# EDGAR Filing Document

**Accession Number:** 0000895430
**File Stem:** 0001104659-25-065192
**Filing Date:** 2025-7
**Character Count:** 864916
**Document Hash:** 04852d833143449437bc8ace8bdae52a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-065192.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-065192

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000895430

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07428
- **FILM NUMBER:** 251100130

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 18009920180

**MAIL ADDRESS:**
- **STREET 1:** 7337 E DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19990526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS APPLEGATE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19930328

## Series and Classes Contracts Data

### Voya Global High Dividend Low Volatility Fund (Series ID: S000008527)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023406 | Class A      | NAWGX           |
| C000023408 | Class C      | NAWCX           |
| C000023409 | Class I      | NAWIX           |
| C000079029 | Class W      | IGVWX           |
| C000218334 | Class R6     | VGHRX           |

### Voya Multi-Manager International Small Cap Fund (Series ID: S000008531)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023423 | Class A      | NTKLX           |
| C000023425 | Class C      | NARCX           |
| C000023426 | Class I      | NAPIX           |
| C000059862 | Class W      | ISCWX           |
| C000241253 | Class R6     | VVJFX           |

### Voya Global Bond Fund (Series ID: S000012534)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034078 | Class A      | INGBX           |
| C000034080 | Class C      | IGBCX           |
| C000034081 | Class I      | IGBIX           |
| C000079030 | Class W      | IGBWX           |
| C000105408 | Class R      | IGBRX           |
| C000122013 | Class R6     | IGBZX           |

### Voya Multi-Manager International Equity Fund (Series ID: S000030601)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000094856 | Class I      | IIGIX           |

### Voya Multi-Manager Emerging Markets Equity Fund (Series ID: S000034101)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105125 | Class I      | IEMGX           |
| C000107874 | Class A      | IEMHX           |
| C000107875 | Class C      | IEMJX           |
| C000107876 | Class R      | IEMKX           |
| C000107877 | Class W      | IEMLX           |

### Voya VACS Series EME Fund (Series ID: S000079628)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000240818 | Voya VACS Series EME Fund | VVIFX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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, 2024 to April 30, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Global Bond Fund](#classname200466ea-b612-41bb-b8a1-da2c2d97605d)<br> **[Class A - INGBX](#classname200466ea-b612-41bb-b8a1-da2c2d97605d)**  |
|  [Voya Global Bond Fund](#classname6818530f-b098-4850-983f-22fa30751687)<br> **[Class C - IGBCX](#classname6818530f-b098-4850-983f-22fa30751687)**  |
|  [Voya Global Bond Fund](#classname7c4301d7-3e81-4507-8c27-5bd0b1dad64f)<br> **[Class I - IGBIX](#classname7c4301d7-3e81-4507-8c27-5bd0b1dad64f)**  |
|  [Voya Global Bond Fund](#classname4a18392b-86eb-42e3-9871-618d07d4689c)<br> **[Class R - IGBRX](#classname4a18392b-86eb-42e3-9871-618d07d4689c)**  |
|  [Voya Global Bond Fund](#classname33dbea91-fe70-4239-b8b5-d031ac2e1859)<br> **[Class R6 - IGBZX](#classname33dbea91-fe70-4239-b8b5-d031ac2e1859)**  |
|  [Voya Global Bond Fund](#classname47c2e17e-b57f-4755-af84-f454f400abb5)<br> **[Class W - IGBWX](#classname47c2e17e-b57f-4755-af84-f454f400abb5)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classname3f55c1af-b86c-4532-9952-adfde6b9b0a6)<br> **[Class A - NAWGX](#classname3f55c1af-b86c-4532-9952-adfde6b9b0a6)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classname7a743700-fb37-4ed7-88ad-57b6f81f5a72)<br> **[Class C - NAWCX](#classname7a743700-fb37-4ed7-88ad-57b6f81f5a72)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classnamebb32d85d-47f7-4224-8bb7-117cb656693f)<br> **[Class I - NAWIX](#classnamebb32d85d-47f7-4224-8bb7-117cb656693f)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classnameba4c88fb-cce8-4345-b585-95e280d1226b)<br> **[Class R6 - VGHRX](#classnameba4c88fb-cce8-4345-b585-95e280d1226b)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classname0dcac953-9d45-4138-85a2-da952fd2247a)<br> **[Class W - IGVWX](#classname0dcac953-9d45-4138-85a2-da952fd2247a)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classname4d4330f6-3701-4503-b430-78ae9425f36a)<br> **[Class A - IEMHX](#classname4d4330f6-3701-4503-b430-78ae9425f36a)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classname03b9f85d-e1b5-4218-abee-ffa11ee7c921)<br> **[Class C - IEMJX](#classname03b9f85d-e1b5-4218-abee-ffa11ee7c921)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classnamef2da9cbd-eb5b-45c6-b47a-26385b28159e)<br> **[Class I - IEMGX](#classnamef2da9cbd-eb5b-45c6-b47a-26385b28159e)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classname4b808024-a513-4c10-90c9-51e3c464c743)<br> **[Class R - IEMKX](#classname4b808024-a513-4c10-90c9-51e3c464c743)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classnamebf33e4a7-e58c-4112-86fd-644b4651349d)<br> **[Class W - IEMLX](#classnamebf33e4a7-e58c-4112-86fd-644b4651349d)**  |
|  [Voya Multi-Manager International Equity Fund](#classnamee1040def-b464-49c6-a648-3616a0413036)<br> **[Class I - IIGIX](#classnamee1040def-b464-49c6-a648-3616a0413036)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname58bdff07-c213-4f42-a590-cf0a8e75581c)<br> **[Class A - NTKLX](#classname58bdff07-c213-4f42-a590-cf0a8e75581c)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname7b45e231-dd92-4cba-840b-e245509627ca)<br> **[Class C - NARCX](#classname7b45e231-dd92-4cba-840b-e245509627ca)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classnamef2689adf-d0a9-471c-ab36-2b1d299f34c2)<br> **[Class I - NAPIX](#classnamef2689adf-d0a9-471c-ab36-2b1d299f34c2)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classnamed596a6fc-82cd-438d-8349-320eec645d57)<br> **[Class R6 - VVJFX](#classnamed596a6fc-82cd-438d-8349-320eec645d57)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname91537d37-e374-4254-bcd5-bf9b01cbe44f)<br> **[Class W - ISCWX](#classname91537d37-e374-4254-bcd5-bf9b01cbe44f)**  |
|  [Voya VACS Series EME Fund](#classname93d6fc1d-51ad-4e57-8eb2-795bd694380c)<br> **[Portfolio - VVIFX](#classname93d6fc1d-51ad-4e57-8eb2-795bd694380c)**  |

---

# Voya Global Bond Fund
![Image](tm2518105d1_tsrimg016.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class A: INGBX
This semi-annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $45 | 0.90% |

---

## Fund Statistics
* Total Net Assets$133,611,195

* # of Portfolio Holdings951

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.8% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.3% |
| United States Treasury Notes, 3.750%, 04/30/27 | 1.7% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.3% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.2% |
| Ginnie Mae, 2.500%, 05/20/51 | 1.2% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.2% |
| U.S. Treasury Obligations | 3.2% |
| U.S. Government Agency Obligations | 7.2% |
| Asset-Backed Securities | 9.1% |
| Commercial Mortgage-Backed Securities | 11.0% |
| Sovereign Bonds | 16.5% |
| Collateralized Mortgage Obligations | 21.4% |
| Corporate Bonds/Notes | 26.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class A: INGBX
92914A828-SAR

# Voya Global Bond Fund
![Image](tm2518105d1_tsrimg016.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class C: IGBCX
This semi-annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $83 | 1.65% |

---

## Fund Statistics
* Total Net Assets$133,611,195

* # of Portfolio Holdings951

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.8% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.3% |
| United States Treasury Notes, 3.750%, 04/30/27 | 1.7% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.3% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.2% |
| Ginnie Mae, 2.500%, 05/20/51 | 1.2% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.2% |
| U.S. Treasury Obligations | 3.2% |
| U.S. Government Agency Obligations | 7.2% |
| Asset-Backed Securities | 9.1% |
| Commercial Mortgage-Backed Securities | 11.0% |
| Sovereign Bonds | 16.5% |
| Collateralized Mortgage Obligations | 21.4% |
| Corporate Bonds/Notes | 26.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class C: IGBCX
92914A844-SAR

# Voya Global Bond Fund
![Image](tm2518105d1_tsrimg016.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class I: IGBIX
This semi-annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$133,611,195

* # of Portfolio Holdings951

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.8% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.3% |
| United States Treasury Notes, 3.750%, 04/30/27 | 1.7% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.3% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.2% |
| Ginnie Mae, 2.500%, 05/20/51 | 1.2% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.2% |
| U.S. Treasury Obligations | 3.2% |
| U.S. Government Agency Obligations | 7.2% |
| Asset-Backed Securities | 9.1% |
| Commercial Mortgage-Backed Securities | 11.0% |
| Sovereign Bonds | 16.5% |
| Collateralized Mortgage Obligations | 21.4% |
| Corporate Bonds/Notes | 26.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class I: IGBIX
92914A851-SAR

# Voya Global Bond Fund
![Image](tm2518105d1_tsrimg016.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class R: IGBRX
This semi-annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $58 | 1.15% |

---

## Fund Statistics
* Total Net Assets$133,611,195

* # of Portfolio Holdings951

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.8% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.3% |
| United States Treasury Notes, 3.750%, 04/30/27 | 1.7% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.3% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.2% |
| Ginnie Mae, 2.500%, 05/20/51 | 1.2% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.2% |
| U.S. Treasury Obligations | 3.2% |
| U.S. Government Agency Obligations | 7.2% |
| Asset-Backed Securities | 9.1% |
| Commercial Mortgage-Backed Securities | 11.0% |
| Sovereign Bonds | 16.5% |
| Collateralized Mortgage Obligations | 21.4% |
| Corporate Bonds/Notes | 26.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class R: IGBRX
92913W649-SAR

# Voya Global Bond Fund
![Image](tm2518105d1_tsrimg016.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class R6: IGBZX
This semi-annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$133,611,195

* # of Portfolio Holdings951

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.8% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.3% |
| United States Treasury Notes, 3.750%, 04/30/27 | 1.7% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.3% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.2% |
| Ginnie Mae, 2.500%, 05/20/51 | 1.2% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.2% |
| U.S. Treasury Obligations | 3.2% |
| U.S. Government Agency Obligations | 7.2% |
| Asset-Backed Securities | 9.1% |
| Commercial Mortgage-Backed Securities | 11.0% |
| Sovereign Bonds | 16.5% |
| Collateralized Mortgage Obligations | 21.4% |
| Corporate Bonds/Notes | 26.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class R6: IGBZX
92913W854-SAR

# Voya Global Bond Fund
![Image](tm2518105d1_tsrimg016.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class W: IGBWX
This semi-annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $33 | 0.65% |

---

## Fund Statistics
* Total Net Assets$133,611,195

* # of Portfolio Holdings951

* Portfolio Turnover Rate69%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 2.8% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.3% |
| United States Treasury Notes, 3.750%, 04/30/27 | 1.7% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.3% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.2% |
| Ginnie Mae, 2.500%, 05/20/51 | 1.2% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 5.2% |
| U.S. Treasury Obligations | 3.2% |
| U.S. Government Agency Obligations | 7.2% |
| Asset-Backed Securities | 9.1% |
| Commercial Mortgage-Backed Securities | 11.0% |
| Sovereign Bonds | 16.5% |
| Collateralized Mortgage Obligations | 21.4% |
| Corporate Bonds/Notes | 26.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global Bond Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class W: IGBWX
92913W508-SAR

# Voya Global High Dividend Low Volatility Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class A: NAWGX
This semi-annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $43 | 0.85% |

---

## Fund Statistics
* Total Net Assets$258,483,578

* # of Portfolio Holdings232

* Portfolio Turnover Rate43%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Procter & Gamble Co. | 1.6% |
| Johnson & Johnson | 1.6% |
| AbbVie, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.2% |
| Wells Fargo & Co. | 1.2% |
| Verizon Communications, Inc. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Raytheon Technologies Corp. | 1.0% |
| PepsiCo, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| Countries-Other | 4.8% |
| Australia | 1.2% |
| Spain | 1.3% |
| Switzerland | 1.3% |
| Netherlands | 1.7% |
| Italy | 1.9% |
| Germany | 2.1% |
| France | 3.1% |
| Canada | 3.7% |
| United Kingdom | 4.1% |
| Japan | 4.6% |
| United States | 68.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.3% |
| Health Care | 14.0% |
| Industrials | 13.7% |
| Consumer Staples | 9.5% |
| Communication Services | 6.6% |
| Energy | 6.2% |
| Utilities | 5.9% |
| Consumer Discretionary | 4.6% |
| Real Estate | 4.5% |
| Information Technology | 3.9% |
| Materials | 2.7% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 0.2% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global High Dividend Low Volatility Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class A: NAWGX
92913X811-SAR

# Voya Global High Dividend Low Volatility Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class C: NAWCX
This semi-annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $82 | 1.60% |

---

## Fund Statistics
* Total Net Assets$258,483,578

* # of Portfolio Holdings232

* Portfolio Turnover Rate43%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Procter & Gamble Co. | 1.6% |
| Johnson & Johnson | 1.6% |
| AbbVie, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.2% |
| Wells Fargo & Co. | 1.2% |
| Verizon Communications, Inc. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Raytheon Technologies Corp. | 1.0% |
| PepsiCo, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| Countries-Other | 4.8% |
| Australia | 1.2% |
| Spain | 1.3% |
| Switzerland | 1.3% |
| Netherlands | 1.7% |
| Italy | 1.9% |
| Germany | 2.1% |
| France | 3.1% |
| Canada | 3.7% |
| United Kingdom | 4.1% |
| Japan | 4.6% |
| United States | 68.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.3% |
| Health Care | 14.0% |
| Industrials | 13.7% |
| Consumer Staples | 9.5% |
| Communication Services | 6.6% |
| Energy | 6.2% |
| Utilities | 5.9% |
| Consumer Discretionary | 4.6% |
| Real Estate | 4.5% |
| Information Technology | 3.9% |
| Materials | 2.7% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 0.2% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global High Dividend Low Volatility Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class C: NAWCX
92913X837-SAR

# Voya Global High Dividend Low Volatility Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class I: NAWIX
This semi-annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $31 | 0.60% |

---

## Fund Statistics
* Total Net Assets$258,483,578

* # of Portfolio Holdings232

* Portfolio Turnover Rate43%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Procter & Gamble Co. | 1.6% |
| Johnson & Johnson | 1.6% |
| AbbVie, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.2% |
| Wells Fargo & Co. | 1.2% |
| Verizon Communications, Inc. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Raytheon Technologies Corp. | 1.0% |
| PepsiCo, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg017.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| Countries-Other | 4.8% |
| Australia | 1.2% |
| Spain | 1.3% |
| Switzerland | 1.3% |
| Netherlands | 1.7% |
| Italy | 1.9% |
| Germany | 2.1% |
| France | 3.1% |
| Canada | 3.7% |
| United Kingdom | 4.1% |
| Japan | 4.6% |
| United States | 68.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.3% |
| Health Care | 14.0% |
| Industrials | 13.7% |
| Consumer Staples | 9.5% |
| Communication Services | 6.6% |
| Energy | 6.2% |
| Utilities | 5.9% |
| Consumer Discretionary | 4.6% |
| Real Estate | 4.5% |
| Information Technology | 3.9% |
| Materials | 2.7% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 0.2% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global High Dividend Low Volatility Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class I: NAWIX
92914A752-SAR

# Voya Global High Dividend Low Volatility Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class R6: VGHRX
This semi-annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $29 | 0.57% |

---

## Fund Statistics
* Total Net Assets$258,483,578

* # of Portfolio Holdings232

* Portfolio Turnover Rate43%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Procter & Gamble Co. | 1.6% |
| Johnson & Johnson | 1.6% |
| AbbVie, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.2% |
| Wells Fargo & Co. | 1.2% |
| Verizon Communications, Inc. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Raytheon Technologies Corp. | 1.0% |
| PepsiCo, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| Countries-Other | 4.8% |
| Australia | 1.2% |
| Spain | 1.3% |
| Switzerland | 1.3% |
| Netherlands | 1.7% |
| Italy | 1.9% |
| Germany | 2.1% |
| France | 3.1% |
| Canada | 3.7% |
| United Kingdom | 4.1% |
| Japan | 4.6% |
| United States | 68.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.3% |
| Health Care | 14.0% |
| Industrials | 13.7% |
| Consumer Staples | 9.5% |
| Communication Services | 6.6% |
| Energy | 6.2% |
| Utilities | 5.9% |
| Consumer Discretionary | 4.6% |
| Real Estate | 4.5% |
| Information Technology | 3.9% |
| Materials | 2.7% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 0.2% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global High Dividend Low Volatility Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class R6: VGHRX
92914A380-SAR

# Voya Global High Dividend Low Volatility Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class W: IGVWX
This semi-annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $31 | 0.60% |

---

## Fund Statistics
* Total Net Assets$258,483,578

* # of Portfolio Holdings232

* Portfolio Turnover Rate43%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Procter & Gamble Co. | 1.6% |
| Johnson & Johnson | 1.6% |
| AbbVie, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.2% |
| Wells Fargo & Co. | 1.2% |
| Verizon Communications, Inc. | 1.1% |
| AT&T, Inc. | 1.1% |
| iShares Russell 1000 Value ETF | 1.1% |
| Raytheon Technologies Corp. | 1.0% |
| PepsiCo, Inc. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| Countries-Other | 4.8% |
| Australia | 1.2% |
| Spain | 1.3% |
| Switzerland | 1.3% |
| Netherlands | 1.7% |
| Italy | 1.9% |
| Germany | 2.1% |
| France | 3.1% |
| Canada | 3.7% |
| United Kingdom | 4.1% |
| Japan | 4.6% |
| United States | 68.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 26.3% |
| Health Care | 14.0% |
| Industrials | 13.7% |
| Consumer Staples | 9.5% |
| Communication Services | 6.6% |
| Energy | 6.2% |
| Utilities | 5.9% |
| Consumer Discretionary | 4.6% |
| Real Estate | 4.5% |
| Information Technology | 3.9% |
| Materials | 2.7% |
| Exchange-Traded Funds | 1.5% |
| Short-Term Investments | 0.2% |
| Assets in Excess of Other Liabilities | 0.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Global High Dividend Low Volatility Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class W: IGVWX
92913W706-SAR

# Voya Multi-Manager Emerging Markets Equity Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class A: IEMHX
This semi-annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $73 | 1.47% |

---

## Fund Statistics
* Total Net Assets$191,010,150

* # of Portfolio Holdings374

* Portfolio Turnover Rate19%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Reliance Industries Ltd. | 3.8% |
| SK Hynix, Inc. | 3.6% |
| Tencent Holdings Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.3% |
| SK Square Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.6% |
| MercadoLibre, Inc. | 1.8% |
| MediaTek, Inc. | 1.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Countries-Other | 11.7% |
| Japan | 1.3% |
| Hong Kong | 1.5% |
| Thailand | 1.7% |
| Indonesia | 1.8% |
| South Africa | 2.7% |
| Mexico | 5.9% |
| Brazil | 9.3% |
| South Korea | 14.8% |
| Taiwan | 15.3% |
| India | 16.5% |
| China | 16.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Consumer Staples | 11.7% |
| Communication Services | 10.7% |
| Industrials | 8.7% |
| Energy | 6.8% |
| Materials | 2.4% |
| Utilities | 1.8% |
| Health Care | 1.5% |
| Real Estate | 1.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager Emerging Markets Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class A: IEMHX
92913W714-SAR

# Voya Multi-Manager Emerging Markets Equity Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class C: IEMJX
This semi-annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $110 | 2.22% |

---

## Fund Statistics
* Total Net Assets$191,010,150

* # of Portfolio Holdings374

* Portfolio Turnover Rate19%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Reliance Industries Ltd. | 3.8% |
| SK Hynix, Inc. | 3.6% |
| Tencent Holdings Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.3% |
| SK Square Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.6% |
| MercadoLibre, Inc. | 1.8% |
| MediaTek, Inc. | 1.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Countries-Other | 11.7% |
| Japan | 1.3% |
| Hong Kong | 1.5% |
| Thailand | 1.7% |
| Indonesia | 1.8% |
| South Africa | 2.7% |
| Mexico | 5.9% |
| Brazil | 9.3% |
| South Korea | 14.8% |
| Taiwan | 15.3% |
| India | 16.5% |
| China | 16.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Consumer Staples | 11.7% |
| Communication Services | 10.7% |
| Industrials | 8.7% |
| Energy | 6.8% |
| Materials | 2.4% |
| Utilities | 1.8% |
| Health Care | 1.5% |
| Real Estate | 1.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager Emerging Markets Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class C: IEMJX
92913W722-SAR

# Voya Multi-Manager Emerging Markets Equity Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class I: IEMGX
This semi-annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $56 | 1.12% |

---

## Fund Statistics
* Total Net Assets$191,010,150

* # of Portfolio Holdings374

* Portfolio Turnover Rate19%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Reliance Industries Ltd. | 3.8% |
| SK Hynix, Inc. | 3.6% |
| Tencent Holdings Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.3% |
| SK Square Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.6% |
| MercadoLibre, Inc. | 1.8% |
| MediaTek, Inc. | 1.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Countries-Other | 11.7% |
| Japan | 1.3% |
| Hong Kong | 1.5% |
| Thailand | 1.7% |
| Indonesia | 1.8% |
| South Africa | 2.7% |
| Mexico | 5.9% |
| Brazil | 9.3% |
| South Korea | 14.8% |
| Taiwan | 15.3% |
| India | 16.5% |
| China | 16.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Consumer Staples | 11.7% |
| Communication Services | 10.7% |
| Industrials | 8.7% |
| Energy | 6.8% |
| Materials | 2.4% |
| Utilities | 1.8% |
| Health Care | 1.5% |
| Real Estate | 1.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager Emerging Markets Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class I: IEMGX
92913W680-SAR

# Voya Multi-Manager Emerging Markets Equity Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class R: IEMKX
This semi-annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R | $85 | 1.72% |

---

## Fund Statistics
* Total Net Assets$191,010,150

* # of Portfolio Holdings374

* Portfolio Turnover Rate19%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Reliance Industries Ltd. | 3.8% |
| SK Hynix, Inc. | 3.6% |
| Tencent Holdings Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.3% |
| SK Square Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.6% |
| MercadoLibre, Inc. | 1.8% |
| MediaTek, Inc. | 1.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Countries-Other | 11.7% |
| Japan | 1.3% |
| Hong Kong | 1.5% |
| Thailand | 1.7% |
| Indonesia | 1.8% |
| South Africa | 2.7% |
| Mexico | 5.9% |
| Brazil | 9.3% |
| South Korea | 14.8% |
| Taiwan | 15.3% |
| India | 16.5% |
| China | 16.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Consumer Staples | 11.7% |
| Communication Services | 10.7% |
| Industrials | 8.7% |
| Energy | 6.8% |
| Materials | 2.4% |
| Utilities | 1.8% |
| Health Care | 1.5% |
| Real Estate | 1.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager Emerging Markets Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class R: IEMKX
92913W730-SAR

# Voya Multi-Manager Emerging Markets Equity Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class W: IEMLX
This semi-annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $60 | 1.22% |

---

## Fund Statistics
* Total Net Assets$191,010,150

* # of Portfolio Holdings374

* Portfolio Turnover Rate19%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.1% |
| Reliance Industries Ltd. | 3.8% |
| SK Hynix, Inc. | 3.6% |
| Tencent Holdings Ltd. | 3.5% |
| Alibaba Group Holding Ltd. | 3.3% |
| SK Square Co. Ltd. | 3.2% |
| HDFC Bank Ltd. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.6% |
| MercadoLibre, Inc. | 1.8% |
| MediaTek, Inc. | 1.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Countries-Other | 11.7% |
| Japan | 1.3% |
| Hong Kong | 1.5% |
| Thailand | 1.7% |
| Indonesia | 1.8% |
| South Africa | 2.7% |
| Mexico | 5.9% |
| Brazil | 9.3% |
| South Korea | 14.8% |
| Taiwan | 15.3% |
| India | 16.5% |
| China | 16.8% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 26.4% |
| Financials | 15.5% |
| Consumer Discretionary | 12.7% |
| Consumer Staples | 11.7% |
| Communication Services | 10.7% |
| Industrials | 8.7% |
| Energy | 6.8% |
| Materials | 2.4% |
| Utilities | 1.8% |
| Health Care | 1.5% |
| Real Estate | 1.1% |
| Short-Term Investments | 1.5% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager Emerging Markets Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class W: IEMLX
92913W748-SAR

# Voya Multi-Manager International Equity Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class I: IIGIX
This semi-annual shareholder report contains important information about Voya Multi-Manager International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $46 | 0.89% |

---

## Fund Statistics
* Total Net Assets$532,948,443

* # of Portfolio Holdings435

* Portfolio Turnover Rate51%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.6% |
| SAP SE | 1.5% |
| London Stock Exchange Group PLC | 1.4% |
| Tencent Holdings Ltd. | 1.2% |
| ASML Holding NV | 1.2% |
| Wolters Kluwer NV | 1.1% |
| GSK PLC | 1.1% |
| Roche Holding AG | 0.9% |
| Imperial Brands PLC | 0.9% |
| BNP Paribas SA | 0.9% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.9% |
| Countries-Other | 23.2% |
| Hong Kong | 2.9% |
| Taiwan | 3.7% |
| Canada | 4.1% |
| Australia | 4.2% |
| Netherlands | 4.6% |
| China | 5.3% |
| United States | 6.7% |
| France | 7.9% |
| Germany | 9.4% |
| United Kingdom | 12.0% |
| Japan | 13.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.0% |
| Industrials | 16.4% |
| Information Technology | 14.7% |
| Consumer Discretionary | 9.0% |
| Health Care | 8.2% |
| Communication Services | 8.0% |
| Consumer Staples | 6.2% |
| Energy | 3.4% |
| Materials | 3.2% |
| Real Estate | 2.1% |
| Utilities | 1.9% |
| Short-Term Investments | 2.3% |
| Assets in Excess of Other Liabilities | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager International Equity Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class I: IIGIX
92914A596-SAR

# Voya Multi-Manager International Small Cap Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class A: NTKLX
This semi-annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class A | $79 | 1.53% |

---

## Fund Statistics
* Total Net Assets$321,923,092

* # of Portfolio Holdings1,338

* Portfolio Turnover Rate39%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Klepierre SA | 1.6% |
| ROCKWOOL A/S - Class B | 0.9% |
| Logitech International SA | 0.7% |
| Pandora A/S | 0.7% |
| Avanza Bank Holding AB | 0.7% |
| Zalando SE | 0.7% |
| Orion Oyj - Class B | 0.7% |
| Bankinter SA | 0.7% |
| Coca-Cola HBC AG - Class DI | 0.6% |
| BKW AG | 0.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.7% |
| Countries-Other | 17.5% |
| Denmark | 2.8% |
| Sweden | 3.8% |
| South Korea | 4.6% |
| Australia | 5.2% |
| Italy | 6.5% |
| Germany | 6.8% |
| Switzerland | 7.0% |
| Canada | 7.2% |
| France | 7.4% |
| United Kingdom | 8.6% |
| Japan | 20.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 13.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.5% |
| Materials | 8.9% |
| Health Care | 7.4% |
| Real Estate | 5.8% |
| Communication Services | 5.2% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager International Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class A: NTKLX
92913X779-SAR

# Voya Multi-Manager International Small Cap Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class C: NARCX
This semi-annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class C | $117 | 2.28% |

---

## Fund Statistics
* Total Net Assets$321,923,092

* # of Portfolio Holdings1,338

* Portfolio Turnover Rate39%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Klepierre SA | 1.6% |
| ROCKWOOL A/S - Class B | 0.9% |
| Logitech International SA | 0.7% |
| Pandora A/S | 0.7% |
| Avanza Bank Holding AB | 0.7% |
| Zalando SE | 0.7% |
| Orion Oyj - Class B | 0.7% |
| Bankinter SA | 0.7% |
| Coca-Cola HBC AG - Class DI | 0.6% |
| BKW AG | 0.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.7% |
| Countries-Other | 17.5% |
| Denmark | 2.8% |
| Sweden | 3.8% |
| South Korea | 4.6% |
| Australia | 5.2% |
| Italy | 6.5% |
| Germany | 6.8% |
| Switzerland | 7.0% |
| Canada | 7.2% |
| France | 7.4% |
| United Kingdom | 8.6% |
| Japan | 20.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 13.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.5% |
| Materials | 8.9% |
| Health Care | 7.4% |
| Real Estate | 5.8% |
| Communication Services | 5.2% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager International Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class C: NARCX
92913X795-SAR

# Voya Multi-Manager International Small Cap Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class I: NAPIX
This semi-annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class I | $62 | 1.20% |

---

## Fund Statistics
* Total Net Assets$321,923,092

* # of Portfolio Holdings1,338

* Portfolio Turnover Rate39%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Klepierre SA | 1.6% |
| ROCKWOOL A/S - Class B | 0.9% |
| Logitech International SA | 0.7% |
| Pandora A/S | 0.7% |
| Avanza Bank Holding AB | 0.7% |
| Zalando SE | 0.7% |
| Orion Oyj - Class B | 0.7% |
| Bankinter SA | 0.7% |
| Coca-Cola HBC AG - Class DI | 0.6% |
| BKW AG | 0.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.7% |
| Countries-Other | 17.5% |
| Denmark | 2.8% |
| Sweden | 3.8% |
| South Korea | 4.6% |
| Australia | 5.2% |
| Italy | 6.5% |
| Germany | 6.8% |
| Switzerland | 7.0% |
| Canada | 7.2% |
| France | 7.4% |
| United Kingdom | 8.6% |
| Japan | 20.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 13.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.5% |
| Materials | 8.9% |
| Health Care | 7.4% |
| Real Estate | 5.8% |
| Communication Services | 5.2% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager International Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class I: NAPIX
92914A760-SAR

# Voya Multi-Manager International Small Cap Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class R6: VVJFX
This semi-annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class R6 | $62 | 1.20% |

---

## Fund Statistics
* Total Net Assets$321,923,092

* # of Portfolio Holdings1,338

* Portfolio Turnover Rate39%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Klepierre SA | 1.6% |
| ROCKWOOL A/S - Class B | 0.9% |
| Logitech International SA | 0.7% |
| Pandora A/S | 0.7% |
| Avanza Bank Holding AB | 0.7% |
| Zalando SE | 0.7% |
| Orion Oyj - Class B | 0.7% |
| Bankinter SA | 0.7% |
| Coca-Cola HBC AG - Class DI | 0.6% |
| BKW AG | 0.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.7% |
| Countries-Other | 17.5% |
| Denmark | 2.8% |
| Sweden | 3.8% |
| South Korea | 4.6% |
| Australia | 5.2% |
| Italy | 6.5% |
| Germany | 6.8% |
| Switzerland | 7.0% |
| Canada | 7.2% |
| France | 7.4% |
| United Kingdom | 8.6% |
| Japan | 20.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 13.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.5% |
| Materials | 8.9% |
| Health Care | 7.4% |
| Real Estate | 5.8% |
| Communication Services | 5.2% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager International Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class R6: VVJFX
92914A372-SAR

# Voya Multi-Manager International Small Cap Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Class W: ISCWX
This semi-annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| Class W | $66 | 1.28% |

---

## Fund Statistics
* Total Net Assets$321,923,092

* # of Portfolio Holdings1,338

* Portfolio Turnover Rate39%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Klepierre SA | 1.6% |
| ROCKWOOL A/S - Class B | 0.9% |
| Logitech International SA | 0.7% |
| Pandora A/S | 0.7% |
| Avanza Bank Holding AB | 0.7% |
| Zalando SE | 0.7% |
| Orion Oyj - Class B | 0.7% |
| Bankinter SA | 0.7% |
| Coca-Cola HBC AG - Class DI | 0.6% |
| BKW AG | 0.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.7% |
| Countries-Other | 17.5% |
| Denmark | 2.8% |
| Sweden | 3.8% |
| South Korea | 4.6% |
| Australia | 5.2% |
| Italy | 6.5% |
| Germany | 6.8% |
| Switzerland | 7.0% |
| Canada | 7.2% |
| France | 7.4% |
| United Kingdom | 8.6% |
| Japan | 20.9% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.9% |
| Financials | 13.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.5% |
| Materials | 8.9% |
| Health Care | 7.4% |
| Real Estate | 5.8% |
| Communication Services | 5.2% |
| Consumer Staples | 4.5% |
| Energy | 3.1% |
| Utilities | 3.0% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 4.1% |
| Liabilities in Excess of Other Assets | (3.1)% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Voya Multi-Manager International Small Cap Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2518105d1_tsrimg005.jpg)

# Class W: ISCWX
92914A307-SAR

# Voya VACS Series EME Fund
![Image](tm2518105d1_tsrimg036.jpg)

#### Semi-Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025

# Portfolio: VVIFX
This semi-annual shareholder report contains important information about Voya VACS Series EME Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment (Annualized)** |
| VACS Series | $7 | 0.15% |

---

## Fund Statistics
* Total Net Assets$244,080,850

* # of Portfolio Holdings352

* Portfolio Turnover Rate15%

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% |
| HDFC Bank Ltd. | 3.4% |
| Reliance Industries Ltd. | 3.4% |
| Alibaba Group Holding Ltd. | 3.3% |
| SK Hynix, Inc. | 3.3% |
| Tencent Holdings Ltd. | 3.2% |
| SK Square Co. Ltd. | 3.1% |
| Samsung Electronics Co. Ltd. | 2.4% |
| MercadoLibre, Inc. | 1.9% |
| Fomento Economico Mexicano SAB de CV - Foreign | 1.8% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2518105d1_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.2% |
| Countries-Other | 11.6% |
| Malaysia | 1.3% |
| Hong Kong | 1.4% |
| Thailand | 1.6% |
| Indonesia | 1.7% |
| South Africa | 2.6% |
| Mexico | 6.1% |
| Brazil | 10.2% |
| South Korea | 14.0% |
| Taiwan | 14.9% |
| India | 15.8% |
| China | 17.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2518105d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.5% |
| Financials | 15.4% |
| Consumer Staples | 13.2% |
| Consumer Discretionary | 13.1% |
| Communication Services | 10.0% |
| Industrials | 8.6% |
| Energy | 6.4% |
| Materials | 2.5% |
| Utilities | 1.8% |
| Health Care | 1.4% |
| Real Estate | 0.9% |
| Short-Term Investments | 1.2% |
| Assets in Excess of Other Liabilities | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/mutual-fund/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Voya VACS Series EME Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/holdings/monthly](tm2518105d1_tsrimg023.jpg)

# Portfolio: VVIFX
92913W359-SAR

(b) Not applicable.

**Item 2. Code of Ethics.**

Not required for semi-annual filing.

**Item 3. Audit Committee Financial Expert.**

Not required for semi-annual filing.

**Item 4. Principal Accountant Fees and Services.**

Not required for semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not required for semi-annual filing.

**Item 6. Investments.**

(a) Schedule is included as part of the report to shareholders filed
under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The semi-annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm2518105d2_sar-1img001.jpg)

Semi-Annual Financial Statements and Other Information

**April 30, 2025**

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

**Global and International Funds**

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Global Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Global High Dividend Low Volatility Fund

&nbsp;&nbsp;&nbsp;&nbsp;■ Voya
Multi-Manager International Small Cap Fund

&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| ![](tm2518105d2_sar-1img003.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com**  | ![](tm2518105d2_sar-1img002.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Statements of Assets and Liabilities | 1 |
| Statements of Operations | 4 |
| Statements of Changes in Net Assets | 6 |
| Financial Highlights | 8 |
| Notes to Financial Statements | 11 |
| Portfolios of Investments | 28 |
| Advisory and Sub-Advisory Contract Approval Discussion | 88 |

---

---

| |
|:---|
| &nbsp;&nbsp;**Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

---

**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) 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 https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

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

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Voya Global<br> Bond Fund** | **Voya Global<br> High Dividend**<br>**Low Volatility<br> Fund** | **Voya Multi-Manager**<br>**International <br> Small Cap Fund** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $126723855 | $256757343 | $318530453 |
| Short-term investments at fair value† | 4760279 | 573117 | 13237398 |
| Cash | 7552 | 73416 |  |
| Cash collateral for futures contracts | 834913 |  |  |
| Cash pledged for centrally cleared swaps (Note 2) | 1786000 |  |  |
| Cash pledged as collateral for OTC derivatives (Note 2) | 450000 |  |  |
| Foreign currencies at value‡ | 708343 | 2579 | 421315 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 2042552 | 537726 | 10748341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | 5507470 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 534414 | 20999 | 184253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 9352 | 689463 | 1561645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1039567 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 12700 | 662411 | 434953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 25032 |  |  |
| Unrealized appreciation on forward foreign currency contracts | 2824543 |  | 122 |
| Unrealized appreciation on forward premium swaptions | 465882 |  |  |
| Unrealized appreciation on OTC swap agreements | 227257 |  |  |
| Prepaid expenses | 30618 | 43548 | 29060 |
| Reimbursement due from Investment Adviser | 19015 | 22035 | 28768 |
| Other assets | 16132 | 47045 | 13327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 148025476 | 259429697 | 345189635 |
| **LIABILITIES:** |  |  |  |
| Income distribution payable | 487782 |  |  |
| Payable for investment securities and currencies purchased | 3067939 |  | 19953378 |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 5782011 |  |  |
| Payable for fund shares redeemed | 97016 | 28486 | 424800 |
| Payable upon receipt of securities loaned | 1488629 | 573117 | 1878565 |
| Unrealized depreciation on forward foreign currency contracts | 382120 |  | 7513 |
| Unrealized depreciation on forward premium swaptions | 188254 |  |  |
| Unrealized depreciation on OTC swap agreements | 2177 |  |  |
| Variation margin payable on centrally cleared swaps | 28050 |  |  |
| Cash received as collateral for OTC derivatives (Note 2) | 2510000 |  |  |
| Payable for investment management fees | 77743 | 103665 | 242160 |
| Payable for distribution and shareholder service fees | 5906 | 45812 | 12556 |
| Payable to custodian due to bank overdraft |  |  | 493815 |
| Payable to trustees under the deferred compensation plan (Note 6) | 16132 | 47045 | 13327 |
| Payable for trustee fees | 461 | 635 | 727 |
| Other accrued expenses and liabilities | 199358 | 147359 | 239702 |
| Written options, at fair value^ | 80703 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14414281 | 946119 | 23266543 |
| **NET ASSETS** | $133611195 | $258483578 | $321923092 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Voya Global<br> Bond Fund** | **Voya Global<br> High Dividend**<br>**Low Volatility<br> Fund** | **Voya Multi-Manager**<br>**International <br> Small Cap Fund** |
| **NET ASSETS WERE COMPRISED OF:** | | | |
| Paid-in capital | $172142532 | $225391581 | $276625383 |
| Total distributable earnings (loss) | (38531337) | 33091997 | 45297709 |
| **NET ASSETS** | $133611195 | $258483578 | $321923092 |
| + Including securities loaned at value | $1445202 | $542882 | $1657299 |
| \* Cost of investments in securities | $131705441 | $219530435 | $275369883 |
| † Cost of short-term investments | $4760588 | $573117 | $13237398 |
| ‡ Cost of foreign currencies | $695665 | $2542 | $421746 |
| ^ Premiums received on written options | $135908 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Global<br> Bond Fund** | **Voya Global<br> High Dividend**<br>**Low Volatility<br> Fund** | **Voya Multi-Manager**<br>**International <br> Small Cap Fund** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $18430086 | $219991199 | $53926149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2506185 | 4548041 | 832148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $7.35 | $48.37 | $64.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $7.54<sup>(2)</sup> | $51.32 | $68.75 |
| **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $581217 | $2137564 | $2620450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 79408 | 47929 | 45146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $7.32 | $44.60 | $58.04 |
| **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $65261370 | $32438815 | $238146311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 8918769 | 663742 | 3685363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.32 | $48.87 | $64.62 |
| **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4161252 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 564245 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.37 | n/a | n/a |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $13012189 | $153827 | $681960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1773398 | 3149 | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.34 | $48.84 | $64.64 |
| **Class W** | **Class W** | **Class W** | **Class W** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $32165081 | $3762173 | $26548222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4450338 | 77047 | 317544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.23 | $48.83 | $83.60 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | 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. |
| <sup>†</sup> | 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, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Global<br> Bond Fund** | **Voya Global<br> High Dividend**<br>**Low Volatility<br> Fund** | **Voya Multi-Manager**<br>**International <br> Small Cap Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $30243 | $4013800 | $3927555 |
| Interest, net of foreign taxes withheld\* | 4389926 | 700 | 277 |
| Securities lending income, net | 5673 | 246 | 23203 |
| Other | 535 | 724 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 4426377 | 4015470 | 3951860 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 457382 | 629827 | 1442376 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 22735 | 268351 | 64961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2849 | 10647 | 12527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 10369 |  |  |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 19015 | 134787 | 29818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 597 | 1337 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 68226 | 8594 | 127262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 4337 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 65 | 25 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 36072 | 2220 | 14470 |
| Shareholder reporting expense | 23140 | 18195 | 22585 |
| Registration fees | 45302 | 40230 | 47502 |
| Professional fees | 33239 | 30799 | 45205 |
| Custody and accounting expense | 52924 | 19976 | 160064 |
| Trustee fees | 2306 | 3174 | 3635 |
| Miscellaneous expense | 15433 | 13865 | 19963 |
| Interest expense |  |  | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 793991 | 1182027 | 1993226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (161040) | (146081) | (149438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  |  | (1321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 632951 | 1035946 | 1842467 |
| Net investment income | 3793426 | 2979524 | 2109393 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld) | (357707) | 10878731 | 6893950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (148707) |  | 8172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (26019) | 14748 | (57084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1710176) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (553119) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 139876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2655852) | 10893479 | 6845038 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1976434 | 2244469 | 15693547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 2422869 |  | (7404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 18180 | 46276 | 97734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1531503 |  |  |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Global<br> Bond Fund** | **Voya Global<br> High Dividend**<br>**Low Volatility<br> Fund** | **Voya Multi-Manager**<br>**International <br> Small Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (254059) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 4760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 5699687 | 2290745 | 15783877 |
| Net realized and unrealized gain | 3043835 | 13184224 | 22628915 |
| **Increase in net assets resulting from operations** | $6837261 | $16163748 | $24738308 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $11404 | $288029 | $345505 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global High Dividend <br> Low Volatility Fund** | **Voya Global High Dividend <br> Low Volatility Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** | **Six Months**<br>**Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $3793426 | $10740392 | $2979524 | $5886254 |
| Net realized gain (loss) | (2655852) | (562351) | 10893479 | 16559102 |
| Net change in unrealized appreciation (depreciation) | 5699687 | 21303850 | 2290745 | 31660794 |
| Increase in net assets resulting from operations | 6837261 | 31481891 | 16163748 | 54106150 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (432330) | (881311) | (2181356) | (5244643) |
| &nbsp;&nbsp;&nbsp;Class C | (11396) | (22179) | (15607) | (44294) |
| &nbsp;&nbsp;&nbsp;Class I | (2808009) | (5366365) | (357103) | (821039) |
| &nbsp;&nbsp;&nbsp;Class R | (93380) | (172783) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (327610) | (2940258) | (1688) | (3578) |
| &nbsp;&nbsp;&nbsp;Class W | (865397) | (1914331) | (40439) | (90494) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (28576) |  |  |
| &nbsp;&nbsp;&nbsp;Class C |  | (879) |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (164200) |  |  |
| &nbsp;&nbsp;&nbsp;Class R |  | (5954) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (80831) |  |  |
| &nbsp;&nbsp;&nbsp;Class W |  | (53921) |  |  |
| Total distributions | (4538122) | (11631588) | (2596193) | (6204048) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 17580018 | 43496729 | 5911408 | 21507593 |
| Reinvestment of distributions | 3537405 | 11362300 | 2244021 | 5325349 |
|  | 21117423 | 54859029 | 8155429 | 26832942 |
| Cost of shares redeemed | (77199851) | (169482067) | (14829122) | (61922870) |
| Net decrease in net assets resulting from capital share transactions | (56082428) | (114623038) | (6673693) | (35089928) |
| Net increase (decrease) in net assets | (53783289) | (94772735) | 6893862 | 12812174 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 187394484 | 282167219 | 251589716 | 238777542 |
| End of year or period | $133611195 | $187394484 | $258483578 | $251589716 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Voya Multi-Manager** | **Voya Multi-Manager** |
|  | **International Small Cap Fund** | **International Small Cap Fund** |
|  | **Six Months**<br>**Ended**<br>**April 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2109393 | $4623829 |
| Net realized gain | 6845038 | 12827561 |
| Net change in unrealized appreciation (depreciation) | 15783877 | 40934505 |
| Increase in net assets resulting from operations | 24738308 | 58385895 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1173638) | (823531) |
| &nbsp;&nbsp;&nbsp;Class C | (44373) | (29371) |
| &nbsp;&nbsp;&nbsp;Class I | (5116475) | (3750363) |
| &nbsp;&nbsp;&nbsp;Class R6 | (9098) | (63) |
| &nbsp;&nbsp;&nbsp;Class W | (485844) | (398223) |
| Total distributions | (6829428) | (5001551) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 40250911 | 68264403 |
| Reinvestment of distributions | 6663922 | 4792898 |
|  | 46914833 | 73057301 |
| Cost of shares redeemed | (25350501) | (80548919) |
| Net increase (decrease) in net assets resulting from capital share transactions | 21564332 | (7491618) |
| Net increase in net assets | 39473212 | 45892726 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 282449880 | 236557154 |
| End of year or period | $321923092 | $282449880 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of<br> year<br> or period | Net<br> investment<br> income<br> (loss) | Net <br> realized <br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return <br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net <br> asset <br> value, <br> end <br> of year <br> or period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses <br> net <br> of <br> fee<br> waivers<br> and/or<br> recoupments<br> if <br> any<sup>(2)(3)</sup> | Expenses <br> net<br> of <br> all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end<br> of<br> year<br> or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 7.26 | 0.14<sup>•</sup> | 0.12 | 0.26 | 0.17 |  |  | 0.17 |  | 7.35 | **3.64** | 1.15 | 0.90 | 0.90 | 3.93 | 18430 | 69 |
| 10-31-24 | 6.81 | 0.29<sup>•</sup> | 0.48 | 0.77 | 0.31 |  | 0.01 | 0.32 |  | 7.26 | **11.35** | 1.11 | 0.90 | 0.90 | 4.00 | 19298 | 177 |
| 10-31-23 | 6.98 | 0.25<sup>•</sup> | (0.13) | 0.12 | 0.21 |  | 0.08 | 0.29 |  | 6.81 | **1.51** | 1.09 | 0.90 | 0.90 | 3.47 | 20493 | 292 |
| 10-31-22 | 9.34 | 0.17<sup>•</sup> | (2.21) | (2.04) | 0.00<sup>\*</sup> |  | 0.32 | 0.32 |  | 6.98 | **(22.22)** | 1.05 | 0.90 | 0.90 | 2.04 | 23251 | 218 |
| 10-31-21 | 9.77 | 0.18<sup>•</sup> | (0.19) | (0.01) | 0.04 |  | 0.38 | 0.42 |  | 9.34 | **(0.18)** | 1.02 | 0.90 | 0.90 | 1.90 | 34657 | 191 |
| 10-31-20 | 9.74 | 0.26 | 0.20 | 0.46 | 0.32 | 0.06 | 0.05 | 0.43 |  | 9.77 | **4.88** | 1.02 | 0.90 | 0.90 | 2.67 | 34928 | 208 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 7.23 | 0.11<sup>•</sup> | 0.12 | 0.23 | 0.14 |  |  | 0.14 |  | 7.32 | **3.26** | 1.90 | 1.65 | 1.65 | 3.17 | 581 | 69 |
| 10-31-24 | 6.78 | 0.24<sup>•</sup> | 0.47 | 0.71 | 0.25 |  | 0.01 | 0.26 |  | 7.23 | **10.58** | 1.86 | 1.65 | 1.65 | 3.25 | 635 | 177 |
| 10-31-23 | 6.95 | 0.19<sup>•</sup> | (0.13) | 0.06 | 0.15 |  | 0.08 | 0.23 |  | 6.78 | **0.68** | 1.84 | 1.65 | 1.65 | 2.69 | 615 | 292 |
| 10-31-22 | 9.29 | 0.10<sup>•</sup> | (2.18) | (2.08) | 0.00<sup>\*</sup> |  | 0.26 | 0.26 |  | 6.95 | **(22.73)** | 1.80 | 1.65 | 1.65 | 1.27 | 1139 | 218 |
| 10-31-21 | 9.71 | 0.11<sup>•</sup> | (0.18) | (0.07) | 0.03 |  | 0.32 | 0.35 |  | 9.29 | **(0.85)** | 1.77 | 1.65 | 1.65 | 1.18 | 3262 | 191 |
| 10-31-20 | 9.69 | 0.19<sup>•</sup> | 0.18 | 0.37 | 0.24 | 0.06 | 0.05 | 0.35 |  | 9.71 | **4.00** | 1.77 | 1.65 | 1.65 | 1.94 | 4709 | 208 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 7.23 | 0.15<sup>•</sup> | 0.12 | 0.27 | 0.18 |  |  | 0.18 |  | 7.32 | **3.77** | 0.81 | 0.65 | 0.65 | 4.19 | 65261 | 69 |
| 10-31-24 | 6.78 | 0.31<sup>•</sup> | 0.48 | 0.79 | 0.33 |  | 0.01 | 0.34 |  | 7.23 | **11.69** | 0.76 | 0.65 | 0.65 | 4.25 | 113001 | 177 |
| 10-31-23 | 6.95 | 0.27<sup>•</sup> | (0.14) | 0.13 | 0.22 |  | 0.08 | 0.30 |  | 6.78 | **1.68** | 0.73 | 0.65 | 0.65 | 3.75 | 117805 | 292 |
| 10-31-22 | 9.29 | 0.19<sup>•</sup> | (2.19) | (2.00) | 0.00<sup>\*</sup> |  | 0.34 | 0.34 |  | 6.95 | **(21.94)** | 0.71 | 0.65 | 0.65 | 2.29 | 107231 | 218 |
| 10-31-21 | 9.72 | 0.20<sup>•</sup> | (0.19) | 0.01 | 0.04 |  | 0.40 | 0.44 |  | 9.29 | **0.05** | 0.67 | 0.65 | 0.65 | 2.05 | 160932 | 191 |
| 10-31-20 | 9.69 | 0.28<sup>•</sup> | 0.20 | 0.48 | 0.34 | 0.06 | 0.05 | 0.45 |  | 9.72 | **5.15** | 0.67 | 0.65 | 0.65 | 2.90 | 36988 | 208 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 7.28 | 0.13<sup>•</sup> | 0.12 | 0.25 | 0.16 |  |  | 0.16 |  | 7.37 | **3.51** | 1.40 | 1.15 | 1.15 | 3.68 | 4161 | 69 |
| 10-31-24 | 6.83 | 0.27<sup>•</sup> | 0.48 | 0.75 | 0.29 |  | 0.01 | 0.30 |  | 7.28 | **11.08** | 1.36 | 1.15 | 1.15 | 3.75 | 4685 | 177 |
| 10-31-23 | 7.00 | 0.24<sup>•</sup> | (0.15) | 0.09 | 0.19 |  | 0.08 | 0.27 |  | 6.83 | **1.18** | 1.34 | 1.15 | 1.15 | 3.23 | 4303 | 292 |
| 10-31-22 | 9.35 | 0.15<sup>•</sup> | (2.21) | (2.06) | 0.00<sup>\*</sup> |  | 0.29 | 0.29 |  | 7.00 | **(22.39)** | 1.30 | 1.15 | 1.15 | 1.79 | 4449 | 218 |
| 10-31-21 | 9.77 | 0.16<sup>•</sup> | (0.20) | (0.04) | 0.03 |  | 0.35 | 0.38 |  | 9.35 | **(0.44)** | 1.27 | 1.15 | 1.15 | 1.65 | 6170 | 191 |
| 10-31-20 | 9.73 | 0.23 | 0.20 | 0.43 | 0.28 | 0.06 | 0.05 | 0.39 |  | 9.77 | **4.60** | 1.27 | 1.15 | 1.15 | 2.43 | 6249 | 208 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 7.25 | 0.15<sup>•</sup> | 0.12 | 0.27 | 0.18 |  |  | 0.18 |  | 7.34 | **3.78** | 0.69 | 0.65 | 0.65 | 4.19 | 13012 | 69 |
| 10-31-24 | 6.80 | 0.31<sup>•</sup> | 0.48 | 0.79 | 0.33 |  | 0.01 | 0.34 |  | 7.25 | **11.70** | 0.65 | 0.65 | 0.65 | 4.26 | 13378 | 177 |
| 10-31-23 | 6.97 | 0.27<sup>•</sup> | (0.14) | 0.13 | 0.23 |  | 0.08 | 0.31 |  | 6.80 | **1.72** | 0.65 | 0.65 | 0.65 | 3.73 | 80638 | 292 |
| 10-31-22 | 9.32 | 0.19<sup>•</sup> | (2.19) | (2.00) | 0.00<sup>\*</sup> |  | 0.35 | 0.35 |  | 6.97 | **(21.94)** | 0.62 | 0.62 | 0.62 | 2.32 | 76691 | 218 |
| 10-31-21 | 9.75 | 0.21<sup>•</sup> | (0.20) | 0.01 | 0.04 |  | 0.40 | 0.44 |  | 9.32 | **0.08** | 0.61 | 0.61 | 0.61 | 2.19 | 103575 | 191 |
| 10-31-20 | 9.72 | 0.28 | 0.20 | 0.48 | 0.34 | 0.06 | 0.05 | 0.45 |  | 9.75 | **5.17** | 0.62 | 0.62 | 0.62 | 2.93 | 116095 | 208 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 7.14 | 0.15<sup>•</sup> | 0.11 | 0.26 | 0.17 |  |  | 0.17 |  | 7.23 | **3.79** | 0.90 | 0.65 | 0.65 | 4.18 | 32165 | 69 |
| 10-31-24 | 6.70 | 0.30<sup>•</sup> | 0.47 | 0.77 | 0.32 |  | 0.01 | 0.33 |  | 7.14 | **11.62** | 0.86 | 0.65 | 0.65 | 4.25 | 36399 | 177 |
| 10-31-23 | 6.86 | 0.27<sup>•</sup> | (0.14) | 0.13 | 0.22 |  | 0.08 | 0.30 |  | 6.70 | **1.78** | 0.84 | 0.65 | 0.65 | 3.73 | 58313 | 292 |
| 10-31-22 | 9.17 | 0.19<sup>•</sup> | (2.17) | (1.98) | 0.00<sup>\*</sup> |  | 0.33 | 0.33 |  | 6.86 | **(22.04)** | 0.80 | 0.65 | 0.65 | 2.30 | 53389 | 218 |
| 10-31-21 | 9.57 | 0.21<sup>•</sup> | (0.18) | 0.03 | 0.04 |  | 0.39 | 0.43 |  | 9.17 | **0.18** | 0.77 | 0.65 | 0.65 | 2.19 | 90343 | 191 |
| 10-31-20 | 9.53 | 0.27<sup>•</sup> | 0.20 | 0.47 | 0.32 | 0.06 | 0.05 | 0.43 |  | 9.57 | **5.14** | 0.77 | 0.65 | 0.65 | 2.85 | 133137 | 208 |
| **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 45.84 | 0.54<sup>•</sup> | 2.47 | 3.01 | 0.48 |  |  | 0.48 |  | 48.37 | **6.59** | 0.98 | 0.85 | 0.85 | 2.34 | 219991 | 43 |
| 10-31-24 | 37.74 | 1.02<sup>•</sup> | 8.17 | 9.19 | 1.09 |  |  | 1.09 |  | 45.84 | **24.55** | 0.99 | 0.86 | 0.86 | 2.37 | 214850 | 70 |
| 10-31-23 | 38.32 | 1.08<sup>•</sup> | (0.34) | 0.74 | 1.32 |  |  | 1.32 |  | 37.74 | **1.84** | 0.97 | 0.85 | 0.85 | 2.74 | 190280 | 69 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of<br> year<br> or period | Net<br> investment<br> income<br> (loss) | Net <br> realized <br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return <br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net <br> asset <br> value, <br> end <br> of year <br> or period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses <br> net <br> of <br> fee<br> waivers<br> and/or<br> recoupments<br> if <br> any<sup>(2)(3)</sup> | Expenses <br> net<br> of <br> all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end<br> of<br> year<br> or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global High Dividend Low Volatility Fund (continued)** | **Voya Global High Dividend Low Volatility Fund (continued)** | **Voya Global High Dividend Low Volatility Fund (continued)** | **Voya Global High Dividend Low Volatility Fund (continued)** | **Voya Global High Dividend Low Volatility Fund (continued)** | **Voya Global High Dividend Low Volatility Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A (continued)** | **Class A (continued)** | **Class A (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 41.58 | 1.23<sup>•</sup> | (3.53) | (2.30) | 0.96 |  |  | 0.96 |  | 38.32 | **(5.56)** | 1.00 | 0.85 | 0.85 | 3.06 | 205989 | 67 |
| 10-31-21 | 32.14 | 0.82<sup>•</sup> | 9.46 | 10.28 | 0.84 |  |  | 0.84 |  | 41.58 | **32.16** | 1.01 | 0.85 | 0.85 | 2.10 | 230663 | 75 |
| 10-31-20 | 36.30 | 0.75<sup>•</sup> | (4.16) | (3.41) | 0.73 |  | 0.02 | 0.75 |  | 32.14 | **(9.35)** | 1.03 | 0.85 | 0.85 | 2.20 | 191019 | 61 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 42.31 | 0.34<sup>•</sup> | 2.27 | 2.61 | 0.32 |  |  | 0.32 |  | 44.60 | **6.18** | 1.73 | 1.60 | 1.60 | 1.58 | 2138 | 43 |
| 10-31-24 | 34.87 | 0.65<sup>•</sup> | 7.55 | 8.20 | 0.76 |  |  | 0.76 |  | 42.31 | **23.67** | 1.74 | 1.61 | 1.61 | 1.64 | 2158 | 70 |
| 10-31-23 | 35.51 | 0.73<sup>•</sup> | (0.32) | 0.41 | 1.05 |  |  | 1.05 |  | 34.87 | **1.06** | 1.72 | 1.60 | 1.60 | 1.99 | 3099 | 69 |
| 10-31-22 | 38.61 | 0.84<sup>•</sup> | (3.25) | (2.41) | 0.69 |  |  | 0.69 |  | 35.51 | **(6.28)** | 1.75 | 1.60 | 1.60 | 2.25 | 4208 | 67 |
| 10-31-21 | 29.90 | 0.48<sup>•</sup> | 8.81 | 9.29 | 0.58 |  |  | 0.58 |  | 38.61 | **31.17** | 1.76 | 1.60 | 1.60 | 1.33 | 6174 | 75 |
| 10-31-20 | 33.77 | 0.46<sup>•</sup> | (3.84) | (3.38) | 0.47 |  | 0.02 | 0.49 |  | 29.90 | **(9.99)** | 1.78 | 1.60 | 1.60 | 1.41 | 5795 | 61 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 46.32 | 0.61<sup>•</sup> | 2.47 | 3.08 | 0.53 |  |  | 0.53 |  | 48.87 | **6.69** | 0.66 | 0.60 | 0.60 | 2.59 | 32439 | 43 |
| 10-31-24 | 38.11 | 1.12<sup>•</sup> | 8.28 | 9.40 | 1.19 |  |  | 1.19 |  | 46.32 | **24.90** | 0.64 | 0.61 | 0.61 | 2.59 | 31022 | 70 |
| 10-31-23 | 38.68 | 1.20<sup>•</sup> | (0.35) | 0.85 | 1.42 |  |  | 1.42 |  | 38.11 | **2.10** | 0.62 | 0.60 | 0.60 | 2.99 | 42281 | 69 |
| 10-31-22 | 41.96 | 1.37<sup>•</sup> | (3.59) | (2.22) | 1.06 |  |  | 1.06 |  | 38.68 | **(5.33)** | 0.65 | 0.60 | 0.60 | 3.36 | 44628 | 67 |
| 10-31-21 | 32.43 | 0.93<sup>•</sup> | 9.54 | 10.47 | 0.94 |  |  | 0.94 |  | 41.96 | **32.47** | 0.67 | 0.60 | 0.60 | 2.36 | 58145 | 75 |
| 10-31-20 | 36.63 | 0.85 | (4.21) | (3.36) | 0.82 |  | 0.02 | 0.84 |  | 32.43 | **(9.13)** | 0.69 | 0.60 | 0.60 | 2.45 | 45136 | 61 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 46.29 | 0.62<sup>•</sup> | 2.47 | 3.09 | 0.54 |  |  | 0.54 |  | 48.84 | **6.71** | 0.63 | 0.57 | 0.57 | 2.63 | 154 | 43 |
| 10-31-24 | 38.09 | 1.15<sup>•</sup> | 8.26 | 9.41 | 1.21 |  |  | 1.21 |  | 46.29 | **24.94** | 0.64 | 0.58 | 0.58 | 2.64 | 143 | 70 |
| 10-31-23 | 38.66 | 1.20<sup>•</sup> | (0.34) | 0.86 | 1.43 |  |  | 1.43 |  | 38.09 | **2.12** | 0.68 | 0.57 | 0.57 | 3.00 | 102 | 69 |
| 10-31-22 | 41.94 | 1.35<sup>•</sup> | (3.56) | (2.21) | 1.07 |  |  | 1.07 |  | 38.66 | **(5.30)** | 0.63 | 0.57 | 0.57 | 3.33 | 118 | 67 |
| 10-31-21 | 32.41 | 1.01<sup>•</sup> | 9.48 | 10.49 | 0.96 |  |  | 0.96 |  | 41.94 | **32.57** | 1.27 | 0.57 | 0.57 | 2.49 | 126 | 75 |
| 02-28-20<sup>(4)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-20 | 34.25 | 0.59<sup>•</sup> | (1.75) | (1.16) | 0.67 |  | 0.01 | 0.68 |  | 32.41 | **(3.26)** | 2.03 | 0.57 | 0.57 | 2.68 | 3 | 61 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 46.27 | 0.61<sup>•</sup> | 2.48 | 3.09 | 0.53 |  |  | 0.53 |  | 48.83 | **6.72** | 0.73 | 0.60 | 0.60 | 2.59 | 3762 | 43 |
| 10-31-24 | 38.08 | 1.14<sup>•</sup> | 8.25 | 9.39 | 1.20 |  |  | 1.20 |  | 46.27 | **24.87** | 0.74 | 0.61 | 0.61 | 2.62 | 3417 | 70 |
| 10-31-23 | 38.65 | 1.19<sup>•</sup> | (0.34) | 0.85 | 1.42 |  |  | 1.42 |  | 38.08 | **2.10** | 0.72 | 0.60 | 0.60 | 2.99 | 3017 | 69 |
| 10-31-22 | 41.93 | 1.35<sup>•</sup> | (3.57) | (2.22) | 1.06 |  |  | 1.06 |  | 38.65 | **(5.33)** | 0.75 | 0.60 | 0.60 | 3.33 | 3266 | 67 |
| 10-31-21 | 32.40 | 0.92<sup>•</sup> | 9.55 | 10.47 | 0.94 |  |  | 0.94 |  | 41.93 | **32.51** | 0.76 | 0.60 | 0.60 | 2.35 | 3745 | 75 |
| 10-31-20 | 36.60 | 0.83<sup>•</sup> | (4.19) | (3.36) | 0.82 |  | 0.02 | 0.84 |  | 32.40 | **(9.14)** | 0.78 | 0.60 | 0.60 | 2.42 | 3117 | 61 |
| **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 61.14 | 0.35<sup>•</sup> | 4.67 | 5.02 | 1.36 |  |  | 1.36 |  | 64.80 | **8.39** | 1.57 | 1.53 | 1.53 | 1.17 | 53926 | 39 |
| 10-31-24 | 49.96 | 0.82<sup>•</sup> | 11.30 | 12.12 | 0.94 |  |  | 0.94 |  | 61.14 | **24.53** | 1.60 | 1.54 | 1.54 | 1.40 | 53341 | 85 |
| 10-31-23 | 46.91 | 0.80<sup>•</sup> | 3.40 | 4.20 | 1.15 |  |  | 1.15 |  | 49.96 | **8.93** | 1.57 | 1.53 | 1.53 | 1.51 | 44397 | 90 |
| 10-31-22 | 72.04 | 1.02<sup>•</sup> | (18.33) | (17.31) | 0.97 | 6.85 |  | 7.82 |  | 46.91 | **(26.58)** | 1.57 | 1.53 | 1.53 | 1.82 | 44707 | 72 |
| 10-31-21 | 52.86 | 0.55<sup>•</sup> | 19.43 | 19.98 | 0.80 |  |  | 0.80 |  | 72.04 | **38.09** | 1.60 | 1.53 | 1.53 | 0.81 | 65656 | 79 |
| 10-31-20 | 51.61 | 0.31<sup>•</sup> | 2.06 | 2.37 | 1.12 |  |  | 1.12 |  | 52.86 | **4.56** | 1.67 | 1.53 | 1.53 | 0.62 | 46220 | 91 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 54.72 | 0.11<sup>•</sup> | 4.18 | 4.29 | 0.97 |  |  | 0.97 |  | 58.04 | **7.98** | 2.32 | 2.28 | 2.28 | 0.43 | 2620 | 39 |
| 10-31-24 | 44.84 | 0.34<sup>•</sup> | 10.16 | 10.50 | 0.62 |  |  | 0.62 |  | 54.72 | **23.60** | 2.35 | 2.29 | 2.29 | 0.65 | 2469 | 85 |
| 10-31-23 | 42.49 | 0.36<sup>•</sup> | 3.12 | 3.48 | 1.13 |  |  | 1.13 |  | 44.84 | **8.15** | 2.32 | 2.28 | 2.28 | 0.74 | 2139 | 90 |
| 10-31-22 | 66.20 | 0.57<sup>•</sup> | (16.72) | (16.15) | 0.71 | 6.85 |  | 7.56 |  | 42.49 | **(27.12)** | 2.32 | 2.28 | 2.28 | 1.13 | 2217 | 72 |
| 10-31-21 | 48.57 | 0.02<sup>•</sup> | 17.93 | 17.95 | 0.32 |  |  | 0.32 |  | 66.20 | **37.07** | 2.35 | 2.28 | 2.28 | 0.03 | 2864 | 79 |
| 10-31-20 | 47.47 | (0.35)<sup>•</sup> | 2.20 | 1.85 | 0.75 |  |  | 0.75 |  | 48.57 | **3.86** | 2.42 | 2.28 | 2.28 | (0.73) | 978 | 91 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of<br> year<br> or period | Net<br> investment<br> income<br> (loss) | Net <br> realized <br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return <br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net <br> asset <br> value, <br> end <br> of year <br> or period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses <br> net <br> of <br> fee<br> waivers<br> and/or<br> recoupments<br> if <br> any<sup>(2)(3)</sup> | Expenses <br> net<br> of <br> all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end<br> of<br> year<br> or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Multi-Manager International Small Cap Fund (continued)** | **Voya Multi-Manager International Small Cap Fund (continued)** | **Voya Multi-Manager International Small Cap Fund (continued)** | **Voya Multi-Manager International Small Cap Fund (continued)** | **Voya Multi-Manager International Small Cap Fund (continued)** | **Voya Multi-Manager International Small Cap Fund (continued)** | **Voya Multi-Manager International Small Cap Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 61.07 | 0.47<sup>•</sup> | 4.63 | 5.10 | 1.55 |  |  | 1.55 |  | 64.62 | **8.58** | 1.33 | 1.20 | 1.20 | 1.55 | 238146 | 39 |
| 10-31-24 | 49.92 | 1.02<sup>•</sup> | 11.26 | 12.28 | 1.13 |  |  | 1.13 |  | 61.07 | **24.93** | 1.35 | 1.21 | 1.21 | 1.75 | 200776 | 85 |
| 10-31-23 | 46.73 | 1.00<sup>•</sup> | 3.35 | 4.35 | 1.16 |  |  | 1.16 |  | 49.92 | **9.30** | 1.33 | 1.20 | 1.20 | 1.89 | 165079 | 90 |
| 10-31-22 | 71.82 | 1.23<sup>•</sup> | (18.27) | (17.04) | 1.20 | 6.85 |  | 8.05 |  | 46.73 | **(26.33)** | 1.29 | 1.20 | 1.20 | 2.25 | 126178 | 72 |
| 10-31-21 | 52.68 | 0.78<sup>•</sup> | 19.34 | 20.12 | 0.98 |  |  | 0.98 |  | 71.82 | **38.54** | 1.30 | 1.20 | 1.20 | 1.14 | 121433 | 79 |
| 10-31-20 | 51.44 | 0.44<sup>•</sup> | 2.10 | 2.54 | 1.30 |  |  | 1.30 |  | 52.68 | **4.91** | 1.35 | 1.20 | 1.20 | 0.88 | 54488 | 91 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 61.10 | 0.63<sup>•</sup> | 4.47 | 5.10 | 1.56 |  |  | 1.56 |  | 64.64 | **8.56** | 1.25 | 1.20 | 1.20 | 2.08 | 682 | 39 |
| 10-31-24 | 49.94 | 1.03<sup>•</sup> | 11.27 | 12.30 | 1.14 |  |  | 1.14 |  | 61.10 | **24.96** | 2.06 | 1.21 | 1.21 | 1.67 | 107 | 85 |
| 02-28-23<sup>(4)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-23 | 53.20 | 0.70<sup>•</sup> | (3.96) | (3.26) |  |  |  |  |  | 49.94 | **(6.13)** | 2.41 | 1.20 | 1.20 | 1.93 | 3 | 90 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25<sup>+</sup> | 78.52 | 0.56<sup>•</sup> | 6.01 | 6.57 | 1.49 |  |  | 1.49 |  | 83.60 | **8.53** | 1.32 | 1.28 | 1.28 | 1.43 | 26548 | 39 |
| 10-31-24 | 63.88 | 1.22<sup>•</sup> | 14.49 | 15.71 | 1.07 |  |  | 1.07 |  | 78.52 | **24.82** | 1.35 | 1.29 | 1.29 | 1.63 | 25757 | 85 |
| 10-31-23 | 59.54 | 1.19<sup>•</sup> | 4.30 | 5.49 | 1.15 |  |  | 1.15 |  | 63.88 | **9.22** | 1.32 | 1.28 | 1.28 | 1.75 | 24940 | 90 |
| 10-31-22 | 89.20 | 1.47<sup>•</sup> | (23.16) | (21.69) | 1.12 | 6.85 |  | 7.97 |  | 59.54 | **(26.40)** | 1.32 | 1.28 | 1.28 | 2.07 | 24831 | 72 |
| 10-31-21 | 65.22 | 0.89<sup>•</sup> | 24.00 | 24.89 | 0.91 |  |  | 0.91 |  | 89.20 | **38.44** | 1.35 | 1.28 | 1.28 | 1.06 | 34019 | 79 |
| 10-31-20 | 63.40 | 0.50<sup>•</sup> | 2.57 | 3.07 | 1.25 |  |  | 1.25 |  | 65.22 | **4.82** | 1.42 | 1.28 | 1.28 | 0.80 | 25810 | 91 |

---

<sup>(1)</sup> 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.

