or period		$	295
Non Cash Financing Activities:
Reinvestment of distributions		$	1,078,072

See Accompanying Notes to Financial Statements

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Financial Highlights

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


			Income (loss) from investment operations						Less Distributions																Ratios to average net assets								Supplemental Data
	Net asset value, beginning of year or period		Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains		From return of capital		Total distributions		Redemption fees		Payment by affiliate		Net asset value, end of year or period		Total Return(1)		Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)		Expenses net of all reductions/additions(2)(3)(4)		Net investment income (loss)(2)(4)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		($)		(%)		(%)		(%)		(%)		(%)		($000’s)		(%)
Voya CBRE Global Infrastructure Fund(5)
Class A
04-30-19+		10.04		0.09•		1.37		1.46		0.08		0.16		—		0.24		—		—		11.26		14.77		1.60		1.35		1.35		1.77		5,024		30
10-31-18		11.40		0.19		(0.51)		(0.32)		0.25		0.79		—		1.04		—		—		10.04		(3.16)		1.83		1.35		1.35		1.89		1,787		61
10-31-17		10.78		0.17•		1.30		1.47		0.12		0.73		—		0.85		—		—		11.40		14.96		2.36		1.53		1.53		1.59		1,146		85
10-31-16(6)		10.68		0.15•		0.66		0.81		0.20		0.51		—		0.71		—		—		10.78		8.21		2.15		1.60		1.60		1.44		526		88
10-31-15(6)		12.72		0.16•		(0.59)		(0.43)		0.13		1.49		—		1.62		0.01		—		10.68		(3.45)		1.76		1.60		1.60		1.37		178		97
10-31-14(6)		11.01		0.13•		1.83		1.96		0.18		0.09		—		0.27		0.02		—		12.72		18.26		1.84		1.60		1.60		1.02		458		93
Class C
02-28-19(7) - 04-30-19+		10.82		0.03•		0.45		0.48		0.05		—		—		0.05		—		—		11.25		4.40		2.35		2.10		2.10		1.92		48		30
Class I
04-30-19+		10.04		0.11•		1.36		1.47		0.09		0.16		—		0.25		—		—		11.26		14.91		1.18		1.10		1.10		2.10		150,180		30
10-31-18		11.40		0.23		(0.52)		(0.29)		0.28		0.79		—		1.07		—		—		10.04		(2.88)		1.41		1.10		1.10		2.14		71,919		61
10-31-17		10.78		0.20		1.30		1.50		0.15		0.73		—		0.88		—		—		11.40		15.25		1.61		1.21		1.21		1.83		36,755		85
10-31-16(6)		10.67		0.21•		0.64		0.85		0.23		0.51		—		0.74		—		—		10.78		8.66		1.60		1.25		1.25		2.05		22,569		88
10-31-15(6)		12.72		0.19•		(0.57)		(0.38)		0.18		1.49		—		1.67		—		—		10.67		(3.10)		1.43		1.25		1.25		1.66		40,069		97
10-31-14(6)		11.01		0.20•		1.81		2.01		0.21		0.09		—		0.30		—		—		12.72		18.46		1.54		1.25		1.25		1.67		40,050		93
Class W
02-28-19(7) - 04-30-19+		10.82		0.06		0.42		0.48		0.05		—		—		0.05		—		—		11.25		4.48		1.35		1.10		1.10		3.04		388		30
Voya CBRE Long/Short Fund(5)
Class A
04-30-19+		9.45		(0.06)*		1.32		1.26		0.21		—		0.01		0.22		—		—		10.49		13.46		5.70		5.28		5.28		(1.15)		1,466		134
10-31-18		9.64		(0.13)•		(0.06)		(0.19)		—		—		—		—		—		—		9.45		(1.97)		5.12		4.97		4.97		(1.32)		1,607		374
10-31-17		9.93		(0.18)•		0.22		0.04		—		0.33		—		0.33		—		—		9.64		0.38		2.73		2.73		2.73		(1.81)		2,899		271
10-31-16(6)		10.98		(0.13)•		(0.09)		(0.22)		—		0.83		—		0.83		—		—		9.93		(2.04)		4.36		4.36		4.36		(1.31)		6,151		196
10-31-15(6)		10.86		(0.20)•		0.32		0.12		—		—		—		—		—		—		10.98		1.10		4.23		4.23		4.23		(1.80)		14,265		193
10-31-14(6)		10.27		(0.07)•		0.80		0.73		0.02		0.08		0.04		0.14		—		—		10.86		7.32		3.89		3.89		3.89		(0.65)		16,650		131
Class I
04-30-19+		9.55		(0.04)•		1.32		1.28		0.22		—		0.01		0.23		—		—		10.60		13.61		5.41		5.03		5.03		(0.86)		41,368		134
10-31-18		9.73		(0.11)•		(0.06)		(0.17)		0.01		—		—		0.01		—		—		9.55		(1.79)		4.83		4.72		4.72		(1.10)		51,302		374
10-31-17		9.99		(0.14)•		0.21		0.07		—		0.33		—		0.33		—		—		9.73		0.69		2.42		2.42		2.42		(1.47)		242,083		271
10-31-16(6)		11.01		(0.15)•		(0.04)		(0.19)		—		0.83		—		0.83		—		—		9.99		(1.73)		4.07		4.07		4.07		(1.47)		511,454		196
10-31-15(6)		10.88		(0.18)•		0.32		0.14		—		0.01		—		0.01		—		—		11.01		1.31		4.03		4.03		4.03		(1.64)		746,319		193
10-31-14(6)		10.31		(0.03)•		0.78		0.75		0.06		0.08		0.04		0.18		—		—		10.88		7.57		3.70		3.70		3.70		(0.34)		722,918		131

(1)

(2)

Annualized for periods less than one year.

(3)

For Voya CBRE Long/Short Fund, excluding dividend expenses and prime brokerage fees on short sales, the net ratio of expenses to average net assets for the period or years ended April 30, 2019, October 31, 2018, 2017, 2016, 2015 and 2014 would have been 1.90%, 1.90%, 1.84%, 1.78%, 1.70% and 1.71%, respectively, for Class A and 1.65%, 1.65%, 1.53%, 1.49%, 1.49% and 1.51%, respectively, for Class I.

See Accompanying Notes to Financial Statements

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Financial Highlights (continued)

(4)

(5)

Prior to the close of business July 14, 2017, the Fund operated under a different name and investment adviser. Effective close of business July 14, 2017, the Investor and Institutional share classes of the predecessor funds were redesignated as Class A and Class I shares of the Fund, respectively.

(6)

For the years ended October 31, 2014, 2015 and 2016, the information presented has been audited by a different independent registered public accounting firm.

(7)

Commencement of operations.

Unaudited.

•

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (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 sixteen separate active investment series, two of which are included in this report (each, a “Fund” and collectively, the “Funds”): Voya CBRE Global Infrastructure Fund (“CBRE Global Infrastructure”) and Voya CBRE Long/Short Fund (“CBRE Long/Short”). CBRE Global Infrastructure is a diversified series of the Trust and CBRE Long/Short is a non-diversified series of the Trust. On June 7, 2019, CBRE Long/Short liquidated.

Each Fund offers at least one of the following classes of shares: Class A, Class C, Class I and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. 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.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

A. Security Valuation. Each Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The

net asset value (“NAV”) per share for each class of each Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of each Fund is calculated by taking the value of the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent a Fund’s assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund’s assets will likely change and you will not be able to purchase or redeem shares of a Fund.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Fund’s assets and liabilities. 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. Security 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.

amounts of dividends, interest, and foreign withholding taxes recorded on a 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.

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

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

At April 30, 2019, the Funds had not entered into any Master Agreements.

E. Forward Foreign Currency Transactions. 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.

During the period ended April 30, 2019, CBRE Global Infrastructure had average contract amounts on forward foreign currency contracts of $356,775 and $126,061 to buy and sell, respectively. The Fund used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. Please refer to the tables within the portfolio of Investments for CBRE Global Infrastructure for open forward foreign currency contracts at April 30, 2019.

F. Securities Sold Short. CBRE Long/Short engages in short selling. To complete a short sale transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at

the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay to the lender amounts equal to any dividends or interest, which accrue during the period of the loan. Such amounts are recorded on the ex-dividend date as dividend expense on securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would decrease the proceeds of the security sold. Upon entering into a short position, the Fund records the proceeds as a deposit with the prime broker in its Statements of Assets and Liabilities and establishes an offsetting liability for the securities sold under the short sale agreement. The liability is subsequently marked to market to reflect changes in the value of securities sold short. The Fund is subject to risk of loss if the broker were to fail to perform its obligation under contractual terms. Short sales transactions result in off-balance sheet risk because the ultimate obligation may exceed the amount shown in the Statements of Assets and Liabilities. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain if the price of the security declines between those dates. Short selling involves the risk of a potentially unlimited increase in the market value of the security sold short, which could result in a potentially unlimited loss for the Fund.

In accordance with the terms of its prime brokerage agreement, the Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Fund records these prime broker charges on a net basis as interest income or interest expense on securities sold short.

Short sales are collateralized by cash deposits with the prime broker, Pershing LLC, and pledged securities held at the custodian, The Bank of New York Mellon (“BNY”). The collateral required is determined daily by reference to the market value of the securities sold short. The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis. The Fund is charged interest expense on the amount of any shortfall in the required cash margin that is financed by the prime broker. At April 30, 2019, CBRE Long/Short had pledged $6,344,971 in cash collateral with the prime broker for securities sold short. In addition, at April 30, 2019, CBRE Long/Short had segregated securities at the custodian with a fair value of $49,143,947 as footnoted in the Portfolio of Investments.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

CBRE Long/Short had prime brokerage borrowing throughout the period ended April 30, 2019 as follows:

	Maximum Amount Borrowed			Average Outstanding Balance						Effective Interest Paid						Interest Paid
	$17,633,851				$	8,522,222						2.81%					$	187,222

The interest paid is included in Prime Brokerage Fees on the Statement of Operations.

G. Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. CBRE Global Infrastructure declares and pays dividends consisting of ordinary income, if any, quarterly. CBRE Long/Short declares and pays dividends, if any, annually. Each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

H. 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 or expire.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

I. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

J. 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.

K. 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.

L. 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.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended April 30, 2019, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, the cost of purchases to cover securities sold short and the proceeds from securities sold short, were as follows:

	Purchases			Sales
CBRE Global Infrastructure		$	97,545,605		$	31,669,173
CBRE Long/Short			51,520,650			67,733,858

For the period ended April 30, 2019 the cost of purchases to cover securities sold short and the proceeds from securities sold short, were as follows:

			Purchases						Sales
CBRE Long/Short				$	43,663,972					$	48,011,139

NOTE 4 — INVESTMENT MANAGEMENT FEES

Fund	As a Percentage of Average Daily Net Assets
CBRE Global Infrastructure		1.00%
CBRE Long/Short		1.35%

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I and Class W, 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:

Fund

Class A

Class C

CBRE Global Infrastructure

0.25%

1.00%

CBRE Long/Short

0.25%

N/A

	Class A
Initial Sales Charges:
CBRE Global Infrastructure		$	3,948

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

For the period ended April 30, 2019, CBRE Long/Short incurred $7,325 of shareholder notification costs associated with the Fund’s liquidation. The Investment Adviser reimbursed the Fund for these costs.

At April 30, 2019, CBRE Global Investors Inc., an affiliate of CBRE Clarion Securities LLC, owned 41.28% of CBRE Global Infrastructure.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

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

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses (for CBRE Long/Short, the additional exclusion of dividend, interest and stock loan expense on securities sold short also applies) to the levels listed below:

Fund	Class A		Class C		Class I		Class W
CBRE Global Infrastructure		1.35%		2.10%		1.10%		1.10%
CBRE Long/Short		1.89%		N/A		1.64%		N/A

As of April 30, 2019, 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,
	2020			2021			2022			Total
CBRE Global Infrastructure		$	—		$	163,766		$	125,593		$	289,359
CBRE Long/Short			—			336			233,477			233,813

In addition to the above waived an/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, 2019, are as follows:

	April 30,
	2020			2021			2022			Total
CBRE Global Infrastructure
Class A		$	—		$	5,528		$	4,615		$	10,143
Class C			—			—			1			1
Class W			—			—			1			1
CBRE Long/Short
Class A			—			1,336			1,214			2,550

NOTE 8 — LINE OF CREDIT

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.

During the period ended April 30, 2019, the Funds did not utilize the line of credit.

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NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed		Shares converted		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Redemption fee proceeds		Shares redeemed		Shares converted		Net increase (decrease)
Year or period ended	#		#		#		#		#		#		($)		($)		($)		($)		($)		($)		($)
CBRE Global Infrastructure
Class A
4/30/2019		292,460		—		8,503		(32,685)		—		268,278		3,054,785		—		87,347		—		(342,788)		—		2,799,344
10/31/2018		128,412		—		10,321		(61,376)		—		77,357		1,342,656		—		110,140		—		(645,777)		—		807,019
Class C
2/28/2019(1) - 4/30/2019		4,307		—		1		—		—		4,308		48,000		—		13		—		—		—		48,013
Class I
4/30/2019		6,665,680		—		210,157		(697,970)		—		6,177,867		71,065,806		—		2,175,039		—		(7,651,993)		—		65,588,852
10/31/2018		3,711,628		—		387,551		(160,448)		—		3,938,731		39,803,667		—		4,117,594		—		(1,656,526)		—		42,264,735
Class W
2/28/2019(1) - 4/30/2019		34,493		—		1		—		—		34,494		383,317		—		15		—		—		—		383,332
CBRE Long/Short
Class A
4/30/2019		832		—		3,013		(34,299)		—		(30,454)		7,660		—		28,774		—		(333,279)		—		(296,845)
10/31/2018		23,865		—		—		(154,388)		—		(130,523)		234,505		—		—		—		(1,509,095)		—		(1,274,590)
Class I
4/30/2019		138,133		—		108,848		(1,718,228)		—		(1,471,247)		1,323,350		—		1,049,298		—		(17,060,768)		—		(14,688,120)
10/31/2018		889,848		—		11,837		(20,416,269)		—		(19,514,584)		8,828,898		—		119,078		—		(201,363,903)		—		(192,415,927)

(1)

Commencement of operations

NOTE 10 — SECURITIES LENDING

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 Securities Lending Collateral.

At April 30, 2019, the Funds had no securities on loan.

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

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, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the 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.

CBRE Long/Short has a tax year-end of December 31. The amounts shown below are estimated as of April 30, 2019.

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

	Six Months Ended April 30, 2019									Year Ended October 31, 2018
	Ordinary Income			Long-term Capital Gain			Return of Capital			Ordinary Income			Long-term Capital Gain
CBRE Global Infrastructure		$	963,177		$	1,299,273		$	—		$	2,447,295		$	1,781,308
CBRE Long/Short			1,089,317			—			28,535			126,723			—

	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards
	Undistributed Ordinary Income			Undistributed Long-term Capital Gains			Unrealized Appreciation/ (Depreciation)			Amount			Character		Expiration
CBRE Global Infrastructure		$	275,661		$	1,268,697		$	10,022,605		$	—		—		—
CBRE Long/Short			(254,966)			—			2,760,844			(213,638)		Long-term		None

Of CBRE Long/Short’s ordinary distributions made during the tax year ended December 31, 2018, 10.00% qualifies for the dividends received deduction (DRD) available to corporate shareholders.

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

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019.

As of April 30, 2019, management of the Funds is currently assessing the potential impact to financial statement disclosure that may result from adopting these ASUs.

NOTE 13 — SUBSEQUENT EVENTS

Dividends: Subsequent to April 30, 2019, and in conjunction with its liquidation, CBRE Long/Short paid a final distribution of:

Type

Per Share
Amount

Payable
Date

Record
Date

CBRE Long/Short

All Classes

STCG

$0.9126

June 6, 2019

June 4, 2019

STCG – Short-term capital gain

TABLE OF CONTENTS

NOTES TO FINANCIAL STATEMENTS as of April 30, 2019 (Unaudited) (continued)

NOTE 13 — SUBSEQUENT EVENTS (continued)

Fund Liquidation: On March 14, 2019, the Board approved a proposal to liquidate CBRE Long/Short on June 7, 2019.

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya CBRE Global Infrastructure Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 98.1%
			Australia: 5.8%
	179,714		APA Group		$	1,219,930		0.8
	624,349		Atlas Arteria Ltd.			3,083,080		2.0
	871,625		Sydney Airport			4,685,116		3.0
						8,988,126		5.8
			Belgium: 0.5%
	11,544		Elia System Operator SA/NV			778,163		0.5
			Canada: 9.4%
	21,000		Canadian Pacific Railway Ltd.			4,705,210		3.0
	165,600		Enbridge, Inc.			6,117,447		3.9
	105,100		Fortis, Inc.			3,884,864		2.5
						14,707,521		9.4
			France: 5.5%
	6,850		Aeroports de Paris			1,395,437		0.9
	84,472		Eutelsat Communications			1,526,653		1.0
	56,122		Vinci SA			5,668,133		3.6
						8,590,223		5.5
			Germany: 2.5%
	46,013		Fraport AG Frankfurt Airport Services Worldwide			3,830,370		2.5
			Italy: 2.8%
	680,733		Enel S.p.A.			4,310,529		2.8
			Japan: 4.7%
	216,884		Chubu Electric Power Co., Inc.			3,153,827		2.0
	44,524		East Japan Railway Co.			4,196,026		2.7
						7,349,853		4.7
			Mexico: 2.3%
	427,000		Infraestructura Energetica Nova SAB de CV			1,866,094		1.2
	171,700		Promotora y Operadora de Infraestructura SAB de CV			1,742,654		1.1
						3,608,748		2.3
			Spain: 8.1%
	16,466	(1)	Aena SME SA			3,057,216		2.0
	93,720	(1)	Cellnex Telecom SA			2,886,968		1.8
	219,537		Ferrovial SA			5,413,722		3.5
	130,348		Iberdrola S.A.			1,184,528		0.8
						12,542,434		8.1
			United Kingdom: 3.4%
	252,623		National Grid PLC			2,767,726		1.8
	258,096		Pennon Group PLC			2,519,471		1.6
						5,287,197		3.4
			United States: 53.1%
	77,100		American Electric Power Co., Inc.			6,595,905		4.2
	11,200		American Tower Corp.			2,187,360		1.4

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			United States (continued)
	160,200		Antero Midstream Corp.		$	1,956,042		1.3
	78,450		Aqua America, Inc.			3,064,257		2.0
	51,600		Atmos Energy Corp.			5,280,744		3.4
	87,537	(2)	Cheniere Energy, Inc.			5,633,006		3.6
	70,584		CMS Energy Corp.			3,920,941		2.5
	45,801		Crown Castle International Corp.			5,760,850		3.7
	59,600		Dominion Energy, Inc.			4,641,052		3.0
	5,611		Equinix, Inc.			2,551,321		1.6
	65,833		Evergy, Inc.			3,806,464		2.4
	78,000		Exelon Corp.			3,974,100		2.6
	114,400		FirstEnergy Corp.			4,808,232		3.1
	19,770		NextEra Energy, Inc.			3,844,079		2.5
	33,300		NiSource, Inc.			925,074		0.6
	52,900		Public Service Enterprise Group, Inc.			3,155,485		2.0
	39,300		Sempra Energy			5,028,435		3.2
	15,600		Southwest Gas Holdings, Inc.			1,297,764		0.8
	33,900		Union Pacific Corp.			6,001,656		3.9
	223,700		Williams Cos., Inc.			6,337,421		4.1
	62,000	(2)	Zayo Group Holdings, Inc.			1,939,980		1.2
						82,710,168		53.1
			Total Common Stock (Cost $142,222,743)			152,703,332		98.1
SHORT-TERM INVESTMENTS: 2.0%
			Mutual Funds: 2.0%
	3,130,376	(3)	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330% (Cost $3,130,376)			3,130,376		2.0
			Total Short-Term Investments (Cost $3,130,376)			3,130,376		2.0
			Total Investments in Securities (Cost $145,353,119)		$	155,833,708		100.1
			Liabilities in Excess of Other Assets			(193,608)		(0.1)
			Net Assets		$	155,640,100		100.0

(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)

Non-income producing security.

(3)

Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya CBRE Global Infrastructure Fund

as of April 30, 2019 (Unaudited) (continued)

Industry Diversification	Percentage of Net Assets
Electric Utilities		23.4%
Multi-Utilities		13.1
Oil & Gas Storage & Transportation		12.9
Railroads		9.6
Airport Services		8.4
Construction & Engineering		7.1
Specialized REITs		6.7
Gas Utilities		6.2

Industry Diversification	Percentage of Net Assets
Water Utilities		3.6
Highways & Railtracks		3.1
Integrated Telecommunication Services		1.8
Alternative Carriers		1.2
Cable & Satellite		1.0
Assets in Excess of Other Liabilities*		1.9
Net Assets		100.0%

Includes short-term investments.

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 in valuing the assets and liabilities:(1)

	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, 2019
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	8,988,126		$	—		$	8,988,126
Belgium			778,163			—			—			778,163
Canada			14,707,521			—			—			14,707,521
France			—			8,590,223			—			8,590,223
Germany			—			3,830,370			—			3,830,370
Italy			—			4,310,529			—			4,310,529
Japan			—			7,349,853			—			7,349,853
Mexico			3,608,748			—			—			3,608,748
Spain			—			12,542,434			—			12,542,434
United Kingdom			2,519,471			2,767,726			—			5,287,197
United States			82,710,168			—			—			82,710,168
Total Common Stock			104,324,071			48,379,261			—			152,703,332
Short-Term Investments			3,130,376			—			—			3,130,376
Total Investments, at fair value		$	107,454,447		$	48,379,261		$	—		$	155,833,708
Other Financial Instruments+
Forward Foreign Currency Contracts			—			161			—			161
Total Assets		$	107,454,447		$	48,379,422		$	—		$	155,833,869

(1)

For the period ended April 30, 2019, as a result of the fair value pricing procedures for international equities utilized by the Fund (Note 2) certain securities have transferred in and out of Level 1 and Level 2 measurements during the year. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period. At April 30, 2019, securities valued at $2,089,329 were transferred from Level 2 to Level 1 within the fair value hierarchy.

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

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya CBRE Global Infrastructure Fund

as of April 30, 2019 (Unaudited) (continued)

At April 30, 2019, the following forward foreign currency contracts were outstanding for Voya CBRE Global Infrastructure Fund:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD 126,061

EUR 112,446

Brown Brothers Harriman & Co.

05/03/19

161

Currency Abbreviations

EUR – EU Euro

USD – United States Dollar

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

The fair value of derivative instruments as of April 30, 2019 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		$	161
Total Asset Derivatives			$	161

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended April 30, 2019 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	8,056
Total		$	8,056

	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Forward foreign currency contracts
Foreign exchange contracts		$	161
Total		$	161

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $145,813,062.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	11,079,006
Gross Unrealized Depreciation		(1,056,401)
Net Unrealized Appreciation	$	10,022,605

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya CBRE Long/Short Fund

as of April 30, 2019 (Unaudited)

Shares				Value			Percentage of Net Assets
COMMON STOCK: 125.9%
			Casinos & Gaming: 1.2%
	55,343	(1)(2)	Caesars Entertainment Corp.		$	518,010		1.2
			Diversified Real Estate Activities: 3.7%
	67,400		Mitsubishi Estate Co., Ltd.			1,139,731		2.7
	55,500		Tricon Capital Group, Inc.			441,199		1.0
						1,580,930		3.7
			Diversified REITs: 9.6%
	26,600	(1)	Liberty Property Trust			1,320,424		3.1
	43,400	(1)	Store Capital Corp.			1,446,088		3.4
	161,100	(1)	Vereit, Inc.			1,330,686		3.1
						4,097,198		9.6
			Health Care REITs: 8.4%
	65,300	(1)	Healthcare Trust of America, Inc.			1,800,974		4.2
	24,328	(1)	Welltower, Inc.			1,813,166		4.2
						3,614,140		8.4
			Hotel & Resort REITs: 6.0%
	45,270	(1)	MGM Growth Properties LLC			1,460,410		3.4
	34,200	(1)	Park Hotels & Resorts, Inc.			1,097,136		2.6
						2,557,546		6.0
			Hotels, Resorts & Cruise Lines: 4.3%
	44,700	(1)	Extended Stay America, Inc.			800,577		1.9
	11,771	(1)	Hilton Worldwide Holdings, Inc.			1,023,959		2.4
						1,824,536		4.3
			Industrial REITs: 2.2%
	30,067	(1)	Americold Realty Trust			962,445		2.2
			Office REITs: 26.9%
	15,824	(1)	Alexandria Real Estate Equities, Inc.			2,253,180		5.3
	64,900	(1)	Columbia Property Trust, Inc.			1,473,879		3.4
	120,500	(1)	Cousins Properties, Inc.			1,153,185		2.7
	55,400	(1)	Hudson Pacific Properties, Inc.			1,931,244		4.5
	44,700	(1)	Mack-Cali Realty Corp.			1,040,616		2.4
	68,300	(1)	Piedmont Office Realty Trust, Inc.			1,422,006		3.3
	40,036	(1)	Tier REIT, Inc.			1,134,620		2.7
	16,100	(1)	Vornado Realty Trust			1,113,154		2.6
						11,521,884		26.9
			Real Estate Development: 2.9%
	162,000		China Overseas Land & Investment Ltd.			606,958		1.4
	150,000		China Resources Land Ltd.			653,274		1.5
						1,260,232		2.9
			Residential REITs: 20.3%
	23,615	(1)	American Campus Communities, Inc.			1,114,628		2.6

Shares				Value			Percentage of Net Assets
COMMON STOCK: (continued)
			Residential REITs (continued)
	7,886	(1)	AvalonBay Communities, Inc.		$	1,584,534		3.7
	14,200	(1)	Camden Property Trust			1,429,230		3.3
	17,639	(1)	Equity Residential			1,347,972		3.1
	72,000	(1)	Front Yard Residential Corp.			713,520		1.7
	40,600	(1)	Invitation Homes, Inc.			1,009,316		2.4
	40,000	(1)	NexPoint Residential Trust, Inc.			1,499,600		3.5
						8,698,800		20.3
			Retail REITs: 15.7%
	82,400	(1)	Brixmor Property Group, Inc.			1,473,312		3.4
	83,500		Link REIT			975,611		2.3
	21,800	(1)	Regency Centers Corp.			1,464,306		3.4
	54,400	(1)	Retail Properties of America, Inc.			668,576		1.6
	24,200		Spirit Realty Capital, Inc.			979,132		2.3
	23,674	(1)	Taubman Centers, Inc.			1,167,128		2.7
						6,728,065		15.7
			Specialized REITs: 24.7%
	42,700	(1)	CubeSmart			1,362,557		3.2
	7,440	(1)	Equinix, Inc.			3,382,968		7.9
	17,901	(1)	Extra Space Storage, Inc.			1,856,155		4.3
	32,800	(1)	QTS Realty Trust, Inc.			1,487,480		3.5
	65,574	(1)	VICI Properties, Inc.			1,495,087		3.5
	37,000	(1)	Weyerhaeuser Co.			991,600		2.3
						10,575,847		24.7
			Total Common Stock (Cost $49,941,362)			53,939,633		125.9
SECURITIES SOLD SHORT: -40.0%
			Diversified Real Estate Activities: -0.9%
	(6,900	)	RMR Group, Inc.			(399,096)		(0.9)
			Diversified REITs: -5.7%
	(48,868	)	Essential Properties Realty Trust, Inc.			(1,010,590)		(2.4)
	(49,900	)	Washington Real Estate Investment Trust			(1,409,176)		(3.3)
						(2,419,766)		(5.7)
			Health Care REITs: -4.0%
	(27,300	)	LTC Properties, Inc.			(1,230,138)		(2.9)
	(24,600	)	Sabra Healthcare REIT, Inc.			(481,176)		(1.1)
						(1,711,314)		(4.0)
			Hotel & Resort REITs: -1.7%
	(27,300	)	Hospitality Properties Trust			(709,800)		(1.7)
			Office REITs: -6.8%
	(97,600	)	Franklin Street Properties Corp.			(767,136)		(1.8)

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

PORTFOLIO OF INVESTMENTS

Voya CBRE Long/Short Fund

as of April 30, 2019 (Unaudited) (continued)

Shares				Value			Percentage of Net Assets
SECURITIES SOLD SHORT: (continued)
			Office REITs (continued)
	(30,100	)	Office Properties Income Trust		$	(816,914)		(1.9)
	(15,196	)	SL Green Realty Corp.			(1,342,415)		(3.1)
						(2,926,465)		(6.8)
			Residential REITs: -4.4%
	(38,600	)	American Homes 4 Rent			(925,628)		(2.2)
	(19,459	)	Apartment Investment & Management Co.			(960,496)		(2.2)
						(1,886,124)		(4.4)
			Retail REITs: -9.1%
	(52,900	)	Retail Opportunity Investments Corp.			(928,395)		(2.2)
	(59,400	)	Tanger Factory Outlet Centers, Inc.			(1,072,764)		(2.5)
	(23,800	)	Urban Edge Properties			(441,966)		(1.0)
	(167,747	)	Washington Prime Group, Inc.			(746,474)		(1.7)
	(24,400	)	Weingarten Realty Investors			(706,136)		(1.7)
						(3,895,735)		(9.1)
			Specialized REITs: -7.4%
	(13,800	)	Coresite Realty Corp.			(1,509,858)		(3.5)
	(12,500	)	EPR Properties			(985,750)		(2.3)
	(3,400	) (1)	SBA Communications Corp.			(692,682)		(1.6)
						(3,188,290)		(7.4)
			Total Securities Sold Short (Proceeds $(16,967,884))			(17,136,590)		(40.0)
			Total Investments in Securities (Cost $32,973,478)		$	36,803,043		85.9
			Assets in Excess of Other Liabilities			6,030,334		14.1
			Net Assets		$	42,833,377		100.0

(1)

All or a portion of this security is pledged to cover open securities sold short at April 30, 2019.

(2)

Non-income producing security.

Industry Weightings
as of April 30, 2019
(as a percentage of net assets)

	Long		Short		Net
Office REITs		26.9%		(6.8)%		20.1%
Specialized REITs		24.7		(7.4)		17.3
Residential REITs		20.3		(4.4)		15.9
Retail REITs		15.7		(9.1)		6.6
Health Care REITs		8.4		(4.0)		4.4
Hotel & Resort REITs		6.0		(1.7)		4.3
Hotels, Resorts & Cruise Lines		4.3		0.0		4.3
Diversified REITs		9.6		(5.7)		3.9
Real Estate Development		2.9		0.0		2.9
Diversified Real Estate Activities		3.7		(0.9)		2.8
Industrial REITs		2.2		0.0		2.2
Casinos & Gaming		1.2		0.0		1.2
Total						85.9
Assets in Excess of Other Liabilities*						14.1
Net Assets						100.0%

Includes short-term investments and purchased options.

Geographic Diversification
as of April 30, 2019
(as a percentage of net assets)

	United States					75.3%
	China					2.9
	Japan					2.7
	Hong Kong					2.3
	United States Virgin Islands					1.7
	Canada					1.0
	Assets in Excess of Other Liabilities*					14.1
	Net Assets					100.0%

Includes short-term investments and purchased options.

See Accompanying Notes to Financial Statements

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PORTFOLIO OF INVESTMENTS

Voya CBRE Long/Short Fund

as of April 30, 2019 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of April 30, 2019 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, 2019
Asset Table
Investments, at fair value
Common Stock
Casinos & Gaming		$	518,010		$	—		$	—		$	518,010
Diversified Real Estate Activities			441,199			1,139,731			—			1,580,930
Diversified REITs			4,097,198			—			—			4,097,198
Health Care REITs			3,614,140			—			—			3,614,140
Hotel & Resort REITs			2,557,546			—			—			2,557,546
Hotels, Resorts & Cruise Lines			1,824,536			—			—			1,824,536
Industrial REITs			962,445			—			—			962,445
Office REITs			11,521,884			—			—			11,521,884
Real Estate Development			—			1,260,232			—			1,260,232
Residential REITs			8,698,800			—			—			8,698,800
Retail REITs			5,752,454			975,611			—			6,728,065
Specialized REITs			10,575,847			—			—			10,575,847
Total Common Stock			50,564,059			3,375,574			—			53,939,633
Securities Sold Short			(17,136,590)			—			—			(17,136,590)
Total Investments, at fair value		$	33,427,469		$	3,375,574		$	—		$	36,803,043

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

At April 30, 2019, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $34,048,790.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	4,925,076
Gross Unrealized Depreciation		(2,164,232)
Net Unrealized Appreciation	$	2,760,844

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

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, 2018, the Board of Trustees (“Board”) of Voya Mutual Funds (the “Trust”), including a majority of 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 Voya CBRE Global Infrastructure Fund and Voya CBRE Long/Short Fund, each a series of the Trust (the “Funds”), and the sub-advisory contracts (the “Sub-Advisory Contracts”) with CBRE Clarion Securities LLC, the sub-adviser to each Fund (the “Sub-Adviser”) for an additional one year period ending November 30, 2019. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.

provides oversight throughout the year regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”). The Methodology Guide 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. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund (“Selected Peer Group”) based on that Fund’s particular attributes, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process.

Nature, Extent and Quality of Services

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Advisory and Sub-Advisory Contract Approval Discussion (Unaudited) (continued)

management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the investment program, performance, developments, ongoing operations, and regulatory compliance of the Sub-Adviser 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 oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which 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 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 whether the regulatory compliance systems and procedures of the Manager and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are consistently complied with, and other periodic reports covering related matters.

Fund Performance

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

Information Regarding Services to Other Clients

Fee Schedules, Profitability, and Fall-out Benefits

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Advisory and Sub-Advisory Contract Approval Discussion (Unaudited) (continued)

Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager. In analyzing the profitability of the Manager and its affiliated service providers in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by the Manager. The Board did not request profitability data from the Sub-Adviser, which is not affiliated with the Manager, because the Board did not view this data as being a key factor to its deliberations given the arm’s-length nature of the relationship between the Manager and the non-Voya-affiliated Sub-Adviser with respect to the negotiation of sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers may not account for their profits on an account-by-account basis and those that do typically employ different methodologies in connection with these calculations.

from their association with the Funds, including their ability to engage in soft-dollar transactions on behalf of the Funds. Following its reviews, the Board determined that the Manager’s profitability with respect to its services to the Funds and the Manager and Sub-Adviser’s potential fall-out benefits were not unreasonable.

Fund-by-Fund Analysis

Set forth below are certain of the specific factors that the Board considered, and the conclusions reached, at its October 11, 2018, November 14, 2018, and/or November 16, 2018 meetings in relation to approving each Fund’s Management Contracts and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest (worst) performance. The performance data provided to the Board primarily was for various periods ended March 31, 2018. In addition, the Board also considered at its October 11, 2018, November 14, 2018, and November 16, 2018 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.

Voya CBRE Global Infrastructure Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya CBRE Global Infrastructure Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the one-year period, and the fourth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the one-year and three-year periods and underperformed for the year-to-date period.

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Advisory and Sub-Advisory Contract Approval Discussion (Unaudited) (continued)

rate for the Fund is equal to the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is equal to the median net expense ratio of the funds in its Selected Peer Group.

Voya CBRE Long/Short Fund

In considering whether to approve the renewal of the Management and Sub-Advisory Contracts for Voya CBRE Long/Short Fund, the Board considered that, based on performance data for the periods ended March 31, 2018: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the one-year period, and the fifth (lowest) quintile for the year-to-date, three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented. In analyzing this performance data, the Board took into account: (1) management’s representations regarding the impact of security selection and sector allocation on the Fund’s performance; (2) management’s discussion regarding the effect that the composition of the Fund’s Morningstar category had on its performance relative to its Morningstar peer group due to, among other matters, the differences between the investment strategy of the Fund and the majority of the other funds in the category; and (3) management’s discussion of investment process changes recently implemented by the Sub-Adviser.

In considering the fees payable under the Management and Sub-Advisory 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 below the median net management fee rate of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is below the median contractual management fee rate of the funds in its Selected Peer Group; and (c) the total net expense ratio for the Fund, inclusive of the Investment Related Expenses (“IRE”), which includes the additional fees related to the Fund’s short-selling transactions, such as prime brokerage fees, is equal to the median total net expense ratio of the funds in its Selected Peer Group, and the net expense ratio for the Fund, not inclusive of IRE, is below the median net expense ratio of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account that the Fund’s IRE.

TABLE OF CONTENTS

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

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

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

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

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

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

179174 (0419-062419)

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.

Complete schedule of investments, as applicable, is included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.5%
			Argentina: 0.3%
	1,000,000	^(1),(2)	YPF SA, 8.500%, 03/23/2021		980,450		0.3

			Brazil: 0.5%
	250,000	⁽²⁾	Banco do Brasil SA/Cayman, 4.875%, 04/19/2023		257,250		0.1
	1,100,000		Petrobras Global Finance BV, 8.750%, 05/23/2026		1,320,649		0.4
					1,577,899		0.5

			Canada: 0.7%
	510,000	⁽²⁾	1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025		506,812		0.2
	175,000	⁽²⁾	Bausch Health Cos, Inc., 6.125%, 04/15/2025		177,625		0.1
	324,000		Canadian Imperial Bank of Commerce, 3.100%, 04/02/2024		324,313		0.1
	205,000		Cenovus Energy, Inc., 4.250%, 04/15/2027		206,478		0.1
	408,000		Fairfax Financial Holdings Ltd., 4.850%, 04/17/2028		408,169		0.1
	239,000		Fortis, Inc./Canada, 3.055%, 10/04/2026		229,667		0.1
	135,000		Teck Resources Ltd., 6.000%, 08/15/2040		143,361		0.0
					1,996,425		0.7

			Cayman Islands: 0.1%
	189,000		XLIT Ltd., 5.500%, 03/31/2045		209,517		0.1

			Chile: 0.1%
	300,000	⁽²⁾	Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029		300,012		0.1

			China: 0.2%
	720,000		Alibaba Group Holding Ltd., 3.600%, 11/28/2024		736,307		0.2

			Denmark: 0.1%
	336,000	⁽²⁾	Danske Bank A/S, 5.375%, 01/12/2024		352,575		0.1

			France: 0.6%
	706,000	⁽²⁾	BNP Paribas SA, 3.500%, 03/01/2023		713,321		0.2
	728,000	⁽²⁾	BPCE SA, 5.150%, 07/21/2024		766,850		0.3
	256,000	⁽²⁾	Electricite de France SA, 2.350%, 10/13/2020		254,561		0.1
					1,734,732		0.6

			Guernsey: 0.2%
	662,000		Credit Suisse Group Funding Guernsey Ltd., 2.750%, 03/26/2020		661,128		0.2

			India: 0.2%
	500,000	⁽²⁾	Reliance Industries Ltd, 3.667%, 11/30/2027		493,168		0.2

			Indonesia: 0.2%
	200,000		Pertamina Persero PT, 4.300%, 05/20/2023		205,694		0.1
	425,000	⁽²⁾	Perusahaan Listrik Negara PT, 5.375%, 01/25/2029		453,263		0.1
					658,957		0.2

			Ireland: 0.3%
	341,000		GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		318,439		0.1
	700,000		Shire Acquisitions Investments Ireland DAC, 3.200%, 09/23/2026		682,485		0.2
					1,000,924		0.3

			Italy: 0.1%
	170,000		Telecom Italia Capital SA, 7.721%, 06/04/2038		178,075		0.1

			Japan: 0.6%
	255,000	⁽²⁾	Mizuho Bank Ltd., 3.200%, 03/26/2025		255,423		0.1
	770,000	⁽²⁾	MUFG Bank Ltd, 2.300%, 03/05/2020		767,829		0.2
	766,000		Sumitomo Mitsui Financial Group, Inc., 3.784%, 03/09/2026		790,015		0.3
					1,813,267		0.6

			Kazakhstan: 0.2%
	675,000		KazMunayGas National Co. JSC, 4.750%, 04/19/2027		700,213		0.2

			Luxembourg: 0.1%
	250,000	⁽²⁾	ALROSA Finance SA, 4.650%, 04/09/2024		252,535		0.1
	80,000	⁽²⁾	Dana Financing Luxembourg Sarl, 6.500%, 06/01/2026		84,100		0.0
					336,635		0.1

			Mexico: 0.6%
	567,000	⁽²⁾	Cemex SAB de CV, 6.125%, 05/05/2025		592,799		0.2
	500,000	⁽²⁾	Mexichem SAB de CV, 4.875%, 09/19/2022		522,750		0.2
	200,000		Petroleos Mexicanos, 4.500%, 01/23/2026		187,620		0.1
	200,000		Petroleos Mexicanos, 5.500%, 06/27/2044		164,200		0.0
	200,000	^��	Petroleos Mexicanos, 6.875%, 08/04/2026		208,680		0.1
					1,676,049		0.6

			Netherlands: 0.9%
	288,000		ArcelorMittal, 7.000%, 10/15/2039		331,322		0.1
	690,000		Cooperatieve Rabobank UA/NY, 2.500%, 01/19/2021		687,638		0.2
	355,000		ING Groep NV, 4.050%, 04/09/2029		358,553		0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			Netherlands: (continued)
	696,000		Shell International Finance BV, 3.250%, 05/11/2025		709,799		0.2
	445,000		Shell International Finance BV, 4.000%, 05/10/2046		459,113		0.2
	290,000	⁽²⁾	Siemens Financieringsmaatschappij NV, 2.350%, 10/15/2026		275,041		0.1
					2,821,466		0.9

			Norway: 0.1%
	382,000		Equinor ASA, 2.450%, 01/17/2023		378,998		0.1

			Peru: 0.3%
	400,000	⁽²⁾	Fondo MIVIVIENDA SA, 3.500%, 01/31/2023		400,640		0.2
	375,000	⁽²⁾	Petroleos del Peru SA, 4.750%, 06/19/2032		382,500		0.1
					783,140		0.3

			Russia: 0.1%
	250,000	⁽²⁾	Evraz PLC, 5.250%, 04/02/2024		253,570		0.1

			Sweden: 0.2%
	666,000	^(2),(3)	Nordea Bank ABP, 5.500%, 12/31/2199		667,665		0.2

			Switzerland: 0.4%
	456,000	⁽²⁾	Credit Suisse AG, 6.500%, 08/08/2023		496,051		0.2
	604,000		UBS AG/Stamford CT, 7.625%, 08/17/2022		671,880		0.2
					1,167,931		0.4

			Turkey: 0.1%
	200,000	⁽²⁾	Turkiye Vakiflar Bankasi TAO, 8.125%, 03/28/2024		188,310		0.1

			United Arab Emirates: 0.2%
	500,000	⁽²⁾	Abu Dhabi National Energy Co. PJSC, 5.875%, 12/13/2021		535,070		0.2

			United Kingdom: 0.6%
	324,000		Aon PLC, 2.800%, 03/15/2021		324,009		0.1
	200,000	⁽²⁾	Reckitt Benckiser Treasury Services PLC, 3.000%, 06/26/2027		193,332		0.1
	1,000,000		Santander UK PLC, 2.375%, 03/16/2020		996,896		0.3
	270,000	⁽²⁾	Standard Chartered PLC, 5.300%, 01/09/2043		279,273		0.1
					1,793,510		0.6

			United States: 16.5%
	660,000		AbbVie, Inc., 3.600%, 05/14/2025		664,631		0.2
	361,000		AbbVie, Inc., 4.300%, 05/14/2036		347,410		0.1
	180,000		AECOM, 5.125%, 03/15/2027		181,577		0.1
	59,000		Aetna, Inc., 2.800%, 06/15/2023		57,989		0.0
	715,000		American International Group, Inc., 4.500%, 07/16/2044		701,009		0.2
	272,000		Altria Group, Inc., 4.800%, 02/14/2029		282,334		0.1
	540,000		AMC Entertainment Holdings, Inc., 5.875%, 11/15/2026		503,550		0.2
	78,584		American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025		81,610		0.0
	107,000		AmerisourceBergen Corp., 4.300%, 12/15/2047		96,196		0.0
	330,000		Amgen, Inc., 3.200%, 11/02/2027		324,077		0.1
	130,000		Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.250%, 01/15/2025		136,552		0.0
	297,000	⁽²⁾	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046		301,637		0.1
	310,000		Anheuser-Busch InBev Worldwide, Inc., 4.000%, 04/13/2028		316,604		0.1
	378,000		Apache Corp., 4.375%, 10/15/2028		382,568		0.1
	182,000	⁽²⁾	Apollo Management Holdings L.P., 4.000%, 05/30/2024		183,774		0.1
	528,000		Apple, Inc., 3.200%, 05/13/2025		538,554		0.2
	568,000		AT&T, Inc., 4.300%, 02/15/2030		584,073		0.2
	223,000		AT&T, Inc., 5.150%, 03/15/2042		232,618		0.1
	479,000		AT&T, Inc., 5.650%, 02/15/2047		539,760		0.2
	1,181,000	⁽³⁾	Bank of America Corp., 3.419%, 12/20/2028		1,160,818		0.4
	508,000		Bank of America Corp., 4.100%, 07/24/2023		530,952		0.2
	298,000	⁽³⁾	Bank of America Corp., 4.330%, 03/15/2050		308,156		0.1
	503,000		Bank of New York Mellon Corp., 2.050%, 05/03/2021		497,331		0.2
	766,000		BP Capital Markets America, Inc., 3.216%, 11/28/2023		774,801		0.3
	515,000	⁽²⁾	Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025		504,700		0.2
	427,000		CBRE Services, Inc., 5.250%, 03/15/2025		461,290		0.2
	615,000		CBS Corp., 3.700%, 08/15/2024		628,835		0.2
	469,000		Celgene Corp., 3.875%, 08/15/2025		484,084		0.2
	365,000		CenterPoint Energy, Inc., 4.250%, 11/01/2028		380,237		0.1
	532,000		Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022		552,198		0.2
	297,000	⁽²⁾	Cigna Corp., 4.375%, 10/15/2028		306,649		0.1
	305,000		Citigroup, Inc., 4.125%, 07/25/2028		309,779		0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	480,000		Citigroup, Inc., 4.000%, 08/05/2024		495,710		0.2
	491,000		Citigroup, Inc., 5.500%, 09/13/2025		542,458		0.2
	770,000		Citizens Bank NA/Providence RI, 2.450%, 12/04/2019		768,826		0.3
	321,000	⁽²⁾	Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028		315,184		0.1
	193,000		Comcast Corp., 2.350%, 01/15/2027		180,807		0.1
	572,000		Comcast Corp., 4.150%, 10/15/2028		606,387		0.2
	115,000		Comcast Corp., 4.250%, 01/15/2033		122,407		0.0
	90,000		Comcast Corp., 5.650%, 06/15/2035		106,445		0.0
	345,000	⁽²⁾	CommScope Technologies LLC, 5.000%, 03/15/2027		323,006		0.1
	159,000		Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054		168,948		0.1
	490,000		CSC Holdings LLC, 5.250%, 06/01/2024		499,800		0.2
	1,338,000		CVS Health Corp., 2.800%, 07/20/2020		1,336,967		0.4
	717,000		CVS Health Corp., 4.300%, 03/25/2028		722,904		0.2
	581,000	⁽²⁾	Dell International LLC / EMC Corp., 5.450%, 06/15/2023		620,258		0.2
	176,000	⁽²⁾	Dell International LLC / EMC Corp., 6.020%, 06/15/2026		190,792		0.1
	374,000		Discover Bank, 7.000%, 04/15/2020		388,254		0.1
	150,000		DISH DBS Corp., 5.875%, 11/15/2024		129,937		0.0
	86,000	⁽²⁾	Dow Chemical Co/The, 5.550%, 11/30/2048		97,945		0.0
	208,000		DowDuPont, Inc., 5.319%, 11/15/2038		235,933		0.1
	364,000	⁽²⁾	DPL, Inc., 4.350%, 04/15/2029		366,942		0.1
	57,000		Eastman Chemical Co., 2.700%, 01/15/2020		56,968		0.0
	969,000		Energy Transfer Operating L.P., 4.900%, 02/01/2024		1,024,684		0.3
	286,000		Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023		297,830		0.1
	616,000		Entergy Corp., 5.125%, 09/15/2020		629,708		0.2
	240,000		Entergy Louisiana LLC, 4.200%, 04/01/2050		248,882		0.1
	175,000	⁽²⁾	ESH Hospitality, Inc., 5.250%, 05/01/2025		176,094		0.1
	283,000		FedEx Corp., 4.050%, 02/15/2048		253,688		0.1
	377,000		Fifth Third Bancorp, 8.250%, 03/01/2038		531,135		0.2
	590,000		FirstEnergy Corp., 4.250%, 03/15/2023		614,556		0.2
	702,000		Ford Motor Credit Co. LLC, 3.200%, 01/15/2021		697,428		0.2
	140,000	⁽²⁾	FXI Holdings, Inc., 7.875%, 11/01/2024		132,475		0.0
	91,000		General Electric Co., 6.750%, 03/15/2032		106,588		0.0
	382,000		General Motors Financial Co., Inc., 4.300%, 07/13/2025		387,536		0.1
	289,000		Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021		288,247		0.1
	963,000	⁽³⁾	Goldman Sachs Group, Inc./The, 2.876%, 10/31/2022		957,404		0.3
	445,000	⁽²⁾	Gray Television, Inc., 7.000%, 05/15/2027		481,573		0.2
	150,000		HCA, Inc., 5.500%, 06/15/2047		159,862		0.1
	175,000	⁽²⁾	Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp., 5.625%, 02/15/2026		179,812		0.1
	366,000		Huntsman International LLC, 4.500%, 05/01/2029		368,399		0.1
	222,000		Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.150%, 01/23/2030		206,941		0.1
	90,000		Johnson & Johnson, 2.900%, 01/15/2028		89,356		0.0
	245,000		Johnson & Johnson, 3.400%, 01/15/2038		239,761		0.1
	50,000		Johnson & Johnson, 4.375%, 12/05/2033		55,922		0.0
	1,178,000		JPMorgan Chase & Co., 2.550%, 03/01/2021		1,175,236		0.4
	530,000	⁽³⁾	JPMorgan Chase & Co., 6.000%, 12/31/2199		556,839		0.2
	280,000	⁽³⁾	JPMorgan Chase Bank NA, 2.604%, 02/01/2021		279,584		0.1
	385,000	⁽²⁾	Keurig Dr Pepper, Inc., 4.057%, 05/25/2023		396,936		0.1
	227,000		Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024		236,717		0.1
	223,000		Kinder Morgan, Inc./DE, 5.550%, 06/01/2045		243,600		0.1
	348,000		Kraft Heinz Foods Co., 3.000%, 06/01/2026		328,528		0.1
	185,000		Kroger Co/The, 4.650%, 01/15/2048		175,374		0.1
	198,000		Lowe's Cos, Inc., 2.500%, 04/15/2026		188,115		0.1
	534,000		Medtronic, Inc., 3.150%, 03/15/2022		541,836		0.2
	428,000	⁽²⁾	Metropolitan Edison Co., 4.000%, 04/15/2025		439,355		0.1
	180,000		MGM Resorts International, 4.625%, 09/01/2026		179,046		0.1
	404,000		Molson Coors Brewing Co., 3.000%, 07/15/2026		388,237		0.1
	648,000		Morgan Stanley, 3.750%, 02/25/2023		665,875		0.2
	545,000		Morgan Stanley, 4.100%, 05/22/2023		563,946		0.2
	398,000		MPLX L.P., 4.000%, 03/15/2028		398,853		0.1

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: (continued)
			United States: (continued)
	319,000		MUFG Union Bank NA, 3.150%, 04/01/2022		322,105		0.1
	207,000		Mylan, Inc., 4.550%, 04/15/2028		202,486		0.1
	310,000		National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028		324,604		0.1
	403,000	⁽²⁾	Newmont Goldcorp Corp., 3.700%, 03/15/2023		411,508		0.1
	300,000	⁽²⁾	Novelis Corp., 5.875%, 09/30/2026		305,625		0.1
	165,000		NRG Energy, Inc., 5.750%, 01/15/2028		175,349		0.1
	327,000		Occidental Petroleum Corp., 4.625%, 06/15/2045		335,362		0.1
	504,000		Oracle Corp., 2.950%, 05/15/2025		502,108		0.2
	48,000		O'Reilly Automotive, Inc., 3.600%, 09/01/2027		47,705		0.0
	115,000		O'Reilly Automotive, Inc., 4.350%, 06/01/2028		120,207		0.0
	150,000	⁽²⁾	Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023		157,500		0.1
	448,000		Pfizer, Inc., 2.750%, 06/03/2026		440,635		0.1
	481,000		Philip Morris International, Inc., 3.875%, 08/21/2042		449,768		0.1
	215,000	⁽²⁾	Pilgrim's Pride Corp., 5.875%, 09/30/2027		222,525		0.1
	301,000		Plains All American Pipeline L.P. / PAA Finance Corp., 3.600%, 11/01/2024		300,438		0.1
	281,000		PNC Financial Services Group, Inc./The, 3.450%, 04/23/2029		284,020		0.1
	505,000	⁽²⁾	Post Holdings, Inc., 5.000%, 08/15/2026		505,000		0.2
	90,000	⁽²⁾	Quicken Loans, Inc., 5.250%, 01/15/2028		87,638		0.0
	240,000	^(1),(2)	Rayonier AM Products, Inc., 5.500%, 06/01/2024		229,800		0.1
	339,000		Reynolds American, Inc., 6.150%, 09/15/2043		358,461		0.1
	114,000		Selective Insurance Group, Inc., 5.375%, 03/01/2049		119,229		0.0
	520,000	⁽²⁾	Sinclair Television Group, Inc., 5.125%, 02/15/2027		503,100		0.2
	485,000	⁽²⁾	Six Flags Entertainment Corp., 5.500%, 04/15/2027		496,398		0.2
	275,000		Southern Co., 2.750%, 06/15/2020		274,888		0.1
	226,000		Southwest Airlines Co., 3.450%, 11/16/2027		225,021		0.1
	500,000		Sprint Nextel Corp., 6.875%, 11/15/2028		479,688		0.2
	260,000	⁽²⁾	SS&C Technologies, Inc., 5.500%, 09/30/2027		267,150		0.1
	180,000	⁽²⁾	Standard Industries, Inc./NJ, 5.000%, 02/15/2027		177,300		0.1
	265,000	⁽²⁾	Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025		264,338		0.1
	134,000		Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/2024		138,661		0.0
	170,000	⁽²⁾	Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028		174,038		0.1
	299,000		Time Warner Cable LLC, 5.875%, 11/15/2040		309,484		0.1
	84,067		United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/2024		85,606		0.0
	64,005		United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027		63,420		0.0
	95,868		United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027		94,325		0.0
	175,000		United Rentals North America, Inc., 4.875%, 01/15/2028		174,344		0.1
	250,000		Verizon Communications, Inc., 4.125%, 03/16/2027		263,720		0.1
	397,000		Verizon Communications, Inc., 4.522%, 09/15/2048		412,501		0.1
	339,000		Viacom, Inc., 4.375%, 03/15/2043		308,229		0.1
	351,000		Walmart, Inc., 3.700%, 06/26/2028		367,994		0.1
	400,000	⁽²⁾	Walt Disney Co/The, 5.400%, 10/01/2043		492,544		0.2
	430,000		Wells Fargo & Co., 4.100%, 06/03/2026		440,638		0.1
	143,000		Welltower, Inc., 4.125%, 03/15/2029		146,891		0.0
	480,000		WPX Energy, Inc., 5.750%, 06/01/2026		498,000		0.2
					49,079,540		16.5

		Total Corporate Bonds/Notes
		(Cost $71,483,913)			73,075,533		24.5

COLLATERALIZED MORTGAGE OBLIGATIONS: 9.3%
			United States: 9.3%
	574,587	⁽³⁾	Adjustable Rate Mortgage Trust 2006-2 1A1, 4.655%, 05/25/2036		565,905		0.2
	444,112		Alternative Loan Trust 2005-51 3A2A, 3.735%, (12MTA + 1.290%), 11/20/2035		436,307		0.1
	148,623		Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036		113,533		0.0
	227,872		Alternative Loan Trust 2007-23CB A3, 2.977%, (US0001M + 0.500%), 09/25/2037		142,168		0.1
	567,049		CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037		478,453		0.2
	577,018		CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036		562,433		0.2

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	99,633		Countrywide Alternative Loan Trust 2005-53T2 2A6, 2.977%, (US0001M + 0.500%), 11/25/2035		65,449		0.0
	281,988		Countrywide Asset-Backed Certificates 2005-IM1 M1, 3.197%, (US0001M + 0.720%), 11/25/2035		282,319		0.1
	367,206	^(2),(3)	CSMC Trust 2015-2 B3, 3.938%, 02/25/2045		374,477		0.1
	271,896	^(2),(3)	CSMC Trust 2015-3 B1, 3.933%, 03/25/2045		276,762		0.1
	5,742,466	⁽⁴⁾	Fannie Mae 2005-18 SC, 2.173%, (-1.000*US0001M + 4.650%), 03/25/2035		495,121		0.2
	1,547,445	⁽⁴⁾	Fannie Mae 2008-41 S, 4.323%, (-1.000*US0001M + 6.800%), 11/25/2036		259,270		0.1
	4,176,234	⁽⁴⁾	Fannie Mae 2009-106 SA, 3.773%, (-1.000*US0001M + 6.250%), 01/25/2040		575,337		0.2
	400,000		Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 6.127%, (US0001M + 3.650%), 09/25/2029		431,282		0.1
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 5.477%, (US0001M + 3.000%), 10/25/2029		531,605		0.2
	500,000		Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 4.677%, (US0001M + 2.200%), 01/25/2030		508,173		0.2
	400,000		Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 4.877%, (US0001M + 2.400%), 05/25/2030		409,570		0.1
	600,000		Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 4.977%, (US0001M + 2.500%), 05/25/2030		612,550		0.2
	143,371		Fannie Mae REMIC Trust 2003-22 BZ, 6.000%, 04/25/2033		156,151		0.1
	120,513		Fannie Mae REMIC Trust 2005-74 DK, 14.094%, (-4.000*US0001M + 24.000%), 07/25/2035		183,263		0.1
	182,628		Fannie Mae REMIC Trust 2006-104 ES, 21.067%, (-5.000*US0001M + 33.450%), 11/25/2036		308,041		0.1
	2,291,180	⁽⁴⁾	Fannie Mae REMIC Trust 2007-36 SN, 4.293%, (-1.000*US0001M + 6.770%), 04/25/2037		412,514		0.1
	187,561		Fannie Mae REMIC Trust 2007-55 DS, 8.808%, (-2.500*US0001M + 15.000%), 06/25/2037		207,348		0.1
	1,316,783	⁽⁴⁾	Fannie Mae REMIC Trust 2008-53 FI, 3.623%, (-1.000*US0001M + 6.100%), 07/25/2038		135,298		0.0
	1,005,285	⁽⁴⁾	Fannie Mae REMIC Trust 2008-58 SM, 3.623%, (-1.000*US0001M + 6.100%), 07/25/2038		158,058		0.1
	147,528		Fannie Mae REMIC Trust 2009-66 SL, 7.495%, (-3.333*US0001M + 15.833%), 09/25/2039		199,057		0.1
	93,200		Fannie Mae REMIC Trust 2009-66 SW, 7.662%, (-3.333*US0001M + 16.000%), 09/25/2039		127,464		0.0
	7,039,059	⁽⁴⁾	Fannie Mae REMIC Trust 2010-123 SL, 3.593%, (-1.000*US0001M + 6.070%), 11/25/2040		946,186		0.3
	5,966,022	⁽⁴⁾	Fannie Mae REMIC Trust 2011-55 SK, 4.083%, (-1.000*US0001M + 6.560%), 06/25/2041		1,072,467		0.4
	2,651,972	⁽⁴⁾	Fannie Mae REMIC Trust 2011-86 NS, 3.473%, (-1.000*US0001M + 5.950%), 09/25/2041		364,724		0.1
	1,121,367	⁽⁴⁾	Fannie Mae REMIC Trust 2012-10 US, 3.973%, (-1.000*US0001M + 6.450%), 02/25/2042		151,928		0.1
	3,058,252	⁽⁴⁾	Fannie Mae REMIC Trust 2012-24 HS, 4.073%, (-1.000*US0001M + 6.550%), 09/25/2040		396,574		0.1
	2,279,611	⁽⁴⁾	Fannie Mae REMIC Trust 2013-31 PI, 4.500%, 02/25/2043		272,246		0.1
	977,786	⁽⁴⁾	Fannie Mae Series 2007-9 SE, 3.603%, (-1.000*US0001M + 6.080%), 03/25/2037		144,906		0.1
	1,744,793	⁽⁴⁾	Fannie Mae Series 2013-44 DI, 3.000%, 05/25/2033		212,464		0.1
	236,670	⁽⁴⁾	Freddie Mac REMIC Trust 2303 SY, 6.227%, (-1.000*US0001M + 8.700%), 04/15/2031		52,679		0.0
	1,796,314	⁽⁴⁾	Freddie Mac REMIC Trust 2989 GU, 4.527%, (-1.000*US0001M + 7.000%), 02/15/2033		283,055		0.1
	1,673,101	⁽⁴⁾	Freddie Mac REMIC Trust 3271 SB, 3.577%, (-1.000*US0001M + 6.050%), 02/15/2037		241,502		0.1
	4,524,843	⁽⁴⁾	Freddie Mac REMIC Trust 3424 HI, 3.427%, (-1.000*US0001M + 5.900%), 04/15/2038		679,572		0.2
	1,313,796	⁽⁴⁾	Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040		185,577		0.1
	1,307,877	⁽⁴⁾	Freddie Mac REMIC Trust 3710 SL, 3.527%, (-1.000*US0001M + 6.000%), 05/15/2036		33,457		0.0
	6,715,213	⁽⁴⁾	Freddie Mac REMIC Trust 3856 KS, 4.077%, (-1.000*US0001M + 6.550%), 05/15/2041		1,092,444		0.4

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	2,603,436	⁽⁴⁾	Freddie Mac REMIC Trust 3925 SD, 3.577%, (-1.000*US0001M + 6.050%), 07/15/2040		276,687		0.1
	2,876,228	⁽⁴⁾	Freddie Mac REMIC Trust 3946 SE, 4.177%, (-1.000*US0001M + 6.650%), 02/15/2041		352,724		0.1
	4,235,684	⁽⁴⁾	Freddie Mac REMIC Trust 4077 SM, 4.227%, (-1.000*US0001M + 6.700%), 08/15/2040		495,090		0.2
	1,419,582	⁽⁴⁾	Freddie Mac REMIC Trust 4152 BI, 4.000%, 12/15/2041		181,784		0.1
	2,538,087	⁽⁴⁾	Freddie Mac REMIC Trust 4313 MI, 5.000%, 04/15/2039		414,352		0.1
	7,461,523		Freddie Mac REMICS 3792 DS, 4.127%, (-1.000*US0001M + 6.600%), 11/15/2040		499,797		0.2
	2,997,277	⁽⁴⁾	Freddie Mac REMICS 4623 MS, 3.527%, (-1.000*US0001M + 6.000%), 10/15/2046		550,516		0.2
	300,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 7.177%, (US0001M + 4.700%), 04/25/2028		344,668		0.1
	400,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 4.977%, (US0001M + 2.500%), 03/25/2030		412,799		0.1
	600,000		Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 5.127%, (US0001M + 2.650%), 12/25/2029		620,866		0.2
	139,655	⁽³⁾	Freddie Mac Whole Loan Securities Trust 2016-SC02 M1, 3.607%, 10/25/2046		139,432		0.0
	67,757		Ginnie Mae Series 2007-37 S, 16.216%, (-3.667*US0001M + 25.300%), 04/16/2037		73,873		0.0
	383,440		Ginnie Mae Series 2007-8 SP, 14.004%, (-3.242*US0001M + 22.048%), 03/20/2037		544,283		0.2
	2,384,795	⁽⁴⁾	Ginnie Mae Series 2010-116 NS, 4.173%, (-1.000*US0001M + 6.650%), 09/16/2040		351,381		0.1
	1,228,494	⁽⁴⁾	Ginnie Mae Series 2010-165 IP, 4.000%, 04/20/2038		24,815		0.0
	738,603	⁽⁴⁾	Ginnie Mae Series 2010-6 IA, 5.000%, 11/20/2039		86,837		0.0
	4,072,443	⁽⁴⁾	Ginnie Mae Series 2011-116 BI, 4.000%, 08/16/2026		340,852		0.1
	1,141,617	⁽⁴⁾	Ginnie Mae Series 2011-140 CI, 5.000%, 10/20/2040		129,432		0.0
	2,048,326	⁽⁴⁾	Ginnie Mae Series 2013-115 NI, 4.500%, 01/16/2043		321,044		0.1
	1,664,863	⁽⁴⁾	Ginnie Mae Series 2013-5 NI, 3.000%, 01/20/2028		130,927		0.0
	3,484,589	⁽⁴⁾	Ginnie Mae Series 2015-178 GI, 4.000%, 05/20/2044		542,327		0.2
	437,138		GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 2.687%, (US0001M + 0.210%), 04/25/2036		412,787		0.1
	383,987	^(2),(3)	JP Morgan Mortgage Trust 2017-3 B1, 3.863%, 08/25/2047		388,184		0.1
	253,777		Lehman XS Trust Series 2005-5N 1A2, 2.837%, (US0001M + 0.360%), 11/25/2035		241,277		0.1
	265,296	^(2),(3)	Sequoia Mortgage Trust 2014-3 B3, 3.931%, 10/25/2044		272,875		0.1
	317,083	^(2),(3)	Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048		322,881		0.1
	20,340	⁽³⁾	Structured Asset Securities Corp. 2004-4XS 1A6, 5.050%, 02/25/2034		20,795		0.0
	13,520,144	^(3),(4)	WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 0.465%, 08/25/2045		361,784		0.1
	80,748	⁽³⁾	WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.896%, 10/25/2036		78,893		0.0
	289,391	⁽³⁾	WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.913%, 08/25/2046		277,817		0.1
	579,311	⁽³⁾	WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.747%, 12/25/2036		573,788		0.2
	181,620	⁽³⁾	WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.566%, 04/25/2037		166,082		0.1
	794,917		Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036		732,865		0.2
	210,020		Wells Fargo Alternative Loan 2007-PA2 2A1, 2.907%, (US0001M + 0.430%), 06/25/2037		174,805		0.1
	206,472		Wells Fargo Mortgage Backed Securities 2006-8 A15, 6.000%, 07/25/2036		207,687		0.1
	224,998	⁽³⁾	Wells Fargo Mortgage Backed Securities 2006-AR17 A1, 4.750%, 10/25/2036		225,786		0.1
	50,162	⁽³⁾	Wells Fargo Mortgage Backed Securities 2006-AR17 A2, 4.750%, 10/25/2036		50,243		0.0

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
			United States: (continued)
	302,962	⁽³⁾	Wells Fargo Mortgage Backed Securities 2006-AR7 2A1, 4.975%, 05/25/2036		313,861		0.1
	300,774	⁽³⁾	Wells Fargo Mortgage Backed Securities 2006-AR8 3A2, 5.007%, 04/25/2036		303,366		0.1
	554,662	^(2),(3)	WinWater Mortgage Loan Trust 2015-5 B4, 3.791%, 08/20/2045		541,458		0.2

		Total Collateralized Mortgage Obligations
		(Cost $26,484,262)			27,639,409		9.3

ASSET-BACKED SECURITIES: 4.5%
			United States: 4.5%
	500,000	⁽²⁾	AMMC CLO 16 Ltd. 2015-16A CR, 4.947%, (US0003M + 2.350%), 04/14/2029		497,044		0.2
	500,000	⁽²⁾	Apidos CLO XXIX 2018-29A B, 4.480%, (US0003M + 1.900%), 07/25/2030		484,269		0.2
	250,000	⁽²⁾	Babson CLO Ltd. 2014-IA BR, 4.792%, (US0003M + 2.200%), 07/20/2025		249,997		0.1
	500,000	⁽²⁾	BlueMountain CLO 2013-2A CR, 4.542%, (US0003M + 1.950%), 10/22/2030		487,819		0.2
	1,160,000	⁽²⁾	Bristol Park CLO Ltd. 2016-1A B, 4.497%, (US0003M + 1.900%), 04/15/2029		1,160,879		0.4
	500,000	⁽²⁾	Burnham Park Clo Ltd. 2016-1A CR, 4.742%, (US0003M + 2.150%), 10/20/2029		496,300		0.2
	500,000	⁽²⁾	Cedar Funding IV CLO Ltd. 2014-4A CR, 4.842%, (US0003M + 2.250%), 07/23/2030		489,082		0.2
	750,000	⁽²⁾	CIFC Funding 2013-IA BR Ltd., 5.001%, (US0003M + 2.400%), 07/16/2030		742,109		0.2
	508,974	⁽³⁾	Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.906%, 03/25/2036		341,035		0.1
	500,000	⁽²⁾	Dryden 45 Senior Loan Fund 2016-45A CR, 4.797%, (US0003M + 2.200%), 10/15/2030		493,590		0.2
	1,180,000	⁽²⁾	Invitation Homes 2018-SFR1 D Trust, 3.924%, (US0001M + 1.450%), 03/17/2037		1,175,045		0.4
	750,000	⁽²⁾	LCM XXIV Ltd. 24A C, 4.842%, (US0003M + 2.250%), 03/20/2030		737,428		0.2
	500,000	⁽²⁾	Madison Park Funding XXXI Ltd. 2018-31A C, 4.742%, (US0003M + 2.150%), 01/23/2031		490,601		0.2
	300,000	^(2),(3)	Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058		298,266		0.1
	300,000	^(2),(3)	Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059		291,924		0.1
	250,000	⁽²⁾	Octagon Investment Partners XIX Ltd. 2014-1A CR, 4.697%, (US0003M + 2.100%), 04/15/2026		249,972		0.1
	750,000	⁽²⁾	Octagon Loan Funding Ltd. 2014-1A CRR, 4.883%, (US0003M + 2.200%), 11/18/2031		733,742		0.2
	1,160,000	⁽²⁾	OHA Loan Funding Ltd. 2016-1A B1, 4.392%, (US0003M + 1.800%), 01/20/2028		1,158,769		0.4
	630,000	⁽²⁾	Palmer Square Loan Funding 2017-1A D Ltd., 7.447%, (US0003M + 4.850%), 10/15/2025		624,685		0.2
	250,000	⁽²⁾	Palmer Square Loan Funding 2018-1A C Ltd., 4.447%, (US0003M + 1.850%), 04/15/2026		239,929		0.1
	1,240,000	⁽²⁾	Progress Residential 2018-SFR2 E Trust, 4.656%, 08/17/2035		1,270,744		0.4
	495,000	⁽²⁾	THL Credit Wind River 2015-1A C1 CLO Ltd., 4.742%, (US0003M + 2.150%), 10/20/2030		478,726		0.1
	200,000	^(2),(3)	Towd Point Mortgage Trust 2017-6 M2, 3.250%, 10/25/2057		185,334		0.0

		Total Asset-Backed Securities
		(Cost $13,494,982)			13,377,289		4.5

U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.9%
			Federal Home Loan Mortgage Corporation: 0.2%⁽⁵⁾
	213,502		4.000%, 09/01/2045		220,205		0.1
	166,806		4.000%, 09/01/2045		172,047		0.0
	323,425		4.000%, 05/01/2046		333,515		0.1
					725,767		0.2

			Federal National Mortgage Association: 0.5%⁽⁵⁾
	81,122		2.500%, 06/01/2030		80,405		0.0
	122,270		2.500%, 06/01/2030		121,189		0.0
	51,093		2.500%, 07/01/2030		50,641		0.0
	255,574		4.000%, 05/01/2045		263,836		0.1
	284,707		4.500%, 12/01/2040		301,787		0.1
	159,275		4.500%, 12/01/2040		168,846		0.1
	267,029		5.000%, 05/01/2041		287,334		0.1
	161,690		5.000%, 06/01/2041		173,986		0.1
					1,448,024		0.5

			Government National Mortgage Association: 0.2%
	217,312		4.500%, 08/20/2041		228,609		0.1
	209,973	⁽³⁾	5.140%, 10/20/2060		212,000		0.1
	84,533	⁽³⁾	5.310%, 10/20/2060		85,688		0.0
	25,470		5.500%, 03/20/2039		27,914		0.0
					554,211		0.2

		Total U.S. Government Agency Obligations
		(Cost $2,759,841)			2,728,002		0.9

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†					Value		Percentage of Net Assets
SOVEREIGN BONDS: 16.0%
				Argentina: 0.5%
	1,420,000			Argentine Republic Government International Bond, 6.875%, 04/22/2021		1,199,900		0.4
	275,000			Argentine Republic Government International Bond, 6.875%, 01/26/2027		199,275		0.1
						1,399,175		0.5

				Brazil: 0.1%
	250,000			Brazilian Government International Bond, 6.000%, 04/07/2026		275,967		0.1

				Canada: 0.3%
^CAD	880,000			Canadian Government Bond, 3.500%, 12/01/2045		857,437		0.3

				Chile: 1.4%
^CLP	2,235,000,000			Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/2026		3,439,656		1.1
^CLP	555,000,000			Bonos de la Tesoreria de la Republica en pesos, 5.000%, 03/01/2035		901,600		0.3
						4,341,256		1.4

				Colombia: 1.0%
	300,000			Colombia Government International Bond, 2.625%, 03/15/2023		294,375		0.1
	618,000			Colombia Government International Bond, 8.125%, 05/21/2024		751,958		0.2
^COP	6,309,700,000			Colombian TES, 7.000%, 06/30/2032		1,957,163		0.7
						3,003,496		1.0

				Croatia: 0.1%
	300,000			Croatia Government International Bond, 6.375%, 03/24/2021		318,090		0.1

				Dominican Republic: 0.2%
	461,000		⁽²⁾	Dominican Republic International Bond, 6.600%, 01/28/2024		499,493		0.2

				Ecuador: 0.1%
	200,000			Republic of Ecuador, 7.875%, 01/23/2028		193,500		0.1

				Egypt: 0.1%
	300,000			Egypt Government International Bond, 6.125%, 01/31/2022		303,932		0.1

				Germany: 3.2%
^EUR	9,700		⁽⁶⁾	Bundesobligation, -0.051%, 04/14/2023		11,103		0.0
^EUR	120,000		⁽⁶⁾	Bundesobligation, -0.059%, 10/08/2021		136,535		0.1
^EUR	30,000		⁽⁶⁾	Bundesrepublik Deutschland Bundesanleihe, -0.024%, 08/15/2026		34,241		0.0
^EUR	60,000			Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028		70,847		0.0
^EUR	40,000			Bundesrepublik Deutschland Bundesanleihe, 1.000%, 08/15/2025		48,658		0.0
^EUR	40,000			Bundesrepublik Deutschland Bundesanleihe, 1.250%, 08/15/2048		51,990		0.0
^EUR	1,570,000			Bundesrepublik Deutschland Bundesanleihe, 2.500%, 08/15/2046		2,593,819		0.9
^EUR	5,530,000			Bundesrepublik Deutschland, 0.500%, 02/15/2025		6,518,786		2.2
						9,465,979		3.2

				Greece: 1.0%
^EUR	2,545,000		⁽²⁾	Hellenic Republic Government Bond, 3.875%, 03/12/2029		2,976,732		1.0

				Hungary: 0.0%
	110,000			Hungary Government International Bond, 7.625%, 03/29/2041		165,745		0.0

				Indonesia: 0.6%
^IDR	26,484,000,000			Indonesia Treasury Bond, 8.750%, 05/15/2031		1,957,976		0.6

				Ivory Coast: 0.1%
	294,125		⁽³⁾	Ivory Coast Government International Bond, 5.750%, 12/31/2032		278,242		0.1

		��		Mexico: 0.0%
	175,000			Mexico Government International Bond, 4.000%, 10/02/2023		180,036		0.0

				Morocco: 0.1%
	200,000			Morocco Government International Bond, 4.250%, 12/11/2022		205,174		0.1

				Nigeria: 0.1%
	200,000			Nigeria Government International Bond, 7.875%, 02/16/2032		207,299		0.1

				Panama: 0.2%
	200,000			Panama Government International Bond, 3.875%, 03/17/2028		207,477		0.1
	315,000			Panama Government International Bond, 6.700%, 01/26/2036		411,075		0.1
						618,552		0.2

				Peru: 2.0%
^PEN	6,491,000		⁽²⁾	Peru Government Bond, 5.940%, 02/12/2029		2,077,000		0.7
^PEN	7,533,000		⁽²⁾	Peru Government Bond, 6.150%, 08/12/2032		2,403,021		0.8

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
SOVEREIGN BONDS: (continued)
			Peru: (continued)
^PEN	4,000,000		Peru Government Bond, 6.350%, 08/12/2028		1,317,858		0.5
	75,000		Peruvian Government International Bond, 5.625%, 11/18/2050		96,000		0.0
					5,893,879		2.0

			Poland: 1.3%
^PLN	4,269,000		Republic of Poland Government Bond, 2.500%, 07/25/2027		1,089,522		0.4
^PLN	9,262,000	⁽¹⁾	Republic of Poland Government Bond, 2.750%, 04/25/2028		2,391,816		0.8
	375,000		Republic of Poland Government International Bond, 3.250%, 04/06/2026		383,252		0.1
					3,864,590		1.3

			Romania: 0.5%
^RON	6,670,000		Romania Government Bond, 3.400%, 03/08/2022		1,554,182		0.5

			Russia: 0.2%
	600,000	⁽²⁾	Russian Foreign Bond - Eurobond, 4.875%, 09/16/2023		633,840		0.2

			Saudi Arabia: 0.1%
	200,000	⁽²⁾	KSA Sukuk Ltd., 3.628%, 04/20/2027		201,715		0.1

			Spain: 0.4%
^EUR	1,092,000	⁽²⁾	Spain Government Bond, 2.700%, 10/31/2048		1,368,546		0.4

			Sri Lanka: 0.1%
	200,000	⁽²⁾	Sri Lanka Government International Bond, 6.825%, 07/18/2026		198,145		0.1

			Turkey: 0.1%
	461,000		Turkey Government International Bond, 7.375%, 02/05/2025		457,034		0.1

			Ukraine: 0.1%
	525,000		Ukraine Government International Bond, 7.375%, 09/25/2032		463,313		0.1

			United Kingdom: 2.0%
^GBP	1,020,000		United Kingdom Gilt, 2.000%, 09/07/2025		1,417,596		0.5
^GBP	2,480,000		United Kingdom Gilt, 3.500%, 01/22/2045		4,447,197		1.5
					5,864,793		2.0

			Uruguay: 0.1%
	75,000		Uruguay Government International Bond, 4.375%, 10/27/2027		78,422		0.0
	75,000		Uruguay Government International Bond, 7.625%, 03/21/2036		102,281		0.1
					180,703		0.1

		Total Sovereign Bonds
		(Cost $48,143,761)			47,928,821		16.0

COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.8%
			United States: 8.8%
	7,805,617	^(3),(4)	BANK 2017-BNK5 XA, 1.231%, 06/15/2060		474,774		0.2
	999,057	^(3),(4)	BANK 2019-BNK16 XA, 1.131%, 02/15/2052		73,506		0.0
	2,400,676	^(3),(4)	Barclays Commercial Mortgage Trust 2017-C1 XA, 1.676%, 02/15/2050		211,299		0.1
	110,000	⁽²⁾	BDS 2018-FL2 D, 5.024%, (US0001M + 2.550%), 08/15/2035		110,276		0.0
	18,785	^(2),(3)	Bear Stearns Commercial Mortgage Securities Trust 2004-TOP14 N, 5.405%, 01/12/2041		18,733		0.0
	280,000	⁽²⁾	Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052		244,177		0.1
	1,439,335	^(3),(4)	Benchmark 2019-B9 XA Mortgage Trust, 1.216%, 03/15/2052		119,122		0.0
	890,000	^(2),(3)	CALI Mortgage Trust 2019-101C E, 4.469%, 03/10/2039		901,989		0.3
	3,347,276	^(3),(4)	CD 2016-CD1 Mortgage Trust XA, 1.554%, 08/10/2049		257,291		0.1
	14,383,183	^(3),(4)	CFCRE Commercial Mortgage Trust 2016-C7 XA, 0.895%, 12/10/2054		669,145		0.2
	8,581,000	^(3),(4)	Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.995%, 08/10/2049		474,521		0.2
	3,599,766	^(3),(4)	Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.264%, 10/12/2050		242,926		0.1
	230,000	⁽³⁾	Citigroup Commercial Mortgage Trust 2017-P8 C, 4.412%, 09/15/2050		230,589		0.1
	5,256,668	^(3),(4)	COMM 2012-CR1 XA, 2.041%, 05/15/2045		240,852		0.1
	16,999,422	^(2),(3),(4)	COMM 2012-LTRT XA, 1.095%, 10/05/2030		426,053		0.1
	8,720,445	^(3),(4)	COMM 2013-CCRE13 XA, 0.961%, 11/10/2046		274,829		0.1
	4,864,265	^(3),(4)	COMM 2014-UBS2 XA, 1.377%, 03/10/2047		217,241		0.1
	300,000	⁽³⁾	COMM 2016-COR1 C, 4.531%, 10/10/2049		305,500		0.1
	7,259,639	^(3),(4)	COMM 2016-CR28 XA, 0.735%, 02/10/2049		250,162		0.1
	1,000,000	⁽³⁾	COMM 2017-COR2 C, 4.714%, 09/10/2050		1,033,344		0.3
	350,000	^(2),(6)	DBRR Re-REMIC Trust 2015-FRR1 B711, 0.000%, 08/28/2045		344,530		0.1
	3,600,995	^(2),(3),(4)	DBUBS 2011-LC1A XA, 0.889%, 11/10/2046		25,746		0.0