 

<sup>(2)</sup> Annualized for periods less than one year.

 

<sup>(3)</sup> 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.

<sup>(4)</sup> Commencement of operations.

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

+ Unaudited.

&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025 (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 six separate active investment series, three of which are included in this report (each, a "Fund" and collectively, the "Funds"): Voya Global Bond Fund ("Global Bond"), Voya Global High Dividend Low Volatility Fund ("Global High Dividend Low Volatility"), and Voya Multi-Manager International Small Cap Fund ("Multi-Manager International Small Cap"). Each Fund is a diversified series of the Trust.

Each Fund offers at least one or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees, shareholder servicing fees and transfer agent fees, as well as differences in the amount of waiver fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares 8 years after purchase.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to all Funds except Multi-Manager International Small Cap. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

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

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which a Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

fair value of each Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine a Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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:

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds and Underlying Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Risk Exposures and the Use of Derivative Instruments.*** The Funds' investment strategies permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds

to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

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

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

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

***Risks of Investing in Derivatives.*** The Funds' use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market or credit risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

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

their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds' derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds' International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Funds may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

can be in the form of cash or debt securities issued by the U.S. government or related agencies.

At April 30, 2025, the maximum amount of loss that Global Bond and Multi-Manager International Small Cap would incur if their relevant counterparties failed to perform would be $3,525,177 and $122, respectively, which represents the gross payments to be received on open OTC purchased options, forward premium swaptions, OTC interest rate swaps, OTC total return swaps, OTC volatility swaps and forward foreign currency contracts were they to be unwound as of April 30, 2025. To reduce the amount of potential loss, Global Bond received $2,510,000 in cash collateral from certain counterparties at April 30, 2025. There was no cash collateral received for Multi-Manager International Small Cap as of April 30, 2025.

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

Global Bond and Multi-Manager International Small Cap had a liability position of $653,254 and $7,513 on forward foreign currency contracts, forward premium swaptions, OTC volatility swaps and written OTC options with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2025, the Funds could have been required to pay this amount in cash to its counterparties. At April 30, 2025, Global Bond pledged $450,000 in cash collateral to certain counterparties for its open OTC derivative transactions. Multi-Manager International Small Cap did not pledge any cash collateral at April 30, 2025.

E. ***Forward Foreign Currency Transactions and Futures Contracts.*** Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is

fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

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

---

| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| Global Bond | $88531320 | $22081093 |
| Multi-Manager International Small Cap | 1661509 | 56846 |

---

Please refer to the tables within the Portfolio of Investments for Global Bond and Multi-Manager International Small Cap for open forward foreign currency contracts at April 30, 2025.

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

Upon entering into such a contract, the Funds are required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Fund's Statement

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Fund's Statement of Operations. Realized gains (losses) are reported in each Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2025, 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, 2025, Global Bond had an average notional value of $83,627,485 and $10,084,075 on futures contracts purchased and sold, respectively. Please refer to the table for Global Bond within the Portfolio of Investments for open futures contracts at April 30, 2025.

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

The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds' exposure to the underlying instrument. Purchasing put options tends to decrease the Funds' exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for

purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss

During the period ended April 30, 2025, Global Bond had purchased and written interest rate swaptions to gain additional exposure to interest rates and to generate income. Global Bond had an average notional amount of $15,089,250 and $30,178,500 on purchased and written interest rate swaptions, respectively. There were no open purchased and written interest rate swaptions at April 30, 2025.

During the period ended April 30, 2025, Global Bond had purchased and written foreign currency options to gain additional exposure to foreign currencies and to generate income. Global Bond had an average notional amount of $154,230 and $2,665,000 on purchased and written foreign currency options, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written foreign currency options at April 30, 2025.

During the period ended April 30, 2025, Global Bond had purchased and written forward premium swaptions to manage duration and yield curve exposures. Global Bond had and average notional amount of $20,139,263 and $47,523,956 on purchased and written forward premium swaptions, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written forward premium swaptions at April 30, 2025.

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and a Fund's counterparty on the swap agreement becomes the CCP. A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are footnoted as pledged on the Portfolio of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund's Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the

right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

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

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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, 2025, Global Bond had bought credit protection on credit default swap indices ("CDX") with an average notional amount of $9,430,000 to hedge exposure with various sectors within the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protections at April 30, 2025.

***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, 2025, 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 $20,785,728.

For the period ended April 30, 2025, 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 $112,961,745.

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, 2025.

At April 30, 2025, Global Bond had pledged $1,786,000 for open centrally cleared swaps.

***Total Return Swap Agreements.*** Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Fund's use of a total return swap exposes the Fund to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the period ended April 30, 2025, Global Bond had an average notional amount of $21,358,701 on receiver total return swaps. Please refer to the tables within the Portfolio of Investments for open receiver total returns swaps at April 30, 2025.

***Cross-Currency Swaps.*** Certain Funds may enter into cross-currency swaps. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

For the period ended April 30, 2025, Global Bond had an average notional amount of $2,335,360 and $2,313,827 on cross-currency swaps in which the Fund receives and pays the floating rate. There were no open open cross-currency swaps at April 30, 2025.

***Volatility Swap Contracts.*** Certain Portfolios may enter into volatility swaps. Volatility swaps are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike.

For the period ended April 30, 2025, Global Bond entered into receiver and payer volatility swaps on foreign currencies with an average notional amount of $1,609,290 and $1,625,250. Please refer to the tables within the Portfolio of Investments for open volatility swaps at April 30, 2025.

H. ***Distributions to Shareholders.*** The Funds record distributions to their shareholders on ex-dividend date. Each Fund, except for Global Bond and Global High Dividend Low Volatility, declares and pays dividends, if any, annually. Global Bond declares dividends daily and pays dividends, if any, monthly. Global High Dividend Low Volatility declares and pays dividends, if any, quarterly. Each Fund distributes capital gains, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

I. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions

taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

As a result of several court cases, in certain countries across the European Union, Global High Dividend Low Volatility filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("EU reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. Income recognized, if any, for EU reclaims is reflected as other income in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by Global High Dividend Low Volatility, if any, reduce the amounts of foreign taxes the Fund's shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by Global High Dividend Low Volatility during the fiscal year exceed foreign withholding taxes paid, and Global High Dividend Low Volatility previously passed foreign tax credit on to its shareholders, Global High Dividend Low Volatility will enter into a closing agreement with the Internal Revenue Service ("IRS") in order to pay the associated tax liability on behalf of the Fund's shareholders.

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

K. ***Securities Lending.*** Each Fund has the option to temporarily loan securities representing up to 33 ⅓% of its total assets (except Multi-Manager International Small Cap and Global High Dividend Low Volatility, which can each lend up to 30% of its total assets) to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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") ("Rule 144A") 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 legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted 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. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

M. ***Delayed-Delivery or When-Issued Transactions.*** Each Fund may purchase or sell securities on a when issued or a delayed-delivery basis. Each Fund may enter into forward commitments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in the Funds' Portfolio of investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds are required to segregate liquid assets with the Funds' custodian sufficient to cover the purchase price.

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

There was no cash collateral received or pledged for delayed-delivery or when-issued transactions as of April 30, 2025.

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, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $42177913 | $75065592 |
| Global High Dividend Low Volatility | 110554583 | 117255244 |
| Multi-Manager International Small Cap | 128220996 | 112949253 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $74648684 | $88035129 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

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 <br> Daily Net Assets** |
| Global Bond | 0.50% |
| Global High Dividend Low Volatility | 0.50% |
| Multi-Manager International | 1.00% on first $500 million; |
| Small Cap | 0.95% on next $500 million; and |
|  | 0.90% in excess of $1 billion |

---

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

---

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

---

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R shares of each respective Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the Plans, each class of shares of a Fund pays the Distributor a Distribution and/ or Service Fee based on average daily net assets at the following annual rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** |
| Global Bond | 0.25% | 1.00% | 0.50% |
| Global High Dividend Low Volatility | 0.25% | 1.00% | N/A |
| Multi-Manager International Small Cap | 0.25% | 1.00% | N/A |

---

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended April 30, 2025, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** |  |  |
| Global Bond | $95 | $— |
| Global High Dividend Low Volatility | 2434 |  |
| Multi-Manager International Small Cap | 297 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| Global Bond | $— | $4 |
| Global High Dividend Low Volatility |  | 4 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At April 30, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the following Fund:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Fund** | **Percentage** |
| Voya Institutional Trust Company | Global Bond | 11.77% |

---

The Investment Adviser may request that the Funds' sub-advisers use their best efforts (subject to obtaining best execution of each transaction) to allocate a Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to the Funds are reflected as brokerage commission recapture on the Statements of Operations.

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

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

will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended April 30, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Global Bond | $10829 |
| Global High Dividend Low Volatility | 1871 |
| Multi-Manager International Small Cap | 15977 |

---

**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class** <br>**A** | **Class** <br>**C** | **Class**<br>**I** | **Class** <br>**R** | **Class**<br>**R6** | **Class**<br>**W** |
| Global Bond | 0.90% | 1.65% | 0.65% | 1.15% | 0.65% | 0.65% |
| Global High Dividend Low Volatility | 0.85% | 1.60% | 0.60% | N/A | 0.57% | 0.60% |
| Multi-Manager International Small Cap | 1.95% | 2.60% | 1.40% | N/A | 1.40% | 1.60% |

---

Pursuant to a side letter agreement, through March 1, 2026, the Investment Adviser has further lowered the expense limits for Multi-Manager International Small Cap to the levels listed in the table below. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreement will continue. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class** <br>**C** | **Class**<br>**I** | **Class** <br>**R6** | **Class**<br>**W** |
| Multi-Manager International Small Cap | 1.53% | 2.28% | 1.20% | 1.20% | 1.28% |

---

Unless otherwise specified above, the Investment Adviser may at a later date recoup from a Fund for class specific fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but

only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of April 30, 2025, 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,** | **April 30,** | **April 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Global Bond | $— | $— | $33065 | $33065 |
| Global High Dividend Low Volatility | 135362 | 21043 | 77390 | 233795 |

---

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, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30,** | **April 30,** | **April 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Global Bond** |  |  |  |  |
| Class A | $44772 | $40622 | $42080 | $127474 |
| Class C | 1509 | 1184 | 1324 | 4017 |
| Class I | 90034 | 91954 | 146302 | 328290 |
| Class R | 8703 | 8255 | 9209 | 26167 |
| Class R6 |  |  | 65 | 65 |
| Class W | 108132 | 92817 | 80164 | 281113 |
| **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |  |  |
| Class A | $188313 | $208486 | $210198 | $606997 |
| Class C | 3708 | 3109 | 2160 | 8977 |
| Class I |  | 1188 | 5529 | 6717 |
| Class R6 | 95 | 22 | 48 | 165 |
| Class W | 2956 | 3200 | 3405 | 9561 |

---

The Expense Limitation Agreement is contractual through March 1, 2026, and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

The Funds, in addition to certain other funds managed by the Investment Adviser, entered agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 8 — LINE OF CREDIT (continued)**

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, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br><br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Multi-Manager International Small Cap | 7 | $1235286 | 5.58% |

---

**NOTE 9 — CAPITAL SHARES**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in <br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in <br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment <br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 147387 |  | 46811 | (344997) |  | (150799) | 1054556 |  | 337153 | (2470261) |  | (1078552) |
| 10/31/2024 | 276999 |  | 117851 | (746630) |  | (351780) | 2031079 |  | 858860 | (5432319) |  | (2542380) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 764 |  | 1314 | (10453) |  | (8375) | 5439 |  | 9420 | (74494) |  | (59635) |
| 10/31/2024 | 2460 |  | 3168 | (8538) |  | (2910) | 18049 |  | 23008 | (62481) |  | (21424) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 1744166 |  | 297620 | (8755339) |  | (6713553) | 12449024 |  | 2129447 | (63836760) |  | (49258289) |
| 10/31/2024 | 2886901 |  | 757836 | (5387427) |  | (1742690) | 20850247 |  | 5500784 | (38993677) |  | (12642646) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 40175 |  | 10671 | (129790) |  | (78944) | 289313 |  | 77072 | (936876) |  | (570491) |
| 10/31/2024 | 114014 |  | 24418 | (125031) |  | 13401 | 836565 |  | 178661 | (921834) |  | 93392 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 276206 |  | 37699 | (386174) |  | (72269) | 1966385 |  | 270906 | (2763560) |  | (526269) |
| 10/31/2024 | 2252953 |  | 390204 | (12659106) |  | (10015949) | 16279222 |  | 2833271 | (92555878) |  | (73443385) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 259629 |  | 100815 | (1009250) |  | (648806) | 1815301 |  | 713407 | (7117900) |  | (4589192) |
| 10/31/2024 | 487500 |  | 274432 | (4371343) |  | (3609411) | 3481567 |  | 1967716 | (31515878) |  | (26066595) |
| **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 66803 |  | 39194 | (244606) |  | (138609) | 3161635 |  | 1847107 | (11485656) |  | (6476914) |
| 10/31/2024 | 119433 |  | 102775 | (578082) |  | (355874) | 5132513 |  | 4443381 | (24822677) |  | (15246783) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 2810 |  | 359 | (6252) |  | (3083) | 118875 |  | 15607 | (267179) |  | (132697) |
| 10/31/2024 | 2212 |  | 1110 | (41178) |  | (37856) | 89133 |  | 44294 | (1581122) |  | (1447695) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 49273 |  | 7235 | (62554) |  | (6046) | 2355558 |  | 344328 | (2925005) |  | (225119) |
| 10/31/2024 | 378559 |  | 17302 | (835585) |  | (439724) | 16211975 |  | 754874 | (35147604) |  | (18180755) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 58 |  | 35 | (26) |  | 67 | 2761 |  | 1688 | (1220) |  | 3229 |
| 10/31/2024 | 429 |  | 82 | (97) |  | 414 | 17735 |  | 3578 | (4208) |  | 17105 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 5674 |  | 742 | (3215) |  | 3201 | 272579 |  | 35291 | (150062) |  | 157808 |
| 10/31/2024 | 1272 |  | 1815 | (8463) |  | (5376) | 56237 |  | 79222 | (367259) |  | (231800) |
| **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 36200 |  | 18538 | (95045) |  | (40307) | 2198192 |  | 1109674 | (5773218) |  | (2465352) |
| 10/31/2024 | 100049 |  | 14398 | (130575) |  | (16128) | 5820648 |  | 772576 | (7598198) |  | (1004974) |

---

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares<br> sold** | **Shares<br> issued in <br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in <br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment <br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| **Year or** |  |  |  |  |  |  |  |  |  |  |  |  |
| **period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Multi-Manager International Small Cap (continued)** | **Multi-Manager International Small Cap (continued)** | **Multi-Manager International Small Cap (continued)** | **Multi-Manager International Small Cap (continued)** | **Multi-Manager International Small Cap (continued)** |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 4691 |  | 674 | (5340) |  | 25 | 253263 |  | 36235 | (293743) |  | (4245) |
| 10/31/2024 | 3836 |  | 559 | (6975) |  | (2580) | 201619 |  | 27008 | (367956) |  | (139329) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 599881 |  | 84256 | (286541) |  | 397596 | 36676835 |  | 5023323 | (17400262) |  | 24299896 |
| 10/31/2024 | 1065200 |  | 67287 | (1151353) |  | (18866) | 61019877 |  | 3595827 | (66512147) |  | (1896443) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 8971 |  | 153 | (327) |  | 8797 | 554737 |  | 9098 | (20126) |  | 543709 |
| 10/31/2024 | 2146 |  | 1 | (450) |  | 1697 | 133599 |  | 63 | (28409) |  | 105253 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 7182 |  | 6293 | (23944) |  | (10469) | 567884 |  | 485592 | (1863152) |  | (809676) |
| 10/31/2024 | 14484 |  | 5780 | (82653) |  | (62389) | 1088660 |  | 397424 | (6042209) |  | (4556125) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Agreement with BNY. The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

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

The following tables represent a summary of each respective Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Global Bond**<br>**Counterparty** |<br>**Securities<br> Loaned at Value** |<br>**Cash Collateral <br> Received<sup>(1)</sup>** |<br>**Net <br> Amount** |
| Barclays Capital Inc. | $273579 | $(273579) | $— |
| BNP Paribas | 204813 | (204813) |  |
| BNP Paribas Prime Brokerage Intl Ltd | 67248 | (67248) |  |
| Citigroup Global Markets Inc. | 26790 | (26790) |  |
| Daiwa Capital Markets America Inc. | 101967 | (101967) |  |
| Goldman, Sachs & Co. LLC | 112113 | (112113) |  |
| HSBC Securities (USA) Inc. | 26339 | (26339) |  |
| J.P. Morgan Securities LLC | 81960 | (81960) |  |

---

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 10 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net <br> Amount** |
| National Bank Financial Inc | $150036 | $(150036) | $— |
| National Financial Services LLC | 41551 | (41551) |  |
| State Street Bank and Trust Co. | 37255 | (37255) |  |
| TD Prime Services LLC | 259372 | (259372) |  |
| TD Securities (USA) Inc. | 24176 | (24176) |  |
| Truist Securities INC | 38003 | (38003) |  |
| Total | $1445202 | $(1445202) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,488,629 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Global High Dividend Low Volatility**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br>Received<sup>(1)</sup>** | **Net<br> Amount** |
| JP Morgan Securities Plc. | $542882 | $(542882) | $— |
| Total | $542882 | $(542882) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $573,117 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Multi-Manager International Small Cap**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities <br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net <br> Amount** |
| Barclays Capital Inc. | $13914 | $(13914) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral <br> Received<sup>(1)</sup>** | **Net<br> Amount** |
| BNP Paribas Financial Markets | $157695 | $(157695) | $— |
| BofA Securities Inc | 102508 | (102508) |  |
| Citigroup Global Markets Inc. | 3092 | (3092) |  |
| Citigroup Global Markets Limited | 46236 | (46236) |  |
| Goldman Sachs International | 28974 | (28974) |  |
| Goldman, Sachs & Co. LLC | 45005 | (45005) |  |
| HSBC Bank PLC | 225737 | (225737) |  |
| Jefferies International Ltd | 119977 | (119977) |  |
| JP Morgan Securities Plc. | 214959 | (214959) |  |
| Merrill Lynch International | 87435 | (87435) |  |
| Morgan Stanley & Co. LLC | 218716 | (218716) |  |
| Nomura Securities International, Inc. | 23308 | (23308) |  |
| Scotia Capital (USA) INC | 26973 | (26973) |  |
| TD Securities (USA) Inc. | 142196 | (142196) |  |
| UBS AG | 44644 | (44644) |  |
| Wells Fargo Securities LLC | 155930 | (155930) |  |
| Total | $1657299 | $(1657299) | $— |

---

<sup>(1)</sup> Cash collateral with a fair value of $1,878,565 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/ tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, income from passive foreign investment companies (PFICs), paydowns, swaps, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **October 31, 2024** | **October 31, 2024** | **October 31, 2023** | **October 31, 2023** |
|  | **Ordinary <br> Income** | **Return of <br> Capital** | **Ordinary<br> Income** | **Return of<br> Capital** |
| Global Bond | $11297227 | $334361 | $8617108 | $3027346 |
| Global High Dividend Low Volatility | 6204048 |  | 8739159 |  |
| Multi-Manager International Small Cap | 5001551 |  | 4830730 |  |

---

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2024, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Global Bond | $— | $(8445390) | $(6633461) | Short-term | $(5669) | $(40830478) |
|  |  |  | (25745958) | Long-term |  |  |
|  |  |  | $(32379419) |  |  |  |
| Global High Dividend Low Volatility | 220499 | 34287987 | (13343627) | Short-term | (142056) | 19524442 |
|  |  |  | (1498361) | Long-term |  |  |
|  |  |  | $(14841988) \* |  |  |  |
| Multi-Manager International Small Cap | 6026547 | 24806574 | (3244850) | Short-term | (199441) | 27388830 |
|  |  |  |  | Long-term |  |  |
|  |  |  | $(3244850) |  |  |  |

---

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp; Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

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

As of April 30, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned

to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

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

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Funds financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions.

Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Funds performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to April 30, 2025, the following Fund paid dividends and distributions per share of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net**<br>**Investment**<br>**Income** | <br>**Payable**<br>**Date** | <br>**Record**<br>**Date** |
| Global Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0249 | June 2, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0201 | June 2, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0263 | June 2, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R | $0.0234 | June 2, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0266 | June 2, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class W | $0.0260 | June 2, 2025 | Daily |