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)
			United States: (continued)
	910,000	^(2),(3)	Del Amo Fashion Center Trust 2017-AMO C, 3.757%, 06/05/2035		873,121		0.3
	530,000	^(2),(3)	DBJPM 16-C3 Mortgage Trust, 3.634%, 08/10/2049		483,913		0.2
	4,300,000	^(3),(4)	Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.910%, 01/25/2043		200,613		0.1
	8,087,203	^(3),(4)	Freddie Mac Multifamily Structured Pass Through Certificates K711 X3, 1.639%, 08/25/2040		62,897		0.0
	373,305	^(2),(3)	GCCFC Commercial Mortgage Trust 2004-GG1 F, 6.608%, 06/10/2036		372,869		0.1
	450,000	^(2),(3)	GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043		437,140		0.1
	3,954,614	^(3),(4)	GS Mortgage Securities Trust 2012-GCJ7 XA, 2.363%, 05/10/2045		164,090		0.0
	220,000	⁽²⁾	GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046		177,451		0.1
	4,486,869	^(3),(4)	GS Mortgage Securities Trust 2013-GC16 XA, 1.219%, 11/10/2046		178,564		0.1
	1,500,000	^(2),(3)	GS Mortgage Securities Trust 2016-GS4 E, 3.922%, 11/10/2049		1,123,379		0.4
	7,761,712	^(3),(4)	GS Mortgage Securities Trust 2017-GS6 XA, 1.192%, 05/10/2050		538,432		0.2
	970,000	⁽²⁾	GS Mortgage Securities Trust 2019-GC38 D, 3.000%, 02/10/2052		838,219		0.3
	5,790,000	^(2),(3),(4)	JP Morgan Chase Commercial Mortgage Securities Corp. 2012-LC9 XB, 0.420%, 12/15/2047		66,903		0.0
	343,147	⁽³⁾	JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9 E, 5.479%, 06/12/2041		343,839		0.1
	200,000	^(2),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046		198,165		0.1
	2,120,000	^(2),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 E, 4.000%, 08/15/2046		2,033,482		0.7
	10,136,470	^(3),(4)	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 2.066%, 06/15/2045		315,728		0.1
	770,000	^(2),(3)	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 D, 4.128%, 01/15/2046		769,860		0.2
	735,000	⁽³⁾	JPMBB Commercial Mortgage Securities Trust 2014-C18 AS, 4.439%, 02/15/2047		775,496		0.3
	1,120,000	^(2),(3)	JPMCC Commercial Mortgage Securities Trust 2017-JP6 D, 4.753%, 07/15/2050		1,133,303		0.4
	640,000	⁽³⁾	LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/2040		634,182		0.2
	5,181,534	^(2),(3),(4)	LSTAR Commercial Mortgage Trust 2017-5 X, 1.267%, 03/10/2050		220,967		0.1
	1,320,000	^(2),(3)	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 E, 4.763%, 11/15/2045		1,313,339		0.4
	21,550,000	^(2),(3),(4)	Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XB, 0.584%, 12/15/2047		533,360		0.2
	930,000	^(2),(3)	Morgan Stanley Capital I Trust 2011-C1 E, 5.554%, 09/15/2047		966,769		0.3
	8,224,406	^(2),(3),(4)	UBS-Barclays Commercial Mortgage Trust 2012-C3 XA, 1.999%, 08/10/2049		424,979		0.1
	13,194,453	^(3),(4)	Wells Fargo Commercial Mortgage Trust 2016-C37, 1.154%, 12/15/2049		603,417		0.2
	630,000	^(2),(3)	WFRBS Commercial Mortgage Trust 2013-C11 F, 4.407%, 03/15/2045		530,454		0.2
	620,000	^(2),(3)	WFRBS Commercial Mortgage Trust 2013-C14 D, 4.111%, 06/15/2046		580,672		0.2
	7,796,410	^(3),(4)	WFRBS Commercial Mortgage Trust 2013-UBS1 XA, 1.020%, 03/15/2046		207,041		0.1
	15,486,312	^(3),(4)	WFRBS Commercial Mortgage Trust 2014-C19 XA, 1.218%, 03/15/2047		583,101		0.2
	1,360,000	^(2),(3)	West Town Mall Trust 2017-KNOX E, 4.491%, 07/05/2030		1,316,649		0.4

		Total Commercial Mortgage-Backed Securities
		(Cost $25,853,261)			26,148,999		8.8

U.S. TREASURY OBLIGATIONS: 10.7%
			U.S. Treasury Bonds: 1.2%
	2,734,000		3.375%, 11/15/2048		2,976,002		1.0
	725,000		3.500%, 02/15/2039		808,375		0.2
					3,784,377		1.2

			U.S. Treasury Notes: 9.5%
	2,078,000		1.125%, 03/31/2020		2,054,704		0.7
	11,043,000		2.250%, 04/30/2021		11,039,765		3.7
	6,210,000		2.250%, 04/15/2022		6,212,183		2.1
	5,899,000		2.250%, 04/30/2024		5,891,165		2.0
	2,487,000		2.375%, 04/30/2026		2,484,911		0.8
	591,000		2.625%, 02/15/2029		597,176		0.2
					28,279,904		9.5

		Total U.S. Treasury Obligations
		(Cost $31,970,730)			32,064,281		10.7

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Value

Percentage
of Net
Assets

PURCHASED OPTIONS⁽⁷⁾: 0.3%

Total Purchased Options

(Cost $1,040,431)

882,444

0.3

Total Long-Term Investments

(Cost $221,231,181)

223,844,778

75.0

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 27.2%
			Commercial Paper: 15.9%
	2,000,000		American Electric Power Co., Inc., 2.670%, 05/06/2019		1,999,124		0.7
	2,800,000		Autozone, Inc., 2.660%, 05/03/2019		2,799,389		1.0
	2,500,000		Concord Minutemen, 2.510%, 05/20/2019		2,496,560		0.8
	2,800,000		Consolidated Edison, Inc., 2.700%, 05/08/2019		2,798,342		0.9
	4,300,000		DowDuPont, Inc., 2.610%, 05/01/2019		4,299,692		1.5
	2,800,000		DowDuPont, Inc., 2.660%, 05/17/2019		2,796,529		0.9
	2,800,000		Duke Energy Corp., 2.680%, 05/13/2019		2,797,326		0.9
	2,800,000		Eastman Chemical Co., 2.740%, 05/24/2019		2,794,967		0.9
	2,000,000		Eaton Corp., 2.680%, 05/10/2019		1,998,535		0.7
	2,800,000		Harley-Davidson, Inc., 2.710%, 05/17/2019		2,796,476		0.9
	3,000,000		Johnson Controls International plc, 2.650%, 05/01/2019		2,999,782		1.0
	2,200,000		Marriott International, Inc., 2.730%, 05/20/2019		2,196,716		0.7
	2,000,000		Mondelez International, Inc., 2.670%, 05/08/2019		1,998,830		0.7
	2,800,000		Old Line Funding, 2.510%, 05/16/2019		2,796,925		0.9
	2,000,000		PPG Industries, Inc., 2.700%, 05/17/2019		1,997,492		0.7
	2,000,000		Schlumberger Ltd., 2.720%, 05/06/2019		1,999,108		0.7
	3,000,000		Verizon Communications, Inc., 2.680%, 05/13/2019		2,997,135		1.0
	3,000,000		Whirlpool Corp., 2.600%, 05/02/2019		2,999,573		1.0
					47,562,501		15.9

			Securities Lending Collateral(8): 1.2%
	1,000,000	⁽⁸⁾	Cantor Fitzgerald Securities, 0.000%, Repurchase Agreement dated 04/30/19, 2.76%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 05/15/19-03/20/69)		1,000,000		0.4
	1,000,000	⁽⁸⁾	Citigroup, Inc., 0.000%, Repurchase Agreement dated 04/30/19, 2.77%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.250%-8.500%, Market Value plus accrued interest $1,020,000, due 05/25/19-04/20/69)		1,000,000		0.3
	569,180	⁽⁸⁾	JPMorgan Chase & Co., 0.000%, Repurchase Agreement dated 04/30/19, 2.75%, due 05/01/19 (Repurchase Amount $569,223, collateralized by various U.S. Government Securities, 2.125%-2.250%, Market Value plus accrued interest $580,564, due 09/30/21-04/30/24)		569,180		0.2
	1,000,000	⁽⁸⁾	Mizuho Securities USA LLC, 0.000%, Repurchase Agreement dated 04/30/19, 2.75%, due 05/01/19 (Repurchase Amount $1,000,075, collateralized by various U.S. Government Agency Obligations, 3.500%-5.000%, Market Value plus accrued interest $1,020,000, due 08/01/47-09/01/48)		1,000,000		0.3
					3,569,180		1.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 10.1%
	30,100,000	⁽⁹⁾	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330%
			(Cost $30,100,000)		30,100,000			10.1

		Total Short-Term Investments
		(Cost $81,235,359)			81,231,681			27.2

		Total Investments in Securities (Cost $302,466,540)		$	305,076,459			102.2
		Liabilities in Excess of Other Assets			(6,676,017	)		(2.2	)
		Net Assets		$	298,400,442			100.0

See Accompanying Notes to Financial Statements

Voya Global Bond Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

†	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)	Variable rate security. Rate shown is the rate in effect as of April 30, 2019.
(4)	Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.
(5)	The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(6)	Represents a zero coupon bond. Rate shown reflects the effective yield as of April 30, 2019.
(7)	The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(8)	Represents securities purchased with cash collateral received for securities on loan.
(9)	Rate shown is the 7-day yield as of April 30, 2019.

CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EUR	EU Euro
GBP	British Pound
IDR	Indonesian Rupiah
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian New Leu

Reference Rate Abbreviations:

12MTA	12-month Treasury Average
US0001M	1-month LIBOR
US0003M	3-month LIBOR

See Accompanying Notes to Financial Statements

Voya Global Equity Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.3%
			Australia: 3.2%
	88,471		AGL Energy Ltd.		1,387,964		0.6
	282,808		Aurizon Holdings Ltd.		948,965		0.4
	29,149		BHP Group Ltd.		771,351		0.3
	43,334		Coca-Cola Amatil Ltd.		268,805		0.1
	38,391		Computershare Ltd.		482,968		0.2
	59,744		Crown Resorts Ltd.		560,041		0.2
	41,128		Newcrest Mining Ltd.		726,536		0.3
	33,820		Sonic Healthcare Ltd.		611,596		0.3
	105,475		Sydney Airport		566,944		0.2
	61,984		Wesfarmers Ltd.		1,573,296		0.6
					7,898,466		3.2

			Belgium: 0.5%
	16,425		UCB S.A.		1,305,446		0.5

			Canada: 5.1%
	18,677		Bank of Montreal		1,475,256		0.6
	22,684		Bank of Nova Scotia		1,249,254		0.5
	30,898		BCE, Inc.		1,382,419		0.5
	18,412		Canadian Imperial Bank of Commerce - XTSE		1,550,390		0.6
	30,959		CI Financial Corp.		445,309		0.2
	19,868		Empire Co. Ltd.		441,939		0.2
	27,033		Great-West Lifeco, Inc.		679,407		0.3
	7,330		iA Financial Corp., Inc.		291,843		0.1
	27,826		National Bank Of Canada		1,325,562		0.5
	23,846		Open Text Corp.		916,675		0.4
	37,665		TELUS Corp.		1,386,888		0.6
	16,733		Waste Connections, Inc.		1,552,320		0.6
					12,697,262		5.1

			China: 0.5%
	284,500		BOC Hong Kong Holdings Ltd.		1,275,189		0.5
	12,100,000	⁽¹⁾	China Hongxing Sports Ltd.		–		–
					1,275,189		0.5

			Denmark: 0.7%
	34,816		Novo Nordisk A/S		1,705,794		0.7

			Finland: 0.8%
	13,502		Nokian Renkaat OYJ		452,586		0.2
	8,434		Orion Oyj		281,228		0.1
	28,766		Sampo OYJ		1,317,146		0.5
					2,050,960		0.8

			France: 1.4%
	11,975		Edenred		564,597		0.2
	32,518		Getlink SE		523,410		0.2
	82,660		Orange SA		1,291,861		0.5
	3,512		Societe BIC S.A.		302,547		0.1
	25,712		Societe Generale		815,369		0.4
					3,497,784		1.4

			Germany: 1.9%
	2,326		Allianz SE		562,229		0.2
	20,668		Deutsche Lufthansa AG		500,038		0.2
	37,884		Deutsche Post AG		1,316,869		0.5
	9,028		SAP SE		1,163,788		0.5
	161,665		Telefonica Deutschland Holding AG		525,115		0.2
	63,006		TUI AG		701,601		0.3
					4,769,640		1.9

			Hong Kong: 1.6%
	130,500		CK Hutchison Holdings Ltd.		1,372,066		0.5
	309,000		HKT Trust / HKT Ltd.		478,972		0.2
	153,500		Power Assets Holdings Ltd.		1,070,689		0.4
	10,200		Jardine Matheson Holdings Ltd.		671,467		0.3
	208,000		NWS Holdings Ltd.		432,542		0.2
					4,025,736		1.6

			Israel: 0.3%
	103,906		Bank Leumi Le-Israel BM		711,543		0.3

			Italy: 1.2%
	79,315		Assicurazioni Generali S.p.A.		1,538,878		0.6
	269,389		Snam SpA		1,371,434		0.6
					2,910,312		1.2

			Japan: 7.0%
	50,800		Canon, Inc.		1,409,602		0.6
	5,100		Central Japan Railway Co.		1,096,701		0.4
	30,100		Fuji Film Holdings Corp.		1,406,161		0.6
	36,800		Japan Airlines Co. Ltd.		1,200,173		0.5
	78		Japan Prime Realty Investment Corp.		311,856		0.1
	16,900		Kamigumi Co., Ltd.		403,718		0.2
	5,400		Konami Holdings Corp.		245,893		0.1
	29,500		Kyushu Railway Co.		961,235		0.4
	12,200		Medipal Holdings Corp.		274,333		0.1
	7,100		MEIJI Holdings Co., Ltd.		559,665		0.2
	8,300		Mitsubishi Corp.		228,646		0.1
	85,800		Mitsui & Co., Ltd.		1,387,781		0.6
	20,500		Nippon Telegraph & Telephone Corp.		852,973		0.3
	58,300		NTT DoCoMo, Inc.		1,266,019		0.5
	5,400		Oracle Corp. Japan		370,266		0.1
	66,700		ORIX Corp.		944,861		0.4
	9,500		Sankyo Co., Ltd.		375,187		0.2
	87,100		Sekisui House Ltd.		1,404,338		0.6
	92,900		Sumitomo Corp.		1,331,519		0.5
	18,100		Sundrug Co., Ltd.		485,270		0.2
	6,300		Suzuken Co., Ltd.		363,260		0.1
	291		United Urban Investment Corp.		464,595		0.2
					17,344,052		7.0

			Netherlands: 3.5%
	17,299	⁽²⁾	ABN AMRO Group NV		407,433		0.2
	97,596		ING Groep NV		1,245,333		0.5
	56,882		Koninklijke Ahold Delhaize NV		1,370,952		0.6
	15,123		LyondellBasell Industries NV - Class A		1,334,302		0.5
	34,296		NN Group NV		1,496,670		0.6
	88,558		Royal Dutch Shell PLC - Class A		2,821,588		1.1
					8,676,278		3.5

See Accompanying Notes to Financial Statements

Voya Global Equity Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			New Zealand: 0.3%
	261,889		Spark New Zealand Ltd.		642,591		0.3

			Norway: 0.7%
	45,867		Mowi ASA		995,108		0.4
	48,180		Orkla ASA		378,143		0.2
	11,929		Telenor ASA		239,795		0.1
					1,613,046		0.7

			Singapore: 0.7%
	277,400		ComfortDelgro Corp., Ltd.		549,442		0.2
	78,100		SATS Ltd		300,376		0.1
	90,100		Singapore Exchange Ltd.		489,214		0.2
	125,600		Singapore Technologies Engineering Ltd.		365,999		0.2
					1,705,031		0.7

			Spain: 2.2%
	7,772	⁽²⁾	Aena SME SA		1,443,015		0.6
	45,930		Enagas		1,310,174		0.5
	48,969		Endesa S.A.		1,221,701		0.5
	59,548		Ferrovial SA		1,468,437		0.6
					5,443,327		2.2

			Switzerland: 2.3%
	17,296		Nestle SA		1,665,218		0.7
	9,229		Roche Holding AG		2,435,195		1.0
	4,957		Zurich Insurance Group AG		1,580,133		0.6
					5,680,546		2.3

			United Kingdom: 5.2%
	138,881		Aviva PLC		779,975		0.3
	316,248		BT Group PLC		943,690		0.4
	46,732		Compass Group PLC		1,063,335		0.4
	174,235		Direct Line Insurance Group PLC		749,743		0.3
	91,691		GlaxoSmithKline PLC		1,883,632		0.8
	44,900		Imperial Brands PLC		1,428,638		0.6
	435,668		Legal & General Group PLC		1,584,323		0.6
	301,259		Marks & Spencer Group PLC		1,123,776		0.5
	47,111		Persimmon PLC		1,376,248		0.6
	420,328		Taylor Wimpey PLC		996,519		0.4
	333,290		Vodafone Group PLC		618,212		0.2
	132,142		WM Morrison Supermarkets PLC		372,459		0.1
					12,920,550		5.2

			United States: 60.2%
	23,443		AbbVie, Inc.		1,861,140		0.8
	3,856		Accenture PLC		704,376		0.3
	31,311		Aflac, Inc.		1,577,448		0.6
	70,131		AGNC Investment Corp.		1,247,630		0.5
	8,393		Air Products & Chemicals, Inc.		1,727,195		0.7
	6,219		Allison Transmission Holdings, Inc.		291,422		0.1
	9,587		Allstate Corp.		949,688		0.4
	33,163		Altria Group, Inc.		1,801,746		0.7
	24,487		Amdocs Ltd.		1,348,744		0.5
	14,669		Ameren Corp.		1,067,463		0.4
	7,742		Amgen, Inc.		1,388,295		0.6
	16,259		Amphenol Corp.		1,618,746		0.7
	129,366		Annaly Capital Management, Inc.		1,305,303		0.5
	42,996		Apple Hospitality REIT, Inc.		707,284		0.3
	23,743		Apple, Inc.		4,764,508		1.9
	74,939		AT&T, Inc.		2,320,111		0.9
	58,615		Bank of America Corp.		1,792,447		0.7
	23,497		Bemis Co., Inc.		1,349,198		0.5
	45,613		BGC Partners, Inc.		246,310		0.1
	3,792		Boeing Co.		1,432,200		0.6
	22,957		Booz Allen Hamilton Holding Corp.		1,361,121		0.6
	32,854		Bristol-Myers Squibb Co.		1,525,411		0.6
	13,906		Broadridge Financial Solutions, Inc. ADR		1,642,716		0.7
	2,527		Camden Property Trust		254,343		0.1
	24,017		CDK Global, Inc.		1,448,705		0.6
	47,193		Centerpoint Energy, Inc.		1,462,983		0.6
	19,654		CenturyLink, Inc.		224,449		0.1
	20,039		Chevron Corp.		2,405,882		1.0
	51,501		Chimera Investment Corp.		987,274		0.4
	53,228		Cisco Systems, Inc.		2,978,107		1.2
	14,117		Citrix Systems, Inc.		1,425,252		0.6
	22,210		CMS Energy Corp.		1,233,765		0.5
	10,636		CNA Financial Corp.		492,766		0.2
	12,155		Comerica, Inc.		955,261		0.4
	12,378		CoreCivic, Inc.		257,586		0.1
	11,918		Darden Restaurants, Inc.		1,401,557		0.6
	9,520		Eaton Corp. PLC		788,446		0.3
	15,580		Eli Lilly & Co.		1,823,483		0.7
	4,077		Encompass Health Corp.		262,763		0.1
	4,989		Everest Re Group Ltd.		1,174,909		0.5
	19,354		Evergy, Inc.		1,119,048		0.5
	4,908		Exelon Corp.		250,063		0.1
	11,209		Expedia Group, Inc.		1,455,377		0.6
	16,543		Expeditors International Washington, Inc.		1,313,845		0.5
	25,494		Exxon Mobil Corp.		2,046,658		0.8
	29,167		Flir Systems, Inc.		1,544,101		0.6
	29,293		General Mills, Inc.		1,507,711		0.6
	13,071		Genuine Parts Co.		1,340,300		0.5
	31,605		Geo Group, Inc./The		632,732		0.3
	20,474		Hartford Financial Services Group, Inc.		1,070,995		0.4
	1,863		HCA Healthcare, Inc.		237,029		0.1
	12,602		Hershey Co.		1,573,360		0.6
	26,671		Hewlett Packard Enterprise Co.		421,669		0.2
	5,927		Home Depot, Inc.		1,207,330		0.5
	12,424		Honeywell International, Inc.		2,157,179		0.9
	45,337		Intel Corp.		2,314,000		0.9
	15,461		InterDigital, Inc.		1,010,995		0.4
	15,176		International Business Machines Corp.		2,128,738		0.9
	12,129		j2 Global, Inc.		1,062,743		0.4
	29,393		Jabil, Inc.		887,963		0.4
	7,636		JM Smucker Co.		936,403		0.4
	25,699		Johnson & Johnson		3,628,699		1.5
	17,690		JPMorgan Chase & Co.		2,052,924		0.8
	53,061		Juniper Networks, Inc.		1,473,504		0.6
	16,495		KAR Auction Services, Inc.		931,638		0.4

See Accompanying Notes to Financial Statements

Voya Global Equity Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	10,851		Kimberly-Clark Corp.		1,393,051		0.6
	13,675		Kohl's Corp.		972,292		0.4
	2,209		Lear Corp.		315,887		0.1
	24,008		Maxim Integrated Products		1,440,480		0.6
	14,050		Maximus, Inc.		1,034,782		0.4
	11,652		McDonald's Corp.		2,302,086		0.9
	27,747		MDU Resources Group, Inc.		725,584		0.3
	31,842		Merck & Co., Inc.		2,506,284		1.0
	100,365		MFA Financial, Inc.		753,741		0.3
	24,183		Microsoft Corp.		3,158,300		1.3
	2,889		Motorola Solutions, Inc.		418,645		0.2
	79,286		New Residential Investment Corp.		1,332,798		0.5
	13,226		OGE Energy Corp.		559,989		0.2
	47,912		Old Republic International Corp.		1,071,312		0.4
	18,330		Omnicom Group		1,466,950		0.6
	8,298		Oneok, Inc.		563,683		0.2
	41,077		Oracle Corp.		2,272,790		0.9
	18,564		Paychex, Inc.		1,565,131		0.6
	18,336		PepsiCo, Inc.		2,347,925		0.9
	21,981		Perspecta, Inc.		507,321		0.2
	65,775		Pfizer, Inc.		2,671,123		1.1
	24,619		Philip Morris International, Inc.		2,131,021		0.9
	14,669		Phillips 66		1,382,847		0.6
	5,695		Pinnacle West Capital Corp.		542,563		0.2
	54,336		Plains GP Holdings L.P.		1,282,330		0.5
	4,642		Popular, Inc.		267,890		0.1
	22,236		Procter & Gamble Co.		2,367,689		1.0
	15,179		Quest Diagnostics, Inc.		1,462,952		0.6
	17,664		Republic Services, Inc.		1,462,932		0.6
	14,094		Royal Gold, Inc.		1,227,024		0.5
	52,347		Sabre Corp.		1,086,724		0.4
	29,346		Service Corp. International		1,221,087		0.5
	1,334		Simon Property Group, Inc.		231,716		0.1
	21,014		Sonoco Products Co.		1,325,143		0.5
	33,991		Starwood Property Trust, Inc.		783,493		0.3
	18,237		Texas Instruments, Inc.		2,148,866		0.9
	14,880		Total System Services, Inc.		1,521,331		0.6
	95,794		Two Harbors Investment Corp.		1,327,705		0.5
	20,000		Tyson Foods, Inc.		1,500,200		0.6
	7,104		Valero Energy Corp.		644,049		0.3
	24,766	⁽³⁾	Virtu Financial, Inc.		608,748		0.2
	26,378		Walgreens Boots Alliance, Inc.		1,413,069		0.6
	7,636		Walt Disney Co.		1,045,903		0.4
	15,440		Waste Management, Inc.		1,657,330		0.7
	41,474		Wells Fargo & Co.		2,007,756		0.8
	69,195		Western Union Co.		1,345,151		0.5
					149,288,710		60.2

		Total Common Stock
		(Cost $235,941,722)			246,162,263		99.3

EXCHANGE-TRADED FUNDS: 0.3%
	3,707		iShares MSCI EAFE ETF		247,479		0.1
	1,735		SPDR S&P 500 ETF Trust		510,125		0.2

		Total Exchange-Traded Funds
		(Cost $715,068)			757,604		0.3

		Total Long-Term Investments
		(Cost $236,656,790)			246,919,867		99.6

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.4%

Securities Lending Collateral(4): 0.2%

413,476

⁽⁴⁾

BNP Paribas S.A., 0.000%, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $413,507, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $421,745, due 05/21/19-09/09/49)

(Cost $413,476)

413,476

0.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.2%
	490,000	⁽⁵⁾	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330%
			(Cost $490,000)		490,000			0.2

		Total Short-Term Investments
		(Cost $903,476)			903,476			0.4

		Total Investments in Securities (Cost $237,560,266)		$	247,823,343			100.0
		Liabilities in Excess of Other Assets			(11,187	)		–
		Net Assets		$	247,812,156			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(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)	Security, or a portion of the security, is on loan.
(4)	Represents securities purchased with cash collateral received for securities on loan.
(5)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.4%
			Australia: 6.2%
	32,521		ALS Ltd.		182,304		0.1
	23,079		Altium Ltd.		551,550		0.3
	10,520		Ansell Ltd.		200,283		0.1
	10,467		Appen Ltd.		187,495		0.1
	421,186	⁽¹⁾	Aurelia Metals Ltd.		221,623		0.1
	55,236		Ausdrill Ltd.		63,968		0.0
	8,921		Australian Ethical Investment Ltd.		13,836		0.0
	15,025		Australian Finance Group Ltd.		12,716		0.0
	410,707		Beach Energy Ltd.		615,875		0.4
	36,489		BlueScope Steel Ltd.		346,747		0.2
	33,387		Bravura Solutions Ltd.		135,995		0.1
	2,985		Brickworks Ltd.		34,446		0.0
	131,455		Charter Hall Group		910,550		0.5
	8,301		Clinuvel Pharmaceuticals Ltd.		140,150		0.1
	10,505		Codan Ltd./Australia		24,068		0.0
	41,406		Costa Group Holdings Ltd.		165,749		0.1
	99,310		CSR Ltd.		249,477		0.2
	81,945		Data#3 Ltd.		102,921		0.1
	48,286		Downer EDI Ltd.		263,636		0.2
	43,018		ERM Power Ltd.		52,886		0.0
	85,946		Estia Health Ltd.		175,164		0.1
	19,741		Evolution Mining Ltd.		44,500		0.0
	31,220		GDI Property Group		30,619		0.0
	130,852		Grange Resources Ltd.		24,498		0.0
	156,949	⁽¹⁾	Horizon Oil Ltd.		13,224		0.0
	8,195		Hotel Property Investments		19,642		0.0
	11,533		IDP Education Ltd.		126,916		0.1
	95,651		Iluka Resources Ltd.		583,682		0.4
	15,474		IVE Group Ltd.		23,780		0.0
	4,513		Jumbo Interactive Ltd.		54,776		0.0
	55,993	⁽¹⁾	Karoon Energy Ltd.		37,732		0.0
	948		Macquarie Telecom Group Ltd.		13,533		0.0
	10,262		Magellan Financial Group Ltd.		323,023		0.2
	51,086	⁽¹⁾	Mayne Pharma Group Ltd.		25,250		0.0
	130,031		Metcash Ltd.		263,110		0.2
	12,059		Midway Ltd.		30,446		0.0
	24,656		Monadelphous Group Ltd.		329,272		0.2
	36,645		Mount Gibson Iron Ltd.		30,894		0.0
	35,435		New Hope Corp., Ltd.		67,304		0.1
	56,087		Northern Star Resources Ltd.		324,775		0.2
	187,144		NRW Holdings Ltd.		387,864		0.2
	55,529		Nufarm Ltd.		198,405		0.1
	144,182		oOh!media Ltd.		383,728		0.2
	5,843		Over the Wire Holdings Ltd.		21,343		0.0
	125,112		OZ Minerals Ltd.		880,947		0.5
	10,143		People Infrastructure Ltd.		18,268		0.0
	9,209		Pro Medicus Ltd.		132,944		0.1
	6,913		PWR Holdings Ltd.		19,167		0.0
	227,162	⁽¹⁾	Ramelius Resources Ltd.		120,292		0.1
	1,287		Regional Express Holdings Ltd.		1,288		0.0
	13,972		Regis Resources Ltd.		47,270		0.0
	14,381		Rhipe Ltd.		24,645		0.0
	84,177	⁽¹⁾	Saracen Mineral Holdings Ltd.		166,038		0.1
	19,669		Seven Group Holdings Ltd.		271,979		0.2
	47,329	⁽¹⁾	Silver Lake Resources Ltd.		26,338		0.0
	37,971		SpeedCast International Ltd.		103,858		0.1
	136,951		St Barbara Ltd.		309,371		0.2
	34,066		Stanmore Coal Ltd.		31,742		0.0
	55,842		Star Entertainment Grp Ltd.		178,805		0.1
	27,114	⁽¹⁾	Village Roadshow Ltd.		68,810		0.1
	6,556		Washington H Soul Pattinson & Co. Ltd.		106,332		0.1
	4,758		Whitehaven Coal Ltd.		14,111		0.0
					10,531,960		6.2

			Austria: 0.9%
	6,811	^(1),(2)	Porr AG		181,468		0.1
	11,669		Rhi Magnesita NV		756,249		0.4
	2,487		Schoeller-Bleckmann Oilfield Equipment AG		232,332		0.1
	9,586		UNIQA Insurance Group AG		102,141		0.1
	11,849		Wienerberger AG		272,302		0.2
					1,544,492		0.9

			Azerbaijan: 0.0%
	14,821		Anglo Asian Mining PLC		17,394		0.0

			Belgium: 1.0%
	83,424	⁽¹⁾	AGFA-Gevaert NV		360,905		0.2
	125	⁽¹⁾	Barco NV		22,232		0.0
	3,302		Cie d'Entreprises CFE		328,992		0.2
	35,132		Euronav NV		332,812		0.2
	2,137	⁽¹⁾	Galapagos NV		245,463		0.2
	584	⁽¹⁾	Jensen-Group NV		22,139		0.0
	2,697		Warehouses De Pauw SCA		404,741		0.2
					1,717,284		1.0

			Brazil: 0.1%
	9,653		Cosan Ltd.		117,960		0.1
	3,269		FII BTG Pactual Corporate Office Fund		77,367		0.0
					195,327		0.1

			Canada: 7.5%
	11,300		Absolute Software Corp.		75,069		0.1
	15,960		AGF Management Ltd.		65,999		0.0
	62,443	⁽¹⁾	Aimia, Inc.		195,295		0.1
	11,518	⁽¹⁾	Air Canada		276,494		0.2
	4,300		AltaGas Canada, Inc.		61,915		0.0
	7,245		Badger Daylighting Ltd.		244,384		0.1
	3,300		Bird Construction, Inc.		19,509		0.0
	3,100		Boardwalk Real Estate Investment Trust		89,990		0.1
	4,100		Brookfield Real Estate Services, Inc.		52,730		0.0
	14,711		BRP, Inc.		457,241		0.3

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Canada: (continued)
	8,947		Canaccord Capital, Inc.		38,133		0.0
	9,767	^(1),(2)	Canada Goose Holdings, Inc.		521,460		0.3
	8,150		Canadian Apartment Properties REIT		291,580		0.2
	3,473	^(1),(2)	Canadian Solar, Inc.		69,391		0.0
	22,791		Canadian Western Bank		511,041		0.3
	16,987	⁽¹⁾	Canfor Corp.		177,643		0.1
	40,423		Canfor Pulp Products, Inc.		442,640		0.3
	14,413		Capital Power Corp.		324,903		0.2
	232,852	⁽¹⁾	Capstone Mining Corp.		114,714		0.1
	1,700		Cervus Equipment Corp.		16,813		0.0
	10,500		Cineplex, Inc.		200,799		0.1
	3,732	^(1),(2)	Cipher Pharmaceuticals, Inc.		3,900		0.0
	3,081		Cogeco Communications, Inc.		204,610		0.1
	2,025		Cogeco, Inc.		124,399		0.1
	6,000		Computer Modelling Group Ltd.		26,424		0.0
	17,736	⁽¹⁾	Detour Gold Corp.		157,542		0.1
	1,380		Dream Office Real Estate Investment Trust		24,001		0.0
	4,500		DREAM Unlimited Corp.		25,125		0.0
	100		E-L Financial Corp. Ltd.		60,088		0.0
	4,100		Empire Co. Ltd.		91,200		0.1
	20,949		Enerflex Ltd.		289,755		0.2
	10,000		Enghouse Systems Ltd.		244,458		0.1
	61,922		Entertainment One Ltd.		385,685		0.2
	27,200		Gibson Energy, Inc.		448,494		0.3
	11,000	⁽¹⁾	Gran Colombia Gold Corp.		27,424		0.0
	91,634	⁽¹⁾	Gran Tierra Energy, Inc.		220,244		0.1
	446		Granite Real Estate Investment Trust		20,262		0.0
	11,900	⁽¹⁾	Great Canadian Gaming Corp.		457,364		0.3
	93,700	⁽¹⁾	Guyana Goldfields, Inc.		65,045		0.0
	33,857		High Arctic Energy Services, Inc.		97,803		0.1
	31,500		HudBay Minerals, Inc.		209,734		0.1
	18,700		iA Financial Corp., Inc.		744,538		0.4
	6,500	⁽¹⁾	IBI Group, Inc.		24,211		0.0
	2,312	⁽¹⁾	Imax Corp.		56,367		0.0
	1,532		Information Services Corp.		19,337		0.0
	9,900	⁽¹⁾	Interfor Corp.		123,408		0.1
	15,285		Kirkland Lake Gold Ltd.		494,136		0.3
	300		Lassonde Industries, Inc.		38,404		0.0
	3,000		Linamar Corp.		113,802		0.1
	1,300		Magellan Aerospace Corp.		18,194		0.0
	45,000		Martinrea International, Inc.		457,826		0.3
	8,083		Medical Facilities Corp.		98,948		0.1
	11,000	⁽¹⁾	MEG Energy Corp.		48,936		0.0
	800		Morguard Corp.		115,703		0.1
	7,136		Morguard North American Residential Real Estate Investment Trust		93,961		0.1
	8,600		Neo Performance Materials, Inc.		80,178		0.1
	25,217		North American Construction Group Ltd.		329,586		0.2
	27,422	⁽¹⁾	Parex Resources, Inc.		467,097		0.3
	475	⁽¹⁾	Points International Ltd.		6,116		0.0
	1,900		Polaris Infrastructure, Inc.		15,671		0.0
	23,600		Reitmans Canada Ltd.		58,837		0.0
	183		Stuart Olson, Inc.		634		0.0
	15,900		Summit Industrial Income REIT		140,758		0.1
	97,577	⁽¹⁾	Tamarack Valley Energy Ltd.		199,568		0.1
	137,466	⁽¹⁾	Taseko Mines Ltd.		96,597		0.1
	19,416	⁽¹⁾	Teranga Gold Corp.		47,102		0.0
	9,955		TFI International, Inc.		326,954		0.2
	17,200		Torstar Corp.		8,987		0.0
	2,510		Total Energy Services, Inc.		18,361		0.0
	49,076		TransGlobe Energy Corp.		95,698		0.1
	29,852		Tricon Capital Group, Inc.		237,310		0.1
	5,400		VersaBank		30,231		0.0
	12,388		West Fraser Timber Co., Ltd.		637,755		0.4
	19,100		Western Forest Products, Inc.		26,803		0.0
	2,076	^(1),(2)	Zymeworks, Inc.		39,569		0.0
					12,742,883		7.5

			China: 2.7%
	512,558		Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. - A Shares		602,022		0.4
	115,624		Asia Cement China Holdings Corp.		137,280		0.1
	155,000		China Sunshine Paper Holdings Co. Ltd.		24,915		0.0
	10,276		China Yuchai International Ltd.		171,095		0.1
	374,100		Chongqing Dima Industry Co. Ltd. - A Shares		246,778		0.1
	34,200		Dutech Holdings Ltd.		6,098		0.0
	819,100		Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd. - A Shares		368,717		0.2
	157,622		Golden Wheel Tiandi Holdings Co. Ltd.		14,432		0.0
	1,104,659		Greenland Hong Kong Holdings Ltd.		454,102		0.3
	147,000		Henan Jinma Energy Co. Ltd. - H Shares		87,228		0.1
	151,200		Jiangxi Wannianqing Cement Co. Ltd. - A Shares		318,189		0.2
	264,000		Microport Scientific Corp.		248,784		0.1
	152,000		Nexteer Automotive Group Ltd.		238,343		0.1
	89,000		Pacific Online Ltd.		20,437		0.0
	229,986		Poly Property Group Co. Ltd.		96,493		0.1
	88,000	^(1),(3)	RREEF China Commercial Trust		–		–
	112,000		Shandong Weigao Group Medical Polymer Co., Ltd. - H Shares		110,096		0.1
	95,600		Shanghai Tunnel Engineering Co. Ltd. - A Shares		97,988		0.1
	31,700		Shenzhen Centralcon Investment Holding Co. Ltd. - A Shares		53,171		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			China: (continued)
	150,973		Sinotruk Hong Kong Ltd.		327,738		0.2
	194,000	⁽¹⁾	SPT Energy Group, Inc.		19,282		0.0
	116,000		Ten Pao Group Holdings Ltd.		16,266		0.0
	262,000		Towngas China Co. Ltd.		208,454		0.1
	1,626,000		West China Cement Ltd.		228,426		0.1
	38,932		Xingfa Aluminium Holdings Ltd.		32,754		0.1
	375,200		Xinyu Iron & Steel Co. Ltd. - A Shares		331,146		0.2
	319,000		Xiwang Special Steel Co. Ltd. - H Shares		59,885		0.0
					4,520,119		2.7

			Denmark: 0.8%
	49,826		Columbus A/S		99,890		0.1
	5,476		Dfds A/S		260,362		0.1
	9,797		GN Store Nord A/S		502,148		0.3
	4,469		Matas A/S		44,379		0.0
	238		North Media AS		1,355		0.0
	612		Per Aarsleff Holding A/S		20,273		0.0
	6,109		Royal Unibrew A/S		438,366		0.3
	30		Sparekassen Sjaelland-Fyn AS		396		0.0
					1,367,169		0.8

			Finland: 1.2%
	1,202		Alma Media OYJ		8,224		0.0
	3,392		Atria PLC		30,899		0.0
	14,148		Cramo PLC		297,534		0.2
	8,788		DNA OYJ		209,370		0.1
	1,730		eQ Oyj		17,591		0.0
	10,269		Finnair OYJ		85,886		0.1
	2,011		Ilkka-Yhtyma OYJ		8,551		0.0
	6,977		Metso Oyj		261,061		0.2
	25,201		Metsa Board OYJ		140,974		0.1
	20,215		Oriola-KD OYJ		52,148		0.1
	28,745	⁽¹⁾	Outotec Oyj		151,852		0.1
	2,389		Ponsse Oyj		80,427		0.0
	1,154		Talenom Oyj		43,878		0.0
	6,452		Tieto OYJ		183,699		0.1
	1,160		Titanium Oyj		10,929		0.0
	1,388		Vaisala OYJ		30,108		0.0
	14,650		Valmet OYJ		403,565		0.2
					2,016,696		1.2

			France: 6.3%
	4,920		Alstom SA		216,467		0.1
	4,097		Alten Ltd.		447,443		0.3
	896		ARGAN SA		54,268		0.1
	5,346		Arkema SA		548,911		0.3
	2,475	^(1),(2)	AST Groupe SA		11,506		0.0
	731	⁽¹⁾	Baikowski SAS		12,298		0.0
	5,327		Beneteau SA		67,628		0.0
	1,451		Boiron SA		77,434		0.1
	435		Savencia SA		33,177		0.0
	678	⁽¹⁾	Cegedim SA		19,734		0.0
	198,491	⁽¹⁾	CGG SA		358,823		0.2
	2,308		Cie des Alpes		69,635		0.1
	228	⁽¹⁾	Devoteam SA		26,698		0.0
	5,329		Eiffage SA		556,409		0.3
	23,557		Elis SA		420,413		0.3
	1,998		Eramet SLN		139,919		0.1
	4,731		Faurecia SA		240,721		0.1
	1,559		Groupe Crit		119,355		0.1
	2,148	⁽¹⁾	Groupe Fnac		188,761		0.1
	125	⁽¹⁾	Groupe Partouche SA		3,056		0.0
	3,341	⁽¹⁾	ID Logistics Group		597,316		0.4
	6,800		Imerys SA		362,126		0.2
	762	⁽¹⁾	Infotel SA		32,905		0.0
	13,911	^(1),(2)	Innate Pharma SA		91,380		0.1
	1,527	⁽¹⁾	Kaufman & Broad SA		60,927		0.0
	7,921		Korian SA		318,853		0.2
	135	⁽¹⁾	LDC SA		15,909		0.0
	1,992		Lectra		47,924		0.0
	21,793	^(1),(4)	Maisons du Monde SA		469,229		0.3
	575	⁽¹⁾	Maisons France Confort		23,830		0.0
	271		Manutan International		20,608		0.0
	5,112		AKWEL		99,762		0.1
	6,747		Nexity SA		315,587		0.2
	731		PSB Industries SA		26,036		0.0
	6,477		Rubis SCA		355,266		0.2
	5,070		SCOR SE		206,982		0.1
	1,171		SEB SA		214,541		0.1
	793		Seche Environnement SA		26,950		0.0
	78		Societe Marseillaise du Tunnel Prado-Carenage SA		1,767		0.0
	28,529		Television Francaise 1		311,663		0.2
	6,416	⁽¹⁾	SOITEC		649,841		0.4
	1,286		Synergie SA		51,523		0.0
	4,460		Teleperformance		857,397		0.5
	6,270	^(1),(2)	Tikehau Capital SCA		158,230		0.1
	12,128	⁽¹⁾	UbiSoft Entertainment		1,158,692		0.7
	284		Vetoquinol SA		17,842		0.0
	1,730	⁽¹⁾	Virbac SA		308,132		0.2
	229		Voyageurs du Monde		30,822		0.0
	3,616	^(1),(4)	Worldline SA/France		227,907		0.1
					10,672,603		6.3