---

*Line of Credit Renewal***:** Effective June 10, 2025, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 26.4%** | **CORPORATE BONDS/NOTES: 26.4%** | **CORPORATE BONDS/NOTES: 26.4%** | **CORPORATE BONDS/NOTES: 26.4%** |
|  | **Australia: 0.3%** | **Australia: 0.3%** | **Australia: 0.3%** |
| 36000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | $36465 | 0.0 |
| 23000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 23751 | 0.0 |
| 11000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 11129 | 0.0 |
| 27000 <sup>(1)</sup> | CSL Finance PLC, 4.050%, 04/27/2029 | 26716 | 0.0 |
| 271000 <sup>(1)</sup> | NBN Co. Ltd., 2.500%, 01/08/2032 | 233940 | 0.2 |
| 40000 <sup>(1)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 37087 | 0.1 |
| 29000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 29214 | 0.0 |
|  |  | **398302** | **0.3** |
|  | **Belgium: 0.0%** | **Belgium: 0.0%** | **Belgium: 0.0%** |
| 25000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | 22866 | 0.0 |
|  | **Brazil: 0.7%** | **Brazil: 0.7%** | **Brazil: 0.7%** |
| 275000 <sup>(1)</sup> | Minerva Luxembourg SA, 8.875%, 09/13/2033 | 293342 | 0.2 |
| 200000 <sup>(1)(2)</sup> | Nexa Resources SA, 6.600%, 04/08/2037 | 197480 | 0.2 |
| 200000 <sup>(1)</sup> | Raizen Fuels Finance SA, 6.700%, 02/25/2037 | 196710 | 0.1 |
| 200000 <sup>(1)</sup> | Sitios Latinoamerica SAB de CV, 6.000%, 11/25/2029 | 201750 | 0.2 |
|  |  | **889282** | **0.7** |
|  | **Canada: 1.2%** | **Canada: 1.2%** | **Canada: 1.2%** |
| 40000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030 | 36452 | 0.0 |
| 19000 <sup>(3)</sup> | Algonquin Power & Utilities Corp., 5.365%, 06/15/2026 | 19128 | 0.0 |
| 72000 <sup>(2)(4)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 72142 | 0.1 |
| 34000 | Bank of Montreal, 5.511%, 06/04/2031 | 35392 | 0.0 |
| 44000 <sup>(4)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 43591 | 0.0 |
| 17000 | Bank of Nova Scotia, 4.850%, 02/01/2030 | 17203 | 0.0 |
| 26000 <sup>(4)</sup> | Bank of Nova Scotia, 5.130%, 02/14/2031 | 26416 | 0.0 |
| 50000 <sup>(1)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 46512 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Canada: (continued)** | **Canada: (continued)** | **Canada: (continued)** |
| 55000 <sup>(1)</sup> | Bombardier, Inc., 7.250%, 07/01/2031 | $56381 | 0.1 |
| 56000 | Brookfield Asset Management Ltd., 5.795%, 04/24/2035 | 56927 | 0.1 |
| 37000 <sup>(1)</sup> | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 35918 | 0.0 |
| 15000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 14047 | 0.0 |
| 55000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 54081 | 0.1 |
| 55000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 53667 | 0.0 |
| 23000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 23412 | 0.0 |
| 44000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 44769 | 0.0 |
| 238000 <sup>(1)</sup> | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | 243971 | 0.2 |
| 67000 | Fortis, Inc./Canada, 3.055%, 10/04/2026 | 65564 | 0.1 |
| 253000 | National Bank of Canada, 5.600%, 12/18/2028 | 262223 | 0.2 |
| 55000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 54713 | 0.1 |
| 80000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 82762 | 0.1 |
| 3000 | Nutrien Ltd., 5.875%, 12/01/2036 | 3077 | 0.0 |
| 11000 | Nutrien Ltd., 5.950%, 11/07/2025 | 11057 | 0.0 |
| 75000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 12/01/2031 | 67176 | 0.1 |
| 37000 <sup>(4)</sup> | Royal Bank of Canada, 4.650%, 10/18/2030 | 36946 | 0.0 |
| 16000 <sup>(4)</sup> | Royal Bank of Canada, 4.969%, 08/02/2030 | 16212 | 0.0 |
| 34000 <sup>(4)</sup> | Royal Bank of Canada, 4.970%, 05/02/2031 | 34401 | 0.0 |
| 23000 <sup>(4)</sup> | Royal Bank of Canada, 5.153%, 02/04/2031 | 23412 | 0.0 |
| 21000 | Royal Bank of Canada, 5.200%, 08/01/2028 | 21568 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Canada: (continued)** | **Canada: (continued)** | **Canada: (continued)** | **Canada: (continued)** |
| 29000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | $| 29569 | 0 |
| 23000 <sup>(2)</sup> | Toronto-Dominion Bank, 5.523%, 07/17/2028 |  | 23850 | 0 |
| 40000 <sup>(4)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 |  | 39326 | 0 |
|  |  |  | **1651865** | **1.2** |
|  | **Chile: 0.7%** | **Chile: 0.7%** | **Chile: 0.7%** | **Chile: 0.7%** |
| 200000 <sup>(1)(4)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 |  | 207812 | 0.2 |
| 200000 <sup>(1)</sup> | Celulosa Arauco y Constitucion SA, 6.180%, 05/05/2032 |  | 200000 | 0.1 |
| 195501 <sup>(1)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 |  | 194475 | 0.1 |
| 200000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 |  | 207200 | 0.2 |
| 200000 <sup>(1)</sup> | Sociedad Quimica y Minera de Chile SA, 5.500%, 09/10/2034 |  | 193400 | 0.1 |
|  |  |  | **1002887** | **0.7** |
|  | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** |
| 180000 | Ecopetrol SA, 8.375%, 01/19/2036 |  | 169515 | 0.1 |
|  | **Germany: 1.0%** | **Germany: 1.0%** | **Germany: 1.0%** | **Germany: 1.0%** |
| 14000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 |  | 14172 | 0 |
| 31000 <sup>(1)</sup> | BMW US Capital LLC, 5.400%, 03/21/2035 |  | 30696 | 0 |
| 175000 | Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029 |  | 180360 | 0.1 |
| 150000 <sup>(1)</sup> | Mercedes-Benz Finance North America LLC, 4.800%, 08/01/2029 |  | 149943 | 0.1 |
| 290000 <sup>(1)</sup> | Siemens Financiering Smaatschappij NV, 2.350%, 10/15/2026 |  | 283361 | 0.2 |
| 215000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029 |  | 215952 | 0.2 |
| 205000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 |  | 206685 | 0.2 |
| 200000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 |  | 208933 | 0.2 |
|  |  |  | **1290102** | **1.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Indonesia: 0.2%** | **Indonesia: 0.2%** | **Indonesia: 0.2%** |
| 250000 | Medco Maple Tree Pte Ltd., 8.960%, 04/27/2029 | $256095 | 0.2 |
|  | **Ireland: 0.1%** | **Ireland: 0.1%** | **Ireland: 0.1%** |
| 99000 <sup>(1)</sup> | Smurfit Kappa Treasury ULC, 5.200%, 01/15/2030 | 100422 | 0.1 |
|  | **Japan: 0.3%** | **Japan: 0.3%** | **Japan: 0.3%** |
| 215000 | Sumitomo Mitsui Financial Group, Inc., 5.424%, 07/09/2031 | 221362 | 0.2 |
| 200000 <sup>(4)</sup> | Sumitomo Mitsui Financial Group, Inc., 6.450%, 12/31/2199 | 190765 | 0.1 |
|  |  | **412127** | **0.3** |
|  | **Mexico: 0.5%** | **Mexico: 0.5%** | **Mexico: 0.5%** |
| 425000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 415608 | 0.3 |
| 200000 <sup>(1)</sup> | Trust Fibra Uno, 7.700%, 01/23/2032 | 204425 | 0.2 |
|  |  | **620033** | **0.5** |
|  | **Morocco: 0.2%** | **Morocco: 0.2%** | **Morocco: 0.2%** |
| 250000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 252828 | 0.2 |
|  | **Netherlands: 0.5%** | **Netherlands: 0.5%** | **Netherlands: 0.5%** |
| 250000 <sup>(1)(4)</sup> | Cooperatieve Rabobank UA, 5.710%, 01/21/2033 | 258785 | 0.2 |
| 355000 | ING Groep NV, 4.050%, 04/09/2029 | 347790 | 0.3 |
|  |  | **606575** | **0.5** |
|  | **Norway: 0.0%** | **Norway: 0.0%** | **Norway: 0.0%** |
| 56000 | Equinor ASA, 3.125%, 04/06/2030 | 52978 | 0.0 |
|  | **Panama: 0.3%** | **Panama: 0.3%** | **Panama: 0.3%** |
| 237042 <sup>(1)</sup> | AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | 208018 | 0.2 |
| 200000 <sup>(1)</sup> | C&W Senior Finance Ltd., 9.000%, 01/15/2033 | 200600 | 0.1 |
|  |  | **408618** | **0.3** |
|  | **Peru: 0.5%** | **Peru: 0.5%** | **Peru: 0.5%** |
| 230000 <sup>(1)(4)</sup> | Banco de Credito del Peru S.A., 6.450%, 07/30/2035 | 229492 | 0.2 |
| 200000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 7.750%, 11/05/2038 | 206250 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Peru: (continued)** | **Peru: (continued)** | **Peru: (continued)** | **Peru: (continued)** |
| 250000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033 | $| 280625 | 0.2 |
|  |  |  | **716367** | **0.5** |
|  | **Poland: 0.1%** | **Poland: 0.1%** | **Poland: 0.1%** | **Poland: 0.1%** |
| 200000 <sup>(1)</sup> | ORLEN SA, 6.000%, 01/30/2035 |  | 202250 | 0.1 |
|  | **South Korea: 0.3%** | **South Korea: 0.3%** | **South Korea: 0.3%** | **South Korea: 0.3%** |
| 200000 <sup>(1)</sup> | LG Energy Solution Ltd., 5.875%, 04/02/2035 |  | 196225 | 0.1 |
| 200000<sup>(1)</sup> | POSCO Holdings, Inc., 5.750%, 05/07/2035 |  | 198859 | 0.2 |
|  |  |  | **395084** | **0.3** |
|  | **Switzerland: 0.3%** | **Switzerland: 0.3%** | **Switzerland: 0.3%** | **Switzerland: 0.3%** |
| 250000 | Credit Suisse AG/ New York NY, 1.250%, 08/07/2026 |  | 240751 | 0.2 |
| 200000 <sup>(1)(4)</sup> | UBS Group AG, 4.751%, 05/12/2028 |  | 200534 | 0.1 |
|  |  |  | **441285** | **0.3** |
|  | **United Kingdom: 1.2%** | **United Kingdom: 1.2%** | **United Kingdom: 1.2%** | **United Kingdom: 1.2%** |
| 40000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 |  | 41090 | 0.0 |
| 205000 <sup>(1)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 |  | 209378 | 0.2 |
| 12000 | BAT Capital Corp., 4.390%, 08/15/2037 |  | 10529 | 0.0 |
| 9000 | BAT Capital Corp., 5.834%, 02/20/2031 |  | 9374 | 0.0 |
| 31000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 |  | 30751 | 0.0 |
| 220000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.500%, 02/01/2030 |  | 226165 | 0.2 |
| 200000 <sup>(4)</sup> | Lloyds Banking Group PLC, 5.871%, 03/06/2029 |  | 206708 | 0.2 |
| 200000 <sup>(2)(4)</sup> | Lloyds Banking Group PLC, 8.000%, 12/31/2199 |  | 205532 | 0.2 |
| 200000 <sup>(1)</sup> | Lseg US Fin Corp., 5.297%, 03/28/2034 |  | 203267 | 0.1 |
| 18000 | National Grid PLC, 5.418%, 01/11/2034 |  | 18222 | 0.0 |
| 200000 <sup>(4)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 |  | 201682 | 0.1 |
| 200000 <sup>(1)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 |  | 205675 | 0.2 |
|  |  |  | **1568373** | **1.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: 17.9%** | **United States: 17.9%** | **United States: 17.9%** |
| 21000 | 3M Co., 5.150%, 03/15/2035 | $20881 | 0.0 |
| 8000 | AbbVie, Inc., 4.050%, 11/21/2039 | 6936 | 0.0 |
| 18000 | AbbVie, Inc., 4.650%, 03/15/2028 | 18271 | 0.0 |
| 40000 | AbbVie, Inc., 4.950%, 03/15/2031 | 40947 | 0.0 |
| 12000 | AbbVie, Inc., 5.050%, 03/15/2034 | 12105 | 0.0 |
| 62000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 61362 | 0.1 |
| 50000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 50978 | 0.1 |
| 43000 | Adobe, Inc., 4.950%, 01/17/2030 | 44371 | 0.0 |
| 11000 | Adobe, Inc., 4.950%, 04/04/2034 | 11105 | 0.0 |
| 116000 <sup>(1)</sup> | AEP Texas, Inc., 3.850%, 10/01/2025 | 115102 | 0.1 |
| 34000 | AEP Texas, Inc., 5.450%, 05/15/2029 | 34871 | 0.0 |
| 9000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 8989 | 0.0 |
| 46000 | AES Corp., 2.450%, 01/15/2031 | 39398 | 0.0 |
| 27000 | AES Corp., 5.450%, 06/01/2028 | 27425 | 0.0 |
| 36000 | AES Corp., 5.800%, 03/15/2032 | 35931 | 0.0 |
| 21000 | AGCO Corp., 5.450%, 03/21/2027 | 21191 | 0.0 |
| 25000 | Air Lease Corp., 5.200%, 07/15/2031 | 25192 | 0.0 |
| 7000 | Alabama Power Co., 5.850%, 11/15/2033 | 7448 | 0.0 |
| 40000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | 37366 | 0.0 |
| 55000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | 54956 | 0.1 |
| 40000 <sup>(1)</sup> | Allied Universal Holdco LLC, 7.875%, 02/15/2031 | 40896 | 0.0 |
| 25000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 25500 | 0.0 |
| 55000 | Alphabet, Inc., 4.500%, 05/15/2035 | 54294 | 0.1 |
| 33000 | Alphabet, Inc., 5.250%, 05/15/2055 | 32596 | 0.0 |
| 18000 | Alphabet, Inc., 5.300%, 05/15/2065 | 17798 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 25000 | Altria Group, Inc., 6.200%, 11/01/2028 | $26397 | 0.0 |
| 11000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | 11216 | 0.0 |
| 55000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 55998 | 0.1 |
| 31000 | Ameren Corp., 5.000%, 01/15/2029 | 31465 | 0.0 |
| 17870 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 | 17237 | 0.0 |
| 103913 | American Airlines Pass Through Trust 2021-1, A, 2.875%, 01/11/2036 | 90202 | 0.1 |
| 7000 | American Electric Power Co., Inc., 5.625%, 03/01/2033 | 7178 | 0.0 |
| 21000 <sup>(4)</sup> | American Express Co., 4.990%, 05/01/2026 | 21000 | 0.0 |
| 25000 <sup>(4)</sup> | American Express Co., 5.098%, 02/16/2028 | 25324 | 0.0 |
| 28000 <sup>(2)(4)</sup> | American Express Co., 5.532%, 04/25/2030 | 28967 | 0.0 |
| 7000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 6366 | 0.0 |
| 25000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 24934 | 0.0 |
| 30000 | American Honda Finance Corp., 4.700%, 01/12/2028 | 30287 | 0.0 |
| 46000 | American Honda Finance Corp., 4.850%, 10/23/2031 | 45921 | 0.0 |
| 19000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 19755 | 0.0 |
| 31000 | American International Group, Inc., 3.400%, 06/30/2030 | 29152 | 0.0 |
| 41000 | American International Group, Inc., 4.200%, 04/01/2028 | 40755 | 0.0 |
| 184000 | American Tower Corp., 2.750%, 01/15/2027 | 178797 | 0.1 |
| 22000 | American Tower Corp., 3.650%, 03/15/2027 | 21674 | 0.0 |
| 20000<sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 17382 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 46000 | Ameriprise Financial, Inc., 5.200%, 04/15/2035 | $46092 | 0.0 |
| 21000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 21999 | 0.0 |
| 65000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 6.625%, 02/01/2032 | 65743 | 0.1 |
| 11000 | Aon North America, Inc., 5.125%, 03/01/2027 | 11157 | 0.0 |
| 28000 | Aon North America, Inc., 5.150%, 03/01/2029 | 28592 | 0.0 |
| 39000 <sup>(1)</sup> | APA Corp., 6.750%, 02/15/2055 | 34181 | 0.0 |
| 50000 | AppLovin Corp., 5.125%, 12/01/2029 | 50434 | 0.1 |
| 38000 | AppLovin Corp., 5.375%, 12/01/2031 | 38370 | 0.0 |
| 40000 <sup>(1)</sup> | Arches Buyer, Inc., 4.250%, 06/01/2028 | 37654 | 0.0 |
| 55000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 56096 | 0.1 |
| 48000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | 48421 | 0.1 |
| 76000 <sup>(1)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 75918 | 0.1 |
| 72000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 72628 | 0.1 |
| 12000 | AutoZone, Inc., 6.250%, 11/01/2028 | 12718 | 0.0 |
| 19000 | Avnet, Inc., 6.250%, 03/15/2028 | 19679 | 0.0 |
| 112000 <sup>(4)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 108301 | 0.1 |
| 26000 <sup>(4)</sup> | Bank of America Corp., 2.087%, 06/14/2029 | 24219 | 0.0 |
| 69000 <sup>(4)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 59320 | 0.1 |
| 37000 <sup>(4)</sup> | Bank of America Corp., 2.551%, 02/04/2028 | 35807 | 0.0 |
| 35000 <sup>(4)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 30428 | 0.0 |
| 52000 <sup>(4)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 47000 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 63000 <sup>(4)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | $55749 | 0.1 |
| 43000 <sup>(4)</sup> | Bank of America Corp., 2.884%, 10/22/2030 | 39910 | 0.0 |
| 59000 <sup>(4)</sup> | Bank of America Corp., 2.972%, 02/04/2033 | 51893 | 0.1 |
| 22000 <sup>(4)</sup> | Bank of America Corp., 3.194%, 07/23/2030 | 20763 | 0.0 |
| 94000 <sup>(4)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 91448 | 0.1 |
| 29000 <sup>(4)</sup> | Bank of America Corp., 3.593%, 07/21/2028 | 28471 | 0.0 |
| 4000 <sup>(4)</sup> | Bank of America Corp., 5.202%, 04/25/2029 | 4087 | 0.0 |
| 14000 <sup>(4)</sup> | Bank of America Corp., 5.288%, 04/25/2034 | 14043 | 0.0 |
| 73000 <sup>(4)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 71627 | 0.1 |
| 72000 <sup>(4)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 71872 | 0.1 |
| 30000 <sup>(4)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 31271 | 0.0 |
| 65000 | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 64048 | 0.1 |
| 30000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 30218 | 0.0 |
| 169000 | Berry Global, Inc., 1.650%, 01/15/2027 | 160413 | 0.1 |
| 6000 | Black Hills Corp., 6.000%, 01/15/2035 | 6202 | 0.0 |
| 31000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 25564 | 0.0 |
| 11000 | Boeing Co., 5.705%, 05/01/2040 | 10686 | 0.0 |
| 9000 | Boeing Co., 5.930%, 05/01/2060 | 8311 | 0.0 |
| 13000 | Boeing Co., 7.008%, 05/01/2064 | 13912 | 0.0 |
| 44000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 42460 | 0.0 |
| 48000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 45763 | 0.0 |
| 21000 <sup>(2)</sup> | BorgWarner, Inc., 5.400%, 08/15/2034 | 20788 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 21000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | $21641 | 0.0 |
| 6000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | 5897 | 0.0 |
| 5000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 4920 | 0.0 |
| 33000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 32996 | 0.0 |
| 44000 <sup>(4)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 42582 | 0.0 |
| 25000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | 25498 | 0.0 |
| 25000 <sup>(1)</sup> | Brink's Co., 6.750%, 06/15/2032 | 25617 | 0.0 |
| 17000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 17557 | 0.0 |
| 44000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 35926 | 0.0 |
| 21000 | Broadcom, Inc., 4.800%, 10/15/2034 | 20452 | 0.0 |
| 43000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 41201 | 0.0 |
| 21000 | Broadcom, Inc., 5.050%, 04/15/2030 | 21389 | 0.0 |
| 11000 | Broadcom, Inc., 5.200%, 04/15/2032 | 11183 | 0.0 |
| 28000 | Bunge Ltd. Finance Corp., 4.200%, 09/17/2029 | 27657 | 0.0 |
| 37000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 36940 | 0.0 |
| 31000 | Camden Property Trust, 5.850%, 11/03/2026 | 31652 | 0.0 |
| 26000 | Campbell Soup Co., 5.200%, 03/21/2029 | 26571 | 0.0 |
| 57000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 57313 | 0.1 |
| 4000 <sup>(2)</sup> | Cardinal Health, Inc., 5.450%, 02/15/2034 | 4043 | 0.0 |
| 14000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 12022 | 0.0 |
| 13000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 11653 | 0.0 |
| 25000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 11/10/2031 | 21552 | 0.0 |
| 15000 <sup>(1)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 15040 | 0.0 |
| 6000 | Carrier Global Corp., 2.722%, 02/15/2030 | 5543 | 0.0 |
| 4000 | Carrier Global Corp., 5.900%, 03/15/2034 | 4214 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 25000 <sup>(2)</sup> | Caterpillar Financial Services Corp., 4.375%, 08/16/2029 | $25137 | 0.0 |
| 90000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 80022 | 0.1 |
| 40000 <sup>(1)</sup> | CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.500%, 10/15/2029 | 34377 | 0.0 |
| 25000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 24977 | 0.0 |
| 13000 | Cencora, Inc., 5.125%, 02/15/2034 | 13035 | 0.0 |
| 45000 | Centene Corp., 3.000%, 10/15/2030 | 39562 | 0.0 |
| 38000 | Centene Corp., 4.625%, 12/15/2029 | 36672 | 0.0 |
| 29000 | CenterPoint Energy, Inc., 4.250%, 11/01/2028 | 28798 | 0.0 |
| 13000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 13394 | 0.0 |
| 26000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | 23597 | 0.0 |
| 34000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 35220 | 0.0 |
| 15000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 15477 | 0.0 |
| 19000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 18570 | 0.0 |
| 40000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 34164 | 0.0 |
| 81000 | Cigna Group, 2.375%, 03/15/2031 | 71156 | 0.1 |
| 137000 | Cigna Group, 3.050%, 10/15/2027 | 133097 | 0.1 |
| 12000 | Cigna Group, 5.250%, 02/15/2034 | 12101 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 6000 | Cigna Group, 5.400%, 03/15/2033 | $6143 | 0.0 |
| 55000 <sup>(1)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 56294 | 0.1 |
| 28000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 28821 | 0.0 |
| 50000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | 51041 | 0.1 |
| 12000 | Cisco Systems, Inc., 5.050%, 02/26/2034 | 12150 | 0.0 |
| 15000 | Cisco Systems, Inc., 5.100%, 02/24/2035 | 15202 | 0.0 |
| 40000 | Cisco Systems, Inc., 5.500%, 02/24/2055 | 39433 | 0.0 |
| 91000 <sup>(1)</sup> | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | 87623 | 0.1 |
| 65000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 | 61148 | 0.1 |
| 65000 <sup>(1)</sup> | Cloud Software Group, Inc., 8.250%, 06/30/2032 | 67853 | 0.1 |
| 60000 | CME Group, Inc., 4.400%, 03/15/2030 | 60602 | 0.1 |
| 32000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 32426 | 0.0 |
| 34000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 34956 | 0.0 |
| 37000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 38104 | 0.0 |
| 25000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 25679 | 0.0 |
| 20000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 19752 | 0.0 |
| 46000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | 47452 | 0.1 |
| 11000 | Comcast Corp., 1.500%, 02/15/2031 | 9298 | 0.0 |
| 10000 | Comcast Corp., 1.950%, 01/15/2031 | 8689 | 0.0 |
| 26000 | Comcast Corp., 3.750%, 04/01/2040 | 21342 | 0.0 |
| 13000 | Comcast Corp., 4.250%, 01/15/2033 | 12442 | 0.0 |
| 9000 <sup>(2)</sup> | Comcast Corp., 5.300%, 06/01/2034 | 9149 | 0.0 |
| 11000 | Comcast Corp., 5.650%, 06/15/2035 | 11434 | 0.0 |
| 60000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 59134 | 0.1 |
| 16000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 14745 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 20000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | $20403 | 0.0 |
| 35000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 36457 | 0.0 |
| 40000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 36391 | 0.0 |
| 70000 <sup>(1)</sup> | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027 | 70021 | 0.1 |
| 16000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 15529 | 0.0 |
| 33000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 30553 | 0.0 |
| 8000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 8027 | 0.0 |
| 48000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 48133 | 0.1 |
| 19000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 19531 | 0.0 |
| 13000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 13314 | 0.0 |
| 35000 | Cummins, Inc., 1.500%, 09/01/2030 | 30281 | 0.0 |
| 3000 | CVS Health Corp., 3.250%, 08/15/2029 | 2828 | 0.0 |
| 4000 | CVS Health Corp., 4.780%, 03/25/2038 | 3609 | 0.0 |
| 2000 | CVS Health Corp., 5.050%, 03/25/2048 | 1701 | 0.0 |
| 13000 | CVS Health Corp., 5.125%, 02/21/2030 | 13163 | 0.0 |
| 70000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 65159 | 0.1 |
| 31000 | Deere & Co., 3.100%, 04/15/2030 | 29281 | 0.0 |
| 55000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 56515 | 0.1 |
| 23000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 23272 | 0.0 |
| 25000 | Devon Energy Corp., 5.200%, 09/15/2034 | 23457 | 0.0 |
| 33000 | Discovery Communications LLC, 3.625%, 05/15/2030 | 29278 | 0.0 |
| 9000 | Dollar General Corp., 3.500%, 04/03/2030 | 8454 | 0.0 |
| 88000 | DTE Electric Co., 2.250%, 03/01/2030 | 79935 | 0.1 |
| 11000 | DTE Energy Co., 4.950%, 07/01/2027 | 11115 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 55000 | DTE Energy Co., 5.100%, 03/01/2029 | $55796 | 0.1 |
| 37000 | DTE Energy Co., 5.200%, 04/01/2030 | 37672 | 0.0 |
| 282000 | Duke Energy Corp., 2.650%, 09/01/2026 | 275550 | 0.2 |
| 21000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 18410 | 0.0 |
| 6000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 6353 | 0.0 |
| 4000 | Duke Energy Ohio, Inc., 5.250%, 04/01/2033 | 4067 | 0.0 |
| 35000 | EchoStar Corp., 10.750%, 11/30/2029 | 37051 | 0.0 |
| 12000 | Elevance Health, Inc., 4.900%, 02/08/2026 | 12001 | 0.0 |
| 46000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 46463 | 0.0 |
| 26000 <sup>(2)</sup> | Elevance Health, Inc., 5.200%, 02/15/2035 | 26036 | 0.0 |
| 8000 | Eli Lilly & Co., 4.700%, 02/09/2034 | 7937 | 0.0 |
| 17000 <sup>(2)</sup> | Eli Lilly & Co., 5.500%, 02/12/2055 | 17058 | 0.0 |
| 40000 <sup>(1)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 36047 | 0.0 |
| 65000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 65998 | 0.1 |
| 50000 <sup>(1)</sup> | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | 50080 | 0.1 |
| 55000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.375%, 03/31/2029 | 51390 | 0.1 |
| 33000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 31190 | 0.0 |
| 25000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 25260 | 0.0 |
| 55000 <sup>(1)</sup> | EnLink Midstream LLC, 6.500%, 09/01/2030 | 58161 | 0.1 |
| 52000 | Entergy Corp., 2.800%, 06/15/2030 | 47357 | 0.1 |
| 12000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 11925 | 0.0 |
| 15000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 14721 | 0.0 |
| 33000 | Equifax, Inc., 3.100%, 05/15/2030 | 30492 | 0.0 |
| 52000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 52651 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 88000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | $80233 | 0.1 |
| 6000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 6027 | 0.0 |
| 30000 | Essex Portfolio L.P., 5.375%, 04/01/2035 | 29886 | 0.0 |
| 16000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 16131 | 0.0 |
| 6000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 6324 | 0.0 |
| 33000 | Eversource Energy, 2.550%, 03/15/2031 | 29037 | 0.0 |
| 37000 | Eversource Energy, 2.900%, 03/01/2027 | 35973 | 0.0 |
| 6000 | Eversource Energy, 5.125%, 05/15/2033 | 5919 | 0.0 |
| 21000 | Eversource Energy, 5.450%, 03/01/2028 | 21521 | 0.0 |
| 9000 | Eversource Energy, 5.500%, 01/01/2034 | 9008 | 0.0 |
| 25000 | Eversource Energy, 5.950%, 02/01/2029 | 26076 | 0.0 |
| 31000 | Eversource Energy U, 1.400%, 08/15/2026 | 29802 | 0.0 |
| 33000 | Exelon Corp., 5.150%, 03/15/2028 | 33710 | 0.0 |
| 14000 | Exelon Corp., 5.150%, 03/15/2029 | 14319 | 0.0 |
| 22000 | Expedia Group, Inc., 5.400%, 02/15/2035 | 21670 | 0.0 |
| 26000 | Extra Space Storage L.P., 2.350%, 03/15/2032 | 21635 | 0.0 |
| 27000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 26209 | 0.0 |
| 15000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 14768 | 0.0 |
| 9000 | Exxon Mobil Corp., 2.995%, 08/16/2039 | 6901 | 0.0 |
| 30000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 31464 | 0.0 |
| 14000 <sup>(4)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | 13382 | 0.0 |
| 25000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 24718 | 0.0 |
| 26000 | Fiserv, Inc., 5.150%, 03/15/2027 | 26314 | 0.0 |
| 13000 | Fiserv, Inc., 5.150%, 08/12/2034 | 12786 | 0.0 |
| 31000 | Flex Ltd., 5.250%, 01/15/2032 | 30524 | 0.0 |
| 16000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 16210 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 25000 | Florida Power & Light Co., 5.300%, 06/15/2034 | $25656 | 0.0 |
| 55000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 55380 | 0.1 |
| 32000 | Ford Motor Co., 3.250%, 02/12/2032 | 26165 | 0.0 |
| 200000 | Ford Motor Credit Co. LLC, 3.625%, 06/17/2031 | 171039 | 0.1 |
| 200000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 191849 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 5.113%, 05/03/2029 | 191901 | 0.2 |
| 30000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 30704 | 0.0 |
| 33000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 31050 | 0.0 |
| 9000 <sup>(2)</sup> | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | 9260 | 0.0 |
| 200000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 | 205041 | 0.2 |
| 50000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 9.125%, 05/15/2031 | 50616 | 0.1 |
| 74000 | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 | 71942 | 0.1 |
| 18000 | GATX Corp., 4.000%, 06/30/2030 | 17353 | 0.0 |
| 55000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 52087 | 0.1 |
| 81000 | General Mills, Inc., 2.875%, 04/15/2030 | 74831 | 0.1 |
| 5000 | General Motors Co., 6.250%, 10/02/2043 | 4720 | 0.0 |
| 33000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 28050 | 0.0 |
| 48000 <sup>(2)</sup> | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 47231 | 0.0 |
| 105000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 105082 | 0.1 |
| 67000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 67525 | 0.1 |
| 67000 | General Motors Financial Co., Inc., 5.625%, 04/04/2032 | 66525 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 7000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | $7038 | 0.0 |
| 25000 | Genuine Parts Co., 4.950%, 08/15/2029 | 25140 | 0.0 |
| 13000 | Georgia Power Co., 4.650%, 05/16/2028 | 13157 | 0.0 |
| 32000 | Gilead Sciences, Inc., 5.600%, 11/15/2064 | 30892 | 0.0 |
| 40000 <sup>(1)</sup> | Goat Holdco LLC, 6.750%, 02/01/2032 | 39140 | 0.0 |
| 25000 <sup>(4)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 25171 | 0.0 |
| 13000 <sup>(4)</sup> | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | 13124 | 0.0 |
| 25000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 24233 | 0.0 |
| 14000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 13919 | 0.0 |
| 69000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 69707 | 0.1 |
| 38000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 5.561%, 11/19/2045 | 36578 | 0.0 |
| 13000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 13479 | 0.0 |
| 60000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 58487 | 0.1 |
| 13000 <sup>(4)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 13796 | 0.0 |
| 55000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 55665 | 0.1 |
| 29000 | Hartford Financial Services Group, Inc., 2.900%, 09/15/2051 | 17951 | 0.0 |
| 8000 | Hartford Financial Services Group, Inc., 4.400%, 03/15/2048 | 6618 | 0.0 |
| 14000 | HCA, Inc., 2.375%, 07/15/2031 | 11978 | 0.0 |
| 8000 | HCA, Inc., 3.125%, 03/15/2027 | 7799 | 0.0 |
| 88000 | HCA, Inc., 4.125%, 06/15/2029 | 85636 | 0.1 |
| 61000 | HCA, Inc., 5.250%, 03/01/2030 | 62062 | 0.1 |
| 75000 | HCA, Inc., 5.375%, 09/01/2026 | 75436 | 0.1 |
| 23000 | HCA, Inc., 5.450%, 04/01/2031 | 23451 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 34000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | $34645 | 0.0 |
| 50000 | Healthpeak OP LLC, 3.000%, 01/15/2030 | 46361 | 0.0 |
| 16000 | Healthpeak OP LLC, 5.250%, 12/15/2032 | 16079 | 0.0 |
| 38000 | HEICO Corp., 5.250%, 08/01/2028 | 38824 | 0.0 |
| 65000 | Hershey Co., 4.950%, 02/24/2032 | 66019 | 0.1 |
| 10000 | Hershey Co., 5.100%, 02/24/2035 | 10096 | 0.0 |
| 45000 | Hess Corp., 4.300%, 04/01/2027 | 44907 | 0.0 |
| 42000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 41508 | 0.0 |
| 35000 | Hewlett Packard Enterprise Co., 5.000%, 10/15/2034 | 33804 | 0.0 |
| 53000 | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 48932 | 0.1 |
| 50000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 8.375%, 11/01/2033 | 47611 | 0.1 |
| 26000 | Home Depot, Inc., 2.700%, 04/15/2030 | 24133 | 0.0 |
| 25000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 25021 | 0.0 |
| 9000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 8969 | 0.0 |
| 21000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 20288 | 0.0 |
| 50000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 51234 | 0.1 |
| 14000 | HP, Inc., 2.650%, 06/17/2031 | 12129 | 0.0 |
| 24000 | Humana, Inc., 5.375%, 04/15/2031 | 24320 | 0.0 |
| 87000 <sup>(4)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 86079 | 0.1 |
| 33000 <sup>(2)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 31870 | 0.0 |
| 11000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 11041 | 0.0 |
| 29000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 28986 | 0.0 |
| 43000 <sup>(1)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 42636 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 28000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | $28550 | 0.0 |
| 75000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 77559 | 0.1 |
| 29000 <sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 30299 | 0.0 |
| 147000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 147953 | 0.1 |
| 25000 <sup>(1)(2)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 24477 | 0.0 |
| 220000 | Icon Investments Six DAC, 5.849%, 05/08/2029 | 225385 | 0.2 |
| 55000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 52591 | 0.1 |
| 9000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 9181 | 0.0 |
| 12000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 12342 | 0.0 |
| 4000 <sup>(2)</sup> | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 4032 | 0.0 |
| 40000 | Intel Corp., 2.450%, 11/15/2029 | 36035 | 0.0 |
| 20000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 17891 | 0.0 |
| 101000 | International Business Machines Corp., 4.800%, 02/10/2030 | 102288 | 0.1 |
| 100000 <sup>(2)</sup> | International Business Machines Corp., 5.000%, 02/10/2032 | 101091 | 0.1 |
| 100000 | International Business Machines Corp., 5.200%, 02/10/2035 | 100169 | 0.1 |
| 103000 | International Business Machines Corp., 5.700%, 02/10/2055 | 99963 | 0.1 |
| 12000 | Intuit, Inc., 5.200%, 09/15/2033 | 12341 | 0.0 |
| 11000 | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | 11010 | 0.0 |
| 35000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 29368 | 0.0 |
| 64000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 61068 | 0.1 |
| 40000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 39963 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 55000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.750%, 05/01/2033 | $55300 | 0.1 |
| 37000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 36963 | 0.0 |
| 60000 | John Deere Capital Corp., 4.700%, 06/10/2030 | 61097 | 0.1 |
| 23000 | John Deere Capital Corp., 4.850%, 06/11/2029 | 23588 | 0.0 |
| 41000 | John Deere Capital Corp., 4.900%, 03/07/2031 | 42024 | 0.0 |
| 18000 | Johnson & Johnson, 3.625%, 03/03/2037 | 15999 | 0.0 |
| 50000 | Johnson & Johnson, 4.700%, 03/01/2030 | 51411 | 0.1 |
| 6000 | Johnson & Johnson, 4.950%, 06/01/2034 | 6184 | 0.0 |
| 94000 <sup>(4)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 90248 | 0.1 |
| 74000 <sup>(4)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 71952 | 0.1 |
| 71000 <sup>(4)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 66247 | 0.1 |
| 39000 <sup>(4)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 37324 | 0.0 |
| 11000 <sup>(4)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 10180 | 0.0 |
| 118000 <sup>(4)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 115020 | 0.1 |
| 281000 | JPMorgan Chase & Co., 2.950%, 10/01/2026 | 276275 | 0.2 |
| 211000 <sup>(4)</sup> | JPMorgan Chase & Co., 3.782%, 02/01/2028 | 208695 | 0.2 |
| 16000 <sup>(4)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 15985 | 0.0 |
| 35000 <sup>(4)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 34989 | 0.0 |
| 20000 <sup>(4)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 20296 | 0.0 |
| 30000 <sup>(4)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 30647 | 0.0 |
| 24000 <sup>(4)</sup> | JPMorgan Chase & Co., 5.534%, 11/29/2045 | 23653 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 35000 <sup>(4)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | $35803 | 0.0 |
| 118000 <sup>(4)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 120739 | 0.1 |
| 33000 <sup>(4)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 34206 | 0.0 |
| 10000 <sup>(4)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 10369 | 0.0 |
| 5000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 5124 | 0.0 |
| 16000 | Kenvue, Inc., 4.900%, 03/22/2033 | 16202 | 0.0 |
| 14000 | Kenvue, Inc., 5.050%, 03/22/2028 | 14416 | 0.0 |
| 48000 | Keurig Dr Pepper, Inc., 4.600%, 05/15/2030 | 48016 | 0.1 |
| 12000 <sup>(4)</sup> | KeyCorp, 4.789%, 06/01/2033 | 11410 | 0.0 |
| 26000 <sup>(4)</sup> | KeyCorp, 6.401%, 03/06/2035 | 27250 | 0.0 |
| 25000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 24373 | 0.0 |
| 6000 | KLA Corp., 4.700%, 02/01/2034 | 5896 | 0.0 |
| 14000 | Kraft Heinz Foods Co., 5.200%, 03/15/2032 | 14216 | 0.0 |
| 33000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 30890 | 0.0 |
| 18000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 18296 | 0.0 |
| 24000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 23437 | 0.0 |
| 55000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 52699 | 0.1 |
| 30000 <sup>(1)</sup> | Level 3 Financing, Inc., 10.500%, 05/15/2030 | 32582 | 0.0 |
| 33000 <sup>(1)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 33913 | 0.0 |
| 23000 <sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 23391 | 0.0 |
| 55000 <sup>(1)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 56144 | 0.1 |
| 50000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 | 51845 | 0.1 |
| 9000 | Lockheed Martin Corp., 4.800%, 08/15/2034 | 8931 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 6000 | Lockheed Martin Corp., 5.250%, 01/15/2033 | $6195 | 0.0 |
| 5000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 5122 | 0.0 |
| 40000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 40146 | 0.0 |
| 38000 | LPL Holdings, Inc., 5.200%, 03/15/2030 | 38381 | 0.0 |
| 18000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 18353 | 0.0 |
| 75000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 57201 | 0.1 |
| 33000 | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 32287 | 0.0 |
| 29000 | Marriott International, Inc., 4.800%, 03/15/2030 | 29043 | 0.0 |
| 18000 | Marriott International, Inc., 5.350%, 03/15/2035 | 17711 | 0.0 |
| 16000 <sup>(1)</sup> | Mars, Inc., 2.375%, 07/16/2040 | 11128 | 0.0 |
| 23000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 23196 | 0.0 |
| 39000 <sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 39170 | 0.0 |
| 260000 | Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035 | 258335 | 0.2 |
| 17000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 17598 | 0.0 |
| 60000 <sup>(1)</sup> | Match Group Holdings II LLC, 3.625%, 10/01/2031 | 51500 | 0.1 |
| 30000 <sup>(1)</sup> | McGraw-Hill Education, Inc., 7.375%, 09/01/2031 | 30685 | 0.0 |
| 26000 | McKesson Corp., 4.250%, 09/15/2029 | 25954 | 0.0 |
| 55000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 51360 | 0.1 |
| 8000 | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | 7845 | 0.0 |
| 4000 <sup>(2)</sup> | Merck & Co., Inc., 4.500%, 05/17/2033 | 3965 | 0.0 |
| 60000 | Meta Platforms, Inc., 4.750%, 08/15/2034 | 59784 | 0.1 |
| 1000000 <sup>(1)(4)</sup> | MF1 Multi-Family Housing Mortgage Loan Trust 2024-FL15 A, 6.008%, (TSFR1M + 1.688%), 08/18/2041 | 1004001 | 0.8 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 65000 <sup>(2)</sup> | MGM Resorts International, 6.500%, 04/15/2032 | $64097 | 0.1 |
| 50000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 49723 | 0.1 |
| 13000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 13322 | 0.0 |
| 5000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 5182 | 0.0 |
| 14000 | Mondelez International, Inc., 2.750%, 04/13/2030 | 12876 | 0.0 |
| 12000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 12352 | 0.0 |
| 19000 <sup>(4)</sup> | Morgan Stanley, 0.985%, 12/10/2026 | 18575 | 0.0 |
| 23000 <sup>(4)</sup> | Morgan Stanley, 1.512%, 07/20/2027 | 22211 | 0.0 |
| 133000 <sup>(4)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 129159 | 0.1 |
| 14000 <sup>(4)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 11684 | 0.0 |
| 239000 | Morgan Stanley, 3.125%, 07/27/2026 | 235721 | 0.2 |
| 14000 <sup>(4)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 13705 | 0.0 |
| 20000 <sup>(4)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 20253 | 0.0 |
| 39000 <sup>(4)</sup> | Morgan Stanley, 5.164%, 04/20/2029 | 39715 | 0.0 |
| 59000 <sup>(4)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 59873 | 0.1 |
| 187000 <sup>(4)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 191012 | 0.2 |
| 86000 <sup>(4)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 89570 | 0.1 |
| 18000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 18298 | 0.0 |
| 63000 | MPLX L.P., 2.650%, 08/15/2030 | 56348 | 0.1 |
| 50000 | MPLX L.P., 4.000%, 03/15/2028 | 49302 | 0.1 |
| 6000 | MPLX L.P., 5.500%, 06/01/2034 | 5905 | 0.0 |
| 55000 | MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031 | 36507 | 0.0 |
| 82000 | National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028 | 80778 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 12000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | $11365 | 0.0 |
| 19000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 02/07/2031 | 19453 | 0.0 |
| 23000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 22907 | 0.0 |
| 55000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 6.500%, 08/01/2029 | 55955 | 0.1 |
| 55000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 53742 | 0.1 |
| 21000 | NetApp, Inc., 5.500%, 03/17/2032 | 21275 | 0.0 |
| 7000 | NetApp, Inc., 5.700%, 03/17/2035 | 7035 | 0.0 |
| 25000 <sup>(2)</sup> | Newell Brands, Inc., 6.625%, 05/15/2032 | 22475 | 0.0 |
| 25000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 25527 | 0.0 |
| 25000 <sup>(4)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 25115 | 0.0 |
| 25000 <sup>(4)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 25201 | 0.0 |
| 9000 | Norfolk Southern Corp., 2.550%, 11/01/2029 | 8306 | 0.0 |
| 15000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 15445 | 0.0 |
| 6000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | 6245 | 0.0 |
| 34000 <sup>(4)</sup> | Northern Trust Corp., 3.375%, 05/08/2032 | 32911 | 0.0 |
| 64000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 65145 | 0.1 |
| 55000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 51225 | 0.1 |
| 40000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 | 39611 | 0.0 |
| 6000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 6123 | 0.0 |
| 42000 <sup>(2)</sup> | Nucor Corp., 5.100%, 06/01/2035 | 41241 | 0.0 |
| 29000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 30075 | 0.0 |
| 8000 | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 7617 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** |  |  |
| 29000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | $29309 | 0.0 |
| 13000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 11961 | 0.0 |
| 8000 | OGE Energy Corp., 5.450%, 05/15/2029 | 8255 | 0.0 |
| 55000 <sup>(1)</sup> | Olin Corp., 6.625%, 04/01/2033 | 52256 | 0.1 |
| 16000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 16417 | 0.0 |
| 89000 | Oracle Corp., 2.800%, 04/01/2027 | 86618 | 0.1 |
| 154000 | Oracle Corp., 2.950%, 05/15/2025 | 153892 | 0.1 |
| 22000 | Oracle Corp., 3.800%, 11/15/2037 | 18385 | 0.0 |
| 8000 | Oracle Corp., 5.375%, 09/27/2054 | 7097 | 0.0 |
| 16000 | Oracle Corp., 6.000%, 08/03/2055 | 15578 | 0.0 |
| 14000 | Oracle Corp., 6.125%, 08/03/2065 | 13672 | 0.0 |
| 21000 | Oracle Corp., 6.150%, 11/09/2029 | 22326 | 0.0 |
| 13000 | O'Reilly Automotive, Inc., 3.600%, 09/01/2027 | 12794 | 0.0 |
| 31000 | O'Reilly Automotive, Inc., 4.350%, 06/01/2028 | 31036 | 0.0 |
| 20000 | O'Reilly Automotive, Inc., 5.000%, 08/19/2034 | 19556 | 0.0 |
| 40000 <sup>(1)(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 37009 | 0.0 |
| 11000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 11207 | 0.0 |
| 55000 <sup>(1)(2)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 54686 | 0.1 |
| 45000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 46140 | 0.0 |
| 55000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 55102 | 0.1 |
| 3000 | PayPal Holdings, Inc., 4.400%, 06/01/2032 | 2930 | 0.0 |
| 5000 | PECO Energy Co., 4.900%, 06/15/2033 | 5024 | 0.0 |
| 18000 <sup>(1)</sup> | Pennsylvania Electric Co., 5.150%, 03/30/2026 | 18055 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 40000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | $40685 | 0.0 |
| 35000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 35602 | 0.0 |
| 74000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 75370 | 0.1 |
| 55000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 53834 | 0.1 |
| 55000 | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 54631 | 0.1 |
| 20000 | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | 20258 | 0.0 |
| 28000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 27659 | 0.0 |
| 41000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 41166 | 0.0 |
| 27000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 27445 | 0.0 |
| 9000 | Philip Morris International, Inc., 5.250%, 02/13/2034 | 9095 | 0.0 |
| 40000 <sup>(1)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 35160 | 0.0 |
| 25000 <sup>(4)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 26132 | 0.0 |
| 75000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 74344 | 0.1 |
| 40000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.375%, 04/30/2029 | 38006 | 0.0 |
| 47000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 48330 | 0.1 |
| 6000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 6071 | 0.0 |
| 11000 | Public Service Electric and Gas Co., 5.200%, 08/01/2033 | 11220 | 0.0 |
| 8000 | Public Service Electric and Gas Co., 5.200%, 03/01/2034 | 8176 | 0.0 |
| 23000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 20008 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 21000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | $21213 | 0.0 |
| 30000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 30758 | 0.0 |
| 8000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 8041 | 0.0 |
| 9000 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 8091 | 0.0 |
| 8000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 7408 | 0.0 |
| 48000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 48237 | 0.1 |
| 18000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 17797 | 0.0 |
| 9000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 9773 | 0.0 |
| 40000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 40259 | 0.0 |
| 55000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 53781 | 0.1 |
| 65000 <sup>(2)(4)</sup> | Regions Financial Corp., 5.502%, 09/06/2035 | 63677 | 0.1 |
| 13000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 10868 | 0.0 |
| 6000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 6189 | 0.0 |
| 215000 <sup>(1)</sup> | Roche Holdings, Inc., 5.489%, 11/13/2030 | 227259 | 0.2 |
| 38000 <sup>(2)</sup> | Roper Technologies, Inc., 1.750%, 02/15/2031 | 32129 | 0.0 |
| 9000 | Ross Stores, Inc., 4.700%, 04/15/2027 | 9009 | 0.0 |
| 229000 | Royalty Pharma PLC, 1.200%, 09/02/2025 | 226137 | 0.2 |
| 140000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 131310 | 0.1 |
| 33000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 28648 | 0.0 |
| 16000 | Royalty Pharma PLC, 5.150%, 09/02/2029 | 16174 | 0.0 |
| 19000 | Ryder System, Inc., 4.950%, 09/01/2029 | 19159 | 0.0 |
| 37000 | Ryder System, Inc., 5.000%, 03/15/2030 | 37342 | 0.0 |
| 21000 | Ryder System, Inc., 5.250%, 06/01/2028 | 21474 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 5000 | Ryder System, Inc., 5.375%, 03/15/2029 | $5133 | 0.0 |
| 25000 | Ryder System, Inc., 5.500%, 06/01/2029 | 25669 | 0.0 |
| 13000 <sup>(2)</sup> | Ryder System, Inc., 6.600%, 12/01/2033 | 14060 | 0.0 |
| 8000 | S&P Global, Inc., 1.250%, 08/15/2030 | 6832 | 0.0 |
| 31000 | S&P Global, Inc., 2.700%, 03/01/2029 | 29272 | 0.0 |
| 50000 <sup>(2)</sup> | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 50429 | 0.1 |
| 18000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 16339 | 0.0 |
| 4000 <sup>(1)</sup> | Schlumberger Holdings Corp., 4.850%, 05/15/2033 | 3849 | 0.0 |
| 21000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 21336 | 0.0 |
| 55000 <sup>(1)</sup> | Scientific Games Holdings L.P./ Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 52414 | 0.1 |
| 38000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | 36270 | 0.0 |
| 50000 <sup>(1)</sup> | Sealed Air Corp/ Sealed Air Corp. US, 7.250%, 02/15/2031 | 52130 | 0.1 |
| 40000 <sup>(1)(2)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 39745 | 0.0 |
| 35000 <sup>(4)</sup> | Sempra, 6.400%, 10/01/2054 | 32011 | 0.0 |
| 25000 <sup>(1)</sup> | Sensata Technologies, Inc., 6.625%, 07/15/2032 | 24795 | 0.0 |
| 40000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | 37217 | 0.0 |
| 55000 <sup>(1)</sup> | Sinclair Television Group, Inc., 8.125%, 02/15/2033 | 54481 | 0.1 |
| 55000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 53619 | 0.1 |
| 35000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 35941 | 0.0 |
| 23000 <sup>(2)</sup> | Solventum Corp., 5.450%, 03/13/2031 | 23497 | 0.0 |
| 10000 | Solventum Corp., 5.600%, 03/23/2034 | 10116 | 0.0 |
| 25000 | Sonoco Products Co., 4.600%, 09/01/2029 | 24652 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 50000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | $51345 | 0.1 |
| 13000 | Southern California Gas Co., 5.200%, 06/01/2033 | 12980 | 0.0 |
| 26000 | Southern Co., 5.113%, 08/01/2027 | 26409 | 0.0 |
| 6000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | 5978 | 0.0 |
| 96000 | Southwestern Public Service Co., 5.300%, 05/15/2035 | 95631 | 0.1 |
| 64000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 68471 | 0.1 |
| 54000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 64844 | 0.1 |
| 35000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 33070 | 0.0 |
| 25000 <sup>(1)</sup> | Standard Building Solutions, Inc., 6.500%, 08/15/2032 | 25334 | 0.0 |
| 65000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 60685 | 0.1 |
| 40000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 40266 | 0.0 |
| 95000 <sup>(4)</sup> | State Street Corp., 3.031%, 11/01/2034 | 86889 | 0.1 |
| 58000 <sup>(4)</sup> | State Street Corp., 4.675%, 10/22/2032 | 57786 | 0.1 |
| 28000 | State Street Corp., 4.729%, 02/28/2030 | 28342 | 0.0 |
| 65000 <sup>(1)(2)</sup> | Station Casinos LLC, 6.625%, 03/15/2032 | 64684 | 0.1 |
| 31000 | Stryker Corp., 4.850%, 02/10/2030 | 31441 | 0.0 |
| 40000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 39452 | 0.0 |
| 33000 | Sun Communities Operating L.P., 5.500%, 01/15/2029 | 33943 | 0.0 |
| 90000 <sup>(1)</sup> | Sunoco L.P., 6.250%, 07/01/2033 | 89954 | 0.1 |
| 25000 | Synopsys, Inc., 5.000%, 04/01/2032 | 25187 | 0.0 |
| 14000 | Sysco Corp., 5.400%, 03/23/2035 | 14021 | 0.0 |
| 19000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | 19554 | 0.0 |
| 4000 | Targa Resources Corp., 4.200%, 02/01/2033 | 3656 | 0.0 |
| 5000 | Targa Resources Corp., 5.500%, 02/15/2035 | 4886 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 28000 | Target Corp., 5.000%, 04/15/2035 | $27717 | 0.0 |
| 33000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 29418 | 0.0 |
| 20000 <sup>(1)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 17581 | 0.0 |
| 40000 <sup>(1)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 37186 | 0.0 |
| 36000 | Tennessee Valley Authority, 5.250%, 02/01/2055 | 35181 | 0.0 |
| 55000 <sup>(1)</sup> | Terex Corp., 6.250%, 10/15/2032 | 52697 | 0.1 |
| 54000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 55394 | 0.1 |
| 3000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 2822 | 0.0 |
| 15000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 14478 | 0.0 |
| 27000 | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 27121 | 0.0 |
| 26000 | T-Mobile USA, Inc., 5.875%, 11/15/2055 | 25650 | 0.0 |
| 28000 | Toyota Motor Credit Corp., 4.350%, 10/08/2027 | 28118 | 0.0 |
| 29000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 29195 | 0.0 |
| 23000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 23574 | 0.0 |
| 33000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 34685 | 0.0 |
| 21000 | TPG Operating Group II L.P., 5.875%, 03/05/2034 | 21203 | 0.0 |
| 8000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 7483 | 0.0 |
| 40000 <sup>(1)(2)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 32424 | 0.0 |
| 47000 <sup>(4)</sup> | Truist Financial Corp., 5.435%, 01/24/2030 | 48034 | 0.1 |
| 23000 <sup>(4)</sup> | Truist Financial Corp., 5.867%, 06/08/2034 | 23574 | 0.0 |
| 13000 <sup>(4)</sup> | Truist Financial Corp., 6.123%, 10/28/2033 | 13601 | 0.0 |
| 29000 | Tucson Electric Power Co., 5.200%, 09/15/2034 | 28995 | 0.0 |
| 16000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 16471 | 0.0 |
| 31000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 30642 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 6000 | Union Pacific Corp., 3.750%, 02/05/2070 | $3995 | 0.0 |
| 28000 | Union Pacific Corp., 5.100%, 02/20/2035 | 28203 | 0.0 |
| 35000 <sup>(1)</sup> | United Airlines, Inc., 4.625%, 04/15/2029 | 32920 | 0.0 |
| 25000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 17821 | 0.0 |
| 25000 | UnitedHealth Group, Inc., 4.950%, 01/15/2032 | 25245 | 0.0 |
| 11000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 11039 | 0.0 |
| 19000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 18521 | 0.0 |
| 55000 <sup>(1)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 | 53273 | 0.1 |
| 29000 <sup>(4)</sup> | US Bancorp, 5.384%, 01/23/2030 | 29705 | 0.0 |
| 40000 <sup>(1)</sup> | US Foods, Inc., 7.250%, 01/15/2032 | 41894 | 0.0 |
| 55000 | Utah Acquisition Sub, Inc., 3.950%, 06/15/2026 | 54234 | 0.1 |
| 90000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 86876 | 0.1 |
| 3000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | 2569 | 0.0 |
| 3000 | Verizon Communications, Inc., 4.400%, 11/01/2034 | 2832 | 0.0 |
| 21000 | Verizon Communications, Inc., 4.812%, 03/15/2039 | 19601 | 0.0 |
| 30000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 30824 | 0.0 |
| 55000 <sup>(1)</sup> | Viasat, Inc., 5.625%, 04/15/2027 | 53942 | 0.1 |
| 50000 | Viatris, Inc., 2.700%, 06/22/2030 | 43303 | 0.0 |
| 6000 | Viatris, Inc., 3.850%, 06/22/2040 | 4211 | 0.0 |
| 40000 <sup>(1)(2)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 34932 | 0.0 |
| 55000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 | 52955 | 0.1 |
| 63000 | VMware, Inc., 1.400%, 08/15/2026 | 60490 | 0.1 |
| 139000 | Walmart, Inc., 4.900%, 04/28/2035 | 140854 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 40000 <sup>(1)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | $41253 | 0.0 |
| 51000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 49646 | 0.1 |
| 55000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 56253 | 0.1 |
| 7000 | WEC Energy Group, Inc., 5.000%, 09/27/2025 | 7002 | 0.0 |
| 9000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 | 9148 | 0.0 |
| 29000 | Wells Fargo & Co., 3.000%, 10/23/2026 | 28463 | 0.0 |
| 9000 <sup>(4)</sup> | Wells Fargo & Co., 3.584%, 05/22/2028 | 8839 | 0.0 |
| 18000 <sup>(4)</sup> | Wells Fargo & Co., 4.540%, 08/15/2026 | 17988 | 0.0 |
| 8000 <sup>(4)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 8064 | 0.0 |
| 145000 <sup>(4)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 147294 | 0.1 |
| 8000 <sup>(4)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 8607 | 0.0 |
| 6000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | 5705 | 0.0 |
| 33000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 33111 | 0.0 |
| 18000 | Weyerhaeuser Co., 4.750%, 05/15/2026 | 18028 | 0.0 |
| 9000 | Williams Cos., Inc., 4.900%, 03/15/2029 | 9097 | 0.0 |
| 65000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 06/15/2029 | 65940 | 0.1 |
| 8000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 | 8065 | 0.0 |
| 65000 <sup>(1)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 | 62876 | 0.1 |
| 25000 | Xcel Energy, Inc., 5.600%, 04/15/2035 | 25259 | 0.0 |
| 23000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 | 23602 | 0.0 |
|  |  | **23894546** | **17.9** |
|  | Total Corporate Bonds/Notes |  |  |
|  | (Cost $35,371,065) | **35352400** | **26.4** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 21.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 21.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 21.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 21.4%** |
|  | **United States: 21.4%** | **United States: 21.4%** | **United States: 21.4%** |
| 195942 <sup>(4)</sup> | Adjustable Rate Mortgage Trust 2006-2 1A1, 4.792%, 05/25/2036 | $168354 | 0.1 |
| 56835 <sup>(4)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.941%, (TSFR1M + 0.614%), 11/25/2035 | 29001 | 0.0 |
| 98605 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 44905 | 0.0 |
| 142529 <sup>(4)</sup> | Alternative Loan Trust 2007-23CB A3, 4.941%, (TSFR1M + 0.614%), 09/25/2037 | 51366 | 0.0 |
| 310078 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | 143665 | 0.1 |
| 216435 | CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036 | 188114 | 0.1 |
| 619563 <sup>(1)(4)</sup> | COLT Mortgage Loan Trust 2021-2 A1, 0.924%, 08/25/2066 | 520200 | 0.4 |
| 237966 <sup>(1)(4)</sup> | COLT Mortgage Loan Trust 2021-3 A1, 0.956%, 09/27/2066 | 198220 | 0.2 |
| 129705 <sup>(1)(4)</sup> | CSMC Trust 2015-2 B3, 3.879%, 02/25/2045 | 124760 | 0.1 |
| 80162 <sup>(1)(4)</sup> | CSMC Trust 2015-3 B1, 3.798%, 03/25/2045 | 77591 | 0.1 |
| 1000000 <sup>(1)(4)</sup> | Fannie Mae Connecticut Avenue Securities 2020-SBT1 2M2, 8.118%, (SOFR30A + 3.764%), 02/25/2040 | 1038564 | 0.8 |
| 75245 | Fannie Mae REMIC Trust 2003-22 BZ, 6.000%, 04/25/2033 | 77995 | 0.1 |
| 2049031 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2005-18 SC, 0.182%, (-1.000\*SOFR30A + 4.536%), 03/25/2035 | 75342 | 0.1 |
| 62415 <sup>(4)</sup> | Fannie Mae REMIC Trust 2005-74 DK, 6.127%, (-1.000\*SOFR30A + 23.542%), 07/25/2035 | 65436 | 0.1 |
| 53427 <sup>(4)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 11.109%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | 71802 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 694220 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2007-36 SN, 2.302%, (-1.000\*SOFR30A + 6.656%), 04/25/2037 | $68998 | 0.1 |
| 30970 <sup>(4)</sup> | Fannie Mae REMIC Trust 2007-55 DS, 3.830%, (-1.000\*SOFR30A + 14.714%), 06/25/2037 | 28974 | 0.0 |
| 269187 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2007-9 SE, 1.612%, (-1.000\*SOFR30A + 5.966%), 03/25/2037 | 20962 | 0.0 |
| 450472 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2008-41 S, 2.332%, (-1.000\*SOFR30A + 6.686%), 11/25/2036 | 46840 | 0.0 |
| 388759 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2008-53 FI, 1.632%, (-1.000\*SOFR30A + 5.986%), 07/25/2038 | 32446 | 0.0 |
| 264889 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2008-58 SM, 1.632%, (-1.000\*SOFR30A + 5.986%), 07/25/2038 | 23248 | 0.0 |
| 1345733 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2009-106 SA, 1.782%, (-1.000\*SOFR30A + 6.136%), 01/25/2040 | 105938 | 0.1 |
| 147528 <sup>(4)</sup> | Fannie Mae REMIC Trust 2009-66 SL, 0.999%, (-1.000\*SOFR30A + 15.452%), 09/25/2039 | 135940 | 0.1 |
| 93200 <sup>(4)</sup> | Fannie Mae REMIC Trust 2009-66 SW, 1.166%, (-1.000\*SOFR30A + 15.618%), 09/25/2039 | 73777 | 0.1 |
| 1760419 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2010-123 SL, 1.602%, (-1.000\*SOFR30A + 5.956%), 11/25/2040 | 133227 | 0.1 |
| 1944667 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2011-55 SK, 2.092%, (-1.000\*SOFR30A + 6.446%), 06/25/2041 | 207300 | 0.2 |
| 735125 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2011-86 NS, 1.482%, (-1.000\*SOFR30A + 5.836%), 09/25/2041 | 52753 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 132972 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2012-10 US, 1.982%, (-1.000\*SOFR30A + 6.336%), 02/25/2042 | $16505 | 0.0 |
| 213009 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2012-24 HS, 2.082%, (-1.000\*SOFR30A + 6.436%), 09/25/2040 | 3549 | 0.0 |
| 267407 <sup>(5)</sup> | Fannie Mae REMIC Trust 2013-31 PI, 4.500%, 02/25/2043 | 13684 | 0.0 |
| 459581 <sup>(5)</sup> | Fannie Mae REMIC Trust 2013-44 DI, 3.000%, 05/25/2033 | 36911 | 0.0 |
| 3449362 <sup>(5)</sup> | Fannie Mae REMIC Trust 2015-34 DI, 6.500%, 06/25/2045 | 794112 | 0.6 |
| 5249308 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2015-59 SK, 1.182%, (-1.000\*SOFR30A + 5.536%), 08/25/2045 | 457796 | 0.4 |
| 9412503 <sup>(4)(5)</sup> | Fannie Mae REMIC Trust 2016-54 SL, 1.532%, (-1.000\*SOFR30A + 5.886%), 08/25/2046 | 1058393 | 0.8 |
| 3477846 <sup>(5)</sup> | Fannie Mae REMIC Trust 2017-15 GI, 4.500%, 03/25/2047 | 481992 | 0.4 |
| 4589457 <sup>(5)</sup> | Fannie Mae REMIC Trust 2020-49 PI, 2.000%, 07/25/2050 | 591404 | 0.5 |
| 61140 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 2303 SY, 4.241%, (-1.000\*SOFR30A + 8.586%), 04/15/2031 | 5854 | 0.0 |
| 426590 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 2989 GU, 2.541%, (-1.000\*SOFR30A + 6.886%), 02/15/2033 | 28133 | 0.0 |
| 487796 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 3271 SB, 1.591%, (-1.000\*SOFR30A + 5.936%), 02/15/2037 | 37947 | 0.0 |
| 1507287 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 3424 HI, 1.441%, (-1.000\*SOFR30A + 5.786%), 04/15/2038 | 120335 | 0.1 |
| 214703 <sup>(5)</sup> | Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040 | 22821 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 1093102 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 3693 SC, 2.041%, (-1.000\*SOFR30A + 6.386%), 07/15/2040 | $129502 | 0.1 |
| 1718853 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 3856 KS, 2.091%, (-1.000\*SOFR30A + 6.436%), 05/15/2041 | 186642 | 0.1 |
| 185924 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.591%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | 4273 | 0.0 |
| 3893402 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 3988 NS, 2.016%, (-1.000\*SOFR30A + 6.361%), 01/15/2042 | 495541 | 0.4 |
| 734799 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 4040 SW, 2.171%, (-1.000\*SOFR30A + 6.516%), 05/15/2032 | 52097 | 0.0 |
| 3040754 <sup>(5)</sup> | Freddie Mac REMIC Trust 4091 IK, 5.000%, 10/15/2041 | 628754 | 0.5 |
| 7060089 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 4096 SB, 1.541%, (-1.000\*SOFR30A + 5.886%), 08/15/2042 | 752237 | 0.6 |
| 301442 <sup>(5)</sup> | Freddie Mac REMIC Trust 4152 BI, 4.000%, 12/15/2041 | 18910 | 0.0 |
| 508130 <sup>(5)</sup> | Freddie Mac REMIC Trust 4313 MI, 5.000%, 04/15/2039 | 44612 | 0.0 |
| 4512794 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 4480 WS, 1.721%, (-1.000\*SOFR30A + 6.066%), 06/15/2045 | 557104 | 0.4 |
| 7168332 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 4623 MS, 1.541%, (-1.000\*SOFR30A + 5.886%), 10/15/2046 | 865002 | 0.7 |
| 1013282 | Freddie Mac REMIC Trust 4800 MZ, 4.000%, 06/15/2048 | 959516 | 0.7 |
| 1099895 | Freddie Mac REMIC Trust 4879 ZA, 4.000%, 05/15/2049 | 1040709 | 0.8 |
| 8207177 <sup>(4)(5)</sup> | Freddie Mac REMIC Trust 4938 ES, 1.532%, (-1.000\*SOFR30A + 5.886%), 12/25/2049 | 911679 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 11346291 <sup>(5)</sup> | Freddie Mac REMIC Trust 5046 IO, 2.000%, 11/25/2040 | $1129753 | 0.9 |
| 700000 <sup>(1)(4)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.454%, (SOFR30A + 2.100%), 09/25/2041 | 702411 | 0.5 |
| 500000 <sup>(1)(4)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 8.104%, (SOFR30A + 3.750%), 02/25/2042 | 519071 | 0.4 |
| 6434501 <sup>(5)</sup> | Freddie Mac Strips 324 C21, 6.000%, 06/15/2039 | 1344294 | 1 |
| 92720 <sup>(4)(5)</sup> | Freddie Mac Strips 351 103, 4.000%, 01/15/2031 | 6618 | 0 |
| 396387 <sup>(4)(5)</sup> | Freddie Mac Strips 351 200, 3.500%, 02/15/2046 | 52744 | 0 |
| 1927537 <sup>(5)</sup> | Freddie Mac Strips 351 C14, 3.500%, 02/15/2031 | 126026 | 0.1 |
| 756924 <sup>(4)(5)</sup> | Freddie Mac Strips 351 C30, 2.500%, 02/15/2031 | 26317 | 0 |
| 938103 <sup>(4)(5)</sup> | Freddie Mac Strips 351 C31, 3.000%, 02/15/2031 | 44966 | 0 |
| 619319 <sup>(4)(5)</sup> | Freddie Mac Strips 351 C32, 3.500%, 02/15/2031 | 37224 | 0 |
| 2632554 <sup>(4)(5)</sup> | Freddie Mac Strips 351 C33, 4.000%, 02/15/2046 | 449681 | 0.3 |
| 5280350 <sup>(4)(5)</sup> | Freddie Mac Strips 351 C34, 3.500%, 02/15/2046 | 955529 | 0.7 |
| 6412728 <sup>(5)</sup> | Freddie Mac Strips 390 C5, 2.000%, 04/15/2042 | 611551 | 0.5 |
| 155196 <sup>(1)(4)</sup> | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 149881 | 0.1 |
| 117338 <sup>(4)</sup> | Ginnie Mae 2007-8 SP, 7.675%, (-1.000\*TSFR1M + 21.677%), 03/20/2037 | 141919 | 0.1 |
| 4947629 <sup>(4)(5)</sup> | Ginnie Mae 2009-106 CM, 2.165%, (-1.000\*TSFR1M + 6.486%), 01/16/2034 | 129961 | 0.1 |
| 540046 <sup>(4)(5)</sup> | Ginnie Mae 2010-116 NS, 2.215%, (-1.000\*TSFR1M + 6.536%), 09/16/2040 | 42666 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 31141 <sup>(5)</sup> | Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039 | $758 | 0.0 |
| 17016 <sup>(5)</sup> | Ginnie Mae 2011-116 BI, 4.000%, 08/16/2026 | 61 | 0.0 |
| 540349 <sup>(5)</sup> | Ginnie Mae 2013-115 NI, 4.500%, 01/16/2043 | 56165 | 0.0 |
| 127502 <sup>(5)</sup> | Ginnie Mae 2013-5 NI, 3.000%, 01/20/2028 | 2727 | 0.0 |
| 7439618 <sup>(5)</sup> | Ginnie Mae 2015-10 IX, 4.500%, 01/20/2045 | 1637730 | 1.2 |
| 561718 <sup>(5)</sup> | Ginnie Mae 2015-178 GI, 4.000%, 05/20/2044 | 47382 | 0.0 |
| 2739387 <sup>(5)</sup> | Ginnie Mae 2016-161 CI, 5.500%, 11/20/2046 | 451862 | 0.3 |
| 4969575 <sup>(5)</sup> | Ginnie Mae 2019-89 QI, 4.000%, 04/20/2046 | 908442 | 0.7 |
| 136609 <sup>(4)</sup> | GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 4.855%, (TSFR1M + 0.534%), 04/25/2036 | 117618 | 0.1 |
| <sub>8459</sub> (1)(4) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 7996 | 0.0 |
| <sub>6704</sub> (1)(4) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 6318 | 0.0 |
| 732870 <sup>(1)(4)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 A4, 2.500%, 08/25/2051 | 592773 | 0.5 |
| 328733 <sup>(1)(4)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052 | 266618 | 0.2 |
| 406371 <sup>(1)(4)</sup> | J.P. Morgan Mortgage Trust 2022-4 A17A, 3.000%, 10/25/2052 | 343360 | 0.3 |
| 667555 <sup>(1)(4)</sup> | J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052 | 567244 | 0.4 |
| 275888 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050 | 248260 | 0.2 |
| 44771 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050 | 40413 | 0.0 |
| 74619 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050 | 67355 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 4351 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A15, 3.494%, 03/25/2050 | $4264 | 0.0 |
| 60775 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050 | 51396 | 0.0 |
| 300000 <sup>(1)(4)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 303852 | 0.2 |
| 148964 <sup>(1)(4)</sup> | JP Morgan Trust 2015-3 A3, 3.500%, 05/25/2045 | 138784 | 0.1 |
| 300000 <sup>(1)(4)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 291017 | 0.2 |
| 270149 <sup>(1)(4)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | 219019 | 0.2 |
| 42820 <sup>(1)(4)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 40157 | 0.0 |
| 133978 <sup>(1)(4)</sup> | OBX Trust 2020-INV1 A21, 3.500%, 12/25/2049 | 120763 | 0.1 |
| 499089 <sup>(1)(4)</sup> | RATE Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 | 404785 | 0.3 |
| 14297 <sup>(1)(4)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 13428 | 0.0 |
| 300000 <sup>(1)(4)</sup> | Sequoia Mortgage Trust 2020-4 A8, 2.500%, 11/25/2050 | 213240 | 0.2 |
| 971 <sup>(4)</sup> | Structured Asset Securities Corp. 2004-4XS 1A6, 5.050%, 02/25/2034 | 970 | 0.0 |
| 4840222 <sup>(4)(5)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 4949 | 0.0 |
| 32575 <sup>(4)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.760%, 10/25/2036 | 29164 | 0.0 |
| 243532 <sup>(4)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.315%, 12/25/2036 | 215380 | 0.2 |
| 58555 <sup>(4)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.871%, (TSFR1M + 0.544%), 06/25/2037 | 50127 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 339074 <sup>(1)(4)</sup> | Wells Fargo Mortgage Backed Securities Trust 2021-1 A17, 2.500%, 12/25/2050 | 275543 | 0.2 |
| 236816 <sup>(1)(4)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045 | 218938 | 0.2 |
|  |  | **28551202** | **21.4** |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $31,611,244) | **28551202** | **21.4** |
| **SOVEREIGN BONDS: 16.5%** | **SOVEREIGN BONDS: 16.5%** | **SOVEREIGN BONDS: 16.5%** | **SOVEREIGN BONDS: 16.5%** |
|  | **Australia: 0.3%** | **Australia: 0.3%** | **Australia: 0.3%** |
| <sup>AUD</sup>837000 <sup>(1)</sup> | Queensland Treasury Corp., 1.750%, 07/20/2034 | 414147 | 0.3 |
|  | **Bahrain: 0.1%** | **Bahrain: 0.1%** | **Bahrain: 0.1%** |
| 200000 | Kingdom of Bahr, 6.250%, 07/07/2033 | 200000 | 0.1 |
|  | **Brazil: 2.8%** | **Brazil: 2.8%** | **Brazil: 2.8%** |
| <sup>BRL</sup>18664 <sup>(6)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | 2996262 | 2.3 |
| <sup>BRL</sup>1045000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 | 719713 | 0.5 |
|  |  | **3715975** | **2.8** |
|  | **Canada: 0.4%** | **Canada: 0.4%** | **Canada: 0.4%** |
| <sup>CAD</sup>1100000 | Canadian Government Bond 0004, 2.000%, 12/01/2051 | 599622 | 0.4 |
|  | **China: 3.5%** | **China: 3.5%** | **China: 3.5%** |
| <sup>CNY</sup>15570000 | China Government Bond INBK, 2.520%, 08/25/2033 | 2283521 | 1.7 |
| <sup>CNY</sup>1140000 | China Government Bond INBK, 2.880%, 02/25/2033 | 171317 | 0.2 |
| <sup>CNY</sup>2420000 | China Government Bond INBK, 3.120%, 10/25/2052 | 418090 | 0.3 |
| <sup>CNY</sup>2110000 | China Government Bond INBK, 3.320%, 04/15/2052 | 375800 | 0.3 |
| <sup>CNY</sup>7070000 | China Government Bond INBK, 4.080%, 10/22/2048 | 1369890 | 1 |
|  |  | **4618618** | **3.5** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Colombia: 0.8%** | **Colombia: 0.8%** | **Colombia: 0.8%** |
| 325000 | Colombia Government International Bond, 8.375%, 11/07/2054 | $298756 | 0.2 |
| 200000 | Colombia Government International Bond, 8.500%, 04/25/2035 | 203800 | 0.2 |
| <sup>COP</sup>2551900000 | Colombian TES B, 7.750%, 09/18/2030 | 525409 | 0.4 |
|  |  | **1027965** | **0.8** |
|  | **Côte d'Ivoire: 0.2%** |  |  |
| 225000 | Ivory Coast Government International Bond, 8.075%, 04/01/2036 | 207281 | 0.2 |
|  | **Czechia: 0.3%** |  |  |
| <sup>CZK</sup>9220000 | Czech Republic Government Bond 105, 2.750%, 07/23/2029 | 407308 | 0.3 |
|  | **Dominican Republic: 0.2%** |  |  |
| 225000 <sup>(1)</sup> | Dominican Republic International Bond, 6.950%, 03/15/2037 | 224100 | 0.2 |
|  | **Egypt: 0.1%** |  |  |
| 200000 <sup>(1)</sup> | Egypt Government International Bond, 8.625%, 02/04/2030 | 190760 | 0.1 |
|  | **Germany: 0.1%** |  |  |
| <sup>EUR</sup>60000 | Bundesrepublik Deutschland Bundesanleihe, 0.500%, 02/15/2028 | 65731 | 0.1 |
| <sup>EUR</sup>40000 | Bundesrepublik Deutschland Bundesanleihe, 1.000%, 08/15/2025 | 45195 | 0 |
| <sup>EUR</sup>30000 | Bundesrepublik Deutschland Bundesanleihe, 2.730%, 08/15/2026 | 33274 | 0 |
|  |  | **144200** | **0.1** |
|  | **Indonesia: 0.7%** |  |  |
| <sup>IDR</sup>13833000000 | Indonesia Treasury Bond FR79, 8.375%, 04/15/2039 | 930311 | 0.7 |
|  | **Italy: 1.1%** |  |  |
| <sup>EUR</sup>641000 <sup>(1)</sup> | Italy Buoni Poliennali Del Tesoro 30Y, 3.850%, 09/01/2049 | 687023 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Italy: (continued)** | **Italy: (continued)** | **Italy: (continued)** |
| <sup>EUR</sup>641000 <sup>(1)</sup> | Italy Buoni Poliennali Del Tesoro 31Y, 5.000%, 08/01/2034 | 819609 | 0.6 |
|  |  | **1506632** | **1.1** |
|  | **Malaysia: 0.6%** | **Malaysia: 0.6%** | **Malaysia: 0.6%** |
| <sup>MYR</sup>3642000 | Malaysia Government Bond 0419, 3.828%, 07/05/2034 | 855849 | 0.6 |
|  | **Mexico: 1.3%** | **Mexico: 1.3%** | **Mexico: 1.3%** |
| <sup>MXN</sup>47650 | Mexican Udibonos S, 2.750%, 11/27/2031 | 1788954 | 1.3 |
|  | **Peru: 0.9%** | **Peru: 0.9%** | **Peru: 0.9%** |
| <sup>PEN</sup>4000000 | Peru Government Bond, 6.350%, 08/12/2028 | 1162798 | 0.9 |
|  | **Poland: 0.3%** | **Poland: 0.3%** | **Poland: 0.3%** |
| <sup>PLN</sup>1525000 | Republic of Poland Government Bond 0728, 7.500%, 07/25/2028 | 439815 | 0.3 |
|  | **Russian Federation: —%** | **Russian Federation: —%** | **Russian Federation: —%** |
| <sup>RUB</sup>47938000 <sup>(7)</sup> | Russian Federal Bond - OFZ 6224, 6.900%, 05/23/2029 |  |  |
|  | **South Africa: 0.3%** | **South Africa: 0.3%** | **South Africa: 0.3%** |
| 275000 | Republic of South Africa Government International Bond, 4.850%, 09/30/2029 | 259325 | 0.2 |
| 200000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.100%, 11/19/2036 | 190401 | 0.1 |
|  |  | **449726** | **0.3** |
|  | **Spain: 1.1%** | **Spain: 1.1%** | **Spain: 1.1%** |
| <sup>EUR</sup>1284000 <sup>(1)</sup> | Spain Government Bond, 1.450%, 04/30/2029 | 1412584 | 1.1 |
|  | **Thailand: 1.2%** | **Thailand: 1.2%** | **Thailand: 1.2%** |
| <sup>THB</sup>41793000 | Thailand Government Bond, 2.875%, 12/17/2028 | 1307399 | 1 |
| <sup>THB</sup>8250000 | Thailand Government Bond, 3.350%, 06/17/2033 | 274778 | 0.2 |
|  |  | **1582177** | **1.2** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Ukraine: 0.2%** | **Ukraine: 0.2%** | **Ukraine: 0.2%** |
| 243989 <sup>(1)(3)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2035 | $120042 | 0.1 |
| 185707 <sup>(1)(3)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2036 | 90254 | 0.1 |
|  |  | **210296** | **0.2** |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $23,216,899) | **22089118** | **16.5** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 11.0%** |
|  | **United States: 11.0%** | **United States: 11.0%** | **United States: 11.0%** |
| 500000 <sup>(4)</sup> | BANK 2017-BNK4 C, 4.372%, 05/15/2050 | 438222 | 0.3 |
| 5710955 <sup>(4)(5)</sup> | BANK 2017-BNK5 XA, 1.083%, 06/15/2060 | 87911 | 0.1 |
| 899314 <sup>(4)(5)</sup> | BANK 2019-BN16 XA, 1.091%, 02/15/2052 | 24043 | 0 |
| 500000 <sup>(1)(4)</sup> | BAY Mortgage Trust 2025-LIVN A, 6.100%, (TSFR1M + 1.800%), 05/15/2035 | 500000 | 0.4 |
| 8650039 <sup>(4)(5)</sup> | BBCMS Mortgage Trust 2022-C17 XA, 1.324%, 09/15/2055 | 576903 | 0.4 |
| 280000 <sup>(1)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 177222 | 0.1 |
| 1328711 <sup>(4)(5)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.177%, 03/15/2052 | 41667 | 0 |
| 9932222 <sup>(4)(5)</sup> | Benchmark Mortgage Trust 2020-B21 XA, 1.527%, 12/17/2053 | 560046 | 0.4 |
| 700000 <sup>(1)(4)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.607%, (TSFR1M + 2.285%), 10/15/2036 | 690273 | 0.5 |
| 500000 <sup>(1)(4)</sup> | BX Trust 2021-LBA EJV, 6.436%, (TSFR1M + 2.114%), 02/15/2036 | 486059 | 0.4 |
| 395405 <sup>(1)(4)</sup> | BX Trust 2021-LBA EV, 6.436%, (TSFR1M + 2.114%), 02/15/2036 | 384380 | 0.3 |
| 600000 <sup>(1)(4)</sup> | BX Trust 2021-LGCY D, 5.738%, (TSFR1M + 1.416%), 10/15/2036 | 594070 | 0.4 |
| 750000 <sup>(1)(4)</sup> | BX Trust 2023-DELC A, 7.012%, (TSFR1M + 2.690%), 05/15/2038 | 753231 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 2627261 <sup>(4)(5)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.475%, 08/10/2049 | $20242 | 0.0 |
| 8581000 <sup>(4)(5)</sup> | Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.937%, 08/10/2049 | 78637 | 0.1 |
| 4758099 <sup>(4)(5)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.733%, 02/10/2049 | 18643 | 0.0 |
| 9749578 <sup>(1)(4)(5)</sup> | Commercial Mortgage Pass Through Certificates 2012-LTRT XA, 0.927%, 10/05/2030 | 86762 | 0.1 |
| 500000 <sup>(4)</sup> | CSAIL Commercial Mortgage Trust 2018-C14 B, 5.039%, 11/15/2051 | 471898 | 0.4 |
| 750000 <sup>(1)</sup> | ELM Trust 2024-ELM C15, 6.396%, 06/10/2039 | 755655 | 0.6 |
| 500000 <sup>(1)(4)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.922%, (TSFR1M + 2.600%), 12/15/2039 | 497145 | 0.4 |
| 6984131 <sup>(4)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.963%, 11/25/2030 | 272315 | 0.2 |
| 24276609 <sup>(4)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K151 X1, 0.487%, 04/25/2030 | 360347 | 0.3 |
| 3513979 <sup>(4)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.435%, 07/25/2035 | 334744 | 0.2 |
| 5453176 <sup>(4)(5)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.950%, 10/25/2035 | 336006 | 0.2 |
| 557000 <sup>(1)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK71, 1.970%, 11/27/2050 | 491740 | 0.4 |
| 220000 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 218598 | 0.2 |
| 220000 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 218251 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 825000 <sup>(4)</sup> | GS Mortgage Securities Trust 2015-GS1 AS, 4.037%, 11/10/2048 | 799843 | 0.6 |
| 7230284 <sup>(4)(5)</sup> | GS Mortgage Securities Trust 2017-GS6 XA, 1.141%, 05/10/2050 | 107493 | 0.1 |
| 750000 <sup>(4)</sup> | GS Mortgage Securities Trust 2018-GS9 A4, 3.992%, 03/10/2051 | 737378 | 0.6 |
| 300000 <sup>(1)(4)</sup> | GSMS Trustair 2024-FAIR A, 6.072%, 07/15/2029 | 309242 | 0.2 |
| 500000 <sup>(1)(4)</sup> | INTOWN Mortgage Trust 2025-STAY D, 7.172%, (TSFR1M + 2.850%), 03/15/2042 | 491296 | 0.4 |
| 1000000 <sup>(1)(4)</sup> | KSL Commercial Mortgage Trust 2024-HT2 A, 5.864%, (TSFR1M + 1.542%), 12/15/2039 | 992421 | 0.7 |
| 3438425 <sup>(1)(4)(5)</sup> | LSTAR Commercial Mortgage Trust 2017-5 X, 0.998%, 03/10/2050 | 28784 | 0.0 |
| 150000 <sup>(1)(4)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.354%, 11/08/2049 | 139910 | 0.1 |
| <sub>70000</sub> (1)(8) | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 61029 | 0.0 |
| 500000 <sup>(1)(4)</sup> | WCORE Commercial Mortgage Trust 2024-CORE C, 6.563%, (TSFR1M + 2.241%), 11/15/2041 | 498349 | 0.4 |
| 12717 | Wells Fargo Commercial Mortgage Trust 2014-LC18 B, 3.959%, 12/15/2047 | 12612 | 0.0 |
| 1000000 <sup>(1)(4)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT C, 6.029%, 03/15/2038 | 998315 | 0.7 |
|  |  | **14651682** | **11.0** |
|  | Total Commercial Mortgage-Backed Securities |  |  |
|  | (Cost $14,700,132) | **14651682** | **11.0** |
| **ASSET-BACKED SECURITIES: 9.1%** | **ASSET-BACKED SECURITIES: 9.1%** | **ASSET-BACKED SECURITIES: 9.1%** | **ASSET-BACKED SECURITIES: 9.1%** |
|  | **Cayman Islands: 9.0%** | **Cayman Islands: 9.0%** | **Cayman Islands: 9.0%** |
| 750000 <sup>(1)(4)</sup> | Barings CLO Ltd. 2019-4A CR, 6.456%, (TSFR3M + 2.200%), 07/15/2037 | 750631 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Cayman Islands: (continued)** | **Cayman Islands: (continued)** | **Cayman Islands: (continued)** |
| 850000 <sup>(1)(4)</sup> | Barings CLO Ltd. 2024-1A A, 5.899%, (TSFR3M + 1.630%), 01/20/2037 | $851700 | 0.6 |
| 500000 <sup>(1)(4)</sup> | BlueMountain CLO Ltd. 2013-2A CR, 6.484%, (TSFR3M + 2.212%), 10/22/2030 | 500191 | 0.4 |
| 250000 <sup>(1)(4)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A C, 6.518%, (TSFR3M + 2.262%), 04/15/2034 | 247760 | 0.2 |
| 500000 <sup>(1)(4)</sup> | BlueMountain CLO XXXI Ltd. 2021-31A A2, 5.931%, (TSFR3M + 1.662%), 04/19/2034 | 499364 | 0.4 |
| 550000 <sup>(1)(4)</sup> | CBAM Ltd. 2017-1A AR2, 5.659%, (TSFR3M + 1.390%), 01/20/2038 | 549087 | 0.4 |
| 400000 <sup>(1)(4)</sup> | CBAM Ltd. 2017-1A CR2, 6.369%, (TSFR3M + 2.100%), 01/20/2038 | 395937 | 0.3 |
| 450000 <sup>(1)(4)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A ARR, 5.500%, (TSFR3M + 1.220%), 01/17/2038 | 446320 | 0.3 |
| 750000 <sup>(1)(4)</sup> | CIFC Funding Ltd. 2013-1A BR, 6.922%, (TSFR3M + 2.662%), 07/16/2030 | 751331 | 0.6 |
| 1000000 <sup>(1)(4)</sup> | Dryden 49 Senior Loan Fund 2017-49A CR, 6.581%, (TSFR3M + 2.312%), 07/18/2030 | 1001291 | 0.8 |
| 1000000 <sup>(1)(4)</sup> | Elevation Clo Ltd. 2021-13A C1R, 6.256%, (TSFR3M + 2.000%), 07/15/2034 | 982391 | 0.7 |
| 1000000 <sup>(1)(4)</sup> | Galaxy XV CLO Ltd. 2013-15A CRR, 6.368%, (TSFR3M + 2.112%), 10/15/2030 | 1000768 | 0.7 |
| 500000 <sup>(1)(4)</sup> | Madison Park Funding XXXI Ltd. 2018-31A CR, 6.529%, (TSFR3M + 2.250%), 07/23/2037 | 500508 | 0.4 |
| 450000 <sup>(1)(4)</sup> | Mountain View CLO XVIII Ltd. 2024-1A C, 6.461%, (TSFR3M + 2.200%), 10/16/2037 | 446868 | 0.3 |
| 600000 <sup>(1)(4)</sup> | Neuberger Berman Loan Advisers Clo 40 Ltd. 2021-40A C, 6.272%, (TSFR3M + 2.012%), 04/16/2033 | 600735 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Cayman Islands: (continued)** | **Cayman Islands: (continued)** | **Cayman Islands: (continued)** |
| 300000 <sup>(1)(4)</sup> | Oaktree CLO Ltd. 2022-3A CR, 6.356%, (TSFR3M + 2.100%), 10/15/2037 | 296206 | 0.2 |
| 250000 <sup>(1)(4)</sup> | Rad CLO 10 Ltd. 2021-10A C, 6.291%, (TSFR3M + 2.012%), 04/23/2034 | 248472 | 0.2 |
| 650000 <sup>(1)(4)</sup> | Shackleton CLO Ltd. 2019-15A CR, 6.668%, (TSFR3M + 2.412%), 01/15/2032 | 650792 | 0.5 |
| 300000 <sup>(1)(4)</sup> | Symphony CLO XXVI Ltd. 2021-26A CR, 6.531%, (TSFR3M + 2.262%), 04/20/2033 | 297138 | 0.2 |
| 350000 <sup>(1)(4)</sup> | TCI-Flatiron Clo Ltd. 2018-1A CR, 6.292%, (TSFR3M + 2.012%), 01/29/2032 | 350472 | 0.3 |
| 600000 <sup>(1)(4)</sup> | Venture XXVII CLO Ltd. 2017-27A CR, 6.831%, (TSFR3M + 2.562%), 07/20/2030 | 594290 | 0.4 |
|  |  | **11962252** | **9.0** |
|  | **United States: 0.1%** | **United States: 0.1%** | **United States: 0.1%** |
| 326395 <sup>(4)</sup> | Citigroup Mortgage Loan Trust 2006-WF1 A2E, 4.507%, 03/25/2036 | 151653 | 0.1 |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $12,260,691) | **12113905** | **9.1** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 7.2%** |
|  | **Federal Home Loan Mortgage Corporation: 0.3%<sup>(9)</sup>** | **Federal Home Loan Mortgage Corporation: 0.3%<sup>(9)</sup>** | **Federal Home Loan Mortgage Corporation: 0.3%<sup>(9)</sup>** |
| 375703 <sup>(9)</sup> | 3.500%, 01/01/2048 | 345002 | 0.3 |
| 36773 <sup>(9)</sup> | 4.000%, 09/01/2045 | 34660 | 0 |
| 37712 <sup>(9)</sup> | 4.000%, 09/01/2045 | 35755 | 0 |
| 60178 <sup>(9)</sup> | 4.000%, 05/01/2046 | 57192 | 0 |
|  |  | **472609** | **0.3** |
|  | **Government National Mortgage Association: 2.6%** | **Government National Mortgage Association: 2.6%** | **Government National Mortgage Association: 2.6%** |
| 1855820 | 2.500%, 05/20/2051 | 1583684 | 1.2 |
| 317134 | 2.500%, 05/20/2052 | 270512 | 0.2 |
| 179409 | 2.500%, 08/20/2052 | 153109 | 0.1 |
| 64806 | 4.500%, 08/20/2041 | 64342 | 0.1 |
| 1402115 | 4.500%, 05/20/2053 | 1348549 | 1 |
| 8538 | 5.500%, 03/20/2039 | 8838 | 0 |
|  |  | **3429034** | **2.6** |
|  | **Uniform Mortgage-Backed Securities: 4.3%** | **Uniform Mortgage-Backed Securities: 4.3%** | **Uniform Mortgage-Backed Securities: 4.3%** |
| 4635124 | 2.000%, 02/01/2052 | 3700062 | 2.8 |
| 17066 | 2.500%, 06/01/2030 | 16549 | 0 |
| 23165 | 2.500%, 06/01/2030 | 22452 | 0 |
| 9776 | 2.500%, 07/01/2030 | 9471 | 0 |
| 73201 | 3.500%, 06/01/2034 | 71076 | 0.1 |
| 777529 | 3.500%, 03/01/2043 | 724328 | 0.5 |
| 38266 | 4.000%, 05/01/2045 | 36405 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** | **Uniform Mortgage-Backed Securities: (continued)** |
| 704660 | 4.000%, 04/01/2049 | 664357 | 0.5 |
| 65245 | 4.500%, 12/01/2040 | 64665 | 0 |
| 113268 | 4.500%, 12/01/2040 | 112376 | 0.1 |
| 164994 | 5.000%, 05/01/2042 | 167126 | 0.1 |
| 207000 <sup>(10)</sup> | 5.500%, 05/01/2055 | 206585 | 0.2 |
|  |  | **5795452** | **4.3** |
|  | Total U.S. Government Agency Obligations |  |  |
|  | (Cost $10,304,195) | **9697095** | **7.2** |
| **U.S. TREASURY OBLIGATIONS: 3.2%** | **U.S. TREASURY OBLIGATIONS: 3.2%** | **U.S. TREASURY OBLIGATIONS: 3.2%** | **U.S. TREASURY OBLIGATIONS: 3.2%** |
|  | **United States Treasury Bonds: 0.0%** | **United States Treasury Bonds: 0.0%** | **United States Treasury Bonds: 0.0%** |
| 16000 | 4.625%, 02/15/2055 | 15835 | 0 |
|  | **United States Treasury Notes: 3.2%** | **United States Treasury Notes: 3.2%** | **United States Treasury Notes: 3.2%** |
| 2277000 | 3.750%, 04/30/2027 | 2283760 | 1.7 |
| 9000 | 3.750%, 04/15/2028 | 9042 | 0 |
| 1259000 | 3.875%, 04/30/2030 | 1268049 | 1 |
| 6000 | 3.875%, 08/15/2034 | 5879 | 0 |
| 11000 | 4.000%, 03/31/2030 | 11138 | 0 |
| 655000 | 4.000%, 04/30/2032 | 657917 | 0.5 |
| 9000 | 4.625%, 02/15/2035 | 9338 | 0 |
|  |  | **4245123** | **3.2** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $4,232,085) | **4260958** | **3.2** |
| **PURCHASED OPTIONS<sup>(11)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(11)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(11)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(11)</sup>: 0.0%** |
|  | Total Purchased Options |  |  |
|  | (Cost $9,130) | 7495 | 0 |
|  | Total Long-Term Investments |  |  |
|  | (Cost $131,705,441) | **126723855** | **94.8** |
| **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** | **SHORT-TERM INVESTMENTS: 3.6%** |
|  | **Commercial Paper: 2.1%** | **Commercial Paper: 2.1%** | **Commercial Paper: 2.1%** |
| 1500000 | Fiserv, Inc., 4.680%, 05/07/2025 | 1498655 | 1.1 |
| 300000 | National Grid, 4.720%, 05/23/2025 | 299110 | 0.3 |
| 900000 | Sysco Corp.-DIS, 4.670%, 05/01/2025 | 899885 | 0.7 |
|  | Total Commercial Paper |  |  |
|  | (Cost $2,697,959) | **2697650** | **2.1** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements: 1.1%** | **Repurchase Agreements: 1.1%** | **Repurchase Agreements: 1.1%** |
| 1000000 <sup>(12)</sup> | Citadel Securities LLC, Repurchase Agreement dated 04/30/2025, 4.460%, due 05/01/2025 (Repurchase Amount $1,000,122, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $1,020,126, due 05/15/25-02/15/55) | $1000000 | 0.7 |
| 488629 <sup>(12)</sup> | NatWest Markets Securities, Inc., Repurchase Agreement dated 04/30/2025, 4.360%, due 05/01/2025 (Repurchase Amount $488,687, collateralized by various U.S. Government Securities, 0.000%-5.500%, Market Value plus accrued interest $498,402, due 06/03/25-02/15/46) | 488629 | 0.4 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,488,629) | **1488629** | **1.1** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 574000 <sup>(13)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $574,000) | $**574000** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $4,760,588) | **4760279** | **3.6** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $136,466,029)** | $**<u>131484134</u>** | **98.4** |
|  | **Assets in Excess of Other Liabilities** | **2127061** | **1.6** |
|  | **Net Assets** | $**<u>133611195</u>** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of April 30, 2025. |
| <sup>(4)</sup> | Variable rate security. Rate shown is the rate in effect as of April 30, 2025. |
| <sup>(5)</sup> | 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. |
| <sup>(6)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of April 30, 2025. |
| <sup>(7)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(8)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(9)</sup> | 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. |
| <sup>(10)</sup> | Represents or includes a TBA transaction. |
| <sup>(11)</sup> | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| <sup>(12)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(13)</sup> | Rate shown is the 7-day yield as of April 30, 2025. |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CNY | China Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | EU Euro |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RUB | Russian Ruble |
| THB | Thai Baht |

---

Reference Rate Abbreviations:

SOFR30A 30-day Secured Overnight Financing Rate <br> TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage<br> of Net Assets** |
| Collateralized Mortgage Obligations | 21.4% |
| Sovereign Bonds | 16.5 |
| Commercial Mortgage-Backed Securities | 11.0 |
| Asset-Backed Securities | 9.1 |
| Financial | 8.7 |
| U.S. Government Agency Obligations | 7.2 |
| Consumer, Non-cyclical | 3.5 |
| U.S. Treasury Obligations | 3.2 |
| Consumer, Cyclical | 2.8 |
| Energy | 2.5 |
| Utilities | 2.2 |
| Industrial | 2.1 |
| Technology | 1.8 |
| Communications | 1.4 |
| Basic Materials | 1.4 |
| Purchased Options | 0.0 |
| Short-Term Investments | 3.6 |
| Assets in Excess of Other Liabilities | 1.6 |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets<br> for Identical<br> Investments<br> (Level 1)** | **Significant Other<br> Observable<br> Inputs<br> (Level 2)** | **Significant<br> Unobservable<br> Inputs<br> (Level 3)** | **Fair Value<br> at<br> April 30, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** | | | | |
| Corporate Bonds/Notes | $— | $35352400 | $— | $35352400 |
| Collateralized Mortgage Obligations |  | 28551202 |  | 28551202 |
| Sovereign Bonds |  | 22089118 |  | 22089118 |
| Commercial Mortgage-Backed Securities |  | 14651682 |  | 14651682 |
| Asset-Backed Securities |  | 12113905 |  | 12113905 |
| U.S. Government Agency Obligations |  | 9697095 |  | 9697095 |
| U.S. Treasury Obligations |  | 4260958 |  | 4260958 |
| Purchased Options |  | 7495 |  | 7495 |
| Short-Term Investments | 574000 | 4186279 |  | 4760279 |
| Total Investments, at fair value | $574000 | $130910134 | $— | $131484134 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps |  | 45862 |  | 45862 |
| Centrally Cleared Interest Rate Swaps |  | 1601461 |  | 1601461 |
| Forward Foreign Currency Contracts |  | 2824543 |  | 2824543 |
| Forward Premium Swaptions |  | 465882 |  | 465882 |
| Futures | 442150 |  |  | 442150 |
| OTC interest rate swaps |  | 7819 |  | 7819 |
| OTC Total Return Swaps |  | 182591 |  | 182591 |
| OTC volatility swaps |  | 36847 |  | 36847 |
| Total Assets | $1016150 | $136075139 | $— | $137091289 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps |  | $(2032257) | $— | $(2032257) |
| Forward Foreign Currency Contracts |  | (382120) |  | (382120) |
| Forward Premium Swaptions |  | (188254) |  | (188254) |
| Futures | (162219) |  |  | (162219) |
| OTC volatility swaps |  | (2177) |  | (2177) |
| Written Options |  | (80703) |  | (80703) |
| Total Liabilities | $(162219) | $(2685511) | $— | $(2847730 |

---

---

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

---

At April 30, 2025, the following forward foreign currency contracts were outstanding for Voya Global Bond Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| DKK | 2657022 | USD | 391086 | Bank of America N.A. | 05/16/25 | $12556 |
| EUR | 36468149 | USD | 40013531 | Barclays Bank PLC | 05/16/25 | 1335488 |
| USD | 10717306 | EUR | 9385013 | Barclays Bank PLC | 05/16/25 | 76210 |
| USD | 4643891 | EUR | 4072021 | Barclays Bank PLC | 05/16/25 | 26873 |
| EUR | 2407337 | USD | 2727697 | Barclays Bank PLC | 05/16/25 | 1836 |
| USD | 402811 | JPY | 59542450 | Barclays Bank PLC | 05/16/25 | (14307) |
| USD | 384000 | THB | 12759974 | Barclays Bank PLC | 07/11/25 | (29) |
| USD | 350000 | MYR | 1510425 | Barclays Bank PLC | 07/11/25 | (1096) |
| USD | 677000 | KRW | 968875010 | Barclays Bank PLC | 07/11/25 | (6197) |
| EUR | 861178 | USD | 951901 | BNP Paribas | 05/16/25 | 24537 |
| USD | 134614 | CZK | 2938397 | BNP Paribas | 07/11/25 | 976 |
| CHF | 888327 | USD | 1015733 | Brown Brothers Harriman & Co. | 05/16/25 | 62449 |
| AUD | 3393404 | USD | 2138557 | Brown Brothers Harriman & Co. | 05/16/25 | 35417 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Purchased** | **Currency** | **Sold** | **Counterparty** | **Settlement Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| NOK | 1801156 | USD | 169804 | Brown Brothers Harriman & Co. | 05/16/25 | $3329 |
| USD | 312675 | CHF | 256275 | Brown Brothers Harriman & Co. | 05/16/25 | 1628 |
| USD | 205403 | SEK | 1968102 | Brown Brothers Harriman & Co. | 05/16/25 | 1602 |
| USD | 122329 | DKK | 799524 | Brown Brothers Harriman & Co. | 05/16/25 | 869 |
| EUR | 5198 | USD | 5666 | Brown Brothers Harriman & Co. | 05/16/25 | 228 |
| CNY | 93950359 | USD | 12973105 | Brown Brothers Harriman & Co. | 07/11/25 | 75557 |
| USD | 196000 | RON | 858016 | Brown Brothers Harriman & Co. | 07/11/25 | 1418 |
| USD | 88000 | CZK | 1920397 | Brown Brothers Harriman & Co. | 07/11/25 | 661 |
| USD | 5403 | ZAR | 101147 | Brown Brothers Harriman & Co. | 07/11/25 | (4) |
| USD | 321000 | SGD | 418543 | Brown Brothers Harriman & Co. | 07/11/25 | (751) |
| CAD | 5206291 | USD | 3757955 | Citibank N.A. | 05/16/25 | 21354 |
| USD | 2691045 | CAD | 3707968 | Citibank N.A. | 05/16/25 | (613) |
| USD | 1865850 | JPY | 278753105 | Citibank N.A. | 05/16/25 | (86924) |
| ILS | 1073195 | USD | 289298 | Deutsche Bank AG | 07/11/25 | 6230 |
| USD | 119000 | ILS | 430537 | Deutsche Bank AG | 07/11/25 | 442 |
| USD | 1180400 | PEN | 4369132 | Deutsche Bank AG | 07/11/25 | (8663) |
| USD | 391770 | TRY | 18475861 | Deutsche Bank AG | 11/10/25 | 4650 |
| JPY | 41372144 | USD | 283134 | Goldman Sachs International | 05/16/25 | 6694 |
| USD | 466829 | JPY | 67903060 | Goldman Sachs International | 05/16/25 | (8859) |
| USD | 1222015 | EUR | 1123434 | Goldman Sachs International | 05/16/25 | (51778) |
| USD | 175000 | PLN | 655528 | Goldman Sachs International | 07/11/25 | 1886 |
| USD | 565867 | MXN | 11178989 | Goldman Sachs International | 07/11/25 | 1256 |
| USD | 115000 | COP | 490164500 | Goldman Sachs International | 07/11/25 | 171 |
| USD | 195000 | PEN | 717098 | Goldman Sachs International | 07/11/25 | (159) |
| USD | 645962 | BRL | 3781730 | Goldman Sachs International | 07/11/25 | (9184) |
| TRY | 18452355 | USD | 391770 | Goldman Sachs International | 11/10/25 | (5143) |
| USD | 2998474 | BRL | 18664000 | Goldman Sachs International | 01/05/26 | (96970) |
| USD | 237000 | IDR | 3994213140 | HSBC Bank USA N.A. | 07/11/25 | (3643) |
| USD | 463183 | COP | 2009383674 | HSBC Bank USA N.A. | 07/11/25 | (7550) |
| USD | 752896 | THB | 24888520 | JPMorgan Chase Bank N.A. | 07/11/25 | 3843 |
| USD | 617243 | MXN | 12203901 | JPMorgan Chase Bank N.A. | 07/11/25 | 867 |
| USD | 268070 | IDR | 4531727940 | JPMorgan Chase Bank N.A. | 07/11/25 | (4957) |
| GBP | 6733779 | USD | 8723209 | Morgan Stanley Capital Services LLC | 05/16/25 | 251302 |
| CAD | 6126217 | USD | 4249134 | Morgan Stanley Capital Services LLC | 05/16/25 | 197960 |
| JPY | 289765901 | USD | 1947899 | Morgan Stanley Capital Services LLC | 05/16/25 | 82024 |
| SEK | 6863614 | USD | 689718 | Morgan Stanley Capital Services LLC | 05/16/25 | 21021 |
| USD | 255055 | JPY | 38287579 | Morgan Stanley Capital Services LLC | 05/16/25 | (13165) |
| HUF | 53585311 | USD | 149479 | Morgan Stanley Capital Services LLC | 07/11/25 | 61 |
| PLN | 169733 | USD | 45359 | Morgan Stanley Capital Services LLC | 07/11/25 | (535) |
| USD | 500000 | EUR | 452831 | Standard Chartered Bank | 05/16/25 | (13438) |
| USD | 616188 | MXN | 12203901 | Standard Chartered Bank | 07/11/25 | (188) |
| KRW | 2963912327 | USD | 2090442 | Standard Chartered Bank | 07/11/25 | (454) |
| RON | 1509325 | USD | 346850 | Standard Chartered Bank | 07/11/25 | (4562) |
| USD | 4771000 | CNY | 34568090 | Standard Chartered Bank | 07/11/25 | (30124) |
| USD | 5442196 | JPY | 772621903 | State Street Bank and Trust Co. | 05/16/25 | 29678 |
| NZD | 609194 | USD | 348730 | State Street Bank and Trust Co. | 05/16/25 | 13285 |
| USD | 127525 | NZD | 213659 | State Street Bank and Trust Co. | 05/16/25 | 558 |
| SGD | 804588 | USD | 617561 | State Street Bank and Trust Co. | 07/11/25 | 958 |
| CLP | 115578233 | USD | 121250 | State Street Bank and Trust Co. | 07/11/25 | 754 |
| HKD | 547037 | USD | 70622 | State Street Bank and Trust Co. | 07/11/25 | (15) |
| USD | 66946 | CNY | 486773 | State Street Bank and Trust Co. | 07/11/25 | (661) |
| USD | 270964 | CNY | 1960650 | State Street Bank and Trust Co. | 07/11/25 | (1348) |
| JPY | 2678875141 | USD | 18267071 | UBS AG | 05/16/25 | 499494 |
| JPY | 2800000 | USD | 19299 | UBS AG | 05/16/25 | 316 |
| USD | 2261762 | GBP | 1685015 | Wells Fargo Securities LLC | 05/16/25 | 16042 |
| USD | 722214 | AUD | 1124101 | Wells Fargo Securities LLC | 05/16/25 | 2063 |
| USD | 2464416 | CAD | 3409807 | Wells Fargo Securities LLC | 05/16/25 | (10803) |
|  |  |  |  |  |  | $2442423 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

At April 30, 2025, the following futures contracts were outstanding for Voya Global Bond Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia 3-Year Bond | 17 | 06/16/25 | $1172260 | $15185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia 10-Year Bond | 4 | 06/16/25 | 294581 | 7754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada 10-Year Bond | 23 | 06/19/25 | 2063093 | 8661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Bobl 5-Year | 40 | 06/06/25 | 5420910 | 52686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Buxl 30-year German Government Bond | 21 | 06/06/25 | 2952318 | (42985) |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-OAT | 49 | 06/06/25 | 6974228 | 45622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Schatz | 110 | 06/06/25 | 13404665 | 71244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Gilt | 10 | 06/26/25 | 1246335 | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Euro-BTP | 29 | 06/06/25 | 3951843 | 29020 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 36 | 06/30/25 | 7493344 | 70806 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 62 | 06/18/25 | 6957562 | 92137 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 19 | 06/18/25 | 2215875 | 33772 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 47 | 06/18/25 | 5688469 | 8927 |
|  |  |  | $59835483 | $399165 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Bund | (20) | 06/06/25 | (2985737) | (12278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Japanese Government Bonds 10-Year Mini | (62) | 06/12/25 | (6098965) | (13870) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (21) | 06/30/25 | (2293102) | (5290) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (45) | 06/18/25 | (5163047) | (87796) |
|  |  |  | $(16540851) | $(119234) |

---

At April 30, 2025, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Fund:

**Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection<sup>(1)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional** | **Notional** | | |
| <br>**Reference Entity/Obligation** | <br>**Buy/Sell**<br>**Protection** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate (%)<sup>(2)</sup>** | <br>**Termination**<br>**Date** | **Amount<sup>(3)</sup>** | **Amount<sup>(3)</sup>** |<br>**Fair**<br>**Value<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX North American Investment Grade Index Series 44, Version 1 | Buy | (1.000) | 06/20/30 | USD | 9430000 | $(139032) | $45862 |
|  |  |  |  |  |  | $(139032) | $45862 |

---

<sup>(1)</sup> If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio 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.

<sup>(2)</sup> Payments made quarterly.