			Germany: 4.1%
	4,428		Aareal Bank AG		154,884		0.1
	17,969	⁽¹⁾	ADVA AG Optical Networking		154,230		0.1
	7,962	⁽¹⁾	Affimed NV		26,275		0.0
	23,288		Alstria Office REIT-AG		365,157		0.2
	6,941		Amadeus Fire AG		926,282		0.6
	4,828	⁽²⁾	Aurelius Equity Opportunities SE & Co. KGaA		240,481		0.1
	2,816		Bechtle AG		289,898		0.2
	8,047	⁽¹⁾	Borussia Dortmund GmbH & Co. KGaA		77,304		0.1
	5,458		Carl Zeiss Meditec AG		536,849		0.3
	1,041		CENTROTEC Sustainable AG		13,762		0.0
	4,994		Cewe Stiftung & Co. KGAA		471,629		0.3
	3,580		comdirect bank AG		41,679		0.0
	55,433		Deutz AG		547,790		0.3
	5,684	⁽¹⁾	Dialog Semiconductor PLC		221,132		0.1
	4,015		Duerr AG		181,575		0.1
	260		Eckert & Ziegler Strahlen- und Medizintechnik AG		22,943		0.0
	3,487		Elmos Semiconductor AG		96,076		0.1
	646		First Sensor AG		17,344		0.0
	9,593		Francotyp-Postalia Holding AG		38,950		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Germany: (continued)
	2,187		Fraport AG Frankfurt Airport Services Worldwide		182,058		0.1
	3,120		Gerresheimer AG		235,069		0.1
	2,993		Hugo Boss AG		209,134		0.1
	7,547		IVU Traffic Technologies AG		69,072		0.1
	564		Nexus AG		16,131		0.0
	1,578	⁽²⁾	PSI Software AG		32,775		0.0
	3,242		Rheinmetall AG		373,571		0.2
	15,749		SAF-Holland SA		196,524		0.1
	2,760		Salzgitter AG		91,222		0.1
	4,170	^(2),(4)	Scout24 AG		214,678		0.1
	3,137		Software AG		119,487		0.1
	4,618	⁽²⁾	Stratec SE		324,759		0.2
	18,343		TAG Immobilien AG		413,085		0.3
	1,861		Vib Vermoegen AG		52,600		0.0
					6,954,405		4.1

			Greece: 0.1%
	9,471		Athens Water Supply & Sewage Co. SA		63,122		0.1
	942		Motor Oil Hellas Corinth Refineries SA		24,026		0.0
					87,148		0.1

			Hong Kong: 2.2%
	2,000		Allied Group Ltd.		11,269		0.0
	236,000		Allied Properties HK Ltd.		54,150		0.1
	300,000		Build King Holdings Ltd.		57,048		0.0
	123,778		Cathay Pacific Airways Ltd.		208,444		0.1
	105,000		Champion REIT		88,919		0.1
	1,304,000	⁽¹⁾	Chigo Holding Ltd.		17,454		0.0
	2,802,920	⁽¹⁾	China Billion Resources Ltd.		8,218		0.0
	284,000	⁽¹⁾	China Energy Development Holdings Ltd.		6,154		0.0
	87,913	⁽¹⁾	S&C Engine Group Ltd.		38,869		0.0
	226,000		China Merchants Land Ltd.		39,466		0.0
	80,000		Chuang's Consortium International Ltd.		18,246		0.0
	80,000		Computer & Technologies Holdings Ltd.		39,975		0.0
	164,877		Computime Group Ltd.		20,178		0.0
	68,000		Convenience Retail Asia Ltd.		34,689		0.0
	17,600		Dah Sing Financial Holdings Ltd.		92,452		0.1
	90,000		EcoGreen International Group Ltd.		18,843		0.0
	162,000		Emperor International Holdings Ltd.		48,207		0.0
	814,000		Fountain SET Hldgs		143,193		0.1
	566,000		Get Nice Holdings Ltd.		20,202		0.0
	238,000		Giordano Intl. Ltd.		113,244		0.1
	15,864	⁽¹⁾	Great Rich Technologies Ltd.		36,330		0.0
	222,000		Guangnan Holdings Ltd.		29,146		0.0
	120,944		Hanison Construction Holdings Ltd.		20,813		0.0
	103,200		HKR International Ltd.		57,072		0.0
	10,000		Hong Kong Ferry Holdings Co. Ltd.		11,310		0.0
	238,000		Hop Fung Group Holdings Ltd.		12,135		0.0
	90,000		Hung Hing Printing Group Ltd.		15,603		0.0
	501,815		K Wah International Holdings Ltd.		314,952		0.2
	53,200		Lai Fung Holdings Ltd.		66,595		0.1
	6,000		Liu Chong Hing Investment Ltd.		10,445		0.0
	35,701		Lung Kee Bermuda Holdings		15,564		0.0
	48,377	⁽¹⁾	Million Hope Industries Holdings Ltd.		4,502		0.0
	118,000		Ming Fai International Holdings Ltd.		16,997		0.0
	23,000	⁽¹⁾	Rich Goldman Holdings Ltd.		762		0.0
	105,628		Overseas Chinese Town Asia Holdings Ltd.		44,827		0.0
	278,000	^(1),(3)	Pacific Andes International Holdings Ltd.		–		–
	40,000	⁽¹⁾	Paradise Entertainment Ltd.		6,374		0.0
	283,000		PAX Global Technology Ltd.		132,182		0.1
	138,000		PC Partner Group Ltd.		37,937		0.0
	80,000		Perfect Shape Medical Ltd.		25,008		0.0
	62,000		Pico Far East Holdings Ltd.		22,682		0.0
	10,000		Public Financial Holdings Ltd.		4,373		0.0
	405,064		Road King Infrastructure		919,838		0.6
	406,000		Shanghai Industrial Urban Development Group Ltd.		81,310		0.1
	79,592		SHK Hong Kong Industries Ltd.		1,867		0.0
	15,500		Soundwill Holdings Ltd.		23,210		0.0
	332,000		Sun Hung Kai & Co. Ltd.		165,575		0.1
	32,000		Sunlight Real Estate Investment Trust		23,537		0.0
	375,000		Tang Palace China Holdings Ltd.		65,986		0.1
	189,000		Tao Heung Holdings Ltd.		36,861		0.0
	109,832		Tomson Group Ltd.		42,142		0.1
	92,000		TPV Technology Ltd.		21,344		0.0
	445,000		Value Partners Group Ltd.		335,409		0.2
	33,220		Valuetronics Holdings Ltd.		16,733		0.0
	212,000		Vedan International Holdings Ltd.		20,809		0.0
	40,000		Wai Kee Holdings Ltd.		27,145		0.0
	104,000		Water Oasis Group Ltd.		13,672		0.0
					3,760,267		2.2

			India: 0.1%
	25,620	^(1),(3)	Geodesic Ltd.		–		–
	1,201		Hinduja Global Solutions Ltd.		10,771		0.0
	5,683		Newgen Software Technologies Ltd.		25,737		0.0
	4,409		Persistent Systems Ltd.		40,337		0.1
	748		Sharda Motor Industries Ltd.		15,606		0.0
	21,379	^(1),(3)	Varun Industries Ltd.		–		–

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			India: (continued)
	9,991		West Coast Paper Mills Ltd.		35,186		0.0
	1,184	⁽¹⁾	WNS Holdings Ltd. ADR		67,665		0.0
					195,302		0.1

			Indonesia: 0.1%
	301,000	⁽¹⁾	Gajah Tunggal Tbk PT		15,644		0.0
	143,100	⁽¹⁾	Lippo Cikarang Tbk PT		18,578		0.0
	73,517		Mitrabara Adiperdana Tbk PT		13,627		0.0
	190,900	⁽¹⁾	Mulia Industrindo Tbk PT		17,750		0.0
	1,905,900		Wijaya Karya Bangunan Gedung Tbk PT		50,875		0.1
					116,474		0.1

			Ireland: 0.6%
	8,724	^(1),(2)	Avadel Pharmaceuticals PLC ADR		10,905		0.0
	177,906	⁽¹⁾	Cairn Homes PLC		255,810		0.2
	34,994		Dalata Hotel Group PLC		229,074		0.1
	23,507		Grafton Group PLC		270,930		0.1
	38,283		UDG Healthcare PLC		328,657		0.2
					1,095,376		0.6

			Israel: 2.2%
	474	⁽¹⁾	ADO Group Ltd.		9,966		0.0
	192,487		Bezeq Israeli Telecommunication Corp., Ltd.		131,675		0.1
	4,504		Camtek Ltd./Israel		44,950		0.0
	111,095	⁽¹⁾	Ceragon Networks Ltd.		425,494		0.3
	3,559	⁽¹⁾	CyberArk Software Ltd.		458,862		0.3
	3,002		Danel Adir Yeoshua Ltd.		175,387		0.1
	2,023		FIBI Holdings Ltd.		59,285		0.0
	3,108		First International Bank Of Israel Ltd.		78,107		0.1
	3,561		Fox Wizel Ltd.		100,294		0.1
	123	⁽²⁾	Globrands Ltd.		11,343		0.0
	724		Israel Corp., Ltd.		174,681		0.1
	171,835		Israel Discount Bank Ltd.		670,788		0.4
	1,150		Ituran Location and Control Ltd.		42,285		0.0
	3,794	⁽¹⁾	Kamada Ltd.		22,133		0.0
	3,790		Kerur Holdings Ltd.		99,458		0.1
	9,514		Mendelson Infrastructures & Industries Ltd.		20,987		0.0
	25,716		Mizrahi Tefahot Bank Ltd.		556,677		0.3
	9,381		Naphtha Israel Petroleum Corp. Ltd.		57,098		0.0
	140,420	⁽¹⁾	Oil Refineries Ltd.		68,980		0.0
	634		Paz Oil Co. Ltd.		92,428		0.1
	2,548	⁽¹⁾	Radware Ltd.		66,477		0.0
	1,636		Sapiens International Corp. NV		25,145		0.0
	500	⁽¹⁾	Silicom Ltd.		15,340		0.0
	711		Taro Pharmaceuticals Industries, Ltd.		76,369		0.0
	16,562	⁽¹⁾	Tower Semiconductor Ltd.		297,619		0.2
	248		Victory Supermarket Chain Ltd.		3,373		0.0
					3,785,201		2.2

			Italy: 5.8%
	138,402		A2A SpA		231,636		0.1
	4,746	⁽¹⁾	ACEA SpA		86,308		0.1
	25,526	⁽¹⁾	Amplifon S.p.A.		491,068		0.3
	59,064	⁽⁴⁾	Anima Holding SpA		235,395		0.1
	18,469	⁽¹⁾	Arnoldo Mondadori Editore SpA		35,381		0.0
	9,304		Ascopiave SpA		40,020		0.0
	66,626		Autogrill S.p.A.		647,467		0.4
	22,817		ASTM SpA		581,387		0.4
	18,941		Azimut Holding S.p.A.		383,019		0.2
	32,745		Banca Finnat Euramerica S.p.A.		12,374		0.0
	20,512		Banca Generali SpA		579,567		0.3
	10,776		BasicNet SpA		65,992		0.0
	3,403	⁽¹⁾	Biesse S.p.A.		75,833		0.1
	7,402	⁽¹⁾	Brunello Cucinelli SpA		269,107		0.2
	12,516		Buzzi Unicem SpA		279,053		0.2
	37,626		Cerved Group SpA		367,726		0.2
	13,658		Cofide SpA		8,104		0.0
	13,424		Danieli & Co. Officine Meccaniche SpA		273,425		0.2
	4,875		DiaSorin SpA		476,566		0.3
	1,676	⁽¹⁾	El.En. SpA		34,054		0.0
	26,705	⁽¹⁾	Elica SpA		69,789		0.1
	15,292		Emak SpA		23,336		0.0
	15,810		ERG S.p.A.		292,063		0.2
	18,996	⁽¹⁾	Falck Renewables SpA		67,971		0.0
	27,868	^(1),(2),(4)	Gima TT SpA		221,458		0.1
	200,102		Hera SpA		712,316		0.4
	49,439	⁽⁴⁾	Infrastrutture Wireless Italiane SpA		409,801		0.3
	17,762		Interpump Group SpA		667,929		0.4
	63,406		Italgas SpA		396,067		0.2
	3,300		Italian Wine Brands SpA		43,120		0.0
	86,980	^(1),(2),(4)	OVS SpA		181,506		0.1
	400		Pharmanutra SpA		7,761		0.0
	66,401		Piaggio & C SpA		183,469		0.1
	2,655		Ratti SpA		12,395		0.0
	103,261	⁽¹⁾	Reno de Medici SpA		81,652		0.1
	27,261		Salvatore Ferragamo Italia SpA		618,495		0.4
	110,227		Saras S.p.A.		196,933		0.1
	7,403		Servizi Italia SpA		32,696		0.0
	1,913		Societa Iniziative Autostradali e Servizi S.p.A.		31,543		0.0
	231	⁽¹⁾	Somec SpA		5,855		0.0
	16,720	^(1),(4)	Technogym SpA		205,175		0.1
	3,267	⁽²⁾	Tod's S.p.A.		160,569		0.1
					9,795,381		5.8

			Japan: 23.6%
	800		Achilles Corp.		14,188		0.0
	1,000		Oriental Consultants Holdings Co. Ltd.		18,143		0.0
	22,500		Advantest Corp.		638,071		0.4
	1,000		Aichi Bank Ltd.		32,654		0.0
	700		Aichi Tokei Denki Co., Ltd.		26,009		0.0
	62,100	⁽¹⁾	Aiful Corp.		145,701		0.1
	2,100		Aiphone Co., Ltd.		33,159		0.0
	1,100		Alpha Systems, Inc.		27,096		0.0
	600		Anabuki Kosan, Inc.		15,875		0.0
	12,400		Anritsu Corp.		215,669		0.1
	1,900		Arakawa Chemical Industries Ltd.		25,633		0.0
	500		Arata Corp.		17,863		0.0
	3,500		Artnature, Inc.		19,727		0.0
	15,719		Asahi Intecc Co. Ltd.		796,308		0.5

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		Japan: (continued)
	800	Asante, Inc.		15,628		0.0
	1,400	ASKA Pharmaceutical Co., Ltd.		14,635		0.0
	3,000	Avant Corp.		44,225		0.0
	700	Axyz Co. Ltd.		15,355		0.0
	6,000	Bando Chemical Industries Ltd.		58,491		0.0
	1,700	Bank of Kochi Ltd.		12,622		0.0
	3,700	Bank of Kochi Ltd./The		160,338		0.1
	19,000	BIC Camera, Inc.		203,799		0.1
	1,600	BML, Inc.		45,208		0.0
	1,200	Business Brain Showa-Ota, Inc.		21,879		0.0
	2,200	Chilled & Frozen Logistics Holdings Co. Ltd.		24,661		0.0
	1,400	Chino Corp.		16,461		0.0
	1,300	Chori Co., Ltd.		19,408		0.0
	9,000	Chubu Shiryo Co., Ltd.		99,659		0.1
	600	Chuo Spring Co., Ltd.		15,842		0.0
	1,700	CMC Corp.		31,364		0.0
	4,300	Computer Engineering & Consulting Ltd.		85,147		0.1
	1,400	Contec Co. Ltd.		23,022		0.0
	2,500	Corona Corp.		23,620		0.0
	3,900	CTI Engineering Co., Ltd.		53,601		0.0
	4,600	Daifuku Co., Ltd.		282,995		0.2
	2,700	Daihatsu Diesel Manufacturing Co., Ltd.		15,735		0.0
	44,900	Daikyonishikawa Corp.		452,855		0.3
	2,700	Dainichi Co., Ltd.		16,210		0.0
	3,400	Daiseki Co., Ltd.		93,405		0.1
	7,200	Daiwa Industries Ltd.		84,095		0.1
	6,900	Denka Co., Ltd.		208,348		0.1
	511	Densan Co. Ltd.		8,936		0.0
	1,650	Disco Corp.		285,527		0.2
	37,100	DMG Mori Co. Ltd.		534,988		0.3
	1,000	DMS, Inc.		17,258		0.0
	14,091	DTS Corp.		499,071		0.3
	100	Duskin Co., Ltd.		2,468		0.0
	1,600	Dvx, Inc.		13,221		0.0
	300	Ebara Foods Industry, Inc.		5,883		0.0
	2,300	Eco's Co., Ltd.		30,463		0.0
	1,500	Elematec Corp.		27,601		0.0
	17,600	EPS Holdings, Inc.		315,542		0.2
	4,500	Excel Co., Ltd.		79,770		0.1
	34,400	Ferrotec Holdings Corp.		384,804		0.2
	146,200	FIDEA Holdings Co., Ltd.		172,235		0.1
	11,700	FJ Next Co. Ltd.		93,788		0.1
	2,200	Fuji Furukawa Engineering & Construction Co. Ltd.		36,677		0.0
	6,200	Fuji Oil Holdings, Inc.		199,153		0.1
	1,488	Fuji Pharma Co. Ltd.		22,585		0.0
	10,027	Fuji Soft, Inc.		396,610		0.2
	7,900	Fujikura Kasei Co., Ltd.		43,244		0.0
	11,057	Fujitsu Frontech Ltd.		105,538		0.1
	2,200	FuKoKu Co. Ltd.		16,322		0.0
	300	Fukuda Denshi Co., Ltd.		20,899		0.0
	8,500	Fullcast Co., Ltd.		187,454		0.1
	4,400	Furusato Industries Ltd.		64,502		0.1
	700	Fuso Pharmaceutical Industries Ltd.		15,527		0.0
	9,200	Future Corp.		153,789		0.1
	8,182	G-7 Holdings, Inc.		185,047		0.1
	600	Gakken Holdings Co., Ltd.		28,101		0.0
	700	Genki Sushi Co., Ltd.		27,244		0.0
	7,400	Grandy House Corp.		29,826		0.0
	40,100	GungHo Online Entertainment, Inc.		125,108		0.1
	32,500	Gunma Bank Ltd.		128,884		0.1
	16,000	H2O Retailing Corp.		203,843		0.1
	3,100	Hakudo Co., Ltd.		43,139		0.0
	3,800	Harima Chemicals Group, Inc.		37,522		0.0
	1,800	Haruyama Trading Co., Ltd.		13,554		0.0
	1,210	Hashimoto Sogyo Holdings Co. Ltd.		15,649		0.0
	36,100	Hazama Ando Corp.		242,755		0.2
	5,400	HIS Co., Ltd.		172,481		0.1
	6,000	Hokko Chemical Industry Co. Ltd.		28,273		0.0
	3,800	Hokuhoku Financial Group, Inc.		41,912		0.0
	2,400	Honshu Chemical Industry Co. Ltd.		26,023		0.0
	1,000	Hosokawa Micron Corp.		47,210		0.0
	1,700	Housecom Corp.		20,883		0.0
	1,900	HS Securities Co., Ltd		16,691		0.0
	93,500	Ichigo, Inc.		302,005		0.2
	1,100	ID Holdings Corp.		13,339		0.0
	15,350	IHI Corp.		366,457		0.2
	9,800	IJTT Co. Ltd.		52,708		0.0
	42,600	Infocom Corp.		819,239		0.5
	2,100	Internet Initiative Japan, Inc.		42,622		0.0
	590	Invincible Investment Corp.		298,547		0.2
	1,200	I-O Data Device, Inc.		12,798		0.0
	2,800	Ishihara Sangyo Kaisha Ltd.		31,469		0.0
	25,100	Itoham Yonekyu Holdings, Inc.		156,991		0.1
	20,200	Iwaki & Co., Ltd.		83,336		0.1
	3,500	Iyo Bank Ltd.		19,468		0.0
	12,000	Jamco Corp.		241,689		0.2
	4,400	Japan Airport Terminal Co., Ltd.		186,069		0.1
	6,500	Japan Medical Dynamic Marketing, Inc.		72,263		0.1
	900	Japan System Techniques Co. Ltd.		11,500		0.0
	7,100	JBCC Holdings, Inc.		96,729		0.1
	3,500	JCR Pharmaceuticals Co. Ltd.		197,464		0.1
	2,600	Jeol Ltd.		52,680		0.0
	1,000	JFE Systems, Inc.		25,634		0.0
	19,600	JGC Corp.		282,406		0.2
	14,000	Kadokawa Dwango Corp.		176,582		0.1
	1,478	Kakiyasu Honten Co. Ltd.		27,940		0.0
	700	Kamei Corp.		7,009		0.0
	7,400	Kanamoto Co., Ltd.		175,663		0.1
	37,100	Kanematsu Corp.		411,786		0.3
	18,700	Kanto Denka Kogyo Co., Ltd.		139,835		0.1
	1,200	Kawasumi Laboratories, Inc.		7,885		0.0
	4,700	Keihanshin Building Co. Ltd.		43,105		0.0
	22,300	Keihin Corp.		367,524		0.2

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: (continued)
	5,900		Keiyo Bank Ltd.		36,484		0.0
	42		Kenedix Office Investment Corp.		280,981		0.2
	36,800		Kenedix, Inc.		175,240		0.1
	11,000		KH Neochem Co. Ltd.		321,323		0.2
	2,100		Kimura Unity Co., Ltd.		21,182		0.0
	5,700		King Co. Ltd.		35,223		0.0
	1,200	⁽¹⁾	KNT-CT Holdings Co., Ltd.		15,007		0.0
	2,400		Kita-Nippon Bank Ltd.		41,124		0.0
	100		Kitano Construction Corp.		2,715		0.0
	1,900		Koatsu Gas Kogyo Co., Ltd.		14,203		0.0
	2,800		Kohsoku Corp.		29,668		0.0
	4,500	⁽¹⁾	Kojima Co., Ltd.		22,089		0.0
	1,200		Komaihal Tec, Inc.		19,444		0.0
	1,800		KSK Co. Ltd./Inagi		31,510		0.1
	6,000		Kumagai Gumi Co., Ltd.		176,050		0.1
	1,400		Kurabo Industries Ltd.		26,335		0.0
	700		Kyodo Printing Co., Ltd.		15,744		0.0
	9,900		Kyorin Co., Ltd.		186,043		0.1
	6,800		Kyoritsu Maintenance Co., Ltd.		349,425		0.2
	12,000		Kyowa Exeo Corp.		328,228		0.2
	5,900		Kyowa Leather Cloth Co., Ltd.		41,636		0.0
	9,882		Kyudenko Corp.		282,019		0.2
	6,300		Lasertec Corp.		286,266		0.2
	4,000	⁽¹⁾	M&A Capital Partners Co. Ltd.		171,215		0.1
	21,200		Maeda Corp.		211,127		0.1
	4,300		Makino Milling Machine Co., Ltd.		182,442		0.1
	1,600		Marubun Corp.		9,322		0.0
	1,000		Maruhachi Holdings Co. Ltd.		7,370		0.0
	14,500		Maruzen CHI Holdings Co. Ltd.		47,939		0.0
	8,100		Matsumotokiyoshi Holdings Co., Ltd.		268,197		0.2
	44,300		Mebuki Financial Group, Inc.		112,947		0.1
	5,900		Meiwa Corp.		24,076		0.0
	1,400		Minori Solutions Co., Ltd.		20,293		0.0
	15,300		Mirait Holdings Corp.		225,077		0.1
	39,500		Mito Securities Co., Ltd.		78,635		0.1
	1,100		Mitsubishi Research Institute, Inc.		30,557		0.0
	7,500		Miura Co., Ltd.		192,002		0.1
	600		Miyazaki Bank Ltd.		14,484		0.0
	4,100		Modec, Inc.		126,069		0.1
	800		Morishita Jintan Co. Ltd.		16,194		0.0
	900		Mory Industries, Inc.		20,629		0.0
	1,900		Mutoh Holdings Co., Ltd.		31,782		0.0
	1,800		NAC Co., Ltd.		16,182		0.0
	1,300		Nadex Co., Ltd.		9,974		0.0
	700		Nafco Co., Ltd.		9,124		0.0
	1,500		Nagano Bank Ltd.		23,059		0.0
	12,900		Nakano Corp.		55,176		0.0
	2,200		Narasaki Sangyo Co. Ltd.		36,268		0.0
	24,400		Net One systems Co., Ltd.		633,519		0.4
	9,859		Nichireki Co., Ltd.		93,848		0.1
	3,940		Nichirin Co. Ltd.		62,771		0.0
	4,000		Nihon Kohden Corp.		116,801		0.1
	4,000		Nihon Unisys Ltd.		102,545		0.1
	59		Nippon Accommodations Fund, Inc.		301,484		0.2
	400		Nippon Chemiphar Co., Ltd.		10,429		0.0
	18,800		Nippon Filcon Co., Ltd./Tokyo		86,741		0.1
	900		Nippon Seisen Co., Ltd.		23,471		0.0
	11,013		Nippon Shinyaku Co., Ltd.		760,445		0.5
	49,700		Nippon Suisan Kaisha Ltd.		348,718		0.2
	2,100		Nippon Systemware Co., Ltd.		41,395		0.0
	19,100		Nippon Yusen KK		326,379		0.2
	142,000		Niraku GC Holdings, Inc.		11,042		0.0
	4,900		Nishi-Nippon Financial Holdings, Inc.		40,546		0.0
	58,700		Nissan Tokyo Sales Holdings Co., Ltd.		154,389		0.1
	13,000		Nisshin Fudosan Co.		53,037		0.0
	9,000		Nittetsu Mining Co., Ltd.		346,534		0.2
	3,400		NJS Co. Ltd.		46,413		0.0
	73,400		North Pacific Bank Ltd.		180,037		0.1
	2,000		Nozawa Corp.		13,746		0.0
	2,200		NuFlare Technology, Inc.		136,670		0.1
	6,000		Oenon Holdings, Inc.		21,527		0.0
	2,400		Ohba Co. Ltd.		14,852		0.0
	410	⁽¹⁾	Ohki Healthcare Holdings Co. Ltd.		3,626		0.0
	300		Ohsho Food Service Corp.		19,537		0.0
	2,200		Oita Bank Ltd.		66,216		0.1
	3,900		Okuma Corp.		229,748		0.1
	1,600		Okura Industrial Co., Ltd.		26,517		0.0
	2,700		Okuwa Co., Ltd.		27,306		0.0
	4,600		Open House Co. Ltd.		168,997		0.1
	1,000		Origin Co. Ltd		18,566		0.0
	2,800		Osaki Electric Co., Ltd.		18,620		0.0
	8,300		Paltac Corp.		458,398		0.3
	16,000		Parker Corp.		70,246		0.1
	2,300		PCA Corp.		70,925		0.1
	40,300		Penta-Ocean Construction Co., Ltd.		184,881		0.1
	14,300		Persol Holdings Co. Ltd		269,547		0.2
	4,400		Pigeon Corp.		188,389		0.1
	32,800		Poletowin Pitcrew Holdings, Inc.		297,004		0.2
	25,200		Rengo Co., Ltd.		222,275		0.1
	600		Resort Solution Co., Ltd.		21,773		0.0
	900		Rhythm Watch Co. Ltd.		10,264		0.0
	20,400		Round One Corp.		274,894		0.2
	1,000		Saison Information Systems Co. Ltd.		12,794		0.0
	1,100		Sakai Heavy Industries Ltd.		31,398		0.0
	700		San Holdings, Inc.		15,687		0.0
	1,100		San ju San Financial Group, Inc.		14,853		0.0
	13,682		San-Ai Oil Co., Ltd.		115,491		0.1
	25,500		San-In Godo Bank Ltd.		168,985		0.1
	3,200		Sanko Metal Industrial Co. Ltd.		77,324		0.1
	1,656		Sankyo Frontier Co. Ltd.		51,856		0.0
	4,800		Sankyu, Inc.		230,206		0.1
	45,200		Sanwa Holdings Corp.		544,402		0.3
	2,100		Sanyo Engineering & Construction, Inc.		12,784		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: (continued)
	4,600		Sawai Pharmaceutical Co., Ltd.		247,158		0.2
	3,300		Saxa Holdings, Inc.		52,089		0.0
	2,900		Screen Holdings Co. Ltd.		139,308		0.1
	19,900		Scroll Corp.		66,191		0.1
	14,600		SCSK Corp.		693,803		0.4
	21,700		Seikitokyu Kogyo Co., Ltd.		110,829		0.1
	19,300		Seino Holdings Co. Ltd		262,742		0.2
	500		Senshu Electric Co., Ltd.		11,620		0.0
	1,800		Shibaura Mechatronics Corp.		61,910		0.0
	13,000		Shiga Bank Ltd.		311,108		0.2
	1,900		Shikoku Bank Ltd.		17,370		0.0
	20,900		Shinsho Corp.		500,169		0.3
	6,700		Ship Healthcare Holdings, Inc.		275,647		0.2
	3,100		Shofu, Inc.		35,255		0.0
	10,300		Showa Corp.		151,288		0.1
	1,700		SK-Electronics Co., Ltd.		27,117		0.0
	9,500		Softcreate Holdings Corp.		134,736		0.1
	5,968		Soken Chemical & Engineering Co. Ltd.		84,550		0.1
	1,100		SPK Corp.		23,905		0.0
	7,900		ZOZO, Inc.		140,331		0.1
	8,800		Starts Corp., Inc.		195,963		0.1
	4,500		Sumitomo Bakelite Co., Ltd.		175,647		0.1
	19,000		Sumitomo Forestry Co., Ltd.		261,398		0.2
	5,300		Sushiro Global Holdings Ltd.		346,972		0.2
	2,000		Suzuken Co., Ltd.		115,321		0.1
	5,600		System Integrator Corp.		33,721		0.0
	27,200		Systena Corp.		327,451		0.2
	4,200		Tachikawa Corp.		47,769		0.0
	3,800		Taiko Bank Ltd.		56,872		0.0
	1,300		Taiyo Kagaku Co. Ltd.		18,012		0.0
	15,100		Taiyo Yuden Co., Ltd.		367,740		0.2
	1,500		Takano Co., Ltd.		11,171		0.0
	13,700		Takasago Thermal Engineering Co., Ltd.		217,283		0.1
	1,800		Takebishi Corp		22,265		0.0
	1,200		Tanabe Management Consulting Co. Ltd.		12,954		0.0
	2,000		TDC Software Engineering, Inc.		15,491		0.0
	800		Techno Medica Co. Ltd.		15,141		0.0
	8,300		TechnoPro Holdings, Inc.		499,400		0.3
	4,400		Tigers Polymer Corp.		23,954		0.0
	10,400		TIS, Inc.		474,509		0.3
	15,200		TOA Road Corp.		389,439		0.2
	46,000		Tochigi Bank Ltd.		93,266		0.1
	29,500		Toda Corp.		182,448		0.1
	800		Toei Animation Co. Ltd.		39,767		0.0
	3,100		Togami Electric Manufacturing Co. Ltd.		41,960		0.0
	9,600		Toho Bank Ltd.		24,909		0.0
	21,400	⁽²⁾	Tokai Carbon Co., Ltd.		247,632		0.2
	6,190		Tokyo Ohka Kogyo Co., Ltd.		198,223		0.1
	18,900		Tokyo Sangyo Co. Ltd.		87,289		0.1
	61,200		Tokyo Steel Manufacturing Co., Ltd.		524,106		0.3
	10,500		Tokyo Tekko Co., Ltd.		116,222		0.1
	5,321		Tokyo Kiraboshi Financial Group, Inc.		76,888		0.1
	1,600		Tomato Bank Ltd.		15,350		0.0
	2,000		Tomoku Co., Ltd.		31,827		0.0
	8,200		Tomy Co., Ltd.		87,926		0.1
	3,400		Tonami Holdings Co., Ltd.		186,832		0.1
	2,600		Towa Bank Ltd.		16,677		0.0
	5,100		Towa Pharmaceutical Co., Ltd.		125,579		0.1
	1,000		Toyo Business Engineering Corp.		19,619		0.0
	32,900		Toyo Tire & Rubber Co., Ltd.		384,879		0.2
	11,700		Tsubaki Nakashima Co. Ltd.		218,622		0.1
	3,600		Tsubakimoto Kogyo Co., Ltd.		118,037		0.1
	5,200		Uchida Yoko Co., Ltd.		165,985		0.1
	2,400		UNIRITA, Inc.		34,793		0.0
	14,000		UT Group Co. Ltd.		403,791		0.2
	13,200		Utoc Corp.		64,484		0.0
	7,100		Valor Holdings Co., Ltd.		173,200		0.1
	9,200		Warabeya Nichiyo Co., Ltd.		147,979		0.1
	2,400		Waseda Academy Co., Ltd.		15,683		0.0
	10,304	⁽¹⁾	Watabe Wedding Corp.		62,476		0.0
	5,700		West Holdings Corp.		75,786		0.1
	1,000		Wood One Co., Ltd.		9,762		0.0
	800		Yamanashi Chuo Bank Ltd.		9,385		0.0
	8,000		Yamato Kogyo Co., Ltd.		222,120		0.1
	2,100		Yamaya Corp.		40,447		0.0
	13,400		Yamazen Corp.		140,989		0.1
	2,500		Yashima Denki Co., Ltd.		19,807		0.0
	14,800		Yokogawa Bridge Holdings Corp.		240,823		0.2
	34,978		Yuasa Trading Co., Ltd.		997,822		0.6
	2,100		Yushiro Chemical Industry Co., Ltd.		25,129		0.0
	1,100		Yutaka Giken Co., Ltd.		18,217		0.0
	2,200		Zaoh Co. Ltd.		26,553		0.0
	23,000		Zenkoku Hosho Co. Ltd.		807,616		0.5
					40,100,877		23.6

			Liechtenstein: 0.0%
	415		VP Bank AG		60,522		0.0

			Malaysia: 0.3%
	57,500		AFFIN Bank Bhd		31,168		0.0
	10,900		Allianz Malaysia Bhd		35,854		0.1
	3,800		Batu Kawan Bhd		15,441		0.0
	57,300	⁽¹⁾	Country Heights Holdings BHD		20,788		0.0
	67,600		Deleum Bhd		17,306		0.0
	66,800		Hengyuan Refining Co. Bhd		95,786		0.1
	128,700		I-Bhd		13,077		0.0
	247,200	⁽¹⁾	KSL Holdings BHD		50,910		0.0
	69,850		Kumpulan Fima BHD		28,045		0.0
	26,200		Lii Hen Industries BHD		17,065		0.0
	20,200		Lingkaran Trans Kota Holdings Bhd		21,009		0.0
	192,523	⁽¹⁾	Lion Industries Corp. Bhd		27,505		0.0
	984		Malaysian Pacific Industries Bhd		2,332		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares					Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Malaysia: (continued)
	210,000		Media Chinese International Ltd.			10,574		0.0
	22,800		MKH Bhd			7,518		0.0
	1,100		Oriental Holdings BHD			1,807		0.0
	85,918		Tropicana Corp. Bhd			18,079		0.0
	122,100		Uchi Technologies Bhd			84,299		0.1
	47,322	⁽¹⁾	Wah Seong Corp. Bhd			8,468		0.0
	53,000		WTK Holdings Bhd			8,145		0.0
						515,176		0.3

			Mexico: 0.0%
	131,683	⁽¹⁾	Grupo Famsa SAB de CV			45,150		0.0
	5,753	⁽¹⁾	Industrias CH, SA			26,938		0.0
						72,088		0.0

			Netherlands: 1.3%
	238	⁽¹⁾	AFC Ajax NV			5,232		0.0
	5,908		AMG Advanced Metallurgical Group NV			179,622		0.1
	3,945		ASM International NV			268,968		0.2
	9,481		ASR Nederland NV			421,850		0.3
	6,189	⁽⁴⁾	Euronext NV			430,026		0.3
	5,061		IMCD NV			409,205		0.2
	10,892	⁽⁴⁾	Intertrust NV			207,041		0.1
	2,933		KAS Bank NV			41,032		0.0
	1,419		Kendrion NV			34,830		0.0
	478,561	^(1),(2),(3)	SNS Reaal NV			–		–
	3,528		TKH Group NV			189,818		0.1
						2,187,624		1.3

			New Zealand: 0.3%
	9,568		Hallenstein Glasson Holdings Ltd.			31,505		0.0
	10,892		Kathmandu Holdings Ltd.			17,104		0.0
	14,173		NEW Zealand King Salmon Investments Ltd.			28,115		0.0
	41,622		NZX Ltd.			28,067		0.0
	136,059		PGG Wrightson Ltd.			48,163		0.1
	3,338	⁽¹⁾	Serko Ltd.			8,160		0.0
	56,113		Summerset Group Holdings Ltd.			210,341		0.1
	7,335	⁽¹⁾	Synlait Milk Ltd.			51,817		0.0
	13,217		Z Energy Ltd.			55,883		0.1
						479,155		0.3

			Norway: 1.6%
	1,408		Aker ASA			96,471		0.1
	4,802		Atea ASA			68,646		0.1
	4,851		Austevoll Seafood ASA			56,514		0.0
	211,450		DNO ASA			480,060		0.3
	73,291		Kongsberg Gruppen ASA			1,062,480		0.6
	51,237		Kvaerner ASA			71,325		0.1
	3,477	⁽¹⁾	Pareto Bank ASA			15,265		0.0
	6,351		Selvaag Bolig ASA			36,056		0.0
	7,502		SpareBank 1 Nord Norge			57,177		0.0
	59,056		SpareBank 1 SMN			640,645		0.4
	10,349		Sparebanken Vest			64,083		0.0
						2,648,722		1.6

			Philippines: 0.0%	��
	116,900		First Gen Corp.			49,630		0.0
	88,200		Lopez Holdings Corp.			8,158		0.0
						57,788		0.0

			Poland: 0.1%
	400		Amica Wronki SA			13,590		0.0
	4,112	⁽¹⁾	Grupa Lotos SA			89,592		0.1
	29,912	⁽¹⁾	Impexmetal SA			32,562		0.0
	427	⁽¹⁾	TEN Square Games SA			13,872		0.0
	9,094		Zespol Elektrowni Patnow Adamow Konin SA			16,932		0.0
						166,548		0.1

			Portugal: 0.3%
	44,154		Navigator Co. SA/The			195,240		0.1
	5,397		Semapa-Sociedade de Investimento e Gestao			88,499		0.0
	39,303		Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			264,151		0.2
						547,890		0.3

			Qatar: 0.1%
	26,127		United Development Co. QSC			96,880		0.1

			Singapore: 1.2%
	27,600		AEM Holdings Ltd.			23,177		0.0
	43,600		Banyan Tree Holdings Ltd			18,281		0.0
	181,200		BreadTalk Group Ltd.			112,576		0.1
	26,400		China Aviation Oil Singapore Corp. Ltd.			26,658		0.0
	133,000		China Sunsine Chemical Holdings Ltd.			113,687		0.1
	282,900		CSE Global Ltd.			109,245		0.1
	20,700		Elec & Eltek International Co., Ltd.			28,566		0.0
	356,500		Frasers Logistics & Industrial Trust			309,728		0.2
	102,900		Frencken Group Ltd.			50,038		0.0
	187,400		Golden Energy & Resources Ltd.			32,379		0.0
	8,000		Hanwell Holdings Ltd.			1,529		0.0
	36,600		Ho Bee Investment Ltd.			68,651		0.1
	67,580	⁽¹⁾	Hong Leong Asia Ltd.			27,839		0.0
	11,329		Hong Leong Finance Ltd.			23,166		0.0
	35,500		HRnetgroup Ltd.			20,499		0.0
	533,000		IGG, Inc.			675,766		0.4
	184,744		Mapletree Industrial Trust			280,050		0.2
	13,000		Micro-Mechanics Holdings Ltd.			15,771		0.0
	22,100		Riverstone Holdings Ltd.			16,720		0.0
	13,300		Sing Investments & Finance Ltd.			14,589		0.0
	24,100		Stamford Land Corp. Ltd.			8,675		0.0
	78,392		Tai Sin Electric Ltd.			18,673		0.0
	83,500	⁽¹⁾	Tiong Woon Corp. Holding Ltd.			16,269		0.0
	4,400		Venture Corp. Ltd.			55,181		0.0
						2,067,713		1.2

			South Africa: 0.3%
	158,675		Alviva Holdings Ltd.			183,023		0.1
	46,167	⁽¹⁾	ArcelorMittal South Africa Ltd.			9,843		0.0
	19,004		Hulamin Ltd.			5,779		0.0
	44,762		Metair Investments Ltd.			73,440		0.1
	1,883		MiX Telematics Ltd. ADR			33,875		0.0
	32,074		Raubex Group Ltd.			48,857		0.0
	10,275		Reinet Investments SCA			172,867		0.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			South Africa: (continued)
	9,548		Telkom SA Ltd.		56,828		0.0
					584,512		0.3

			South Korea: 3.1%
	5,241		AfreecaTV Co. Ltd.		286,944		0.2
	432		Asia Holdings Co., Ltd.		47,554		0.0
	2,024		Chong Kun Dang Pharmaceutical Corp.		176,808		0.1
	50		Dae Han Flour Mills Co. Ltd.		8,851		0.0
	5,728		Daewon Co. Ltd.		65,725		0.1
	20,399		Daewon San Up Co. Ltd.		118,571		0.1
	1,517	⁽¹⁾	Daeyang Electric Co. Ltd.		18,070		0.0
	4,212		Dongil Industries Co. Ltd.		222,428		0.1
	4,558		Douzone Bizon Co. Ltd		223,308		0.1
	657		Fursys, Inc.		20,648		0.0
	174		Geumhwa PSC Co. Ltd.		5,170		0.0
	2,065		GIIR, Inc.		14,765		0.0
	1,302		GS Home Shopping, Inc.		191,005		0.1
	6,147		Hankook Tire Co. Ltd.		209,171		0.1
	9,600	⁽¹⁾	Huneed Technologies		76,721		0.1
	3,507		Hyundai Construction Equipment Co. Ltd.		147,331		0.1
	2,040		IDIS Holdings Co. Ltd.		27,138		0.0
	5,550		JB Financial Group Co. Ltd.		27,044		0.0
	3,494		Jeju Bank		14,668		0.0
	3,397		JLS Co. Ltd.		21,181		0.0
	13,048		KISCO Corp.		67,044		0.1
	976		Kiwoom Securities Co. Ltd.		68,852		0.1
	5,205		Korea Aerospace Industries Ltd.		155,924		0.1
	1,480		Korea Airport Service Co. Ltd.		63,480		0.1
	8,353		Korea United Pharm, Inc.		188,185		0.1
	5,784	⁽¹⁾	KT Hitel Co. Ltd.		23,950		0.0
	2,451		Kyeryong Construction Industrial Co., Ltd.		52,908		0.0
	1,996		LF Corp.		42,625		0.0
	3,276		Maeil Dairies Co. Ltd.		247,284		0.2
	3,269		Maeil Holdings Co. Ltd.		35,537		0.0
	43,278		Meritz Securities Co. Ltd.		187,825		0.1
	218		Mi Chang Oil Industrial Co. Ltd.		14,855		0.0
	1,361		Multicampus Corp.		61,629		0.0
	32,903		Nexen Tire Corp.		283,576		0.2
	5,867		Poongsan Corp./New		139,930		0.1
	2,321		Pureun Mutual Savings Bank		16,134		0.0
	887		S&T Holdings Co. Ltd.		10,021		0.0
	843	⁽¹⁾	Sam Jung Pulp Co. Ltd.		25,258		0.0
	8,006		Sam Young Electronics Co. Ltd.		87,256		0.1
	5,562		Samsung Securities Co. Ltd.		169,975		0.1
	6,070		Samwonsteel Co. Ltd.		15,534		0.0
	9,642		Seoul Semiconductor Co. Ltd.		158,569		0.1
	7,301		SFA Engineering Corp.		262,640		0.2
	412		Shinyoung Securities Co. Ltd.		20,752		0.0
	6,767		SKC Co., Ltd.		207,200		0.1
	10,757		SL Corp.		223,857		0.1
	4,249		Soulbrain Co. Ltd.		183,246		0.1
	126		Taekwang Industrial Co. Ltd.		161,687		0.1
	4,014		UIL Co. Ltd		18,327		0.0
	2,945		Uju Electronics Co. Ltd.		22,871		0.0
	4,884		Visang Education, Inc.		31,081		0.0
	1,756		YAS Co. Ltd./Korea		31,992		0.0
	1,080		Yesco Holdings Co. Ltd		38,553		0.0
	4,602		Yoosung Enterprise Co. Ltd.		11,464		0.0
	2,123		Zeus Co Ltd		29,034		0.0
					5,282,156		3.1