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements 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. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

 

At April 30, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** |<br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.904% | Annual | 10/17/27 | GBP | 2000000 | $19808 | $19808 |
| Pay | 1-day Sterling Overnight Index Average (SONIA) | Annual | 1.649 | Annual | 04/14/52 | GBP | 2400000 | (1378404) | (1378404) |
| Pay | 3-month KRW-CD-KSDA-Bloomberg | Quarterly | 2.935 | Quarterly | 07/31/34 | KRW | 3586082000 | 123313 | 123313 |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.058 | Monthly | 08/08/29 | USD | 1200000 | (11189) | (11207) |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** |  | | | | | **Notional** | **Notional** | | |
| **Floating Rate Floating Rate Index** | **Floating Rate Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** |<br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.150% | Monthly | 10/27/47 | USD | 1465000 | $(149711) | $(149650) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.098 | Monthly | 08/08/32 | USD | 1600000 | (37371) | (43094) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.040 | Monthly | 05/08/31 | USD | 2500000 | (47815) | (47124) |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.674 | Annual | 09/30/52 | GBP | 200000 | 29317 | 29317 |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 2.999 | Annual | 09/13/52 | GBP | 500000 | 145269 | 145269 |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.803 | Annual | 09/13/25 | GBP | 800000 | 1515 | 1515 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.978 | Annual | 04/01/55 | JPY | 20000000 | (3164) | (3164) |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.487 | Annual | 08/08/54 | JPY | 75000000 | 47043 | 47043 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.678 | Annual | 10/21/54 | JPY | 80000000 | 25871 | 25871 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.440 | Annual | 06/19/44 | JPY | 90000000 | 16773 | 16773 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.837 | Annual | 08/16/44 | USD | 947000 | 22795 | 22795 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 11/29/44 | USD | 1197000 | 27069 | 27069 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 1.847 | Annual | 02/17/32 | USD | 2000000 | 198618 | 198618 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.562 | Monthly | 11/03/26 | USD | 4000000 | (6509) | (6534) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.860 | Annual | 06/26/34 | USD | 4000000 | (77314) | (77314) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.188 | Annual | 03/24/27 | USD | 5000000 | 111110 | 111110 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.962 | Annual | 06/14/27 | USD | 5000000 | 41217 | 41217 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.121 | Monthly | 02/08/28 | USD | 5000000 | 19538 | 20964 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.605 | Annual | 01/08/31 | USD | 5000000 | (47138) | (47138) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.006 | Annual | 06/26/29 | USD | 7000000 | (181190) | (181190) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.464 | Annual | 09/26/32 | USD | 7000000 | 26108 | 26108 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.956 | Annual | 02/01/27 | USD | 10000000 | (87438) | (87438) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 1.551 | Annual | 01/24/29 | USD | 12000000 | 744450 | 744450 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 4.068 | Monthly | 05/03/25 | USD | 13000000 | 525 | 221 |
|  |  |  |  |  |  |  |  | $(426904) | $(430796) |

---

At April 30, 2025, the following OTC interest rate swaps were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 7-day China Fixing Repo Rates | Quarterly | BNP Paribas | 1.436% | Quarterly | &nbsp;&nbsp;04/24/30 | CNY | 41023000 | $7819 | $— | $7819 |
|  |  |  |  |  |  |  |  |  | $7819 | $— | $7819 |

---

At April 30, 2025, the following OTC total return swaps were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Total**<br>**Return<sup>(1)</sup>** | <br>**Reference Entity** | **Reference**<br>**Entity**<br>**Payment**<br>**Frequency** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate** | **Floating**<br>**Rate**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  |  |  | (1-day |  |  |  |  |  |  |  |  |
|  |  |  | Tokyo |  |  |  |  |  |  |  |  |
|  | Japan |  | Overnight |  |  |  |  |  |  |  |  |
|  | Government | At | Average | At | Nomura Global |  |  |  |  |  |  |
|  | 20-Year Treasury | Termination | Rate - 4 | Termination | Financial |  |  |  |  |  |  |
| Receive | Bond | Date | basis points) | Date | Products Inc. | 05/22/25 | JPY | 800000000 | $126145 | $— | $126145 |
|  |  |  | (1-day |  |  |  |  |  |  |  |  |
|  |  |  | Tokyo |  |  |  |  |  |  |  |  |
|  |  |  | Overnight |  |  |  |  |  |  |  |  |
|  | Japan | At | Average | At | Nomura Global |  |  |  |  |  |  |
|  | Government | Termination | Rate - 4 | Termination | Financial |  |  |  |  |  |  |
| Receive | 2-Year Bond | Date | basis points) | Date | Products Inc. | 05/22/25 | JPY | 1000000000 | 16136 |  | 16136 |
|  |  |  | (1-day |  |  |  |  |  |  |  |  |
|  |  |  | Tokyo |  |  |  |  |  |  |  |  |
|  | Japanese |  | Overnight |  |  |  |  |  |  |  |  |
|  | Government | At | Average | At | Nomura Global |  |  |  |  |  |  |
|  | 5-Year Treasury | Termination | Rate - 4 | Termination | Financial |  |  |  |  |  |  |
| Receive | Bond | Date | basis points) | Date | Products Inc. | 05/22/25 | JPY | 400000000 | 35528 |  | 35528 |
|  |  |  | (1-day |  |  |  |  |  |  |  |  |
|  | Japan |  | Tokyo |  |  |  |  |  |  |  |  |
|  | Government | At | Overnight | At | Nomura Global |  |  |  |  |  |  |
|  | 20-Year Treasury | Termination | Average | Termination | Financial |  |  |  |  |  |  |
| Receive | Bond | Date | Rate) | Date | Products Inc. | 06/06/25 | JPY | 1000000000 | 4782 |  | 4782 |
|  |  |  |  |  |  |  |  |  | $182591 | $— | $182591 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

<sup>(1)</sup> The fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

At April 30, 2025, the following OTC volatility swaps were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/**<br>**Receive**<br>**Volatility<sup>(1)</sup>** | <br>**Reference Entity** | **Volatility**<br>**Strike**<br>**Rate** | <br>**Counterparty** | <br>**Maturity**<br>**Date** | <br>**Currency** | <br>**Notional**<br>**Amount** |<br>**Fair Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  | USD vs. MXN Spot Exchange |  |  |  |  |  |  |  |
| Pay | Rate | 14.200% | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 13000 | $9140 | $9140 |
|  | EUR vs. USD Spot Exchange |  | Morgan Stanley Capital Services |  |  |  |  |  |
| Pay | Rate | 8.400% | LLC | &nbsp;&nbsp;&nbsp;&nbsp;02/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 3205000 | (2177) | (2177) |
|  | USD vs. MXN Spot Exchange |  | Morgan Stanley Capital Services |  |  |  |  |  |
| Pay | Rate | 14.500% | LLC | &nbsp;&nbsp;&nbsp;&nbsp;02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 6500 | 7010 | 7010 |
|  | USD vs. INR Spot Exchange |  |  |  |  |  |  |  |
| Receive | Rate | 4.325% | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;02/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;USD | 3205000 | 20697 | 20697 |
|  |  |  |  |  |  |  | $34670 | $34670 |

---

At April 30, 2025, the following OTC purchased foreign currency options were outstanding for Voya Global Bond Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** |<br>**Cost** |<br>**Fair Value** |
| Call USD vs. Put JPY | &nbsp;&nbsp;Goldman Sachs International | 10/13/25 | 125.000 | USD | 53000 | $4478 | $3748 |
| Put USD vs. Call JPY | &nbsp;&nbsp;Morgan Stanley Capital Services LLC | 10/13/25 | 125.000 | USD | 53000 | 4652 | 3747 |
|  |  |  |  |  |  | $9130 | $7495 |

---

At April 30, 2025, the following OTC written foreign currency options were outstanding for Voya Global Bond Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Call USD vs. Put TRY | Deutsche Bank AG | 11/07/25 | 47.000 | USD | 1308000 | $117851 | $(80034) |
| Put USD vs. Call TRY | Deutsche Bank AG | 05/29/25 | 38.500 | USD | 1308000 | 18057 | (669) |
|  |  |  |  |  |  | $135908 | $(80703) |

---

At April 30, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | | <br>**Notional**<br>**Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | Financing Rate | 11/27/34 | USD | 2495000 | $— | $45155 |
| Call on 10-Year | JPMorgan Chase |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | Bank N.A. | 2.375% | Receive | Financing Rate | 08/14/34 | USD | 2367400 | (99431) | (23767) |
| Call on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | Financing Rate | 06/14/27 | USD | 3136000 | (548800) | 101787 |
| Put on 10-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 2015000 | (41089) | (26910) |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.000% | Pay | 6-month EUR-EUIRBOR | 12/15/25 | EUR | 1511000 | (30811) | (20180) |
| Put on 20-Year | Goldman Sachs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | International | 2.100% | Pay | 6-month EUR-EURIBOR | 02/12/35 | EUR | 1014000 | (147609) | 20303 |
| Put on 20-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 2.100% | Pay | 6-month EUR-EURIBOR | 02/12/35 | EUR | 1014000 | (147379) | 20485 |
| Put on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | Financing Rate | 05/25/27 | USD | 7382300 | (1328814) | 209515 |
|  |  |  |  |  |  |  |  | $(2343933) | $326388 |

---

At April 30, 2025, the following OTC written forward premium swaptions were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Put on 10-Year Interest Rate Swap | Barclays Bank PLC | 5.355% | Receive | 1-day Secured Overnight<br> Financing Rate | &nbsp;&nbsp;&nbsp;11/27/34 | USD | 2495000 | $45160 | $(69975) |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** |<br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Put on 10-Year Interest Rate Swap | JPMorgan Chase<br> Bank N.A. | 5.540% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 2367400 | $99431 | $(21278) |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 2015000 | 17120 | 13024 |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 2015000 | 25109 | 17514 |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 1511000 | 14892 | 11796 |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 1511000 | 17117 | 11442 |
| Put on 2-Year Interest Rate Swap | UBS AG | 3.750% | Receive | 1-day Secured Overnight Financing Rate | 07/15/25 | USD | 10107000 | 24055 | 14861 |
| Put on 5-Year Interest Rate Swap | Goldman Sachs International | 3.000% | Receive | 6-month EUR-EURIBOR | 02/12/30 | EUR | 3041000 | 75790 | (13072) |
| Put on 5-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.000% | Receive | 6-month EUR-EURIBOR | 02/12/30 | EUR | 3041000 | 75790 | (13072) |
|  |  |  |  |  |  |  |  | $394464 | $(48760) |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Forward premium swaptions include premiums receivable/(payable) that have extended settlement dates. Premiums are not exchanged until the expiration date of each respective forward premium swaption contract.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | EU Euro |
| GBP | British Pound |
| HKD | Hong Kong Sar Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli New Shekel |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

The fair value of derivative instruments as of April 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br> **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Investments in securities at value<sup>\*</sup> | $7495 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 2824543 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 465882 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 442150 |
| Credit contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 45862 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 1601461 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 36847 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 190410 |
| **Total Asset Derivatives** |  | $5614650 |

---

See Accompanying Notes to Financial Statements

Voya Global Bond Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br> **Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $382120 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 188254 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 162219 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 2032257 |
| Foreign exchange contracts | Unrealized depreciation on OTC swap agreements | 2177 |
| Foreign exchange contracts | Written options, at fair value | 80703 |
| **Total Liability Derivatives** |  | $2847730 |

---

\* Includes purchased options.

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2025 was as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging** | | | | | | |
| **instruments** |<br><br>**Investments<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $— | $10289 | $— | $10289 |
| Foreign exchange contracts | 48987 | (148707) |  | 8481 | 17004 | (74235) |
| Interest rate contracts | (67945) |  | (1710176) | (571889) | 122872 | (2227138) |
| **Total** | $(18958) | $(148707) | $(1710176) | $(553119) | $139876 | $(2291084) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging</u>** | | | | | | |
| **<u>instruments</u>** |<br><br>**Investments<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Swaps** |<br>**Written**<br>**options** |<br><br>**Total** |
| Credit contracts | $— | $— | $— | $45862 | $— | $45862 |
| Foreign exchange contracts | 9359 | 2422869 |  | 32187 | 55205 | 2519620 |
| Interest rate contracts | 170972 |  | 1531503 | (332108) | (50445) | 1319922 |
| **Total** | $180331 | $2422869 | 1531503 | $(254059) | $4760 | $3885404 |

---

<sup>\*</sup> Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at April 30, 2025:

See Accompanying Notes to Financial Statements

Voya Global Bond Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Bank of**<br>**America N.A.** |<br>**Barclays Bank**<br>**PLC** |<br><br>**BNP Paribas** | **Brown**<br>**Brothers**<br>**Harriman &**<br>**Co.** |<br><br>**Citibank N.A.** |<br>**Deutsche**<br>**Bank AG** |<br>**Goldman**<br>**Sachs**<br>**International** |<br>**HSBC Bank**<br>**USA N.A.** |<br>**JPMorgan**<br>**Chase Bank**<br>**N.A.** | **Morgan**<br>**Stanley**<br>**Capital**<br>**Services LLC** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $— | $3748 | $— | $— | $3747 |
| Forward foreign currency contracts | 12556 | 1440407 | 25513 | 183158 | 21354 | 11322 | 10007 |  | 4710 | 552368 |
| Forward premium swaptions |  | 356457 |  |  |  |  | 20303 |  |  | 51023 |
| OTC interest rate swaps |  |  | 7819 |  |  |  |  |  |  |  |
| OTC volatility swaps |  |  | 20697 |  |  |  | 9140 |  |  | 7010 |
| **Total Assets** | $12556 | $1796864 | $54029 | $183158 | $21354 | $11322 | $43198 | $— | $4710 | $614148 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $21629 | $— | $755 | $87537 | $8663 | $172093 | $11193 | $4957 | $13700 |
| Forward premium swaptions |  | 69975 |  |  |  |  | 13072 |  | 45045 | 39982 |
| OTC volatility swaps |  |  |  |  |  |  |  |  |  | 2177 |
| Written options |  |  |  |  |  | 80703 |  |  |  |  |
| **Total Liabilities** | $— | $91604 | $— | $755 | $87537 | $89366 | $185165 | $11193 | $50002 | $55859 |
| **Net OTC derivative instruments by counterparty, at fair value** | $12556 | $1705260 | $54029 | $182403 | $(66183) | $(78044) | $(141967) | $(11193) | $(45292) | $558289 |
| **Total collateral pledged by the Fund/ (Received from counterparty)** | $— | $(1660000) | $— | $— | $— | $78044 | $— | $— | $— | $(400000) |
| **Net Exposure<sup>(1)(2)</sup>** | $12556 | $45260 | $54029 | $182403 | $(66183) | $— | $(141967) | $(11193) | $(45292) | $158289 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nomura**<br>**Global**<br>**Financial**<br>**Products Inc.** |<br>**Standard**<br>**Chartered**<br>**Bank** |<br>**State Street**<br>**Bank and**<br>**Trust Co.** |<br><br>**UBS AG** |<br>**Wells Fargo**<br>**Securities**<br>**LLC** |<br><br>Total |
| **Assets:** |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $7495 |
| Forward foreign currency contracts |  |  | 45233 | 499810 | 18105 | 2824543 |
| Forward premium swaptions |  |  |  | 38099 |  | 465882 |
| OTC interest rate swaps |  |  |  |  |  | 7819 |
| OTC total return swaps | 182591 |  |  |  |  | 182591 |
| OTC volatility swaps |  |  |  |  |  | 36847 |
| **Total Assets** | $182591 | $— | $45233 | $537909 | $18105 | $3525177 |
| **Liabilities:** |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $48766 | $2024 | $— | $10803 | $382120 |
| Forward premium swaptions |  |  |  | 20180 |  | 188254 |
| OTC volatility swaps |  |  |  |  |  | 2177 |
| Written options |  |  |  |  |  | 80703 |
| **Total Liabilities** | $— | $48766 | $2024 | $20180 | $10803 | $653254 |
| **Net OTC derivative instruments by counterparty, at fair value** | $182591 | $(48766) | $43209 | $517729 | $7302 | $2871923 |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $— | $— | $(450000) | $— | $(2431956) |
| **Net Exposure<sup>(1)(2)</sup>** | $182591 | $(48766) | $43209 | $67729 | $7302 | $439967 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> At April 30, 2025, the Fund had pledged $450,000 in cash collateral to Deutsche Bank AG. In addition, the Fund had received $1,660,000, $400,000 and $450,000 in cash collateral from Barclays Bank PLC, Morgan Stanley Capital Services LLC and UBS AG, respectively. Excess cash collateral is not shown for financial reporting purposes.

At April 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $137,704,243. | Cost for U.S. federal income tax purposes was $137,704,243. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $8997591 |
| Gross Unrealized Depreciation | (11743394) |
| Net Unrealized Depreciation | $(2745803) |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** | **COMMON STOCK: 97.5%** |
|  | **Australia: 1.2%** | **Australia: 1.2%** | **Australia: 1.2%** |
| 5980 | ASX Ltd. | $270786 | 0.1 |
| 1731 | Cochlear Ltd. | 303150 | 0.1 |
| 263348 | Medibank Pvt Ltd. | 783387 | 0.3 |
| 174300 | Scentre Group | 403808 | 0.2 |
| 471733 | Telstra Group Ltd. | 1361466 | 0.5 |
|  |  | **3122597** | **1.2** |
|  | **Canada: 3.7%** | **Canada: 3.7%** | **Canada: 3.7%** |
| 37553 | Bank of Nova Scotia | 1879012 | 0.8 |
| 4286 | Canadian Tire Corp. Ltd. - Class A | 469078 | 0.2 |
| 10164 | CCL Industries, Inc. - Class B | 531129 | 0.2 |
| 70780 | Cenovus Energy, Inc. | 833280 | 0.3 |
| 10622 | iA Financial Corp., Inc. | 1031843 | 0.4 |
| 51144 | Keyera Corp. | 1587445 | 0.6 |
| 30675 | Suncor Energy, Inc. | 1083393 | 0.4 |
| 7229 | Thomson Reuters Corp. | 1345173 | 0.5 |
| 17407 | TMX Group Ltd. | 705447 | 0.3 |
|  |  | **9465800** | **3.7** |
|  | **Denmark: 0.8%** | **Denmark: 0.8%** | **Denmark: 0.8%** |
| 51441 | Danske Bank A/S | 1804940 | 0.7 |
| 2383 | Pandora A/S | 354740 | 0.1 |
|  |  | **2159680** | **0.8** |
|  | **Finland: 0.2%** | **Finland: 0.2%** | **Finland: 0.2%** |
| 98115 | Nokia Oyj | **490493** | **0.2** |
|  | **France: 3.1%** | **France: 3.1%** | **France: 3.1%** |
| 23973 | AXA SA | 1133824 | 0.4 |
| 20200 | BNP Paribas SA | 1711534 | 0.7 |
| 30107 <sup>(1)</sup> | Carrefour SA | 464361 | 0.2 |
| 13160 | Cie Generale des Etablissements Michelin SCA | 481205 | 0.2 |
| 4831 | Danone SA | 415690 | 0.2 |
| 6134 | Eiffage SA | 834669 | 0.3 |
| 55332 | Engie SA | 1143619 | 0.4 |
| 2459 | Ipsen SA | 285989 | 0.1 |
| 110845 | Orange SA | 1608144 | 0.6 |
|  |  | **8079035** | **3.1** |
|  | **Germany: 1.7%** | **Germany: 1.7%** | **Germany: 1.7%** |
| 2294 | Deutsche Boerse AG | 738883 | 0.3 |
| 21733 | Deutsche Telekom AG, Reg | 780595 | 0.3 |
| 19726 <sup>(2)</sup> | Fresenius SE & Co. KGaA | 936924 | 0.4 |
| 9388 <sup>(3)</sup> | Scout24 SE | 1118831 | 0.4 |
| 5959 | Symrise AG | 687260 | 0.3 |
|  |  | **4262493** | **1.7** |
|  | **Hong Kong: 1.1%** | **Hong Kong: 1.1%** | **Hong Kong: 1.1%** |
| 420000 | HKT Trust & HKT Ltd. - Stapled Security | 597651 | 0.2 |
| 12800 | Jardine Matheson Holdings Ltd. | 567808 | 0.2 |
| 104000 | Link REIT | 486913 | 0.2 |
| 38000 | Power Assets Holdings Ltd. | 251302 | 0.1 |
| 78000 | Swire Pacific Ltd. - Class A | 674518 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Hong Kong (continued)** |  |  |  |
| 355500 <sup>(3)</sup> | WH Group Ltd. | $| 317891 | 0.1 |
|  |  |  | **2896083** | **1.1** |
|  | **Israel: 0.3%** | **Israel: 0.3%** | **Israel: 0.3%** | **Israel: 0.3%** |
| 44608 | Bank Leumi Le-Israel BM |  | **633480** | **0.3** |
|  | **Italy: 1.9%** | **Italy: 1.9%** | **Italy: 1.9%** | **Italy: 1.9%** |
| 387220 | Intesa Sanpaolo SpA |  | 2067091 | 0.8 |
| 56562 <sup>(3)</sup> | Poste Italiane SpA |  | 1148049 | 0.4 |
| 28657 | UniCredit SpA |  | 1667288 | 0.7 |
|  |  |  | **4882428** | **1.9** |
|  | **Japan: 4.6%** | **Japan: 4.6%** | **Japan: 4.6%** | **Japan: 4.6%** |
| 83000 | Asahi Kasei Corp. |  | 578406 | 0.2 |
| 69900 | Central Japan Railway Co. |  | 1470966 | 0.6 |
| 105600 | Dai-ichi Life Holdings, Inc. |  | 762479 | 0.3 |
| 7700 | Daito Trust Construction Co. Ltd. |  | 857295 | 0.3 |
| 32700 | Daiwa House Industry Co. Ltd. |  | 1183182 | 0.5 |
| 78700 | Japan Airlines Co. Ltd. |  | 1425841 | 0.6 |
| 30800 | Japan Post Holdings Co. Ltd. |  | 299384 | 0.1 |
| 93400 | Kirin Holdings Co. Ltd. |  | 1412832 | 0.5 |
| 165600 | Mitsubishi Chemical Group Corp. |  | 805074 | 0.3 |
| 14200 | MS&AD Insurance Group Holdings, Inc. |  | 322763 | 0.1 |
| 25500 <sup>(1)</sup> | Ono Pharmaceutical Co. Ltd. |  | 293529 | 0.1 |
| 34200 | Secom Co. Ltd. |  | 1257549 | 0.5 |
| 328600 | Z Holdings Corp. |  | 1242772 | 0.5 |
|  |  |  | **11912072** | **4.6** |
|  | **Netherlands: 1.7%** | **Netherlands: 1.7%** | **Netherlands: 1.7%** | **Netherlands: 1.7%** |
| 341016 | Koninklijke KPN NV |  | 1586356 | 0.6 |
| 29409 | NN Group NV |  | 1803370 | 0.7 |
| 5589 | Wolters Kluwer NV |  | 986788 | 0.4 |
|  |  |  | **4376514** | **1.7** |
|  | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** |
| 13728 | Fisher & Paykel Healthcare Corp. Ltd. |  | **276936** | **0.1** |
|  | **Norway: 0.9%** | **Norway: 0.9%** | **Norway: 0.9%** | **Norway: 0.9%** |
| 66834 | DNB Bank ASA |  | 1670724 | 0.6 |
| 41343 | Mowi ASA |  | 758085 | 0.3 |
|  |  |  | **2428809** | **0.9** |
|  | **Puerto Rico: 0.3%** | **Puerto Rico: 0.3%** | **Puerto Rico: 0.3%** | **Puerto Rico: 0.3%** |
| 9118 | Popular, Inc. |  | **870040** | **0.3** |
|  | **Singapore: 0.4%** | **Singapore: 0.4%** | **Singapore: 0.4%** | **Singapore: 0.4%** |
| 9100 | DBS Group Holdings Ltd. |  | 295652 | 0.1 |
| 65600 | Singapore Exchange Ltd. |  | 721656 | 0.3 |
|  |  |  | **1017308** | **0.4** |
|  | **Spain: 1.3%** | **Spain: 1.3%** | **Spain: 1.3%** | **Spain: 1.3%** |
| 9740 | ACS Actividades de Construccion y Servicios SA |  | 610258 | 0.2 |
| 4846 <sup>(3)</sup> | Aena SME SA |  | 1217392 | 0.5 |
| 5105 | Amadeus IT Group SA |  | 401829 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Spain (continued)** |  |  |
| 85719 | Repsol SA | 1047800 | 0.4 |
|  |  | **3277279** | **1.3** |
|  | **Sweden: 0.7%** | **Sweden: 0.7%** | **Sweden: 0.7%** |
| 25364 | Essity AB - Class B | 733503 | 0.3 |
| 14100 | SKF AB - Class B | 276379 | 0.1 |
| 13051 | Swedbank AB - Class A | 325803 | 0.1 |
| 40207 | Telefonaktiebolaget LM Ericsson - Class B | 339644 | 0.2 |
|  |  | **1675329** | **0.7** |
|  | **Switzerland: 1.3%** | **Switzerland: 1.3%** | **Switzerland: 1.3%** |
| 9370 | ABB Ltd., Reg | 494837 | 0.2 |
| 2531 | DSM-Firmenich AG | 274950 | 0.1 |
| 2937 | SGS SA | 286831 | 0.1 |
| 3162 | Zurich Insurance Group AG | 2242714 | 0.9 |
|  |  | **3299332** | **1.3** |
|  | **United Kingdom: 4.1%** | **United Kingdom: 4.1%** | **United Kingdom: 4.1%** |
| 94897 <sup>(3)</sup> | Auto Trader Group PLC | 1066149 | 0.4 |
| 69077 | BAE Systems PLC | 1601379 | 0.6 |
| 75381 | Barclays PLC | 300289 | 0.1 |
| 47842 | British American Tobacco PLC | 2083908 | 0.8 |
| 179500 | CK Hutchison Holdings Ltd. | 1012215 | 0.4 |
| 33178 | HSBC Holdings PLC | 369846 | 0.1 |
| 152205 | NatWest Group PLC | 979022 | 0.4 |
| 58843 | Pearson PLC | 943321 | 0.4 |
| 41430 | Sage Group PLC | 686850 | 0.3 |
| 20042 | Smith & Nephew PLC | 282041 | 0.1 |
| 27799 | Smiths Group PLC | 692737 | 0.3 |
| 16253 | Whitbread PLC | 564480 | 0.2 |
|  |  | **10582237** | **4.1** |
|  | **United States: 68.1%** | **United States: 68.1%** | **United States: 68.1%** |
| 19741 | AbbVie, Inc. | 3851469 | 1.5 |
| 2713 | Acuity Brands, Inc. | 660914 | 0.3 |
| 118679 | ADT, Inc. | 951806 | 0.4 |
| 8422 | AECOM | 830830 | 0.3 |
| 3150 | Allison Transmission Holdings, Inc. | 290556 | 0.1 |
| 5160 | Allstate Corp. | 1023692 | 0.4 |
| 4029 | Alphabet, Inc. - Class A | 639805 | 0.3 |
| 35555 | Altria Group, Inc. | 2103078 | 0.8 |
| 1808 | Ameriprise Financial, Inc. | 851604 | 0.3 |
| 5966 | AmerisourceBergen Corp. | 1746069 | 0.7 |
| 7084 | AMETEK, Inc. | 1201305 | 0.5 |
| 9447 | AptarGroup, Inc. | 1416578 | 0.6 |
| 6657 | Assurant, Inc. | 1283070 | 0.5 |
| 101622 | AT&T, Inc. | 2814929 | 1.1 |
| 7909 | Automatic Data Processing, Inc. | 2377445 | 0.9 |
| 27345 | Avnet, Inc. | 1284942 | 0.5 |
| 14481 | Axis Capital Holdings Ltd. | 1394810 | 0.5 |
| 24737 | Baker Hughes Co. | 875690 | 0.3 |
| 13422 | Bank of New York Mellon Corp. | 1079263 | 0.4 |
| 14426 | Black Hills Corp. | 878543 | 0.3 |
| 29896 | Blue Owl Capital, Inc. | 553973 | 0.2 |
| 38424 | Bristol-Myers Squibb Co. | 1928885 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |
| 46684 | Brixmor Property Group, Inc. | $1162898 | 0.5 |
| 4512 | Brown & Brown, Inc. | 499027 | 0.2 |
| 13230 | Cardinal Health, Inc. | 1869267 | 0.7 |
| 7929 | Cboe Global Markets, Inc. | 1758652 | 0.7 |
| 14244 | Church & Dwight Co., Inc. | 1414999 | 0.6 |
| 6191 | Cigna Group | 2105188 | 0.8 |
| 5010 | Cintas Corp. | 1060517 | 0.4 |
| 53454 | Cisco Systems, Inc. | 3085899 | 1.2 |
| 19972 | Citigroup, Inc. | 1365685 | 0.5 |
| 7777 | CME Group, Inc. | 2154851 | 0.8 |
| 20817 | Colgate-Palmolive Co. | 1919119 | 0.7 |
| 30099 | Conagra Brands, Inc. | 743746 | 0.3 |
| 17563 | ConocoPhillips | 1565215 | 0.6 |
| 9943 | COPT Defense Properties | 259612 | 0.1 |
| 62300 | Coterra Energy, Inc. | 1530088 | 0.6 |
| 14165 | CSX Corp. | 397612 | 0.2 |
| 12841 | Delta Air Lines, Inc. | 534571 | 0.2 |
| 4350 | Digital Realty Trust, Inc. | 698349 | 0.3 |
| 15037 | DT Midstream, Inc. | 1461596 | 0.6 |
| 17492 | Duke Energy Corp. | 2134374 | 0.8 |
| 4025 | DuPont de Nemours, Inc. | 265610 | 0.1 |
| 10198 | Eastman Chemical Co. | 785246 | 0.3 |
| 25010 | Edison International | 1338285 | 0.5 |
| 5039 | Elevance Health, Inc. | 2119303 | 0.8 |
| 5408 | Emerson Electric Co. | 568435 | 0.2 |
| 6137 | Entergy Corp. | 510414 | 0.2 |
| 6160 | EOG Resources, Inc. | 679633 | 0.3 |
| 22085 | Equitable Holdings, Inc. | 1092103 | 0.4 |
| 9877 | Equity Residential | 693958 | 0.3 |
| 20681 | Essent Group Ltd. | 1177369 | 0.5 |
| 2479 | Essex Property Trust, Inc. | 692013 | 0.3 |
| 10971 | Evergy, Inc. | 758096 | 0.3 |
| 38911 | Exelon Corp. | 1824926 | 0.7 |
| 7756 | First Industrial Realty Trust, Inc. | 369030 | 0.1 |
| 5816 | Flowserve Corp. | 263058 | 0.1 |
| 10454 | Fortive Corp. | 728539 | 0.3 |
| 5571 | Fox Corp. - Class A | 277380 | 0.1 |
| 28822 | Gaming and Leisure Properties, Inc. | 1379421 | 0.5 |
| 11985 | General Motors Co. | 542201 | 0.2 |
| 30041 | Genpact Ltd. | 1509861 | 0.6 |
| 21130 | Gilead Sciences, Inc. | 2251190 | 0.9 |
| 6890 | Globe Life, Inc. | 849813 | 0.3 |
| 26305 | H&R Block, Inc. | 1588033 | 0.6 |
| 12279 | Hancock Whitney Corp. | 639613 | 0.3 |
| 8220 | Hanover Insurance Group, Inc. | 1365342 | 0.5 |
| 14791 | Hartford Financial Services Group, Inc. | 1814412 | 0.7 |
| 18809 | Hewlett Packard Enterprise Co. | 305082 | 0.1 |
| 4875 | Hexcel Corp. | 236291 | 0.1 |
| 17998 | Host Hotels & Resorts, Inc. | 254132 | 0.1 |
| 1060 | Humana, Inc. | 277974 | 0.1 |
| 9580 | Ingredion, Inc. | 1272416 | 0.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |
| 2128 | Interactive Brokers Group, Inc. - Class A | $365697 | 0.1 |
| 9989 | Iridium Communications, Inc. | 241035 | 0.1 |
| 4268 | Jack Henry & Associates, Inc. | 740199 | 0.3 |
| 25981 | Johnson & Johnson | 4061090 | 1.6 |
| 4124 | Kemper Corp. | 243811 | 0.1 |
| 12505 | Kimberly-Clark Corp. | 1647909 | 0.6 |
| 65703 | Kinder Morgan, Inc. | 1727989 | 0.7 |
| 2749 | Lancaster Colony Corp. | 447482 | 0.2 |
| 2290 | Leidos Holdings, Inc. | 337042 | 0.1 |
| 3781 | Lockheed Martin Corp. | 1806373 | 0.7 |
| 18738 | Loews Corp. | 1627021 | 0.6 |
| 9641 | Marsh & McLennan Cos., Inc. | 2173756 | 0.8 |
| 3190 | McKesson Corp. | 2273800 | 0.9 |
| 25086 | Medtronic PLC | 2126289 | 0.8 |
| 24596 | Merck & Co., Inc. | 2095579 | 0.8 |
| 19172 | MetLife, Inc. | 1444994 | 0.6 |
| 58367 | MGIC Investment Corp. | 1453922 | 0.6 |
| 2812 | Motorola Solutions, Inc. | 1238377 | 0.5 |
| 16530 | National Fuel Gas Co. | 1269173 | 0.5 |
| 31533 | National Retail Properties, Inc. | 1296322 | 0.5 |
| 14270 | NetApp, Inc. | 1280733 | 0.5 |
| 16622 | New York Times Co. - Class A | 865341 | 0.3 |
| 39950 | NiSource, Inc. | 1562445 | 0.6 |
| 21255 | NorthWestern Corp. | 1237679 | 0.5 |
| 18813 | Novartis AG, Reg | 2145760 | 0.8 |
| 32596 | OGE Energy Corp. | 1479207 | 0.6 |
| 36852 | Old Republic International Corp. | 1385635 | 0.5 |
| 3353 | ONE Gas, Inc. | 263244 | 0.1 |
| 12656 | OneMain Holdings, Inc. | 595718 | 0.2 |
| 19240 | ONEOK, Inc. | 1580758 | 0.6 |
| 19248 | PepsiCo, Inc. | 2609644 | 1 |
| 99128 | Pfizer, Inc. | 2419715 | 0.9 |
| 14461 | PG&E Corp. | 238896 | 0.1 |
| 7499 | Philip Morris International, Inc. | 1285029 | 0.5 |
| 25185 | Procter & Gamble Co. | 4094325 | 1.6 |
| 4924 | Prosperity Bancshares, Inc. | 334340 | 0.1 |
| 13778 | Prudential Financial, Inc. | 1415138 | 0.6 |
| 7553 | Qualcomm, Inc. | 1121318 | 0.4 |
| 1982 | Ralph Lauren Corp. | 445851 | 0.2 |
| 20934 | Raytheon Technologies Corp. | 2640405 | 1 |
| 6278 | Regency Centers Corp. | 453146 | 0.2 |
| 6846 | Reinsurance Group of America, Inc. | 1282324 | 0.5 |
| 7146 | Republic Services, Inc. | 1791860 | 0.7 |
| 93183 | Rithm Capital Corp. | 1041786 | 0.4 |
| 2908 | Roche Holding AG | 950877 | 0.4 |
| 2632 | Royal Gold, Inc. | 480893 | 0.2 |
| 12160 | RPM International, Inc. | 1298080 | 0.5 |
| 14119 | Sabra Health Care REIT, Inc. | 252024 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 7189 | Simon Property Group, |  |  |
|  | Inc. | $1131405 | 0.4 |
| 5037 | Skyworks Solutions, Inc. | 323778 | 0.1 |
| 16779 | Smithfield Foods, Inc. | 372662 | 0.1 |
| 4779 | Snap-on, Inc. | 1499698 | 0.6 |
| 20314 | SS&C Technologies |  |  |
|  | Holdings, Inc. | 1535738 | 0.6 |
| 19220 | Synchrony Financial | 998479 | 0.4 |
| 18565 | TJX Cos., Inc. | 2388944 | 0.9 |
| 3558 | Tradeweb Markets, Inc. - |  |  |
|  | Class A | 492071 | 0.2 |
| 30324 | Travel + Leisure Co. | 1332133 | 0.5 |
| 18187 | Unum Group | 1412402 | 0.5 |
| 23806 | US Bancorp | 960334 | 0.4 |
| 64876 | Verizon Communications, | 2858437 |  |
|  | Inc. | 2858437 | 1.1 |
| 177035 | Viatris, Inc. | 1490635 | 0.6 |
| 4484 | Visa, Inc. - Class A | 1549222 | 0.6 |
| 1480 | Watts Water |  |  |
|  | Technologies, Inc. - Class |  |  |
|  | A | 307470 | 0.1 |
| 41744 | Wells Fargo & Co. | 2964241 | 1.2 |
| 70574 | Wendy's Co. | 882175 | 0.3 |
| 33231 | Williams Cos., Inc. | 1946340 | 0.8 |
| 4278 | Xcel Energy, Inc. | 302455 | 0.1 |
|  |  | **176108350** | **68.1** |
|  | Total Common Stock |  |  |
|  | (Cost $214,579,683) | **251816295** | **97.5** |
| **EXCHANGE-TRADED FUNDS: 1.5%** | **EXCHANGE-TRADED FUNDS: 1.5%** |  |  |
| 18801 | iShares MSCI EAFE | 1146109 |  |
|  | Value ETF |  | 0.4 |
| 15109 | iShares Russell 1000 |  |  |
|  | Value ETF | 2753917 | 1.1 |
|  |  | **3900026** | **1.5** |
|  | Total Exchange-Traded |  |  |
|  | Funds |  |  |
|  | (Cost $3,912,842) | **3900026** | **1.5** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |  |  |
|  | **Germany: 0.4%** |  |  |
| 6686 | Henkel AG & Co. KGaA | 519277 | 0.2 |
| 4795 | Volkswagen AG | 521745 | 0.2 |
|  |  | **1041022** | **0.4** |
|  | Total Preferred Stock |  |  |
|  | (Cost $1,037,910) | **1041022** | **0.4** |
|  | Total Long-Term |  |  |
|  | Investments |  |  |
|  | (Cost $219,530,435) | **256757343** | **99.4** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** |  |  |
|  | **Repurchase Agreements: 0.2%** | **Repurchase Agreements: 0.2%** |  |
| 573117 <sup>(4)</sup> | NatWest Markets |  |  |
|  | Securities, Inc., |  |  |
|  | Repurchase Agreement |  |  |
|  | dated 04/30/2025, |  |  |
|  | 4.360%, due 05/01/2025 |  |  |
|  | (Repurchase Amount |  |  |
|  | $573,185, collateralized |  |  |
|  | by various U.S. |  |  |
|  | Government Securities, |  |  |
|  | 0.000%-5.500%, Market |  |  |
|  | Value plus accrued |  |  |
|  | interest $584,579, due |  |  |
|  | 06/03/25-02/15/46) | $573117 | 0.2 |
|  | Total Repurchase |  |  |
|  | Agreements |  |  |
|  | (Cost $573,117) | **573117** | 0.2 |
|  | **Total Short-Term** |  |  |
|  | **Investments** |  |  |
|  | **(Cost $573,117)** | **573117** | **0.2** |
|  | **Total Investments in** |  |  |
|  | **Securities** |  |  |
|  | **(Cost $220,103,552)** | $**257330460** | **99.6** |
|  | **Assets in Excess of** |  |  |
|  | **Other Liabilities** | **1153118** | **0.4** |
|  | **Net Assets** | $**258483578** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |

---

---

| | |
|:---|:---|
| <br>**Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Financials | 26.3% |
| Health Care | 14.0 |
| Industrials | 13.7 |
| Consumer Staples | 9.5 |
| Communication Services | 6.6 |
| Energy | 6.2 |
| Utilities | 5.9 |
| Consumer Discretionary | 4.6 |
| Real Estate | 4.5 |
| Information Technology | 3.9 |
| Materials | 2.7 |
| Exchange-Traded Funds | 1.5 |
| Short-Term Investments | 0.2 |
| Assets in Excess of Other Liabilities | 0.4 |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br> **Significan** **t**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**April 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $3122597 | $— | $3122597 |
| &nbsp;&nbsp;&nbsp;Canada | 9465800 |  |  | 9465800 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 2159680 |  | 2159680 |
| &nbsp;&nbsp;&nbsp;Finland |  | 490493 |  | 490493 |
| &nbsp;&nbsp;&nbsp;France |  | 8079035 |  | 8079035 |
| &nbsp;&nbsp;&nbsp;Germany |  | 4262493 |  | 4262493 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 567808 | 2328275 |  | 2896083 |
| &nbsp;&nbsp;&nbsp;Israel |  | 633480 |  | 633480 |
| &nbsp;&nbsp;&nbsp;Italy |  | 4882428 |  | 4882428 |
| &nbsp;&nbsp;&nbsp;Japan |  | 11912072 |  | 11912072 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 4376514 |  | 4376514 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 276936 |  | 276936 |
| &nbsp;&nbsp;&nbsp;Norway |  | 2428809 |  | 2428809 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 870040 |  |  | 870040 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 1017308 |  | 1017308 |
| &nbsp;&nbsp;&nbsp;Spain |  | 3277279 |  | 3277279 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1675329 |  | 1675329 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 3299332 |  | 3299332 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 10582237 |  | 10582237 |
| &nbsp;&nbsp;&nbsp;United States | 173011713 | 3096637 |  | 176108350 |
| Total Common Stock | 183915361 | 67900934 |  | 251816295 |
| Exchange-Traded Funds | 3900026 |  |  | 3900026 |
| Preferred Stock |  | 1041022 |  | 1041022 |
| Short-Term Investments |  | 573117 |  | 573117 |
| Total Investments, at fair value | $187815387 | $69515073 | $— | $257330460 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $220,751,011. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $42698297 |
| Gross Unrealized Depreciation | (6119565) |
| Net Unrealized Appreciation | $36578732 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** | **COMMON STOCK: 97.9%** |
|  | **Australia: 5.2%** | **Australia: 5.2%** | **Australia: 5.2%** |
| 141576 <sup>(1)(2)</sup> | Aeris Resources Ltd. | $17148 | 0.0 |
| 72762 | AGL Energy Ltd. | 495873 | 0.2 |
| 64110 <sup>(1)</sup> | Alkane Resources Ltd. | 32989 | 0.0 |
| 646518 | AMP Ltd. | 533995 | 0.2 |
| 36600 | Australian Clinical Labs Ltd. | 73073 | 0.0 |
| 11504 | Australian Ethical Investment Ltd. | 38170 | 0.0 |
| 14321 | Bank of Queensland Ltd. | 68409 | 0.0 |
| 147087 | Beach Energy Ltd. | 110717 | 0.0 |
| 1114951 <sup>(1)</sup> | Beacon Minerals Ltd. | 18569 | 0.0 |
| 84526 | Bendigo & Adelaide Bank Ltd. | 604684 | 0.2 |
| 21374 | Bravura Solutions Ltd. | 30051 | 0.0 |
| 86369 <sup>(1)</sup> | Capricorn Metals Ltd. | 510998 | 0.2 |
| 189716 <sup>(1)</sup> | Cettire Ltd. | 54549 | 0.0 |
| 89048 | Champion Iron Ltd. | 260311 | 0.1 |
| 57075 | Charter Hall Group | 617091 | 0.2 |
| 23755 | Clinuvel Pharmaceuticals Ltd. | 173021 | 0.1 |
| 45378 | Corporate Travel Management Ltd. | 370561 | 0.1 |
| 6962 <sup>(1)</sup> | DGL Group Ltd./Au | 1913 | 0.0 |
| 69787 <sup>(1)</sup> | Emeco Holdings Ltd. | 34039 | 0.0 |
| 9775 | Flight Centre Travel Group Ltd. | 80206 | 0.0 |
| 16365 | GR Engineering Services Ltd. | 29453 | 0.0 |
| 11910 | GrainCorp Ltd. - Class A | 50707 | 0.0 |
| 32679 | Helia Group Ltd. | 101285 | 0.0 |
| 22825 | Helloworld Travel Ltd. | 20801 | 0.0 |
| 156949 | Horizon Oil Ltd. | 18589 | 0.0 |
| 29139 | HUB24 Ltd. | 1346186 | 0.4 |
| 97586 <sup>(1)</sup> | Image Resources NL | 5604 | 0.0 |
| 20134 | Infomedia Ltd. | 15980 | 0.0 |
| 15100 | JB Hi-Fi Ltd. | 1000642 | 0.3 |
| 2942 | Jumbo Interactive Ltd. | 19231 | 0.0 |
| 352652 | Macmahon Holdings Ltd. | 61133 | 0.0 |
| 97324 | Magellan Financial Group Ltd. | 477135 | 0.2 |
| 82435 <sup>(1)</sup> | Metals X Ltd. | 29807 | 0.0 |
| 84053 <sup>(1)</sup> | Nanosonics Ltd. | 258092 | 0.1 |
| 16889 | Netwealth Group Ltd. | 303445 | 0.1 |
| 57550 | New Hope Corp. Ltd. | 135004 | 0.1 |
| 55244 | Nufarm Ltd. | 136390 | 0.1 |
| 1805 | Objective Corp. Ltd. | 18094 | 0.0 |
| 383631 | OceanaGold Corp. | 1357986 | 0.4 |
| 18504 <sup>(1)</sup> | OFX Group Ltd. | 13416 | 0.0 |
| 1710 <sup>(1)</sup> | Ora Banda Mining Ltd. | 1093 | 0.0 |
| 49151 | Orica Ltd. | 510180 | 0.2 |
| 87424 <sup>(1)</sup> | Paladin Energy Ltd. | 328033 | 0.1 |
| 63070 | Perenti Ltd. | 55159 | 0.0 |
| 399504 | Perseus Mining Ltd. | 856221 | 0.3 |
| 33050 <sup>(1)</sup> | PointsBet Holdings Ltd. | 23248 | 0.0 |
| 816538 | Ramelius Resources Ltd. | 1374074 | 0.4 |
| 19471 | Regis Healthcare Ltd. | 85165 | 0.0 |
| 365148 <sup>(1)</sup> | Regis Resources Ltd. | 1055675 | 0.3 |
| 359555 <sup>(1)</sup> | Resolute Mining Ltd. | 117372 | 0.1 |
| 61877 <sup>(1)</sup> | Sandfire Resources Ltd. | 394087 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Australia (continued)** |  |  |
| 12107 | SKS Technologies Group Ltd. | 14133 | 0.0 |
| 27246 | SmartGroup Corp. Ltd. | 136634 | 0.1 |
| 27881 | Southern Cross Electrical Engineering Ltd. | 33437 | 0.0 |
| 38548 | Technology One Ltd. | 744059 | 0.2 |
| 19105 <sup>(1)</sup> | Temple & Webster Group Ltd. | 218016 | 0.1 |
| 17756 <sup>(1)</sup> | Tuas Ltd. | 64122 | 0.0 |
| 389895 <sup>(1)</sup> | Vault Minerals Ltd. | 107391 | 0.0 |
| 240407 | Ventia Services Group Pty Ltd. | 650898 | 0.2 |
| 31051 <sup>(1)</sup> | Webjet Ltd. | 85386 | 0.0 |
| 108701 <sup>(1)</sup> | West African Resources Ltd. | 166357 | 0.1 |
| 31912 <sup>(1)</sup> | Zip Co. Ltd. | 35750 | 0.0 |
|  |  | **16581837** | **5.2** |
|  | **Austria: 0.1%** | **Austria: 0.1%** | **Austria: 0.1%** |
| 24508 <sup>(1)</sup> | ams-OSRAM AG | 217570 | 0.1 |
| 1609 | Palfinger AG | 52443 | 0.0 |
| 2747 | Porr AG | 96188 | 0.0 |
|  |  | **366201** | **0.1** |
|  | **Belgium: 0.3%** | **Belgium: 0.3%** | **Belgium: 0.3%** |
| 533 | Cie d'Entreprises CFE | 4649 | 0.0 |
| 20110 | Colruyt Group N.V | 967042 | 0.3 |
| 11865 | Deceuninck NV | 28798 | 0.0 |
| 2487 | Fagron | 57975 | 0.0 |
| 489 | Wereldhave Belgium Comm VA | 27587 | 0.0 |
|  |  | **1086051** | **0.3** |
|  | **Brazil: 0.2%** | **Brazil: 0.2%** | **Brazil: 0.2%** |
| 23100 | Bemobi Mobile Tech S.A. | 76320 | 0.0 |
| 159200 | C&A MODAS SA | 371691 | 0.1 |
| 32587 | Guararapes Confeccoes S.A. | 46281 | 0.0 |
| 27500 | Tegma Gestao Logistica SA | 172070 | 0.1 |
| 6245 <sup>(1)</sup> | VTEX - Class A | 33660 | 0.0 |
|  |  | **700022** | **0.2** |
|  | **Canada: 7.2%** | **Canada: 7.2%** | **Canada: 7.2%** |
| 7810 | ADENTRA, Inc. | 153016 | 0.1 |
| 11700 | Aecon Group, Inc. | 136978 | 0.1 |
| 4300 | AGF Management Ltd. - Class B | 32002 | 0.0 |
| 11300 <sup>(2)</sup> | AirBoss of America Corp. | 31967 | 0.0 |
| 18153 | Alamos Gold, Inc. - Class A | 518939 | 0.2 |
| 45700 | Amerigo Resources Ltd. | 57349 | 0.0 |
| 21200 <sup>(1)</sup> | Aritzia, Inc. | 745675 | 0.2 |
| 11640 | AtkinsRealis Group, Inc. | 576427 | 0.2 |
| 6809 | Bird Construction, Inc. | 104264 | 0.0 |
| 16900 | Black Diamond Group Ltd. | 99787 | 0.0 |
| 15972 | Boardwalk Real Estate Investment Trust | 753184 | 0.2 |
| 8754 <sup>(1)</sup> | Bombardier, Inc. - Class B | 578605 | 0.2 |
| 23621 | Boralex, Inc. - Class A | 524645 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Canada (continued)** |  |  |
| 21100 | Canaccord Genuity Group, Inc. | $129330 | 0.0 |
| 21200 | Cascades, Inc. | 135787 | 0.1 |
| 20349 <sup>(1)</sup> | Celestica, Inc. | 1736293 | 0.5 |
| 25939 | Centerra Gold, Inc. | 173667 | 0.1 |
| 55978 | CES Energy Solutions Corp. | 246878 | 0.1 |
| 4742 <sup>(1)</sup> | Chorus Aviation, Inc. | 64082 | 0.0 |
| 3354 | Colliers International Group, Inc. | 400367 | 0.1 |
| 12900 | Computer Modelling Group Ltd. | 74391 | 0.0 |
| 5500 <sup>(1)</sup> | Coveo Solutions, Inc. | 24496 | 0.0 |
| 1600 <sup>(1)</sup> | Docebo, Inc. | 50115 | 0.0 |
| 12116 | DREAM Unlimited Corp. - Class A | 167072 | 0.1 |
| 112250 | Dundee Precious Metals, Inc. | 1471317 | 0.5 |
| 19650 | Enerflex Ltd. | 128567 | 0.0 |
| 24154 | Enghouse Systems Ltd. | 438893 | 0.1 |
| 15600 <sup>(1)</sup> | Ensign Energy Services, Inc. | 20369 | 0.0 |
| 8505 | EQB, Inc. | 587996 | 0.2 |
| 3700 | Evertz Technologies Ltd. | 29442 | 0.0 |
| 10508 | Exco Technologies Ltd. | 43447 | 0.0 |
| 38000 | Extendicare, Inc. | 380386 | 0.1 |
| 24046 | Fiera Capital Corp. | 110410 | 0.0 |
| 60963 | Finning International, Inc. | 1720637 | 0.5 |
| 91000 <sup>(1)</sup> | Fortuna Mining Corp. | 567677 | 0.2 |
| 11194 | Gildan Activewear, Inc. | 515853 | 0.2 |
| 130660 | Headwater Exploration, Inc. | 530753 | 0.2 |
| 3614 | High Arctic Energy Services, Inc. | 2281 | 0.0 |
| 5700 | High Liner Foods, Inc. | 70041 | 0.0 |
| 1852 | Information Services Corp. | 35842 | 0.0 |
| 4044 <sup>(1)</sup> | Kinaxis, Inc. | 546054 | 0.2 |
| 800 | Lassonde Industries, Inc. - Class A | 120273 | 0.0 |
| 1600 | Leon's Furniture Ltd. | 26694 | 0.0 |
| 14637 | Lundin Gold, Inc. | 597010 | 0.2 |
| 1400 | Maple Leaf Foods, Inc. | 25622 | 0.0 |
| 19475 | Martinrea International, Inc. | 103690 | 0.0 |
| 11500 | MEG Energy Corp. | 161330 | 0.1 |
| 2200 | Melcor Developments Ltd. | 19294 | 0.0 |
| 14049 | Methanex Corp. | 440241 | 0.1 |
| 1400 | Morguard Corp. | 117791 | 0.0 |
| 28259 | Mullen Group Ltd. | 268733 | 0.1 |
| 4400 | Neo Performance Materials, Inc. | 35778 | 0.0 |
| 5200 | North West Co., Inc. | 208588 | 0.1 |
| 60244 <sup>(1)</sup> | NuVista Energy Ltd. | 513468 | 0.2 |
| 17058 | Paramount Resources Ltd. - Class A | 193644 | 0.1 |
| 25315 | Pason Systems, Inc. | 201624 | 0.1 |
| 23900 | PHX Energy Services Corp. | 131237 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Canada (continued)** |  |  |
| 2200 | Pollard Banknote Ltd. | 32682 | 0.0 |
| 9400 <sup>(1)</sup> | Precision Drilling Corp. | 393292 | 0.1 |
| 7067 <sup>(1)</sup> | Repare Therapeutics, Inc. | 9682 | 0.0 |
| 26034 | Russel Metals, Inc. | 755375 | 0.2 |
| 68963 | Secure Waste Infrastructure Corp. | 656814 | 0.2 |
| 10000 | Sprott, Inc. | 525388 | 0.2 |
| 24846 <sup>(1)</sup> | SSR Mining, Inc. | 264361 | 0.1 |
| 31900 | StorageVault Canada, Inc. | 87236 | 0.0 |
| 2000 | TECSYS, Inc. | 61483 | 0.0 |
| 10900 <sup>(1)</sup> | Thinkific Labs, Inc. | 18343 | 0.0 |
| 40700 <sup>(1)</sup> | Torex Gold Resources, Inc. | 1318189 | 0.4 |
| 19400 | Total Energy Services, Inc. | 124680 | 0.0 |
| 28600 | Trican Well Service Ltd. | 84020 | 0.0 |
| 49885 | Vermilion Energy, Inc. | 301061 | 0.1 |
| 13094 | VersaBank | 145225 | 0.1 |
| 1100 | Wajax Corp. | 14067 | 0.0 |
| 17500 <sup>(1)</sup> | Well Health Technologies Corp. | 50268 | 0.0 |
| 81592 | Whitecap Resources, Inc. | 462824 | 0.2 |
| 1800 | Winpak Ltd. | 55765 | 0.0 |
|  |  | **23241053** | **7.2** |
|  | **China: 1.4%** | **China: 1.4%** | **China: 1.4%** |
| 4100 | Acrobiosystems Co. Ltd. - Class A | 27113 | 0.0 |
| 25000 | Amoy Diagnostics Co. Ltd. - Class A | 71509 | 0.0 |
| 33347 <sup>(1)</sup> | ATRenew, Inc., ADR | 82367 | 0.0 |
| 20481 <sup>(1)</sup> | Baozun, Inc., ADR | 53455 | 0.0 |
| 102800 | Canny Elevator Co. Ltd. - Class A | 102567 | 0.0 |
| 449900 | Changjiang & Jinggong Steel Building Group Co. Ltd. - Class A | 197091 | 0.1 |
| 346000 | China Kepei Education Group Ltd. | 58983 | 0.0 |
| 127600 | China Leon Inspection Holding Ltd. | 41790 | 0.0 |
| 165000 | China Yongda Automobiles Services Holdings Ltd. | 52603 | 0.0 |
| 185000 | Edan Instruments, Inc. - Class A | 297269 | 0.1 |
| 108000 | Edvantage Group Holdings Ltd. | 19503 | 0.0 |
| 111072 <sup>(1)(3)</sup> | Ever Reach Group Holdings Co. Ltd. | 3724 | 0.0 |
| 691406 | Fountain SET Holdings Ltd. | 56164 | 0.0 |
| 242000 | Harbin Electric Co. Ltd. - Class H | 149167 | 0.1 |
| 38913 | Hello Group, Inc., ADR | 222193 | 0.1 |
| 32276 <sup>(1)</sup> | Henan Jinma Energy Co. Ltd. - Class H | 2164 | 0.0 |
| 49900 | Hunan Jiudian Pharmaceutical Co. Ltd. - Class A | 109813 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** |  |  |  |
| 396000 | Nexteer Automotive Group Ltd. | $| 265453 | 0.1 |
| 39266 | Novogene Co. Ltd. - Class A |  | 75977 | 0.0 |
| 31758 | Pacific Online Ltd. |  | 1802 | 0.0 |
| 94851 <sup>(1)</sup> | Road King Infrastructure Ltd. |  | 10262 | 0.0 |
| 14200 | Shanghai Action Education Technology Co. Ltd. - Class A |  | 73318 | 0.0 |
| 242220 | Sichuan Teway Food Group Co. Ltd. - Class A |  | 374182 | 0.1 |
| 321180 | Tang Palace China Holdings Ltd. |  | 7100 | 0.0 |
| 353000 | TCL Electronics Holdings Ltd. |  | 445909 | 0.2 |
| 300213 | Ten Pao Group Holdings Ltd. |  | 62461 | 0.0 |
| 140400 | Toly Bread Co. Ltd. - Class A |  | 104969 | 0.0 |
| 140800 | Tongdao Liepin Group |  | 65943 | 0.0 |
| 91600 | Vatti Corp. Ltd. - Class A |  | 81630 | 0.0 |
| 45400 | Wasu Media Holding Co. Ltd. - Class A |  | 48185 | 0.0 |
| 122000 <sup>(1)</sup> | XD, Inc. |  | 561159 | 0.2 |
| 136800 | Xiamen Jihong Technology Co. Ltd. - Class A |  | 259375 | 0.1 |
| 319000 <sup>(3)</sup> | Xiwang Special Steel Co. Ltd. |  |  |  |
| 10700 | Yiren Digital Ltd., ADR |  | 69978 | 0.0 |
| 155500 | Yixintang Pharmaceutical Group Co. Ltd. - Class A |  | 303695 | 0.1 |
| 119814 | Zengame Technology Holding Ltd. |  | 34936 | 0.0 |
| 37520 <sup>(1)</sup> | Zhihu, Inc., ADR |  | 144827 | 0.1 |
|  |  |  | **4538636** | **1.4** |
|  | **Côte d'Ivoire: 0.3%** | **Côte d'Ivoire: 0.3%** | **Côte d'Ivoire: 0.3%** | **Côte d'Ivoire: 0.3%** |
| 34458 | Endeavour Mining PLC |  | 930799 | 0.3 |
|  | **Denmark: 2.8%** | **Denmark: 2.8%** | **Denmark: 2.8%** | **Denmark: 2.8%** |
| 8450 <sup>(1)</sup> | ALK-Abello A/S |  | 196974 | 0.1 |
| 3621 <sup>(1)</sup> | Ascendis Pharma A/S, ADR |  | 617163 | 0.2 |
| 23023 <sup>(1)</sup> | Bavarian Nordic A/S |  | 547402 | 0.2 |
| 27938 | ISS A/S |  | 701005 | 0.2 |
| 8308 | Jyske Bank A/S, Reg |  | 681409 | 0.2 |
| 11330 <sup>(1)(4)</sup> | Netcompany Group A/S |  | 511480 | 0.2 |
| 82 <sup>(1)</sup> | North Media A/S |  | 454 | 0.0 |
| 15985 | Pandora A/S |  | 2379575 | 0.7 |
| 1801 | Per Aarsleff Holding A/S |  | 145109 | 0.0 |
| 62941 | ROCKWOOL A/S - Class B |  | 2873268 | 0.9 |
| 1323 | Skjern Bank |  | 38989 | 0.0 |
| 4135 | Sparekassen Sjaelland-Fyn A/S |  | 178706 | 0.1 |
|  |  |  | **8871534** | **2.8** |
|  | **Finland: 1.5%** | **Finland: 1.5%** | **Finland: 1.5%** | **Finland: 1.5%** |
| 30 | Alandsbanken Abp - Class B |  | 1247 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Finland (continued)** |  |  |  |
| 4809 | Cargotec Oyj - Class B | $| 228825 | 0.1 |
| 22045 | F-Secure Oyj |  | 48549 | 0.0 |
| 2791 <sup>(1)</sup> | Incap Oyj |  | 30566 | 0.0 |
| 4809 | Kalmar Oyj - Class B |  | 152354 | 0.1 |
| 27956 | Konecranes Oyj |  | 1872996 | 0.6 |
| 694 | Olvi Oyj - Class A |  | 26022 | 0.0 |
| 35682 | Oriola Oyj - Class B |  | 44141 | 0.0 |
| 35447 | Orion Oyj - Class B |  | 2219389 | 0.7 |
| 39 | Ponsse Oyj |  | 1198 | 0.0 |
| 3 | Relais Group Oyj |  | 50 | 0.0 |
| 4221 | Scanfil Oyj |  | 41643 | 0.0 |
| 1217 | Vaisala Oyj - Class A |  | 64798 | 0.0 |
|  |  |  | **4731778** | **1.5** |
|  | **France: 7.4%** | **France: 7.4%** | **France: 7.4%** | **France: 7.4%** |
| 15771 | Accor SA |  | 777074 | 0.2 |
| 1717 | Alten SA |  | 143840 | 0.1 |
| 10181 | Arkema SA |  | 774015 | 0.2 |
| 21348 <sup>(1)</sup> | Criteo SA, ADR |  | 727113 | 0.2 |
| 12025 | Eiffage SA |  | 1636273 | 0.5 |
| 37514 | Elis SA |  | 962949 | 0.3 |
| 293 | Esso SA Francaise |  | 47098 | 0.0 |
| 2950 | Fnac Darty SA |  | 102714 | 0.0 |
| 73126 | Forvia SE |  | 564877 | 0.2 |
| 1265 | Gaztransport Et Technigaz SA |  | 206198 | 0.1 |
| 4792 | GL Events |  | 119495 | 0.0 |
| 14216 | Ipsen SA |  | 1653364 | 0.5 |
| 3700 | IPSOS |  | 175175 | 0.1 |
| 4474 | Kaufman & Broad SA |  | 175666 | 0.1 |
| 143416 | Klepierre SA |  | 5249477 | 1.6 |
| 33768 <sup>(4)</sup> | La Francaise des Jeux SAEM |  | 1203630 | 0.4 |
| 5950 | Lectra |  | 154516 | 0.1 |
| 193026 <sup>(1)</sup> | Louis Hachette Group |  | 304342 | 0.1 |
| 3915 | Mersen SA |  | 83908 | 0.0 |
| 698 | Neurones |  | 37797 | 0.0 |
| 8165 | Opmobility |  | 91507 | 0.0 |
| 17813 | Renault SA |  | 946069 | 0.3 |
| 27163 | Rexel SA |  | 754686 | 0.2 |
| 446 | Societe BIC SA |  | 28857 | 0.0 |
| 492 | Societe LDC SADIR |  | 42694 | 0.0 |
| 4032 | Sopra Steria Group SACA |  | 826716 | 0.3 |
| 30458 | SPIE SA |  | 1492824 | 0.5 |
| 1221 <sup>(1)</sup> | Synergie SE |  | 42188 | 0.0 |
| 50896 | Technip Energies NV |  | 1736780 | 0.5 |
| 4747 | Teleperformance |  | 520532 | 0.2 |
| 2455 | Television Francaise 1 SA |  | 23459 | 0.0 |
| 29511 <sup>(1)</sup> | Ubisoft Entertainment SA |  | 347708 | 0.1 |
| 1947 | Unibail-Rodamco-Westfield |  | 164823 | 0.1 |
| 38549 | Valeo |  | 382836 | 0.1 |
| 36230 <sup>(1)</sup> | Vallourec SA |  | 669630 | 0.2 |
| 240 | Vetoquinol SA |  | 20278 | 0.0 |
| 4204 | Vicat SACA |  | 235396 | 0.1 |
| 1155 | Virbac SA |  | 407215 | 0.1 |
| 365 | Wendel SE |  | 35889 | 0.0 |
|  |  |  | **23869608** | **7.4** |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Germany: 6.4%** | **Germany: 6.4%** | **Germany: 6.4%** |
| 83352 <sup>(1)</sup> | Aroundtown SA | $249023 | 0.1 |
| 1910 | Atoss Software AG | 287123 | 0.1 |
| 12557 | Bechtle AG | 535715 | 0.2 |
| 316 | Bijou Brigitte AG | 15178 | 0.0 |
| 5452 | Bilfinger SE | 463692 | 0.1 |
| 11478 | CTS Eventim AG & Co. KGaA | 1359993 | 0.4 |
| 1227 | Deutsche EuroShop AG | 26883 | 0.0 |
| 75328 | Deutsche Lufthansa AG | 541280 | 0.2 |
| 16145 | Duerr AG | 382214 | 0.1 |
| 866 <sup>(4)</sup> | DWS Group GmbH & Co. KGaA | 45589 | 0.0 |
| 4814 | Ernst Russ AG | 30266 | 0.0 |
| 18870 | Evonik Industries AG | 424062 | 0.1 |
| 2712 | Fielmann AG | 154109 | 0.1 |
| 1411 | flatexDEGIRO AG | 37133 | 0.0 |
| 27535 | Freenet AG | 1144990 | 0.4 |
| 1995 | Friedrich Vorwerk Group SE | 136221 | 0.0 |
| 2374 | GEA Group AG | 154879 | 0.1 |
| 4078 | GFT Technologies SE | 115175 | 0.0 |
| 2629 | Hochtief AG | 497394 | 0.2 |
| 3455 | Hornbach Holding AG & Co. KGaA | 388988 | 0.1 |
| 667 | HUGO BOSS AG | 27820 | 0.0 |
| 1828 | Indus Holding AG | 51497 | 0.0 |
| 9048 <sup>(1)</sup> | Ionos SE | 301831 | 0.1 |
| 2741 | KION Group AG | 116646 | 0.0 |
| 750 | Krones AG | 109626 | 0.0 |
| 13440 | Nemetschek SE | 1785970 | 0.6 |
| 27019 <sup>(1)</sup> | Nordex SE | 505885 | 0.2 |
| 32887 | ProSiebenSat.1 Media SE | 229509 | 0.1 |
| 2163 | Rational AG | 1855926 | 0.6 |
| 14609 <sup>(4)</sup> | Scout24 SE | 1741053 | 0.5 |
| 949 | Stroeer SE & Co. KGaA | 56666 | 0.0 |
| 15257 | SUSS MicroTec SE | 587489 | 0.2 |
| 61826 <sup>(1)</sup> | TAG Immobilien AG | 1006585 | 0.3 |
| 46974 <sup>(1)(4)</sup> | TeamViewer SE | 721648 | 0.2 |
| 136581 | thyssenkrupp AG | 1566345 | 0.5 |
| 9724 <sup>(1)</sup> | Trivago NV, ADR | 40452 | 0.0 |
| 86965 <sup>(1)</sup> | TUI AG | 669151 | 0.2 |
| 2191 | Wuestenrot & Wuerttembergische AG | 35245 | 0.0 |
| 61353 <sup>(1)(4)</sup> | Zalando SE | 2240381 | 0.7 |
|  |  | **20639632** | **6.4** |
|  | **Greece: 0.1%** | **Greece: 0.1%** | **Greece: 0.1%** |
| 2201 | Kri-Kri Milk Industry SA | 37999 | 0.0 |
| 3638 | Piraeus Port Authority SA | 162792 | 0.1 |
| 29864 <sup>(1)</sup> | StealthGas, Inc. | 160668 | 0.0 |
| 7911 | Thrace Plastics Holding and Co. | 34010 | 0.0 |
|  |  | **395469** | **0.1** |
|  | **Guatemala: 0.2%** | **Guatemala: 0.2%** | **Guatemala: 0.2%** |
| 21162 | Millicom International Cellular SA | **730935** | **0.2** |
|  | **Guernsey: 0.1%** | **Guernsey: 0.1%** | **Guernsey: 0.1%** |
| 20758 | Super Group SGHC Ltd. | **168555** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Hong Kong: 0.6%** | **Hong Kong: 0.6%** | **Hong Kong: 0.6%** |
| 204478 | Build King Holdings Ltd. | $29722 | 0.0 |
| 80000 | Computer & Technologies Holdings Ltd. | 15297 | 0.0 |
| 1703 | Computime Group Ltd. | 88 | 0.0 |
| 134500 <sup>(4)</sup> | Crystal International Group Ltd. | 78414 | 0.0 |
| 232000 <sup>(1)</sup> | Hop Fung Group Holdings Ltd. | 2692 | 0.0 |
| 102000 | IVD Medical Holding Ltd. | 23016 | 0.0 |
| 14087 | Johnson Electric Holdings Ltd. | 25664 | 0.0 |
| 159500 | Kerry Properties Ltd. | 374575 | 0.1 |
| 33822 | Lung Kee Bermuda Holdings | 5887 | 0.0 |
| 223367 <sup>(1)</sup> | Midland Holdings Ltd. | 28466 | 0.0 |
| 1211244 | Singamas Container Holdings Ltd. | 94944 | 0.1 |
| 3031176 <sup>(1)</sup> | Tongda Group Holdings Ltd. | 29313 | 0.0 |
| 496000 | United Laboratories International Holdings Ltd. | 888864 | 0.3 |
| 175138 | Vedan International Holdings Ltd. | 14001 | 0.0 |
| 15840 <sup>(1)</sup> | Wai Kee Holdings Ltd. | 1246 | 0.0 |
| 261500 | Yue Yuen Industrial Holdings Ltd. | 375435 | 0.1 |
|  |  | **1987624** | **0.6** |
|  | **Hungary: 0.1%** | **Hungary: 0.1%** | **Hungary: 0.1%** |
| 7686 | Richter Gedeon Nyrt | **233106** | **0.1** |
|  | **India: 0.1%** | **India: 0.1%** | **India: 0.1%** |
| 25620 <sup>(3)</sup> | Geodesic Ltd. |  |  |
| 21379 <sup>(3)</sup> | Varun Industries Ltd. |  |  |
| 19034 | Zensar Technologies Ltd. | 162825 | 0.1 |
|  |  | **162825** | **0.1** |
|  | **Indonesia: 0.1%** | **Indonesia: 0.1%** | **Indonesia: 0.1%** |
| 874500 <sup>(1)</sup> | Alam Sutera Realty Tbk PT | 6743 | 0.0 |
| 1323800 <sup>(1)</sup> | Bank Pembangunan Daerah Jawa Timur Tbk PT | 41469 | 0.0 |
| 406900 <sup>(1)</sup> | Champ Resto Indonesia Tbk PT | 17977 | 0.0 |
| 672600 | IMC Pelita Logistik Tbk PT | 14965 | 0.0 |
| 24432 <sup>(1)</sup> | Indo-Rama Synthetics Tbk PT | 3400 | 0.0 |
| 1208900 | Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 43331 | 0.0 |
| 2860600 <sup>(1)</sup> | Media Nusantara Citra Tbk PT | 45216 | 0.0 |
| 270721 <sup>(1)</sup> | Mitrabahtera Segara Sejati Tbk PT | 18836 | 0.0 |
| 2195300 <sup>(1)</sup> | TBS Energi Utama Tbk PT | 53187 | 0.1 |
|  |  | **245124** | **0.1** |
|  | **Ireland: 0.2%** | **Ireland: 0.2%** | **Ireland: 0.2%** |
| 7057 <sup>(1)</sup> | Amarin Corp. PLC, ADR | 75934 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Ireland (continued)** |  |  |  |
| 3717 <sup>(2)</sup> | COSMO Pharmaceuticals NV | $| 215563 | 0.1 |
| 82760 | Dalata Hotel Group PLC |  | 474398 | 0.1 |
|  |  |  | **765895** | **0.2** |
|  | **Israel: 0.8%** | **Israel: 0.8%** | **Israel: 0.8%** | **Israel: 0.8%** |
| 4917 <sup>(1)</sup> | Brainsway Ltd., ADR |  | 42630 | 0.0 |
| 62556 <sup>(1)</sup> | Cognyte Software Ltd. |  | 613049 | 0.2 |
| 148417 <sup>(1)(2)</sup> | El Al Israel Airlines |  | 453639 | 0.2 |
| 3770 <sup>(1)</sup> | Gilat Satellite Networks Ltd. |  | 23902 | 0.0 |
| 16078 | Isracard Ltd. |  | 75715 | 0.0 |
| 2327 | Ituran Location and Control Ltd. |  | 83632 | 0.0 |
| 6554 <sup>(2)</sup> | Meitav Investments Ltd. |  | 34917 | 0.0 |
| 19950 <sup>(1)</sup> | Nexxen International Ltd. |  | 198104 | 0.1 |
| 1916 <sup>(1)</sup> | RADCOM Ltd. |  | 23088 | 0.0 |
| 17629 <sup>(1)</sup> | Radware Ltd. |  | 420628 | 0.1 |
| 199511 <sup>(1)</sup> | Taboola.com Ltd. |  | 588557 | 0.2 |
|  |  |  | **2557861** | **0.8** |
|  | **Italy: 6.5%** | **Italy: 6.5%** | **Italy: 6.5%** | **Italy: 6.5%** |
| 701865 | A2A SpA |  | 1785030 | 0.6 |
| 8581 | ACEA SpA |  | 201590 | 0.1 |
| 26863 <sup>(1)</sup> | Aquafil SpA |  | 38161 | 0.0 |
| 28228 | Arnoldo Mondadori Editore SpA |  | 68593 | 0.0 |
| 5271 | Avio SpA |  | 114553 | 0.0 |
| 21404 | Azimut Holding SpA |  | 594798 | 0.2 |
| 15906 | Banca Generali SpA |  | 943666 | 0.3 |
| 10355 | Banca IFIS SpA |  | 259457 | 0.1 |
| 100896 | Banca Monte dei Paschi di Siena SpA |  | 853255 | 0.3 |
| 83971 | Banca Popolare di Sondrio SpA |  | 1052229 | 0.3 |
| 99223 | BPER Banca |  | 805897 | 0.3 |
| 3902 | Brunello Cucinelli SpA |  | 440534 | 0.1 |
| 29200 | Buzzi Unicem SpA |  | 1530167 | 0.5 |
| 135364 <sup>(1)</sup> | CIR SpA-Compagnie Industriali |  | 89808 | 0.0 |
| 38420 | Coca-Cola HBC AG - Class DI |  | 2000662 | 0.6 |
| 25026 | d'Amico International Shipping SA |  | 92815 | 0.0 |
| 5249 | Danieli & C Officine Meccaniche SpA |  | 142065 | 0.0 |
| 18332 | Datalogic SpA |  | 88469 | 0.0 |
| 22475 | De' Longhi SpA |  | 695529 | 0.2 |
| 4310 | DiaSorin SpA |  | 492533 | 0.2 |
| 7433 <sup>(2)</sup> | Digital Value SpA |  | 153670 | 0.1 |
| 17635 | Fiera Milano SpA |  | 102544 | 0.0 |
| 5025 | Fila SpA |  | 65351 | 0.0 |
| 254754 | Hera SpA |  | 1206063 | 0.4 |
| 336235 | Iren SpA |  | 959927 | 0.3 |
| 107544 | Iveco Group NV |  | 1718131 | 0.5 |
| 29723 | Lottomatica Group SpA |  | 677500 | 0.2 |
| 5540 | Maire Tecnimont SpA |  | 59835 | 0.0 |
| 89554 | MFE-MediaForEurope NV - Class A |  | 325733 | 0.1 |
| 8240 | Orsero SpA |  | 122284 | 0.0 |
| 8355 | Piquadro SpA |  | 18551 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Italy (continued)** |  |  |
| 32204 <sup>(4)</sup> | RAI Way SpA | 220353 | 0.1 |
| 4919 | Reply SpA | 878186 | 0.3 |
| 30746 <sup>(2)</sup> | Salvatore Ferragamo SpA | 192635 | 0.1 |
| 6660 | SOL SpA | 303677 | 0.1 |
| 22 <sup>(1)</sup> | Somec SpA | 288 | 0.0 |
| 6625 <sup>(4)</sup> | Technogym SpA | 89523 | 0.0 |
| 57261 | Unipol Gruppo SpA | 1027073 | 0.3 |
| 140804 | Webuild SpA | 510846 | 0.2 |
|  |  | **20921981** | **6.5** |
|  | **Japan: 20.9%** | **Japan: 20.9%** | **Japan: 20.9%** |
| 14600 | 77 Bank Ltd. | 457576 | 0.2 |
| 27500 | ABC-Mart, Inc. | 511445 | 0.2 |
| 9200 | Adastria Co. Ltd. | 187974 | 0.1 |
| 3600 | Ad-sol Nissin Corp. | 25458 | 0.0 |
| 5800 | Adways, Inc. | 10751 | 0.0 |
| 12300 | AEON Financial Service Co. Ltd. | 101782 | 0.0 |
| 12600 | Aichi Financial Group, Inc. | 241419 | 0.1 |
| 9100 | Aichi Steel Corp. | 536360 | 0.2 |
| 786 | Aichi Tokei Denki Co. Ltd. | 10820 | 0.0 |
| 7900 | Aida Engineering Ltd. | 49024 | 0.0 |
| 700 | Ain Holdings, Inc. | 26981 | 0.0 |
| 1000 | Aiphone Co. Ltd. | 17603 | 0.0 |
| 3400 | Airtrip Corp. | 22465 | 0.0 |
| 10300 | Aisan Industry Co. Ltd. | 139206 | 0.1 |
| 5400 | AIT Corp. | 66354 | 0.0 |
| 2900 | Akatsuki, Inc. | 70709 | 0.0 |
| 1900 | Akita Bank Ltd. | 32524 | 0.0 |
| 1200 | Alpha Systems, Inc. | 27455 | 0.0 |
| 3600 | AlphaPolis Co. Ltd. | 32148 | 0.0 |
| 5100 | Amano Corp. | 148492 | 0.1 |
| 1800 | Amiyaki Tei Co. Ltd. | 18059 | 0.0 |
| 6300 | Anest Iwata Corp. | 49240 | 0.0 |
| 29200 | Anicom Holdings, Inc. | 121891 | 0.1 |
| 30600 | Anritsu Corp. | 305891 | 0.1 |
| 19600 | Anycolor, Inc. | 505362 | 0.2 |
| 3900 | AOKI Holdings, Inc. | 34751 | 0.0 |
| 8000 | Arealink Co. Ltd. | 123071 | 0.1 |
| 1000 | Argo Graphics, Inc. | 35355 | 0.0 |
| 2000 | Artience Co. Ltd. | 41273 | 0.0 |
| 5900 | Artner Co. Ltd. | 77732 | 0.0 |
| 9800 | Asahi Diamond Industrial Co. Ltd. | 50661 | 0.0 |
| 2600 | ASAHI YUKIZAI Corp. | 68148 | 0.0 |
| 1400 | ASKA Pharmaceutical Holdings Co. Ltd. | 22836 | 0.0 |
| 26800 | ASKUL Corp. | 285246 | 0.1 |
| 12500 | Atrae, Inc. | 61513 | 0.0 |
| 4400 | Aucnet, Inc. | 38293 | 0.0 |
| 10500 | Autobacs Seven Co. Ltd. | 108964 | 0.1 |
| 16600 | Avant Group Corp. | 206973 | 0.1 |
| 6700 | Avex, Inc. | 61821 | 0.0 |
| 9200 | Awa Bank Ltd. | 176876 | 0.1 |
| 6400 | Axial Retailing, Inc. | 48685 | 0.0 |
| 66200 | Azbil Corp. | 570068 | 0.2 |
| 6000 | Bando Chemical Industries Ltd. | 62715 | 0.0 |
| 1500 | Bank of Iwate Ltd. | 30645 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 1700 | Bank of Saga Ltd. | $25996 | 0.0 |
| 5000 | Bank of the Ryukyus Ltd. | 37949 | 0.0 |
| 1000 | Belc Co. Ltd. | 49517 | 0.0 |
| 4100 | Bunka Shutter Co. Ltd. | 58697 | 0.0 |
| 5200 | Business Brain Showa-Ota, Inc. | 98344 | 0.0 |
| 3600 | Business Engineering Corp. | 95941 | 0.0 |
| 6000 | Central Automotive Products Ltd. | 71079 | 0.0 |
| 6500 | Central Glass Co. Ltd. | 135994 | 0.1 |
| 1500 | Central Security Patrols Co. Ltd. | 28312 | 0.0 |
| 1300 | Chiyoda Integre Co. Ltd. | 24670 | 0.0 |
| 2200 | Chuetsu Pulp & Paper Co. Ltd. | 23417 | 0.0 |
| 4100 | Chugoku Marine Paints Ltd. | 59551 | 0.0 |
| 2100 | CMC Corp. | 22051 | 0.0 |
| 14600 | Comture Corp. | 170597 | 0.1 |
| 5500 | Copro-Holdings Co. Ltd. | 64436 | 0.0 |
| 1800 | Core Corp. | 22278 | 0.0 |
| 5300 | Cosmos Initia Co. Ltd. | 45314 | 0.0 |
| 4400 | Create SD Holdings Co. Ltd. | 93748 | 0.0 |
| 43600 | Credit Saison Co. Ltd. | 1018188 | 0.3 |
| 6600 | Creek & River Co. Ltd. | 71523 | 0.0 |
| 7700 | CTS Co. Ltd. | 43191 | 0.0 |
| 37500 | Curves Holdings Co. Ltd. | 181666 | 0.1 |
| 6300 | Cybozu, Inc. | 130670 | 0.1 |
| 75800 | Daicel Corp. | 645222 | 0.2 |
| 52400 | Daido Steel Co. Ltd. | 394830 | 0.1 |
| 2700 | Daihatsu Diesel Manufacturing Co. Ltd. | 34069 | 0.0 |
| 7600 | Dai-Ichi Cutter Kogyo KK | 73802 | 0.0 |
| 1400 | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 29659 | 0.0 |
| 2700 | Daito Pharmaceutical Co. Ltd. | 39359 | 0.0 |
| 5715 | Daitron Co. Ltd. | 127860 | 0.1 |
| 2400 | Daiwa Industries Ltd. | 27491 | 0.0 |
| 3100 | Densan System Holdings Co. Ltd. | 54210 | 0.0 |
| 11100 | Dentsu Soken, Inc. | 486092 | 0.2 |
| 30600 | Dexerials Corp. | 359522 | 0.1 |
| 4900 | Digital Arts, Inc. | 242517 | 0.1 |
| 6600 | Digital Hearts Holdings Co. Ltd. | 45810 | 0.0 |
| 4400 | Digital Information Technologies Corp. | 75246 | 0.0 |
| 6700 | dip Corp. | 97354 | 0.0 |
| 9900 | Doshisha Co. Ltd. | 155158 | 0.1 |
| 6300 | Double Standard, Inc. | 65623 | 0.0 |
| 7100 | Doutor Nichires Holdings Co. Ltd. | 132987 | 0.1 |
| 22382 | DTS Corp. | 636586 | 0.2 |
| 39100 | Ebara Corp. | 587352 | 0.2 |
| 6600 | Ebase Co. Ltd. | 24671 | 0.0 |
| 1500 | Eco's Co. Ltd./Japan | 25608 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 15300 | eGuarantee, Inc. | $189785 | 0.1 |
| 3600 | Ehime Bank Ltd. | 26268 | 0.0 |
| 27000 | Eiken Chemical Co. Ltd. | 419754 | 0.1 |
| 6800 | EM Systems Co. Ltd. | 35856 | 0.0 |
| 19400 | en Japan, Inc. | 222759 | 0.1 |
| 26000 | Enigmo, Inc. | 53244 | 0.0 |
| 4700 | Entrust, Inc. | 28287 | 0.0 |
| 119 | ERI Holdings Co. Ltd. | 1805 | 0.0 |
| 4400 | eSOL Co. Ltd. | 17466 | 0.0 |
| 3600 | Fast Fitness Japan, Inc. | 37532 | 0.0 |
| 17100 | Food & Life Cos. Ltd. | 632789 | 0.2 |
| 5000 | Forum Engineering, Inc. | 36616 | 0.0 |
| 2400 | FTGroup Co. Ltd. | 18373 | 0.0 |
| 1700 | Fudo Tetra Corp. | 27786 | 0.0 |
| 1900 | Fuji Corp./Aichi | 28255 | 0.0 |
| 3700 | Fuji Corp./Miyagi | 49982 | 0.0 |
| 6800 | Fuji Pharma Co. Ltd. | 65256 | 0.0 |
| 2300 | Fuji Seal International, Inc. | 41067 | 0.0 |
| 7900 | Fujikura Kasei Co. Ltd. | 26355 | 0.0 |
| 9000 | Fujimi, Inc. | 117803 | 0.1 |
| 4100 | Fujimori Kogyo Co. Ltd. | 113691 | 0.1 |
| 2200 | Fukuda Denshi Co. Ltd. | 93367 | 0.0 |
| 3000 | Fukushima Galilei Co. Ltd. | 60201 | 0.0 |
| 7900 | FULLCAST Holdings Co. Ltd. | 88437 | 0.0 |
| 2000 | Funai Soken Holdings, Inc. | 31974 | 0.0 |
| 9200 | Furuno Electric Co. Ltd. | 163936 | 0.1 |
| 15500 | Furyu Corp. | 101283 | 0.0 |
| 5200 | Fuso Pharmaceutical Industries Ltd. | 87472 | 0.0 |
| 7300 | Futaba Corp. | 25981 | 0.0 |
| 8500 | Futaba Industrial Co. Ltd. | 47039 | 0.0 |
| 16700 | Future Corp. | 210573 | 0.1 |
| 17400 | Fuyo General Lease Co. Ltd. | 485538 | 0.2 |
| 13200 | Gakken Holdings Co. Ltd. | 93088 | 0.0 |
| 3500 | Gamecard-Joyco Holdings, Inc. | 55811 | 0.0 |
| 3200 | Gecoss Corp. | 26139 | 0.0 |
| 3000 | GLOBERIDE, Inc. | 39339 | 0.0 |
| 14000 | Glory Ltd. | 246508 | 0.1 |
| 1500 | GMO GlobalSign Holdings KK | 23293 | 0.0 |
| 6500 | GMO internet group, Inc. | 152849 | 0.1 |
| 6000 | Greens Co. Ltd. | 96949 | 0.0 |
| 26300 | GS Yuasa Corp. | 461957 | 0.2 |
| 13900 | GungHo Online Entertainment, Inc. | 294132 | 0.1 |
| 2600 | Hanwa Co. Ltd. | 86203 | 0.0 |
| 12600 | Heiwa Corp. | 196129 | 0.1 |
| 16700 | Hennge KK | 200638 | 0.1 |
| 6800 | Hiday Hidaka Corp. | 148201 | 0.1 |
| 1400 | Hioki EE Corp. | 55822 | 0.0 |
| 6800 | HIS Co. Ltd. | 81042 | 0.0 |
| 10100 | Hisamitsu Pharmaceutical Co., Inc. | 306464 | 0.1 |
| 58400 | Hitachi Zosen Corp. | 374575 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 4000 | Hito Communications Holdings, Inc. | $26353 | 0.0 |
| 1600 | Hochiki Corp. | 27384 | 0.0 |
| 4400 | Hodogaya Chemical Co. Ltd. | 45886 | 0.0 |
| 24500 | Hokkaido Gas Co. Ltd. | 95756 | 0.0 |
| 2400 | Hokkan Holdings Ltd. | 30551 | 0.0 |
| 1600 | Hokuhoku Financial Group, Inc. | 28695 | 0.0 |
| 6800 | Horiba Ltd. | 464793 | 0.2 |
| 5900 | Hyakugo Bank Ltd. | 28600 | 0.0 |
| 10300 | Hyakujushi Bank Ltd. | 239241 | 0.1 |
| 6200 | IBJ, Inc. | 28335 | 0.0 |
| 19100 | Ichikoh Industries Ltd. | 52594 | 0.0 |
| 3100 | ID Holdings Corp. | 42688 | 0.0 |
| 1700 | IDEA Consultants, Inc. | 34786 | 0.0 |
| 1700 | I'll, Inc. | 27697 | 0.0 |
| 6000 | IMAGICA GROUP, Inc. | 23971 | 0.0 |
| 2200 | Inaba Seisakusho Co. Ltd. | 26197 | 0.0 |
| 62000 | INFRONEER Holdings, Inc. | 528817 | 0.2 |
| 1325 | Invincible Investment Corp. | 547633 | 0.2 |
| 2100 | ISB Corp. | 19905 | 0.0 |
| 7200 | ITmedia, Inc. | 78058 | 0.0 |
| 900 | Itochu-Shokuhin Co. Ltd. | 60823 | 0.0 |
| 9400 | Itoki Corp. | 118212 | 0.1 |
| 4300 | IwaiCosmo Holdings, Inc. | 63003 | 0.0 |
| 2580 | Iwaki Co. Ltd. | 43819 | 0.0 |
| 44400 | J Trust Co. Ltd. | 121772 | 0.1 |
| 8400 | JAC Recruitment Co. Ltd. | 48835 | 0.0 |
| 2000 | Japan Aviation Electronics Industry Ltd. | 32038 | 0.0 |
| 16000 | Japan Lifeline Co. Ltd. | 171312 | 0.1 |
| 16500 | Japan Medical Dynamic Marketing, Inc. | 64545 | 0.0 |
| 18000 | Japan System Techniques Co. Ltd. | 236424 | 0.1 |
| 13600 | JBCC Holdings, Inc. | 114090 | 0.1 |
| 7100 | JCR Pharmaceuticals Co. Ltd. | 24749 | 0.0 |
| 2400 | JCU Corp. | 52999 | 0.0 |
| 17100 | Jeol Ltd. | 549957 | 0.2 |
| 2800 | JFE Systems, Inc. | 31099 | 0.0 |
| 1200 | JINS Holdings, Inc. | 75256 | 0.0 |
| 6600 | JK Holdings Co. Ltd. | 47078 | 0.0 |
| 1900 | JM Holdings Co. Ltd. | 32730 | 0.0 |
| 4400 | J-Oil Mills, Inc. | 63177 | 0.0 |
| 5500 | J-Stream, Inc. | 15911 | 0.0 |
| 8200 | Juroku Financial Group, Inc. | 277382 | 0.1 |
| 3700 | Justsystems Corp. | 88551 | 0.0 |
| 400 | JUTEC Holdings Corp. | 2887 | 0.0 |
| 16800 | JVCKenwood Corp. | 125380 | 0.1 |
| 243 | Kamei Corp. | 3268 | 0.0 |
| 11500 | Kanamic Network Co. Ltd. | 33663 | 0.0 |
| 3600 | Kanamoto Co. Ltd. | 80719 | 0.0 |
| 25300 | Kandenko Co. Ltd. | 501511 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 13900 | Kaneka Corp. | $339705 | 0.1 |
| 4300 | Kato Sangyo Co. Ltd. | 150436 | 0.1 |
| 5700 | Kato Works Co. Ltd. | 47651 | 0.0 |
| 4800 | KAWADA TECHNOLOGIES, Inc. | 108916 | 0.1 |
| 5300 | KEIWA, Inc. | 34170 | 0.0 |
| 34000 | Keiyo Bank Ltd. | 198149 | 0.1 |
| 267 | Kenedix Office Investment Corp. | 278045 | 0.1 |
| 3000 | Kenko Mayonnaise Co. Ltd. | 40213 | 0.0 |
| 1200 | KFC Ltd. | 11293 | 0.0 |
| 4520 | Kimura Unity Co. Ltd. | 24536 | 0.0 |
| 20900 | Kinden Corp. | 540981 | 0.2 |
| 2200 | Kitagawa Corp. | 19124 | 0.0 |
| 5300 | Kita-Nippon Bank Ltd. | 113521 | 0.1 |
| 11100 | Kitz Corp. | 84655 | 0.0 |
| 2000 <sup>(1)</sup> | KNT-CT Holdings Co. Ltd. | 16491 | 0.0 |
| 4000 | Koike Sanso Kogyo Co. Ltd. | 33591 | 0.0 |
| 2800 | Komatsu Wall Industry Co. Ltd. | 34807 | 0.0 |
| 2500 | Komeri Co. Ltd. | 53242 | 0.0 |
| 4500 | Komori Corp. | 40076 | 0.0 |
| 2300 | Konishi Co. Ltd. | 18069 | 0.0 |
| 2000 | Konoike Transport Co. Ltd. | 36719 | 0.0 |
| 6500 | KPP Group Holdings Co. Ltd. | 29722 | 0.0 |
| 16400 | K's Holdings Corp. | 157063 | 0.1 |
| 1100 | Kurimoto Ltd. | 36421 | 0.0 |
| 3100 | Kuriyama Holdings Corp. | 28518 | 0.0 |
| 4400 | Kyodo Printing Co. Ltd. | 32773 | 0.0 |
| 2200 | Kyowa Electronic Instruments Co. Ltd. | 7736 | 0.0 |
| 5100 | Kyushu Leasing Service Co. Ltd. | 37404 | 0.0 |
| 74600 | LIFULL Co. Ltd. | 79171 | 0.0 |
| 3400 | Lintec Corp. | 65038 | 0.0 |
| 36200 | Lion Corp. | 443702 | 0.2 |
| 9500 | M&A Capital Partners Co. Ltd. | 182799 | 0.1 |
| 5900 | Maezawa Industries, Inc. | 58056 | 0.0 |
| 1500 | Makiya Co. Ltd. | 10897 | 0.0 |
| 13100 | Management Solutions Co. Ltd. | 177376 | 0.1 |
| 1600 | MarkLines Co. Ltd. | 25591 | 0.0 |
| 1300 | Maruzen Showa Unyu Co. Ltd. | 54658 | 0.0 |
| 22200 | Marvelous, Inc. | 73645 | 0.0 |
| 12800 | Matching Service Japan Co. Ltd. | 81596 | 0.0 |
| 2100 | Matsuoka Corp. | 26749 | 0.0 |
| 1400 | Max Co. Ltd. | 41289 | 0.0 |
| 8000 | Maxell Ltd. | 98054 | 0.0 |
| 217500 | Mebuki Financial Group, Inc. | 1062733 | 0.3 |
| 4500 | Media Do Co. Ltd. | 55102 | 0.0 |
| 6900 | Medical System Network Co. Ltd. | 22682 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 6000 | Megmilk Snow Brand Co. Ltd. | $110326 | 0.1 |
| 22600 | Meidensha Corp. | 620878 | 0.2 |
| 2000 | Meiji Electric Industries Co. Ltd. | 21547 | 0.0 |
| 17800 | MEITEC Group Holdings, Inc. | 365355 | 0.1 |
| 3400 | Melco Holdings, Inc. | 49207 | 0.0 |
| 3400 | Members Co. Ltd. | 27475 | 0.0 |
| 3400 | Milbon Co. Ltd. | 64651 | 0.0 |
| 4000 | Mimaki Engineering Co. Ltd. | 40564 | 0.0 |
| 9600 | Mitani Sangyo Co. Ltd. | 23540 | 0.0 |
| 15800 | Mito Securities Co. Ltd. | 59122 | 0.0 |
| 5200 | Mitsuba Corp. | 30536 | 0.0 |
| 33700 | Mitsubishi Gas Chemical Co., Inc. | 513469 | 0.2 |
| 3600 | Mitsubishi Kakoki Kaisha Ltd. | 32043 | 0.0 |
| 3100 | Mitsubishi Shokuhin Co. Ltd. | 116054 | 0.1 |
| 16600 | Mitsui Mining & Smelting Co. Ltd. | 451304 | 0.2 |
| 1100 | Miyazaki Bank Ltd. | 24292 | 0.0 |
| 2400 | Mizuho Medy Co. Ltd. | 25331 | 0.0 |
| 5400 | Mizuno Corp. | 96375 | 0.0 |
| 23700 | Morinaga Milk Industry Co. Ltd. | 563174 | 0.2 |
| 1400 | Moriroku Holdings Co. Ltd. | 21600 | 0.0 |
| 4900 | Morita Holdings Corp. | 73114 | 0.0 |
| 7300 | m-up Holdings, Inc. | 96504 | 0.0 |
| 2000 | Murakami Corp. | 77656 | 0.0 |
| 4300 | Musashino Bank Ltd. | 95295 | 0.0 |
| 1900 | Mutoh Holdings Co. Ltd. | 37256 | 0.0 |
| 2000 | Nachi-Fujikoshi Corp. | 42815 | 0.0 |
| 7800 | Nakanishi, Inc. | 101832 | 0.0 |
| 10287 | Nakano Corp./Tokyo | 57669 | 0.0 |
| 9300 | Nanto Bank Ltd. | 254712 | 0.1 |
| 2400 | Nanyo Corp. | 19882 | 0.0 |
| 2900 | NEOJAPAN, Inc. | 31359 | 0.0 |
| 58300 | NHK Spring Co. Ltd. | 647904 | 0.2 |
| 3000 | Nicca Chemical Co. Ltd. | 27790 | 0.0 |
| 5200 | Nichiban Co. Ltd. | 74414 | 0.0 |
| 4400 | Nihon Chouzai Co. Ltd. | 90765 | 0.0 |
| 3200 | Nihon Denkei Co. Ltd. | 43041 | 0.0 |
| 1600 | Nihon Falcom Corp. | 13680 | 0.0 |
| 8200 | Nihon Kohden Corp. | 99052 | 0.0 |
| 2700 | Nihon Trim Co. Ltd. | 77743 | 0.0 |
| 405 | Nippon Accommodations Fund, Inc. | 330388 | 0.1 |
| 1700 | Nippon Concept Corp. | 20630 | 0.0 |
| 1400 | Nippon Dry-Chemical Co. Ltd. | 41059 | 0.0 |
| 23300 | Nippon Electric Glass Co. Ltd. | 533122 | 0.2 |
| 31600 | Nippon Express Holdings, Inc. | 564309 | 0.2 |
| 6800 | Nippon Kayaku Co. Ltd. | 64067 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 7100 | Nippon Light Metal Holdings Co. Ltd. | $74024 | 0.0 |
| 32900 | Nippon Paper Industries Co. Ltd. | 254369 | 0.1 |
| 7500 | Nippon Shinyaku Co. Ltd. | 193383 | 0.1 |
| 13000 | Nippon Thompson Co. Ltd. | 44356 | 0.0 |
| 66878 | Niraku GC Holdings, Inc. | 1518 | 0.0 |
| 54818 | Nissan Tokyo Sales Holdings Co. Ltd. | 187375 | 0.1 |
| 1800 | Nissei ASB Machine Co. Ltd. | 57332 | 0.0 |
| 8531 | Nisshin Group Holdings Co. Ltd. | 30550 | 0.0 |
| 23300 | Nisshinbo Holdings, Inc. | 139281 | 0.1 |
| 13900 | Nisso Holdings Co. Ltd. | 67142 | 0.0 |
| 113100 | Nissui Corp. | 687901 | 0.2 |
| 13900 | Nitto Boseki Co. Ltd. | 369425 | 0.1 |
| 5300 | Nitto Kogyo Corp. | 111263 | 0.1 |
| 13000 | Nitto Seiko Co. Ltd. | 53857 | 0.0 |
| 3400 <sup>(2)</sup> | NJS Co. Ltd. | 98487 | 0.0 |
| 3400 | Nojima Corp. | 61185 | 0.0 |
| 11000 | Nomura Co. Ltd. | 66403 | 0.0 |
| 7200 | Noritz Corp. | 88534 | 0.0 |
| 2900 | NSD Co. Ltd. | 68273 | 0.0 |
| 2100 | NSW, Inc./Japan | 45588 | 0.0 |
| 8500 | Ogaki Kyoritsu Bank Ltd. | 137944 | 0.1 |
| 1600 | OIE Sangyo Co. Ltd. | 22131 | 0.0 |
| 4600 | Oiles Corp. | 68824 | 0.0 |
| 1300 | Oita Bank Ltd. | 31029 | 0.0 |
| 14300 | Okabe Co. Ltd. | 88904 | 0.0 |
| 1000 | Okamoto Industries, Inc. | 35254 | 0.0 |
| 5400 | Okinawa Financial Group, Inc. | 93669 | 0.0 |
| 4600 | Okuwa Co. Ltd. | 29361 | 0.0 |
| 8300 | Onward Holdings Co. Ltd. | 33608 | 0.0 |
| 4700 <sup>(1)</sup> | Optim Corp. | 21525 | 0.0 |
| 12000 | Optorun Co. Ltd. | 119282 | 0.1 |
| 7800 | Oro Co. Ltd. | 130605 | 0.1 |
| 1600 | Osaka Organic Chemical Industry Ltd. | 26968 | 0.0 |
| 5800 | Osaki Electric Co. Ltd. | 34520 | 0.0 |
| 22200 | PAL GROUP Holdings Co. Ltd. | 610829 | 0.2 |
| 5400 | PALTAC Corp. | 149751 | 0.1 |
| 12000 | Paramount Bed Holdings Co. Ltd. | 193301 | 0.1 |
| 45400 | Park24 Co. Ltd. | 643237 | 0.2 |
| 16000 | Parker Corp. | 89612 | 0.0 |
| 2200 | PCA Corp. | 28237 | 0.0 |
| 5700 | Pegasus Co. Ltd. | 18949 | 0.0 |
| 3000 | Pickles Holdings Co. Ltd. | 19465 | 0.0 |
| 14900 | Pilot Corp. | 415877 | 0.1 |
| 5100 | Pola Orbis Holdings, Inc. | 46823 | 0.0 |
| 10900 | Pole To Win Holdings, Inc. | 27491 | 0.0 |
| 2100 | PR Times Corp. | 33448 | 0.0 |
| 33800 | Prestige International, Inc. | 158712 | 0.1 |
| 5500 | Procrea Holdings, Inc. | 62904 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 100 | Pronexus, Inc. | $854 | 0.0 |
| 10900 | QB Net Holdings Co. Ltd. | 84744 | 0.0 |
| 5200 | Qol Holdings Co. Ltd. | 83618 | 0.0 |
| 7800 | Raito Kogyo Co. Ltd. | 145076 | 0.1 |
| 3600 | Rasa Industries Ltd. | 69195 | 0.0 |
| 60300 | Resorttrust, Inc. | 620578 | 0.2 |
| 3800 | Retail Partners Co. Ltd. | 36531 | 0.0 |
| 2400 | Rheon Automatic Machinery Co. Ltd. | 19552 | 0.0 |
| 11500 | Riken Technos Corp. | 80819 | 0.0 |
| 6100 | Riken Vitamin Co. Ltd. | 106418 | 0.0 |
| 8200 | Riso Kagaku Corp. | 70167 | 0.0 |
| 3200 | Roland Corp. | 71038 | 0.0 |
| 111900 | Round One Corp. | 694604 | 0.2 |
| 4500 | Sac's Bar Holdings, Inc. | 26326 | 0.0 |
| 1000 | Saison Information Systems Co. Ltd. | 12571 | 0.0 |
| 2300 | Saizeriya Co. Ltd. | 74143 | 0.0 |
| 6100 | Sakata INX Corp. | 79171 | 0.0 |
| 1500 | Sakata Seed Corp. | 34673 | 0.0 |
| 2000 | San ju San Financial Group, Inc. | 32162 | 0.0 |
| 5900 | Sangetsu Corp. | 119999 | 0.1 |
| 5900 | Sanko Gosei Ltd. | 25219 | 0.0 |
| 63600 | Sankyo Co. Ltd. | 968027 | 0.3 |
| 3038 | Sankyo Frontier Co. Ltd. | 40866 | 0.0 |
| 1600 <sup>(1)</sup> | Sansan, Inc. | 21858 | 0.0 |
| 2400 | Sansei Technologies, Inc. | 21245 | 0.0 |
| 18100 | Sansha Electric Manufacturing Co. Ltd. | 102452 | 0.0 |
| 66000 | Santen Pharmaceutical Co. Ltd. | 668474 | 0.2 |
| 46700 | Sanwa Holdings Corp. | 1532820 | 0.5 |
| 700 | Sanyo Denki Co. Ltd. | 48107 | 0.0 |
| 1800 | Sanyo Shokai Ltd. | 34751 | 0.0 |
| 45700 | Sawai Group Holdings Co. Ltd. | 658511 | 0.2 |
| 1900 | Saxa Holdings, Inc. | 40229 | 0.0 |
| 9900 | Scroll Corp. | 71201 | 0.0 |
| 6600 | Sekisui Kasei Co. Ltd. | 15135 | 0.0 |
| 2100 | SEMITEC Corp. | 26221 | 0.0 |
| 46500 | Senko Group Holdings Co. Ltd. | 552773 | 0.2 |
| 16300 | SERAKU Co. Ltd. | 163302 | 0.1 |
| 12200 | Seria Co. Ltd. | 247686 | 0.1 |
| 2100 <sup>(1)</sup> | Serverworks Co. Ltd. | 34480 | 0.0 |
| 1900 | Shibaura Machine Co. Ltd. | 47966 | 0.0 |
| 1100 | Shibuya Corp. | 23882 | 0.0 |
| 7600 | Shikoku Bank Ltd. | 63188 | 0.0 |
| 2800 | Shimadaya Corp. | 36673 | 0.0 |
| 9500 | Shimizu Bank Ltd. | 93721 | 0.0 |
| 1071 | Shimojima Co. Ltd. | 9256 | 0.0 |
| 4200 <sup>(2)</sup> | Shin Maint Holdings Co. Ltd. | 22681 | 0.0 |
| 6100 | Shinmaywa Industries Ltd. | 57481 | 0.0 |
| 4300 | Shinnihonseiyaku Co. Ltd. | 72154 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 9300 | Ship Healthcare Holdings, Inc. | $134920 | 0.1 |
| 31600 | SIGMAXYZ Holdings, Inc. | 231612 | 0.1 |
| 24600 | SMS Co. Ltd. | 227992 | 0.1 |
| 7700 | Softcreate Holdings Corp. | 105879 | 0.0 |
| 400 | Software Service, Inc. | 35245 | 0.0 |
| 11138 | Soken Chemical & Engineering Co. Ltd. | 118386 | 0.1 |
| 8100 | Solasto Corp. | 25026 | 0.0 |
| 4600 | Soliton Systems KK | 40281 | 0.0 |
| 2400 | Sprix, Inc. | 16255 | 0.0 |
| 3300 | Star Micronics Co. Ltd. | 37844 | 0.0 |
| 3200 | Startia Holdings, Inc. | 47285 | 0.0 |
| 2600 | St-Care Holding Corp. | 14077 | 0.0 |
| 2700 | Strike Co. Ltd. | 55538 | 0.0 |
| 18500 | Sumitomo Bakelite Co. Ltd. | 430142 | 0.2 |
| 13500 | Sumitomo Forestry Co. Ltd. | 388722 | 0.1 |
| 49000 <sup>(1)</sup> | Sumitomo Pharma Co. Ltd. | 270470 | 0.1 |
| 4800 | Sumitomo Riko Co. Ltd. | 54894 | 0.0 |
| 1800 | Sumitomo Seika Chemicals Co. Ltd. | 60030 | 0.0 |
| 5300 | Sun Frontier Fudousan Co. Ltd. | 72530 | 0.0 |
| 14600 <sup>(1)</sup> | Sun\*, Inc. | 57808 | 0.0 |
| 3200 | Sun-Wa Technos Corp. | 47406 | 0.0 |
| 3400 | Suzuken Co. Ltd./Aichi Japan | 122834 | 0.1 |
| 12700 | SWCC Corp. | 577121 | 0.2 |
| 2200 | System Research Co. Ltd. | 27023 | 0.0 |
| 4200 | System Support, Inc. | 59127 | 0.0 |
| 1100 | T. RAD Co. Ltd. | 29535 | 0.0 |
| 2690 | Tachikawa Corp. | 28271 | 0.0 |
| 20900 | Taiheiyo Cement Corp. | 562740 | 0.2 |
| 1600 | Taisei Lamick Co. Ltd. | 27759 | 0.0 |
| 8500 | Takaoka Toko Co. Ltd. | 136702 | 0.1 |
| 7200 | Takara & Co. Ltd. | 174470 | 0.1 |
| 1500 | Takasago International Corp. | 70459 | 0.0 |
| 14100 | Takeuchi Manufacturing Co. Ltd. | 441363 | 0.2 |
| 7500 | Tanseisha Co. Ltd. | 54448 | 0.0 |
| 9100 | TechMatrix Corp. | 129953 | 0.1 |
| 800 | Techno Medica Co. Ltd. | 10145 | 0.0 |
| 27700 | TechnoPro Holdings, Inc. | 617699 | 0.2 |
| 2900 | Teikoku Electric Manufacturing Co. Ltd. | 56726 | 0.0 |
| 2200 | Temairazu, Inc. | 54612 | 0.0 |
| 4500 | TKC Corp. | 126842 | 0.1 |
| 8839 | TOA ROAD Corp. | 94506 | 0.0 |
| 3700 | Tocalo Co. Ltd. | 42617 | 0.0 |
| 41500 | Tochigi Bank Ltd. | 93999 | 0.0 |
| 2700 | Togami Electric Manufacturing Co. Ltd. | 65489 | 0.0 |
| 48700 | Toho Bank Ltd. | 120122 | 0.1 |
| 55400 | Tohoku Electric Power Co., Inc. | 398135 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 1300 | Tokyo Kiraboshi Financial Group, Inc. | $51388 | 0.0 |
| 12700 | Tokyo Seimitsu Co. Ltd. | 708700 | 0.2 |
| 36300 | Tokyo Tatemono Co. Ltd. | 650798 | 0.2 |
| 105800 | Tokyu Fudosan Holdings Corp. | 741004 | 0.2 |
| 11100 | Toli Corp. | 37953 | 0.0 |
| 32700 | TOMONY Holdings, Inc. | 125304 | 0.1 |
| 2600 | Topre Corp. | 31768 | 0.0 |
| 2500 | Topy Industries Ltd. | 36237 | 0.0 |
| 5700 | Toshiba TEC Corp. | 107439 | 0.0 |
| 6600 | Tosho Co. Ltd. | 25391 | 0.0 |
| 1400 | Totetsu Kogyo Co. Ltd. | 30895 | 0.0 |
| 13600 | Towa Bank Ltd. | 58368 | 0.0 |
| 13500 | Towa Pharmaceutical Co. Ltd. | 250504 | 0.1 |
| 3700 | Toyo Denki Seizo KK | 35744 | 0.0 |
| 12300 | Toyo Engineering Corp. | 58073 | 0.0 |
| 3200 | Toyo Kanetsu KK | 79509 | 0.0 |
| 11900 | Toyo Suisan Kaisha Ltd. | 769285 | 0.3 |
| 36700 | Toyo Tire Corp. | 686172 | 0.2 |
| 32300 | Toyoda Gosei Co. Ltd. | 620214 | 0.2 |
| 2500 | TPR Co. Ltd. | 37232 | 0.0 |
| 9000 | Transcosmos, Inc. | 196662 | 0.1 |
| 6900 | Trusco Nakayama Corp. | 102941 | 0.0 |
| 36700 | Tsubakimoto Chain Co. | 445844 | 0.2 |
| 2400 | Tsubakimoto Kogyo Co. Ltd. | 36372 | 0.0 |
| 7100 | Tsugami Corp. | 87462 | 0.0 |
| 7300 | Tsukada Global Holdings, Inc. | 27325 | 0.0 |
| 18900 | Tsumura & Co. | 568343 | 0.2 |
| 7800 | TYK Corp./Tokyo | 26857 | 0.0 |
| 11800 | Ubicom Holdings, Inc. | 105320 | 0.0 |
| 1100 | Uchida Yoko Co. Ltd. | 60176 | 0.0 |
| 1900 | ULS Group, Inc. | 66028 | 0.0 |
| 8800 | Ulvac, Inc. | 298449 | 0.1 |
| 5500 | Unipres Corp. | 38643 | 0.0 |
| 1500 | UNIRITA, Inc. | 19868 | 0.0 |
| 12300 | United Arrows Ltd. | 194171 | 0.1 |
| 11200 <sup>(2)</sup> | UNITED, Inc./Japan | 54747 | 0.0 |
| 3300 | V Technology Co. Ltd. | 46510 | 0.0 |
| 7600 | Valor Holdings Co. Ltd. | 132974 | 0.1 |
| 10500 | ValueCommerce Co. Ltd. | 59652 | 0.0 |
| 8000 | Vector, Inc. | 49753 | 0.0 |
| 1185 | Vertex Corp./Japan | 16012 | 0.0 |
| 7500 | Vision, Inc./Tokyo Japan | 67598 | 0.0 |
| 900 <sup>(1)</sup> | Visional, Inc. | 54449 | 0.0 |
| 2724 | Vital KSK Holdings, Inc. | 25075 | 0.0 |
| 14200 | VT Holdings Co. Ltd. | 50249 | 0.0 |
| 600 | WDB coco Co. Ltd. | 14370 | 0.0 |
| 4900 <sup>(1)</sup> | Wealth Management, Inc./ Tokyo | 34863 | 0.0 |
| 4600 | WingArc1st, Inc. | 122936 | 0.1 |
| 3400 | Wowow, Inc. | 24484 | 0.0 |
| 3500 | Xebio Holdings Co. Ltd. | 31930 | 0.0 |
| 4100 | YAKUODO Holdings Co. Ltd. | 58259 | 0.0 |
| 8000 | YAMABIKO Corp. | 119721 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 3500 | Yamagata Bank Ltd. | 31523 | 0.0 |
| 75000 | Yamaguchi Financial Group, Inc. | 886075 | 0.3 |
| 17800 | Yokowo Co. Ltd. | 152530 | 0.1 |
| 900 | Yorozu Corp. | 6456 | 0.0 |
| 3000 | Yossix Holdings Co. Ltd. | 58379 | 0.0 |
| 3400 | Yushin Precision Equipment Co. Ltd. | 15184 | 0.0 |
| 4700 | Yutaka Giken Co. Ltd. | 71239 | 0.0 |
| 7100 | Zenrin Co. Ltd. | 59753 | 0.0 |
| 16700 | ZIGExN Co. Ltd. | 51963 | 0.0 |
|  |  | **67190903** | **20.9** |
|  | **Jordan: 0.3%** | **Jordan: 0.3%** | **Jordan: 0.3%** |
| 30475 | Hikma Pharmaceuticals PLC | **807570** | **0.3** |
|  | **Liechtenstein: 0.0%** | **Liechtenstein: 0.0%** | **Liechtenstein: 0.0%** |
| 1145 | Liechtensteinische Landesbank AG | **105157** | **0.0** |
|  | **Luxembourg: 0.2%** | **Luxembourg: 0.2%** | **Luxembourg: 0.2%** |
| 12633 | APERAM SA | 367588 | 0.1 |
| 6859 | Eurofins Scientific SE | 432846 | 0.1 |
|  |  | **800434** | **0.2** |
|  | **Malaysia: 0.2%** | **Malaysia: 0.2%** | **Malaysia: 0.2%** |
| 249300 | CCK Consolidated Holdings BHD | 75611 | 0.0 |
| 2194 | CSC Steel Holdings Bhd | 581 | 0.0 |
| 825500 | Datasonic Group Bhd | 66124 | 0.0 |
| 608500 | Hibiscus Petroleum Bhd | 218745 | 0.1 |
| 220500 | Leong Hup International Bhd | 31937 | 0.0 |
| 405700 | Malayan Flour Mills Bhd | 47443 | 0.0 |
| 60000 | Media Chinese International Ltd. | 1617 | 0.0 |
| 3414 | MKH Oil Palm East Kalimantan Bhd | 491 | 0.0 |
| 347500 <sup>(1)</sup> | Nam Cheong Ltd. | 154931 | 0.1 |
| 196600 | Spritzer BHD | 72899 | 0.0 |
| 2046 | Uchi Technologies Bhd | 1462 | 0.0 |
| 100400 | Wasco Bhd | 21443 | 0.0 |
|  |  | **693284** | **0.2** |
|  | **Malta: 0.0%** | **Malta: 0.0%** | **Malta: 0.0%** |
| 3219 | Kambi Group PLC | **35306** | **0.0** |
|  | **Mauritius: 0.0%** | **Mauritius: 0.0%** | **Mauritius: 0.0%** |
| 24398 | Capital Ltd. | **21980** | **0.0** |
|  | **Mexico: 0.3%** | **Mexico: 0.3%** | **Mexico: 0.3%** |
| 67871 | Fresnillo PLC | **909641** | **0.3** |
|  | **Netherlands: 2.5%** | **Netherlands: 2.5%** | **Netherlands: 2.5%** |
| 21571 | Aegon Ltd. | 138701 | 0.0 |
| 10905 | Arcadis NV | 528795 | 0.2 |
| 18230 | ASR Nederland NV | 1150291 | 0.4 |
| 5525 | BE Semiconductor Industries NV | 598378 | 0.2 |
| 3658 | Brunel International NV | 38589 | 0.0 |
| 8606 <sup>(4)</sup> | Euronext NV | 1438467 | 0.5 |
| 1503 | Flow Traders Ltd. | 44502 | 0.0 |
| 40184 | Fugro NV | 471262 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Netherlands (continued)** |  |  |
| 19015 <sup>(1)</sup> | Havas NV | 31632 | 0.0 |
| 37802 | JDE Peet's NV | 915144 | 0.3 |
| 258307 | Koninklijke BAM Groep NV | 1749717 | 0.5 |
| 551 | Nedap NV | 38014 | 0.0 |
| 11930 | NN Group NV | 731552 | 0.2 |
| 2219 | Van Lanschot Kempen NV | 129562 | 0.0 |
|  |  | **8004606** | **2.5** |
|  | **New Zealand: 0.4%** | **New Zealand: 0.4%** | **New Zealand: 0.4%** |
| 234909 | a2 Milk Co. Ltd. | 1228958 | 0.4 |
| 100098 | Air New Zealand Ltd. | 34486 | 0.0 |
| 51430 | SKY Network Television Ltd. | 75457 | 0.0 |
|  |  | **1338901** | **0.4** |
|  | **Norway: 0.2%** | **Norway: 0.2%** | **Norway: 0.2%** |
| 29187 | ABG Sundal Collier Holding ASA | 18376 | 0.0 |
| 170 | Bouvet ASA | 1306 | 0.0 |
| 35185 | MPC Container Ships ASA | 51746 | 0.0 |
| 65478 <sup>(1)</sup> | SATS ASA | 236021 | 0.1 |
| 1938 | SpareBank 1 Nord Norge | 25907 | 0.0 |
| 2721 | Sparebank 1 Oestlandet | 45314 | 0.0 |
| 3785 | Sparebanken More | 36382 | 0.0 |
| 2084 | Wilh Wilhelmsen Holding ASA - Class A | 77724 | 0.1 |
|  |  | **492776** | **0.2** |
|  | **Papua New Guinea: 0.0%** | **Papua New Guinea: 0.0%** | **Papua New Guinea: 0.0%** |
| 52912 | Kina Securities Ltd. | **37790** | **0.0** |
|  | **Peru: 0.1%** | **Peru: 0.1%** | **Peru: 0.1%** |
| 41854 | Ferreycorp SAA | 34140 | 0.0 |
| 6391 | Intercorp Financial Services, Inc. | 216463 | 0.1 |
|  |  | **250603** | **0.1** |
|  | **Philippines: 0.0%** | **Philippines: 0.0%** | **Philippines: 0.0%** |
| 17390 | Ginebra San Miguel, Inc. | 89044 | 0.0 |
| 575200 | RL Commercial REIT, Inc. | 66937 | 0.0 |
|  |  | **155981** | **0.0** |
|  | **Poland: 0.6%** | **Poland: 0.6%** | **Poland: 0.6%** |
| 10832 <sup>(2)</sup> | Arctic Paper SA | 43948 | 0.0 |
| 19769 | Asseco Poland SA | 816311 | 0.3 |
| 1875 | Asseco South Eastern Europe SA | 29862 | 0.0 |
| 1206 | BNPP Bank Polska SA | 33750 | 0.0 |
| 116962 <sup>(1)</sup> | Enea SA | 442659 | 0.1 |
| 13444 | LiveChat Software SA | 192643 | 0.1 |
| 3848 <sup>(1)</sup> | Rainbow Tours SA | 147108 | 0.1 |
| 102 <sup>(1)</sup> | Stalprodukt SA | 6987 | 0.0 |
| 3626 <sup>(1)(2)</sup> | TEN Square Games SA | 91703 | 0.0 |
| 5026 | Wittchen SA | 27042 | 0.0 |
|  |  | **1832013** | **0.6** |
|  | **Portugal: 0.0%** | **Portugal: 0.0%** | **Portugal: 0.0%** |
| 3552 | Altri SGPS SA | 24437 | 0.0 |
| 56765 | Sonae SGPS SA | 72088 | 0.0 |
|  |  | **96525** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Qatar: 0.0%** | **Qatar: 0.0%** | **Qatar: 0.0%** |
| 49295 | Medicare Group | $**61873** | **0.0** |
|  | **Singapore: 0.7%** | **Singapore: 0.7%** | **Singapore: 0.7%** |
| 23400 | Centurion Corp. Ltd. | 22564 | 0.0 |
| 29800 | CSE Global Ltd. | 9552 | 0.0 |
| 314847 | IGG, Inc. | 151684 | 0.1 |
| 416300 | Keppel DC REIT | 688746 | 0.2 |
| 1710000 <sup>(1)</sup> | Keppel Pacific Oak US REIT | 340680 | 0.1 |
| 114100 | Pacific Century Regional Developments Ltd. | 36691 | 0.0 |
| 52600 | Samudera Shipping Line Ltd. | 33454 | 0.0 |
| 196600 | Sembcorp Industries Ltd. | 994436 | 0.3 |
| 22700 | Sing Holdings Ltd. | 5909 | 0.0 |
| 19950 | Sing Investments & Finance Ltd. | 16344 | 0.0 |
| 31892 | Tai Sin Electric Ltd. | 9767 | 0.0 |
|  |  | **2309827** | **0.7** |
|  | **South Africa: 0.1%** | **South Africa: 0.1%** | **South Africa: 0.1%** |
| 7602 | Astral Foods Ltd. | 70694 | 0.1 |
| 1246 | Karooooo Ltd. | 53092 | 0.0 |
| 34649 | Life Healthcare Group Holdings Ltd. | 27252 | 0.0 |
| 57087 | Pan African Resources PLC | 33817 | 0.0 |
| 49231 | Stor-Age Property REIT Ltd. | 39878 | 0.0 |
| 53688 | Sylvania Platinum Ltd. | 33271 | 0.0 |
|  |  | **258004** | **0.1** |
|  | **South Korea: 4.6%** | **South Korea: 4.6%** | **South Korea: 4.6%** |
| 11090 | AfreecaTV Co. Ltd. | 639875 | 0.2 |
| 3302 | Ahnlab, Inc. | 155957 | 0.1 |
| 1307 | AK Holdings, Inc. | 9907 | 0.0 |
| 2285 <sup>(1)</sup> | Anapass, Inc. | 31253 | 0.0 |
| 2 | ASIA Holdings Co. Ltd. | 367 | 0.0 |
| 4710 | Asia Paper Manufacturing Co. Ltd. | 22893 | 0.0 |
| 10795 | Baiksan Co. Ltd. | 107964 | 0.0 |
| 2033 <sup>(1)</sup> | Cafe24 Corp. | 85737 | 0.0 |
| 1603 | CJ Freshway Corp. | 27376 | 0.0 |
| 20425 | Classys, Inc. | 923567 | 0.3 |
| 10119 | Com2uSCorp | 280134 | 0.1 |
| 1631 | Cuckoo Holdings Co. Ltd. | 27881 | 0.0 |
| 7057 <sup>(1)</sup> | D&C Media Co. Ltd. | 88155 | 0.0 |
| 20803 | Dae Hyun Co. Ltd. | 28742 | 0.0 |
| 2978 | Daihan Pharmaceutical Co. Ltd. | 55304 | 0.0 |
| 2024 | Daou Technology, Inc. | 30913 | 0.0 |
| 12297 <sup>(1)</sup> | Devsisters Co. Ltd. | 341907 | 0.1 |
| 11558 | DGB Financial Group, Inc. | 83569 | 0.0 |
| 3892 | DL E&C Co. Ltd. | 118958 | 0.1 |
| 4561 <sup>(3)</sup> | DMS Co. Ltd. | 20310 | 0.0 |
| 1584 | Dongwon F&B Co. Ltd. | 41070 | 0.0 |
| 3519 <sup>(1)</sup> | DoubleDown Interactive Co. Ltd., ADR | 33325 | 0.0 |
| 6437 | DoubleUGames Co. Ltd. | 255416 | 0.1 |
| 935 | E1 Corp. | 40732 | 0.0 |
| 10199 | E-MART, Inc. | 656135 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | South Korea (continued) |  |  |
| 9403 <sup>(1)</sup> | EM-Tech Co. Ltd. | $80660 | 0.0 |
| 6002 | Eugene Technology Co. Ltd. | 143760 | 0.1 |
| 8077 | Eusu Holdings Co. Ltd. | 31520 | 0.0 |
| 1300 | Fursys, Inc. | 41010 | 0.0 |
| 26 | Gabia, Inc. | 403 | 0.0 |
| 9983 | Golfzon Newdin Holdings Co. Ltd. | 32806 | 0.0 |
| 4417 <sup>(1)</sup> | Gravity Co. Ltd., ADR | 264578 | 0.1 |
| 21215 | H.PIO Co. Ltd. | 38876 | 0.0 |
| 56561 <sup>(1)</sup> | Hanwha General Insurance Co. Ltd. | 162161 | 0.1 |
| 4150 | Hanyang Securities Co. Ltd. | 39067 | 0.0 |
| 1555 | HD Hyundai Electric Co. Ltd. | 338407 | 0.1 |
| 2243 <sup>(1)</sup> | Hugel, Inc. | 574754 | 0.2 |
| 1628 | Hyosung Heavy Industries Corp. | 563079 | 0.2 |
| 3782 | Hyundai Livart Furniture Co. Ltd. | 19328 | 0.0 |
| 13635 | Hyundai Rotem Co. Ltd. | 1074698 | 0.4 |
| 5757 | HyVision System, Inc. | 64213 | 0.0 |
| 2040 | IDIS Holdings Co. Ltd. | 12810 | 0.0 |
| 8332 | Iljin Holdings Co. Ltd. | 22391 | 0.0 |
| 1942 | Intelligent Digital Integrated Security Co. Ltd. | 22564 | 0.0 |
| 14580 | IsuPetasys Co. Ltd. | 329193 | 0.1 |
| 28970 | JB Financial Group Co. Ltd. | 348076 | 0.1 |
| 24824 <sup>(1)</sup> | Jin Air Co. Ltd. | 155672 | 0.1 |
| 16512 <sup>(1)</sup> | JoyCity Corp. | 19056 | 0.0 |
| 4796 | KC Tech Co. Ltd./New | 88391 | 0.0 |
| 8626 | Kolmar Korea Co. Ltd. | 460994 | 0.2 |
| 396 | KPX Chemical Co. Ltd. | 12503 | 0.0 |
| 35244 | KTCS Corp. | 68546 | 0.0 |
| 14160 | LEENO Industrial, Inc. | 359615 | 0.1 |
| 73 | LF Corp. | 764 | 0.0 |
| 7130 <sup>(1)</sup> | LOT Vacuum Co. Ltd. | 43898 | 0.0 |
| 673 | LOTTE Fine Chemical Co. Ltd. | 16439 | 0.0 |
| 3276 | LOTTE Himart Co. Ltd. | 17374 | 0.0 |
| 1941 | LX Hausys Ltd. | 39384 | 0.0 |
| 4160 | LX Semicon Co. Ltd. | 158329 | 0.1 |
| 2831 | Maeil Dairies Co. Ltd. | 73415 | 0.0 |
| 11730 | Mcnex Co. Ltd. | 197633 | 0.1 |
| 2411 | MegaStudy Co. Ltd. | 18080 | 0.0 |
| 1618 | MegaStudyEdu Co. Ltd. | 54574 | 0.0 |
| 8615 | Modetour Network, Inc. | 68078 | 0.0 |
| 3086 | NeoPharm Co. Ltd. | 29853 | 0.0 |
| 613 | NEOWIZ HOLDINGS Corp. | 9058 | 0.0 |
| 40749 | NHN KCP Corp. | 220813 | 0.1 |
| 2214 | NICE Holdings Co. Ltd. | 17527 | 0.0 |
| 206 | Nice Information & Telecommunication, Inc. | 2693 | 0.0 |
| 13277 | NICE Information Service Co. Ltd. | 120564 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | South Korea (continued) |  |  |
| 6191 | NOROO Paint & Coatings Co. Ltd. | 36170 | 0.0 |
| 3140 | PHA Co. Ltd. | 21864 | 0.0 |
| 3503 | PharmaResearch Co. Ltd. | 927837 | 0.3 |
| 16472 | Poongsan Corp. | 655222 | 0.2 |
| 19256 | PSK, Inc. | 241544 | 0.1 |
| 3023 | Rayence Co. Ltd. | 14397 | 0.0 |
| 87913 <sup>(3)</sup> | S&C Engine Group Ltd. |  |  |
| 1737 | S-1 Corp. | 77419 | 0.0 |
| 8006 | Sam Young Electronics Co. Ltd. | 59971 | 0.0 |
| 2446 | Sambo Corrugated Board Co. Ltd. | 14045 | 0.0 |
| 3060 | Samchully Co. Ltd. | 197316 | 0.1 |
| 2982 | Sammok S-Form Co. Ltd. | 44118 | 0.0 |
| 24567 | Samsung Engineering Co. Ltd. | 332179 | 0.1 |
| 1134 | Samyang Holdings Corp. | 49081 | 0.0 |
| 121 | SeAH Holdings Corp. | 7834 | 0.0 |
| 19401 | Sebang Co. Ltd. | 155757 | 0.1 |
| 1306 | Seoul City Gas Co. Ltd. | 46737 | 0.0 |
| 7707 <sup>(1)</sup> | Seoul Semiconductor Co. Ltd. | 36083 | 0.0 |
| 8661 | Seoyon Co. Ltd. | 45301 | 0.0 |
| 6535 <sup>(1)</sup> | SHIFT UP Corp. | 247536 | 0.1 |
| 1735 <sup>(1)</sup> | SJ Group Co. Ltd. | 5280 | 0.0 |
| 731 | SPC Samlip Co. Ltd. | 32618 | 0.0 |
| 1330 | Spigen Korea Co. Ltd. | 24677 | 0.0 |
| 23993 | STIC Investments, Inc. | 167110 | 0.1 |
| 1953 <sup>(1)</sup> | Suprema, Inc. | 44565 | 0.0 |
| 126 | Taekwang Industrial Co. Ltd. | 67106 | 0.0 |
| 24076 <sup>(1)</sup> | Tongyang Life Insurance Co. Ltd. | 103514 | 0.0 |
| 3472 | Ubiquoss, Inc. | 18351 | 0.0 |
| 5491 | Uju Electronics Co. Ltd. | 105868 | 0.0 |
| 2342 | Unid Co. Ltd. | 144697 | 0.1 |
| 2678 | Vitzrocell Co. Ltd. | 44990 | 0.0 |
| 3416 | Wins Co. Ltd. | 27829 | 0.0 |
| 4222 | WiSoL Co. Ltd. | 20331 | 0.0 |
| 2677 | Wonik Materials Co. Ltd. | 38034 | 0.0 |
| 33775 <sup>(1)</sup> | Wysiwyg Studios Co. Ltd. | 30177 | 0.0 |
| 9027 | Zeus Co. Ltd. | 82146 | 0.0 |
|  |  | **14732758** | **4.6** |
|  | **Spain: 2.1%** | **Spain: 2.1%** | **Spain: 2.1%** |
| 6577 | Atresmedia Corp. de Medios de Comunicacion SA | 41520 | 0.0 |
| 181365 | Bankinter SA | 2112708 | 0.7 |
| 22955 | Cia de Distribucion Integral Logista Holdings SA | 784792 | 0.2 |
| 1331 | Construcciones y Auxiliar de Ferrocarriles SA | 65056 | 0.0 |
| 33089 | Indra Sistemas SA | 1055005 | 0.3 |
| 346 | Laboratorios Farmaceuticos Rovi SA | 20284 | 0.0 |
| 332773 | Mapfre SA | 1184670 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of April 30, 2025 (Unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Spain (continued)** |  |  |
| 10604 | Melia Hotels International SA | 76977 | 0.0 |
| 78269 | Merlin Properties Socimi SA | 887592 | 0.3 |
| 7389 | Naturhouse Health SAU | 14758 | 0.0 |
| 3639 | Pharma Mar SA | 308265 | 0.1 |
| 137039 <sup>(4)</sup> | Unicaja Banco SA | 261203 | 0.1 |
|  |  | **6812830** | **2.1** |
|  | **Sweden: 3.8%** | **Sweden: 3.8%** | **Sweden: 3.8%** |
| 7513 | AddLife AB - Class B | 142575 | 0.1 |
| 18022 | AFRY AB | 312221 | 0.1 |
| 10943 | Alleima AB | 86038 | 0.0 |
| 17284 | Alligo AB - Class B | 197350 | 0.1 |
| 3231 <sup>(4)</sup> | Ambea AB | 39032 | 0.0 |
| 10765 | Arjo AB - Class B | 36063 | 0.0 |
| 69678 | Avanza Bank Holding AB | 2315413 | 0.7 |
| 5556 | Bahnhof AB - Class B | 31636 | 0.0 |
| 3895 | Beijer Alma AB | 81023 | 0.0 |
| 14518 | Betsson AB - Class B | 253906 | 0.1 |
| 21163 <sup>(1)</sup> | BHG Group AB | 50570 | 0.0 |
| 52571 | Billerud Aktiebolag | 554731 | 0.2 |
| 9294 | BioGaia AB - Class B | 98937 | 0.0 |
| 6335 | Biotage AB | 92219 | 0.0 |
| 16738 <sup>(4)</sup> | Bravida Holding AB | 159493 | 0.1 |
| 102505 | Bredband2 i Skandinavien AB | 23013 | 0.0 |
| 7235 | Bufab AB | 299044 | 0.1 |
| 20135 | Byggmax Group AB | 99438 | 0.0 |
| 1308 <sup>(1)(2)</sup> | Camurus AB | 84061 | 0.0 |
| 2 <sup>(1)</sup> | Careium AB | 6 | 0.0 |
| 1849 | Cellavision AB | 38642 | 0.0 |
| 3712 | Clas Ohlson AB - Class B | 105154 | 0.0 |
| 31583 <sup>(4)</sup> | Dometic Group AB | 113864 | 0.1 |
| 23222 <sup>(1)</sup> | Electrolux AB - Class B | 144974 | 0.1 |
| 23332 | Electrolux Professional AB - Class B | 135188 | 0.1 |
| 1265 | Ependion AB | 15103 | 0.0 |
| 26180 | Fagerhult Group AB | 113147 | 0.1 |
| 2964 | G5 Entertainment AB | 39977 | 0.0 |
| 4336 <sup>(1)(4)</sup> | Hoist Finance AB | 38926 | 0.0 |
| 16981 | Instalco AB | 47080 | 0.0 |
| 3411 | Investment AB Oresund | 41425 | 0.0 |
| 5626 | Inwido AB | 119230 | 0.1 |
| 4657 | Lagercrantz Group AB - Class B | 106114 | 0.0 |
| 756 | Lime Technologies AB | 30517 | 0.0 |
| 17472 | Loomis AB | 727210 | 0.2 |
| 637 <sup>(1)(2)</sup> | Medcap AB | 28735 | 0.0 |
| 10648 | Mycronic AB | 425185 | 0.1 |
| 39577 | NCC AB - Class B | 736823 | 0.2 |
| 53527 <sup>(1)</sup> | Net Insight AB - Class B | 16206 | 0.0 |
| 4929 | Nolato AB - Class B | 27694 | 0.0 |
| 7287 | Paradox Interactive AB | 142868 | 0.1 |
| 103775 | Ratos AB - Class B | 354163 | 0.1 |
| 5165 | RaySearch Laboratories AB | 139854 | 0.1 |
| 1538 | Rejlers AB | 28547 | 0.0 |
| 8007 | Rusta AB | 66032 | 0.0 |
| 22256 | Rvrc Holding AB | 115484 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Sweden (continued)** |  |  |
| 8136 | Scandi Standard AB | 74130 | 0.0 |
| 4979 <sup>(4)</sup> | Scandic Hotels Group AB | 38753 | 0.0 |
| 3184 | SkiStar AB | 55144 | 0.0 |
| 3204 | Solid Forsakring AB | 25558 | 0.0 |
| 202249 <sup>(1)</sup> | Stillfront Group AB | 103692 | 0.0 |
| 515157 | Storskogen Group AB - Class B | 678733 | 0.2 |
| 15537 <sup>(1)</sup> | Storytel AB | 134373 | 0.1 |
| 7521 | Systemair AB | 64407 | 0.0 |
| 12096 <sup>(4)</sup> | Thule Group AB | 275715 | 0.1 |
| 9488 <sup>(1)</sup> | Tobii Dynavox AB | 85451 | 0.0 |
| 91328 | Truecaller AB - Class B | 687286 | 0.2 |
| 3629 | VBG Group AB - Class B | 101588 | 0.0 |
| 2229 | Volati AB | 27456 | 0.0 |
| 69864 | Wihlborgs Fastigheter AB | 724655 | 0.2 |
| 16089 | Zinzino AB - Class B | 282344 | 0.1 |
|  |  | **12214196** | **3.8** |
|  | **Switzerland: 7.0%** | **Switzerland: 7.0%** | **Switzerland: 7.0%** |
| 10434 <sup>(1)</sup> | AC Immune SA | 18051 | 0.0 |
| 34468 | Accelleron Industries AG | 1850396 | 0.6 |
| 360 | ALSO Holding AG | 109946 | 0.0 |
| 330 <sup>(2)</sup> | Autoneum Holding AG | 49458 | 0.0 |
| 1506 <sup>(1)</sup> | Basilea Pharmaceutica AG, Reg | 80708 | 0.0 |
| 1491 | Belimo Holding AG | 1266846 | 0.4 |
| 9930 | BKW AG | 1990839 | 0.6 |
| 1161 | Bucher Industries AG, Reg | 501464 | 0.2 |
| 95 | Burckhardt Compression Holding AG | 64590 | 0.0 |
| 558 | Burkhalter Holding AG | 83009 | 0.0 |
| 207 | Cembra Money Bank AG | 24987 | 0.0 |
| 258 | Cie Financiere Tradition SA - Class BR | 68227 | 0.0 |
| 1203 | Comet Holding AG, Reg | 310588 | 0.1 |
| 10809 | DKSH Holding AG | 796293 | 0.3 |
| 16837 | Dufry AG, Reg | 767225 | 0.2 |
| 1840 | Flughafen Zurich AG, Reg | 463648 | 0.2 |
| 147 | Forbo Holding AG, Reg | 141040 | 0.0 |
| 9149 <sup>(4)</sup> | Galenica AG | 958291 | 0.3 |
| 3697 | Helvetia Holding AG | 815549 | 0.3 |
| 1124 | Hiag Immobilien Holding AG | 136222 | 0.0 |
| 663 | Huber + Suhner AG, Reg | 58339 | 0.0 |
| 3490 | Inficon Holding AG | 370316 | 0.1 |
| 8946 | International Workplace Group PLC | 22150 | 0.0 |
| 336 | Kardex Holding AG | 84646 | 0.0 |
| 31413 | Logitech International SA | 2387077 | 0.7 |
| 1720 <sup>(4)</sup> | Medacta Group SA | 279223 | 0.1 |
| 737 | Mikron Holding AG, Reg | 14310 | 0.0 |
| 34776 <sup>(1)</sup> | On Holding AG - Class A | 1673073 | 0.5 |
| 47 | Phoenix Mecano AG | 24205 | 0.0 |
| 7215 | PSP Swiss Property AG, Reg | 1284780 | 0.4 |
| 2802 | R&S Group Holding AG | 67373 | 0.0 |
| 1139 <sup>(1)(4)</sup> | Sensirion Holding AG | 88261 | 0.0 |
| 5233 | Siegfried Holding AG | 623023 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Switzerland (continued)** |  |  |
| 6438 <sup>(1)</sup> | Sportradar Group AG - Class A | 148782 | 0.1 |
| 6653 | Sulzer AG, Reg | 1126089 | 0.4 |
| 3418 | Swissquote Group Holding SA, Reg | 1764362 | 0.6 |
| 1442 | Tecan Group AG, Reg | 280843 | 0.1 |
| 20431 | Temenos AG | 1463481 | 0.5 |
| 429 | u-blox Holding AG | 43482 | 0.0 |
| 293 | Vaudoise Assurances Holding SA | 213770 | 0.1 |
| 684 | VZ Holding AG | 141141 | 0.0 |
| 487 | V-ZUG Holding AG | 41010 | 0.0 |
|  |  | **22697113** | **7.0** |
|  | **Taiwan: 1.2%** | **Taiwan: 1.2%** | **Taiwan: 1.2%** |
| 40000 <sup>(1)</sup> | ACES Electronic Co. Ltd. | 60308 | 0.0 |
| 45000 | Arcadyan Technology Corp. | 332999 | 0.1 |
| 5000 | ASROCK, Inc. | 27531 | 0.0 |
| 20000 | Cenra, Inc. | 21693 | 0.0 |
| 22000 | Channel Well Technology Co. Ltd. | 49920 | 0.0 |
| 62000 | CviLux Corp. | 90860 | 0.0 |
| 50000 | Darfon Electronics Corp. | 59424 | 0.0 |
| 38000 | Ennoconn Corp. | 319599 | 0.1 |
| 71000 | Everlight Electronics Co. Ltd. | 170295 | 0.1 |
| 19000 | Fitipower Integrated Technology, Inc. | 130428 | 0.1 |
| 70000 | FocalTech Systems Co. Ltd. | 136167 | 0.1 |
| 25000 | FY Group Ltd. | 53703 | 0.0 |
| 61661 <sup>(1)</sup> | General Interface Solution Holding Ltd. | 90472 | 0.0 |
| 15000 | Global Lighting Technologies, Inc. | 21096 | 0.0 |
| 26000 | Global Mixed Mode Technology, Inc. | 180389 | 0.1 |
| 28343 | Himax Technologies, Inc., ADR | 200527 | 0.1 |
| 25000 | Holtek Semiconductor, Inc. | 31853 | 0.0 |
| 18000 | ITE Technology, Inc. | 73225 | 0.0 |
| 20000 | Lida Holdings Ltd. | 12704 | 0.0 |
| 11000 | Lumax International Corp. Ltd. | 32753 | 0.0 |
| 8000 | MacroWell OMG Digital Entertainment Co. Ltd. | 19456 | 0.0 |
| 62000 | Pixart Imaging, Inc. | 416204 | 0.2 |
| 77000 | Primax Electronics Ltd. | 179903 | 0.1 |
| 7000 | Raydium Semiconductor Corp. | 71184 | 0.0 |
| 19000 | Rich Honour International Designs Co. Ltd. | 35368 | 0.0 |
| 125000 <sup>(1)</sup> | Sunplus Technology Co. Ltd. | 83905 | 0.0 |
| 16000 | Sunrex Technology Corp. | 26334 | 0.0 |
| 45000 | Syscom Computer Engineering Co. | 89753 | 0.0 |
| 26000 | Taiwan FU Hsing Industrial Co. Ltd. | 38580 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |
| 88000 | Taiwan Surface Mounting Technology Corp. | 281988 | 0.1 |
| 7000 | Tofu Restaurant Co. Ltd. | 47692 | 0.0 |
| 64000 | Ton Yi Industrial Corp. | 36240 | 0.0 |
| 7000 | Topview Optronics Corp. | 16706 | 0.0 |
| 36000 | Ubright Optronics Corp. | 91701 | 0.0 |
| 84000 | UDE Corp. | 215240 | 0.1 |
| 19000 | Weblink International, Inc. | 31450 | 0.0 |
|  |  | **3777650** | **1.2** |
|  | **Thailand: 0.4%** | **Thailand: 0.4%** | **Thailand: 0.4%** |
| 206600 | Advanced Information Technology PCL | 25616 | 0.0 |
| 272200 | Food Moments PCL | 35982 | 0.0 |
| 86700 | Kiatnakin Phatra Bank PCL | 130003 | 0.1 |
| 166000 | MC Group PCL | 50190 | 0.0 |
| 184700 | Ratchaphruek Hospital PCL | 30410 | 0.0 |
| 132800 | Regional Container Lines PCL | 91173 | 0.0 |
| 69600 | Somboon Advance Technology PCL | 24169 | 0.0 |
| 1906800 <sup>(2)</sup> | Star Petroleum Refining PCL | 311222 | 0.1 |
| 17700 <sup>(2)</sup> | Thai Stanley Electric PCL | 115619 | 0.0 |
| 1186500 | Thaifoods Group PCL | 190091 | 0.1 |
| 24129 <sup>(1)</sup> | Valeura Energy, Inc. | 131619 | 0.1 |
| 39300 | Zen Corp. Group PCL | 7118 | 0.0 |
|  |  | **1143212** | **0.4** |
|  | **Ukraine: 0.0%** | **Ukraine: 0.0%** | **Ukraine: 0.0%** |
| 46862 <sup>(1)</sup> | Ferrexpo PLC | **36946** | **0.0** |
|  | **United Arab Emirates: 0.4%** | **United Arab Emirates: 0.4%** | **United Arab Emirates: 0.4%** |
| 240373 | Alef Education Holding PLC | 61522 | 0.0 |
| 231217 <sup>(1)</sup> | Amlak Finance PJSC | 53047 | 0.0 |
| 25524 | Commercial Bank of Dubai PSC | 64359 | 0.0 |
| 787622 | Dana Gas PJSC | 159771 | 0.1 |
| 307328 <sup>(1)</sup> | Islamic Arab Insurance Co. | 33468 | 0.0 |
| 348006 <sup>(1)</sup> | RAK Properties PJSC | 120536 | 0.0 |
| 450728 | Sharjah Islamic Bank | 306817 | 0.1 |
| 58169 <sup>(1)(2)</sup> | Yalla Group Ltd., ADR | 446156 | 0.2 |
|  |  | **1245676** | **0.4** |
|  | **United Kingdom: 8.6%** | **United Kingdom: 8.6%** | **United Kingdom: 8.6%** |
| 3480 | 4imprint Group PLC | 159396 | 0.1 |
| 12301 | AG Barr PLC | 113824 | 0.0 |
| 12352 | AJ Bell PLC | 70298 | 0.0 |
| 3372 | Alpha Group International PLC | 123444 | 0.0 |
| 4660 | Anglo-Eastern Plantations PLC | 47358 | 0.0 |
| 9959 | Animalcare Group PLC | 31323 | 0.0 |
| 81416 | Babcock International Group PLC | 877073 | 0.3 |
| 131391 | Balfour Beatty PLC | 803633 | 0.3 |
| 140448 | Barratt Developments PLC | 875575 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom (continued)** |  |  |
| 99938 | Beazley PLC | $1184126 | 0.4 |
| 5310 <sup>(1)</sup> | Bicycle Therapeutics PLC, ADR | 45454 | 0.0 |
| 6697 | Breedon Group PLC | 38431 | 0.0 |
| 139287 | British Land Co. PLC | 732765 | 0.2 |
| 10920 | Bytes Technology Group PLC | 74257 | 0.0 |
| 23327 | Central Asia Metals PLC | 47689 | 0.0 |
| 7956 <sup>(2)</sup> | Cerillion PLC | 174948 | 0.1 |
| 6446 | Chesnara PLC | 22121 | 0.0 |
| 13547 <sup>(4)</sup> | CMC Markets PLC | 43781 | 0.0 |
| 2109 | Cohort PLC | 38829 | 0.0 |
| 13207 | Computacenter PLC | 427159 | 0.1 |
| 214252 <sup>(4)</sup> | ConvaTec Group PLC | 744877 | 0.2 |
| 76177 | Costain Group PLC | 111876 | 0.0 |
| 9220 | Cranswick PLC | 638121 | 0.2 |
| 507524 <sup>(1)</sup> | Currys PLC | 752168 | 0.2 |
| 5547 | DCC PLC | 362538 | 0.1 |
| 244152 <sup>(1)(4)</sup> | Deliveroo PLC | 554421 | 0.2 |
| 57070 | dotdigital group PLC | 63131 | 0.0 |
| 65645 | Drax Group PLC | 541500 | 0.2 |
| 2500 <sup>(1)</sup> | Eagle Eye Solutions Group PLC | 13327 | 0.0 |
| 66426 | easyJet PLC | 440405 | 0.1 |
| 6676 <sup>(1)</sup> | Endava PLC, ADR | 121570 | 0.0 |
| 250298 <sup>(1)</sup> | EnQuest PLC | 45699 | 0.0 |
| 9640 <sup>(1)</sup> | Everplay Group PLC | 34430 | 0.0 |
| 9755 | FDM Group Holdings PLC | 29186 | 0.0 |
| 11757 | Foresight Group Holdings Ltd. | 58368 | 0.0 |
| 17862 <sup>(4)</sup> | Forterra PLC | 44372 | 0.0 |
| 20421 | Foxtons Group PLC | 16135 | 0.0 |
| 7555 <sup>(1)</sup> | Frontier Developments PLC | 20223 | 0.0 |
| 721 | Fuller Smith & Turner PLC - Class A | 5413 | 0.0 |
| 1030 | Games Workshop Group PLC | 212120 | 0.1 |
| 3379 | Gamma Communications PLC | 60072 | 0.0 |
| 85471 <sup>(1)</sup> | Gem Diamonds Ltd. | 8475 | 0.0 |
| 6026 | Global Ship Lease, Inc. - Class A | 129679 | 0.0 |
| 214388 | Harbour Energy PLC | 438150 | 0.1 |
| 992 | Hargreaves Services PLC | 8110 | 0.0 |
| 13311 | Hill & Smith PLC | 319998 | 0.1 |
| 20947 | Hunting PLC | 72275 | 0.0 |
| 61284 | IG Group Holdings PLC | 873475 | 0.3 |
| 21962 | IMI PLC | 521217 | 0.2 |
| 52487 | Impax Asset Management Group PLC | 107025 | 0.0 |
| 44520 | Inchcape PLC | 398923 | 0.1 |
| 15809 | IntegraFin Holdings PLC | 64563 | 0.0 |
| 25965 | Intermediate Capital Group PLC | 653120 | 0.2 |
| 120192 | International Personal Finance PLC | 224003 | 0.1 |
| 137142 | Investec PLC - GBP | 861132 | 0.3 |
| 102043 | Investec PLC - ZAR | 636080 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom (continued)** |  |  |  |
| 92968 | JET2 PLC | $| 1967331 | 0.6 |
| 5458 | Johnson Matthey PLC |  | 93972 | 0 |
| 112851 | Just Group PLC |  | 212856 | 0.1 |
| 19639 | Kainos Group PLC |  | 191175 | 0.1 |
| 20768 | Liontrust Asset Management PLC |  | 91436 | 0 |
| 243531 | LondonMetric Property PLC |  | 624827 | 0.2 |
| 24278 | Macfarlane Group PLC |  | 33591 | 0 |
| 15400 | Man Group PLC/Jersey |  | 33613 | 0 |
| 4295 | Marks & Spencer Group PLC |  | 22319 | 0 |
| 183230 <sup>(1)</sup> | Marston's PLC |  | 88274 | 0 |
| 8059 <sup>(1)</sup> | McBride PLC |  | 15492 | 0 |
| 31691 | Mears Group PLC |  | 163658 | 0.1 |
| 52452 | Mitie Group PLC |  | 101146 | 0 |
| 11320 | Moneysupermarket.com Group PLC |  | 30637 | 0 |
| 5425 | Morgan Sindall Group PLC |  | 256435 | 0.1 |
| 45557 | Next Fifteen Communications Group PLC |  | 158004 | 0.1 |
| 14527 | Ninety One PLC |  | 28827 | 0 |
| 29638 | Nomad Foods Ltd. |  | 592464 | 0.2 |
| 13294 | Norcros PLC |  | 43081 | 0 |
| 101794 | OSB Group PLC |  | 647025 | 0.2 |
| 40963 | Pagegroup PLC |  | 147739 | 0.1 |
| 77708 | Paragon Banking Group PLC |  | 877869 | 0.3 |
| 47375 <sup>(1)</sup> | Playtech PLC |  | 479836 | 0.2 |
| 27585 | Polar Capital Holdings PLC |  | 144704 | 0 |
| 51012 | Rightmove PLC |  | 503800 | 0.2 |
| 24951 | RWS Holdings PLC |  | 22279 | 0 |
| 69803 | Severfield PLC |  | 22326 | 0 |
| 27912 | Softcat PLC |  | 623400 | 0.2 |
| 9768 | Spectris PLC |  | 261491 | 0.1 |
| 226119 | Speedy Hire PLC |  | 59245 | 0 |
| 85075 <sup>(1)</sup> | Spirent Communications PLC |  | 209297 | 0.1 |
| 62969 | St James's Place PLC |  | 793742 | 0.3 |
| 10629 | SThree PLC |  | 34556 | 0 |
| 18779 <sup>(1)</sup> | Synthomer PLC |  | 20597 | 0 |
| 1478 <sup>(2)</sup> | TORM PLC - USD - Class A |  | 24483 | 0 |
| 43954 | TP ICAP Group PLC |  | 150935 | 0.1 |
| 108054 <sup>(1)(4)</sup> | Trainline PLC |  | 423250 | 0.1 |
| 330890 | Tritax Big Box REIT PLC |  | 632953 | 0.2 |
| 23768<sup>(1)(4)</sup> | Trustpilot Group PLC |  | 71272 | 0 |
| 63624 <sup>(1)</sup> | Watkin Jones PLC |  | 26829 | 0 |
| 15704 | Weir Group PLC |  | 473372 | 0.2 |
| 43682 | Wickes Group PLC |  | 110608 | 0 |
| 41751 | XPS Pensions Group PLC |  | 215054 | 0.1 |
|  |  |  | **27843461** | **8.6** |
|  | **United States: 1.7%** | **United States: 1.7%** | **United States: 1.7%** | **United States: 1.7%** |
| 12000 <sup>(1)</sup> | Bausch Health Cos., Inc. |  | 63804 | 0 |
| 26717 <sup>(1)</sup> | Carnival PLC, ADR |  | 444036 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |  |
| 21145 | Civeo Corp. | $| 401543 | 0.1 |
| 11481 <sup>(1)</sup> | Fiverr International Ltd. |  | 292191 | 0.1 |
| 30906 <sup>(1)</sup> | IMAX Corp. |  | 751943 | 0.2 |
| 63372 <sup>(1)</sup> | Kiniksa Pharmaceuticals International PLC |  | 1709143 | 0.5 |
| 26704 <sup>(1)</sup> | MDA Space Ltd. |  | 521257 | 0.2 |
| 35597 | Navigator Holdings Ltd. |  | 451726 | 0.2 |
| 107591 <sup>(1)</sup> | Riskified Ltd. - Class A |  | 493843 | 0.2 |
| 17201 <sup>(4)</sup> | Signify NV |  | 356561 | 0.1 |
| 10400 <sup>(1)</sup> | TELUS International CDA, Inc. |  | 25423 | 0.0 |
|  |  |  | **5511470** | **1.7** |
|  | Total Common Stock |  |  |  |
|  | (Cost $272,256,916) |  | **315145012** | **97.9** |
| **EXCHANGE-TRADED FUNDS: 0.7%** | **EXCHANGE-TRADED FUNDS: 0.7%** | **EXCHANGE-TRADED FUNDS: 0.7%** | **EXCHANGE-TRADED FUNDS: 0.7%** | **EXCHANGE-TRADED FUNDS: 0.7%** |
| 12852 | iShares MSCI EAFE Small-Cap ETF |  | 854658 | 0.3 |
| 27927 | Vanguard FTSE Developed Markets ETF |  | 1476500 | 0.4 |
|  |  |  | **2331158** | **0.7** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $2,229,985) |  | **2331158** | **0.7** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |
|  | **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** |
| 555 | Einhell Germany AG |  | 41432 | 0.0 |
| 9438 | Fuchs Petrolub SE |  | 473246 | 0.2 |
| 11928 | Jungheinrich AG |  | 433496 | 0.2 |
| 88 | KSB SE & Co. KGaA |  | 80081 | 0.0 |
| 182 | STO SE & Co. KGaA |  | 26028 | 0.0 |
|  |  |  | **1054283** | **0.4** |
|  | Total Preferred Stock |  |  |  |
|  | (Cost $882,982) |  | **1054283** | **0.4** |
| **RIGHT: —%** | **RIGHT: —%** | **RIGHT: —%** | **RIGHT: —%** | **RIGHT: —%** |
|  | **Italy: —%** | **Italy: —%** | **Italy: —%** | **Italy: —%** |
| 4151 <sup>(3)</sup> | DiaSorin SpA |  | **—** | **—** |
|  | Total Right |  |  |  |
|  | (Cost $–) |  | **—** | **—** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $275,369,883) |  | **318530453** | **99.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** |
|  | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** | **Repurchase Agreements: 0.6%** |
| 1000000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 04/30/2025, 4.460%, due 05/01/2025 (Repurchase Amount $1,000,122, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $1,020,126, due 05/15/25-02/15/55) | $1000000 | 0.3 |
| 878565 <sup>(5)</sup> | NatWest Markets Securities, Inc., Repurchase Agreement dated 04/30/2025, 4.360%, due 05/01/2025 (Repurchase Amount $878,670, collateralized by various U.S. Government Securities, 0.000%-5.500%, Market Value plus accrued interest $896,136, due 06/03/25-02/15/46) | 878565 | 0.3 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,878,565) | **1878565** | **0.6** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
|  | **Mutual Funds: 3.5%** | **Mutual Funds: 3.5%** | **Mutual Funds: 3.5%** |
| 11358833 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% |  |  |
|  | (Cost $11,358,833) | $**11358833** | **3.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $13,237,398) | **13237398** | **4.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $288,607,281)** | $**331767851** | **103.1** |
|  | **Liabilities in Excess of Other Assets** | **(9844759)** | **(3.1)** |
|  | **Net Assets** | $**321923092** | **100.0** |
| ADR | American Depositary Receipt |  |  |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of April 30, 2025. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Industrials | 21.9% |
| Financials | 13.4 |
| Information Technology | 12.6 |
| Consumer Discretionary | 12.5 |
| Materials | 8.9 |
| Health Care | 7.4 |
| Real Estate | 5.8 |
| Communication Services | 5.2 |
| Consumer Staples | 4.5 |
| Energy | 3.1 |
| Utilities | 3.0 |
| Exchange-Traded Funds | 0.7 |
| Short-Term Investments | 4.1 |
| Liabilities in Excess of Other Assets | (3.1) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** | <br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | <br>**Fair Value**<br>**at**<br>**April 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;Australia | $7356656 | $9225181 | $— | $16581837 |
| &nbsp;&nbsp;Austria |  | 366201 |  | 366201 |
| &nbsp;&nbsp;Belgium | 32236 | 1053815 |  | 1086051 |
| &nbsp;&nbsp;Brazil | 700022 |  |  | 700022 |
| &nbsp;&nbsp;Canada | 23241053 |  |  | 23241053 |
| &nbsp;&nbsp;China | 779709 | 3755203 | 3724 | 4538636 |
| &nbsp;&nbsp;Côte d'Ivoire | 930799 |  |  | 930799 |
| &nbsp;&nbsp;Denmark | 2357454 | 6514080 |  | 8871534 |
| &nbsp;&nbsp;Finland | 93937 | 4637841 |  | 4731778 |
| &nbsp;&nbsp;France | 3860142 | 20009466 |  | 23869608 |
| &nbsp;&nbsp;Germany | 2521710 | 18117922 |  | 20639632 |
| &nbsp;&nbsp;Greece | 361459 | 34010 |  | 395469 |
| &nbsp;&nbsp;Guatemala | 730935 |  |  | 730935 |
| &nbsp;&nbsp;Guernsey | 168555 |  |  | 168555 |
| &nbsp;&nbsp;Hong Kong | 1685716 | 301908 |  | 1987624 |
| &nbsp;&nbsp;Hungary |  | 233106 |  | 233106 |
| &nbsp;&nbsp;India |  | 162825 |  | 162825 |
| &nbsp;&nbsp;Indonesia | 113779 | 131345 |  | 245124 |
| &nbsp;&nbsp;Ireland | 550332 | 215563 |  | 765895 |
| &nbsp;&nbsp;Israel | 1993590 | 564271 |  | 2557861 |
| &nbsp;&nbsp;Italy | 4345123 | 16576858 |  | 20921981 |
| &nbsp;&nbsp;Japan | 33460592 | 33730311 |  | 67190903 |
| &nbsp;&nbsp;Jordan |  | 807570 |  | 807570 |
| &nbsp;&nbsp;Liechtenstein | 105157 |  |  | 105157 |
| &nbsp;&nbsp;Luxembourg | 367588 | 432846 |  | 800434 |
| &nbsp;&nbsp;Malaysia | 74516 | 618768 |  | 693284 |
| &nbsp;&nbsp;Malta |  | 35306 |  | 35306 |
| &nbsp;&nbsp;Mauritius | 21980 |  |  | 21980 |
| &nbsp;&nbsp;Mexico | 909641 |  |  | 909641 |
| &nbsp;&nbsp;Netherlands | 647977 | 7356629 |  | 8004606 |
| &nbsp;&nbsp;New Zealand | 109943 | 1228958 |  | 1338901 |
| &nbsp;&nbsp;Norway | 421555 | 71221 |  | 492776 |
| &nbsp;&nbsp;Papua New Guinea | 37790 |  |  | 37790 |
| &nbsp;&nbsp;Peru | 250603 |  |  | 250603 |
| &nbsp;&nbsp;Philippines | 155981 |  |  | 155981 |
| &nbsp;&nbsp;Poland | 29862 | 1802151 |  | 1832013 |
| &nbsp;&nbsp;Portugal | 24437 | 72088 |  | 96525 |
| &nbsp;&nbsp;Qatar | 61873 |  |  | 61873 |
| &nbsp;&nbsp;Singapore | 68711 | 2241116 |  | 2309827 |
| &nbsp;&nbsp;South Africa | 147432 | 110572 |  | 258004 |
| &nbsp;&nbsp;South Korea | 4602045 | 10110403 | 20310 | 14732758 |
| &nbsp;&nbsp;Spain | 4055305 | 2757525 |  | 6812830 |
| &nbsp;&nbsp;Sweden | 1610027 | 10604169 |  | 12214196 |
| &nbsp;&nbsp;Switzerland | 5290180 | 17406933 |  | 22697113 |
| &nbsp;&nbsp;Taiwan | 200527 | 3577123 |  | 3777650 |
| &nbsp;&nbsp;Thailand | 243506 | 899706 |  | 1143212 |
| &nbsp;&nbsp;Ukraine |  | 36946 |  | 36946 |
| &nbsp;&nbsp;United Arab Emirates | 479624 | 766052 |  | 1245676 |
| &nbsp;&nbsp;United Kingdom | 10134218 | 17709243 |  | 27843461 |
| &nbsp;&nbsp;United States | 5511470 |  |  | 5511470 |
| Total Common Stock | 120845747 | 194275231 | 24034 | 315145012 |
| Exchange-Traded Funds | 2331158 |  |  | 2331158 |
| Preferred Stock | 433496 | 620787 |  | 1054283 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** | <br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | <br>**Fair Value**<br>**at**<br>**April 30, 2025** |
| Short-Term Investments | $11358833 | $1878565 | $— | $13237398 |
| Total Investments, at fair value | $134969234 | $196774583 | $24034 | $331767851 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 122 |  | 122 |
| Total Assets | $134969234 | $196774705 | $24034 | $331767973 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(7513) | $— | $(7513) |
| Total Liabilities | $— | $(7513) | $— | $(7513) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | The earlier close of the foreign markets gives rise to the possibility that signifiicant 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. |
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At April 30, 2025, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Small Cap Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Currency** | <br>**Purchased** | <br>**Currency** | <br>**Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 43890 | NOK | 455362 | Bank of America N.A. | 05/02/25 | $119 |
| EUR | 38192 | USD | 43489 | Bank of America N.A. | 05/02/25 | (224) |
| CHF | 127590 | USD | 154862 | Bank of America N.A. | 05/02/25 | (273) |
| USD | 7847 | NOK | 81671 | Bank of America N.A. | 05/05/25 | (3) |
| SGD | 80938 | USD | 61997 | Bank of America N.A. | 05/05/25 | (28) |
| SEK | 1432325 | USD | 148283 | Bank of America N.A. | 05/05/25 | (93) |
| CHF | 398968 | USD | 484342 | Bank of America N.A. | 05/05/25 | (949) |
| EUR | 1213593 | USD | 1376258 | Bank of America N.A. | 05/05/25 | (1440) |
| HKD | 496797 | USD | 64066 | Bank of America N.A. | 05/06/25 | (10) |
| EUR | 15610 | USD | 17703 | Bank of America N.A. | 05/06/25 | (20) |
| CHF | 231028 | USD | 280827 | Morgan Stanley Capital Services LLC | 05/05/25 | (912) |
| EUR | 1859981 | USD | 2110576 | State Street Bank and Trust Co. | 05/05/25 | (3498) |
| USD | 5110 | THB | 170586 | The Bank of New York Mellon | 05/02/25 | 3 |
| CNY | 768199 | USD | 105834 | The Bank of New York Mellon | 05/06/25 | (63) |
|  |  |  |  |  |  | $(7391) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| CHF | &nbsp;&nbsp;&nbsp;Swiss Franc |
| CNY | &nbsp;&nbsp;&nbsp;Chinese Yuan |
| EUR | &nbsp;&nbsp;&nbsp;EU Euro |
| HKD | &nbsp;&nbsp;&nbsp;Hong Kong Sar Dollar |
| NOK | &nbsp;&nbsp;&nbsp;Norwegian Krone |
| SEK | &nbsp;&nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;&nbsp;Singapore Dollar |
| THB | &nbsp;&nbsp;&nbsp;Thai Baht |
| USD | &nbsp;&nbsp;&nbsp;United States Dollar |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement**<br> **<u>of Assets and Liabilities</u>** | **Fair Value** |
| **Asset Derivatives** |  | |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $122 |
| **Total Asset Derivatives** |  | $122 |
| **Liability Derivatives** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $7513 |
| **Total Liability Derivatives** |  | $7513 |