			Spain: 1.6%
	4,598		Acciona SA		533,282		0.3
	1,393		Almirall SA		22,479		0.0
	4,652	⁽¹⁾	Atento SA		16,980		0.0
	21,614		Bankinter S.A.		172,766		0.1
	10,708		Cia de Distribucion Integral Logista Holdings SA		254,047		0.1
	101,419		Faes Farma SA		465,466		0.3
	271		Iberpapel Gestion SA		9,423		0.0
	12,242	⁽¹⁾	Masmovil Ibercom SA		268,297		0.2
	61,207		Melia Hotels International SA		606,672		0.4
	15,018		Merlin Properties Socimi SA		204,853		0.1
	1,162		Prim SA		14,662		0.0
	71,988	⁽⁴⁾	Prosegur Cash SA		154,813		0.1
					2,723,740		1.6

			Sweden: 2.9%
	2,249	⁽¹⁾	Betsson AB		17,072		0.0
	3,827		BioGaia AB		185,650		0.1
	39,710		Biotage AB		538,887		0.3
	99,784		Bredband2 i Skandinavien AB		11,032		0.0
	7,593	⁽¹⁾	Bure Equity AB		141,161		0.1
	9,706		Cellavision AB		324,482		0.2
	20,292		Concentric AB		325,624		0.2
	31,846	⁽⁴⁾	Dometic Group AB		290,937		0.2
	1,779	⁽¹⁾	Enea AB		28,660		0.0
	7,517		Eolus Vind AB		42,807		0.0
	2,669	⁽⁴⁾	Evolution Gaming Group AB		274,025		0.2
	1,264		Ferronordic Machines AB		20,896		0.0
	1,827		FormPipe Software AB		4,319		0.0
	8,763		Getinge AB		123,464		0.1
	9,974		GHP Specialty Care AB		14,340		0.0
	3,207		Gunnebo AB		8,498		0.0
	6,024		Humana AB		38,058		0.0
	74,549		KappAhl AB		136,426		0.1
	9,388		KNOW IT AB		221,226		0.1
	7,867	⁽¹⁾	Loomis AB		291,058		0.2
	1,281		NP3 Fastigheter AB		10,116		0.0
	22,667		Peab AB		207,334		0.1
	30,196	⁽⁴⁾	Resurs Holding AB		186,927		0.1
	156,091		Rottneros AB		237,272		0.1
	1,195		Sectra AB		40,497		0.0
	3,012		Semcon AB		18,367		0.0
	77,663		SSAB AB Class B		250,450		0.2
	2,825	⁽¹⁾	Swedish Orphan Biovitrum AB		51,547		0.0
	2,024		Tethys Oil AB		16,561		0.0
	8,474	⁽¹⁾	THQ Nordic AB		195,585		0.1
	14,185		Vitrolife AB		298,721		0.2
	31,947		Wihlborgs Fastigheter AB		425,043		0.3
					4,977,042		2.9

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Switzerland: 4.4%
	224		Banque Cantonale de Geneve		44,187		0.0
	522		Bucher Industries AG		177,063		0.1
	448		Calida Holding AG		13,893		0.0
	21		Carlo Gavazzi Holding AG		5,409		0.0
	5,311		Cembra Money Bank AG		493,240		0.3
	14,141		Coca-Cola HBC AG		506,465		0.3
	1,440		Coltene Holding AG		141,959		0.1
	5,195		Dufry Group		508,441		0.3
	3,079		EDAG Engineering Group AG		48,348		0.1
	230		Emmi AG		202,917		0.1
	155		Fenix Outdoor International AG		15,697		0.0
	165		Forbo Holding AG		265,083		0.1
	304		Georg Fischer AG		295,662		0.2
	273		Helvetia Holding AG		173,484		0.1
	4,141		Julius Baer Group Ltd.		200,031		0.1
	15,325		Logitech International SA		600,525		0.3
	9		Metall Zug AG		23,698		0.0
	30,467		OC Oerlikon Corp. AG		398,177		0.2
	408		Straumann Holding AG		329,734		0.2
	1,506		Swiss Life Holding AG		708,013		0.4
	3,025		Swissquote Group Holding SA		118,491		0.1
	5,997		Tecan Group AG		1,353,829		0.8
	282		Thurgauer Kantonalbank		30,028		0.0
	1,310	⁽²⁾	Tornos Holding AG		10,288		0.0
	418		Valora Holding AG		106,394		0.1
	84		Vetropack Holding AG		183,012		0.1
	5,219		Vontobel Holding AG		307,764		0.2
	6,187	^(1),(4)	Wizz Air Holdings PLC		274,458		0.2
					7,536,290		4.4

			Taiwan: 1.0%
	3,821		Advancetek Enterprise Co. Ltd.		1,967		0.0
	668,000		AU Optronics Corp.		238,903		0.1
	33,000		Chenbro Micom Co. Ltd.		69,937		0.0
	40,000		Chia Chang Co. Ltd.		57,932		0.0
	30,000		Chroma ATE, Inc.		143,719		0.1
	75,200		Coretronic Corp.		117,074		0.1
	13,778		E-LIFE MALL Corp.		29,162		0.0
	41,000		First Insurance Co. Ltd./The		19,184		0.0
	82,000		Founding Construction & Development Co. Ltd.		42,691		0.0
	15,000		Froch Enterprise Co. Ltd.		6,777		0.0
	30,000		Global Mixed Mode Technology, Inc.		79,495		0.1
	17,481		Hotung Investment Holdings Ltd.		21,850		0.0
	22,800		Hsing TA Cement Co.		12,621		0.0
	482,000		Innolux Corp.		154,666		0.1
	13,000		Jarllytec Co. Ltd.		28,527		0.0
	10,000		Lumax International Corp., Ltd.		23,280		0.0
	93,000		President Securities Corp.		40,488		0.0
	14,177		Raydium Semiconductor Corp.		41,311		0.0
	19,000		Sinher Technology, Inc.		30,631		0.0
	138,244		Sunrex Technology Corp.		83,963		0.1
	27,000		Sweeten Real Estate Development Co. Ltd.		23,430		0.0
	41,000		Syncmold Enterprise Corp.		115,887		0.1
	217,000		Taiwan Business Bank		89,600		0.1
	32,919		Taiwan Fire & Marine Insurance Co. Ltd.		21,576		0.0
	26,000		Taiwan Surface Mounting Technology Co. Ltd.		49,248		0.0
	114,000		Tsann Kuen Enterprise Co., Ltd.		75,830		0.1
	32,000		Unitech Computer Co. Ltd.		21,552		0.0
	47,000		Wah Lee Industrial Corp.		82,324		0.1
	49,000		Winstek Semiconductor Co. Ltd		41,481		0.0
	4,000		Zeng Hsing Industrial Co. Ltd.		19,514		0.0
					1,784,620		1.0

			Thailand: 0.9%
	173,696		Lanna Resources PCL		62,056		0.1
	54,300		Samart Telcoms PCL		15,308		0.0
	10,900		Thai Rayon PCL		13,443		0.0
	814,900		Thanachart Capital PCL		1,353,839		0.8
					1,444,646		0.9

			Turkey: 0.1%
	423,599		Albaraka Turk Katilim Bankasi AS		101,640		0.1
	13,542		Is Yatirim Menkul Degerler A.S.		5,495		0.0
	6,901		Yeni Gimat Gayrimenkul Ortakligi AS		9,067		0.0
					116,202		0.1

			United Kingdom: 12.9%
	98		4imprint Group PLC		3,423		0.0
	21,034		Abcam PLC		357,392		0.2
	47,759		Ashmore Group PLC		286,555		0.2
	40,300	⁽⁴⁾	Auto Trader Group PLC		297,913		0.2
	5,849		AVEVA Group PLC		255,563		0.1
	184,796		B&M European Value Retail SA		952,676		0.6
	39,556		Beazley PLC		298,060		0.2
	6,058		Bellway PLC		246,000		0.1
	80,269	⁽¹⁾	Cairn Energy PLC		179,087		0.1
	4,313		Caretech Holdings PLC		18,729		0.0
	2,399		Character Group PLC/The		17,833		0.0
	90,511		Cineworld Group PLC		375,594		0.2
	22,572		Clinigen Group Plc		293,917		0.2
	153,049		Coats Group PLC		172,434		0.1
	4,847	⁽¹⁾	Codemasters Group Holdings PLC		14,442		0.0
	29,215		Computacenter PLC		460,367		0.3
	19,528		Consort Medical PLC		234,783		0.2
	103,144	⁽⁴⁾	ConvaTec Group PLC		186,814		0.1
	32,129		Costain Group PLC		134,697		0.1
	5,046		D4t4 Solutions PLC		17,437		0.0
	40,148		Dart Group PLC		488,346		0.3
	139,746		Drax Group PLC		622,396		0.4
	37,267		Electrocomponents PLC		314,248		0.2
	102,864		Elementis PLC		218,679		0.1
	893	⁽¹⁾	Endava PLC ADR		29,532		0.0
	72,287	⁽¹⁾	EI Group PLC		200,967		0.1
	2,131		Euromoney Institutional Investor PLC		34,124		0.0
	3,196		Fevertree Drinks PLC		131,409		0.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: (continued)
	14,872		Finsbury Food Group PLC		16,678		0.0
	11,676	^(1),(2)	FLEX LNG Ltd.		160,823		0.1
	4,270		Focusrite PLC		27,562		0.0
	6,838		Games Workshop Group PLC		371,477		0.2
	52,698	⁽¹⁾	Gem Diamonds Ltd.		61,847		0.1
	15,800		Genus PLC		497,542		0.3
	9,748		Go-Ahead Group PLC		246,220		0.2
	62,287		Grainger PLC		204,680		0.1
	16,960		Greene King Plc		142,039		0.1
	4,431		Greggs PLC		104,062		0.1
	75,882		Hansteen Holdings PLC		92,988		0.1
	590		Hargreaves Services PLC		2,277		0.0
	214,194		Hays PLC		424,635		0.2
	2,445		Headlam Group PLC		13,695		0.0
	40,090		Hikma Pharmaceuticals PLC		925,117		0.5
	23,555		Hill & Smith Holdings PLC		391,933		0.2
	555	⁽¹⁾	Hudson Ltd.		8,514		0.0
	47,315		Hunting PLC		363,628		0.2
	122,053	⁽¹⁾	Indivior PLC		60,974		0.0
	19,495		Intermediate Capital Group PLC		301,266		0.2
	4,768		J D Wetherspoon PLC		85,055		0.1
	6,617		James Fisher & Sons PLC		169,983		0.1
	82,600		JD Sports Fashion PLC		678,989		0.4
	21,266	⁽¹⁾	JKX Oil & Gas PLC		15,668		0.0
	10,345		Johnson Service Group PLC		20,505		0.0
	644		Judges Scientific PLC		26,456		0.0
	3,978		K3 Capital Group PLC		7,651		0.0
	6,152		Kainos Group PLC		42,357		0.0
	38,161		Keller Group PLC		350,386		0.2
	4,255		Keystone Law Group PLC		27,188		0.0
	88,448		LondonMetric Property PLC		233,210		0.2
	8,035		LSL Property Services PLC		27,871		0.0
	18,172		Luxfer Holdings PLC		436,310		0.3
	2,335		Mattioli Woods PLC		23,445		0.0
	12,901		Mcbride PLC		18,034		0.0
	29,493		Meggitt PLC		209,867		0.1
	40,963		Pagegroup PLC		287,980		0.2
	10,083		Miton Group PLC		7,428		0.0
	59,043		Moneysupermarket.com Group PLC		280,449		0.2
	3,239		Morgan Sindall PLC		55,415		0.0
	72,695		National Express Group PLC		389,605		0.2
	10,816	⁽¹⁾	Nomad Foods Ltd.		224,973		0.1
	30,581		Northgate PLC		146,750		0.1
	134,372		OneSavings Bank PLC		764,021		0.4
	7,291	⁽¹⁾	Oxford Biomedica PLC		66,457		0.1
	2,383		PayPoint PLC		31,332		0.0
	206,565		Pendragon PLC		61,953		0.1
	78,282		QinetiQ PLC		308,387		0.2
	7,294		RDI REIT PLC		12,003		0.0
	54,323		Redrow PLC		437,261		0.3
	4,028	⁽¹⁾	Regal Petroleum PLC		2,311		0.0
	60,755		Rentokil Initial PLC		309,621		0.2
	226,871		Restaurant Group PLC		426,010		0.3
	46,522		Safestore Holdings PLC		390,681		0.2
	12,125		Scottish Salmon Co. Plc/The		27,040		0.0
	6,197		SDL PLC		42,506		0.0
	54,365		Softcat PLC		644,408		0.4
	6,861		Spectris PLC		246,523		0.1
	21,050		Speedy Hire PLC		16,195		0.0
	20,407		Spirent Communications PLC		42,258		0.0
	7,266		SSP Group Plc		66,044		0.0
	60,046		Stock Spirits Group PLC		176,321		0.1
	3,119		Stolt-Nielsen Ltd.		39,044		0.0
	71,977		Synthomer PLC		394,167		0.2
	41,284		Tate & Lyle PLC		413,781		0.2
	864	⁽¹⁾	Tribal Group PLC		796		0.0
	30,243		Reach PLC		29,183		0.0
	116,709		Tyman PLC		388,081		0.2
	4,125		U & I Group PLC		9,596		0.0
	22,399		Ultra Electronics Holdings PLC		465,894		0.3
	26,232		Unite Group PLC		322,416		0.2
	36,615	⁽¹⁾	Vertu Motors PLC		15,422		0.0
	53,206		Vesuvius PLC		429,259		0.3
	168		Vitec Group PLC		2,541		0.0
	121,514		Volution Group PLC		274,126		0.2
	20,089		XLMedia PLC		12,889		0.0
	3,585		YouGov PLC		21,037		0.0
					21,916,513		12.9

			United States: 0.5%
	5,461	⁽¹⁾	Allot Ltd.		40,357		0.0
	22,405	⁽¹⁾	Atlantic Power Corp.		51,342		0.0
	3,713	⁽¹⁾	Globant SA		311,855		0.2
	2,770	⁽¹⁾	Nova Measuring Instruments Ltd.		77,172		0.1
	72,373	⁽¹⁾	Pieris Pharmaceuticals, Inc.		216,395		0.1
	25,788	⁽¹⁾	Viemed Healthcare, Inc.		152,068		0.1
					849,189		0.5
		Total Common Stock (Cost $158,238,903)			167,331,374		98.4

EXCHANGE-TRADED FUNDS: 0.4%
	16,915		Vanguard FTSE Developed Markets ETF		710,938		0.4

		Total Exchange-Traded Funds (Cost $692,162)			710,938		0.4

PREFERRED STOCK: 0.5%
			Germany: 0.5%
	11,528	⁽²⁾	Draegerwerk AG & Co. KGaA		691,747		0.4
	212		Einhell Germany AG		18,071		0.0
	50		KSB SE & Co. KGaA		18,058		0.0
	180		STO AG		17,948		0.0
	5,337		Villeroy & Boch AG		86,797		0.1
					832,621		0.5

			South Africa: 0.0%
	776		Absa Bank Ltd.		39,492		0.0

			Sweden: 0.0%
	267		Corem Property Group AB		9,278		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager
International Small Cap Fund

PORTFOLIO OF INVESTMENTS

as ofApril 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
PREFERRED STOCK: (continued)
			United Kingdom: 0.0%
	193,515	⁽¹⁾	Mcbride PLC - B Shares		252		0.0

		Total Preferred Stock (Cost $789,181)			881,643		0.5

		Total Long-Term Investments (Cost $159,720,246)			168,923,955		99.3

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.2%
			Securities Lending Collateral(5): 1.6%
	739,553	⁽⁵⁾	BNP Paribas S.A., 0.000%, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $739,608, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $754,344, due 05/21/19-09/09/49)		739,553		0.4
	1,000,000	⁽⁵⁾	Millennium Fixed Income Ltd., 0.000%, Repurchase Agreement dated 04/30/19, 2.90%, due 05/01/19 (Repurchase Amount $1,000,079, collateralized by various U.S. Government Securities, 0.125%-2.875%, Market Value plus accrued interest $1,020,000, due 04/15/20-10/15/21)		1,000,000		0.6
	1,000,000	⁽⁵⁾	RBC Dominion Securities Inc., 0.000%, Repurchase Agreement dated 04/30/19, 2.72%, due 05/01/19 (Repurchase Amount $1,000,075, collateralized by various U.S. Government Agency Obligations, 2.652%-7.000%, Market Value plus accrued interest $1,020,000, due 04/01/34-04/20/49)		1,000,000		0.6
					2,739,553		1.6

Shares				Value			Percentage of Net Assets
			Mutual Funds: 0.6%
	1,071,435	⁽⁶⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%
			(Cost $1,071,435)		1,071,435			0.6

		Total Short-Term Investments (Cost $3,810,988)			3,810,988			2.2

		Total Investments in Securities (Cost $163,531,234)		$	172,734,943			101.5
		Liabilities in Excess of Other Assets			(2,554,509	)		(1.5	)
		Net Assets		$	170,180,434			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(4)	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.
(5)	Represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya Global Corporate
Leaders® 100 Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.9%
			Australia: 0.5%
	820		BHP Group Ltd.		21,699		0.5

			France: 6.3%
	924		AXA S.A.		24,640		0.6
	648		Cie de Saint-Gobain		26,568		0.6
	1,563		Engie SA		23,199		0.5
	87		L'Oreal S.A.		23,930		0.6
	64		LVMH Moet Hennessy Louis Vuitton SE		25,127		0.6
	1,443		Orange SA		22,552		0.5
	267		Sanofi		23,296		0.6
	301		Schneider Electric SE		25,476		0.6
	800		Societe Generale		25,369		0.6
	415		Total SA		23,070		0.5
	806		Vivendi SA		23,395		0.6
					266,622		6.3

			Germany: 5.8%
	105		Allianz SE		25,380		0.6
	319		BASF SE		26,044		0.6
	369		Bayer AG		24,559		0.6
	401		Daimler AG		26,320		0.6
	2,765		Deutsche Bank AG		22,929		0.6
	1,329		Deutsche Telekom AG		22,267		0.5
	2,117		E.ON AG		22,761		0.6
	100		Muenchener Rueckversicherungs-Gesellschaft AG		24,886		0.6
	867		RWE AG		22,239		0.5
	217		Siemens AG		26,019		0.6
					243,404		5.8

			Japan: 4.8%
	600		Bridgestone Corp.		23,802		0.6
	700		Canon, Inc.		19,424		0.5
	800		Honda Motor Co., Ltd.		22,322		0.5
	4,400		Mitsubishi UFJ Financial Group, Inc.		21,831		0.5
	2,600		Nissan Motor Co., Ltd.		20,873		0.5
	2,500		Panasonic Corp.		23,021		0.5
	600		Seven & I Holdings Co., Ltd.		20,764		0.5
	500		Sony Corp.		25,184		0.6
	400		Toyota Motor Corp.		24,764		0.6
					201,985		4.8

			Netherlands: 2.3%
	1,933		ING Groep NV		24,665		0.6
	578		Koninklijke Philips NV		24,822		0.6
	744		Royal Dutch Shell PLC - Class A		23,705		0.5
	399		Unilever NV		24,141		0.6
					97,333		2.3

			South Korea: 0.5%
	550		Samsung Electronics Co., Ltd.		21,624		0.5

			Spain: 2.3%
	4,117		Banco Bilbao Vizcaya Argentaria SA		25,035		0.6
	5,003		Banco Santander SA		25,362		0.6
	1,378		Repsol SA		23,383		0.6
	2,737		Telefonica S.A.		22,820		0.5
					96,600		2.3

			Switzerland: 4.0%
	1,258		ABB Ltd.		25,876		0.6
	2,028		Credit Suisse Group AG		26,970		0.6
	244		Nestle SA		23,492		0.6
	246		Novartis AG		20,157		0.5
	87		Roche Holding AG		22,956		0.6
	237		Swiss Re Ltd.		22,818		0.5
	1,945		UBS Group AG		26,081		0.6
					168,350		4.0

			United Kingdom: 7.4%
	894		Anglo American PLC		23,199		0.5
	283		AstraZeneca PLC		21,083		0.5
	4,313		Aviva PLC		24,222		0.6
	11,540		Barclays PLC		24,765		0.6
	3,247		BP PLC		23,611		0.6
	572		Diageo PLC		24,114		0.6
	1,128		GlaxoSmithKline PLC		23,173		0.5
	2,890		HSBC Holdings PLC		25,180		0.6
	2,004		National Grid PLC		21,956		0.5
	1,136		Prudential PLC		25,812		0.6
	409		Rio Tinto PLC		23,861		0.6
	3,057		Standard Chartered PLC		27,951		0.7
	12,585		Vodafone Group PLC		23,344		0.5
					312,271		7.4

			United States: 64.0%
	310		3M Co.		58,748		1.4
	817		Abbott Laboratories		65,001		1.5
	55	⁽¹⁾	Alphabet, Inc. - Class C		65,366		1.5
	36	⁽¹⁾	Amazon.com, Inc.		69,355		1.6
	331		American Tower Corp.		64,644		1.5
	382		Aon PLC		68,813		1.6
	341		Apple, Inc.		68,428		1.6
	1,339		Bristol-Myers Squibb Co.		62,170		1.5
	490		Caterpillar, Inc.		68,316		1.6
	523		Chevron Corp.		62,791		1.5
	1,058		Citigroup, Inc.		74,801		1.8
	1,378		Coca-Cola Co.		67,605		1.6
	958		Colgate-Palmolive Co.		69,733		1.7
	1,761		DowDuPont, Inc.		67,710		1.6
	956		Emerson Electric Co.		67,866		1.6
	799		Exxon Mobil Corp.		64,144		1.5
	7,451		Ford Motor Co.		77,863		1.8
	6,448		General Electric Co.		65,576		1.6
	338		Goldman Sachs Group, Inc.		69,601		1.7
	409		Honeywell International, Inc.		71,015		1.7
	3,393		HP, Inc.		67,690		1.6
	1,208		Intel Corp.		61,656		1.5
	461		International Business Machines Corp.		64,664		1.5
	463		Johnson & Johnson		65,376		1.5
	1,761		Johnson Controls International plc		66,038		1.6
	645		JPMorgan Chase & Co.		74,852		1.8

See Accompanying Notes to Financial Statements

Voya Global Corporate
Leaders® 100 Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	521		Kimberly-Clark Corp.		66,886		1.6
	698		Marsh & McLennan Cos., Inc.		65,814		1.6
	343		McDonald's Corp.		67,767		1.6
	780		Merck & Co., Inc.		61,394		1.5
	550		Microsoft Corp.		71,830		1.7
	1,553		Morgan Stanley		74,932		1.8
	773		Nike, Inc.		67,893		1.6
	525		PepsiCo, Inc.		67,226		1.6
	1,528		Pfizer, Inc.		62,052		1.5
	738		Philip Morris International, Inc.		63,881		1.5
	624		Procter & Gamble Co.		66,444		1.6
	606		Texas Instruments, Inc.		71,405		1.7
	509		United Technologies Corp.		72,589		1.7
	661		Walmart, Inc.		67,977		1.6
					2,697,912		64.0

		Total Common Stock (Cost $3,556,759)			4,127,800		97.9

EXCHANGE-TRADED FUNDS: 1.3%
	1,111		iShares Global 100 ETF		54,939		1.3

		Total Exchange-Traded Funds (Cost $53,404)			54,939		1.3

		Total Long-Term Investments (Cost $3,610,163)			4,182,739		99.2

SHORT-TERM INVESTMENTS: 0.1%
			Mutual Funds: 0.1%
	3,000	⁽²⁾	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330%
			(Cost $3,000)		3,000		0.1

		Total Short-Term Investments (Cost $3,000)			3,000		0.1

		Total Investments in Securities (Cost $3,613,163)		$	4,185,739		99.3
		Assets in Excess of Other Liabilities			29,723		0.7
		Net Assets		$	4,215,462		100.0

(1)	Non-income producing security.
(2)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya global Equity Dividend Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 96.8%
			Canada: 3.6%
	6,159		Canadian Imperial Bank of Commerce - XTSE		518,621		0.8
	19,500		Nutrien Ltd.		1,057,602		1.7
	35,632		Shaw Communications, Inc. - Class B		721,577		1.1
					2,297,800		3.6

			France: 12.2%
	17,541		BNP Paribas		933,765		1.5
	35,370		Cie de Saint-Gobain		1,450,174		2.3
	11,500		Danone		929,720		1.5
	62,134		Engie SA		922,228		1.5
	9,566		Sanofi		834,630		1.3
	9,303		Schneider Electric SE		787,371		1.2
	17,500		Total SA		972,842		1.5
	8,823		Vinci SA		891,093		1.4
					7,721,823		12.2

			Germany: 2.8%
	2,700		Continental AG		447,907		0.7
	13,439		Daimler AG		882,085		1.4
	15,859		Evonik Industries AG		473,435		0.7
					1,803,427		2.8

			Ireland: 1.5%
	10,462		Medtronic PLC		929,130		1.5

			Italy: 0.8%
	35,092		UniCredit SpA		485,819		0.8

			Japan: 6.3%
	14,700		Japan Airlines Co. Ltd.		479,417		0.8
	192,500		Mitsubishi UFJ Financial Group, Inc.		955,094		1.5
	15,800		Murata Manufacturing Co., Ltd.		793,376		1.2
	92,300		Nissan Motor Co., Ltd.		740,989		1.2
	28,300		Sumitomo Mitsui Financial Group, Inc.		1,028,598		1.6
					3,997,474		6.3

			Netherlands: 4.7%
	24,285	⁽¹⁾	ABN AMRO Group NV		571,970		0.9
	18,200		ArcelorMittal		395,962		0.6
	34,641		Royal Dutch Shell PLC - Class A		1,102,314		1.7
	15,400		Unilever NV		931,774		1.5
					3,002,020		4.7

			Singapore: 1.3%
	230,500		Singapore Telecommunications Ltd.		537,720		0.8
	13,900		United Overseas Bank Ltd.		284,651		0.5
					822,371		1.3

			South Korea: 0.9%
	13,942		Samsung Electronics Co., Ltd.		548,161		0.9

			Spain: 1.1%
	15,197		ACS Actividades de Construccion y Servicios SA		698,855		1.1

			Switzerland: 7.2%
	7,178		Chubb Ltd.		1,042,245		1.6
	198,000		Glencore PLC		785,578		1.3
	8,700		Nestle SA		837,616		1.3
	3,877		Roche Holding AG		1,022,998		1.6
	65,900		UBS Group AG		883,684		1.4
					4,572,121		7.2

			United Kingdom: 7.5%
	219,800		Kingfisher PLC		757,913		1.2
	46,500		Prudential PLC		1,056,546		1.7
	31,600		SSE PLC		472,820		0.7
	140,300		Standard Chartered PLC		1,282,789		2.0
	643,867		Vodafone Group PLC		1,194,294		1.9
					4,764,362		7.5

			United States: 46.9%
	4,500		Allergan PLC		661,500		1.0
	6,800		American Electric Power Co., Inc.		581,740		0.9
	7,423		Apple, Inc.		1,489,573		2.3
	15,240		Bank of New York Mellon Corp.		756,818		1.2
	18,765		Bristol-Myers Squibb Co.		871,259		1.4
	9,200		Bunge Ltd.		482,172		0.8
	14,200		Carnival Corp.		779,012		1.2
	10,822		Chevron Corp.		1,299,289		2.0
	26,969		Cisco Systems, Inc.		1,508,916		2.4
	15,000		ConocoPhillips		946,800		1.5
	2,400		Deere & Co.		397,512		0.6
	5,200		Eaton Corp. PLC		430,664		0.7
	7,737		Eversource Energy		554,433		0.9
	10,642		Exxon Mobil Corp.		854,340		1.3
	9,900		Gap, Inc.		258,192		0.4
	117,530		General Electric Co.		1,195,280		1.9
	11,500		Gilead Sciences, Inc.		747,960		1.2
	12,092		Intel Corp.		617,176		1.0
	4,500		International Business Machines Corp.		631,215		1.0
	3,600		Johnson & Johnson		508,320		0.8
	9,020		JPMorgan Chase & Co.		1,046,771		1.6
	14,300		Las Vegas Sands Corp.		958,815		1.5
	5,858		McDonald's Corp.		1,157,365		1.8
	14,200		Merck & Co., Inc.		1,117,682		1.8
	16,043		Microsoft Corp.		2,095,216		3.3
	4,100		Northern Trust Corp.		404,055		0.6
	10,900		Oracle Corp.		603,097		0.9
	24,056		Pfizer, Inc.		976,914		1.5
	5,832		PNC Financial Services Group, Inc.		798,576		1.3
	8,854		Procter & Gamble Co.		942,774		1.5
	11,151		Qualcomm, Inc.		960,436		1.5
	4,300		Quest Diagnostics, Inc.		414,434		0.7
	18,765		Schlumberger Ltd.		800,890		1.3
	10,163		Verizon Communications, Inc.		581,222		0.9
	631		Wabtec Corp.		46,738		0.1

See Accompanying Notes to Financial Statements

Voya global Equity Dividend Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	13,000		Walmart, Inc.		1,336,920		2.1
					29,814,076		46.9

		Total Common Stock (Cost $58,924,542)			61,457,439		96.8

SHORT-TERM INVESTMENTS: 2.8%
			Mutual Funds: 2.8%
	1,799,140	⁽²⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%
			(Cost $1,799,140)		1,799,140		2.8

		Total Short-Term Investments (Cost $1,799,140)			1,799,140		2.8

		Total Investments in Securities (Cost $60,723,682)		$	63,256,579		99.6
		Assets in Excess of Other Liabilities			232,174		0.4
		Net Assets		$	63,488,753		100.0

(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)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited)

Shares					Value		Percentage of Net Assets
COMMON STOCK: 97.9%
				Australia: 7.6%
	3,833			AGL Energy Ltd.		60,133		0.6
	27,934			Alumina Ltd.		44,202		0.5
	5,759			Amcor Ltd.		65,099		0.7
	17,023			Aurizon Holdings Ltd.		57,121		0.6
	13,605			AusNet Services		17,033		0.2
	12,034			Boral Ltd.		41,200		0.4
	6,568			Coca-Cola Amatil Ltd.		40,742		0.4
	3,988			Crown Resorts Ltd.		37,384		0.4
	10,776			Harvey Norman Holdings Ltd.		31,683		0.3
	2,453			Sonic Healthcare Ltd.		44,360		0.5
	7,955			Stockland		21,177		0.2
	10,474			Sydney Airport		56,299		0.6
	6,460			Transurban Group - Stapled Security		61,173		0.6
	24,971			Vicinity Centres		44,781		0.5
	2,872			Wesfarmers Ltd.		72,898		0.8
	1,157			Woolworths Group Ltd		25,978		0.3
						721,263		7.6

				Belgium: 0.5%
	586			Colruyt S.A.		42,303		0.5

				China: 0.3%
	7,000			BOC Hong Kong Holdings Ltd.		31,376		0.3

				Denmark: 2.5%
	478	��		Carlsberg A/S		61,806		0.6
	581			Coloplast A/S		62,761		0.7
	2,312			Novo Nordisk A/S		113,275		1.2
						237,842		2.5

				Finland: 2.2%
	1,437			Nokian Renkaat OYJ		48,168		0.5
	5,742			Nordea Bank Abp		45,174		0.5
	1,485			Sampo OYJ		67,996		0.7
	1,699			UPM-Kymmene OYJ		47,971		0.5
						209,309		2.2

				France: 7.8%
	1,386			Bouygues SA		52,172		0.6
	1,952			Credit Agricole SA		26,805		0.3
	812			Danone		65,646		0.7
	584			Eiffage SA		60,976		0.7
	4,640			Engie SA		68,869		0.7
	277			Covivio		29,981		0.3
	2,256			Getlink SE		36,313		0.4
	1,486			Klepierre SA		52,804		0.6
	1,337			Sanofi		116,653		1.2
	234			Societe BIC S.A.		20,158		0.2
	2,004			Societe Generale		63,550		0.7
	524			Sodexo SA		60,095		0.6
	2,289			SUEZ		32,156		0.4
	585			Total SA		32,521		0.3
	132			Vinci SA		13,332		0.1
						732,031		7.8

				Germany: 5.6%
	1,044			Aroundtown SA		8,482		0.1
	1,049			BASF SE		85,642		0.9
	496			Deutsche Boerse AG		66,277		0.7
	2,203			Deutsche Post AG		76,578		0.8
	3,714			Deutsche Telekom AG		62,228		0.6
	184			Deutsche Wohnen SE		8,288		0.1
	418			Hannover Rueck SE		63,122		0.7
	257			Hugo Boss AG		17,958		0.2
	410		⁽¹⁾	Innogy SE		19,034		0.2
	227			SAP SE		29,262		0.3
	344			Siemens AG		41,246		0.4
	11,393			Telefonica Deutschland Holding AG		37,006		0.4
	1,498			TUI AG		16,681		0.2
						531,804		5.6

				Hong Kong: 4.3%
	5,000			CK Hutchison Holdings Ltd.		52,570		0.5
	5,500			CLP Holdings Ltd.		62,423		0.7
	2,100			Dairy Farm International Holdings Ltd.		16,485		0.2
	2,800			Hang Seng Bank Ltd.		73,566		0.8
	10,500			HK Electric Investments & HK Electric Investments Ltd.		10,289		0.1
	21,000			HKT Trust / HKT Ltd.		32,551		0.3
	8,500			Power Assets Holdings Ltd.		59,289		0.6
	700			Jardine Matheson Holdings Ltd.		46,081		0.5
	17,000			NWS Holdings Ltd.		35,352		0.4
	28,000			PCCW Ltd.		16,884		0.2
						405,490		4.3

				Ireland: 0.3%
	6,857			AIB Group PLC		31,857		0.3

				Israel: 1.7%
	5,867			Bank Hapoalim BM		43,192		0.5
	7,661			Bank Leumi Le-Israel BM		52,462		0.5
	13,556			Bezeq Israeli Telecommunication Corp., Ltd.		9,273		0.1
	86			Elbit Systems Ltd.		11,988		0.1
	5,213			Israel Chemicals Ltd.		27,680		0.3
	845			Mizrahi Tefahot Bank Ltd.		18,292		0.2
						162,887		1.7

				Italy: 4.1%
	3,731			Assicurazioni Generali S.p.A.		72,389		0.8
	4,170			ENI S.p.A.		71,062		0.7
	30,772			Intesa Sanpaolo SpA		80,623		0.9
	5,611			Mediobanca Banca di Credito Finanziario SpA		59,473		0.6
	1,105			Recordati S.p.A.		44,651		0.5
	11,297			Snam SpA		57,512		0.6
						385,710		4.1

				Japan: 23.9%
	400			ABC-Mart, Inc.		24,860		0.3
	1,600			ANA Holdings, Inc.		55,995		0.6
	2,000			Aozora Bank Ltd.		48,867		0.5

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: (continued)
	200		Bridgestone Corp.		7,934		0.1
	2,400		Canon, Inc.		66,595		0.7
	24		Daiwa House REIT Investment Corp.		55,111		0.6
	9,600		Daiwa Securities Group, Inc.		44,686		0.5
	2,300		Dena Co., Ltd.		35,919		0.4
	1,400		Fuji Film Holdings Corp.		65,403		0.7
	1,000		Hamamatsu Photonics KK		40,701		0.4
	1,500		Japan Airlines Co. Ltd.		48,920		0.5
	5		Japan Prime Realty Investment Corp.		19,991		0.2
	19		Japan Retail Fund Investment Corp.		36,306		0.4
	3,200		JFE Holdings, Inc.		55,065		0.6
	1,200		Konami Holdings Corp.		54,643		0.6
	5,000		Konica Minolta, Inc.		50,208		0.5
	1,600		Kyushu Railway Co.		52,135		0.6
	800		Lawson, Inc.		37,352		0.4
	400		Maruichi Steel Tube Ltd.		11,059		0.1
	400		McDonald's Holdings Co. Japan Ltd.		18,523		0.2
	1,600		Medipal Holdings Corp.		35,978		0.4
	2,600		Mitsubishi Corp.		71,624		0.8
	1,500		Mitsubishi Heavy Industries Ltd.		62,513		0.7
	2,400		Mitsubishi Tanabe Pharma Corp.		30,209		0.3
	4,300		Mitsui & Co., Ltd.		69,551		0.7
	1,300		MS&AD Insurance Group Holdings, Inc.		40,409		0.4
	48,500		Mizuho Financial Group, Inc.		75,744		0.8
	1,800		NEC Corp.		60,792		0.6
	14		Nippon Prologis REIT, Inc.		30,065		0.3
	8		Nippon Building Fund, Inc.		51,515		0.5
	2,200		Nippon Steel Corp.		39,351		0.4
	7,400		Nissan Motor Co., Ltd.		59,408		0.6
	37		Nomura Real Estate Master Fund, Inc.		54,214		0.6
	3,200		NTT DoCoMo, Inc.		69,490		0.7
	400		Oracle Corp. Japan		27,427		0.3
	4,800		Ricoh Co., Ltd.		48,561		0.5
	600		Sankyo Co., Ltd.		23,696		0.3
	3,600		Seiko Epson Corp.		57,740		0.6
	3,800		Sekisui House Ltd.		61,268		0.7
	1,600		Seven & I Holdings Co., Ltd.		55,372		0.6
	2,400		Subaru Corp.		58,812		0.6
	4,300		Sumitomo Corp.		61,631		0.7
	1,400		Sumitomo Mitsui Financial Group, Inc.		50,885		0.5
	700		Sundrug Co., Ltd.		18,767		0.2
	200		Suzuken Co., Ltd.		11,532		0.1
	2,100		Teijin Ltd.		36,124		0.4
	800		Toyo Suisan Kaisha Ltd.		30,547		0.3
	18		United Urban Investment Corp.		28,738		0.3
	800		West Japan Railway Co.		59,499		0.6
	10,300		Yamada Denki Co., Ltd.		48,826		0.5
					2,260,561		23.9

			Luxembourg: 0.9%
	405		RTL Group SA		22,821		0.3
	3,330		SES S.A. - Luxembourg		56,659		0.6
					79,480		0.9

			Netherlands: 8.0%
	2,635	⁽¹⁾	ABN AMRO Group NV		62,061		0.7
	721		Akzo Nobel NV		61,260		0.7
	3,888		ING Groep NV		49,611		0.5
	2,706		Koninklijke Ahold Delhaize NV		65,219		0.7
	1,328		NN Group NV		57,954		0.6
	7,244		Royal Dutch Shell PLC - Class A		230,805		2.4
	2,632		Unilever NV		159,249		1.7
	982		Wolters Kluwer NV		68,541		0.7
					754,700		8.0

			New Zealand: 0.5%
	18,148		Spark New Zealand Ltd.		44,529		0.5

			Norway: 0.8%
	2,456		Mowi ASA		53,284		0.5
	3,216		Orkla ASA		25,241		0.3
					78,525		0.8

			Singapore: 1.7%
	2,900		Singapore Airlines Ltd.		20,664		0.2
	9,100		Singapore Exchange Ltd.		49,410		0.5
	28,100		Singapore Telecommunications Ltd.		65,553		0.7
	8,800		Singapore Technologies Engineering Ltd.		25,643		0.3
					161,270		1.7

			Spain: 3.1%
	327	⁽¹⁾	Aena SME SA		60,714		0.6
	274		Amadeus IT Group SA		21,837		0.2
	1,822		Enagas		51,973		0.6
	2,236		Endesa S.A.		55,785		0.6
	2,664		Ferrovial SA		65,693		0.7
	11,650		Mapfre SA		34,999		0.4
					291,001		3.1

			Sweden: 0.6%
	3,294		Swedbank AB		53,821		0.6

			Switzerland: 7.7%
	327	⁽²⁾	Alcon, Inc.		18,832		0.2
	26		Givaudan		67,322		0.7
	133		Kuehne & Nagel International AG		19,332		0.2
	2,380		Nestle SA		229,141		2.4
	1,635		Novartis AG		133,972		1.4
	659		Roche Holding AG		173,886		1.9
	267		Zurich Insurance Group AG		85,111		0.9
					727,596		7.7

			United Kingdom: 13.8%
	1,650		Admiral Group PLC		47,527		0.5
	12,597		Aviva PLC		70,747		0.8
	10,632		BAE Systems PLC		68,335		0.7
	17,089		BT Group PLC		50,994		0.5
	1,807		Bunzl PLC		54,501		0.6
	36,406		Centrica PLC		50,611		0.5
	1,171		Coca-Cola European Partners PLC - USD		62,754		0.7
	3,055		Compass Group PLC		69,513		0.7
	339		Diageo PLC		14,291		0.2