---

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2025 was as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $8172 |
| **Total** | $8172 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $(7404) |
| **Total** | $(7404) |

---

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, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bank of<br> America N.A.** | **Morgan<br> Stanley<br> Capital<br> Services LLC** | **State Street<br> Bank and<br> Trust Co.** | **The Bank<br> of New York<br> Mellon** | **Total** |
| **Assets:** |  |  |  |  |  |
| Forward foreign currency contracts | $119 | $— | $— | $3 | $122 |
| **Total Assets** | $119 | $— | $— | $3 | $122 |
| **Liabilities:** |  |  |  |  |  |
| Forward foreign currency contracts | $3040 | $912 | $3498 | $63 | $7513 |
| **Total Liabilities** | $3040 | $912 | $3498 | $63 | $7513 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(2921) | $(912) | $(3498) | $(60) | $(7391) |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $— | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $(2921) | $(912) | $(3498) | $(60) | $(7391) |

---

<sup>(1)</sup> 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.

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> International Small Cap Fund <br> as of April 30, 2025 (Unaudited) (continued)

At April 30, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $291,647,108. | Cost for U.S. federal income tax purposes was $291,647,108. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $58295926 |
| Gross Unrealized Depreciation | (17705475) |
| Net Unrealized Appreciation | $40590451 |

---

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 14, 2024, the Board of Trustees ("Board") of Voya Mutual Funds (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund, and Voya Multi-Manager International Small Cap Fund, each a series of the Trust (the "Funds"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Funds, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the Voya Global Bond Fund and Voya Global High Dividend Low Volatility Fund, and Acadian Asset Management LLC and Victory Capital Management Inc., the sub-advisers to the Voya Multi-Manager International Small Cap Fund (the "Sub-Advisers"), for an additional one-year period ending November 30, 2025.

In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Advisers (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process

for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

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

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

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

**Nature, Extent and Quality of Services**

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

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day

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

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

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

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

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar," an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. In addition, the Board considered the Voya Global Bond Fund's investment performance compared to an additional

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

**Economies of Scale**

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

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Advisers to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Advisers, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers with respect to sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers.

**Fee Schedules, Profitability, and Fall-out Benefits**

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

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

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

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the

Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

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

**Fund-by-Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya Global Bond Fund**

In considering whether to approve the renewal of the Contracts for Voya Global Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the ten-year period,

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

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

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the second quintile.

**Voya Global High Dividend Low Volatility Fund**

In considering whether to approve the renewal of the Contracts for Voya Global High Dividend Low Volatility Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and three-year periods, the third quintile for the one-year period, and the fourth quintile for the five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date and three-year periods, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding: (1) the competitiveness of the Fund's performance during certain periods; and (2) the impact of security selection on the Fund's performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya Multi-Manager International Small Cap Fund**

In considering whether to approve the renewal of the Contracts for Voya Multi-Manager International Small Cap Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods and the second quintile for the year-to-date and one-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: 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 Fund's net management fee rate is ranked in the fourth quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the fourth quintile.

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

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2025.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

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**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.**

**167703 (0425)**

![](tm2518105d3_sp01img002.jpg)

Semi-Annual Financial Statements and Other Information

**April 30, 2025**

Classes A, C, I, R, and W

■&nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Emerging Markets Equity Fund

■&nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Equity Fund

&nbsp;&nbsp;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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|:---|:---|
| ![](tm2518105d3_sp01img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2518105d3_sp01img003.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Statements of Assets and Liabilities | 1 |
| Statements of Operations | 3 |
| Statements of Changes in Net Assets | 4 |
| Financial Highlights | 5 |
| Notes to Financial Statements | 7 |
| Portfolios of Investments | 19 |
| Advisory and Sub-Advisory Contract Approval Discussion | 40 |

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| |
|:---|
| &nbsp;&nbsp;**Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

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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; and (2) 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 https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

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

STATEMENTS OF ASSETS AND LIABILITIES AS OF April 30, 2025 (unaudited)

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| | | |
|:---|:---|:---|
|  | **Voya Multi- <br> Manager<br> Emerging Markets<br> Equity Fund** | **Voya Multi- <br> Manager <br> International<br> Equity Fund** |
| **ASSETS:** |  |  |
| Investments in securities at fair value+\* | $189655996 | $517636415 |
| Short-term investments at fair value† | 2846535 | 12187977 |
| Cash |  | 8176371 |
| Cash collateral for futures contracts | 54986 | 169859 |
| Foreign currencies at value‡ | 501358 | 1155676 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 4295580 | 15148353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 47514 | 259079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 424683 | 2396616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 30 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 58954 | 1280648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2488 |  |
| Unrealized appreciation on forward foreign currency contracts | 3952 | 5866 |
| Prepaid expenses | 31920 | 8930 |
| Reimbursement due from Investment Adviser | 24616 | 19506 |
| Other assets | 14322 | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 197962934 | 558468971 |
| **LIABILITIES:** |  |  |
| Payable for investment securities and currencies purchased | 2269365 | 17978902 |
| Payable for fund shares redeemed | 28857 | 98740 |
| Payable upon receipt of securities loaned | 1808440 | 6787686 |
| Unrealized depreciation on forward foreign currency contracts |  | 7062 |
| Variation margin payable on futures contracts |  | 6852 |
| Payable for investment management fees | 162478 | 349718 |
| Payable for distribution and shareholder service fees | 3002 |  |
| Payable to custodian due to bank overdraft | 279638 |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 14322 | 19992 |
| Payable for trustee fees | 516 | 1289 |
| Payable for foreign capital gains tax | 1082701 | 171955 |
| Payable for borrowings against line of credit (Note 9) | 1048000 |  |
| Payable for information statement costs (Note 6) |  | 14500 |
| Other accrued expenses and liabilities | 255465 | 83832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6952784 | 25520528 |
| **NET ASSETS** | $191010150 | $532948443 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $263313067 | $479761609 |
| Total distributable earnings (loss) | (72302917) | 53186834 |
| **NET ASSETS** | $191010150 | $532948443 |
| + Including securities loaned at value | $1755060 | $6565264 |
| \* Cost of investments in securities | $189056571 | $480377575 |
| † Cost of short-term investments | $2846535 | $12187977 |
| ‡ Cost of foreign currencies | $502393 | $1151987 |

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See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF April 30, 2025 (unaudited) (continued)

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| | | |
|:---|:---|:---|
|  | **Voya Multi- <br> Manager <br> Emerging Markets <br> Equity Fund** | **Voya Multi- <br> Manager <br> International <br> Equity Fund** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $14594069 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | —&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1497275 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $9.75 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $10.34 | n/a |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $150571 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | —&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 15490 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $9.72 | n/a |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $151770499 | $532948443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | —&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | —&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 15487699 | 47347610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.80 | $11.26 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $74933 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | —&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 7665 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.78 | n/a |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $24420078 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | —&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2499814 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.77 | n/a |

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| | |
|:---|:---|
| <sup>(1)</sup> | &nbsp;&nbsp;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. |
| <sup>†</sup> | &nbsp;&nbsp;Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

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See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2025 (unaudited)

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| | | |
|:---|:---|:---|
|  | **Voya Multi-<br> Manager <br> Emerging Markets <br> Equity Fund** | **Voya Multi-<br> Manager <br> International<br> Equity Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends, net of foreign taxes withheld\* | $2581114 | $6657871 |
| Interest | 1236 | 95751 |
| Securities lending income, net | 16877 | 7762 |
| Other | 597 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2599824 | 6762872 |
| **EXPENSES:** |  |  |
| Investment management fees | 1029856 | 2174681 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 18194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 177 |  |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 16628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 13010 | 21948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 81 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 27841 |  |
| Shareholder reporting expense | 4345 | 5983 |
| Registration fees | 38247 | 21535 |
| Professional fees | 50468 | 47547 |
| Custody and accounting expense | 108690 | 61705 |
| Information statement costs (Note 6) |  | 14500 |
| Trustee fees | 2581 | 6447 |
| Licensing fee (Note 7) | 4315 |  |
| Miscellaneous expense | 12136 | 25043 |
| Interest expense | 3197 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1330745 | 2380015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (142440) | (116481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1188305 | 2263534 |
| Net investment income | 1411519 | 4499338 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 767401 | 18901374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 10528 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (32194) | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (56973) | (242458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 688762 | 18660905 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | (1310442) | 13556915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 3952 | (1325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 7468 | 166797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 18869 | 152079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1280153) | 13874466 |
| Net realized and unrealized gain (loss) | (591391) | 32535371 |
| **Increase in net assets resulting from operations** | $820128 | $37034709 |
| \* Foreign taxes withheld | $286806 | $684789 |
| ^ Foreign capital gains taxes withheld | $11180 | $— |
| # Change in foreign capital gains taxes accrued | $90412 | $71352 |

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See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Multi- Manager<br> Emerging Markets Equity Fund** | **Voya Multi- Manager<br> Emerging Markets Equity Fund** | **Voya Multi- Manager<br> International Equity Fund** | **Voya Multi- Manager<br> International Equity Fund** |
|  | **Six Months<br> Ended <br> April 30, 2025 <br> (Unaudited)** | **Year Ended <br> October 31, <br> 2024** | **Six Months<br> Ended <br> April 30, 2025 <br> (Unaudited)** | **Year Ended <br> October 31, <br> 2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $1411519 | $3384793 | $4499338 | $7606407 |
| Net realized gain | 688762 | 5073888 | 18660905 | 19141080 |
| Net change in unrealized appreciation (depreciation) | (1280153) | 36012944 | 13874466 | 38876150 |
| Increase in net assets resulting from operations | 820128 | 44471625 | 37034709 | 65623637 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (598304) | (256991) |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (6108) | (900) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (7280778) | (4275258) | (9102859) | (5245490) |
| &nbsp;&nbsp;&nbsp;Class R | (2689) | (907) |  |  |
| &nbsp;&nbsp;&nbsp;Class W | (1036537) | (276266) |  |  |
| Total distributions | (8924416) | (4810322) | (9102859) | (5245490) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 25158956 | 59143769 | 104045427 | 408149338 |
| Reinvestment of distributions | 8900094 | 4799025 | 9102859 | 5245490 |
|  | 34059050 | 63942794 | 113148286 | 413394828 |
| Cost of shares redeemed | (37438463) | (122083184) | (103076918) | (242508824) |
| Net increase (decrease) in net assets resulting from capital share transactions | (3379413) | (58140390) | 10071368 | 170886004 |
| Net increase (decrease) in net assets | (11483701) | (18479087) | 38003218 | 231264151 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 202493851 | 220972938 | 494945225 | 263681074 |
| End of year or period | $191010150 | $202493851 | $532948443 | $494945225 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment <br> operations** | **Income (loss)<br> from investment <br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | <br>Total from investment operations | From net investment income | From net realized gains | From return of capital | <br>Total distributions | <br>Payment by affiliate | <br>Net asset value, end of year or period | <br>**Total Return<sup>(1)</sup>** | Expenses<br> before reductions/<br> additions<sup>(2)(3)</sup> | Expenses net of fee waivers and/or recoupments if any<sup>(2)(3)</sup> | Expenses <br> net of all reductions/<br> additions<sup>(2)(3)</sup> | Net investment income (loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25+ | 10.11 | 0.05<sup>•</sup> | (0.01) | 0.04 | 0.40 |  |  | 0.40 |  | 9.75 | **0.39** | 1.70 | 1.47 | 1.47 | 1.05 | 14594 | 19 |
| 10-31-24 | 8.59 | 0.11<sup>•</sup> | 1.57 | 1.68 | 0.16 |  |  | 0.16 |  | 10.11 | **19.76** | 1.75 | 1.50 | 1.50 | 1.14 | 15491 | 37 |
| 10-31-23 | 8.00 | 0.14<sup>•</sup> | 0.81 | 0.95 | 0.36 |  |  | 0.36 |  | 8.59 | **11.94** | 1.76 | 1.51 | 1.51 | 1.52 | 14328 | 85 |
| 10-31-22 | 14.39 | 0.16<sup>•</sup> | (4.31) | (4.15) | 0.24 | 2.00 |  | 2.24 |  | 8.00 | **(33.68)** | 1.69 | 1.50 | 1.50 | 1.60 | 14138 | 53 |
| 10-31-21 | 13.00 | 0.05<sup>•</sup> | 1.87 | 1.92 | 0.09 | 0.44 |  | 0.53 |  | 14.39 | **14.76** | 1.64 | 1.50 | 1.50 | 0.36 | 24177 | 59 |
| 10-31-20 | 12.31 | 0.05 | 0.88 | 0.93 | 0.17 | 0.07 |  | 0.24 |  | 13.00 | **7.58** | 1.63 | 1.50 | 1.50 | 0.37 | 22843 | 60 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25+ | 10.07 | 0.01<sup>•</sup> | (0.01) | 0.00\* | 0.35 |  |  | 0.35 |  | 9.72 | **(0.02)** | 2.45 | 2.22 | 2.22 | 0.30 | 151 | 19 |
| 10-31-24 | 8.54 | 0.03<sup>•</sup> | 1.57 | 1.60 | 0.07 |  |  | 0.07 |  | 10.07 | **18.85** | 2.50 | 2.25 | 2.25 | 0.31 | 178 | 37 |
| 10-31-23 | 8.00 | 0.07<sup>•</sup> | 0.83 | 0.90 | 0.36 |  |  | 0.36 |  | 8.54 | **11.23** | 2.51 | 2.26 | 2.26 | 0.80 | 108 | 85 |
| 10-31-22 | 14.26 | 0.09<sup>•</sup> | (4.33) | (4.24) | 0.02 | 2.00 |  | 2.02 |  | 8.00 | **(34.24)** | 2.44 | 2.25 | 2.25 | 0.85 | 158 | 53 |
| 10-31-21 | 12.90 | (0.05)<sup>•</sup> | 1.85 | 1.80 |  | 0.44 |  | 0.44 |  | 14.26 | **13.94** | 2.39 | 2.25 | 2.25 | (0.37) | 487 | 59 |
| 10-31-20 | 12.21 | (0.06)<sup>•</sup> | 0.87 | 0.81 | 0.05 | 0.07 |  | 0.12 |  | 12.90 | **6.66** | 2.38 | 2.25 | 2.25 | (0.52) | 542 | 60 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25+ | 10.19 | 0.07<sup>•</sup> | (0.03) | 0.04 | 0.43 |  |  | 0.43 |  | 9.80 | **0.47** | 1.24 | 1.12 | 1.12 | 1.42 | 151770 | 19 |
| 10-31-24 | 8.65 | 0.15<sup>•</sup> | 1.58 | 1.73 | 0.19 |  |  | 0.19 |  | 10.19 | **20.30** | 1.25 | 1.15 | 1.15 | 1.49 | 161705 | 37 |
| 10-31-23 | 8.03 | 0.17<sup>•</sup> | 0.81 | 0.98 | 0.36 |  |  | 0.36 |  | 8.65 | **12.31** | 1.21 | 1.16 | 1.16 | 1.92 | 192678 | 85 |
| 10-31-22 | 14.45 | 0.20<sup>•</sup> | (4.32) | (4.12) | 0.30 | 2.00 |  | 2.30 |  | 8.03 | **(33.46)** | 1.20 | 1.15 | 1.15 | 1.94 | 148389 | 53 |
| 10-31-21 | 13.04 | 0.12<sup>•</sup> | 1.86 | 1.98 | 0.13 | 0.44 |  | 0.57 |  | 14.45 | **15.23** | 1.18 | 1.15 | 1.15 | 0.80 | 245082 | 59 |
| 10-31-20 | 12.35 | 0.10 | 0.88 | 0.98 | 0.22 | 0.07 |  | 0.29 |  | 13.04 | **7.93** | 1.18 | 1.15 | 1.15 | 0.72 | 287527 | 60 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25+ | 10.13 | 0.04<sup>•</sup> | (0.01) | 0.03 | 0.38 |  |  | 0.38 |  | 9.78 | **0.28** | 1.95 | 1.72 | 1.72 | 0.81 | 75 | 19 |
| 10-31-24 | 8.61 | 0.09<sup>•</sup> | 1.57 | 1.66 | 0.14 |  |  | 0.14 |  | 10.13 | **19.46** | 2.00 | 1.75 | 1.75 | 0.90 | 72 | 37 |
| 10-31-23 | 8.03 | 0.12<sup>•</sup> | 0.82 | 0.94 | 0.36 |  |  | 0.36 |  | 8.61 | **11.74** | 2.01 | 1.76 | 1.76 | 1.29 | 55 | 85 |
| 10-31-22 | 14.44 | 0.13<sup>•</sup> | (4.33) | (4.20) | 0.21 | 2.00 |  | 2.21 |  | 8.03 | **(33.89)** | 1.94 | 1.75 | 1.75 | 1.30 | 42 | 53 |
| 10-31-21 | 12.99 | 0.02<sup>•</sup> | 1.87 | 1.89 |  | 0.44 |  | 0.44 |  | 14.44 | **14.55** | 1.89 | 1.75 | 1.75 | 0.15 | 51 | 59 |
| 10-31-20 | 12.32 | 0.00\*<sup>•</sup> | 0.89 | 0.89 | 0.15 | 0.07 |  | 0.22 |  | 12.99 | **7.20** | 1.88 | 1.75 | 1.75 | 0.03 | 22 | 60 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25+ | 10.15 | 0.06<sup>•</sup> | (0.02) | 0.04 | 0.42 |  |  | 0.42 |  | 9.77 | **0.46** | 1.45 | 1.22 | 1.22 | 1.29 | 24420 | 19 |
| 10-31-24 | 8.61 | 0.13<sup>•</sup> | 1.59 | 1.72 | 0.18 |  |  | 0.18 |  | 10.15 | **20.19** | 1.50 | 1.25 | 1.25 | 1.35 | 25049 | 37 |
| 10-31-23 | 8.00 | 0.14<sup>•</sup> | 0.83 | 0.97 | 0.36 |  |  | 0.36 |  | 8.61 | **12.22** | 1.51 | 1.26 | 1.26 | 1.57 | 13804 | 85 |
| 10-31-22 | 14.41 | 0.19<sup>•</sup> | (4.32) | (4.13) | 0.28 | 2.00 |  | 2.28 |  | 8.00 | **(33.56)** | 1.44 | 1.25 | 1.25 | 1.84 | 37408 | 53 |
| 10-31-21 | 13.00 | 0.10<sup>•</sup> | 1.87 | 1.97 | 0.12 | 0.44 |  | 0.56 |  | 14.41 | **15.15** | 1.39 | 1.25 | 1.25 | 0.64 | 65102 | 59 |
| 10-31-20 | 12.33 | 0.08<sup>•</sup> | 0.86 | 0.94 | 0.20 | 0.07 |  | 0.27 |  | 13.00 | **7.67** | 1.38 | 1.25 | 1.25 | 0.69 | 33162 | 60 |
| **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 04-30-25+ | 10.66 | 0.09<sup>•</sup> | 0.70 | 0.79 | 0.19 |  |  | 0.19 |  | 11.26 | **7.50** | 0.93 | 0.89 | 0.89 | 1.76 | 532948 | 51 |
| 10-31-24 | 8.87 | 0.18<sup>•</sup> | 1.79 | 1.97 | 0.18 |  |  | 0.18 |  | 10.66 | **22.42** | 0.93 | 0.89 | 0.89 | 1.76 | 494945 | 85 |
| 10-31-23 | 8.04 | 0.14<sup>•</sup> | 0.80 | 0.94 | 0.11 |  |  | 0.11 |  | 8.87 | **11.65** | 0.94 | 0.90 | 0.90 | 1.45 | 263681 | 49 |
| 10-31-22 | 14.24 | 0.12<sup>•</sup> | (3.69) | (3.57) | 0.20 | 2.43 |  | 2.63 |  | 8.04 | **(30.30)** | 0.94 | 0.93 | 0.93 | 1.16 | 301161 | 63 |
| 10-31-21 | 11.35 | 0.12<sup>•</sup> | 3.31 | 3.43 | 0.12 | 0.42 |  | 0.54 |  | 14.24 | **30.69** | 0.96 | 0.96 | 0.96 | 0.87 | 554017 | 49 |
| 10-31-20 | 11.47 | 0.10 | 0.01 | 0.11 | 0.23 |  |  | 0.23 |  | 11.35 | **0.89** | 0.92 | 0.92 | 0.92 | 0.86 | 549329 | 71 |

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<sup>(1)</sup> 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.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | |
|:---|:---|
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | 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. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | 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, 2025 (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 six separate active investment series, two of which are included in this report (each, a "Fund" and collectively, the "Funds"): Voya Multi-Manager Emerging Markets Equity Fund ("Multi-Manager Emerging Markets Equity") and Voya Multi-Manager International Equity Fund ("Multi-Manager International Equity"). Each Fund is a diversified series of the Trust.

Each Fund offers at least one or more of the following classes of shares: Class A, Class C, Class I, Class R, and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees, shareholder servicing fees, and transfer agent fees, as well as differences in the amount of waiver fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/ losses from a fund pro rata based on the daily ending net assets of each class, without distinction between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the separate classes, if any.

Class C shares, along with their *pro rata* reinvested dividend shares, automatically convert to Class A shares 8 years after purchase.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as one of the multiple sub-advisers for Multi-Manager Emerging Markets Equity. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

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

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

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

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

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

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

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

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

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

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

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

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

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Risk Exposures and the Use of Derivative Instruments.*** The Funds' investment strategies permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities

capable of affecting a similar response to market or credit factors. In pursuit of their investment objectives, the Funds may seek to increase or decrease their exposure to the following market or credit risk factors.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.

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

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

***Risks of Investing in Derivatives.*** The Funds' use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market or credit risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds' derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds' International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and

affect settlement of all outstanding transactions under the applicable Master Agreement.

The Funds may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

At April 30, 2025, the maximum amount of loss that Multi-Manager Emerging Markets and Multi-Manager International Equity would incur if their relevant counterparties failed to perform would be $3,952 and $5,866, respectively, which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of April 30, 2025. There was no cash collateral received by Multi-Manager Emerging Markets and Multi-Manager International Equity as of April 30, 2025.

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

Multi-Manager International Equity had a liability position of $7,062 on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2025, Multi-Manager International Equity could have been required to pay this amount in cash to its counterparties. At April 30, 2025, Multi-Manager International Equity did not pledge any cash collateral.

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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 and Multi-Manager International Equity used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. During the period ended April 30, 2025, 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 | $— | $919209 |
| Multi-Manager International Equity | 1317428 | 1043422 |

---

Please refer to the tables within the Portfolio of Investments for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity for open forward foreign currency contracts at April 30, 2025.

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

Upon entering into a futures contract, the Funds are required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Fund's Statement of Assets and Liabilities. The net change in unrealized

appreciation and depreciation is reported in each Fund's Statement of Operations. Realized gains (losses) are reported in each Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2025, Multi-Manager Emerging Markets Equity and Multi-Manager International Equity had purchased futures contracts on equity indices to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended April 30, 2025, Multi-Manager Emerging Markets Equity and Multi-Manager International Equity had an average notional value on futures contracts purchased as disclosed below.

---

| | |
|:---|:---|
|  | **Purchased** |
| Multi-Manager Emerging Markets Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019028 |
| Multi-Manager International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503835 |

---

Please refer to the tables within the Portfolios of Investments for Multi-Manager Emerging Markets Equity and Multi-Manager International Equity for open futures contracts at April 30, 2025.

F. ***Distributions to Shareholders.*** The Funds record distributions to their shareholders on ex-dividend date. Each Fund declares and pays dividends and capital gain distributions, if any, annually. The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

I. ***Securities Lending.*** Each Fund has the option to temporarily loan securities representing up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds' other risks.

J. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") 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 legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted 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. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

K. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended April 30, 2025, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Multi-Manager Emerging Markets Equity | $&nbsp;&nbsp;&nbsp;&nbsp;37869252 | $48357069 |
| Multi-Manager International Equity | 263385822 | 259906266 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

---

| | |
|:---|:---|
| **Fund** | **As a Percentage of Average<br> Daily Net Assets** |
| Multi-Manager Emerging Markets Equity | Direct Investments 1.10%;<br> Passively Managed Assets 0.70% |
| Multi-Manager International Equity | 0.85% |

---

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

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

---

| | |
|:---|:---|
| **Fund** | **Sub-Adviser** |
| Multi-Manager Emerging Markets Equity | Delaware Investments Fund<br> Advisers, Sustainable Growth<br> Advisers, LP<br> and Voya IM\* |
| Multi-Manager International Equity | Acadian Asset Management, LLC,<br> Lazard Asset Management, LLC,<br> Wellington Management Company<br> LLP and Voya IM\* |

---

Effective February 28, 2025, Acadian Asset Management, LLC was added as an additional sub-adviser and Polaris Capital Management, LLC was removed as a sub-adviser for Multi-Manager International Equity.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R shares of each respective Fund has a plan (each a "Plan" and collectively, the "Plans"), whereby the Distributor is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund's shares ("Distribution Fees"). Pursuant to the Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution

agreement with the Distributor. Under the Plans, each class of shares of a Fund pays the Distributor a Distribution and/ or Service Fee based on average daily net assets at the following annual rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** |
| Multi-Manager Emerging Markets Equity | 0.25% | 1.00% | 0.50% |

---

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the period ended April 30, 2025, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | |
|:---|:---|
|  | **Class A** |
| **Initial Sales Charges:** |  |
| Multi-Manager Emerging Markets Equity | $186 |

---

**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At April 30, 2025, the following direct or indirect, affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **Fund** | **Percentage** |
| Voya Solution 2035 Portfolio | Multi-Manager |  |
|  | Emerging Markets |  |
|  | Equity | 8.70% |
|  | Multi-Manager |  |
|  | International |  |
|  | Equity | 12.50 |
| Voya Solution 2045 Portfolio | Multi-Manager |  |
|  | Emerging Markets |  |
|  | Equity | 11.44 |
|  | Multi-Manager |  |
|  | International |  |
|  | Equity | 13.15 |
| Voya Solution Moderately Aggressive Portfolio | Multi-Manager<br> Emerging Markets |  |
|  | Equity | 5.69 |
|  | Multi-Manager |  |
|  | International |  |
|  | Equity | 6.13 |

---

The Investment Adviser may request that the Funds' sub-advisers use their best efforts (subject to obtaining best execution of each transaction) to allocate a Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to the Funds are reflected as brokerage commission recapture on the Statements of Operations.

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

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

of the trustees' fees that they are entitled to receive from the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the period ended April 30, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Multi-Manager Emerging Markets Equity | $193 |

---

During the period ended April 30, 2025, Multi-Manager International Equity incurred $14,500 of Information statement costs associated with a sub-adviser change. The Investment Adviser reimbursed Multi-Manager International Equity for these costs.

**NOTE 7 — LICENSING FEE**

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

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement") with each Fund whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class**<br>**C** | **Class**<br>**I** | **Class**<br>**R** | **Class**<br>**W** |
| Multi-Manager Emerging Markets Equity | 1.60% | 2.35% | 1.35% | 1.85% | 1.35% |
| Multi-Manager International Equity | N/A | N/A | 0.88% | N/A | N/A |

---

Effective January 1, 2025, pursuant to a side letter agreement, through March 1, 2026, the Investment Adviser has further lowered the expense limits for Multi-Manager Emerging Markets Equity to the levels listed in the table below. If the Investment Adviser elects not to renew the side letter agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side letter agreement will continue. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class** <br>**C** | **Class**<br>**I** | **Class** <br>**R** | **Class**<br>**W** |
| Multi-Manager Emerging Markets Equity | 1.48% | 2.23% | 1.13% | 1.73% | 1.23% |

---

Prior to January 1, 2025, the side letter agreement was 1.50%, 2.25%, 1.15%, 1.75%, and 1.25% for Class A, Class C, Class I, Class R and Class W, respectively. Termination or modification of this obligation requires approval by the Board.

Unless otherwise specified above, and with the exception of the non-recoupable management fee waiver for Multi-Manager Emerging Markets Equity, 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, 2025, 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,** | **April 30,** | **April 30,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Multi-Manager International Equity | $— | $— | $233522 | $233522 |

---

The Expense Limitation Agreement is contractual through March 1, 2026 and shall renew automatically for one-year

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)**

terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 9 — LINE OF CREDIT**

The Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Portfolio or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

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, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| Multi-Manager Emerging |  |  |  |
| Markets Equity | 4 | $5398250<sup>(1)</sup> | 5.33% |
| Multi-Manager International |  |  |  |
| Equity | 5 | 845000 | 5.33 |

---

<sup>(1)</sup> As of April 30, 2025, Multi-Manager Emerging Markets Equity had an outstanding balance of $1,048,000.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** |  |  |  |  |  |  |  |  |  |
| **Class A** | **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 22661 |  | 59201 | (116241) |  | (34379) | 217389 |  | 574252 | (1126502) |  | (334861) |
| 10/31/2024 | 49788 |  | 27113 | (213828) |  | (136927) | 489572 |  | 245912 | (2103016) |  | (1367532) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 373 |  | 630 | (3172) |  | (2169) | 3573 |  | 6108 | (29735) |  | (20054) |
| 10/31/2024 | 8547 |  | 99 | (3645) |  | 5001 | 89314 |  | 900 | (36970) |  | 53244 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 2329385 |  | 747494 | (3465637) |  | (388758) | 23007893 |  | 7280592 | (33614458) |  | (3325973) |
| 10/31/2024 | 4586049 |  | 469788 | (11460297) |  | (6404460) | 44341830 |  | 4275075 | (113121444) |  | (64504539) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 335 |  | 276 | (19) |  | 592 | 3237 |  | 2689 | (181) |  | 5745 |
| 10/31/2024 | 1397 |  | 100 | (813) |  | 684 | 13728 |  | 907 | (7580) |  | 7055 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 202353 |  | 106741 | (277224) |  | 31870 | 1926864 |  | 1036453 | (2667587) |  | 295730 |
| 10/31/2024 | 1515108 |  | 30422 | (680498) |  | 865032 | 14209325 |  | 276231 | (6814174) |  | 7671382 |
| **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 4/30/2025 | 9644316 |  | 864469 | (9580882) |  | 927903 | 104045427 |  | 9102859 | (103076918) |  | 10071368 |
| 10/31/2024 | 38745319 |  | 549266 | (22611322) |  | 16683263 | 408149338 |  | 5245490 | (242508824) |  | 170886004 |

---

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 11 — SECURITIES LENDING (continued)**

the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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

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

The following tables represent a summary of each respective Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2025:

**Multi-Manager Emerging Markets Equity**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net<br> Amount** |
| Barclays Capital Inc. | $206172 | $(206172) | $— |
| BNP Paribas Prime Brokerage Intl Ltd | 62315 | (62315) |  |
| Citigroup Global Markets Inc. | 36279 | (36279) |  |
| Goldman, Sachs & Co. LLC | 592818 | (592818) |  |
| J.P. Morgan Securities LLC | 249335 | (249335) |  |
| Merrill Lynch International | 32950 | (32950) |  |
| UBS AG | 530498 | (530498) |  |
| Wells Fargo Securities LLC | 44693 | (44693) |  |
| Total | $1755060 | $(1755060) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

(1) Cash collateral with a fair value
of $1,808,440 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**Multi-Manager International Equity**

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net<br> Amount** |
| BMO Capital Markets Corp | $31450 | $(31450) | $— |
| J.P. Morgan Securities LLC | 2667644 | (2667644) |  |
| Jefferies LLC | 83266 | (83266) |  |
| Mizuho Securities USA LLC. | 871 | (871) |  |
| Morgan Stanley & Co. LLC | 1119685 | (1119685) |  |
| National Financial Services LLC | 2238506 | (2238506) |  |
| Societe Generale | 423842 | (423842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $6565264 | $(6565264) | $— |

---

(1) Cash collateral with a fair value
of $6,787,686 has been pledged by the counterparty and received in connection with the above securities lending transactions. Excess
cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

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

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2023** |
|  | **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| Multi-Manager Emerging Markets Equity | $4810322 | $14319395 |
| Multi-Manager International Equity | 5245490 | 4016931 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2024, were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Multi-Manager Emerging Markets Equity | $7506976 | $(9324380) | $(15549198) | Short-term | $(1205362) | $(64198629) |
|  |  |  | (45626665) | Long-term |  |  |
|  |  |  | $(61175863) |  |  |  |
| Multi-Manager International Equity | 7915695 | 18714690 | (944387) | Short-term | (431014) | 25254984 |

---

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

As of April 30, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial

markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (unaudited) (continued)

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Funds financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and

Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Funds performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — SUBSEQUENT EVENTS**