See Accompanying Notes to Financial Statements

Voya International High Dividend Low Volatility Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: (continued)
	11,630		Direct Line Insurance Group PLC		50,045		0.5
	5,817		GlaxoSmithKline PLC		119,500		1.3
	2,202		Imperial Brands PLC		70,064		0.7
	17,538		J Sainsbury PLC		50,952		0.5
	20,432		Legal & General Group PLC		74,302		0.8
	14,795		Marks & Spencer Group PLC		55,189		0.6
	727		Next PLC		54,739		0.6
	2,222		Persimmon PLC		64,911		0.7
	1,839	⁽²⁾	Relx PLC (EUR Exchange)		42,136		0.4
	12,795		Royal Mail PLC		42,218		0.5
	24,182		Taylor Wimpey PLC		57,331		0.6
	41,815		Vodafone Group PLC		77,562		0.8
	18,666		WM Morrison Supermarkets PLC		52,612		0.6
					1,300,834		13.8

			United States: 0.0%
	0		International Flavors & Fragrances, Inc.		36		0.0

		Total Common Stock (Cost $9,333,420)			9,244,225		97.9

EXCHANGE-TRADED FUNDS: 1.1%
	1,567		iShares MSCI EAFE ETF		104,613		1.1

		Total Exchange-Traded Funds (Cost $100,534)			104,613		1.1

		Total Long-Term Investments (Cost $9,433,954)			9,348,838		99.0

SHORT-TERM INVESTMENTS: 0.1%
			Mutual Funds: 0.1%
	12,000	⁽³⁾	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330%
			(Cost $12,000)		12,000		0.1

		Total Short-Term Investments (Cost $12,000)			12,000		0.1

		Total Investments in Securities (Cost $9,445,954)		$	9,360,838		99.1
		Assets in Excess of Other Liabilities			87,007		0.9
		Net Assets		$	9,447,845		100.0

(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)	Non-income producing security.
(3)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 92.6%
			Argentina: 0.5%
	125,900		Arcos Dorados Holdings, Inc.		878,782		0.2
	4,137		Banco Macro SA ADR		167,880		0.0
	34,473	⁽¹⁾	Cresud SACIF y A ADR		344,730		0.1
	43,260		Grupo Supervielle SA ADR		219,761		0.1
	37,800	⁽¹⁾	IRSA Inversiones y Representaciones SA ADR		354,942		0.1
	1,047		IRSA Propiedades Comerciales SA ADR		18,877		0.0
					1,984,972		0.5

			Brazil: 7.6%
	120,400		Atacadao Distribuicao Comercio e Industria Ltd.		651,881		0.2
	357,670	⁽¹⁾	B2W Cia Digital		3,504,548		0.9
	162,301		Banco Bradesco SA ADR		1,470,447		0.4
	48,193		Banco do Brasil S.A.		609,249		0.1
	103,700		Banco Santander Brasil S.A. ADR		1,187,365		0.3
	41,257		Banco Santander Brasil SA		476,111		0.1
	232,269	⁽¹⁾	Biotoscana Investments SA		459,669		0.1
	13,400		Braskem SA-SPON ADR		327,630		0.1
	228,200	^(1),(2)	BRF SA ADR		1,786,806		0.4
	47,900		Centrais Eletricas Brasileiras SA		400,684		0.1
	42,500		Cia Brasileira de Distribuicao ADR		1,043,800		0.3
	44,030		Estacio Participacoes SA		308,236		0.1
	366,000		Fleury SA		1,937,762		0.5
	54,300		Hypera S.A.		391,072		0.1
	574,700		International Meal Co. Alimentacao SA		1,074,329		0.3
	14,164		IRB Brasil Resseguros S/A		341,177		0.1
	249,314		Itau Unibanco Holding SA ADR		2,156,566		0.5
	69,322		Kroton Educacional SA		173,433		0.0
	929,000		Movida Participacoes SA		2,800,434		0.7
	71,380		MRV Engenharia e Participacoes SA		265,415		0.1
	173,300		Petroleo Brasileiro SA ADR		2,639,359		0.6
	328,300	⁽¹⁾	Rumo SA		1,515,450		0.4
	15,459		SLC Agricola SA		162,313		0.0
	79,400		Smiles Fidelidade SA		994,044		0.2
	1,486		Telefonica Brasil SA		15,784		0.0
	78,000		Telefonica Brasil SA ADR		928,200		0.2
	344,959		Tim Participacoes SA		1,027,549		0.2
	185,056		Vale SA ADR		2,365,016		0.6
					31,014,329		7.6

			Chile: 0.3%
	12,700		Cia Cervecerias Unidas SA ADR		349,758		0.1
	27,900		Sociedad Quimica y Minera de Chile SA ADR		994,356		0.2
					1,344,114		0.3

			China: 32.3%
	114,575	⁽¹⁾	Alibaba Group Holding Ltd. ADR		21,261,683		5.2
	1,733,000	^(1),(3)	A-Living Services Co. Ltd. - H Shares		2,766,302		0.7
	214,000		Angang Steel Co., Ltd. - H Shares		143,993		0.0
	60,000		Anhui Conch Cement Co., Ltd. - H Shares		366,229		0.1
	320,000		Anta Sports Products Ltd.		2,250,604		0.5
	19,600	⁽¹⁾	Baidu, Inc. ADR		3,258,108		0.8
	91,000	⁽¹⁾	Baozun, Inc. ADR		4,413,500		1.1
	5,087	⁽¹⁾	BeiGene Ltd. ADR		631,958		0.2
	43,500		Beijing Enterprises Holdings Ltd.		231,782		0.1
	3,891,900		Beijing Enterprises Water Group Ltd.		2,414,899		0.6
	11,300	^(1),(2)	Bitauto Holdings Ltd. ADR		145,092		0.0
	182,000		China Communications Services Corp., Ltd. - H Shares		146,789		0.0
	1,825,000		China Construction Bank - H Shares		1,608,858		0.4
	519,000		China Everbright Bank Co. Ltd. - H Shares		256,344		0.1
	1,430,000		China Maple Leaf Educational Systems Ltd.		668,886		0.2
	207,000		China Mengniu Dairy Co., Ltd.		764,740		0.2
	192,500		China Merchants Bank Co., Ltd. - H Shares		952,684		0.2
	265,500		China Mobile Ltd.		2,533,242		0.6
	25,600		China Mobile Ltd-SPON ADR		1,220,352		0.3
	88,000		China Overseas Land & Investment Ltd.		329,706		0.1
	2,111,650		China Petroleum & Chemical Corp. - H Shares		1,623,246		0.4
	276,500		China Railway Construction Corp. Ltd. - H Shares		326,718		0.1
	318,000		China Railway Group Ltd. - H Shares		250,830		0.1
	344,000		China Resources Cement Holdings Ltd. - H Shares		344,915		0.1
	130,000		China Shenhua Energy Co., Ltd. - H Shares		287,750		0.1
	155,100		China Vanke Co. Ltd. - H Shares		600,113		0.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			China: (continued)
	912,500		China ZhengTong Auto Services Holdings Ltd.		506,205		0.1
	5,400		CNOOC Ltd. ADR		981,072		0.2
	437,000		Country Garden Holdings Co. Ltd.		704,207		0.2
	37,600	⁽¹⁾	Ctrip.com International Ltd. ADR		1,656,280		0.4
	120,000		Dongfeng Motor Group Co., Ltd. - H Shares		116,582		0.0
	2,947,000		Fu Shou Yuan International Group Ltd.		2,528,733		0.6
	119,000		Geely Automobile Holdings Ltd.		239,712		0.1
	330,000	⁽¹⁾	Genscript Biotech Corp. - H Shares		842,365		0.2
	112,500		Great Wall Motor Co. Ltd. - H Shares		91,609		0.0
	96,000		Haier Electronics Group Co. Ltd.		274,458		0.1
	35,500		Hengan International Group Co., Ltd.		312,117		0.1
	142,000		Huadian Power International Co. - H Shares		60,670		0.0
	55,860		Huazhu Group Ltd. ADR		2,368,464		0.6
	4,307,000		Industrial & Commercial Bank of China - H Shares		3,239,553		0.8
	91,900	⁽¹⁾	JD.com, Inc. ADR		2,781,813		0.7
	936,000		Kunlun Energy Co. Ltd.		990,062		0.2
	18,494		Kweichow Moutai Co. Ltd. - A Shares		2,674,409		0.7
	33,721		Kweichow Moutai Co. Ltd. - A Shares		4,876,378		1.2
	753		NetEase, Inc. ADR		214,251		0.0
	85,000		Nexteer Automotive Group Ltd.		133,284		0.0
	11,400		PetroChina Co., Ltd. ADR		721,506		0.2
	1,091,500		Ping An Insurance Group Co. of China Ltd. - H Shares		13,212,242		3.2
	515,000	⁽³⁾	Postal Savings Bank of China Co. Ltd. - H Shares		313,393		0.1
	230,000		Shenzhen Expressway Co. Ltd. - H Shares		280,145		0.1
	91,000		Shenzhou International Group Holdings Ltd.		1,223,115		0.3
	65,700	⁽¹⁾	Sina Corp.		4,135,158		1.0
	506,000		Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		229,182		0.1
	77,400	^(1),(2)	Sohu.com Ltd. ADR		1,599,858		0.4
	430,200		Tencent Holdings Ltd.		21,203,552		5.2
	26	^(1),(2)	Tencent Music Entertainment Group ADR		447		0.0
	656,000		Tingyi Cayman Islands Holding Corp.		1,080,254		0.3
	362,000		Tsingtao Brewery Co., Ltd. - H Shares		2,309,214		0.6
	1,118,600		Uni-President China Holdings Ltd.		1,024,346		0.2
	385,000		Want Want China Holdings Ltd.		305,664		0.1
	15,070	^(1),(2)	Weibo Corp. ADR		1,032,295		0.3
	217,612		Weichai Power Co. Ltd. - H Shares		356,304		0.1
	281,300		Wuliangye Yibin Co. Ltd. - A Shares		4,272,743		1.0
	190,000		Yanzhou Coal Mining Co., Ltd. - H Shares		202,847		0.0
	42,600	⁽³⁾	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares		211,444		0.0
	403,000		Yihai International Holding Ltd.		1,990,586		0.5
	4,600	⁽¹⁾	YY, Inc. ADR		389,206		0.1
	64,000		Zhongsheng Group Holdings Ltd.		168,368		0.0
	506,000		Zijin Mining Group Co., Ltd. - H Shares		197,665		0.0
					131,851,081		32.3

			Egypt: 0.7%
	462,612		Commercial International Bank Egypt SAE		2,055,990		0.5
	1,000,345		Juhayna Food Industries		752,735		0.2
	230,148	⁽¹⁾	Sarwa Capital for Financial Investment SAE		79,218		0.0
					2,887,943		0.7

			Georgia: 0.4%
	73,172		Bank of Georgia Group PLC		1,642,277		0.4

			Germany: 0.5%
	40,900	^(1),(3)	Delivery Hero SE		1,884,947		0.5

			Hong Kong: 1.0%
	487,000		China Education Group Holdings Ltd.		755,702		0.2
	438,200		Galaxy Entertainment Group Ltd.		3,281,783		0.8
					4,037,485		1.0

			Hungary: 0.5%
	33,026	⁽¹⁾	MOL Hungarian Oil & Gas PLC		380,316		0.1
	41,154	⁽¹⁾	OTP Bank Nyrt		1,830,159		0.4
					2,210,475		0.5

			India: 8.5%
	45,840		Aurobindo Pharma Ltd.		539,934		0.1
	65,850		Bharat Petroleum Corp. Ltd.		360,623		0.1
	91,700		Cholamandalam Investment and Finance Co. Ltd.		1,832,029		0.4
	29,051		Glenmark Pharmaceuticals Ltd.		266,783		0.1
	13,417		Graphite India Ltd.		73,815		0.0
	205,900		GRUH Finance Ltd.		941,123		0.2
	49,375		HCL Technologies Ltd.		840,343		0.2
	54,755		HDFC Bank Ltd. ADR		6,277,661		1.5

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			India: (continued)
	64,250		HDFC Bank Ltd. - Foreign Premium		2,134,395		0.5
	1,959		HEG Ltd.		45,861		0.0
	40,745		Housing Development Finance Corp.		1,168,929		0.3
	141,857		Indian Oil Corp. Ltd.		322,988		0.1
	62,984		Lupin Ltd.		789,477		0.2
	17,290		NIIT Technologies Ltd.		321,625		0.1
	152,566		Oil & Natural Gas Corp., Ltd.		371,227		0.1
	105,465		Phoenix Mills Ltd.		910,153		0.2
	84,600	^(1),(3)	Quess Corp. Ltd.		850,207		0.2
	682,926		Reliance Industries Ltd.		13,681,383		3.4
	50,825		Tata Chemicals Ltd.		421,906		0.1
	73,185	⁽¹⁾	Tata Motors Ltd.		225,637		0.1
	117,000		Titan Co., Ltd.		1,948,477		0.5
	70,235		Zee Entertainment Enterprises Ltd.		436,933		0.1
					34,761,509		8.5

			Indonesia: 1.8%
	2,318,600		Astra International Tbk PT		1,241,190		0.3
	409,500	⁽¹⁾	Bank Central Asia Tbk PT		820,710		0.2
	11,399,200		Bank Rakyat Indonesia		3,504,746		0.9
	9,100,000	⁽¹⁾	Bank Tabungan Pensiunan Nasional Syariah Tbk PT		1,577,074		0.4
					7,143,720		1.8

			Kenya: 0.3%
	4,825,000		Safaricom PLC		1,342,795		0.3

			Kuwait: 0.3%
	112,455		Humansoft Holding Co. KSC		1,229,636		0.3

			Malaysia: 0.6%
	1,151,000		Malaysia Airports Holdings Bhd		2,125,734		0.5
	662,587		UEM Sunrise Bhd		149,157		0.1
					2,274,891		0.6

			Mexico: 3.9%
	120,798		Alfa SA de CV		121,704		0.0
	40,656		America Movil SAB de CV ADR		600,489		0.1
	217,181		Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		364,646		0.1
	225,000	⁽²⁾	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR		1,896,750		0.5
	99,110	⁽¹⁾	Cemex SAB de CV ADR		455,906		0.1
	43,767		Coca-Cola Femsa SA de CV ADR		2,806,340		0.7
	5,500		Fomento Economico Mexicano SAB de CV ADR		536,745		0.1
	32,509		Grupo Aeroportuario del C		200,204		0.1
	264,577		Grupo Financiero Banorte		1,676,412		0.4
	92,600		Grupo Lala SAB de CV		123,774		0.0
	133,600		Grupo Televisa SAB ADR		1,354,704		0.3
	165,700		Kimberly-Clark de Mexico SA de CV		286,164		0.1
	578,400		Qualitas Controladora SAB de CV		1,539,227		0.4
	341,000		Regional SAB de CV		1,845,504		0.5
	618,800		Unifin Financiera SAPI de CV SOFOM ENR		1,383,979		0.3
	285,932		Wal-Mart de Mexico SAB de CV		840,100		0.2
					16,032,648		3.9

			Netherlands: 0.1%
	134,724		VEON Ltd. ADR		315,254		0.1

			Peru: 0.4%
	87,300		Cia de Minas Buenaventura SAA ADR		1,415,133		0.3
	1,625		Credicorp Ltd.		384,963		0.1
					1,800,096		0.4

			Philippines: 2.1%
	3,840,400		Ayala Land, Inc.		3,613,102		0.9
	11,261,000		Bloomberry Resorts Corp.		2,754,206		0.6
	941,130		International Container Terminal Services, Inc.		2,284,537		0.6
					8,651,845		2.1

			Poland: 0.4%
	5,070	⁽¹⁾	Grupa Lotos SA		110,465		0.1
	20,350		KRUK SA		925,054		0.2
	19,249	⁽¹⁾	Polski Koncern Naftowy Orlen		494,208		0.1
					1,529,727		0.4

			Russia: 4.7%
	18,550		Alrosa AO		27,062		0.0
	285,832	⁽¹⁾	Alrosa PJSC		416,994		0.1
	405,270		Gazprom PJSC - SPON ADR		2,034,456		0.5
	27,981		Lukoil PJSC ADR		2,392,376		0.6
	2,983		Magnit OJSC		171,935		0.1
	171,584	⁽¹⁾	Magnitogorsk Iron & Steel Works		117,455		0.0
	13,604	⁽¹⁾	Mail.ru Group Ltd. GDR		314,252		0.1
	31,166		MMC Norilsk Nickel PJSC ADR		698,274		0.2
	39,400		Mobile TeleSystems PJSC ADR		310,472		0.1
	5,771		Novolipetsk Steel GDR		152,424		0.0
	398,388		Rosneft Oil Co. PJSC GDR		2,654,620		0.7
	11,279,517	⁽¹⁾	RusHydro JSC		94,309		0.0
	385,385		Sberbank PAO ADR		5,568,813		1.3
	11,722		Severstal PJSC GDR		189,779		0.0
	6,923		Tatneft PJSC ADR		486,410		0.1
	11,438		X5 Retail Group N.V. GDR		347,143		0.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Russia: (continued)
	85,900	⁽¹⁾	Yandex NV		3,215,237		0.8
					19,192,011		4.7

			Singapore: 0.0%
	14,200	⁽³⁾	BOC Aviation Ltd.		122,056		0.0

			South Africa: 3.5%
	29,401		Absa Group Ltd.		338,690		0.1
	672,000		Advtech Ltd.		638,412		0.2
	17,803		AngloGold Ashanti Ltd.		211,818		0.0
	87,973	⁽¹⁾	Impala Platinum Holdings Ltd.		353,801		0.1
	15,076		Mondi Ltd.		332,283		0.1
	1,632	⁽¹⁾	MultiChoice Group Ltd.		14,654		0.0
	37,136		Naspers Ltd.		9,553,256		2.3
	25,370		Nedbank Group Ltd.		473,244		0.1
	18,867		Spar Group Ltd.		256,166		0.1
	1,599,110		Transaction Capital Ltd.		2,136,246		0.5
					14,308,570		3.5

			South Korea: 10.1%
	6,073		Cheil Worldwide, Inc.		132,494		0.0
	2,139		Daelim Industrial Co., Ltd.		177,483		0.1
	3,980		Doosan Bobcat, Inc.		109,135		0.0
	3,249		GS Engineering & Construction Corp.		113,043		0.0
	3,423		GS Retail Co. Ltd.		114,870		0.0
	3,924		GS Holdings Corp.		174,872		0.0
	21,043		Hana Financial Group, Inc.		663,712		0.2
	1,204		Lotte Chemical Corp.		277,414		0.1
	2,641		Hyosung Corp.		169,825		0.0
	2,113		Hyundai Glovis Co., Ltd.		289,057		0.1
	4,857		Hyundai Marine & Fire Insurance Co., Ltd.		158,970		0.0
	2,418		Hyundai Motor Co.		287,018		0.1
	34,100		Industrial Bank Of Korea		413,502		0.1
	4,308		KEPCO Plant Service & Engineering Co. Ltd.		135,223		0.0
	10,788		Kia Motors Corp.		418,185		0.1
	10,020		Koh Young Technology, Inc.		829,504		0.2
	3,679		KT Corp.		86,108		0.0
	8,605		KT&G Corp.		752,699		0.2
	1,599		Kumho Petrochemical Co. Ltd.		125,901		0.0
	53,200	^(1),(2)	LG Display Co. Ltd. ADR		444,220		0.1
	16,729	⁽¹⁾	LG Display Co., Ltd.		284,473		0.1
	9,498		LG Electronics, Inc.		617,105		0.2
	98,069		LG Uplus Corp.		1,201,264		0.3
	114		Lotte Chilsung Beverage Co., Ltd.		168,929		0.0
	1,902		Lotte Confectionery Co. Ltd		301,080		0.1
	8,743		Lotte Corp.		367,393		0.1
	4,803		NAVER Corp.		491,887		0.1
	2,003		POSCO		438,424		0.1
	1,970	^(1),(3)	Samsung Biologics Co. Ltd.		574,164		0.1
	3,255		Samsung Electronics Co., Ltd. GDR		3,222,102		0.8
	217,753		Samsung Electronics Co., Ltd.		8,561,444		2.1
	8,866		Samsung Life Insurance Co. Ltd.		644,899		0.2
	14,200		Samsung SDI Co., Ltd.		2,883,254		0.7
	1,699		Samsung SDS Co. Ltd.		315,936		0.1
	32,190		Shinhan Financial Group Co., Ltd.		1,216,618		0.3
	760		SK Holdings Co. Ltd.		167,133		0.0
	99,183		SK Hynix, Inc.		6,711,792		1.7
	192,100		SK Telecom Co., Ltd. ADR		4,533,560		1.1
	11,621		SK Telecom Co., Ltd.		2,464,882		0.6
	32,407		Woori Financial Group, Inc.		384,229		0.1
					41,423,803		10.1

			Spain: 0.8%
	119,929		CIE Automotive SA		3,351,709		0.8

			Switzerland: 0.3%
	24,940	^(1),(3)	Wizz Air Holdings PLC		1,106,349		0.3

			Taiwan: 6.5%
	504,000		AU Optronics Corp.		180,250		0.0
	31,000		Catcher Technology Co., Ltd.		245,778		0.1
	47,000		Chailease Holding Co. Ltd.		200,377		0.0
	24,213		Chilisin Electronics Corp.		77,424		0.0
	1,047,000		CTBC Financial Holding Co. Ltd.		717,249		0.2
	67,000		Chipbond Technology Corp.		152,050		0.0
	13,000		Chlitina Holding Ltd.		106,391		0.0
	429,500		Chroma ATE, Inc.		2,057,570		0.5
	306,000		E.Sun Financial Holding Co., Ltd.		251,259		0.1
	60,000		Elite Material Co. Ltd.		193,438		0.0
	187,000		Far Eastern New Century Corp.		204,203		0.1
	61,435		FLEXium Interconnect, Inc.		193,083		0.0
	31,000		Globalwafers Co. Ltd.		339,813		0.1
	8,840		Gourmet Master Co. Ltd.		56,395		0.0
	1,123,409		HON HAI Precision Industry Co., Ltd.		3,162,765		0.8
	248,000		MediaTek, Inc.		2,376,963		0.6
	38,000		Merry Electronics Co. Ltd.		218,873		0.1
	51,000		Novatek Microelectronics Corp., Ltd.		333,625		0.1
	174,667		Poya International Co. Ltd.		2,117,386		0.5
	58,000		Radiant Opto-Electronics Corp.		196,025		0.0
	120,000		Sino-American Silicon Products, Inc.		260,175		0.1
	155,000	⁽¹⁾	TaiMed Biologics, Inc.		788,450		0.2
	153,300		Taiwan Cement Corp.		208,511		0.1
	45,000		Taiwan Mobile Co., Ltd.		164,558		0.1
	68,939		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		3,020,907		0.7

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Taiwan: (continued)
	890,000		Taiwan Semiconductor Manufacturing Co., Ltd.		7,472,469		1.8
	8,000		TCI Co. Ltd.		119,435		0.0
	179,000		Uni-President Enterprises Corp.		425,425		0.1
	12,962		Yageo Corp.		128,581		0.0
	604,000		Yuanta Financial Holding Co., Ltd.		350,325		0.1
	66,000		Zhen Ding Technology Holding Ltd.		236,126		0.1
					26,555,879		6.5

			Thailand: 1.5%
	726,300		CP ALL PCL		1,764,292		0.5
	11,700		PTT Exploration & Production PCL		48,884		0.0
	126,200		PTT Exploration & Production PCL		527,283		0.1
	172,800		PTT Global Chemical PCL		372,552		0.1
	548,200		PTT PCL		836,885		0.2
	1,165,000		Quality Houses PCL		108,104		0.0
	1,251,487		Srisawad Corp. PCL		2,149,571		0.5
	321,200		Star Petroleum Refining PCL		106,665		0.0
	48,400		Tisco Financial Group PCL		127,064		0.1
					6,041,300		1.5

			Turkey: 1.5%
	760,682	⁽¹⁾	Akbank Turk AS		782,058		0.2
	210,319		AvivaSA Emeklilik ve Hayat AS		334,147		0.1
	1		Eregli Demir ve Celik Fabrikalari TAS		1		0.0
	10,936		Ford Otomotiv Sanayi AS		96,668		0.0
	56,471		KOC Holding AS		153,318		0.0
	673,930	^(1),(3)	MLP Saglik Hizmetleri AS		1,347,595		0.3
	188,758		Petkim Petrokimya Holding		141,605		0.0
	87,687		Soda Sanayii AS		114,038		0.0
	738,810	⁽¹⁾	Sok Marketler Ticaret AS		1,144,183		0.3
	38,375		Tekfen Holding AS		171,405		0.1
	401,000		Tofas Turk Otomobil Fabrikasi AS		1,206,222		0.3
	1	⁽¹⁾	Turk Hava Yollari		2		0.0
	117,821		Turk Sise Ve Cam Fabrikalari		120,552		0.0
	67,815		Turkcell Iletisim Hizmet AS		142,227		0.1
	57,600		Turkcell Iletisim Hizmet AS ADR		300,672		0.1
					6,054,693		1.5

			United Arab Emirates: 0.5%
	56,300		NMC Health PLC		2,079,043		0.5

			United Kingdom: 0.2%
	56,372	⁽¹⁾	Georgia Capital PLC		743,913		0.2

			United States: 0.8%
	61,000	⁽¹⁾	Laureate Education Inc.- Class A		960,140		0.2
	59,000	⁽¹⁾	Micron Technology, Inc.		2,481,540		0.6
					3,441,680		0.8

		Total Common Stock (Cost $343,885,988)			378,360,750		92.6

EXCHANGE-TRADED FUNDS: 4.0%
	272,481		iShares Edge MSCI Min Vol Emerging Markets ETF		16,325,699		4.0

		Total Exchange-Traded Funds (Cost $16,297,467)			16,325,699		4.0

PREFERRED STOCK: 1.8%
			Brazil: 0.8%
	20,020		Cia Brasileira de Distribuicao		493,569		0.1
	23,630		Cia de Transmissao de Energia Eletrica Paulista		126,976		0.0
	13,755		Cia Paranaense de Energia		143,861		0.0
	278,185		Itau Unibanco Holding S.A.		2,407,895		0.6
	13,260		Telefonica Brasil SA		157,553		0.1
					3,329,854		0.8

			Russia: 0.3%
	322,882		Surgutneftegas		195,702		0.1
	361	⁽¹⁾	Transneft PJSC		939,135		0.2
					1,134,837		0.3

			South Korea: 0.7%
	94,050		Samsung Electronics Co., Ltd.		3,000,310		0.7

		Total Preferred Stock (Cost $7,874,918)			7,465,001		1.8

CLOSED-END FUNDS: 0.3%
			United States: 0.3%
	13,800	⁽¹⁾	Altaba, Inc.		1,040,382		0.3

		Total Closed-End Funds (Cost $639,916)			1,040,382		0.3

		Total Long-Term Investments (Cost $368,698,289)			403,191,832		98.7

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.5%
			Securities Lending Collateral(4): 0.8%
	140,240	⁽⁴⁾	Bank of Montreal, 0.000%, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $140,250, collateralized by various U.S. Government Securities, 0.000%-3.750%, Market Value plus accrued interest $143,045, due 05/23/19-02/15/46)		140,240		0.0
	1,000,000	⁽⁴⁾	BNP Paribas S.A., 0.000%, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $1,000,074, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $1,020,000, due 05/21/19-09/09/49)		1,000,000		0.2
	1,000,000	⁽⁴⁾	Cantor Fitzgerald Securities, 0.000%, Repurchase Agreement dated 04/30/19, 2.76%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-10.000%, Market Value plus accrued interest $1,020,000, due 05/15/19-03/20/69)		1,000,000		0.3
	1,000,000	⁽⁴⁾	Citigroup, Inc., 0.000%, Repurchase Agreement dated 04/30/19, 2.77%, due 05/01/19 (Repurchase Amount $1,000,076, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.250%-8.500%, Market Value plus accrued interest $1,020,000, due 05/25/19-04/20/69)		1,000,000		0.3
					3,140,240		0.8

Shares				Value			Percentage of Net Assets
			Mutual Funds: 1.7%
	7,222,930	⁽⁵⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%
			(Cost $7,222,930)		7,222,930			1.7

		Total Short-Term Investments (Cost $10,363,170)			10,363,170			2.5

		Total Investments in Securities (Cost $379,061,459)		$	413,555,002			101.2
		Liabilities in Excess of Other Assets			(5,003,671	)		(1.2	)
		Net Assets		$	408,551,331			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(1)	Non-income producing security.
(2)	Security, or a portion of the security, is on loan.
(3)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(4)	Represents securities purchased with cash collateral received for securities on loan.
(5)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 95.2%
			Australia: 1.5%
	96,973		Amcor Ltd.		1,096,168		0.2
	53,337		BHP Group PLC		1,258,999		0.2
	25,465		Cochlear Ltd.		3,366,092		0.5
	125,605		Seek Ltd.		1,613,275		0.3
	154,643		Treasury Wine Estates Ltd.		1,875,774		0.3
					9,210,308		1.5

			Austria: 0.5%
	66,148		Andritz AG		3,158,977		0.5

			Belgium: 1.0%
	27,420		Anheuser-Busch InBev SA/NV		2,437,843		0.4
	28,956		Solvay S.A.		3,491,405		0.6
					5,929,248		1.0

			Brazil: 0.2%
	5,800		Magazine Luiza SA		280,969		0.0
	56,700		Raia Drogasil SA		991,538		0.2
					1,272,507		0.2

			Canada: 3.5%
	47,331		Canadian National Railway Co. - CNR		4,396,409		0.7
	41,325		Dollarama, Inc.		1,241,261		0.2
	266,367		EnCana Corp.		1,845,104		0.3
	72,511		Magna International, Inc.		4,036,087		0.7
	63,900		Methanex Corp.		3,502,886		0.6
	23,336		National Bank Of Canada		1,111,669		0.2
	18,500		Rogers Communications, Inc.		931,421		0.2
	58,283		Suncor Energy, Inc.		1,922,030		0.3
	43,400		TransCanada Corp.		2,071,356		0.3
					21,058,223		3.5

			China: 5.9%
	16,776	⁽¹⁾	58.com, Inc. ADR		1,204,349		0.2
	39,269	⁽¹⁾	Alibaba Group Holding Ltd. ADR		7,287,148		1.2
	6,014	⁽¹⁾	Baidu, Inc. ADR		999,707		0.2
	131,145		China Merchants Bank Co., Ltd. - H Shares		649,037		0.1
	90,748		China National Accord Medicines Corp. Ltd. - A Shares		635,292		0.1
	10,595,006	⁽²⁾	China Tower Corp. Ltd. - H Shares		2,868,462		0.5
	31,136	⁽¹⁾	Ctrip.com International Ltd. ADR		1,371,541		0.2
	170,684		ENN Energy Holdings Ltd.		1,613,132		0.3
	136,843		Hangzhou Hikvision Digital Technology Co. Ltd. - A Shares		665,510		0.1
	53,800		Hangzhou Tigermed Consulting Co. Ltd. - A Shares		530,640		0.1
	32,036	⁽¹⁾	JD.com, Inc. ADR		969,730		0.2
	193,320		Kingdee International Software Group Co., Ltd.		237,294		0.0
	22,526	⁽¹⁾	New Oriental Education & Technology Group, Inc. ADR		2,150,332		0.4
	54,622	^(1),(3)	NIO, Inc. ADR		264,917		0.0
	387,356		Ping An Insurance Group Co. of China Ltd. - H Shares		4,688,815		0.8
	68,790		Sunny Optical Technology Group Co. Ltd.		841,515		0.1
	104,379		Tencent Holdings Ltd.		5,144,597		0.8
	254,000		Tsingtao Brewery Co., Ltd. - H Shares		1,620,278		0.3
	46,570	^(1),(2)	WuXi AppTec Co. Ltd. - H Shares		572,864		0.1
	719,195	^(1),(2)	Xiaomi Corp. - B Shares		1,105,355		0.2
					35,420,515		5.9

			Colombia: 0.6%
	75,900		BanColombia SA ADR		3,849,648		0.6

			Denmark: 1.0%
	10,922		Carlsberg A/S		1,412,224		0.2
	11,985		DSV A/S		1,110,624		0.2
	69,119		Novozymes A/S		3,226,152		0.6
					5,749,000		1.0

			Finland: 1.4%
	104,408		Kone OYJ		5,737,057		0.9
	13,217		Neste OYJ		436,859		0.1
	137,523		Nordea Bank Abp		1,081,942		0.2
	27,752		Sampo OYJ		1,270,716		0.2
					8,526,574		1.4

			France: 8.2%
	10,204		Air Liquide SA		1,357,462		0.2
	8,904		Atos SE		918,102		0.1
	33,915		AXA S.A.		904,399		0.1
	27,989		Capgemini SE		3,396,599		0.6
	50,813		Cie Generale des Etablissements Michelin SCA		6,570,679		1.1
	54,534		Imerys SA		2,904,141		0.5
	39,526		IPSOS		1,146,504		0.2
	46,126		Legrand S.A.		3,392,713		0.6
	4,438		LVMH Moet Hennessy Louis Vuitton SE		1,742,442		0.3
	500,581		Natixis SA		2,949,805		0.5
	58,000		Publicis Groupe		3,447,319		0.6
	38,425		Safran S.A.		5,600,893		0.9
	19,231		Sanofi		1,677,898		0.3
	83,198		Total SA		4,625,057		0.8
	41,194		Valeo SA		1,498,344		0.2
	55,879		Vinci SA		5,643,591		0.9
	61,124		Vivendi SA		1,774,182		0.3
					49,550,130		8.2

			Germany: 7.4%
	23,299		Adidas AG		6,001,565		1.0
	12,632		Allianz SE		3,053,345		0.5
	37,740		BASF SE		3,081,142		0.5
	13,205		Bechtle AG		1,359,412		0.2
	18,165		Beiersdorf AG		1,987,635		0.3

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Germany: (continued)
	203,274		Deutsche Telekom AG		3,405,850		0.6
	51,834		E.ON AG		557,307		0.1
	12,237		Fresenius SE & Co. KGaA		695,858		0.1
	27,512		Hannover Rueck SE		4,154,595		0.7
	103,295		Infineon Technologies AG		2,448,678		0.4
	53,045		Lanxess AG		3,071,787		0.5
	15,949		Muenchener Rueckversicherungs-Gesellschaft AG		3,968,987		0.7
	24,401		SAP SE		3,145,502		0.5
	83,685		Vonovia SE		4,182,300		0.7
	80,192	^(1),(2)	Zalando SE		3,772,239		0.6
					44,886,202		7.4

			Hong Kong: 1.7%
	717,625		AIA Group Ltd.		7,348,075		1.2
	6,000		Jardine Matheson Holdings Ltd.		394,980		0.1
	51,100		Jardine Strategic Holdings Ltd.		1,933,070		0.3
	62,000		Techtronic Industries Co., Ltd.		448,663		0.1
					10,124,788		1.7

			India: 1.8%
	91,794		HDFC Bank Ltd. - Foreign Premium		3,049,412		0.5
	108,900		ICICI Bank Ltd.		634,728		0.1
	82,820		ICICI Bank Ltd. ADR		948,289		0.2
	362,252		Infosys Ltd. ADR		3,897,831		0.6
	133,433		Mahindra & Mahindra Ltd. - SPON GDR		1,220,912		0.2
	25,413	⁽¹⁾	MakeMyTrip Ltd.		640,662		0.1
	215,410		Power Grid Corp. of India Ltd.		577,706		0.1
					10,969,540		1.8

			Ireland: 1.6%
	1,320,428		Greencore Group PLC		3,960,234		0.6
	41,001		Kingspan Group Plc		2,155,866		0.4
	25,890		Medtronic PLC		2,299,291		0.4
	15,668	⁽¹⁾	Ryanair Holdings PLC ADR		1,216,463		0.2
					9,631,854		1.6

			Israel: 0.7%
	123,768		Bank Leumi Le-Israel BM		847,557		0.2
	212,442	⁽¹⁾	Teva Pharmaceutical Industries Ltd. ADR		3,233,367		0.5
					4,080,924		0.7

			Italy: 1.1%
	14,508		Banca Generali SpA		409,924		0.1
	18,591		Ferrari NV		2,521,537		0.4
	53,041		FinecoBank Banca Fineco SpA		698,655		0.1
	198,134	^(1),(2)	Pirelli & C SpA		1,448,438		0.3
	97,223		UniCredit SpA		1,345,970		0.2
					6,424,524		1.1

			Japan: 13.4%
	17,755		CyberAgent, Inc.		711,695		0.1
	7,160		Daikin Industries Ltd.		911,607		0.1
	68,896		Daiwa House Industry Co., Ltd.		1,931,121		0.3
	40,600		Denso Corp.		1,774,018		0.3
	18,950		Pan Pacific International Holdings Corp.		1,221,219		0.2
	10,839		Fanuc Ltd.		2,036,383		0.3
	73,800		Kakaku.com, Inc.		1,520,466		0.2
	240,200		Kansai Electric Power Co., Inc.		2,906,003		0.5
	44,320		Kao Corp.		3,421,390		0.6
	139,800		KDDI Corp.		3,222,047		0.5
	6,491		Keyence Corp.		4,055,537		0.7
	63,815		Komatsu Ltd.		1,648,368		0.3
	7,355		Kose Corp.		1,377,782		0.2
	31,400		Makita Corp.		1,145,580		0.2
	109,809		Mitsui Fudosan Co., Ltd.		2,543,389		0.4
	89,500		MS&AD Insurance Group Holdings, Inc.		2,781,991		0.5
	25,600		Murata Manufacturing Co., Ltd.		1,285,470		0.2
	429,880	⁽¹⁾	Nexon Co. Ltd.		6,119,426		1.0
	16,000		Nidec Corp.		2,285,419		0.4
	192,400		Olympus Corp.		2,159,422		0.4
	37,900		Pigeon Corp.		1,622,713		0.3
	34,905		Recruit Holdings Co. Ltd.		1,051,125		0.2
	14,400		Shimano, Inc.		2,116,561		0.3
	17,300		Shin-Etsu Chemical Co., Ltd.		1,638,734		0.3
	96,345		Shiseido Co., Ltd.		7,578,306		1.3
	8,300		SMC Corp.		3,466,620		0.6
	21,000		SoftBank Group Corp.		2,226,659		0.4
	56,620		Sony Financial Holdings, Inc.		1,164,167		0.2
	17,200		Sugi Holdings Co., Ltd.		869,899		0.1
	80,660		Sumitomo Mitsui Financial Group, Inc.		2,931,687		0.5
	90,700		Sumitomo Mitsui Trust Holdings, Inc.		3,164,629		0.5
	19,900		Suzuki Motor Corp.		908,110		0.1
	46,087		Sysmex Corp.		2,640,881		0.4
	20,720		Terumo Corp.		625,302		0.1
	31,305		Tokio Marine Holdings, Inc.		1,586,078		0.3
	17,700		Yamaha Corp.		919,027		0.2
	24,885		Yamaha Motor Co., Ltd.		513,179		0.1
	22,000		Yamato Holdings Co., Ltd.		477,921		0.1
					80,559,931		13.4

			Netherlands: 4.2%
	40,703	⁽²⁾	ABN AMRO Group NV		958,653		0.2
	47,091	⁽¹⁾	AerCap Holdings NV		2,337,597		0.4
	19,384		Airbus SE		2,654,255		0.4
	67,095		ArcelorMittal		1,459,730		0.2
	10,310		ASML Holding NV		2,152,846		0.4
	275,083		ING Groep NV		3,510,080		0.6
	10,523		Koninklijke DSM NV		1,203,537		0.2
	67,048		Koninklijke Philips NV		2,879,302		0.5
	160,038		Royal Dutch Shell PLC - Class A		5,099,046		0.8
	25,037		Unilever NV		1,514,859		0.2
	21,898		Wolters Kluwer NV		1,528,432		0.3
					25,298,337		4.2

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Norway: 2.1%
	204,599		DNB ASA		3,934,277		0.6
	44,709		Equinor ASA		996,637		0.2
	264,565		SpareBank 1 SR-Bank ASA		3,058,962		0.5
	60,181		Telenor ASA		1,209,751		0.2
	81,147		Yara International ASA		3,668,983		0.6
					12,868,610		2.1

			Portugal: 0.4%
	160,879		Jeronimo Martins SGPS SA		2,620,026		0.4

			Russia: 0.2%
	25,955	⁽¹⁾	Yandex NV		971,496		0.2

			Singapore: 1.6%
	88,480		DBS Group Holdings Ltd.		1,839,980		0.3
	1,160,600		NetLink NBN Trust		708,255		0.1
	353,336		United Overseas Bank Ltd.		7,235,784		1.2
					9,784,019		1.6

			South Africa: 1.1%
	41,380		Clicks Group Ltd.		565,985		0.1
	12,164		Naspers Ltd.		3,129,195		0.5
	95,130		Sasol Ltd.		3,156,075		0.5
					6,851,255		1.1

			South Korea: 4.0%
	12,100		Hyundai Mobis Co. Ltd.		2,413,651		0.4
	85,121		Kia Motors Corp.		3,299,623		0.5
	27,500		KT&G Corp.		2,405,486		0.4
	883		LG Household & Health Care Ltd.		1,075,959		0.2
	190,900		LG Uplus Corp.		2,338,367		0.4
	197,608		Samsung Electronics Co., Ltd.		7,769,398		1.3
	63,700		Shinhan Financial Group Co., Ltd.		2,407,535		0.4
	36,855		SK Hynix, Inc.		2,494,007		0.4
					24,204,026		4.0

			Spain: 2.0%
	502,772		Banco Santander SA		2,548,749		0.4
	73,718	⁽²⁾	Cellnex Telecom SA		2,270,823		0.4
	321,443		Iberdrola S.A.		2,921,090		0.5
	99,266		Industria de Diseno Textil SA		3,005,646		0.5
	66,019		Red Electrica Corp. SA		1,370,155		0.2
					12,116,463		2.0