*Line of Credit Renewal***:** Effective June 10, 2025, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.5%** | **COMMON STOCK: 98.5%** |  |  |
|  | **Argentina: 0.3%** |  |  |
| 14458 <sup>(1)</sup> | Cresud SACIF y A, ADR | $158894 | 0.1 |
| 24899 | IRSA Inversiones y |  |  |
|  | Representaciones SA, ADR | 345847 | 0.2 |
|  |  | **504741** | **0.3** |
|  | **Brazil: 8.7%** |  |  |
| 213200 <sup>(1)</sup> | Ambev SA, ADR | 539396 | 0.3 |
| 76321 | B3 SA - Brasil Bolsa | 179266 |  |
|  | Balcao |  | 0.1 |
| 253219 | Banco Bradesco SA,ADR | 622919 | 0.3 |
| 51776 | Banco Santander Brasil SA, ADR | 272342 | 0.1 |
| 34022 | BB Seguridade Participacoes SA | 255083 | 0.1 |
| 115615 | BRF SA, ADR | 457835 | 0.2 |
| 8301 | Cia de Saneamento |  |  |
|  | Basico do Estado de Sao Paulo SABESP | 166016 | 0.1 |
| 8025 <sup>(2)</sup> | Embraer SA | 92154 | 0.1 |
| 15813 | Equatorial Energia SA | 102399 | 0.1 |
| 160151 | Itau Unibanco Holding SA, ADR | 1010553 | 0.5 |
| 46748 | Klabin SA | 152555 | 0.1 |
| 1470 <sup>(2)</sup> | MercadoLibre, Inc. | 3426349 | 1.8 |
| 22342 | Petroleo Brasileiro SA | 126214 | 0.1 |
| 138536 | Petroleo Brasileiro SA - Foreign, ADR | 1564071 | 0.8 |
| 15581 | Porto Seguro SA | 121405 | 0.1 |
| 420037 | Raia Drogasil SA | 1463985 | 0.8 |
| 23553 | Rumo SA | 80182 | 0.0 |
| 49692 <sup>(1)(2)</sup> | Sitios Latinoamerica SAB de CV | 8590 | 0.0 |
| 31138 | Telefonica Brasil SA | 151763 | 0.1 |
| 37141 | Telefonica Brasil SA, ADR | 360639 | 0.2 |
| 179897 | TIM SA/Brazil | 598796 | 0.3 |
| 270251 | Totvs SA | 1785752 | 0.9 |
| 34314 | Vale SA, ADR | 319463 | 0.2 |
| 39780 | Vale SA - Foreign | 370733 | 0.2 |
| 9509 | WEG SA | 75450 | 0.0 |
| 145835 | XP, Inc. - Class A | 2347943 | 1.2 |
|  |  | **16651853** | **8.7** |
|  | **Chile: 0.6%** |  |  |
| 736165 | Banco de Chile | 108066 | 0.1 |
| 66326 | Cencosud SA | 226950 | 0.1 |
| 1335517 | Cia Sud Americana de Vapores SA | 73765 | 0.0 |
| 15651 | Empresas Copec SA | 107437 | 0.1 |
| 816220 | Enel Americas SA | 80149 | 0.0 |
| 20330 | Falabella SA | 92314 | 0.1 |
| 13089 <sup>(1)</sup> | Sociedad Quimica y Minera de Chile SA, ADR | 447644 | 0.2 |
|  |  | **1136325** | **0.6** |
|  | **China: 16.8%** |  |  |
| 307600 | Alibaba Group Holding Ltd. | 4592478 | 2.4 |
| 14974 | Alibaba Group Holding Ltd., ADR | 1788345 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 43000 | Anhui Conch Cement Co. Ltd. - Class H | $121134 | 0.1 |
| 5990 <sup>(1)(2)</sup> | Baidu, Inc., ADR | 526042 | 0.3 |
| 135000 | Bank of China Ltd. - Class H | 75380 | 0.0 |
| 2248 <sup>(2)</sup> | BeiGene Ltd., ADR | 584053 | 0.3 |
| 234000 | Brilliance China Automotive Holdings Ltd. | 82824 | 0.0 |
| 3500 | BYD Co. Ltd. - Class H | 166237 | 0.1 |
| 712000 <sup>(3)</sup> | CGN Power Co. Ltd. - Class H | 226639 | 0.1 |
| 246000 | China Communications |  |  |
|  | Services Corp. Ltd. - Class H | 128117 | 0.1 |
| 164000 | China Construction Bank Corp. - Class H | 134714 | 0.1 |
| 176000 | China Everbright Environment Group Ltd. | 81322 | 0.0 |
| 123000 <sup>(3)</sup> | China Feihe Ltd. | 92951 | 0.1 |
| 54500 | China Hongqiao Group Ltd. | 97828 | 0.1 |
| 93000 | China Life Insurance Co. Ltd. - Class H | 169966 | 0.1 |
| 60000 | China Merchants Port Holdings Co. Ltd. | 97409 | 0.1 |
| 162000 | China Railway Group Ltd. - Class H | 69703 | 0.0 |
| 23600 | China Resources Gas Group Ltd. | 65924 | 0.0 |
| 72000 | China State Construction |  |  |
|  | International Holdings Ltd. | 106130 | 0.1 |
| 102400 | China United Network |  |  |
|  | Communications Ltd. - Class A | 75027 | 0.0 |
| 15919 <sup>(2)</sup> | DiDi Global, Inc., ADR | 64631 | 0.0 |
| 13400 | ENN Energy Holdings Ltd. | 105785 | 0.1 |
| 49000 | Geely Automobile Holdings Ltd. | 102866 | 0.1 |
| 158000 | Guangdong Investment Ltd. | 127856 | 0.1 |
| 440654 | H World Group Ltd. | 1545885 | 0.8 |
| 59000 | Haier Smart Home Co. Ltd. - Class H | 171220 | 0.1 |
| 122000 | Industrial & Commercial |  |  |
|  | Bank of China Ltd. - Class H | 83571 | 0.0 |
| 40500 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 80546 | 0.0 |
| 24045 <sup>(1)(2)</sup> | iQIYI, Inc., ADR | 44243 | 0.0 |
| 43000 <sup>(2)(3)</sup> | JD Logistics, Inc. | 67442 | 0.0 |
| 51011 | JD.com, Inc. - Class A | 830532 | 0.4 |
| 80000 | Jiangsu Expressway Co. Ltd. - Class H | 99551 | 0.1 |
| 37000 | Kingboard Holdings Ltd. | 99398 | 0.1 |
| 566000 | Kunlun Energy Co. Ltd. | 539497 | 0.3 |
| 24900 | Lao Feng Xiang Co. Ltd.- Class B | 86651 | 0.0 |
| 68680 <sup>(2)(3)</sup> | Meituan - Class B | 1137165 | 0.6 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 16800 <sup>(2)</sup> | Midea Group Co. Ltd. - Class H | $158575 | 0.1 |
| 6478 | New Oriental Education & Technology Group, Inc., ADR | 316450 | 0.2 |
| 8600 <sup>(2)</sup> | PDD Holdings, Inc., ADR | 907902 | 0.5 |
| 387000 | People's Insurance Co. Group of China Ltd. - Class H | 229033 | 0.1 |
| 718000 | PetroChina Co. Ltd. - Class H | 548651 | 0.3 |
| 88000 | PICC Property & Casualty Co. Ltd. - Class H | 162047 | 0.1 |
| 109000 <sup>(3)</sup> | Qingdao Port International Co. Ltd. - Class H | 78794 | 0.0 |
| 93352 | Shenzhen International Holdings Ltd. | 95502 | 0.1 |
| 17157 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A | 518895 | 0.3 |
| 99000 | Sinopec Engineering Group Co. Ltd. - Class H | 70445 | 0.0 |
| 13484 <sup>(2)</sup> | Sohu.com Ltd., ADR | 148189 | 0.1 |
| 108754 | Tencent Holdings Ltd. | 6661286 | 3.5 |
| 130418 | Tencent Music Entertainment Group, ADR | 1750210 | 0.9 |
| 428000 | Tingyi Cayman Islands Holding Corp. | 773110 | 0.4 |
| 4050 | Trip.com Group Ltd. | 243975 | 0.1 |
| 14317 | Trip.com Group Ltd., ADR | 844560 | 0.4 |
| 633600 | Uni-President China Holdings Ltd. | 759771 | 0.4 |
| 145000 | Want Want China Holdings Ltd. | 94890 | 0.1 |
| 18075 | Weibo Corp., ADR | 146407 | 0.1 |
| 10440 | Weibo Corp. - Class A | 86286 | 0.0 |
| 53000 | Weichai Power Co. Ltd. - Class H | 103398 | 0.1 |
| 11200 <sup>(2)(3)</sup> | Xiaomi Corp. - Class B | 71705 | 0.0 |
| 59000 | Xinhua Winshare Publishing and Media Co. Ltd. - Class H | 85406 | 0.0 |
| 360900 | Yangzijiang Shipbuilding Holdings Ltd. | 618208 | 0.3 |
| 43205 | Yum China Holdings, Inc. | 2018429 | 1.1 |
| 3950 | ZTO Express Cayman, Inc. | 73564 | 0.0 |
|  |  | **32034750** | **16.8** |
|  | **Czechia: 0.1%** |  |  |
| 5827 | CEZ AS | **295776** | **0.1** |
|  | **Egypt: 0.0%** |  |  |
| 60116 | Commercial International Bank Egypt SAE | **95762** | **0.0** |
|  | **France: 0.9%** |  |  |
| 4109 | L'Oreal SA | **1815624** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Greece: 0.4%** | **Greece: 0.4%** | **Greece: 0.4%** |
| 13882 | Hellenic Telecommunications Organization SA | $263438 | 0.1 |
| 9910 | Helleniq Energy Holdings SA | 85599 | 0.0 |
| 6095 | Jumbo SA | 191951 | 0.1 |
| 2071 | Mytilineos SA | 98015 | 0.1 |
| 9079 | OPAP SA | 201728 | 0.1 |
|  |  | **840731** | **0.4** |
|  | **Hong Kong: 1.5%** |  |  |
| 381297 | AIA Group Ltd. | **2857027** | **1.5** |
|  | **Hungary: 0.6%** |  |  |
| 39658 | Magyar Telekom Telecommunications PLC | 187520 | 0.1 |
| 47146 | MOL Hungarian Oil & Gas PLC | 399218 | 0.2 |
| 1861 | OTP Bank Nyrt | 137469 | 0.1 |
| 14950 | Richter Gedeon Nyrt | 453413 | 0.2 |
|  |  | **1177620** | **0.6** |
|  | **Iceland: 0.1%** |  |  |
| 38116 | Festi hf | 88918 | 0.0 |
| 151165 | Hagar hf | 126186 | 0.1 |
|  |  | **215104** | **0.1** |
|  | **India: 16.5%** |  |  |
| 17588 <sup>(2)</sup> | Aurobindo Pharma Ltd. | 256366 | 0.1 |
| 25404 | Bajaj Finance Ltd. | 2592137 | 1.4 |
| 834 | Bajaj Holdings & Investment Ltd. | 118570 | 0.1 |
| 46656 | Bharat Electronics Ltd. | 173538 | 0.1 |
| 30830 | Bharat Petroleum Corp. Ltd. | 112985 | 0.1 |
| 11766 | Bharti Airtel Ltd. | 222920 | 0.1 |
| 3605 | Blue Star Ltd. | 72859 | 0.0 |
| 1575 | Britannia Industries Ltd. | 101397 | 0.1 |
| 8277 | Cipla Ltd./India | 151889 | 0.1 |
| 34038 | Coal India Ltd. | 155087 | 0.1 |
| 1737 | Coforge Ltd. | 151013 | 0.1 |
| 4890 | Coromandel International Ltd. | 128355 | 0.1 |
| 2211 | Cummins India Ltd. | 75914 | 0.0 |
| 2434 | Divi's Laboratories Ltd. | 175695 | 0.1 |
| 545 | Dixon Technologies India Ltd. | 106245 | 0.1 |
| 9992 | Dr Reddy's Laboratories Ltd. | 140259 | 0.1 |
| 3090 | Eicher Motors Ltd. | 203481 | 0.1 |
| 18892 | Exide Industries Ltd. | 78456 | 0.0 |
| 17848 | Fortis Healthcare Ltd. | 144734 | 0.1 |
| 44757 | HCL Technologies Ltd. | 830149 | 0.4 |
| 1812 <sup>(3)</sup> | HDFC Asset Management Co. Ltd. | 93903 | 0.1 |
| 94623 | HDFC Bank Ltd. | 2149263 | 1.1 |
| 53805 | HDFC Bank Ltd., ADR | 3911085 | 2.0 |
| 2306 | Hero MotoCorp Ltd. | 104480 | 0.1 |
| 31107 | Hindalco Industries Ltd. | 229911 | 0.1 |
| 15995 | Hindustan Unilever Ltd. | 444068 | 0.2 |
| 9802 | Indian Hotels Co. Ltd. | 91203 | 0.0 |
| 40154 <sup>(2)</sup> | Indus Towers Ltd. | 193507 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 57987 | Infosys Ltd. | $1025090 | 0.5 |
| 172324 | Infosys Ltd. - Foreign, ADR | 3032902 | 1.6 |
| 2244 <sup>(2)(3)</sup> | InterGlobe Aviation Ltd. | 139827 | 0.1 |
| 7022 | JSW Steel Ltd. | 85789 | 0 |
| 3564 | Kotak Mahindra Bank Ltd. | 93148 | 0 |
| 5185 | Lupin Ltd. | 128936 | 0.1 |
| 3292 | Mahindra & Mahindra Ltd. | 114059 | 0.1 |
| 13505 | Marico Ltd. | 113542 | 0.1 |
| 594 | Maruti Suzuki India Ltd. | 86103 | 0 |
| 8869 | Max Healthcare Institute Ltd. | 115069 | 0.1 |
| 47973 | National Aluminium Co. Ltd. | 88943 | 0 |
| 117177 | NMDC Ltd. | 89894 | 0 |
| 34026 | NTPC Ltd. | 142552 | 0.1 |
| 28750 | Oil & Natural Gas Corp. Ltd. | 83191 | 0 |
| 191 | Page Industries Ltd. | 102974 | 0.1 |
| 2292 | Persistent Systems Ltd. | 144247 | 0.1 |
| 52778 | Petronet LNG Ltd. | 195944 | 0.1 |
| 42438 | Power Grid Corp. of India Ltd. | 154132 | 0.1 |
| 441922 | Reliance Industries Ltd. | 7337816 | 3.8 |
| 105904 <sup>(2)</sup> | Reliance Strategic Investments Ltd. | 327086 | 0.2 |
| 304 | Shree Cement Ltd. | 106875 | 0.1 |
| 5866 | Sun Pharmaceutical Industries Ltd. | 127225 | 0.1 |
| 61675 | Tata Consultancy Services Ltd. | 2517568 | 1.3 |
| 58636 | Tata Consumer Products Ltd. | 809085 | 0.4 |
| 49900 | Tata Steel Ltd. | 83058 | 0 |
| 15435 | Tech Mahindra Ltd. | 274535 | 0.1 |
| 1525 | Trent Ltd. | 93214 | 0 |
| 1053 | UltraTech Cement Ltd. | 145106 | 0.1 |
| 49579 | Vedanta Ltd. | 246186 | 0.1 |
| 5977 | Voltas Ltd. | 87604 | 0 |
| 40245 | Wipro Ltd. | 114943 | 0.1 |
| 35674 <sup>(2)</sup> | Zomato Ltd. | 97639 | 0.1 |
|  |  | **31513751** | **16.5** |
|  | **Indonesia: 1.8%** |  |  |
| 2305900 | Astra International Tbk PT | 666465 | 0.4 |
| 3919015 | Bank Central Asia Tbk PT | 2083703 | 1.1 |
| 185300 | Indofood Sukses Makmur Tbk PT | 89384 | 0 |
| 1439000 | Perusahaan Gas Negara Tbk PT | 146025 | 0.1 |
| 1918900 | Unilever Indonesia Tbk PT | 197946 | 0.1 |
| 141700 | United Tractors Tbk PT | 193650 | 0.1 |
|  |  | **3377173** | **1.8** |
|  | **Japan: 1.3%** |  |  |
| 7360 | Fast Retailing Co. Ltd. | **2421034** | **1.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Kuwait: 0.0%** | **Kuwait: 0.0%** | **Kuwait: 0.0%** |
| 63701 | Mobile Telecommunications Co. KSCP | $**98398** | **0.0** |
|  | **Luxembourg: 0.1%** |  |  |
| 4970 | Reinet Investments SCA | **130523** | **0.1** |
|  | **Malaysia: 1.3%** |  |  |
| 72000 | AMMB Holdings Bhd | 86142 | 0.0 |
| 54500 | CIMB Group Holdings Bhd | 90029 | 0.1 |
| 207600 | Gamuda Bhd | 204542 | 0.1 |
| 23400 | Petronas Dagangan Bhd | 107025 | 0.1 |
| 23900 | Petronas Gas Bhd | 96929 | 0.1 |
| 77400 | Press Metal Aluminium Holdings Bhd | 87970 | 0.0 |
| 928300 | Public Bank Bhd | 962326 | 0.5 |
| 73400 | Telekom Malaysia Bhd | 115677 | 0.1 |
| 195100 | Tenaga Nasional Bhd | 627469 | 0.3 |
| 127087 | UEM Sunrise Bhd | 21198 | 0.0 |
|  |  | **2399307** | **1.3** |
|  | **Mexico: 5.9%** |  |  |
| 48053 | America Movil SAB de CV - Foreign, ADR | 828434 | 0.4 |
| 12949 | Arca Continental SAB de CV | 136374 | 0.1 |
| 133853 | Cemex SAB de CV | 82794 | 0.0 |
| 76744 | Cemex SAB de CV - Foreign, ADR | 473511 | 0.3 |
| 25164 | Coca-Cola Femsa SAB de CV | 237249 | 0.1 |
| 7015 | Coca-Cola Femsa SAB de CV - Foreign, ADR | 660322 | 0.3 |
| 13394 | Fomento Economico Mexicano SAB de CV | 140828 | 0.1 |
| 29139 | Fomento Economico Mexicano SAB de CV - Foreign, ADR | 3068628 | 1.6 |
| 6602 | Gruma SAB de CV - Class B | 125792 | 0.1 |
| 14801 | Grupo Aeroportuario del Centro Norte SAB de CV | 162867 | 0.1 |
| 11555 | Grupo Aeroportuario del Pacifico SAB de CV - Class B | 234146 | 0.1 |
| 6693 | Grupo Aeroportuario del Sureste SAB de CV - Class B | 211355 | 0.1 |
| 113708 | Grupo Financiero Banorte SAB de CV - Class O | 974988 | 0.5 |
| 32616 <sup>(2)</sup> | Grupo Financiero Inbursa SAB de CV - Class O | 83841 | 0.0 |
| 27702 | Grupo Mexico SAB de CV | 143747 | 0.1 |
| 111774 | Grupo Televisa SAB, ADR | 203429 | 0.1 |
| 39237 <sup>(1)(2)</sup> | Ollamani SAB | 94198 | 0.1 |
| 55132 | Prologis Property Mexico SA de CV | 195642 | 0.1 |
| 19001 | Promotora y Operadora de Infraestructura SAB de CV | 212610 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Mexico (continued)** |  |  |  |
| 942410 | Wal-Mart de Mexico SAB de CV | $| 2985744 | 1.6 |
|  |  |  | **11256499** | **5.9** |
|  | **Peru: 0.6%** | **Peru: 0.6%** | **Peru: 0.6%** | **Peru: 0.6%** |
| 23728 | Cia de Minas Buenaventura SAA, ADR |  | 335988 | 0.2 |
| 4130 | Credicorp Ltd. |  | 835045 | 0.4 |
|  |  |  | **1171033** | **0.6** |
|  | **Philippines: 0.3%** | **Philippines: 0.3%** | **Philippines: 0.3%** | **Philippines: 0.3%** |
| 453500 | DMCI Holdings, Inc. |  | 86064 | 0.0 |
| 21470 | International Container Terminal Services, Inc. |  | 131314 | 0.1 |
| 17350 | Manila Electric Co. |  | 177057 | 0.1 |
| 4090 | PLDT, Inc. |  | 95283 | 0.1 |
| 141300 | Semirara Mining & Power Corp. |  | 86012 | 0.0 |
|  |  |  | **575730** | **0.3** |
|  | **Qatar: 0.4%** | **Qatar: 0.4%** | **Qatar: 0.4%** | **Qatar: 0.4%** |
| 26265 | Industries Qatar QSC |  | 90592 | 0.0 |
| 52721 | Ooredoo QPSC |  | 187828 | 0.1 |
| 46347 | Qatar Fuel QSC |  | 190942 | 0.1 |
| 43862 | Qatar Navigation QSC |  | 133718 | 0.1 |
| 145357 | Vodafone Qatar QSC |  | 94217 | 0.1 |
|  |  |  | **697297** | **0.4** |
|  | **Romania: 0.3%** | **Romania: 0.3%** | **Romania: 0.3%** | **Romania: 0.3%** |
| 29025 | NEPI Rockcastle NV |  | 222526 | 0.1 |
| 1392785 | OMV Petrom SA |  | 226938 | 0.1 |
| 2935 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA |  | 78989 | 0.1 |
|  |  |  | **528453** | **0.3** |
|  | **Russia: —%** | **Russia: —%** | **Russia: —%** | **Russia: —%** |
| 164710 <sup>(4)</sup> | Alrosa PJSC |  |  |  |
| 951000 <sup>(2)(3)(4)</sup> | Detsky Mir PJSC |  |  |  |
| 342800 <sup>(4)</sup> | Fix Price Group PLC, GDR |  |  |  |
| 1037141 <sup>(2)(4)</sup> | Gazprom PJSC |  |  |  |
| 25468 <sup>(4)</sup> | Lukoil PJSC |  |  |  |
| 14210 <sup>(4)</sup> | Magnit PJSC |  |  |  |
| 271070 <sup>(4)</sup> | Magnitogorsk Iron & Steel Works PJSC |  |  |  |
| 117900 <sup>(2)(4)</sup> | MMC Norilsk Nickel PJSC |  |  |  |
| 91474 <sup>(4)</sup> | Mobile TeleSystems PJSC |  |  |  |
| 83570 <sup>(4)</sup> | Novolipetsk Steel PJSC |  |  |  |
| 4078 <sup>(4)</sup> | PhosAgro PJSC |  |  |  |
| 453015 <sup>(4)</sup> | Rosneft Oil Co. PJSC |  |  |  |
| 1076340 <sup>(4)</sup> | Sberbank of Russia PJSC |  |  |  |
| 16184 <sup>(4)</sup> | Severstal PAO |  |  |  |
| 34543 <sup>(4)</sup> | Tatneft PJSC |  |  |  |
|  |  |  | **—** | **—** |
|  | **Saudi Arabia: 0.6%** | **Saudi Arabia: 0.6%** | **Saudi Arabia: 0.6%** | **Saudi Arabia: 0.6%** |
| 2086 | Aldrees Petroleum and Transport Services Co. |  | 76670 | 0.0 |
| 7384 | Almarai Co. JSC |  | 104011 | 0.1 |
| 11282 | Etihad Etisalat Co. |  | 188888 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br> **Value** | <br> **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Saudi Arabia (continued)** |  |  |
| 2210 | Riyadh Cables Group Co. | 74983 | 0 |
| 3355 | SABIC Agri-Nutrients Co. | 88380 | 0 |
| 73061 <sup>(3)</sup> | Saudi Arabian Oil Co. | 493965 | 0.3 |
| 15883 | Saudi Telecom Co. | 201647 | 0.1 |
|  |  | **1228544** | **0.6** |
|  | **Singapore: 1.1%** | **Singapore: 1.1%** | **Singapore: 1.1%** |
| 375037 <sup>(2)</sup> | Grab Holdings Ltd. - Class A | 1830181 | 1 |
| 383200 | Yangzijiang Financial Holding Ltd. | 208928 | 0.1 |
|  |  | **2039109** | **1.1** |
|  | **South Africa: 2.7%** | **South Africa: 2.7%** | **South Africa: 2.7%** |
| 12185 | Bid Corp. Ltd. | 306242 | 0.2 |
| 8945 | Bidvest Group Ltd. | 113399 | 0.1 |
| 787 | Capitec Bank Holdings Ltd. | 146072 | 0.1 |
| 10243 | Clicks Group Ltd. | 217847 | 0.1 |
| 21908 | Exxaro Resources Ltd. | 179358 | 0.1 |
| 18222 | Foschini Group Ltd. | 126634 | 0.1 |
| 15703 | Mr Price Group Ltd. | 200698 | 0.1 |
| 26565 | MTN Group Ltd. | 175816 | 0.1 |
| 311 | Naspers Ltd. - Class N | 81775 | 0 |
| 49368 | OUTsurance Group Ltd. | 202661 | 0.1 |
| 58764 <sup>(3)</sup> | Pepkor Holdings Ltd. | 85068 | 0 |
| 542693 | Sanlam Ltd. | 2470907 | 1.3 |
| 13730 | Shoprite Holdings Ltd. | 211252 | 0.1 |
| 6300 | Standard Bank Group Ltd. | 78676 | 0 |
| 14927 | Tiger Brands Ltd. | 232717 | 0.1 |
| 30292 | Vodacom Group Ltd. | 224138 | 0.1 |
| 30414 | Woolworths Holdings Ltd./South Africa | 94179 | 0.1 |
|  |  | **5147439** | **2.7** |
|  | **South Korea: 14.8%** | **South Korea: 14.8%** | **South Korea: 14.8%** |
| 1671 | Coway Co. Ltd. | 102884 | 0.1 |
| 1290 | DB Insurance Co. Ltd. | 83109 | 0 |
| 2052 | HD Hyundai Co. Ltd. | 113486 | 0.1 |
| 1191 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 227834 | 0.1 |
| 3482 | Hyundai Engineering & Construction Co. Ltd. | 102042 | 0.1 |
| 2570 | Hyundai Glovis Co. Ltd. | 206067 | 0.1 |
| 1304 | Hyundai Mobis Co. Ltd. | 244772 | 0.1 |
| 38775 | Kakao Corp. | 1041681 | 0.5 |
| 1460 | KB Financial Group, Inc. | 92270 | 0 |
| 2219 | Kia Corp. | 141025 | 0.1 |
| 8973 | Korean Air Lines Co. Ltd. | 132288 | 0.1 |
| 2061 | KT&G Corp. | 166352 | 0.1 |
| 71844 | LG Uplus Corp. | 606621 | 0.3 |
| 340 | Lotte Wellfood Co. Ltd. | 28335 | 0 |
| 18267 | NAVER Corp. | 2570269 | 1.3 |
| 23553 | Samsung C&T Corp. | 2026957 | 1.1 |
| 1180 | Samsung Electro-Mechanics Co. Ltd. | 97355 | 0 |
| 129820 | Samsung Electronics Co. Ltd. | 5065257 | 2.6 |
| 12108 | Samsung Life Insurance Co. Ltd. | 735169 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** |  |  |  |
| 10740 | Shinhan Financial Group Co. Ltd. | $| 388144 | 0.2 |
| 54671 | SK Hynix, Inc. |  | 6821470 | 3.6 |
| 99081 <sup>(2)</sup> | SK Square Co. Ltd. |  | 6125665 | 3.2 |
| 28597 | SK Telecom Co. Ltd. |  | 1092600 | 0.6 |
| 8212 | Woori Financial Group, Inc. |  | 102260 | 0.1 |
|  |  |  | **28313912** | **14.8** |
|  | **Taiwan: 15.3%** | **Taiwan: 15.3%** | **Taiwan: 15.3%** | **Taiwan: 15.3%** |
| 9000 | Accton Technology Corp. |  | 167637 | 0.1 |
| 8471 | Advantech Co. Ltd. |  | 88744 | 0.0 |
| 36000 | ASE Technology Holding Co. Ltd. |  | 153403 | 0.1 |
| 25000 | Asustek Computer, Inc. |  | 457173 | 0.2 |
| 15000 | Catcher Technology Co. Ltd. |  | 102108 | 0.1 |
| 68000 | Cheng Shin Rubber Industry Co. Ltd. |  | 105027 | 0.1 |
| 162000 | China Airlines Ltd. |  | 106719 | 0.1 |
| 116000 | China Steel Corp. |  | 75016 | 0.0 |
| 13000 | Chroma ATE, Inc. |  | 118836 | 0.1 |
| 43000 | Chunghwa Telecom Co. Ltd. |  | 173845 | 0.1 |
| 107000 | Compal Electronics, Inc. |  | 92199 | 0.0 |
| 71000 | Delta Electronics, Inc. |  | 743953 | 0.4 |
| 5000 | Eclat Textile Co. Ltd. |  | 65172 | 0.0 |
| 7000 | Elite Material Co. Ltd. |  | 121824 | 0.1 |
| 215000 | Eva Airways Corp. |  | 258243 | 0.1 |
| 79000 | Far Eastern New Century Corp. |  | 81295 | 0.0 |
| 62000 | Far EasTone Telecommunications Co. Ltd. |  | 166257 | 0.1 |
| 740000 <sup>(1)(2)(3)</sup> | FIT Hon Teng Ltd. |  | 185777 | 0.1 |
| 129000 | Hon Hai Precision Industry Co. Ltd. |  | 574733 | 0.3 |
| 4000 | International Games System Co. Ltd. |  | 103704 | 0.1 |
| 1000 | King Slide Works Co. Ltd. |  | 54696 | 0.0 |
| 29000 | King Yuan Electronics Co. Ltd. |  | 78863 | 0.0 |
| 3000 | Largan Precision Co. Ltd. |  | 213875 | 0.1 |
| 32000 | Lite-On Technology Corp. |  | 96775 | 0.1 |
| 2000 | Lotes Co. Ltd. |  | 78639 | 0.0 |
| 78000 | MediaTek, Inc. |  | 3314462 | 1.7 |
| 34000 | Micro-Star International Co. Ltd. |  | 148702 | 0.1 |
| 5000 | Nien Made Enterprise Co. Ltd. |  | 61229 | 0.0 |
| 11000 | Novatek Microelectronics Corp. |  | 178896 | 0.1 |
| 224000 | Pegatron Corp. |  | 569133 | 0.3 |
| 137000 | Pou Chen Corp. |  | 141078 | 0.1 |
| 9000 | Realtek Semiconductor Corp. |  | 147952 | 0.1 |
| 38000 | Synnex Technology International Corp. |  | 84304 | 0.0 |
| 106000 | Taiwan Cement Corp. |  | 98507 | 0.1 |
| 49000 | Taiwan Mobile Co. Ltd. |  | 173975 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |  |
| 680836 | Taiwan Semiconductor Manufacturing Co. Ltd. | $| 19291184 | 10.1 |
| 50000 | Teco Electric and Machinery Co. Ltd. |  | 76625 | 0 |
| 40000 | Uni-President Enterprises Corp. |  | 96127 | 0 |
| 133000 | United Microelectronics Corp. |  | 186633 | 0.1 |
| 7000 | Yageo Corp. |  | 100367 | 0.1 |
| 41000 | Zhen Ding Technology Holding Ltd. |  | 125600 | 0.1 |
|  |  |  | **29259287** | **15.3** |
|  | **Thailand: 1.7%** | **Thailand: 1.7%** | **Thailand: 1.7%** | **Thailand: 1.7%** |
| 29800 | Advanced Info Service PCL |  | 262856 | 0.1 |
| 117200 | Charoen Pokphand Foods PCL |  | 92832 | 0 |
| 1426636 | CP ALL PCL - Foreign |  | 2196696 | 1.2 |
| 28500 | Kasikornbank PCL |  | 136101 | 0.1 |
| 155100 | Krung Thai Bank PCL |  | 101212 | 0.1 |
| 37700 | PTT Exploration & Production PCL |  | 112198 | 0.1 |
| 203700 | PTT PCL - Foreign |  | 188908 | 0.1 |
| 225600 <sup>(2)</sup> | True Corp. PCL |  | 81675 | 0 |
|  |  |  | **3172478** | **1.7** |
|  | **Turkey: 0.7%** | **Turkey: 0.7%** | **Turkey: 0.7%** | **Turkey: 0.7%** |
| 565865 | Akbank TAS |  | 719056 | 0.4 |
| 29930 | Anadolu Anonim Turk Sigorta Sirketi |  | 67993 | 0 |
| 11306 | BIM Birlesik Magazalar AS |  | 132826 | 0.1 |
| 3042 <sup>(2)</sup> | D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR |  | 7787 | 0 |
| 7134 | Migros Ticaret AS |  | 88962 | 0 |
| 17317 <sup>(2)</sup> | Turk Hava Yollari AO |  | 128491 | 0.1 |
| 81776 | Turkcell Iletisim Hizmetleri AS |  | 191810 | 0.1 |
|  |  |  | **1336925** | **0.7** |
|  | **United Arab Emirates: 1.0%** | **United Arab Emirates: 1.0%** | **United Arab Emirates: 1.0%** | **United Arab Emirates: 1.0%** |
| 15837 | Abu Dhabi Islamic Bank PJSC |  | 78849 | 0 |
| 79736 | Abu Dhabi National Oil Co. for Distribution PJSC |  | 73171 | 0 |
| 58252 | ADNOC Drilling Co. PJSC |  | 77719 | 0 |
| 75796 | ADNOC Logistics & Services |  | 100100 | 0.1 |
| 222032 | Air Arabia PJSC |  | 211259 | 0.1 |
| 101797 | Aldar Properties PJSC |  | 229242 | 0.1 |
| 82811 | Emaar Development PJSC |  | 301782 | 0.2 |
| 230371 | Emaar Properties PJSC |  | 823174 | 0.4 |
| 63244 | Salik Co. PJSC |  | 87138 | 0.1 |
|  |  |  | **1982434** | **1.0** |
|  | **United Kingdom: 1.3%** | **United Kingdom: 1.3%** | **United Kingdom: 1.3%** | **United Kingdom: 1.3%** |
| 37837 | Unilever PLC, ADR |  | **2404541** | **1.3** |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States: 0.8%** | **United States: 0.8%** | **United States: 0.8%** |
| 7423 | GCC SAB de CV | $62373 | 0 |
| 47161 | JBS S/A | 364397 | 0.2 |
| 10991 | Micron Technology, Inc. | 845758 | 0.5 |
| 5803 | Titan Cement International SA | 269391 | 0.1 |
|  |  | **1541919** | **0.8** |
|  | Total Common Stock |  |  |
|  | (Cost $185,703,048) | **188221099** | **98.5** |
| **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** |
|  | **Brazil: 0.6%** | **Brazil: 0.6%** | **Brazil: 0.6%** |
| 202998 | Cia Energetica de Minas Gerais | 395970 | 0.2 |
| 63151 | Gerdau SA | 166803 | 0.1 |
| 165132 | Itausa SA | 310760 | 0.2 |
| 33646 | Petroleo Brasileiro SA | 178097 | 0.1 |
|  |  | **1051630** | **0.6** |
|  | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** |
| 39216 | Embotelladora Andina SA | **167733** | **0.1** |
|  | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** |
| 13885 | Bancolombia SA | **142610** | **0.1** |
|  | **Russia: —%** | **Russia: —%** | **Russia: —%** |
| 378 <sup>(4)</sup> | AK Transneft PJSC OAO |  |  |
| 863754 <sup>(4)</sup> | Surgutneftegas PJSC |  |  |
| 217 <sup>(4)</sup> | Transneft PJSC |  |  |
|  |  | **—** | **—** |
|  | **South Korea: 0.0%** | **South Korea: 0.0%** | **South Korea: 0.0%** |
| 971 | LG Chem Ltd. | **72924** | **0.0** |
|  | Total Preferred Stock |  |  |
|  | (Cost $3,353,523) | **1434897** | **0.8** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $189,056,571) | **189655996** | **99.3** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** | **SHORT-TERM INVESTMENTS: 1.5%** |
|  | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** | **Repurchase Agreements: 1.0%** |
| 1000000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 04/30/2025, 4.460%, due 05/01/2025 (Repurchase Amount $1,000,122, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $1,020,126, due 05/15/25-02/15/55) | 1000000 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 808440 <sup>(5)</sup> | NatWest Markets Securities, Inc., Repurchase Agreement dated 04/30/2025, 4.360%, due 05/01/2025 (Repurchase Amount $808,537, collateralized by various U.S. Government Securities, 0.000%-5.500%, Market Value plus accrued interest $824,609, due 06/03/25-02/15/46) | $808440 | 0.4 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,808,440) | **1808440** | **1.0** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** |
| 1038095 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% |  |  |
|  | (Cost $1,038,095) | $**1038095** | **0.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $2,846,535) | **2846535** | **1.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $191,903,106)** | $**192502531** | **100.8** |
|  | **Liabilities in Excess of Other Assets** | **(1492381)** | **(0.8)** |
|  | **Net Assets** | $**191010150** | **100.0** |
| ADR | American Depositary Receipt |  |  |
| GDR | Global Depositary Receipt |  |  |

---

---

| | |
|:---|:---|
| † | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |

---

<sup>(2)</sup> Non-income producing security.

<sup>(3)</sup> 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.

<sup>(4)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(5)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(6)</sup> Rate shown is the 7-day yield as of April 30, 2025.

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Information Technology | 26.4% |
| Financials | 15.5 |
| Consumer Discretionary | 12.7 |
| Consumer Staples | 11.7 |
| Communication Services | 10.7 |
| Industrials | 8.7 |
| Energy | 6.8 |
| Materials | 2.4 |
| Utilities | 1.8 |
| Health Care | 1.5 |
| Real Estate | 1.1 |
| Short-Term Investments | 1.5 |
| Liabilities in Excess of Other Assets | (0.8) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** | <br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs** <br>**(Level 3)** | <br>**Fair Value**<br>**at**<br>**April 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $504741 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $504741 |
| &nbsp;&nbsp;&nbsp;Brazil | 16651853 |  |  | 16651853 |
| &nbsp;&nbsp;&nbsp;Chile | 1136325 |  |  | 1136325 |
| &nbsp;&nbsp;&nbsp;China | 7880803 | 24153947 |  | 32034750 |
| &nbsp;&nbsp;&nbsp;Czechia |  | 295776 |  | 295776 |
| &nbsp;&nbsp;&nbsp;Egypt | 95762 |  |  | 95762 |
| &nbsp;&nbsp;&nbsp;France |  | 1815624 |  | 1815624 |
| &nbsp;&nbsp;&nbsp;Greece | 191951 | 648780 |  | 840731 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 2857027 |  | 2857027 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 1177620 |  | 1177620 |
| &nbsp;&nbsp;&nbsp;Iceland | 88918 | 126186 |  | 215104 |
| &nbsp;&nbsp;&nbsp;India | 6943987 | 24569764 |  | 31513751 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 3377173 |  | 3377173 |
| &nbsp;&nbsp;&nbsp;Japan |  | 2421034 |  | 2421034 |
| &nbsp;&nbsp;&nbsp;Kuwait |  | 98398 |  | 98398 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 130523 |  |  | 130523 |
| &nbsp;&nbsp;&nbsp;Malaysia | 96929 | 2302378 |  | 2399307 |
| &nbsp;&nbsp;&nbsp;Mexico | 11256499 |  |  | 11256499 |
| &nbsp;&nbsp;&nbsp;Peru | 1171033 |  |  | 1171033 |
| &nbsp;&nbsp;&nbsp;Philippines | 349133 | 226597 |  | 575730 |
| &nbsp;&nbsp;&nbsp;Qatar | 227935 | 469362 |  | 697297 |
| &nbsp;&nbsp;&nbsp;Romania | 449464 | 78989 |  | 528453 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 188888 | 1039656 |  | 1228544 |
| &nbsp;&nbsp;&nbsp;Singapore | 1830181 | 208928 |  | 2039109 |
| &nbsp;&nbsp;&nbsp;South Africa | 1180280 | 3967159 |  | 5147439 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 28313912 |  | 28313912 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 29259287 |  | 29259287 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 3172478 |  | 3172478 |
| &nbsp;&nbsp;&nbsp;Turkey | 75780 | 1261145 |  | 1336925 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 1982434 |  | 1982434 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2404541 |  |  | 2404541 |
| &nbsp;&nbsp;&nbsp;United States | 1272528 | 269391 |  | 1541919 |
| Total Common Stock | 54128054 | 134093045 |  | 188221099 |
| Preferred Stock | 1361973 | 72924 |  | 1434897 |
| Short-Term Investments | 1038095 | 1808440 |  | 2846535 |
| Total Investments, at fair value | $56528122 | $135974409 | $— | $192502531 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 3952 |  | 3952 |
| Total Assets | $56528122 | $135978361 | $— | $192506483 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(13285) | $— | $— | $(13285) |
| Total Liabilities | $(13285) | $— | $— | $(13285) |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| <sup>#</sup> | 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. |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At April 30, 2025, the following forward foreign currency contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 300278 | ZAR | 5571081 | Goldman Sachs International | 05/05/25 | $778 |
| USD | 618931 | EUR | 543547 | The Bank of New York Mellon | 05/02/25 | 3174 |
|  |  |  |  |  |  | $3952 |

---

At April 30, 2025, the following futures contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 21 | 06/20/25 | $1165500 | $(13285) |
|  |  |  | $1165500 | $(13285) |

---

Currency Abbreviations:

EUR — EU Euro <br> USD — United States Dollar <br> 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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $3952 |
| **Total Asset Derivatives** |  | $3952 |
| **<u>Liability Derivatives</u>** |  |  |
| Equity contracts | Variation margin payable on futures contracts<sup>\*</sup> | $13285 |
| **Total Liability Derivatives** |  | $13285 |

---

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2025 was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Equity contracts | $— | $(56973) | $(56973) |
| Foreign exchange contracts | 10528 |  | 10528 |
| **Total** | $10528 | $(56973) | $(46445) |

---

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

See Accompanying Notes to Financial Statements

Voya Multi-Manager Emerging PORTFOLIO OF INVESTMENTS <br> <u>Markets Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Equity contracts | $— | $18869 | $18869 |
| Foreign exchange contracts | 3952 |  | 3952 |
| **Total** | $3952 | $18869 | $22821 |

---

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, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman**<br>**Sachs**<br>**International** | **The Bank**<br>**of New York**<br>**Mellon** |<br>**Total** |
| **Assets:** | | | |
| Forward foreign currency contracts | $778 | $3174 | $3952 |
| **Total Assets** | $778 | $3174 | $3952 |
| **Liabilities:** |  |  |  |
| **Total Liabilities** | $— | $— | $– |
| **Net OTC derivative instruments by** |  |  |  |
| **counterparty, at fair value** | $778 | $3174 | $3952 |
| **Total collateral pledged by the** |  |  |  |
| **Fund/(Received from counterparty)** | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $778 | $3174 | $3952 |

---

<sup>(1)</sup> 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, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $203,591,217. | Cost for U.S. federal income tax purposes was $203,591,217. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $29776960 |
| Gross Unrealized Depreciation | (40471903) |
| Net Unrealized Depreciation | $(10694943) |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 96.7%** | **COMMON STOCK: 96.7%** | **COMMON STOCK: 96.7%** | **COMMON STOCK: 96.7%** |
|  | **Australia: 4.2%** | **Australia: 4.2%** | **Australia: 4.2%** |
| 17202 | ANZ Group Holdings Ltd. | $328941 | 0.1 |
| 30511 | Aristocrat Leisure Ltd. | 1303094 | 0.2 |
| 22312 | BlueScope Steel Ltd. | 341741 | 0.1 |
| 147821 | Computershare Ltd. | 3862767 | 0.7 |
| 26835 | Evolution Mining Ltd. | 134578 | 0.0 |
| 18535 | GenusPlus Group Ltd. | 33029 | 0.0 |
| 104732 | Lottery Corp. Ltd. | 349022 | 0.1 |
| 215379 | Macmahon Holdings Ltd. | 37337 | 0.0 |
| 182274 | National Australia Bank Ltd. | 4208830 | 0.8 |
| 73711 | Northern Star Resources Ltd. | 905441 | 0.2 |
| 48400 | OceanaGold Corp. | 171327 | 0.0 |
| 3339 | Pro Medicus Ltd. | 489598 | 0.1 |
| 57350 | Qantas Airways Ltd. | 324252 | 0.1 |
| 1321 | REA Group Ltd. | 209880 | 0.0 |
| 265026 | South32 Ltd. - Class DI | 456718 | 0.1 |
| 1154132 | Telstra Group Ltd. | 3330934 | 0.6 |
| 429074 | Transurban Group | 3866541 | 0.7 |
| 328309 | Vicinity Ltd. | 496518 | 0.1 |
| 14585 | Washington H Soul Pattinson & Co. Ltd. | 347160 | 0.1 |
| 46822 | Woolworths Group Ltd. | 944991 | 0.2 |
|  |  | **22142699** | **4.2** |
|  | **Belgium: 0.5%** |  |  |
| 18062 | Anheuser-Busch InBev SA | 1190447 | 0.2 |
| 9905 | Groupe Bruxelles Lambert NV | 817104 | 0.2 |
| 8333 | Syensqo SA | 596082 | 0.1 |
|  |  | **2603633** | **0.5** |
|  | **Brazil: 1.1%** |  |  |
| 61900 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 1237967 | 0.2 |
| 378 <sup>(1)</sup> | MercadoLibre, Inc. | 881061 | 0.2 |
| 350800 | TIM SA/Brazil | 1167654 | 0.2 |
| 402800 | Totvs SA | 2661604 | 0.5 |
|  |  | **5948286** | **1.1** |
|  | **Canada: 4.1%** |  |  |
| 9000 | Aecon Group, Inc. | 105368 | 0.0 |
| 316 | Canadian Tire Corp. Ltd. - Class A | 34584 | 0.0 |
| 126600 | Cenovus Energy, Inc. | 1490438 | 0.3 |
| 611 | Constellation Software, Inc. | 2201989 | 0.4 |
| 31579 | Dollarama, Inc. | 3896408 | 0.7 |
| 4700 | Dundee Precious Metals, Inc. | 61605 | 0.0 |
| 10900 | Enghouse Systems Ltd. | 198059 | 0.0 |
| 37400 | Great-West Lifeco, Inc. | 1454384 | 0.3 |
| 8800 | iA Financial Corp., Inc. | 854850 | 0.2 |
| 3300 | Maple Leaf Foods, Inc. | 60394 | 0.0 |
| 20600 | Parex Resources, Inc. | 165864 | 0.0 |
| 20279 | RB Global, Inc. | 2043639 | 0.4 |
| 19325 | Royal Bank of Canada | 2319533 | 0.4 |
| 15069 <sup>(1)</sup> | Shopify, Inc. - CAD - Class A | 1433227 | 0.3 |
| 82200 | Suncor Energy, Inc. | 2903176 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Canada (continued)** |  |  |
| 2100 | TECSYS, Inc. | $64557 | 0.0 |
| 10200 <sup>(1)</sup> | Torex Gold Resources, Inc. | 330357 | 0.1 |
| 25929 | Toromont Industries Ltd. | 2193790 | 0.4 |
|  |  | **21812222** | **4.1** |
|  | **Chile: 0.2%** |  |  |
| 100380 | Lundin Mining Corp. | **821331** | **0.2** |
|  | **China: 5.3%** |  |  |
| 57200 | Alibaba Group Holding Ltd. | 853998 | 0.2 |
| 243000 <sup>(1)(2)</sup> | Archosaur Games, Inc. | 45189 | 0.0 |
| 71600 <sup>(1)</sup> | Baidu, Inc. - Class A | 789535 | 0.2 |
| 10960 <sup>(1)</sup> | Bilibili, Inc. - Class Z | 192392 | 0.0 |
| 78000 | BOC Hong Kong Holdings Ltd. | 323574 | 0.1 |
| 2556400 | BOE Technology Group Co. Ltd. - Class A | 1352004 | 0.3 |
| 721300 | Changjiang & Jinggong Steel Building Group Co. Ltd. - Class A | 315986 | 0.1 |
| 37600 | Chervon Holdings Ltd. | 63146 | 0.0 |
| 2876000 | China Construction Bank Corp. - Class H | 2362427 | 0.5 |
| 193000 | China Merchants Bank Co. Ltd. - Class H | 1052746 | 0.2 |
| 154000 | Chongqing Rural Commercial Bank Co. Ltd. - Class H | 118233 | 0.0 |
| 7500 | CITIC Press Corp. - Class A | 31040 | 0.0 |
| 188807 | ENN Energy Holdings Ltd. | 1490514 | 0.3 |
| 32300 | Focus Technology Co. Ltd. - Class A | 188372 | 0.0 |
| 93000 | ISDN Holdings Ltd. | 22491 | 0.0 |
| 284000 | Joincare Pharmaceutical Group Industry Co. Ltd. - Class A | 414574 | 0.1 |
| 44300 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. - Class A | 117661 | 0.0 |
| 56436 | KE Holdings, Inc., ADR | 1145651 | 0.2 |
| 175300 | Kingnet Network Co. Ltd. - Class A | 409446 | 0.1 |
| 111200 <sup>(1)(2)</sup> | Kuaishou Technology | 733952 | 0.1 |
| 614000 | Lenovo Group Ltd. | 710138 | 0.1 |
| 80474 <sup>(1)(2)</sup> | Meituan - Class B | 1332443 | 0.3 |
| 8850 <sup>(1)(2)</sup> | NetEase Cloud Music, Inc. | 206973 | 0.0 |
| 38000 | NetEase, Inc. | 816861 | 0.2 |
| 211400 | Ningbo Jintian Copper Group Co. Ltd. - Class A | 194103 | 0.0 |
| 3961000 <sup>(2)</sup> | Postal Savings Bank of China Co. Ltd. - Class H | 2435153 | 0.5 |
| 101500 | Proya Cosmetics Co. Ltd. - Class A | 1333675 | 0.3 |
| 129700 | Sichuan Teway Food Group Co. Ltd. - Class A | 200361 | 0.0 |
| 105500 <sup>(3)</sup> | SY Holdings Group Ltd. | 176352 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** |  |  |  |
| 107922 | Tencent Holdings Ltd. | $| 6610326 | 1.2 |
| 171000 <sup>(2)</sup> | Topsports International Holdings Ltd. |  | 68351 | 0.0 |
| 105999 | Vipshop Holdings Ltd., ADR |  | 1443706 | 0.3 |
| 62000 | Wasu Media Holding Co. Ltd. - Class A |  | 65803 | 0.0 |
| 100600 | Xiangpiaopiao Food Co. Ltd. - Class A |  | 177554 | 0.0 |
| 80200 | Zhejiang Qianjiang Motorcycle Co. Ltd. - Class A |  | 167456 | 0.0 |
| 52700 <sup>(1)</sup> | Zhihu, Inc. |  | 68769 | 0.0 |
| 22156 <sup>(1)</sup> | Zhihu, Inc., ADR |  | 85522 | 0.0 |
| 52100 | Zhiou Home Furnishing Technology Co. Ltd. - Class A |  | 128549 | 0.0 |
|  |  |  | **28245026** | **5.3** |
|  | **Colombia: 0.0%** | **Colombia: 0.0%** | **Colombia: 0.0%** | **Colombia: 0.0%** |
| 5700 | Frontera Energy Corp. |  | **20590** | **0.0** |
|  | **Denmark: 0.9%** | **Denmark: 0.9%** | **Denmark: 0.9%** | **Denmark: 0.9%** |
| 496 | AP Moller - Maersk A/S - Class B |  | 854055 | 0.1 |
| 2901 | Carlsberg AS - Class B |  | 395272 | 0.1 |
| 17624 | Coloplast A/S - Class B |  | 1994386 | 0.4 |
| 23607 | Novo Nordisk A/S - Class B |  | 1578401 | 0.3 |
|  |  |  | **4822114** | **0.9** |
|  | **Finland: 0.2%** | **Finland: 0.2%** | **Finland: 0.2%** | **Finland: 0.2%** |
| 50502 | Nokia Oyj, ADR |  | 252005 | 0.0 |
| 55450 | Sampo Oyj - Class A |  | 555531 | 0.1 |
| 13974 | Wartsila Oyj Abp |  | 258188 | 0.1 |
|  |  |  | **1065724** | **0.2** |
|  | **France: 7.9%** | **France: 7.9%** | **France: 7.9%** | **France: 7.9%** |
| 29384 | Accor SA |  | 1447818 | 0.3 |
| 11598 | Airbus SE |  | 1968070 | 0.4 |
| 8149 | Arkema SA |  | 619531 | 0.1 |
| 56690 | BNP Paribas SA |  | 4803311 | 0.9 |
| 59939 | Bouygues SA |  | 2634636 | 0.5 |
| 13089 | Capgemini SE |  | 2089688 | 0.4 |
| 12689 | Cie de Saint-Gobain |  | 1379522 | 0.2 |
| 11646 | Eiffage SA |  | 1584702 | 0.3 |
| 15165 | EssilorLuxottica SA |  | 4369836 | 0.8 |
| 3346 | Gecina SA |  | 343495 | 0.1 |
| 19180 | Getlink SE |  | 364194 | 0.1 |
| 19186 | IPSOS |  | 908354 | 0.2 |
| 29406 | Klepierre SA |  | 1076352 | 0.2 |
| 4645 | LVMH Moet Hennessy Louis Vuitton SE |  | 2573000 | 0.5 |
| 163414 | Orange SA |  | 2370817 | 0.4 |
| 13822 | Pernod Ricard SA |  | 1498241 | 0.3 |
| 8622 | Publicis Groupe SA |  | 877262 | 0.2 |
| 36312 | Renault SA |  | 1928572 | 0.3 |
| 60085 | Societe Generale SA |  | 3132769 | 0.6 |
| 28122 | TotalEnergies SE |  | 1601692 | 0.3 |
| 32714 | Vinci SA |  | 4595243 | 0.8 |
|  |  |  | **42167105** | **7.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Germany: 9.0%** | **Germany: 9.0%** | **Germany: 9.0%** |
| 18412 | Adidas AG | $4236444 | 0.8 |
| 9411 | Allianz SE | 3892168 | 0.7 |
| 38725 | BASF SE | 1977664 | 0.4 |
| 75446 | Bayer AG | 1977225 | 0.4 |
| 12839 | Brenntag SE | 857437 | 0.2 |
| 5075 | Continental AG | 396736 | 0.1 |
| 4825 | Deutsche Bank AG | 126513 | 0.0 |
| 8933 | Deutsche Boerse AG | 2877263 | 0.5 |
| 99947 | Deutsche Telekom AG, Reg | 3589847 | 0.7 |
| 166746 | E.ON SE | 2916316 | 0.5 |
| 28085 | Evonik Industries AG | 631150 | 0.1 |
| 48262 <sup>(1)</sup> | Fresenius SE & Co. KGaA | 2292296 | 0.4 |
| 6005 | Hannover Rueck SE | 1927602 | 0.4 |
| 6119 | Heidelberg Materials AG | 1223269 | 0.2 |
| 57779 | Infineon Technologies AG | 1913814 | 0.4 |
| 9870 | Merck KGaA | 1374101 | 0.3 |
| 844 | Rheinmetall AG | 1437375 | 0.3 |
| 27515 | SAP SE | 8050571 | 1.5 |
| 23912 <sup>(2)</sup> | Scout24 SE | 2849754 | 0.5 |
| 9928 | Siemens AG, Reg | 2286033 | 0.4 |
| 16319 <sup>(1)</sup> | Siemens Energy AG | 1259560 | 0.2 |
|  |  | **48093138** | **9.0** |
|  | **Hong Kong: 2.9%** | **Hong Kong: 2.9%** | **Hong Kong: 2.9%** |
| 488514 | AIA Group Ltd. | 3660394 | 0.7 |
| 158000 | Bright Smart Securities & Commodities Group Ltd. | 139676 | 0.0 |
| 107500 | CK Asset Holdings Ltd. | 439177 | 0.1 |
| 38500 | CLP Holdings Ltd. | 328276 | 0.0 |
| 263700 | Hang Seng Bank Ltd. | 3680934 | 0.7 |
| 653000 | Hong Kong & China Gas Co. Ltd. | 587553 | 0.1 |
| 101944 | Hong Kong Exchanges & Clearing Ltd. | 4453902 | 0.8 |
| 289600 | Hongkong Land Holdings Ltd. | 1417303 | 0.3 |
| 72100 | Link REIT | 337562 | 0.1 |
| 41500 | Sun Hung Kai Properties Ltd. | 393686 | 0.1 |
| 168122 <sup>(1)</sup> | TS Lines Ltd. | 135918 | 0.0 |
| 114000 | Wasion Holdings Ltd. | 117933 | 0.0 |
|  |  | **15692314** | **2.9** |
|  | **India: 2.5%** | **India: 2.5%** | **India: 2.5%** |
| 151916 | Axis Bank Ltd. | 2130943 | 0.4 |
| 104397 | Canara Bank | 120346 | 0.0 |
| 18373 | HCL Technologies Ltd. | 340781 | 0.1 |
| 50890 | HDFC Bank Ltd., ADR | 3699194 | 0.7 |
| 34729 | IndusInd Bank Ltd. | 344915 | 0.1 |
| 130500 <sup>(3)</sup> | Infosys Ltd. - Foreign, ADR | 2296800 | 0.4 |
| 3591 <sup>(2)</sup> | L&T Technology Services Ltd. | 180424 | 0.0 |
| 32859 | Larsen & Toubro Ltd. | 1300645 | 0.2 |
| 5114 <sup>(2)</sup> | LTIMindtree Ltd. | 277534 | 0.1 |
| 65925 <sup>(2)</sup> | RBL Bank Ltd. | 156347 | 0.0 |
| 106235 | Reliance Industries Ltd. | 1763960 | 0.3 |
| 15836 | Tata Consultancy Services Ltd. | 646424 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **India (continued)** |  |  |  |
| 19184 | Tech Mahindra Ltd. | $| 341217 | 0.1 |
|  |  |  | **13599530** | **2.5** |
|  | **Indonesia: 0.3%** | **Indonesia: 0.3%** | **Indonesia: 0.3%** | **Indonesia: 0.3%** |
| 2447469 | Bank Central Asia Tbk PT |  | 1301296 | 0.3 |
| 76400 | First Resources Ltd. |  | 88394 | 0.0 |
|  |  |  | **1389690** | **0.3** |
|  | **Ireland: 0.6%** | **Ireland: 0.6%** | **Ireland: 0.6%** | **Ireland: 0.6%** |
| 10116 | Accenture PLC - Class A |  | 3026201 | 0.6 |
| 40590 | Greencore Group PLC |  | 100074 | 0.0 |
|  |  |  | **3126275** | **0.6** |
|  | **Israel: 0.7%** | **Israel: 0.7%** | **Israel: 0.7%** | **Israel: 0.7%** |
| 26958 | Bank Hapoalim BM |  | 395436 | 0.1 |
| 16222 <sup>(1)</sup> | Check Point Software Technologies Ltd. |  | 3561703 | 0.6 |
| 468 <sup>(1)</sup> | Neto ME Holdings Ltd. |  | 21734 | 0.0 |
|  |  |  | **3978873** | **0.7** |
|  | **Italy: 1.5%** | **Italy: 1.5%** | **Italy: 1.5%** | **Italy: 1.5%** |
| 30111 <sup>(2)</sup> | Infrastrutture Wireless Italiane SpA |  | 359590 | 0.1 |
| 10881 | Leonardo SpA |  | 565685 | 0.1 |
| 197436 <sup>(1)(2)</sup> | Nexi SpA |  | 1153235 | 0.2 |
| 19291 <sup>(2)</sup> | Poste Italiane SpA |  | 391553 | 0.1 |
| 483312 <sup>(1)</sup> | Saipem SpA |  | 1116435 | 0.2 |
| 430069 | Snam SpA |  | 2468372 | 0.4 |
| 34566 | UniCredit SpA |  | 2011078 | 0.4 |
|  |  |  | **8065948** | **1.5** |
|  | **Japan: 13.1%** | **Japan: 13.1%** | **Japan: 13.1%** | **Japan: 13.1%** |
| 28200 | AGC, Inc. |  | 880458 | 0.2 |
| 10600 | Anritsu Corp. |  | 105962 | 0.0 |
| 24500 | Asahi Group Holdings Ltd. |  | 338646 | 0.1 |
| 60900 | Asahi Kasei Corp. |  | 424397 | 0.1 |
| 3100 | Avant Group Corp. |  | 38652 | 0.0 |
| 5100 | Bank of Saga Ltd. |  | 77988 | 0.0 |
| 1400 | Base Co. Ltd. |  | 30437 | 0.0 |
| 97500 | Bridgestone Corp. |  | 4076980 | 0.8 |
| 22800 | Capcom Co. Ltd. |  | 660072 | 0.1 |
| 16300 | Central Japan Railway Co. |  | 343015 | 0.1 |
| 5300 | Comture Corp. |  | 61929 | 0.0 |
| 6600 | Cybozu, Inc. |  | 136893 | 0.0 |
| 79200 | Dai-ichi Life Holdings, Inc. |  | 571859 | 0.1 |
| 9600 | Daikin Industries Ltd. |  | 1093664 | 0.2 |
| 1000 | Daito Trust Construction Co. Ltd. |  | 111337 | 0.0 |
| 2100 | Daitron Co. Ltd. |  | 46983 | 0.0 |
| 48300 | Daiwa Securities Group, Inc. |  | 317617 | 0.1 |
| 45600 | Denso Corp. |  | 588784 | 0.1 |
| 2300 | Double Standard, Inc. |  | 23958 | 0.0 |
| 82700 | FANUC Corp. |  | 2098898 | 0.4 |
| 3500 | Fast Retailing Co. Ltd. |  | 1151307 | 0.2 |
| 2400 | Freebit Co. Ltd. |  | 25551 | 0.0 |
| 3600 | Hikari Tsushin, Inc. |  | 998559 | 0.2 |
| 18200 | Hoya Corp. |  | 2141525 | 0.4 |
| 1400 | IDEA Consultants, Inc. |  | 28648 | 0.0 |
| 3700 | I'll, Inc. |  | 60281 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |
| 6800 | IMAGICA GROUP, Inc. | $27167 | 0.0 |
| 47609 | ITOCHU Corp. | 2434864 | 0.5 |
| 22700 | J Trust Co. Ltd. | 62257 | 0.0 |
| 26400 | Japan Exchange Group, Inc. | 293720 | 0.1 |
| 117000 | Japan Post Holdings Co. Ltd. | 1137271 | 0.2 |
| 24400 | Japan Post Insurance Co. Ltd. | 490517 | 0.1 |
| 12500 | Japan Tobacco, Inc. | 385101 | 0.1 |
| 9226 | Keyence Corp. | 3857313 | 0.7 |
| 60200 | Kubota Corp. | 699548 | 0.1 |
| 28100 | Kyocera Corp. | 333034 | 0.1 |
| 169700 <sup>(1)</sup> | M3, Inc. | 2126781 | 0.4 |
| 10000 | Marvelous, Inc. | 33174 | 0.0 |
| 2300 | Media Do Co. Ltd. | 28163 | 0.0 |
| 63300 | Mitsubishi Chemical Group Corp. | 307737 | 0.1 |
| 215600 | Mitsubishi Corp. | 4093508 | 0.8 |
| 3400 | Mitsubishi Steel Manufacturing Co. Ltd. | 37486 | 0.0 |
| 298932 | Mitsubishi UFJ Financial Group, Inc. | 3766283 | 0.7 |
| 177700 | Mitsui Fudosan Co. Ltd. | 1761122 | 0.3 |
| 17300 | Mizuho Financial Group, Inc. | 432546 | 0.1 |
| 1200 | Nachi-Fujikoshi Corp. | 25689 | 0.0 |
| 3900 | Nagano Keiki Co. Ltd. | 51670 | 0.0 |
| 13500 | NEC Corp. | 328628 | 0.1 |
| 7100 | Nichicon Corp. | 58080 | 0.0 |
| 1191400 | Nippon Telegraph & Telephone Corp. | 1245343 | 0.2 |
| 1400 | Nissei ASB Machine Co. Ltd. | 44592 | 0.0 |
| 46200 | Nomura Holdings, Inc. | 257499 | 0.1 |
| 32900 | Nomura Research Institute Ltd. | 1245839 | 0.2 |
| 2500 | OBIC Business Consultants Co. Ltd. | 119230 | 0.0 |
| 32200 | Obic Co. Ltd. | 1127370 | 0.2 |
| 1500 | Okinawa Financial Group, Inc. | 26019 | 0.0 |
| 183600 | Ono Pharmaceutical Co. Ltd. | 2113407 | 0.4 |
| 122500 | ORIX Corp. | 2457354 | 0.5 |
| 10000 | Prestige International, Inc. | 46956 | 0.0 |
| 139500 <sup>(1)</sup> | Rakuten Group, Inc. | 822538 | 0.2 |
| 49200 | Recruit Holdings Co. Ltd. | 2726432 | 0.5 |
| 67500 | Renesas Electronics Corp. | 792130 | 0.2 |
| 7500 | Rheon Automatic Machinery Co. Ltd. | 61100 | 0.0 |
| 2700 | Riso Kagaku Corp. | 23104 | 0.0 |
| 8200 | Sato Corp. | 118664 | 0.0 |
| 2500 | Shibaura Machine Co. Ltd. | 63114 | 0.0 |
| 105800 | Shin-Etsu Chemical Co. Ltd. | 3219652 | 0.6 |
| 14600 | Shionogi & Co. Ltd. | 245287 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Japan (continued)** |  |  |  |
| 129700 | SMS Co. Ltd. | $| 1202054 | 0.2 |
| 108300 | Sony Group Corp. |  | 2857257 | 0.5 |
| 79100 | Sumitomo Corp. |  | 1931336 | 0.4 |
| 92600 | Sumitomo Mitsui Financial Group, Inc. |  | 2209178 | 0.4 |
| 53300 | Sumitomo Mitsui Trust Holdings, Inc. |  | 1318574 | 0.2 |
| 6300 <sup>(1)</sup> | Sun\*, Inc. |  | 24944 | 0.0 |
| 3100 | System Support, Inc. |  | 43642 | 0.0 |
| 18500 | T&D Holdings, Inc. |  | 393654 | 0.1 |
| 500 | Takasago International Corp. |  | 23486 | 0.0 |
| 2000 | TAKEBISHI Corp. |  | 24926 | 0.0 |
| 10800 | Takeda Pharmaceutical Co. Ltd. |  | 326685 | 0.1 |
| 7200 | TechMatrix Corp. |  | 102820 | 0.0 |
| 76400 | Toei Animation Co. Ltd. |  | 1847423 | 0.3 |
| 8200 | Tokio Marine Holdings, Inc. |  | 328676 | 0.1 |
| 27800 | Tokyu Corp. |  | 337160 | 0.1 |
| 7300 | Toshiba TEC Corp. |  | 137597 | 0.0 |
| 6200 | Tosho Co. Ltd. |  | 23852 | 0.0 |
| 1500 | Toyo Kanetsu KK |  | 37270 | 0.0 |
| 64500 | Unicharm Corp. |  | 598892 | 0.1 |
| 6600 | Vector, Inc. |  | 41046 | 0.0 |
| 2800 | Yokowo Co. Ltd. |  | 23994 | 0.0 |
| 3000 | ZOZO, Inc. |  | 30466 | 0.0 |
|  |  |  | **69826621** | **13.1** |
|  | **Kuwait: 0.1%** | **Kuwait: 0.1%** | **Kuwait: 0.1%** | **Kuwait: 0.1%** |
| 160095 | Boubyan Bank KSCP |  | 354664 | 0.1 |
| 16886 | Humansoft Holding Co. KSC |  | 130777 | 0.0 |
| 318858 | Kuwait Investment Co. SAK |  | 179293 | 0.0 |
|  |  |  | **664734** | **0.1** |
|  | **Malaysia: 0.1%** | **Malaysia: 0.1%** | **Malaysia: 0.1%** | **Malaysia: 0.1%** |
| 108300 | Hibiscus Petroleum Bhd |  | 38932 | 0.0 |
| 244300 | Public Bank Bhd |  | 253254 | 0.1 |
|  |  |  | **292186** | **0.1** |
|  | **Netherlands: 4.6%** | **Netherlands: 4.6%** | **Netherlands: 4.6%** | **Netherlands: 4.6%** |
| 25233 <sup>(2)</sup> | ABN AMRO Bank NV |  | 522899 | 0.1 |
| 65769 | Aegon Ltd. |  | 423023 | 0.1 |
| 9830 | ASML Holding NV |  | 6580610 | 1.2 |
| 1464 <sup>(2)</sup> | Euronext NV |  | 244703 | 0.0 |
| 8938 | EXOR NV |  | 843879 | 0.2 |
| 13660 | IMCD NV |  | 1816515 | 0.3 |
| 53045 | Koninklijke Ahold Delhaize NV |  | 2177977 | 0.4 |
| 134024 <sup>(1)</sup> | Koninklijke Philips, N.V. |  | 3401503 | 0.6 |
| 536 | Nedap NV |  | 36979 | 0.0 |
| 5039 | NN Group NV |  | 308993 | 0.1 |
| 81909 | Universal Music Group NV |  | 2408571 | 0.5 |
| 32812 | Wolters Kluwer NV |  | 5793250 | 1.1 |
|  |  |  | **24558902** | **4.6** |
|  | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** | **New Zealand: 0.1%** |
| 72531 | Auckland International Airport Ltd. |  | **323988** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Norway: 1.2%** | **Norway: 1.2%** | **Norway: 1.2%** |
| 172827 | DNB Bank ASA | $4320350 | 0.8 |
| 80963 | Gjensidige Forsikring ASA | 1894441 | 0.4 |
| 14051 | Sparebanken Vest | 188762 | 0.0 |
|  |  | **6403553** | **1.2** |
|  | **Peru: 0.0%** | **Peru: 0.0%** | **Peru: 0.0%** |
| 1586 | Intercorp Financial Services, Inc. | **53718** | **0.0** |
|  | **Poland: 0.5%** | **Poland: 0.5%** | **Poland: 0.5%** |
| 113804 | Polski Koncern Naftowy ORLEN SA | 2055113 | 0.4 |
| 4142 | Santander Bank Polska SA | 637074 | 0.1 |
|  |  | **2692187** | **0.5** |
|  | **Qatar: 0.1%** | **Qatar: 0.1%** | **Qatar: 0.1%** |
| 298095 | Doha Bank QPSC | 193053 | 0.0 |
| 17430 | Qatar Islamic Bank SAQ | 101057 | 0.0 |
| 114134 | Qatar National Bank QPSC | 523477 | 0.1 |
|  |  | **817587** | **0.1** |
|  | **Russia: —%** | **Russia: —%** | **Russia: —%** |
| 1561600 <sup>(4)</sup> | Alrosa PJSC | **—** | **—** |
|  | **Saudi Arabia: 0.4%** | **Saudi Arabia: 0.4%** | **Saudi Arabia: 0.4%** |
| 11681 | Arabian Internet & Communications Services Co. | 893825 | 0.2 |
| 50361 | Riyad Bank | 413427 | 0.1 |
| 67685 | Saudi Telecom Co. | 859313 | 0.1 |
| 16249 | Tabuk Cement Co. | 53517 | 0.0 |
|  |  | **2220082** | **0.4** |
|  | **Singapore: 1.9%** | **Singapore: 1.9%** | **Singapore: 1.9%** |
| 163500 | CapitaLand Ascendas REIT | 333157 | 0.1 |
| 1899400 | CapitaLand Integrated Commercial Trust | 3125845 | 0.6 |
| 562500 | Genting Singapore Ltd. | 318976 | 0.1 |
| 60600 | Oversea-Chinese Banking Corp. Ltd. | 749971 | 0.1 |
| 13787 <sup>(1)</sup> | Sea Ltd., ADR | 1848147 | 0.3 |
| 263300 | Singapore Technologies Engineering Ltd. | 1495081 | 0.3 |
| 549600 | Singapore Telecommunications Ltd. | 1590101 | 0.3 |
| 20500 | United Overseas Bank Ltd. | 544456 | 0.1 |
|  |  | **10005734** | **1.9** |
|  | **South Africa: 0.8%** | **South Africa: 0.8%** | **South Africa: 0.8%** |
| 59571 | Anglo American PLC | 1626184 | 0.3 |
| 135423 | Clicks Group Ltd. | 2880166 | 0.5 |
|  |  | **4506350** | **0.8** |
|  | **South Korea: 1.8%** | **South Korea: 1.8%** | **South Korea: 1.8%** |
| 65270 | KT Corp., ADR | 1270154 | 0.2 |
| 34100 | LG Electronics, Inc. | 1711669 | 0.3 |
| 1108 | NAVER Corp. | 155902 | 0.0 |
| 40807 | Samsung Electronics Co. Ltd. | 1592189 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **South Korea (continued)** |  |  |  |
| 86086 | Shinhan Financial Group Co. Ltd. | $| 3111148 | 0.6 |
| 16126 | SK Hynix, Inc. |  | 2012091 | 0.4 |
|  |  |  | **9853153** | **1.8** |
|  | **Spain: 2.1%** | **Spain: 2.1%** | **Spain: 2.1%** | **Spain: 2.1%** |
| 1750 <sup>(2)</sup> | Aena SME SA |  | 439628 | 0.1 |
| 49000 | Amadeus IT Group SA |  | 3856933 | 0.7 |
| 93020 | Banco Bilbao Vizcaya Argentaria SA |  | 1276610 | 0.2 |
| 348719 | Banco Santander SA |  | 2455279 | 0.5 |
| 54452 | Industria de Diseno Textil SA |  | 2928152 | 0.6 |
|  |  |  | **10956602** | **2.1** |
|  | **Sweden: 2.4%** | **Sweden: 2.4%** | **Sweden: 2.4%** | **Sweden: 2.4%** |
| 98336 | Assa Abloy AB - Class B |  | 2984890 | 0.6 |
| 24699 | Duni AB |  | 247231 | 0.0 |
| 10379 | Epiroc AB - Class A |  | 224547 | 0.0 |
| 11851 | Essity AB - Class B |  | 342720 | 0.1 |
| 189186 | Hexagon AB - Class B |  | 1841266 | 0.3 |
| 46910 | Industrivarden AB - Class C |  | 1647325 | 0.3 |
| 17181 | L E Lundbergforetagen AB - Class B |  | 906539 | 0.2 |
| 45613 | Loomis AB |  | 1898478 | 0.4 |
| 41892 | Swedbank AB - Class A |  | 1045786 | 0.2 |
| 210027 | Telefonaktiebolaget LM Ericsson, ADR |  | 1730622 | 0.3 |
|  |  |  | **12869404** | **2.4** |
|  | **Switzerland: 2.4%** |  |  |  |
| 38 | Chocoladefabriken Lindt & Spruengli AG - Class PC |  | 553812 | 0.1 |
| 8529 | Cie Financiere Richemont SA |  | 1507119 | 0.3 |
| 9023 | Galderma Group AG |  | 1047983 | 0.2 |
| 5898 | Logitech International SA |  | 448190 | 0.1 |
| 2758 | Partners Group Holding AG |  | 3613729 | 0.7 |
| 1082 | Sonova Holding AG, Reg |  | 332622 | 0.1 |
| 7474 <sup>(3)</sup> | Swatch Group AG - Class BR |  | 1297055 | 0.2 |
| 30447 | Temenos AG |  | 2180932 | 0.4 |
| 4610 <sup>(2)</sup> | VAT Group AG |  | 1664165 | 0.3 |
| 417 | V-ZUG Holding AG |  | 35115 | 0.0 |
|  |  |  | **12680722** | **2.4** |
|  | **Taiwan: 3.7%** |  |  |  |
| 233000 | AUO Corp. |  | 89647 | 0.0 |
| 22000 | Catcher Technology Co. Ltd. |  | 149759 | 0.0 |
| 1089000 | China Development Financial Holding Corp. |  | 564838 | 0.1 |
| 58000 | Chin-Poon Industrial Co. Ltd. |  | 58689 | 0.0 |
| 443000 | Compal Electronics, Inc. |  | 381721 | 0.1 |
| 20000 | Complex Micro Interconnection Co. Ltd. |  | 25669 | 0.0 |
| 23000 | DFI, Inc./Taiwan |  | 45022 | 0.0 |
| 11000 | Dimerco Data System Corp. |  | 42992 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Taiwan (continued)** |  |  |  |
| 23000 | Ennoconn Corp. | $| 193441 | 0.0 |
| 59000 | Far EasTone Telecommunications Co. Ltd. |  | 158212 | 0.0 |
| 27000 | Holtek Semiconductor, Inc. |  | 34401 | 0.0 |
| 58000 | International Games System Co. Ltd. |  | 1503703 | 0.3 |
| 49000 | Lanner Electronics, Inc. |  | 134060 | 0.0 |
| 26000 | Lotes Co. Ltd. |  | 1022313 | 0.2 |
| 5000 | Marketech International Corp. |  | 25138 | 0.0 |
| 63000 | MediaTek, Inc. |  | 2677065 | 0.5 |
| 100000 | Novatek Microelectronics Corp. |  | 1626325 | 0.3 |
| 4000 | Otsuka Information Technology Corp. |  | 28550 | 0.0 |
| 218000 | Pegatron Corp. |  | 553889 | 0.1 |
| 35000 | Posiflex Technology, Inc. |  | 283517 | 0.1 |
| 60000 | Sercomm Corp. |  | 196641 | 0.1 |
| 6000 | Simplo Technology Co. Ltd. |  | 65675 | 0.0 |
| 75000 | Synnex Technology International Corp. |  | 166390 | 0.0 |
| 162831 | Taiwan Semiconductor Manufacturing Co. Ltd. |  | 4613744 | 0.9 |
| 22970 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 3828869 | 0.7 |
| 15000 | Vivotek, Inc. |  | 55004 | 0.0 |
| 108000 | Wan Hai Lines Ltd. |  | 280711 | 0.1 |
| 48000 | Wowprime Corp. |  | 333938 | 0.1 |
| 419000 | Yuanta Financial Holding Co. Ltd. |  | 410520 | 0.1 |
|  |  |  | **19550443** | **3.7** |
|  | **Thailand: 0.5%** | **Thailand: 0.5%** | **Thailand: 0.5%** | **Thailand: 0.5%** |
| 57700 | Bangkok Life Assurance PCL |  | 29012 | 0.0 |
| 731600 | Krung Thai Bank PCL |  | 477411 | 0.1 |
| 303400 <sup>(3)</sup> | PTT Exploration & Production PCL |  | 902942 | 0.2 |
| 168600 | SCB X PCL |  | 600769 | 0.1 |
| 100300 | Thai Oil PCL |  | 80236 | 0.0 |
| 46000 | Thai Vegetable Oil PCL |  | 31259 | 0.0 |
| 7066700 | TMBThanachart Bank PCL |  | 387105 | 0.1 |
|  |  |  | **2508734** | **0.5** |
|  | **Turkey: 0.0%** | **Turkey: 0.0%** | **Turkey: 0.0%** | **Turkey: 0.0%** |
| 124132 <sup>(1)</sup> | Turk Telekomunikasyon AS |  | **169575** | **0.0** |
|  | **United Arab Emirates: 0.3%** | **United Arab Emirates: 0.3%** | **United Arab Emirates: 0.3%** | **United Arab Emirates: 0.3%** |
| 401924 | Dana Gas PJSC |  | 81531 | 0.0 |
| 75081 | Emirates Telecommunications Group Co. PJSC |  | 355674 | 0.1 |
| 205188 | First Abu Dhabi Bank PJSC |  | 839550 | 0.2 |
| 25889 | NMDC Group PJSC |  | 176068 | 0.0 |
|  |  |  | **1452823** | **0.3** |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United Kingdom: 12.0%** | **United Kingdom: 12.0%** | **United Kingdom: 12.0%** |
| 7919 | Admiral Group PLC | $344415 | 0.1 |
| 11866 | Ashtead Group PLC | 635213 | 0.1 |
| 18236 | AstraZeneca PLC | 2612599 | 0.5 |
| 81823 | Aviva PLC | 613048 | 0.1 |
| 76541 | BAE Systems PLC | 1774414 | 0.3 |
| 167110 <sup>(3)</sup> | Barclays PLC, ADR | 2683787 | 0.5 |
| 28734 | Barratt Developments PLC | 179132 | 0.0 |
| 59735 | British American Tobacco PLC | 2601945 | 0.5 |
| 8379 | Bunzl PLC | 263305 | 0.1 |
| 51493 | Central Asia Metals PLC | 105270 | 0.0 |
| 270000 | CK Hutchison Holdings Ltd. | 1522551 | 0.3 |
| 17793 <sup>(1)</sup> | DFS Furniture PLC | 34502 | 0.0 |
| 80521 | Diageo PLC | 2261051 | 0.4 |
| 34413 | Diploma PLC | 1825997 | 0.3 |
| 94989 | Halma PLC | 3506183 | 0.7 |
| 123151 | HSBC Holdings PLC | 1372804 | 0.3 |
| 118736 | Imperial Brands PLC | 4872075 | 0.9 |
| 18606 | InterContinental Hotels Group PLC | 1985435 | 0.4 |
| 395772 | International Consolidated Airlines Group SA - Class DI | 1375091 | 0.3 |
| 46595 | International Personal Finance PLC | 86840 | 0.0 |
| 47520 | London Stock Exchange Group PLC | 7399376 | 1.4 |
| 1124962 | M&G PLC | 3121627 | 0.6 |
| 16222 | Next PLC | 2676237 | 0.5 |
| 17579 | Nomad Foods Ltd. | 351404 | 0.1 |
| 271816 | Phoenix Group Holdings PLC | 2174608 | 0.4 |
| 5975 | Polar Capital Holdings PLC | 31343 | 0.0 |
| 38624 | Reckitt Benckiser Group PLC | 2493033 | 0.5 |
| 76858 | RELX PLC - EUR | 4184091 | 0.8 |
| 13789 | RELX PLC - GBP | 752533 | 0.1 |
| 287484 | Schroders PLC | 1266700 | 0.2 |
| 105851 | Standard Chartered PLC | 1524591 | 0.3 |
| 45174 | Unilever PLC | 2876210 | 0.5 |
| 52789 | Unilever PLC - NL | 3366359 | 0.6 |
| 81653 | United Utilities Group PLC | 1227595 | 0.2 |
|  |  | **64101364** | **12.0** |
|  | **United States: 6.7%** | **United States: 6.7%** | **United States: 6.7%** |
| 10028 | Aon PLC - Class A | 3557834 | 0.7 |
| 2383 <sup>(1)</sup> | CyberArk Software Ltd. | 839197 | 0.2 |
| 66869 | Experian PLC | 3326786 | 0.6 |
| 20956 | GFL Environmental, Inc. | 1045704 | 0.2 |
| 284194 | GSK PLC | 5622094 | 1.1 |
| 515890 | Haleon PLC | 2595878 | 0.5 |
| 27243 | Haleon PLC, ADR | 276517 | 0.0 |
| 8785 | Holcim AG | 981706 | 0.2 |
| 3809 | Linde PLC DE | 1733156 | 0.3 |
| 3105 | Nestle SA | 330488 | 0.1 |
| 15029 | Roche Holding AG | 4914280 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **United States (continued)** |  |  |
| 72173 | Shell PLC | 2329138 | 0.4 |
| 107649 | Shell PLC - EUR | 3501873 | 0.7 |
| 4507 <sup>(1)</sup> | Spotify Technology SA | 2767208 | 0.5 |
| 9819 | Swiss Re AG | 1762553 | 0.3 |
|  |  | **35584412** | **6.7** |
|  | Total Common Stock |  |  |
|  | (Cost $477,908,199) | **515687372** | **96.7** |
| **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** | **PREFERRED STOCK: 0.4%** |
|  | **Germany: 0.4%** | **Germany: 0.4%** | **Germany: 0.4%** |
| 4001 | Henkel AG & Co. KGaA | 310743 | 0.1 |
| 6311 | Sartorius AG | 1638300 | 0.3 |
|  |  | **1949043** | **0.4** |
|  | Total Preferred Stock |  |  |
|  | (Cost $2,469,376) | **1949043** | **0.4** |
| **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** | **WARRANTS: —%** |
|  | **Canada: —%** | **Canada: —%** | **Canada: —%** |
| 794 <sup>(4)</sup> | Constellation Software, Inc. |  |  |
|  | Total Warrants |  |  |
|  | (Cost $–) | **—** | **—** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $480,377,575) | **517636415** | **97.1** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount†** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** | **SHORT-TERM INVESTMENTS: 2.3%** |
|  | **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** |
| 1542572 <sup>(5)</sup> | Bank of Montreal, Repurchase Agreement dated 04/30/2025, 4.370%, due 05/01/2025 (Repurchase Amount $1,542,757, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.039%-7.156%, Market Value plus accrued interest $1,573,423, due 06/01/25-12/01/52) | 1542572 | 0.3 |
| 1622211 <sup>(5)</sup> | Bank of Nova Scotia, Repurchase Agreement dated 04/30/2025, 4.360%, due 05/01/2025 (Repurchase Amount $1,622,405, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $1,654,856, due 08/28/25-11/15/52) | 1622211 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 621813 <sup>(5)</sup> | BNP Paribas S.A., Repurchase Agreement dated 04/30/2025, 4.360%, due 05/01/2025 (Repurchase Amount $621,887, collateralized by various U.S. Government Securities, 0.000%-4.000%, Market Value plus accrued interest $634,249, due 09/30/26-02/15/39) | $621813 | 0.1 |
| 1459990 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 04/30/2025, 4.460%, due 05/01/2025 (Repurchase Amount $1,460,168, collateralized by various U.S. Government Securities, 0.000%-4.500%, Market Value plus accrued interest $1,489,374, due 05/15/25-02/15/55) | 1459990 | 0.3 |
| 1541100 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 04/30/2025, 4.470%, due 05/01/2025 (Repurchase Amount $1,541,289, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $1,570,720, due 07/15/26-02/15/53) | 1541100 | 0.3 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $6,787,686) | **6787686** | **1.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** |
| 5400291 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% |  |  |
|  | (Cost $5,400,291) | $**5400291** | **1.0** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $12,187,977) | $**12187977** | **2.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $492,565,552)** | $**529824392** | **99.4** |
|  | **Assets in Excess of Other Liabilities** | **3124051** | **0.6** |
|  | **Net Assets** | $**532948443** | **100.0** |