			Sweden: 4.9%
	90,465		Assa Abloy AB		1,933,922		0.3
	38,306		Atlas Copco AB - A Shares		1,195,695		0.2
	63,409		Atlas Copco AB - B Shares		1,806,027		0.3
	97,124		Duni AB		1,199,086		0.2
	129,150	⁽¹⁾	Epiroc AB - A Shares		1,335,101		0.2
	140,249	⁽¹⁾	Epiroc AB - B Shares		1,387,871		0.2
	68,444		Investor AB - B Shares		3,264,212		0.6
	72,913	⁽¹⁾	Loomis AB		2,697,583		0.5
	70,755		Sandvik AB		1,310,268		0.2
	212,900		SKF AB - B Shares		3,951,845		0.7
	23,187	⁽¹⁾	Spotify Technology SA		3,148,099		0.5
	567,713		Svenska Handelsbanken AB		6,201,185		1.0
					29,430,894		4.9

			Switzerland: 5.2%
	47,337	⁽¹⁾	Alcon, Inc.		2,726,076		0.4
	36,566		Cie Financiere Richemont SA		2,673,060		0.5
	18,290		Ferguson PLC		1,301,626		0.2
	39,151		Julius Baer Group Ltd.		1,891,185		0.3
	1,919		Lonza Group AG		592,643		0.1
	58,835		Nestle SA		5,664,496		0.9
	127,783		Novartis AG		10,470,552		1.7
	14,039		PSP Swiss Property AG		1,432,511		0.2
	13,413		Schindler Holding AG - Part Cert		2,898,885		0.5
	15,238		Swiss Re Ltd.		1,467,082		0.3
	4,217		u-blox Holding AG		353,928		0.1
					31,472,044		5.2

			Taiwan: 1.3%
	57,198		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,506,416		0.4
	600,240		Taiwan Semiconductor Manufacturing Co., Ltd.		5,039,635		0.9
					7,546,051		1.3

			Thailand: 0.5%
	799,000		Siam Commercial Bank PCL		3,280,350		0.5

			United Arab Emirates: 0.1%
	62,478	^(1),(2)	Network International Holdings PLC		424,466		0.1

			United Kingdom: 13.9%
	97,106		Anglo American PLC		2,519,877		0.4
	30,531	⁽¹⁾	ASOS PLC		1,565,634		0.3
	35,367		AstraZeneca PLC		2,634,839		0.4
	427,578	⁽²⁾	Auto Trader Group PLC		3,160,816		0.5
	414,486		Babcock International Group		2,845,306		0.5
	675,182		BBA Aviation PLC		2,399,347		0.4
	100,034		Bellway PLC		4,062,132		0.7
	77,928		BHP Group PLC ADR		3,672,747		0.6
	62,855		Burberry Group PLC		1,656,673		0.3
	1,053,700		Cineworld Group PLC		4,372,549		0.7
	144,047		Compass Group PLC		3,277,630		0.5
	33,289		Derwent London PLC		1,377,764		0.2
	28,087		Diageo PLC		1,184,085		0.2
	149,995		Hargreaves Lansdown PLC		4,430,691		0.7
	125,084		HomeServe PLC		1,772,847		0.3
	124,705		Howden Joinery Group PLC		828,153		0.1
	192,270		Inchcape PLC		1,543,626		0.3
	117,145		Informa PLC		1,191,137		0.2
	62,449		Intertek Group PLC		4,367,927		0.7
	224,993		John Wood Group PLC		1,379,379		0.2
	53,522		Johnson Matthey PLC		2,334,870		0.4
	220,215		Jupiter Fund Management PLC		1,080,673		0.2
	17,405		Linde PLC		3,139,984		0.5
	49,500		Next PLC		3,727,044		0.6

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Equity Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019(unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: (continued)
	99,971		Prudential PLC		2,271,483		0.4
	99,267		Relx PLC (GBP Exchange)		2,280,725		0.4
	465,188		Rightmove PLC		3,289,397		0.5
	40,126		Rio Tinto PLC		2,340,917		0.4
	124,924		RSA Insurance Group PLC		885,602		0.2
	53,439		Smith & Nephew PLC		1,033,110		0.2
	391,684		Standard Chartered PLC		3,581,239		0.6
	1,553,577		Taylor Wimpey PLC		3,683,240		0.6
	35,240		Unilever PLC		2,136,079		0.4
	74,388		Weir Group PLC		1,616,817		0.3
					83,644,339		13.9

			United States: 2.2%
	14,988		Aon PLC		2,699,938		0.4
	36,829	⁽¹⁾	Bausch Health Cos, Inc.		850,382		0.1
	5,100	⁽¹⁾	Linde Public Ltd.		919,326		0.2
	6,450	⁽¹⁾	Mettler Toledo International, Inc.		4,806,927		0.8
	69,866		Popular, Inc.		4,031,967		0.7
					13,308,540		2.2

		Total Common Stock (Cost $523,978,775)			574,223,809		95.2

EXCHANGE-TRADED FUNDS: 0.3%
	32,290		iShares MSCI ACWI ex US ETF		1,536,036		0.3

		Total Exchange-Traded Funds (Cost $1,493,645)			1,536,036		0.3

PREFERRED STOCK: 0.7%
			China: 0.0%
	2,046	^(1),(4),(5)	Xiaoju Kuaizhi, Inc., Series A-17 (DiDi Chuxing, Inc.)		98,188		0.0

			Germany: 0.7%
	14,018		Sartorius AG		2,573,772		0.4
	9,571		Volkswagen AG		1,671,123		0.3
					4,244,895		0.7

		Total Preferred Stock (Cost $3,739,192)			4,343,083		0.7

		Total Long-Term Investments (Cost $529,211,612)			580,102,928		96.2

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.7%

Securities Lending Collateral(6): 0.1%

262,558

⁽⁶⁾

BNP Paribas S.A., 0.000%, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $262,577, collateralized by various U.S. Government Securities, 0.000%-8.750%, Market Value plus accrued interest $267,809, due 05/21/19-09/09/49)

(Cost $262,558)

262,558

0.1

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.6%
	27,944,385	⁽⁷⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%
			(Cost $27,944,385)		27,944,385			4.6

		Total Short-Term Investments (Cost $28,206,943)			28,206,943			4.7

		Total Investments in Securities (Cost $557,418,555)		$	608,309,871			100.9
		Liabilities in Excess of Other Assets			(5,195,741	)		(0.9	)
		Net Assets		$	603,114,130			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(1)	Non-income producing security.
(2)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(3)	Security, or a portion of the security, is on loan.
(4)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(5)	Restricted security as to resale, excluding Rule 144A securities. As of April 30, 2019, the Fund held restricted securities with a fair value of $98,188 or 0.0% of net assets. Please refer to the table below for additional details.
(6)	Represents securities purchased with cash collateral received for securities on loan.
(7)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.0%
			Australia: 9.0%
	88,959		AGL Energy Ltd.		1,395,620		0.3
	613,475		Alumina Ltd.		970,751		0.2
	58,608		Amcor Ltd.		662,496		0.2
	40,939		APA Group		277,901		0.1
	6,760		Aristocrat Leisure Ltd.		124,442		0.0
	4,224		ASX Ltd.		221,922		0.1
	37,725		Atlas Arteria Ltd.		186,289		0.0
	158,062		Aurizon Holdings Ltd.		530,378		0.1
	122,425		AusNet Services		153,275		0.0
	8,513		Australia & New Zealand Banking Group Ltd.		163,318		0.0
	56,921		BHP Group Ltd.		1,506,263		0.3
	37,356		BHP Group PLC		881,774		0.2
	112,739		Brambles Ltd.		958,022		0.2
	20,284		Caltex Australia Ltd.		388,951		0.1
	24,420		CIMIC Group Ltd.		871,152		0.2
	90,246		Coca-Cola Amatil Ltd.		559,805		0.1
	2,562		Cochlear Ltd.		338,658		0.1
	54,738	⁽¹⁾	Coles Group Ltd.		486,687		0.1
	6,135		Commonwealth Bank of Australia		322,426		0.1
	76,839		Computershare Ltd.		966,654		0.2
	14,752		Crown Resorts Ltd.		138,285		0.0
	3,706		CSL Ltd.		519,810		0.1
	58,626		CSR Ltd.		147,274		0.0
	242,114		Dexus		2,137,561		0.5
	67,674		Downer EDI Ltd.		369,493		0.1
	29,510		DuluxGroup Ltd.		202,873		0.1
	128,055		Goodman Group		1,191,627		0.3
	446,514		GPT Group		1,806,174		0.4
	49,705		Harvey Norman Holdings Ltd.		146,139		0.0
	44,784		Healthscope Ltd.		77,375		0.0
	61,636		Insurance Australia Group Ltd.		342,478		0.1
	18,918		Lend Lease Corp., Ltd.		177,401		0.0
	21,605		Macquarie Group Ltd.		2,053,212		0.4
	5,984		Magellan Financial Group Ltd.		188,362		0.1
	215,248		Medibank Pvt Ltd.		433,803		0.1
	774,731		Mirvac Group		1,550,926		0.3
	4,096		Newcrest Mining Ltd.		72,357		0.0
	23,013		Oil Search Ltd.		126,029		0.0
	226,831		Orora Ltd.		484,697		0.1
	127,273		Qantas Airways Ltd.		503,457		0.1
	65,835		Qube Logistics Holdings Ltd.		131,414		0.0
	3,567		Ramsay Health Care Ltd.		164,267		0.0
	1,539		REA Group Ltd.		86,730		0.0
	21,387		Rio Tinto Ltd.		1,441,535		0.3
	362,541		Scentre Group		977,954		0.2
	4,536		Seek Ltd.		58,261		0.0
	121,253		Shopping Centres Australasia Property Group		219,072		0.1
	18,571		Sonic Healthcare Ltd.		335,836		0.1
	27,347		South32 Ltd. - AUD		64,589		0.0
	733,757		Stockland		1,953,356		0.4
	31,421		Sydney Airport		168,893		0.0
	216,403		Telstra Corp., Ltd.		515,438		0.1
	30,561		Transurban Group - Stapled Security		289,396		0.1
	5,869		Treasury Wine Estates Ltd.		71,189		0.0
	497,196		Vicinity Centres		891,640		0.2
	6,680		Washington H Soul Pattinson & Co. Ltd.		108,343		0.0
	130,253		Wesfarmers Ltd.		3,306,120		0.7
	102,768		Westpac Banking Corp.		1,996,412		0.4
	223,328		Whitehaven Coal Ltd.		662,354		0.2
	56,127		Woodside Petroleum Ltd.		1,399,231		0.3
	129,861		Woolworths Group Ltd		2,915,708		0.6
					42,393,855		9.0

			Austria: 0.5%
	1,943		Andritz AG		92,790		0.0
	5,408		Oesterreichische Post AG		210,601		0.0
	34,767		OMV AG		1,864,878		0.4
	11,221		Raiffeisen International Bank Holding AG		299,290		0.1
					2,467,559		0.5

			Belgium: 0.5%
	477		Ackermans & van Haaren NV		76,856		0.0
	1,553		Ageas		82,069		0.0
	5,797		Colruyt S.A.		418,482		0.1
	811		Groupe Bruxelles Lambert S.A.		77,662		0.0
	28,337		Proximus SADP		793,640		0.2
	2,330		Sofina SA		479,963		0.1
	1,287		Solvay S.A.		155,182		0.0
	4,263		UCB S.A.		338,820		0.1
					2,422,674		0.5

			Brazil: 0.1%
	40,062		Vale SA ADR		511,992		0.1

			Cambodia: 0.0%
	74,000		NagaCorp Ltd.		95,027		0.0

			Canada: 6.7%
	5,738		Alimentation Couche-Tard, Inc.		338,318		0.1
	4,603		Bank of Montreal		363,581		0.1
	6,012		Bank of Nova Scotia		331,093		0.1
	8,693		BCE, Inc.		388,937		0.1
	11,520		Brookfield Asset Management, Inc.		555,406		0.1
	6,109		BRP, Inc.		189,877		0.0
	14,017		CAE, Inc.		326,021		0.1
	5,383		Canadian Imperial Bank of Commerce - XTSE		453,278		0.1
	13,936		Canadian National Railway Co. - CNR		1,294,466		0.3
	5,256		Canadian Natural Resources Ltd.		157,794		0.0
	3,823		Canadian Pacific Railway Ltd.		856,572		0.2
	1,920		Canadian Tire Corp. Ltd.		211,333		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Canada: (continued)
	6,367		Canadian Utilities Ltd.		175,512		0.0
	8,251	⁽¹⁾	Canfor Corp.		86,285		0.0
	8,800		Capital Power Corp.		198,373		0.0
	17,926	⁽¹⁾	CGI, Inc.		1,290,292		0.3
	600		Constellation Software, Inc./Canada		529,404		0.1
	2,181		Dollarama, Inc.		65,510		0.0
	55,483		Empire Co. Ltd.		1,234,152		0.3
	13,035		Enbridge, Inc.		481,527		0.1
	1,197		Fairfax Financial Holdings Ltd.		570,829		0.1
	17,727		Fortis, Inc.		655,252		0.1
	2,568		Franco-Nevada Corp.		183,998		0.0
	23,748		Genworth MI Canada, Inc.		737,948		0.2
	4,914		George Weston Ltd.		366,909		0.1
	4,149		Great-West Lifeco, Inc.		104,275		0.0
	14,033		Husky Energy, Inc.		152,303		0.0
	20,689	⁽²⁾	Hydro One Ltd.		334,804		0.1
	5,475		IGM Financial, Inc.		151,209		0.0
	22,202		Imperial Oil Ltd.		644,996		0.1
	5,780		Intact Financial Corp.		472,901		0.1
	16,186		Inter Pipeline Ltd.		263,625		0.1
	18,817		Loblaw Cos Ltd.		921,818		0.2
	24,601		Magna International, Inc.		1,369,334		0.3
	20,210		Manulife Financial Corp.		372,158		0.1
	11,894		Metro, Inc. - Class A		430,588		0.1
	17,668		National Bank Of Canada		841,660		0.2
	3,480		Nutrien Ltd.		188,741		0.0
	23,739		Pembina Pipeline Corp.		848,771		0.2
	11,188		Power Corp. of Canada		256,714		0.1
	4,813		Power Financial Corp.		114,712		0.0
	5,212		Restaurant Brands International, Inc.		340,179		0.1
	22,605		RioCan Real Estate Investment Trust		434,653		0.1
	40,098		Rogers Communications, Inc.		2,018,818		0.4
	4,680		Royal Bank of Canada		372,982		0.1
	13,645		Saputo, Inc.		466,580		0.1
	16,437		Shaw Communications, Inc. - Class B		332,862		0.1
	8,748		Sun Life Financial, Inc.		363,450		0.1
	84,918		Suncor Energy, Inc.		2,800,386		0.6
	31,875		Teck Resources Ltd.		753,751		0.2
	7,634		TELUS Corp.		281,097		0.1
	23,707		Thomson Reuters Corp.		1,465,031		0.3
	2,260		Toronto-Dominion Bank		128,916		0.0
	14,033		TransCanada Corp.		669,754		0.1
	4,675		Waste Connections, Inc.		433,895		0.1
	18,978		West Fraser Timber Co., Ltd.		977,019		0.2
					31,350,649		6.7

			China: 2.1%
	4,910	⁽¹⁾	Alibaba Group Holding Ltd. ADR		911,149		0.2
	71,000		China Construction Bank - H Shares		62,591		0.0
	559,500		China Railway Construction Corp. Ltd. - H Shares		661,117		0.1
	504,000		China Resources Power Holdings Co.		705,254		0.2
	604,000		China Shenhua Energy Co., Ltd. - H Shares		1,336,930		0.3
	417,200		Guangzhou R&F Properties Co., Ltd. - H Shares		829,972		0.2
	318,500		Longfor Group Holdings Ltd		1,177,661		0.3
	1,233,000		PICC Property & Casualty Co., Ltd. - H Shares		1,385,313		0.3
	1,378,000		Sinopec Shanghai Petrochemical Co. Ltd. - H Shares		624,136		0.1
	218,500		Sun Art Retail Group Ltd.		190,955		0.0
	37,800		Tencent Holdings Ltd.		1,863,074		0.4
	150,000		Want Want China Holdings Ltd.		119,090		0.0
					9,867,242		2.1

			Denmark: 2.0%
	108		AP Moller - Maersk A/S - Class A		132,108		0.0
	141		AP Moller - Maersk A/S - Class B		181,762		0.0
	5,632		Carlsberg A/S		728,222		0.2
	2,571		Chr Hansen Holding A/S		262,708		0.1
	4,816		Coloplast A/S		520,232		0.1
	498	⁽¹⁾	Drilling Co. of 1972 A/S/The		38,231		0.0
	12,039		DSV A/S		1,115,628		0.2
	3,997		GN Store Nord A/S		204,867		0.1
	6,340		ISS A/S		197,438		0.0
	56,273		Novo Nordisk A/S		2,757,071		0.6
	4,495		Novozymes A/S		209,806		0.1
	5,377	⁽²⁾	Orsted A/S		411,658		0.1
	374		Rockwool International AS		100,063		0.0
	2,344		Royal Unibrew A/S		168,199		0.0
	3,401		Tryg A/S		104,087		0.0
	23,744		Vestas Wind Systems A/S		2,148,449		0.5
					9,280,529		2.0

			Finland: 1.3%
	6,357		DNA OYJ		151,453		0.1
	8,918		Elisa OYJ		378,393		0.1
	5,662		Fortum OYJ		120,094		0.0
	2,936		Huhtamaki OYJ		112,277		0.0
	8,986		Kesko OYJ		467,273		0.1
	15,731		Kone OYJ		864,394		0.2
	2,713		Metso Oyj		101,513		0.0
	14,561		Neste OYJ		481,282		0.1
	10,085		Nokia OYJ - Finland		52,993		0.0
	4,482		Nokian Renkaat OYJ		150,236		0.0
	6,929		Orion Oyj		231,045		0.1
	4,528		Sampo OYJ		207,329		0.1
	46,422		Stora Enso OYJ		578,119		0.1
	71,257		UPM-Kymmene OYJ		2,011,936		0.4
	5,321		Wartsila OYJ		85,203		0.0
					5,993,540		1.3

			France: 6.3%
	9,801		Accor S.A.		412,891		0.1
	405		Aeroports de Paris		82,504		0.0
	4,660		Air Liquide SA		619,931		0.1
	5,688		Alstom SA		250,257		0.1
	946		Arkema SA		97,132		0.0
	911		BioMerieux		72,356		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			France: (continued)
	3,428		Bouygues SA		129,039		0.0
	5,311		Bureau Veritas SA		134,627		0.0
	3,621		Capgemini SE		439,426		0.1
	24,713		Carrefour S.A.		481,465		0.1
	1,860		Casino Guichard Perrachon S.A.		76,146		0.0
	4,033		Cie de Saint-Gobain		165,353		0.0
	8,017		Cie Generale des Etablissements Michelin SCA		1,036,686		0.2
	5,025		Danone		406,247		0.1
	65		Dassault Aviation SA		98,348		0.0
	1,534		Dassault Systemes SE		242,930		0.1
	7,061		Edenred		332,912		0.1
	2,325		Eiffage SA		242,757		0.1
	71,582		Electricite de France SA		1,033,787		0.2
	177,135		Engie SA		2,629,137		0.6
	1,415		EssilorLuxottica SA		172,402		0.0
	930		Eurazeo SE		72,991		0.0
	43,229		Eutelsat Communications		781,273		0.2
	2,221		Covivio		240,390		0.1
	1,521		Gecina S.A.		227,259		0.1
	5,427		Getlink SE		87,353		0.0
	298		Hermes International		209,664		0.0
	943		Ipsen SA		110,133		0.0
	978		Kering SA		578,738		0.1
	48,403		Klepierre SA		1,719,960		0.4
	9,631		Lagardere SCA		262,309		0.1
	4,159		Legrand S.A.		305,908		0.1
	1,143		L'Oreal S.A.		314,386		0.1
	3,858		LVMH Moet Hennessy Louis Vuitton SE		1,514,723		0.3
	39,397		Orange SA		615,721		0.1
	1,409		Pernod Ricard SA		245,684		0.1
	83,373		Peugeot S.A.		2,185,955		0.5
	4,404		Publicis Groupe		261,759		0.1
	5,203		Rexel SA		69,949		0.0
	2,274		Rubis SCA		124,730		0.0
	3,636		Safran S.A.		529,990		0.1
	37,574		Sanofi		3,278,318		0.7
	505		Sartorius Stedim Biotech		68,592		0.0
	5,845		Schneider Electric SE		494,699		0.1
	2,493		SCOR SE		101,776		0.0
	734		SEB SA		134,478		0.0
	1,898		Societe BIC S.A.		163,506		0.0
	1,754		Sodexo SA		201,156		0.0
	24,420		SUEZ		343,054		0.1
	3,320		Teleperformance		638,241		0.1
	2,608		Thales S.A.		311,598		0.1
	29,347		Total SA		1,631,428		0.4
	10,223	⁽¹⁾	UbiSoft Entertainment		976,691		0.2
	25,977		Veolia Environnement		614,422		0.1
	7,612		Vinci SA		768,786		0.2
	6,320		Vivendi SA		183,444		0.0
					29,525,397		6.3

			Germany: 4.9%
	1,904		Adidas AG		490,449		0.1
	40,329	^(1),(3)	Aixtron SE		466,927		0.1
	2,156		Allianz SE		521,138		0.1
	122,245		Aroundtown SA		993,186		0.2
	26,494		BASF SE		2,163,004		0.5
	3,219		Bayer AG		214,244		0.1
	1,396		Bayerische Motoren Werke AG		119,091		0.0
	2,654		Beiersdorf AG		290,404		0.1
	6,766		Brenntag AG		364,716		0.1
	1,190		Carl Zeiss Meditec AG		117,048		0.0
	419		Continental AG		69,508		0.0
	11,456	⁽²⁾	Covestro AG		629,482		0.1
	1,245		Daimler AG		81,717		0.0
	21,026		Deutsche Lufthansa AG		508,699		0.1
	13,718	⁽²⁾	Deutsche Pfandbriefbank AG		191,544		0.1
	9,438		Deutsche Post AG		328,070		0.1
	43,743		Deutsche Telekom AG		732,913		0.2
	31,787		Deutsche Wohnen SE		1,431,865		0.3
	18,073		E.ON AG		194,317		0.1
	3,066		Evonik Industries AG		91,529		0.0
	1,305		Fresenius Medical Care AG & Co. KGaA		109,990		0.0
	916		Hannover Rueck SE		138,325		0.0
	2,433		HeidelbergCement AG		196,879		0.1
	6,518		Hella GmbH & Co. KGaA		355,553		0.1
	618		Henkel AG & Co. KGaA		58,932		0.0
	10,582		Hochtief AG		1,582,108		0.3
	21,960		Hugo Boss AG		1,534,442		0.3
	6,603		Infineon Technologies AG		156,529		0.0
	3,364	⁽²⁾	Innogy SE		156,168		0.0
	13,944		Jenoptik AG		551,888		0.1
	893	⁽¹⁾	Knorr-Bremse AG		96,948		0.0
	1,947		Lanxess AG		112,749		0.0
	10,452		LEG Immobilien AG		1,219,540		0.3
	5,114		Merck KGaA		545,106		0.1
	2,136		MTU Aero Engines AG		503,947		0.1
	641		Muenchener Rueckversicherungs-Gesellschaft AG		159,516		0.0
	240		Puma SE		148,455		0.0
	4,367		Rheinmetall AG		503,203		0.1
	3,649		RWE AG		93,597		0.0
	7,157		SAP SE		922,600		0.2
	5,585		Siemens AG		669,656		0.2
	10,965	⁽³⁾	SMA Solar Technology AG		250,243		0.1
	2,821		Symrise AG		271,159		0.1
	197,614		Telefonica Deutschland Holding AG		641,883		0.1
	21,083		Uniper SE		639,733		0.1
	24,047		Vonovia SE		1,201,790		0.3
					22,820,790		4.9

			Hong Kong: 4.1%
	85,600		AIA Group Ltd.		876,496		0.2
	44,000		Cafe de Coral Holdings Ltd.		108,406		0.0
	628,000		Champion REIT		531,820		0.1
	205,000		CK Asset Holdings Ltd.		1,648,311		0.4
	23,402		CK Hutchison Holdings Ltd.		246,047		0.1
	13,364		CK Infrastructure Holdings Ltd.		108,376		0.0
	58,500		CLP Holdings Ltd.		663,956		0.1
	15,300		Dairy Farm International Holdings Ltd.		120,105		0.0
	23,000		Hang Lung Group Ltd.		68,595		0.0
	75,000		Hang Lung Properties Ltd.		176,529		0.0
	56,010		Henderson Land Development Co., Ltd.		345,198		0.1
	120,880		Hong Kong & China Gas		288,572		0.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Hong Kong: (continued)
	29,000		Power Assets Holdings Ltd.		202,280		0.1
	189,452		Hongkong Land Holdings Ltd. - HKHGF		1,322,735		0.3
	64,000	⁽⁴⁾	Hopewell Holdings		316,541		0.1
	27,000		Hysan Development Co., Ltd.		151,328		0.0
	4,031		Jardine Matheson Holdings Ltd.		265,361		0.1
	2,700		Jardine Strategic Holdings Ltd.		102,139		0.0
	70,000		Kerry Logistics Network Ltd.		124,901		0.0
	57,500		Kerry Properties Ltd.		246,121		0.1
	41,500		Lifestyle International Holdings Ltd.		72,328		0.0
	390,000		Link REIT		4,556,743		1.0
	24,500		MTR Corp.		145,957		0.0
	393,000		New World Development Ltd.		651,087		0.1
	200,000		NWS Holdings Ltd.		415,906		0.1
	132,000		PCCW Ltd.		79,593		0.0
	210,000		Sino Land Co.		369,402		0.1
	113,500		Sun Hung Kai Properties Ltd.		1,958,822		0.4
	52,000		Swire Pacific Ltd - Class A		658,500		0.1
	82,500		Swire Pacific Ltd - Class B		163,628		0.0
	125,200		Swire Properties Ltd.		509,478		0.1
	30,000		Techtronic Industries Co., Ltd.		217,095		0.1
	38,000		Vitasoy International Holdings Ltd.		191,337		0.0
	650,000	⁽²⁾	WH Group Ltd.		769,089		0.2
	69,000		Wharf Holdings Ltd.		198,304		0.0
	40,000		Wharf Real Estate Investment Co. Ltd.		306,571		0.1
	20,000		Wheelock & Co., Ltd.		142,528		0.0
	24,000		Yue Yuen Industrial Holdings		77,520		0.0
					19,397,705		4.1

			India: 0.7%
	106,206		Hindalco Industries Ltd.		314,763		0.1
	12,923		Jubilant Life Sciences Ltd.		122,841		0.0
	22,512	⁽¹⁾	Muthoot Finance Ltd.		193,262		0.1
	221,212		National Aluminium Co. Ltd		164,783		0.0
	452,630		Oil & Natural Gas Corp., Ltd.		1,101,349		0.2
	208,452		Power Finance Corp. Ltd.		346,589		0.1
	70,431		Tech Mahindra Ltd.		847,154		0.2
					3,090,741		0.7

			Ireland: 0.2%
	5,819		DCC PLC		520,862		0.1
	3,983	⁽³⁾	Glanbia Plc		73,220		0.0
	4,858		James Hardie Industries SE		66,095		0.0
	1,489		Kerry Group PLC - KYG		166,673		0.0
	695		Kerry Group PLC - KYGAL		77,640		0.0
	3,758		Kingspan Group Plc		197,598		0.1
	1,104		Paddy Power Betfair PLC		93,443		0.0
					1,195,531		0.2

			Israel: 0.8%
	9,919	⁽¹⁾	Airport City Ltd.		164,716		0.0
	10,893		Alony Hetz Properties & Investments Ltd.		132,751		0.0
	2,519		Azrieli Group Ltd.		143,514		0.0
	29,419		Bank Hapoalim BM		216,577		0.1
	49,079		Bank Leumi Le-Israel BM		336,090		0.1
	1,057		Elbit Systems Ltd.		147,345		0.0
	2,410		First International Bank Of Israel Ltd.		60,566		0.0
	122,152		Israel Chemicals Ltd.		648,601		0.2
	462		Israel Corp., Ltd.		111,468		0.0
	80,590		Israel Discount Bank Ltd.		314,597		0.1
	1,210		Melisron Ltd.		61,149		0.0
	3,461		Mizrahi Tefahot Bank Ltd.		74,921		0.0
	2,998	⁽¹⁾	Nice Ltd.		412,992		0.1
	451,587	⁽¹⁾	Oil Refineries Ltd.		221,839		0.1
	1,896		Paz Oil Co. Ltd.		276,409		0.1
	9,393		Plus500 Ltd.		64,672		0.0
	9,790		Shufersal Ltd		65,101		0.0
	3,703		Strauss Group Ltd.		94,460		0.0
					3,547,768		0.8

			Italy: 2.2%
	457,383		A2A SpA		765,495		0.2
	6,169		Assicurazioni Generali S.p.A.		119,692		0.0
	4,978		Atlantia S.p.A		135,903		0.0
	10,315		Davide Campari-Milano SpA		104,058		0.0
	875		DiaSorin SpA		85,538		0.0
	45,146	^(1),(2)	Enav SpA		246,539		0.1
	447,270		Enel S.p.A.		2,832,198		0.6
	68,610		ENI S.p.A.		1,169,197		0.3
	701		Ferrari NV		95,078		0.0
	95,349		Hera SpA		339,420		0.1
	36,175		Italgas SpA		225,968		0.1
	25,342	⁽¹⁾	Maire Tecnimont SpA		90,680		0.0
	151,647		Mediobanca Banca di Credito Finanziario SpA		1,607,360		0.4
	3,521		Moncler SpA		144,764		0.0
	33,722	⁽²⁾	Poste Italiane SpA		360,402		0.1
	2,469		Recordati S.p.A.		99,767		0.0
	19,637		Snam SpA		99,970		0.0
	6,341		Societa Iniziative Autostradali e Servizi S.p.A.		104,554		0.0
	77,143		Terna Rete Elettrica Nazionale SpA		462,795		0.1
	117,664		Unipol Gruppo Finanziario SpA		599,399		0.1
	238,805		UnipolSai Assicurazioni SpA		654,378		0.1
					10,343,155		2.2
	��
			Japan: 18.3%
	36,300		Aeon Co., Ltd.		671,062		0.2
	2,400		Aica Kogyo Co., Ltd.		83,271		0.0
	6,800		Air Water, Inc.		103,725		0.0
	2,700		Aisin Seiki Co., Ltd.		104,449		0.0
	6,600		Ajinomoto Co., Inc.		106,785		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: (continued)
	14,100		Alfresa Holdings Corp.		393,445		0.1
	9,100		ANA Holdings, Inc.		318,470		0.1
	6,000		Amada Holdings Co., Ltd.		67,261		0.0
	50,900		AGC, Inc.		1,736,597		0.4
	4,000		Asahi Group Holdings, Ltd.		174,413		0.0
	26,200		Asahi Kasei Corp.		270,027		0.1
	158,900		Astellas Pharma, Inc.		2,152,122		0.5
	5,200		Autobacs Seven Co., Ltd.		90,688		0.0
	6,900		Azbil Corp.		166,082		0.0
	6,300		Bandai Namco Holdings, Inc.		302,027		0.1
	15,100		Bridgestone Corp.		599,023		0.1
	16,000		Canon, Inc.		443,969		0.1
	4,300		Central Japan Railway Co.		924,670		0.2
	66,900		Chubu Electric Power Co., Inc.		972,829		0.2
	1,300		Chugai Pharmaceutical Co., Ltd.		82,441		0.0
	43,200		Chugoku Electric Power Co., Inc.		515,791		0.1
	66,300		Citizen Watch Co., Ltd.		373,815		0.1
	8,800		COMSYS Holdings Corp.		231,523		0.1
	54,000		Dai Nippon Printing Co., Ltd.		1,281,854		0.3
	16,000		Daicel Corp.		179,498		0.0
	54,300		Dai-ichi Life Holdings, Inc.		783,811		0.2
	1,700		Daiichikosho Co., Ltd.		83,292		0.0
	2,900		Daikin Industries Ltd.		369,226		0.1
	4,000		Daito Trust Construction Co., Ltd.		535,614		0.1
	5,200		Daiwa House Industry Co., Ltd.		145,753		0.0
	3,600		Denka Co., Ltd.		108,703		0.0
	3,900		Denso Corp.		170,411		0.0
	5,300		Dentsu, Inc.		216,877		0.1
	4,200		DIC Corp.		123,369		0.0
	1,000		Pan Pacific International Holdings Corp.		64,444		0.0
	7,200		East Japan Railway Co.		678,542		0.2
	1,200		Eisai Co., Ltd.		69,877		0.0
	15,000		Electric Power Development Co., Ltd.		348,681		0.1
	6,900		Exedy Corp.		158,115		0.0
	6,800		FamilyMart UNY Holdings Co., Ltd.		181,333		0.0
	17,200		FANCL Corp.		510,333		0.1
	400		Fanuc Ltd.		75,150		0.0
	100		Fast Retailing Co., Ltd.		57,859		0.0
	1,900		Fuji Electric Holdings Co., Ltd.		67,357		0.0
	12,500		Fuji Film Holdings Corp.		583,954		0.1
	2,600		Fujitsu Ltd.		190,878		0.1
	25,200		H2O Retailing Corp.		321,053		0.1
	52,200		Hachijuni Bank Ltd.		210,112		0.1
	21,500		Hakuhodo DY Holdings, Inc.		363,520		0.1
	2,600		Hamamatsu Photonics KK		105,824		0.0
	8,300		Hankyu Hanshin Holdings, Inc.		310,313		0.1
	5,000		Haseko Corp.		60,470		0.0
	15,900		Hino Motors Ltd.		150,740		0.0
	39,600		Hitachi Ltd.		1,317,027		0.3
	2,400		Hitachi Transport System Ltd.		66,554		0.0
	14,100		Hokkaido Electric Power Co., Inc.		79,081		0.0
	15,800	⁽¹⁾	Hokuriku Electric Power Co.		117,488		0.0
	40,200		Honda Motor Co., Ltd.		1,121,699		0.2
	2,400		House Foods Group, Inc.		96,835		0.0
	14,500		Hoya Corp.		1,024,101		0.2
	8,531		Idemitsu Kosan Co., Ltd.		277,189		0.1
	13,600		Iida Group Holdings Co. Ltd.		230,458		0.1
	10,100		Isetan Mitsukoshi Holdings Ltd.		96,279		0.0
	17,600		Isuzu Motors Ltd.		253,488		0.1
	1,300		Ito En Ltd.		64,860		0.0
	33,800		Itochu Corp.		609,869		0.1
	21,100		Japan Airlines Co. Ltd.		688,143		0.2
	9,700		Japan Petroleum Exploration Co., Ltd.		210,578		0.1
	11,800		Japan Tobacco, Inc.		272,670		0.1
	7,900		JFE Holdings, Inc.		135,942		0.0
	45,400		JTEKT Corp.		585,647		0.1
	128,800		JXTG Holdings, Inc.		626,637		0.1
	11,100		Kajima Corp.		164,747		0.0
	77,500		Kakaku.com, Inc.		1,596,695		0.4
	11,200		Kamigumi Co., Ltd.		267,553		0.1
	2,300		Kaneka Corp.		88,814		0.0
	43,800		Kansai Electric Power Co., Inc.		529,904		0.1
	9,600		Kansai Mirai Financial Group, Inc.		67,075		0.0
	6,200		Kao Corp.		478,624		0.1
	41,300		Kawasaki Heavy Industries Ltd.		964,892		0.2
	42,600		KDDI Corp.		981,826		0.2
	5,000		Keihan Holdings Co., Ltd.		212,930		0.1
	4,300		Keikyu Corp.		73,469		0.0
	3,500		Keio Corp.		211,327		0.1
	3,500		Keisei Electric Railway Co., Ltd.		122,765		0.0
	200		Keyence Corp.		124,959		0.0
	3,600		Kikkoman Corp.		167,635		0.0
	13,100		Kinden Corp.		210,479		0.1
	6,500		Kintetsu Group Holdings Co., Ltd.		288,916		0.1
	13,100		Kirin Holdings Co., Ltd.		298,005		0.1
	1,300		Kobayashi Pharmaceutical Co., Ltd.		103,674		0.0
	1,900		Koito Manufacturing Co., Ltd.		113,773		0.0
	3,600		Komatsu Ltd.		92,989		0.0
	6,800		Kubota Corp.		103,532		0.0
	11,800		Kuraray Co., Ltd.		158,542		0.0
	22,000		Kurita Water Industries, Ltd.		572,686		0.1
	7,600		Kyocera Corp.		493,882		0.1
	7,800		Kyowa Exeo Corp.		213,348		0.1
	40,900		Kyushu Electric Power Co., Inc.		396,084		0.1
	42,500		Kyushu Railway Co.		1,384,830		0.3
	2,700		Lawson, Inc.		126,063		0.0
	2,900		Lintec Corp.		62,631		0.0

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		Japan: (continued)
	6,200	Lion Corp.		127,623		0.0
	7,900	Maeda Corp.		78,675		0.0
	5,000	Maeda Road Construction Co., Ltd.		99,221		0.0
	258,300	Marubeni Corp.		1,850,872		0.4
	1,900	Maruha Nichiro Corp.		60,385		0.0
	3,700	Maruichi Steel Tube Ltd.		102,293		0.0
	6,300	Mazda Motor Corp.		74,560		0.0
	13,100	Medipal Holdings Corp.		294,571		0.1
	8,300	Megmilk Snow Brand Co., Ltd.		183,941		0.0
	4,000	MEIJI Holdings Co., Ltd.		315,304		0.1
	4,400	Meitec Corp.		204,772		0.1
	26,900	Mitsubishi Corp.		741,033		0.2
	24,000	Mitsubishi Electric Corp.		343,438		0.1
	13,400	Mitsubishi Heavy Industries Ltd.		558,446		0.1
	3,000	Mitsubishi Materials Corp.		78,028		0.0
	6,900	Mitsubishi Estate Co., Ltd.		116,679		0.0
	4,200	Mitsubishi Gas Chemical Co., Inc.		63,054		0.0
	19,000	Mitsubishi Chemical Holdings Corp.		135,463		0.0
	135,600	Mitsui & Co., Ltd.		2,193,276		0.5
	3,300	Mitsui Chemicals, Inc.		81,120		0.0
	4,600	Mitsui Fudosan Co., Ltd.		106,545		0.0
	3,500	MS&AD Insurance Group Holdings, Inc.		108,793		0.0
	10,300	Mixi, Inc.		222,563		0.1
	2,600	Murata Manufacturing Co., Ltd.		130,556		0.0
	7,200	Nagase & Co., Ltd.		110,027		0.0
	8,200	Nagoya Railroad Co., Ltd.		222,261		0.1
	4,800	Nankai Electric Railway Co., Ltd.		130,977		0.0
	19,900	NEC Corp.		672,084		0.2
	3,900	NGK Insulators Ltd.		57,930		0.0
	27,500	NGK Spark Plug Co., Ltd.		536,196		0.1
	5,600	NH Foods Ltd.		225,688		0.1
	15,500	NHK Spring Co., Ltd.		139,616		0.0
	600	Nidec Corp.		85,703		0.0
	2,300	Nihon Unisys Ltd.		58,964		0.0
	11,500	Nikon Corp.		160,377		0.0
	4,500	Nippo Corp.		91,490		0.0
	10,400	Nippon Express Co., Ltd.		571,932		0.1
	8,900	Nippon Kayaku Co., Ltd.		104,588		0.0
	20,300	Nippon Paper Industries Co. Ltd.		402,296		0.1
	2,600	Nippon Shokubai Co., Ltd.		180,874		0.0
	90,900	Nippon Steel Corp.		1,625,909		0.4
	8,800	Nippon Telegraph & Telephone Corp.		366,154		0.1
	3,200	Nishi-Nippon Railroad Co., Ltd.		75,373		0.0
	4,800	Nissan Chemical Corp.		213,847		0.1
	122,700	Nissan Motor Co., Ltd.		985,041		0.2
	10,800	Nisshin Seifun Group, Inc.		251,832		0.1
	1,700	Nissin Food Products Co., Ltd.		112,509		0.0
	1,400	Nitto Denko Corp.		75,694		0.0
	5,900	NOF Corp.		210,315		0.1
	1,600	Nomura Research Institute Ltd.		78,318		0.0
	18,000	NTT Data Corp.		209,898		0.1
	17,400	NTT DoCoMo, Inc.		377,851		0.1
	27,500	Obayashi Corp.		270,342		0.1
	900	Obic Co., Ltd.		104,486		0.0
	6,500	Odakyu Electric Railway Co., Ltd.		153,108		0.0
	31,800	Oji Holdings Corp.		190,815		0.1
	6,900	Olympus Corp.		77,443		0.0
	8,400	Ono Pharmaceutical Co., Ltd.		157,796		0.0
	900	Oracle Corp. Japan		61,711		0.0
	1,900	Oriental Land Co., Ltd.		210,157		0.1
	105,000	ORIX Corp.		1,487,412		0.3
	33,300	Osaka Gas Co., Ltd.		616,014		0.1
	3,700	OSG Corp.		74,486		0.0
	22,300	Otsuka Corp.		877,126		0.2
	1,400	Otsuka Holdings Co. Ltd.		50,049		0.0
	1,700	Paltac Corp.		93,889		0.0
	4,300	Park24 Co., Ltd.		90,470		0.0
	48,600	Pola Orbis Holdings, Inc.		1,534,100		0.3
	12,100	Recruit Holdings Co. Ltd.		364,378		0.1
	43,200	Resona Holdings, Inc.		183,389		0.0
	82,200	Ricoh Co., Ltd.		831,614		0.2
	12,700	Sankyo Co., Ltd.		501,566		0.1
	1,900	Sankyu, Inc.		91,123		0.0
	7,100	Sanwa Holdings Corp.		85,514		0.0
	1,900	SCSK Corp.		90,289		0.0
	8,100	Secom Co., Ltd.		681,464		0.2
	6,300	Seibu Holdings, Inc.		102,554		0.0
	17,900	Sekisui Chemical Co., Ltd.		287,358		0.1
	13,000	Sekisui House Ltd.		209,603		0.1
	21,900	Seven & I Holdings Co., Ltd.		757,900		0.2
	6,300	SG Holdings Co. Ltd.		168,707		0.0
	15,400	Shikoku Electric Power Co., Inc.		155,633		0.0
	4,000	Shimadzu Corp.		107,293		0.0
	1,300	Shimano, Inc.		191,078		0.1
	19,900	Shimizu Corp.		170,449		0.0
	3,900	Shin-Etsu Chemical Co., Ltd.		369,426		0.1
	24,100	Shinko Electric Industries		212,688		0.1
	4,600	Shionogi & Co., Ltd.		268,700		0.1
	1,400	Shiseido Co., Ltd.		110,121		0.0
	2,600	Showa Denko KK		88,764		0.0
	8,100	Skylark Holdings Co. Ltd		133,427		0.0
	300	SMC Corp.		125,300		0.0
	10,900	Softbank Corp.		128,318		0.0
	6,000	SoftBank Group Corp.		636,188		0.1
	88,700	Sojitz Corp.		305,372		0.1
	2,700	Sompo Holdings, Inc.		101,907		0.0
	8,800	Sony Corp.		443,239		0.1
	5,300	Sotetsu Holdings, Inc.		146,829		0.0
	2,700	Stanley Electric Co., Ltd.		73,205		0.0
	69,600	Subaru Corp.		1,705,544		0.4
	48,100	Sumitomo Chemical Co., Ltd.		239,971		0.1
	51,200	Sumitomo Corp.		733,841		0.2
	2,900	Sumitomo Dainippon Pharma Co. Ltd.		64,070		0.0
	22,600	Sumitomo Electric Industries Ltd.		300,709		0.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Japan: (continued)
	4,300		Sumitomo Heavy Industries		152,896		0.0
	53,900		Sumitomo Mitsui Financial Group, Inc.		1,959,062		0.4
	3,000		Sumitomo Osaka Cement Co., Ltd.		122,250		0.0
	2,400		Sumitomo Realty & Development Co., Ltd.		88,728		0.0
	2,400		Suntory Beverage & Food Ltd.		106,126		0.0
	9,500		Suzuken Co., Ltd.		547,774		0.1
	10,500		Suzuki Motor Corp.		479,154		0.1
	5,500		Taiheiyo Cement Corp.		177,368		0.0
	18,300		Taisei Corp.		805,202		0.2
	700		Taisho Pharmaceutical Holdings Co. Ltd.		64,750		0.0
	11,700		Teijin Ltd.		201,265		0.1
	5,200		Terumo Corp.		156,929		0.0
	2,000		TIS, Inc.		91,252		0.0
	6,300		Tobu Railway Co., Ltd.		178,392		0.0
	5,300		Toho Co., Ltd.		222,570		0.1
	7,100		Toho Gas Co., Ltd.		292,731		0.1
	41,900		Tohoku Electric Power Co., Inc.		479,645		0.1
	29,200		Tokio Marine Holdings, Inc.		1,479,427		0.3
	63,600	⁽¹⁾	Tokyo Electric Power Co., Inc.		359,237		0.1
	400		Tokyo Electron Ltd.		63,493		0.0
	35,600		Tokyo Gas Co., Ltd.		905,741		0.2
	17,100		Tokyu Corp.		279,168		0.1
	10,900		Toppan Printing Co., Ltd.		176,919		0.0
	20,000		Toray Industries, Inc.		136,862		0.0
	3,200		Toyo Seikan Group Holdings, Ltd.		64,164		0.0
	4,800		Toyo Suisan Kaisha Ltd.		183,285		0.0
	3,000		Toyoda Gosei Co., Ltd.		62,452		0.0
	35,600		Toyota Motor Corp.		2,204,012		0.5
	9,100		Toyota Tsusho Corp.		302,263		0.1
	4,600		Ube Industries Ltd.		98,420		0.0
	5,600		Unicharm Corp.		184,810		0.1
	6,900		United Arrows Ltd.		217,950		0.1
	3,700		USS Co., Ltd.		71,025		0.0
	3,000		Wacoal Holdings Corp.		74,094		0.0
	8,600		West Japan Railway Co.		639,616		0.1
	25,500		Yamada Denki Co., Ltd.		120,881		0.0
	3,000		Yamaha Corp.		155,767		0.0
	6,300		Yamato Holdings Co., Ltd.		136,859		0.0
	3,600		Yokogawa Electric Corp.		75,388		0.0
	4,500		Zensho Holdings Co., Ltd.		101,433		0.0
					85,979,892		18.3

			Luxembourg: 0.0%
	5,439		SES S.A. - Luxembourg		92,543		0.0

			Mexico: 0.1%
	204,100		Wal-Mart de Mexico SAB de CV		599,669		0.1

			Netherlands: 4.5%
	1,613		Aalberts NV		63,463		0.0
	1,503		Airbus SE		205,806		0.0
	10,133		Akzo Nobel NV		860,959		0.2
	1,981		ASML Holding NV		413,656		0.1
	22,511		ASR Nederland NV		1,001,609		0.2
	4,722		EXOR NV		314,877		0.1
	3,230	⁽²⁾	GrandVision NV		72,687		0.0
	6,502		Heineken Holding NV		661,932		0.1
	1,564		Heineken NV		169,081		0.0
	173,724		Koninklijke Ahold Delhaize NV		4,187,042		0.9
	9,170		Koninklijke DSM NV		1,048,792		0.2
	115,378		Koninklijke KPN NV		354,599		0.1
	61,119		Koninklijke Philips NV		2,624,688		0.6
	1,612		Koninklijke Vopak NV		71,981		0.0
	2,962		NN Group NV		129,261		0.0
	14,588	⁽²⁾	Signify NV		437,355		0.1
	2,731	⁽¹⁾	QIAGEN NV		105,747		0.0
	4,006		Randstad NV		229,109		0.1
	78,550		Royal Dutch Shell PLC - Class A		2,502,718		0.5
	65,203		Royal Dutch Shell PLC - Class B		2,104,323		0.5
	51,691		Unilever NV		3,127,555		0.7
	8,577		Wolters Kluwer NV		598,655		0.1
					21,285,895		4.5

			New Zealand: 0.6%
	29,756		Auckland International Airport Ltd.		158,411		0.0
	59,541		Contact Energy Ltd.		267,305		0.1
	26,967		Fisher & Paykel Healthcare Corp. Ltd.		285,280		0.1
	88,140		Kiwi Property Group Ltd.		90,658		0.0
	55,601		Mercury NZ Ltd.		137,488		0.0
	61,358		Meridian Energy Ltd.		166,672		0.0
	32,931		Ryman Healthcare Ltd.		267,427		0.1
	53,889		Sky City Entertainment Group Ltd.		146,854		0.0
	521,949		Spark New Zealand Ltd.		1,280,694		0.3
					2,800,789		0.6

			Norway: 1.5%
	3,180		Aker ASA		217,882		0.1
	24,258	^(1),(2)	Aker Solutions ASA		124,540		0.0
	46,815		DNB ASA		900,215		0.2
	104,757		Equinor ASA		2,335,205		0.5
	20,074		Leroy Seafood Group ASA		145,344		0.0
	22,904		Mowi ASA		496,914		0.1
	18,946		Norsk Hydro ASA		81,602		0.0
	20,758		Orkla ASA		162,920		0.0
	14,555		Salmar ASA		662,031		0.2
	92,322		Telenor ASA		1,855,844		0.4
	2,890		Yara International ASA		130,669		0.0
					7,113,166		1.5

			Poland: 0.5%
	12,580	⁽¹⁾	Grupa Lotos SA		274,093		0.1
	70,789	⁽¹⁾	PGE Polska Grupa Energetyczna SA		176,232		0.1
	42,243	⁽¹⁾	Polski Koncern Naftowy Orlen		1,084,567		0.2
	335,664	⁽¹⁾	Polskie Gornictwo Naftowe I Gazownictwo SA		510,434		0.1
	5,881	⁽¹⁾	Powszechna Kasa Oszczednosci Bank Polski SA		60,532		0.0
	11,361	⁽¹⁾	Powszechny Zaklad Ubezpieczen SA		125,054		0.0
					2,230,912		0.5

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares					Value		Percentage of Net Assets
COMMON STOCK: (continued)
			Portugal: 0.3%
	182,949		EDP - Energias de Portugal SA			694,233		0.2
	20,742		Galp Energia SGPS SA			347,767		0.1
	6,660		Jeronimo Martins SGPS SA			108,463		0.0
	21,104		Navigator Co. SA/The			93,318		0.0
						1,243,781		0.3

			Russia: 0.5%
	222,902		Gazprom PJSC ADR			1,114,362		0.3
	13,001		LUKOIL PJSC ADR			1,103,872		0.2
						2,218,234		0.5

			Singapore: 1.5%
	122,800		Ascendas Real Estate Investment Trust			271,262		0.1
	20,900	⁽²⁾	BOC Aviation Ltd.			179,646		0.1
	167,700		CapitaLand Commercial Trust			239,593		0.1
	52,300		CapitaLand Ltd.			135,908		0.0
	251,600		CapitaLand Mall Trust			447,996		0.1
	401,600		ComfortDelgro Corp., Ltd.			795,443		0.2
	5,200		DBS Group Holdings Ltd.			108,136		0.0
	241,100		Genting Singapore Ltd.			174,826		0.0
	6,500		Jardine Cycle & Carriage Ltd.			169,847		0.0
	27,100		Keppel Corp., Ltd.			135,050		0.0
	410,700		Mapletree Commercial Trust			583,035		0.1
	166,100		Mapletree Industrial Trust			251,788		0.1
	592,000		Mapletree North Asia Commercial Trust			591,486		0.1
	393,200		Mapletree Logistics Trust			428,502		0.1
	44,600		Olam International Ltd.			64,901		0.0
	10,200		Oversea-Chinese Banking Corp., Ltd.			90,864		0.0
	49,700		SATS Ltd			191,148		0.1
	37,300		SembCorp Industries Ltd.			72,946		0.0
	42,300		Singapore Airlines Ltd.			301,402		0.1
	72,800		Singapore Exchange Ltd.			395,281		0.1
	83,200		Singapore Press Holdings Ltd.			153,770		0.0
	220,400		Singapore Telecommunications Ltd.			514,159		0.1
	143,100		Singapore Technologies Engineering Ltd.			416,994		0.1
	54,100		Suntec Real Estate Investment Trust			73,587		0.0
	5,200		United Overseas Bank Ltd.			106,488		0.0
	61,000		Wilmar International Ltd.			163,137		0.0
	39,000		Wing Tai Holdings Ltd.			58,855		0.0
						7,116,050		1.5

			South Korea: 2.4%
	3,667		Cheil Worldwide, Inc.			80,002		0.0
	561		CJ CheilJedang Corp.			151,345		0.0
	1,978		Woongjin Coway Co. Ltd.			148,669		0.0
	2,554		Daelim Industrial Co., Ltd.			211,918		0.1
	953		DB Insurance Co. Ltd			55,802		0.0
	3,042		GS Holdings Corp.			135,566		0.0
	5,532		HDC Holdings Co. Ltd			81,575		0.0
	1,324		HDC Hyundai Development Co-Engineering & Construction	��		52,922		0.0
	1,184		Hyundai Department Store Co. Ltd.			102,958		0.0
	834		Hyundai Glovis Co., Ltd.			114,091		0.0
	1,177		Hyundai Mobis Co. Ltd.			234,782		0.1
	605		Hyundai Motor Co.			71,814		0.0
	84,402		Industrial Bank Of Korea			1,023,472		0.2
	6,825		Kangwon Land, Inc.			198,818		0.1
	14,909		Kia Motors Corp.			577,931		0.1
	11,837	⁽¹⁾	Korea Electric Power Corp.			286,556		0.1
	2,228		Korea Gas Corp.			87,989		0.0
	374		Korea Zinc Co., Ltd.			145,064		0.0
	6,107		KT&G Corp.			534,193		0.1
	262		LG Chem Ltd.			81,273		0.0
	4,739		LG Corp.			296,345		0.1
	30,174		LG Uplus Corp.			369,607		0.1
	157		NCSoft Corp.			70,703		0.0
	2,970		POSCO			650,084		0.2
	74,545		Samsung Electronics Co., Ltd.			2,930,903		0.6
	593		Samsung Fire & Marine Insurance Co. Ltd.			154,323		0.0
	3,990		Shinhan Financial Group Co., Ltd.			150,802		0.0
	3,482		SK Hynix, Inc.			235,630		0.1
	6,364		SK Innovation Co. Ltd.			995,068		0.2
	1,837		SK Telecom Co., Ltd.			389,638		0.1
	1,664		S-Oil Corp.			131,204		0.0
	57,963		Woori Financial Group, Inc.			687,230		0.2
						11,438,277		2.4

			Spain: 3.4%
	1,642		Acciona SA			190,441		0.0
	58,614		ACS Actividades de Construccion y Servicios SA			2,695,446		0.6
	7,227	⁽²⁾	Aena SME SA			1,341,826		0.3
	32,916		Amadeus IT Group SA			2,623,306		0.6
	24,123		Banco Santander SA			122,289		0.0
	2,640	⁽²⁾	Cellnex Telecom SA			81,323		0.0
	2,959		Corporacion Financiera Alba SA			152,334		0.0
	24,061		Enagas			686,351		0.1
	47,434		Endesa S.A.			1,183,406		0.3
	20,216		Ferrovial SA			498,521		0.1
	3,438		Grifols SA			95,547		0.0
	237,556		Iberdrola S.A.			2,158,773		0.5
	6,064		Industria de Diseno Textil SA			183,610		0.0
	20,360		Inmobiliaria Colonial Socimi SA			219,366		0.0
	42,330		Mediaset Espana Comunicacion SA			328,275		0.1
	54,858		Merlin Properties Socimi SA			748,291		0.2
	2,539		Naturgy Energy Group SA			72,281		0.0
	27,046		Red Electrica Corp. SA			561,311		0.1
	68,714		Repsol SA			1,165,991		0.3

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares					Value		Percentage of Net Assets
COMMON STOCK: (continued)
				Spain: (continued)
	90,364			Telefonica S.A.		753,399		0.2
						15,862,087		3.4

				Sweden: 3.4%
	13,563			Alfa Laval AB		314,820		0.1
	15,103			Assa Abloy AB		322,865		0.1
	13,461			Atlas Copco AB - A Shares		420,176		0.1
	9,508			Atlas Copco AB - B Shares		270,809		0.1
	7,338			Boliden AB		218,378		0.1
	79,956			Castellum AB		1,437,565		0.3
	8,287			Electrolux AB		203,100		0.1
	6,410			Elekta AB		76,029		0.0
	13,679	⁽¹⁾		Epiroc AB - A Shares		141,408		0.0
	8,621	⁽¹⁾		Epiroc AB - B Shares		85,311		0.0
	19,315			Essity AB		572,707		0.1
	23,783	⁽¹⁾		Fastighets AB Balder		752,326		0.2
	11,346			ICA Gruppen AB		410,371		0.1
	37,686			Hennes & Mauritz AB		657,581		0.1
	3,587			Hexagon AB		195,966		0.0
	6,814	⁽¹⁾		Investment AB Latour		96,488		0.0
	3,718	⁽¹⁾		Loomis AB		137,556		0.0
	4,498			Lundin Petroleum AB		146,483		0.0
	9,836			Nibe Industrier AB		132,244		0.0
	23,376			Peab AB		213,820		0.1
	138,321			Sandvik AB		2,561,481		0.6
	20,370			Securitas AB		356,201		0.1
	166,452			Skandinaviska Enskilda Banken AB		1,589,218		0.3
	51,921			Skanska AB		904,162		0.2
	17,416			SKF AB - B Shares		323,275		0.1
	20,010			Svenska Cellulosa AB SCA		174,684		0.0
	49,049			Swedbank AB		801,422		0.2
	13,317			Swedish Match AB		649,332		0.1
	3,519	⁽¹⁾		Swedish Orphan Biovitrum AB		64,210		0.0
	19,984			Telefonaktiebolaget LM Ericsson		197,685		0.0
	100,118			Telia Co. AB		426,556		0.1
	5,062			Trelleborg AB		83,719		0.0
	70,160			Volvo AB - B Shares		1,124,415		0.2
						16,062,363		3.4

				Switzerland: 4.7%
	21,875			ABB Ltd.		449,941		0.1
	5,351			Adecco Group AG		307,431		0.1
	4,903	⁽¹⁾		Alcon, Inc.		282,357		0.1
	606			Baloise Holding AG		103,893		0.0
	564			Bucher Industries AG		191,310		0.0
	2,742			Cembra Money Bank AG		254,654		0.1
	2			Chocoladefabriken Lindt & Sprungli AG - REG - LISN		151,725		0.0
	24			Chocoladefabriken Lindt & Sprungli AG - PC - LISP		159,498		0.0
	2,317			Cie Financiere Richemont SA		169,378		0.0
	5,871			Clariant AG		120,793		0.0
	5,617			Coca-Cola HBC AG		201,175		0.0
	181			EMS-Chemie Holding AG		109,612		0.0
	22,875			Ferguson PLC		1,627,922		0.4
	646			Flughafen Zuerich AG		106,492		0.0
	920			Geberit AG - Reg		385,764		0.1
	72			Georg Fischer AG		70,025		0.0
	137			Givaudan		354,735		0.1
	3,436			Kuehne & Nagel International AG		499,439		0.1
	3,669			Logitech International SA		143,773		0.0
	913			Lonza Group AG		281,961		0.1
	33,620			Nestle SA		3,236,855		0.7
	23,467			Novartis AG		1,922,888		0.4
	2,262			Partners Group		1,706,147		0.4
	2,037			PSP Swiss Property AG		207,851		0.0
	17,015			Roche Holding AG		4,489,635		1.0
	1,507			Schindler Holding AG - Part Cert		325,700		0.1
	759			Schindler Holding AG - Reg		161,366		0.0
	191			SGS SA		503,963		0.1
	2,985			Sika AG		457,368		0.1
	1,986			Sonova Holding AG - Reg		401,137		0.1
	262			Straumann Holding AG		211,741		0.1
	2,825			Swiss Life Holding AG		1,328,113		0.3
	1,197			Swiss Prime Site AG		96,124		0.0
	587			Swiss Re Ltd.		56,515		0.0
	874			Swisscom AG		407,244		0.1
	1,094			Temenos AG		181,985		0.0
	681			Zurich Insurance Group AG		217,081		0.1
						21,883,591		4.7

				Taiwan: 1.4%
	4,111,000			AU Optronics Corp.		1,470,253		0.3
	1,714,000			CTBC Financial Holding Co. Ltd.		1,174,178		0.2
	448,000			Formosa Chemicals & Fibre Co.		1,612,059		0.3
	2,544,000			Innolux Corp.		816,327		0.2
	40,000			Taiwan Semiconductor Manufacturing Co., Ltd.		335,841		0.1
	551,000			Uni-President Enterprises Corp.		1,309,549		0.3
						6,718,207		1.4

				United Kingdom: 13.3%
	241,407			3i Group PLC		3,377,875		0.7
	21,124			Admiral Group PLC		608,463		0.1
	20,042			Anglo American PLC		520,085		0.1
	16,427			Ashmore Group PLC		98,562		0.0
	7,877			Ashtead Group PLC		218,723		0.1
	7,670			Associated British Foods PLC		256,197		0.1
	7,822			AstraZeneca PLC		582,738		0.1
	27,518	⁽²⁾		Auto Trader Group PLC		203,423		0.0
	12,969			Aviva PLC		72,836		0.0
	12,668			Babcock International Group		86,961		0.0
	64,997			BAE Systems PLC		417,755		0.1
	70,635			Barratt Developments PLC		555,675		0.1
	7,215			Bellway PLC		292,983		0.1
	10,223			Berkeley Group Holdings PLC		501,507		0.1
	285,407		��	BP PLC		2,075,398		0.4
	5,631			British American Tobacco PLC		220,448		0.1
	23,746			British Land Co. PLC		184,238		0.0
	356,811			BT Group PLC		1,064,731		0.2

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: (continued)
	21,429		Bunzl PLC		646,323		0.1
	83,845		Burberry Group PLC		2,209,907		0.5
	5,216		Carnival PLC		276,525		0.1
	487,386		Centrica PLC		677,550		0.1
	18,093		Cineworld Group PLC		75,081		0.0
	10,626		CNH Industrial NV		115,525		0.0
	16,596		Compass Group PLC		377,624		0.1
	14,299		CRH PLC - London		480,028		0.1
	4,629		Croda International PLC		313,564		0.1
	2,843		Derwent London PLC		117,666		0.0
	22,924		Diageo PLC		966,425		0.2
	100,803		Direct Line Insurance Group PLC		433,761		0.1
	104,788		Evraz PLC		860,474		0.2
	31,508		Experian PLC		917,165		0.2
	59,475		G4S PLC		168,095		0.0
	175,723		GlaxoSmithKline PLC		3,609,922		0.8
	20,271		Halma PLC		476,971		0.1
	4,093		Hargreaves Lansdown PLC		120,903		0.0
	39,273		Howden Joinery Group PLC		260,808		0.1
	153,189		HSBC Holdings PLC		1,334,732		0.3
	11,029		IMI PLC		151,468		0.0
	19,822		Imperial Brands PLC		630,701		0.1
	44,472		Inchcape PLC		357,040		0.1
	21,731		Informa PLC		220,962		0.1
	7,956		InterContinental Hotels Group PLC		515,312		0.1
	36,684		International Consolidated Airlines Group SA		259,234		0.1
	7,700		Intertek Group PLC		538,568		0.1
	148,588		ITV PLC		265,324		0.1
	367,593		J Sainsbury PLC		1,067,947		0.2
	15,411		JD Sports Fashion PLC		126,682		0.0
	16,872		Johnson Matthey PLC		736,033		0.2
	34,429		Kingfisher PLC		118,718		0.0
	525,608		Legal & General Group PLC		1,911,393		0.4
	2,695,734		Lloyds Banking Group Plc		2,204,669		0.5
	125,154		Marks & Spencer Group PLC		466,858		0.1
	39,111		Meggitt PLC		278,307		0.1
	20,849	⁽²⁾	Merlin Entertainments PLC		99,702		0.0
	28,114		Mondi PLC		617,813		0.1
	155,889		National Grid PLC		1,707,913		0.4
	6,272		Next PLC		472,243		0.1
	19,138		Paragon Group of Cos PLC		114,624		0.0
	168,509		Pearson PLC		1,825,442		0.4
	30,450		Pennon Group PLC		297,246		0.1
	48,377		Persimmon PLC		1,413,232		0.3
	3,414		Prudential PLC		77,571		0.0
	5,049		Reckitt Benckiser Group PLC		408,497		0.1
	10,152	⁽¹⁾	Relx PLC (EUR Exchange)		232,609		0.1
	4,473		Relx PLC (GBP Exchange)		102,770		0.0
	191,450		Rentokil Initial PLC		975,671		0.2
	30,460		Rightmove PLC		215,386		0.0
	61,054		Rio Tinto PLC		3,561,839		0.8
	61,114		Rolls-Royce Holdings PLC		731,874		0.2
	496,377		Royal Bank of Scotland Group PLC		1,554,325		0.3
	33,982		RPC Group PLC		350,249		0.1
	31,286		Sage Group PLC/The		296,565		0.1
	82,882		SSE PLC		1,240,134		0.3
	165,776		Segro PLC		1,468,874		0.3
	11,674		Severn Trent PLC		310,745		0.1
	25,706		Smith & Nephew PLC		496,962		0.1
	8,643		Smiths Group PLC		172,078		0.0
	1,336		Spirax-Sarco Engineering PLC		144,045		0.0
	16,548		SSP Group Plc		150,415		0.0
	125,807		Tate & Lyle PLC		1,260,938		0.3
	144,918		Taylor Wimpey PLC		343,573		0.1
	125,979		Tesco PLC		411,025		0.1
	9,587		Travis Perkins PLC		174,932		0.0
	36,437		Unilever PLC		2,208,635		0.5
	53,873		United Utilities Group PLC		584,417		0.1
	342,573		Vodafone Group PLC		635,431		0.1
	9,788		Whitbread PLC		569,850		0.1
	428,919		WM Morrison Supermarkets PLC		1,208,962		0.3
	15,849		WPP PLC		197,761		0.0
					62,261,211		13.3

			United States: 0.2%
	40,386	⁽¹⁾	Bausch Health Cos, Inc.		932,703		0.2

		Total Common Stock (Cost $451,112,244)			460,143,524		98.0

PREFERRED STOCK: 0.1%
			Germany: 0.1%
	2,117		Fuchs Petrolub AG		92,308		0.0
	885		Henkel AG & Co. KGaA		89,574		0.0
	1,570		Porsche AG		109,143		0.1
					291,025		0.1

			South Korea: 0.0%
	2,346		Samsung Electronics Co., Ltd.		74,840		0.0

			Spain: 0.0%
	3,188		Grifols SA		61,373		0.0

			United Kingdom: 0.0%
	4,339,094	⁽¹⁾	Rolls-Royce Holdings PLC - C Shares		5,658		0.0

		Total Preferred Stock (Cost $459,078)			432,896		0.1

		Total Long-Term Investments (Cost $451,571,322)			460,576,420		98.1

See Accompanying Notes to Financial Statements

Voya Multi-Manager International Factors Fund

PORTFOLIO OF INVESTMENTS

as of April 30, 2019 (unaudited) (continued)

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 4.5%

Securities Lending Collateral(5): 0.2%

741,987

⁽⁵⁾

RBC Dominion Securities Inc., 0.000%, Repurchase Agreement dated 04/30/19, 2.72%, due 05/01/19 (Repurchase Amount $742,042, collateralized by various U.S. Government Agency Obligations, 2.652%-7.000%, Market Value plus accrued interest $756,827, due 04/01/34-04/20/49)

(Cost $741,987)

741,987

0.2

Shares				Value			Percentage of Net Assets
			Mutual Funds: 4.3%
	528,833	⁽⁶⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%		528,833			0.1
	19,797,000	⁽⁶⁾	Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.330%		19,797,000			4.2
		Total Mutual Funds (Cost $20,325,833)			20,325,833			4.3

		Total Short-Term Investments (Cost $21,067,820)			21,067,820			4.5

		Total Investments in Securities (Cost $472,639,142)		$	481,644,240			102.6
		Liabilities in Excess of Other Assets			(12,154,039	)		(2.6	)
		Net Assets		$	469,490,201			100.0

†	Unless otherwise indicated, principal amount is shown in USD.
ADR	American Depositary Receipt
(1)	Non-income producing security.
(2)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(3)	Security, or a portion of the security, is on loan.
(4)	For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(5)	Represents securities purchased with cash collateral received for securities on loan.
(6)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Voya Global Real Estate Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.8%
			Australia: 4.2%
	674,399		Dexus		5,954,091		1.1
	787,877		Goodman Group		7,331,660		1.4
	4,625,092		Mirvac Group		9,258,925		1.7
					22,544,676		4.2

			Belgium: 0.6%
	54,507	⁽¹⁾	Shurgard Self Storage SA		1,803,491		0.3
	9,876		Warehouses De Pauw SCA		1,482,098		0.3
					3,285,589		0.6

			Canada: 1.9%
	157,130		Canadian Apartment Properties REIT		5,621,588		1.1
	405,175		Chartwell Retirement Residences		4,442,801		0.8
					10,064,389		1.9

			China: 0.5%
	744,000		China Overseas Land & Investment Ltd.		2,787,512		0.5

			France: 1.0%
	31,493		Unibail-Rodamco-Westfield		5,413,201		1.0

			Germany: 5.2%
	177,653		Alstria Office REIT-AG		2,785,604		0.5
	409,845		Aroundtown SA		3,329,809		0.6
	48,720		LEG Immobilien AG		5,684,651		1.1
	194,262		TAG Immobilien AG		4,374,790		0.8
	236,635		Vonovia SE		11,826,236		2.2
					28,001,090		5.2

			Hong Kong: 8.6%
	1,509,674		CK Asset Holdings Ltd.		12,138,594		2.2
	470,000		Hysan Development Co., Ltd.		2,634,224		0.5
	606,000		Kerry Properties Ltd.		2,593,904		0.5
	1,462,245		Link REIT		17,084,806		3.1
	3,750,000		New World Development Ltd.		6,212,664		1.1
	879,100		Wheelock & Co., Ltd.		6,264,832		1.2
					46,929,024		8.6

			Ireland: 0.7%
	938,597		Green REIT plc		1,784,359		0.3
	1,297,129		Hibernia REIT plc		2,067,326		0.4
					3,851,685		0.7

			Japan: 11.8%
	375		Activia Properties, Inc.		1,567,309		0.3
	186,800		Aeon Mall Co., Ltd.		2,867,930		0.5
	2,223		AEON REIT Investment Corp.		2,686,700		0.5
	580		GLP J-Reit		623,762		0.1
	943		Hulic Reit, Inc.		1,545,478		0.3
	7,766		Japan Hotel REIT Investment Corp.		6,320,661		1.2
	305		Kenedix Office Investment Corp.		2,040,454		0.4
	775		Kenedix Retail REIT Corp.		1,876,911		0.3
	2,897		LaSalle Logiport REIT		3,107,535		0.6
	2,784		MCUBS MidCity Investment Corp.		2,551,181		0.5
	527,400		Mitsubishi Estate Co., Ltd.		8,918,308		1.6
	485,681		Mitsui Fudosan Co., Ltd.		11,249,312		2.1
	3,342		Mori Hills REIT Investment Corp.		4,452,559		0.8
	141,700		Nomura Real Estate Holdings, Inc.		3,013,287		0.5
	4,440		Orix JREIT, Inc.		7,795,352		1.4
	321,500		Tokyo Tatemono Co., Ltd.		3,628,958		0.7
					64,245,697		11.8

			Luxembourg: 0.6%
	146,877		Grand City Properties SA		3,461,017		0.6

			Norway: 0.4%
	158,507	⁽²⁾	Entra ASA		2,300,659		0.4

			Singapore: 2.1%
	1,864,200		CapitaLand Commercial Trust		2,663,377		0.5
	2,671,700		CapitaLand Ltd.		6,942,716		1.3
	1,720,395		Mapletree Logistics Trust		1,874,856		0.3
					11,480,949		2.1

			Spain: 1.0%
	486,286	⁽³⁾	Inmobiliaria Colonial Socimi SA		5,239,418		1.0

			Sweden: 3.2%
	363,275		Castellum AB		6,531,484		1.2
	356,573		Fabege AB		4,952,686		0.9
	276,423		Kungsleden AB		2,100,301		0.4
	111,971		Pandox AB		1,921,410		0.3
	158,602		Wihlborgs Fastigheter AB		2,110,143		0.4
					17,616,024		3.2

			United Kingdom: 4.7%
	68,119		Big Yellow Group PLC		926,236		0.2
	793,771		Grainger PLC		2,608,399		0.5
	608,732		Land Securities Group PLC		7,336,407		1.3
	273,372		Safestore Holdings PLC		2,295,716		0.4
	872,585		Segro PLC		7,731,624		1.4
	379,598		Unite Group PLC		4,665,615		0.9
					25,563,997		4.7

			United States: 53.3%
	77,761		Alexandria Real Estate Equities, Inc.		11,072,389		2.0
	118,112		American Campus Communities, Inc.		5,574,886		1.0
	81,108		AvalonBay Communities, Inc.		16,297,030		3.0
	169,389		Brandywine Realty Trust		2,606,897		0.5

See Accompanying Notes to Financial Statements

Voya Global Real Estate Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United States: (continued)
	411,827		Brixmor Property Group, Inc.		7,363,467		1.4
	53,595		Camden Property Trust		5,394,337		1.0
	194,867		Columbia Property Trust, Inc.		4,425,430		0.8
	549,051		Cousins Properties, Inc.		5,254,418		1.0
	219,785		CubeSmart		7,013,339		1.3
	163,855		Douglas Emmett, Inc.		6,749,188		1.2
	19,347		Equinix, Inc.		8,797,081		1.6
	256,148		Equity Residential		19,574,830		3.6
	132,422		Extra Space Storage, Inc.		13,730,837		2.5
	304,787		Healthcare Trust of America, Inc.		8,406,026		1.5
	62,280		Hilton Worldwide Holdings, Inc.		5,417,737		1.0
	210,462		Hudson Pacific Properties, Inc.		7,336,705		1.3
	284,908		Invitation Homes, Inc.		7,082,813		1.3
	82,857		Kimco Realty Corp.		1,440,883		0.3
	118,355		Liberty Property Trust		5,875,142		1.1
	136,538		MGM Growth Properties LLC		4,404,716		0.8
	257,912		Park Hotels & Resorts, Inc.		8,273,817		1.5
	112,658		Pebblebrook Hotel Trust		3,668,145		0.7
	202,143		Piedmont Office Realty Trust, Inc.		4,208,617		0.8
	307,272		ProLogis, Inc.		23,558,544		4.3
	59,438		QTS Realty Trust, Inc.		2,695,513		0.5
	170,401		Regency Centers Corp.		11,445,835		2.1
	92,040		Simon Property Group, Inc.		15,987,348		2.9
	267,358		Store Capital Corp.		8,908,369		1.6
	56,128		Sun Communities, Inc.		6,908,234		1.3
	97,805		Taubman Centers, Inc.		4,821,787		0.9
	77,068		Tier REIT, Inc.		2,184,107		0.4
	965,358		Vereit, Inc.		7,973,857		1.5
	373,196		VICI Properties, Inc.		8,508,869		1.6
	92,263		Vornado Realty Trust		6,379,064		1.2
	279,848		Welltower, Inc.		20,857,071		3.8
					290,197,328		53.3

		Total Common Stock
		(Cost $404,532,466)			542,982,255		99.8

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.0%

Securities Lending Collateral(4): 0.0%

117,349

⁽⁴⁾

Bank of Montreal, 0.000%, Repurchase Agreement dated 04/30/19, 2.70%, due 05/01/19 (Repurchase Amount $117,358, collateralized by various U.S. Government Securities, 0.000%-3.750%, Market Value plus accrued interest $119,696, due 05/23/19-02/15/46)

(Cost $117,349)

117,349

0.0

Total Short-Term Investments

(Cost $117,349)

117,349

0.0

Total Investments in Securities
(Cost $404,649,815)

543,099,604

99.8

Assets in Excess of Other Liabilities

1,028,382

0.2

Net Assets

544,127,986

100.0

†	Unless otherwise indicated, principal amount is shown in USD.
(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)	Security, or a portion of the security, is on loan.
(4)	Represents securities purchased with cash collateral received for securities on loan.

See Accompanying Notes to Financial Statements

Voya International Real Estate Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 98.1%
			Australia: 9.9%
	630,000		Centuria Metropolitan REIT		1,128,061		1.3
	454,030		Charter Hall Education Trust		1,193,856		1.4
	310,125		GPT Group		1,254,473		1.5
	769,039		Ingenia Communities Group		1,668,709		2.0
	1,552,653		Mirvac Group		3,108,240		3.7
					8,353,339		9.9

			Austria: 0.4%
	9,722		CA Immobilien Anlagen AG		340,757		0.4

			Belgium: 1.7%
	14,236	⁽¹⁾	Shurgard Self Storage SA		471,031		0.5
	6,600		Warehouses De Pauw SCA		990,467		1.2
					1,461,498		1.7

			Canada: 4.8%
	126,200		Chartwell Retirement Residences		1,383,801		1.7
	23,300		First Capital Realty, Inc.		371,318		0.4
	42,100		Killam Apartment Real Estate Investment Trust		594,874		0.7
	65,013		SmartCentres Real Estate Investment Trust		1,644,130		2.0
					3,994,123		4.8

			China: 0.5%
	116,000		China Overseas Land & Investment Ltd.		434,612		0.5

			Finland: 0.0%
	286		Kojamo Oyj		3,394		0.0

			France: 4.4%
	5,033		Covivio		544,746		0.7
	5,391		Gecina S.A.		805,493		0.9
	13,752		Unibail-Rodamco-Westfield		2,363,774		2.8
					3,714,013		4.4

			Germany: 10.1%
	52,141		Aroundtown SA		423,622		0.5
	41,270		Deutsche Wohnen SE		1,859,033		2.2
	10,749		LEG Immobilien AG		1,254,194		1.5
	62,429		TAG Immobilien AG		1,405,904		1.7
	22,336		TLG Immobilien AG		657,619		0.8
	57,562		Vonovia SE		2,876,759		3.4
					8,477,131		10.1

			Hong Kong: 18.8%
	368,221		CK Asset Holdings Ltd.		2,960,696		3.5
	421,000		Hysan Development Co., Ltd.		2,359,592		2.8
	399,000		Link REIT		4,661,898		5.6
	1,421,000		New World Development Ltd.		2,354,186		2.8
	200,754		Sun Hung Kai Properties Ltd.		3,464,682		4.1
					15,801,054		18.8

			Ireland: 1.3%
	302,207		Green REIT plc		574,523		0.7
	324,208		Hibernia REIT plc		516,713		0.6
					1,091,236		1.3

			Japan: 24.2%
	202		Activia Properties, Inc.		844,257		1.0
	65,600		Aeon Mall Co., Ltd.		1,007,153		1.2
	765		AEON REIT Investment Corp.		924,573		1.1
	403		Hulic Reit, Inc.		660,475		0.8
	2,157		Japan Hotel REIT Investment Corp.		1,755,558		2.1
	167		Kenedix Office Investment Corp.		1,117,232		1.3
	232		Kenedix Retail REIT Corp.		561,862		0.7
	1,296		LaSalle Logiport REIT		1,390,185		1.6
	1,013		MCUBS MidCity Investment Corp.		928,285		1.1
	189,500		Mitsubishi Estate Co., Ltd.		3,204,436		3.8
	91,856		Mitsui Fudosan Co., Ltd.		2,127,563		2.5
	671		Mori Hills REIT Investment Corp.		893,976		1.1
	35,800		Nomura Real Estate Holdings, Inc.		761,296		0.9
	994		Orix JREIT, Inc.		1,745,176		2.1
	977	⁽¹⁾	Sankei Real Estate, Inc.		977,921		1.2
	127,000		Tokyo Tatemono Co., Ltd.		1,433,523		1.7
					20,333,471		24.2

			Norway: 1.2%
	67,346	⁽²⁾	Entra ASA		977,497		1.2

			Singapore: 4.1%
	877,200		CapitaLand Commercial Trust		1,253,253		1.5
	272,300		City Developments Ltd.		1,792,328		2.1
	398,100		Mapletree Logistics Trust		433,842		0.5
					3,479,423		4.1

			Spain: 1.6%
	70,511		Inmobiliaria Colonial Socimi SA		759,711		0.9
	43,795		Merlin Properties Socimi SA		597,386		0.7
					1,357,097		1.6

			Sweden: 4.6%
	62,512		Castellum AB		1,123,931		1.3
	66,391		Fabege AB		922,150		1.1
	17,598		Hufvudstaden AB		293,240		0.4
	46,954		Pandox AB		805,725		1.0
	51,763		Wihlborgs Fastigheter AB		688,689		0.8
					3,833,735		4.6

			Switzerland: 0.8%
	7,972		Swiss Prime Site AG		640,186		0.8

See Accompanying Notes to Financial Statements

Voya International Real Estate Fund

PORTFOLIO OF INVESTMENTS
as of April 30, 2019 (unaudited) (continued)

Shares				Value		Percentage of Net Assets
COMMON STOCK: (continued)
			United Kingdom: 9.7%
	24,704		Big Yellow Group PLC		335,908		0.4
	75,024		Capital & Counties Properties PLC		237,231		0.3
	111,586		CLS Holdings PLC		350,675		0.4
	11,103		Derwent London PLC		459,531		0.5
	322,370		Grainger PLC		1,059,335		1.3
	64,627		Land Securities Group PLC		778,881		0.9
	128,470		Safestore Holdings PLC		1,078,862		1.3
	141,125		Segro PLC		1,250,452		1.5
	313,627		Tritax Big Box REIT Plc		608,322		0.7
	110,441		Unite Group PLC		1,357,424		1.6
	50,082		Workspace Group PLC		645,994		0.8
					8,162,615		9.7

		Total Common Stock
		(Cost $69,056,562)			82,455,181		98.1

CLOSED-END FUNDS: 0.6%
			United Kingdom: 0.6%
	370,657		Picton Property Income Ltd.		454,338		0.6

		Total Closed-End Funds
		(Cost $450,114)			454,338		0.6

		Total Long-Term Investments
		(Cost $69,506,676)			82,909,519		98.7

SHORT-TERM INVESTMENTS: 0.7%
			Mutual Funds: 0.7%
	625,330	⁽³⁾	BlackRock Liquidity Funds, FedFund, Institutional Class, 2.330%
			(Cost $625,330)		625,330		0.7

		Total Short-Term Investments
		(Cost $625,330)			625,330		0.7

		Total Investments in Securities (Cost $70,132,006)		$	83,534,849		99.4
		Assets in Excess of Other Liabilities			521,379		0.6
		Net Assets		$	84,056,228		100.0

(1)	Non-income producing security.
(2)	Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(3)	Rate shown is the 7-day yield as of April 30, 2019.

See Accompanying Notes to Financial Statements

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics is not required for the semi-annual filing.

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)

Not required for semi-annual filing.

(b)

The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Mutual Funds

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: July 8, 2019

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/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: July 8, 2019

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: July 8, 2019

Voya MUTUAL FUNDS N-CSRSCertified semi-annual shareholder report (management investment company)