---

ADR American Depositary Receipt

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(4)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of April 30, 2025. |

---

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Financials | 24.0% |
| Industrials | 16.4 |
| Information Technology | 14.7 |
| Consumer Discretionary | 9.0 |
| Health Care | 8.2 |
| Communication Services | 8.0 |
| Consumer Staples | 6.2 |
| Energy | 3.4 |
| Materials | 3.2 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Short-Term Investments | 2.3 |
| Assets in Excess of Other Liabilities | 0.6 |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**April 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;Australia | $171327 | $21971372 | $— | $22142699 |
| &nbsp;&nbsp;Belgium |  | 2603633 |  | 2603633 |
| &nbsp;&nbsp;Brazil | 5948286 |  |  | 5948286 |
| &nbsp;&nbsp;Canada | 21812222 |  |  | 21812222 |
| &nbsp;&nbsp;Chile | 821331 |  |  | 821331 |
| &nbsp;&nbsp;China | 2860891 | 25384135 |  | 28245026 |
| &nbsp;&nbsp;Colombia | 20590 |  |  | 20590 |
| &nbsp;&nbsp;Denmark |  | 4822114 |  | 4822114 |
| &nbsp;&nbsp;Finland | 252005 | 813719 |  | 1065724 |
| &nbsp;&nbsp;France |  | 42167105 |  | 42167105 |
| &nbsp;&nbsp;Germany |  | 48093138 |  | 48093138 |
| &nbsp;&nbsp;Hong Kong | 135918 | 15556396 |  | 15692314 |
| &nbsp;&nbsp;India | 5995994 | 7603536 |  | 13599530 |
| &nbsp;&nbsp;Indonesia |  | 1389690 |  | 1389690 |
| &nbsp;&nbsp;Ireland | 3126275 |  |  | 3126275 |
| &nbsp;&nbsp;Israel | 3583437 | 395436 |  | 3978873 |
| &nbsp;&nbsp;Italy |  | 8065948 |  | 8065948 |
| &nbsp;&nbsp;Japan | 1966653 | 67859968 |  | 69826621 |
| &nbsp;&nbsp;Kuwait | 354664 | 310070 |  | 664734 |
| &nbsp;&nbsp;Malaysia |  | 292186 |  | 292186 |
| &nbsp;&nbsp;Netherlands | 36979 | 24521923 |  | 24558902 |
| &nbsp;&nbsp;New Zealand | 323988 |  |  | 323988 |
| &nbsp;&nbsp;Norway | 188762 | 6214791 |  | 6403553 |
| &nbsp;&nbsp;Peru | 53718 |  |  | 53718 |
| &nbsp;&nbsp;Poland |  | 2692187 |  | 2692187 |
| &nbsp;&nbsp;Qatar | 294110 | 523477 |  | 817587 |
| &nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;Saudi Arabia |  | 2220082 |  | 2220082 |
| &nbsp;&nbsp;Singapore | 1848147 | 8157587 |  | 10005734 |
| &nbsp;&nbsp;South Africa | 2880166 | 1626184 |  | 4506350 |
| &nbsp;&nbsp;South Korea | 1270154 | 8582999 |  | 9853153 |
| &nbsp;&nbsp;Spain |  | 10956602 |  | 10956602 |
| &nbsp;&nbsp;Sweden | 1730622 | 11138782 |  | 12869404 |
| &nbsp;&nbsp;Switzerland |  | 12680722 |  | 12680722 |
| &nbsp;&nbsp;Taiwan | 3871861 | 15678582 |  | 19550443 |
| &nbsp;&nbsp;Thailand | 31259 | 2477475 |  | 2508734 |
| &nbsp;&nbsp;Turkey |  | 169575 |  | 169575 |
| &nbsp;&nbsp;United Arab Emirates | 531742 | 921081 |  | 1452823 |
| &nbsp;&nbsp;United Kingdom | 3174963 | 60926401 |  | 64101364 |
| &nbsp;&nbsp;United States | 8486460 | 27097952 |  | 35584412 |
| Total Common Stock | 71772524 | 443914848 |  | 515687372 |
| Preferred Stock |  | 1949043 |  | 1949043 |
| Warrants |  |  |  |  |
| Short-Term Investments | 5400291 | 6787686 |  | 12187977 |
| Total Investments, at fair value | $77172815 | $452651577 | $— | $529824392 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 5866 |  | 5866 |
| Futures | 51473 |  |  | 51473 |
| Total Assets | $77224288 | $452657443 | $— | $529881731 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(7062) | $— | $(7062) |
| Total Liabilities | $— | $(7062) | $— | $(7062) |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

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

---

At April 30, 2025, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Equity Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 1905792 | EUR | 1679960 | Bank of America N.A. | 05/05/25 | $2651 |
| SEK | 2144748 | USD | 222156 | BNP Paribas | 05/05/25 | (259) |
| HKD | 2181887 | GBP | 209875 | Brown Brothers Harriman & Co. | 05/02/25 | 816 |
| HKD | 528341 | AUD | 106412 | Brown Brothers Harriman & Co. | 05/06/25 | (39) |
| CHF | 333894 | EUR | 355801 | Morgan Stanley Capital Services LLC | 05/02/25 | 1480 |
| EUR | 617542 | USD | 704300 | RBC Capital Markets Corp. | 05/02/25 | (4719) |
| CHF | 81118 | USD | 98608 | Standard Chartered Bank | 05/02/25 | (324) |
| JPY | 21036670 | USD | 146416 | State Street Bank and Trust Co. | 05/01/25 | 714 |
| BRL | 448471 | USD | 79679 | State Street Bank and Trust Co. | 05/02/25 | (655) |
| BRL | 1310589 | USD | 230961 | State Street Bank and Trust Co. | 05/05/25 | (26) |
| USD | 20689 | SEK | 199258 | The Bank of New York Mellon | 05/02/25 | 73 |
| USD | 9200 | EUR | 8079 | The Bank of New York Mellon | 05/02/25 | 47 |
| USD | 6958 | EUR | 6110 | The Bank of New York Mellon | 05/02/25 | 36 |
| BRL | 231169 | USD | 40907 | The Bank of New York Mellon | 05/02/25 | (174) |
| CNY | 477286 | USD | 65756 | The Bank of New York Mellon | 05/06/25 | (39) |
| CNY | 856524 | USD | 118003 | The Bank of New York Mellon | 05/06/25 | (70) |
| NOK | 353486 | USD | 34229 | The Northern Trust Company | 05/02/25 | (251) |
| SEK | 861236 | USD | 89587 | The Northern Trust Company | 05/02/25 | (483) |
| ZAR | 1000408 | USD | 53805 | The Northern Trust Company | 05/05/25 | (23) |
| HKD | 1046166 | USD | 134843 | UBS AG | 05/02/25 | 49 |
|  |  |  |  |  |  | $(1196) |

---

At April 30, 2025, the following futures contracts were outstanding for Voya Multi-Manager International Equity Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI EAFE Index | 30 | 06/20/25 | $3742050 | $51473 |
|  |  |  | $3742050 | $51473 |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CHF | Swiss Franc |
| CNY | Chinese Yuan |
| EUR | EU Euro |
| GBP | British Pound |
| HKD | Hong Kong Sar Dollar |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| USD | United States Dollar |
| ZAR | South African Rand |

---

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

**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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $5866 |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | 51473 |
| **Total Asset Derivatives** |  | $57339 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $7062 |
| **Total Liability Derivatives** |  | $7062 |

---

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2025 was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Equity contracts | $— | $(242458) | $(242457) |
| Foreign exchange contracts | 1305 |  | 1305 |
| **Total** | $1305 | $(242458) | $(241152) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** | <br>**Futures** | <br>**Total** |
| Equity contracts | $— | $152079 | $152079 |
| Foreign exchange contracts | (1325) |  | (1325) |
| **Total** | $(1325) | $152079 | $150754 |

---

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, 2025:

See Accompanying Notes to Financial Statements

Voya Multi-Manager PORTFOLIO OF INVESTMENTS <br> <u>International Equity Fund</u> <u>as of April 30, 2025 (unaudited) (continued)</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank of<br> America N.A.** | **BNP Paribas** | **Brown<br> Brothers<br> Harriman &<br> Co.** | **Morgan<br> Stanley<br> Capital <br> Services LLC** | **RBC Capital Markets Corp.** | **Standard Chartered<br> Bank** | **State Street <br> Bank and<br> Trust Co.** | **The Bank <br> of New York<br> Mellon** | **The Northern<br> Trust <br> Company** | **UBS AG** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $2651 | $— | $816 | $1480 | $— | $— | $714 | $156 | $— | $49 | $5866 |
| **Total Assets** | $2651 | $— | $816 | $1480 | $— | $— | $714 | $156 | $— | $49 | $5866 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $259 | $39 | $— | $4719 | $324 | $681 | $283 | $757 | $— | $7062 |
| **Total Liabilities** | $— | $259 | $39 | $— | $4719 | $324 | $681 | $283 | $757 | $— | $7062 |
| **Net OTC derivative instruments by counterparty, at fair value** | $2651 | $(259) | $777 | $1480 | $(4719) | $(324) | $33 | $(127) | $(757) | $49 | $(1196) |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $2651 | $(259) | $777 | $1480 | $(4719) | $(324) | $33 | $(127) | $(757) | $49 | $(1196) |

---

<sup>(1)</sup> 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, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $498,419,189. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $59170844 |
| Gross Unrealized Depreciation | (26510337) |
| Net Unrealized Appreciation | $32660507 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

---

| | |
|:---|:---|
| **BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY CONTRACTS WITH LAZARD ASSET MANAGEMENT LLC AND VOYA INVESTMENT MANAGEMENT CO. LLC AND SUB-SUB-ADVISORY CONTRACT WITH VOYA INVESTMENT MANAGEMENT (UK) LIMITED**<br>Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Multi-Manager International Equity Fund (the "Fund"), a series of Voya Mutual Funds, can enter into a new sub-advisory or sub-sub-advisory contract only if the Board of Trustees of the Fund (the "Board"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of the Fund, as such term is defined under the 1940 Act (the "Independent Trustees"), determines to approve the new arrangement. Thus, at its meeting held on March 6, 2024, the Board considered the initial approval of new sub-advisory contracts (the "New Sub-Advisory Contracts") between Voya Investments, LLC (the "Adviser") and Lazard Asset Management LLC ("Lazard") and Voya Investment Management Co. LLC ("Voya IM"), and the initial approval of a new sub-sub-advisory contract (the "New Sub-Sub-Advisory Contract" and, together with the New Sub-Advisory Contracts, the "Contracts") between Voya IM and Voya Investment Management (UK) Limited ("Voya UK"), and appointed Lazard and Voya IM as sub-advisers to the Fund (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"), to replace Baillie Gifford Overseas Limited ("BG Overseas"), and Voya UK as the sub-sub-adviser to the Fund, effective May 6, 2024.<br>In determining whether to initially approve the Contracts, the Board requested, received, evaluated and discussed such information and supporting materials related to that information as it deemed necessary for an informed determination of whether the Contracts should be approved. Provided below is a general overview of the Board's contract approval process that it followed, as well as a discussion of certain specific factors that the Board considered. While the Board gave its attention to information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are some of the primary matters relevant to the Board's consideration as to whether to approve the Contracts. While the Board considered the Contracts at the same meeting, the Board considered each sub-advisory and sub-sub-advisory relationship separately.<br>The materials provided to the Board in support of the Fund's sub-advisory arrangements with Lazard and Voya IM included the following: (1) each Sub-Adviser's presentation before Investment Review Committee ("IRC") | F at its March 5, 2024 meeting; (2) memoranda and related materials provided to the Board in advance of its March 6, 2024 meeting discussing: (a) the Adviser's rationale for recommending that each Sub-Adviser be added as a sub-adviser to the Fund, including the Adviser's view that adding Lazard would provide the Fund with an optimal international large cap investment strategy, and that adding Voya IM would provide the Fund with access to new strategies and capabilities that align with the Fund's investment objectives; (b) the performance of the new sub-advisory teams in managing their respective international large cap investment strategy with such performance being compared against a relevant benchmark index; and (c) each Sub-Adviser's investment philosophy and such firm's overall investment process; (3) Fund Analysis and Comparison Tables for the Fund that provide information about the projected net expense ratio of the Fund reflecting the addition of each Sub-Adviser; (4) each Sub-Adviser's responses to inquiries from K&L Gates LLP, counsel to the Independent Trustees; (5) supporting documentation, including a copy of the form of the New Sub-Advisory Contracts; and (6) other information relevant to the Board's evaluation.<br>In reaching its decision to engage each Sub-Adviser, the Board, including a majority of the Independent Trustees, considered a number of factors including, but not limited to, the following: (1) the Adviser's view with respect to the strength and reputation of each Sub-Adviser in managing their respective international large cap investment strategy; (2) the nature and quality of the services to be provided by each Sub-Adviser under the respective New Sub-Advisory Contract; (3) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of each Sub-Adviser and their fit as an additional sub-adviser to the Fund; (4) the fairness of the compensation under each New Sub-Advisory Contract in light of the services to be provided by each Sub-Adviser; (5) the sub-advisory fee rate payable by the Adviser to each Sub-Adviser; (6) each Sub-Adviser's respective operations and compliance programs, including the policies and procedures intended to assure compliance with the federal securities laws; (7) the appropriateness of the selection of each Sub-Adviser in light of the Fund's newly approved principal investment strategies; and (8) each Sub-Adviser's respective Code of Ethics and related procedures for complying with that Code, which were previously reviewed by the Board.<br>The materials provided to the Board to inform its consideration of whether to approve the New Sub-Sub-Advisory Contract (under which Voya UK serves as sub-sub-adviser to the Fund) with respect to Voya UK included the following: (1) presentation materials provided to the |

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| Board in advance of the March 6, 2024 meeting discussing (a) Voya IM's rationale for requesting that Voya UK be added as a sub-sub-adviser to the Fund, and (b) Voya UK's investment philosophy and how it supports Voya IM's overall investment process for the Fund; (2) Voya UK's responses to inquiries from counsel to the Independent Trustees; (3) supporting documentation, including a copy of the proposed New Sub-Sub-Advisory Contract; and (4) other information relevant to the Board's evaluation. The Board also considered that the Fund would not experience any increase in aggregate fees paid for services under the New Sub-Sub-Advisory Contract.<br>In reviewing the proposed New Sub-Sub-Advisory Contract, the Board considered a number of factors, including, but not limited to: (1) the information that had been provided by Voya UK and the Voya Manager Research & Selection Group ("MR&S") in advance of the March 6, 2024 meeting; (2) presentations made to the Board or a committee of the Board by Voya UK's Machine Intelligence portfolio management team with respect to their investing philosophy and process; (3) the nature, extent, and quality of the services to be provided by Voya UK under the New Sub-Sub-Advisory Contract; (4) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Voya IM and Voya UK's fit as a sub-sub-adviser to the Fund; (5) the potential fall-out benefits to their respective affiliates from their relationship with the Fund; and (6) the appropriateness of the selection of Voya UK in light of the Fund's newly approved principal investment strategies.<br>With respect to the nature, extent and quality of services to be provided by the Sub-Advisers and Voya UK, the Board was mindful of the "manager-of-managers" platform that has been developed by the Adviser. The Board recognized that the Adviser would be responsible for monitoring the investment program, performance and developments/on-going operations of the Sub-Advisers and Voya UK under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services the Sub-Advisers and Voya UK provide to the Fund and the Sub-Advisers' and Voya UK's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers and sub-sub-advisers, the Adviser has developed an oversight process formulated by MR&S, which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers and sub-sub-advisers, and research on sub-advisers and sub-sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers and sub-sub-advisers. | The Board considered that MR&S also typically provides reports to the IRCs at their meetings prior to sub-adviser and sub-sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding sub-advisers and sub-sub-advisers based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the sub-advisers and sub-sub-advisers' investment processes and to try to identify issues that may be relevant to a sub-adviser's and sub-sub-adviser's services to a Voya fund and/or its performance. The Board also considered that MR&S provides written reports on these due diligence analyses to the pertinent IRC. The Board considered the resources that Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment investment performance on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the Voya family of funds.<br>The Board also considered that MR&S has developed, based on guidance from the IRCs, a methodology for monitoring the performance of sub-advisers. The Board also recognized that MR&S provides the IRCs with regular updates on the Voya funds and alerts the IRCs to potential issues as they arise. The Board also considered that the Adviser regularly monitors performance, personnel, compliance and other issues that may arise on a day-to-day basis regarding sub-advisers and considered that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.<br>The Board considered that the Fund also can benefit from the services of the Adviser's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Voya funds and the Adviser. The Board considered that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Voya funds. The Board also considered that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying performance trends and other areas over consecutive periods. The Board considered that the services to be provided by the IRMD are meant to provide an additional perspective for the benefit of the IRCs, which may vary from the perspective of MR&S. The Board also |

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| considered the techniques used by the Adviser to monitor sub-adviser performance.<br>The Board also considered the extent of benefits provided to the Fund's shareholders, beyond investment management services, from being part of the Voya family of funds. The Board also took into account the Adviser's ongoing efforts to reduce the expenses of the Voya funds through renegotiated arrangements with the Voya funds' service providers.<br>**Board Conclusions**<br>After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts, with respect to the Fund, are fair and reasonable to the Fund and that approval of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and Management's related representations, the Board concluded that it was satisfied with Management's responses relating to the fees payable by the Fund under the Contracts. During this approval process, different Board members may have given different weight to different individual factors and related conclusions. Based on these conclusions and other factors, the Board voted to approve the Contracts for the Fund.<br>**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS, SUB-ADVISORY CONTRACTS AND SUB-SUB-ADVISORY CONTRACT**<br>At a meeting held on November 14, 2024, the Board of Trustees ("Board") of Voya Mutual Funds (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Multi-Manager Emerging Markets Equity Fund and Voya Multi-Manager International Equity Fund, each a series of the Trust (the "Funds"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of (1) the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Funds, (2) the sub-advisory contracts (the "Sub-Advisory Contracts") with Voya Investment Management Co. LLC, Delaware Investments Fund Advisers, Polaris Capital Management, LLC, Wellington Management Company LLP, and Sustainable Growth Advisers, LP, the respective sub-advisers to each Fund (the "Sub-Advisers"), and (3) the sub-sub-advisory contract (the | "Sub-Sub-Advisory Contract" and together with the Management Contracts and the Sub-Advisory Contracts, the "Contracts") with Macquarie Investment Management Global Limited, the sub-sub-adviser to Voya Multi-Manager Emerging Markets Equity Fund (the "Sub-Sub-Adviser"), for an additional one-year period ending November 30, 2025. The Board also reviewed the sub-advisory contracts with Lazard Asset Management, LLC and Voya Investment Management Co. LLC and the sub-sub-advisory contract with Voya Investment Management (UK) Limited, sub-advisers and sub-sub-adviser to the Voya Multi-Manager International Equity Fund, which were approved by the Board in March 2024 and will be considered for renewal at the Board meeting held in November 2025.<br>In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Advisers and Sub-Sub-Adviser (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts, sub-advisory contracts and sub-sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management, sub-advisory and sub-sub-advisory relationships separately.<br>The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management, sub-advisory and sub-sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-sub-advisers.<br>The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent |

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| Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.<br>The Manager, a Sub-Adviser or the Sub-Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.<br>Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.<br>**Nature, Extent and Quality of Services**<br>The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers or their sub-sub-adviser. 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.<br>The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers and their sub-sub-adviser, if any, to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Advisers' and Sub-Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager | has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and sub-sub-adviser and to recommend appropriate changes in investment strategies, sub-advisers, sub-sub-adviser, or allocation among sub-advisers and sub-sub-adviser in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, each Sub-Adviser's and the Sub-Sub-Adviser's management team, portfolio data and attribution analysis related to each Sub-Adviser and the Sub-Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with each Sub-Adviser and the Sub-Sub-Adviser.<br>Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager, Sub-Advisers, and Sub-Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.<br>The Board considered the portfolio management team assigned by the Sub-Advisers and Sub-Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager, Sub-Advisers and Sub-Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.<br>Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager, each Sub-Adviser and Sub-Sub-Adviser under the Contracts were appropriate.<br>**Fund Performance**<br>In assessing the investment management, sub-advisory, and sub-sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar," an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. With respect to each fund, the Board also reviewed the performance of the Fund assets allocated by the Manager to each Sub-Adviser and Sub-Sub-Adviser. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a |

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

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| separate analysis of each Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.<br>**Economies of Scale**<br>When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager, Sub-Advisers and the Sub-Sub-Adviser if and when a Fund grows larger and the extent to which any such economies are shared with the Fund. The Board considered that, while the Funds do not have management fee breakpoints, the Funds may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager*,* Sub-Advisers or the Sub-Sub-Adviser could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.<br>**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**<br>The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Advisers and Sub-Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager, Sub-Advisers or Sub-Sub-Adviser, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length nature of negotiations between the Manager and non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to sub-advisory and sub-sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Adviser is responsible for paying the fees of the Sub-Sub-Adviser.<br>**Fee Schedules, Profitability, and Fall-out Benefits**<br>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, and the contractual sub-sub-advisory fee schedule payable to the Sub-Sub-Adviser by the relevant Sub-Adviser. In this regard, the Board considered that the Sub-Sub-Adviser is compensated by its relevant Sub-Adviser and not the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to each Sub-Adviser and the Sub-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.<br>For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to each Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub-Advisers and Sub-Sub-Adviser which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to the negotiation of sub-advisory and sub-sub-advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers or sub-sub-adviser may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.<br>Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. |

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

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| In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.<br>The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager, Sub-Advisers and Sub-Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Funds and the Manager's, Sub-Advisers' and Sub-Sub-Adviser's potential fall-out benefits were not unreasonable.<br>**Fund-by-Fund Analysis**<br>Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.<br>**Voya Multi-Manager Emerging Markets Equity Fund**<br>In considering whether to approve the renewal of the Contracts for Voya Multi-Manager Emerging Markets Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category | for the year-to-date and one-year periods and the third quintile for the three-year, five-year and ten-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it underperformed.<br>In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the fifth quintile; (b) the Fund's contractual management fee rate is ranked in the third quintile; and (c) the Fund's net expense ratio is ranked in the fifth quintile.<br>In analyzing this fee data, the Board took into account: (1) management's representations regarding its belief that the Fund's pricing is competitive; and (2) that, as a result of the Board's request during the 2024 annual contract renewal cycle, lower expense limits were implemented for the Fund, effective on January 1, 2025.<br>**Voya Multi-Manager International Equity Fund**<br>In considering whether to approve the renewal of the Contracts for Voya Multi-Manager International Equity Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date period and the fifth quintile for the one-year, three-year, five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented.<br>In analyzing this performance data, the Board took into account management's representations regarding the recent change of multiple Sub-Advisers implemented in May 2024 and that management is monitoring the Sub-Advisers' performance.<br>In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the fifth quintile; (b) the Fund's contractual management fee rate is ranked in the third quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.<br>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)

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| **Board Conclusions**<br>After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related | representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2025. |

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| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Distributor** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

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**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.**

**167702 (0425)**

![](tm2518105d5_voya-img001.jpg)

Semi-Annual Financial Statements and Other Information

**April 30, 2025**

**Voya VACS Series EME Fund**

&nbsp;&nbsp;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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| ![](tm2518105d5_voya-img002.jpg) | E-Delivery Sign-up – details inside |

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| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2518105d5_voya-img003.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Statement of Assets and Liabilities | 1 |
| Statement of Operations | 2 |
| Statements of Changes in Net Assets | 3 |
| Financial Highlights | 4 |
| Notes to Financial Statements | 5 |
| Portfolio of Investments | 15 |
| Advisory and Sub-Advisory Contract Approval Discussion | 24 |

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**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

STATEMENT OF ASSETS AND LIABILITIES as of April 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **ASSETS:** | **ASSETS:** | |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $241208322 |
| Short-term investments at fair value† | Short-term investments at fair value† | 2912422 |
| Cash | Cash | 65552 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 42489 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 48369 |
| Receivables: | Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 65644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 804824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 461799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 32593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1955 |
| Unrealized appreciation on forward foreign currency contracts | Unrealized appreciation on forward foreign currency contracts | 69 |
| Prepaid expenses | Prepaid expenses | 19812 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 54462 |
| Other assets | Other assets | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 245719177 |
| **LIABILITIES:** | **LIABILITIES:** |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 35834 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 7591 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 387379 |
| Payable to trustees under the deferred compensation plan (Note 5) | Payable to trustees under the deferred compensation plan (Note 5) | 865 |
| Payable for trustee fees | Payable for trustee fees | 597 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax | 1023646 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 182415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1638327 |
| **NET ASSETS** | **NET ASSETS** | $244080850 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | Paid-in capital | $232126289 |
| Total distributable earnings | Total distributable earnings | 11954561 |
| **NET ASSETS** | **NET ASSETS** | $244080850 |
| + | Including securities loaned at value | $363615 |
| \* | Cost of investments in securities | $222919715 |
| † | Cost of short-term investments | $2912422 |
| ‡ | Cost of foreign currencies | $48321 |

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| | |
|:---|:---|
| Net assets | $244080850 |
| Shares authorized | unlimited |
| Par value |  |
| Shares outstanding | 22440886 |
| Net asset value and redemption price per share | $10.88 |

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See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the six months ended April 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $2944624 |
| Interest | Interest | 5568 |
| Securities lending income, net | Securities lending income, net | 11258 |
| Other | Other | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2962130 |
| **EXPENSES:** | **EXPENSES:** |  |
| Transfer agent fees | Transfer agent fees | 709 |
| Shareholder reporting expense | Shareholder reporting expense | 1240 |
| Registration fees | Registration fees | 2915 |
| Professional fees | Professional fees | 61194 |
| Custody and accounting expense | Custody and accounting expense | 108838 |
| Trustee fees | Trustee fees | 2986 |
| Licensing fee (Note 6) | Licensing fee (Note 6) | 50755 |
| Miscellaneous expense | Miscellaneous expense | 7468 |
| Interest expense | Interest expense | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 236660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (55915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 180745 |
| Net investment income | Net investment income | 2781385 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld<sup>^</sup>) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld<sup>^</sup>) | (1275334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (14640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (26241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (154016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (1470231) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued<sup>#</sup>) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued<sup>#</sup>) | 539587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 11036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 54751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 605443 |
| Net realized and unrealized loss | Net realized and unrealized loss | (864788) |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $1916597 |
| \* | Foreign taxes withheld | $305643 |
| ^ | Foreign capital gains taxes withheld | $132126 |
| # | Change in foreign capital gains taxes accrued | $141482 |

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See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025<br> (Unaudited)** | **Year Ended <br> October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $2781385 | $5444257 |
| Net realized gain (loss) | (1470231) | 1013595 |
| Net change in unrealized appreciation (depreciation) | 605443 | 36604076 |
| Increase in net assets resulting from operations | 1916597 | 43061928 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (11444838) | (4130918) |
| Total distributions | (11444838) | (4130918) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 45010991 | 73153456 |
| Reinvestment of distributions | 11444838 | 4130918 |
|  | 56455829 | 77284374 |
| Cost of shares redeemed | (30222129) | (107455211) |
| Net increase (decrease) in net assets resulting from capital share transactions | 26233700 | (30170837) |
| Net increase in net assets | 16705459 | 8760173 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 227375391 | 218615218 |
| End of year or period | $244080850 | $227375391 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset <br> value, <br> beginning <br> of year <br> or period | Net <br> investment <br> income <br> (loss) | | Net <br> realized <br> and <br> unrealized <br> gain <br> (loss) | <br>Total from <br> investment <br> operations | From net <br> investment <br> income | From <br> net <br> realized <br> gains | From <br> return <br> of <br> capital | <br>Total <br> distributions | <br>Payment <br> by <br> affiliate | <br>Net <br> asset <br> value, <br> end of <br> year <br> or <br> period | <br>**Total <br> Return<sup>(1)</sup>** | Expenses<br> before <br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses <br> net of fee <br> waivers <br> and/or <br> recoupments <br> if any<sup>(2)(3)</sup> | Expenses <br> net of all <br> reductions/<br> additions<sup>(2)(3)</sup> | Net <br> investment <br> income <br> (loss)<sup>(2)(3)</sup> | Net <br> assets, <br> end of <br> year or <br> period | Portfolio <br> turnover <br> rate |
| Year or<br> period ended | ($) | ($) | | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| 04-30-25<sup>+</sup> | 11.32 | 0.13 | <sup>•</sup> | (0.04) | 0.09 | 0.48 | 0.05 |  | 0.53 |  | 10.88 | **0.84** | 0.20 | 0.15 | 0.15 | 2.35 | 244081 | 15 |
| 10-31-24 | 9.47 | 0.27 | <sup>•</sup> | 1.75 | 2.02 | 0.13 | 0.04 |  | 0.17 |  | 11.32 | **21.62** | 0.19 | 0.17 | 0.17 | 2.42 | 227375 | 40 |
| 06-07-23<sup>(4)</sup>- 10-31-23 | 10.00 | 0.11 | <sup>•</sup> | (0.64) | (0.53) |  |  |  |  |  | 9.47 | **(5.30)** | 0.17 | 0.15 | 0.15 | 2.61 | 218615 | 11 |

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| | |
|:---|:---|
| <sup>(1)</sup> | 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. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | Commencement of operations. |
| <sup>+</sup> | Unaudited. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |

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See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited)

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**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 six separate active investment series. This report is for Voya VACS Series EME Fund ("EME" or the "Fund"), a diversified series of the Trust.

The Fund's shares are not registered under the Securities Act of 1933 (the "1933 Act") because the shares are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act.

The Fund does not have a share class designation. All shareholders are allocated the common expenses of the Fund and earn income and realized gains/losses from the Fund. Expenses that are specific to the Fund are charged directly to the Fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investments has engaged Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, to serve as one of the multiple sub- advisers to the Fund. Voya IM serves as one of the multiple sub-advisers for the Fund. Voya Investments Distributor, LLC ("VID"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m.

Eastern Time unless otherwise designated by the CTA). The NAV per share of the Fund is calculated by taking the value of the Fund's assets, subtracting the Fund's liabilities, and dividing by the number of shares that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio securities for which market quotations are readily available are valued at market value. Investments in open- end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

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

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

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

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

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

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated

with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method.

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

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

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

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

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

taxes recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid, and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. The Fund declares and pays dividends and capital gain distributions, if any, at least annually to comply with the distribution requirements of the Internal Revenue Code and may make distributions on a more frequent basis. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

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

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

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

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Fund's investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.

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

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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

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**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** The Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease or hedge exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest

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

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter ("OTC"), with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations,

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

------

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Fund may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

At April 30, 2025, the maximum amount of loss that the Fund would incur if its counterparties failed to perform would be $69 which represents the gross payments to be received on open forward foreign currency contracts were they to be unwound as of April 30, 2025. There was no collateral pledged to the Fund at April 30, 2025.

H. ***Forward Foreign Currency Transactions and Futures Contracts.*** The Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Fund either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

For the period ended April 30, 2025, the Fund entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Fund used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. During the period ended April 30, 2025, the Fund had an average contract amount on forward foreign currency contracts to sell of $26,797. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at April 30, 2025.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within the Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund's Statement of Operations. Realized gains (losses) are reported in the Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2025, the Fund purchased futures contracts on equity indices to "equitize" cash. Futures contracts are purchased to provide immediate market exposure proportionate to the size of the Fund's respective cash flows and residual cash balances in order to decrease potential tracking error if the cash remained uninvested in the market. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the period ended April 30, 2025, the Fund had an average notional value on futures contracts purchased of $757,278. Please refer to the tables within the Portfolio of

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

------

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

Investments for open futures contracts during the period ended April 30, 2025.

I. ***Securities Lending.*** The Fund has the option to temporarily loan securities representing up to 33 1∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Fund. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

J. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the period ended April 30, 2025, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $52697053 | $34954110 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. There is no management fee charged per the Management Agreement for EME.

The Investment Adviser has entered into sub-advisory agreements with Delaware Investments Fund Advisers, Sustainable Growth Advisers, LP and Voya IM. These sub-advisers provide investment advice for the Fund and

are paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, the sub- advisers manage the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At April 30, 2025, the following direct or indirect, wholly- owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| <u>Subsidiary</u> | <u>Percentage</u> |
| Voya Investment Trust Co. | 89.02% |

---

The Investment Advisor may direct the Fund's Sub-Adviser to use its best efforts (subject to obtaining best execution of each transaction) to allocate the Fund's equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Fund. Any amount credited to the Fund is reflected as brokerage commission recapture on the accompanying Statement of Operations.

The Fund has adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statement of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

**NOTE 6 —LICENSING FEES**

EME pays an annual licensing fee to FTSE International Limited in order to obtain data and permissions necessary to achieve its principal investment strategy.

**NOTE 7 — EXPENSE LIMITATION AGREEMENT**

The Investment Adviser has entered into a written expense limitation agreement ("Expense Limitation Agreement")

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

------

**NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)**

with the Fund to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses and extraordinary expenses to 0.15% of the average net assets.

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

As of April 30, 2025, 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,** | **April 30,** | **April 30,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $— | $48109 | $60330 | $108439 |

---

The Expense Limitation Agreement is contractual through March 1, 2026 and the Expense Limitation Agreement shall renew automatically for one-year terms. Termination

or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

The Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

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

The Fund utilized the line of credit during the period ended April 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Days**<br>**Utilized** |<br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| 2 | $2291500 | 5.33% |

---

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**Issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| 4/30/2025 | 4121792 |  | 1061673 | (2828512) |  | 2354953 | 45010991 |  | 11444838 | (30222129) |  | 26233700 |
| 10/31/2024 | 6639768 |  | 412679 | (10041245) |  | (2988798) | 73153456 |  | 4130918 | (107455211) |  | (30170837) |

---

**NOTE 10 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Fund at its last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested

in approved investments as defined in the Agreement with BNY. The Fund bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Fund indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

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,

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

------

**NOTE 10 — SECURITIES LENDING (continued)**

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

Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose

of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following table represents a summary of the Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| J.P. Morgan Securities LLC | $11432 | $(11432) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | 99811 | (99811) |  |
| Merrill Lynch International | 209320 | (209320) |  |
| Wells Fargo Securities LLC | 43052 | (43052) |  |
| Total | $363615 | $(363615) | $— |

---

<sup>(1)</sup> Cash Collateral with a fair value of $387,379 has been received in connection with the above securities lending transactions. Excess cash collateral received from the individual counterparty is not shown for financial reporting purposes.

**NOTE 11 — FEDERAL INCOME TAXES**

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

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

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

---

| | |
|:---|:---|
| **Year Ended <br> October 31, <br> 2024** | **Period Ended <br> October 31,<br> 2023** |
| **Ordinary <br> Income** | **Ordinary<br> Income** |
| $4130918 | $— |

---

The tax-basis components of distributable earnings as of October 31, 2024, were:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed**<br> **Ordinary**<br>**Income** | **Unrealized**<br> **Appreciation/**<br>**(Depreciation)** |<br>**Other** | **Total**<br> **Distributable**<br>**Earnings/(Loss)** |
| $9543120 | $13104810 | $(1165127) | $21482803 |

---

At October 31, 2024, the Fund did not have any capital loss carryforwards for U.S. federal income tax purposes.

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

As of April 30, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

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**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other

changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Line of Credit Renewal*: Effective June 10, 2025, the funds to which the Credit Agreement is available will enter into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial

NOTES TO FINANCIAL STATEMENTS as of April 30, 2025 (Unaudited) (continued)

------

**NOTE 14 — SUBSEQUENT EVENTS (continued)**

statements. Other than the above, no such subsequent events were identified.

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 98.1%** | **COMMON STOCK: 98.1%** |  |  |
|  | **Brazil: 9.7%** |  |  |
| 453583 | Ambev SA, ADR | $1147565 | 0.5 |
| 97431 | B3 SA - Brasil Bolsa Balcao | 228850 | 0.1 |
| 353338 | Banco Bradesco SA, ADR | 869211 | 0.4 |
| 64528 | Banco Santander Brasil SA, ADR | 339417 | 0.1 |
| 43433 | BB Seguridade Participacoes SA | 325643 | 0.1 |
| 132975 | BRF SA, ADR | 526581 | 0.2 |
| 10597 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 211934 | 0.1 |
| 10326 <sup>(1)</sup> | Embraer SA | 118578 | 0.0 |
| 20187 | Equatorial Energia SA | 130723 | 0.0 |
| 241342 | Itau Unibanco Holding SA, ADR | 1522868 | 0.6 |
| 59678 | Klabin SA | 194750 | 0.1 |
| 2004 <sup>(1)</sup> | MercadoLibre, Inc. | 4671023 | 1.9 |
| 28522 | Petroleo Brasileiro SA | 161126 | 0.1 |
| 172150 | Petroleo Brasileiro SA - Foreign, ADR | 1943574 | 0.8 |
| 19890 | Porto Seguro SA | 154980 | 0.1 |
| 610634 | Raia Drogasil SA | 2128286 | 0.9 |
| 37837 | Rumo SA | 128809 | 0.0 |
| 39750 | Telefonica Brasil SA | 193737 | 0.1 |
| 48372 | Telefonica Brasil SA, ADR | 469692 | 0.2 |
| 41055 | TIM SA/Brazil | 136653 | 0.1 |
| 37700 | TIM SA/Brazil, ADR | 628836 | 0.3 |
| 489203 | Totvs SA | 3232534 | 1.3 |
| 56879 | Vale SA, ADR | 529544 | 0.2 |
| 50783 | Vale SA - Foreign | 473276 | 0.2 |
| 12235 | WEG SA | 97080 | 0.0 |
| 196481 | XP, Inc. - Class A | 3163344 | 1.3 |
|  |  | **23728614** | **9.7** |
|  | **Chile: 0.5%** |  |  |
| 939785 | Banco de Chile | 137957 | 0.1 |
| 84672 | Cencosud SA | 289724 | 0.1 |
| 1718467 | Cia Sud Americana de Vapores SA | 94917 | 0.0 |
| 19981 | Empresas Copec SA | 137161 | 0.1 |
| 1050266 | Enel Americas SA | 103131 | 0.0 |
| 26159 | Falabella SA | 118782 | 0.0 |
| 13236 <sup>(2)</sup> | Sociedad Quimica y Minera de Chile SA, ADR | 452671 | 0.2 |
|  |  | **1334343** | **0.5** |
|  | **China: 17.6%** |  |  |
| 398000 | Alibaba Group Holding Ltd. | 5942152 | 2.4 |
| 19201 | Alibaba Group Holding Ltd., ADR | 2293176 | 0.9 |
| 55000 | Anhui Conch Cement Co. Ltd. - Class H | 154938 | 0.1 |
| 64450 <sup>(1)</sup> | Baidu, Inc. - Class A | 710692 | 0.3 |
| 173000 | Bank of China Ltd. - Class H | 96599 | 0.0 |
| 3105 <sup>(1)</sup> | BeiGene Ltd., ADR | 806710 | 0.3 |
| 298000 | Brilliance China Automotive Holdings Ltd. | 105477 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 4500 | BYD Co. Ltd. - Class H | $213733 | 0.1 |
| 909000 <sup>(3)</sup> | CGN Power Co. Ltd. - Class H | 289347 | 0.1 |
| 314000 | China Communications Services Corp. Ltd. - Class H | 163531 | 0.1 |
| 211000 | China Construction Bank Corp. - Class H | 173321 | 0.1 |
| 227000 | China Everbright Environment Group Ltd. | 104888 | 0.0 |
| 158000 <sup>(3)</sup> | China Feihe Ltd. | 119400 | 0.1 |
| 69500 | China Hongqiao Group Ltd. | 124754 | 0.1 |
| 119000 | China Life Insurance Co. Ltd. - Class H | 217484 | 0.1 |
| 76000 | China Merchants Port Holdings Co. Ltd. | 123385 | 0.1 |
| 208000 | China Railway Group Ltd. - Class H | 89495 | 0.0 |
| 30300 | China Resources Gas Group Ltd. | 84640 | 0.0 |
| 92000 | China State Construction International Holdings Ltd. | 135610 | 0.1 |
| 131600 | China United Network Communications Ltd. - Class A | 96422 | 0.0 |
| 17200 | ENN Energy Holdings Ltd. | 135783 | 0.1 |
| 62000 | Geely Automobile Holdings Ltd. | 130157 | 0.1 |
| 200000 | Guangdong Investment Ltd. | 161843 | 0.1 |
| 512957 | H World Group Ltd. | 1799535 | 0.7 |
| 75400 | Haier Smart Home Co. Ltd. - Class H | 218813 | 0.1 |
| 134000 | Hengan International Group Co. Ltd. | 361273 | 0.2 |
| 157000 | Industrial & Commercial Bank of China Ltd. - Class H | 107547 | 0.0 |
| 51700 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 102820 | 0.0 |
| 23132 <sup>(1)(2)</sup> | iQIYI, Inc., ADR | 42563 | 0.0 |
| 55300 <sup>(1)(3)</sup> | JD Logistics, Inc. | 86733 | 0.0 |
| 82900 | JD.com, Inc. - Class A | 1349730 | 0.6 |
| 102000 | Jiangsu Expressway Co. Ltd. - Class H | 126927 | 0.1 |
| 47000 | Kingboard Holdings Ltd. | 126262 | 0.1 |
| 688000 | Kunlun Energy Co. Ltd. | 655785 | 0.3 |
| 3200 | Kweichow Moutai Co. Ltd. - Class A | 681762 | 0.3 |
| 31800 | Lao Feng Xiang Co. Ltd. - Class B | 110662 | 0.1 |
| 89400 <sup>(1)(3)</sup> | Meituan - Class B | 1480235 | 0.6 |
| 21600 <sup>(1)</sup> | Midea Group Co. Ltd. - Class H | 203883 | 0.1 |
| 10025 | New Oriental Education & Technology Group, Inc., ADR | 489721 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 17153 <sup>(1)</sup> | PDD Holdings, Inc., ADR | $1810842 | 0.7 |
| 494000 | People's Insurance Co. Group of China Ltd. - Class H | 292357 | 0.1 |
| 916000 | PetroChina Co. Ltd. - Class H | 699951 | 0.3 |
| 114000 | PICC Property & Casualty Co. Ltd. - Class H | 209924 | 0.1 |
| 141000 <sup>(3)</sup> | Qingdao Port International Co. Ltd. - Class H | 101926 | 0 |
| 118928 | Shenzhen International Holdings Ltd. | 121668 | 0.1 |
| 19400 | Shenzhen Mindray Bio- Medical Electronics Co. Ltd. - Class A | 586732 | 0.2 |
| 127000 | Sinopec Engineering Group Co. Ltd. - Class H | 90369 | 0 |
| 127468 | Tencent Holdings Ltd. | 7807537 | 3.2 |
| 170390 | Tencent Music Entertainment Group, ADR | 2286634 | 0.9 |
| 396000 | Tingyi Cayman Islands Holding Corp. | 715307 | 0.3 |
| 5200 | Trip.com Group Ltd. | 313252 | 0.1 |
| 21431 | Trip.com Group Ltd., ADR | 1264215 | 0.5 |
| 80000 | Tsingtao Brewery Co. Ltd. - Class H | 565318 | 0.2 |
| 809000 | Uni-President China Holdings Ltd. | 970099 | 0.4 |
| 187000 | Want Want China Holdings Ltd. | 122376 | 0.1 |
| 27500 <sup>(2)</sup> | Weibo Corp. - Class A | 227285 | 0.1 |
| 68000 | Weichai Power Co. Ltd. - Class H | 132661 | 0.1 |
| 39400 | Wuliangye Yibin Co. Ltd. - Class A | 698289 | 0.3 |
| 14200 <sup>(1)(3)</sup> | Xiaomi Corp. - Class B | 90911 | 0 |
| 75000 | Xinhua Winshare Publishing and Media Co. Ltd. - Class H | 108567 | 0 |
| 460800 | Yangzijiang Shipbuilding Holdings Ltd. | 789333 | 0.3 |
| 50255 | Yum China Holdings, Inc. | 2347787 | 1 |
| 5100 | ZTO Express Cayman, Inc. | 94982 | 0 |
|  |  | **42866110** | **17.6** |
|  | **Czechia: 0.2%** |  |  |
| 7439 | CEZ AS | **377600** | **0.2** |
|  | **Egypt: 0.0%** |  |  |
| 76744 | Commercial International Bank Egypt SAE | **122250** | **0.0** |
|  | **France: 1.1%** |  |  |
| 6258 | L'Oreal SA | **2765192** | **1.1** |
|  | **Greece: 0.4%** |  |  |
| 17721 | Hellenic Telecommunications Organization SA | 336291 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Greece (continued)** |  |  |
| 12752 | Helleniq Energy Holdings SA | $110147 | 0.0 |
| 7780 | Jumbo SA | 245017 | 0.1 |
| 2643 | Mytilineos SA | 125086 | 0.1 |
| 11590 | OPAP SA | 257521 | 0.1 |
|  |  | **1074062** | **0.4** |
|  | **Hong Kong: 1.4%** |  |  |
| 443863 | AIA Group Ltd. | **3325828** | **1.4** |
|  | **Hungary: 0.6%** |  |  |
| 50627 | Magyar Telekom Telecommunications PLC | 239386 | 0.1 |
| 60186 | MOL Hungarian Oil & Gas PLC | 509637 | 0.2 |
| 2376 | OTP Bank Nyrt | 175511 | 0.1 |
| 19085 | Richter Gedeon Nyrt | 578822 | 0.2 |
|  |  | **1503356** | **0.6** |
|  | **Iceland: 0.1%** |  |  |
| 49046 | Festi hf | 114415 | 0.0 |
| 192976 | Hagar hf | 161089 | 0.1 |
|  |  | **275504** | **0.1** |
|  | **India: 15.8%** |  |  |
| 20374 <sup>(1)</sup> | Aurobindo Pharma Ltd. | 296975 | 0.1 |
| 27111 | Bajaj Finance Ltd. | 2766313 | 1.1 |
| 1065 | Bajaj Holdings & Investment Ltd. | 151411 | 0.1 |
| 59561 | Bharat Electronics Ltd. | 221539 | 0.1 |
| 39357 | Bharat Petroleum Corp. Ltd. | 144234 | 0.1 |
| 15020 | Bharti Airtel Ltd. | 284573 | 0.1 |
| 4639 | Blue Star Ltd. | 93757 | 0.0 |
| 2011 | Britannia Industries Ltd. | 129466 | 0.1 |
| 10566 | Cipla Ltd./India | 193894 | 0.1 |
| 43453 | Coal India Ltd. | 197984 | 0.1 |
| 2218 | Coforge Ltd. | 192831 | 0.1 |
| 6243 | Coromandel International Ltd. | 163869 | 0.1 |
| 2845 | Cummins India Ltd. | 97682 | 0.0 |
| 3107 | Divi's Laboratories Ltd. | 224275 | 0.1 |
| 696 | Dixon Technologies India Ltd. | 135682 | 0.1 |
| 12755 | Dr Reddy's Laboratories Ltd. | 179044 | 0.1 |
| 3945 | Eicher Motors Ltd. | 259784 | 0.1 |
| 24309 | Exide Industries Ltd. | 100952 | 0.0 |
| 22784 | Fortis Healthcare Ltd. | 184761 | 0.1 |
| 59087 | HCL Technologies Ltd. | 1095941 | 0.4 |
| 2313 <sup>(3)</sup> | HDFC Asset Management Co. Ltd. | 119866 | 0.0 |
| 128176 | HDFC Bank Ltd. | 2911384 | 1.2 |
| 75519 | HDFC Bank Ltd., ADR | 5489476 | 2.2 |
| 2944 | Hero MotoCorp Ltd. | 133386 | 0.1 |
| 39711 | Hindalco Industries Ltd. | 293502 | 0.1 |
| 18492 | Hindustan Unilever Ltd. | 513392 | 0.2 |
| 12513 | Indian Hotels Co. Ltd. | 116428 | 0.0 |
| 51261 <sup>(1)</sup> | Indus Towers Ltd. | 247034 | 0.1 |
| 92677 | Infosys Ltd. | 1638338 | 0.7 |
| 189197 | Infosys Ltd. - Foreign, ADR | 3329867 | 1.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 2865 <sup>(1)(3)</sup> | InterGlobe Aviation Ltd. | $178522 | 0.1 |
| 9036 | JSW Steel Ltd. | 110395 | 0 |
| 4586 | Kotak Mahindra Bank Ltd. | 119859 | 0 |
| 6619 | Lupin Ltd. | 164595 | 0.1 |
| 4203 | Mahindra & Mahindra Ltd. | 145622 | 0.1 |
| 17240 | Marico Ltd. | 144943 | 0.1 |
| 764 | Maruti Suzuki India Ltd. | 110745 | 0 |
| 11323 | Max Healthcare Institute Ltd. | 146908 | 0.1 |
| 61729 | National Aluminium Co. Ltd. | 114446 | 0 |
| 150777 | NMDC Ltd. | 115671 | 0 |
| 43437 | NTPC Ltd. | 181979 | 0.1 |
| 36994 | Oil & Natural Gas Corp. Ltd. | 107045 | 0 |
| 244 | Page Industries Ltd. | 131548 | 0.1 |
| 2925 | Persistent Systems Ltd. | 184084 | 0.1 |
| 67377 | Petronet LNG Ltd. | 250145 | 0.1 |
| 54176 | Power Grid Corp. of India Ltd. | 196764 | 0.1 |
| 498902 | Reliance Industries Ltd. | 8283930 | 3.4 |
| 147226 <sup>(1)</sup> | Reliance Strategic Investments Ltd. | 454710 | 0.2 |
| 388 | Shree Cement Ltd. | 136406 | 0.1 |
| 7488 | Sun Pharmaceutical Industries Ltd. | 162404 | 0.1 |
| 70038 | Tata Consultancy Services Ltd. | 2858945 | 1.2 |
| 64958 | Tata Consumer Products Ltd. | 896319 | 0.4 |
| 64208 | Tata Steel Ltd. | 106873 | 0 |
| 19704 | Tech Mahindra Ltd. | 350466 | 0.1 |
| 1962 | Trent Ltd. | 119926 | 0 |
| 1344 | UltraTech Cement Ltd. | 185207 | 0.1 |
| 63292 | Vedanta Ltd. | 314278 | 0.1 |
| 7690 | Voltas Ltd. | 112711 | 0 |
| 51377 | Wipro Ltd. | 146737 | 0.1 |
| 45542 <sup>(1)</sup> | Zomato Ltd. | 124648 | 0 |
|  |  | **38564471** | **15.8** |
|  | **Indonesia: 1.7%** |  |  |
| 3088500 | Astra International Tbk PT | 892657 | 0.4 |
| 4528476 | Bank Central Asia Tbk PT | 2407748 | 1 |
| 238500 | Indofood Sukses Makmur Tbk PT | 115046 | 0 |
| 1837100 | Perusahaan Gas Negara Tbk PT | 186423 | 0.1 |
| 2443100 | Unilever Indonesia Tbk PT | 252020 | 0.1 |
| 180900 | United Tractors Tbk PT | 247221 | 0.1 |
|  |  | **4101115** | **1.7** |
|  | **Japan: 1.1%** |  |  |
| 8457 | Fast Retailing Co. Ltd. | **2781887** | **1.1** |
|  | **Kuwait: 0.1%** |  |  |
| 81320 | Mobile Telecommunications Co. KSCP | **125614** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Luxembourg: 0.1%** |  |  |
| 6345 | Reinet Investments SCA | $**166634** | **0.1** |
|  | **Malaysia: 1.3%** |  |  |
| 92600 | AMMB Holdings Bhd | 110788 | 0.0 |
| 69500 | CIMB Group Holdings |  |  |
|  | Bhd | 114807 | 0.1 |
| 265100 | Gamuda Bhd | 261195 | 0.1 |
| 29900 | Petronas Dagangan Bhd | 136754 | 0.1 |
| 30700 | Petronas Gas Bhd | 124507 | 0.1 |
| 99500 | Press Metal Aluminium |  |  |
|  | Holdings Bhd | 113089 | 0.0 |
| 1254000 | Public Bank Bhd | 1299964 | 0.5 |
| 93700 | Telekom Malaysia Bhd | 147670 | 0.1 |
| 249000 | Tenaga Nasional Bhd | 800819 | 0.3 |
|  |  | **3109593** | **1.3** |
|  | **Mexico: 6.1%** |  |  |
| 57081 | America Movil SAB de CV - Foreign, ADR | 984076 | 0.4 |
| 16531 | Arca Continental SAB de CV | 174098 | 0.1 |
| 172235 | Cemex SAB de CV | 106535 | 0.0 |
| 111315 | Cemex SAB de CV - Foreign, ADR | 686814 | 0.3 |
| 32125 | Coca-Cola Femsa SAB de CV | 302878 | 0.1 |
| 8840 | Coca-Cola Femsa SAB de CV - Foreign, ADR | 832109 | 0.3 |
| 17099 | Fomento Economico Mexicano SAB de CV | 179783 | 0.1 |
| 41979 | Fomento Economico Mexicano SAB de CV - Foreign, ADR | 4420808 | 1.8 |
| 8428 | Gruma SAB de CV - Class B | 160583 | 0.1 |
| 18894 | Grupo Aeroportuario del Centro Norte SAB de CV | 207906 | 0.1 |
| 14751 | Grupo Aeroportuario del Pacifico SAB de CV - Class B | 298909 | 0.1 |
| 8544 | Grupo Aeroportuario del Sureste SAB de CV - Class B | 269807 | 0.1 |
| 119584 | Grupo Financiero Banorte SAB de CV - Class O | 1025372 | 0.4 |
| 41969 <sup>(1)</sup> | Grupo Financiero Inbursa SAB de CV - Class O | 107884 | 0.1 |
| 35364 | Grupo Mexico SAB de CV | 183506 | 0.1 |
| 110222 | Grupo Televisa SAB, ADR | 200604 | 0.1 |
| 34993 <sup>(1)</sup> | Ollamani SAB | 84010 | 0.0 |
| 70382 | Prologis Property Mexico SA de CV | 249758 | 0.1 |
| 24257 | Promotora y Operadora de Infraestructura SAB de CV | 271422 | 0.1 |
| 1321265 | Wal-Mart de Mexico SAB de CV | 4186033 | 1.7 |
|  |  | **14932895** | **6.1** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Peru: 0.6%** |  |  |
| 29182 | Cia de Minas Buenaventura SAA, ADR | $413217 | 0.2 |
| 5440 | Credicorp Ltd. | 1099914 | 0.4 |
|  |  | **1513131** | **0.6** |
|  | **Philippines: 0.3%** |  |  |
| 583600 | DMCI Holdings, Inc. | 110754 | 0 |
| 27410 | International Container Terminal Services, Inc. | 167644 | 0.1 |
| 22150 | Manila Electric Co. | 226041 | 0.1 |
| 5220 | PLDT, Inc. | 121608 | 0.1 |
| 181800 | Semirara Mining & Power Corp. | 110665 | 0 |
|  |  | **736712** | **0.3** |
|  | **Qatar: 0.4%** |  |  |
| 33796 | Industries Qatar QSC | 116568 | 0 |
| 67304 | Ooredoo QPSC | 239782 | 0.1 |
| 59167 | Qatar Fuel QSC | 243758 | 0.1 |
| 55995 | Qatar Navigation QSC | 170707 | 0.1 |
| 187037 | Vodafone Qatar QSC | 121233 | 0.1 |
|  |  | **892048** | **0.4** |
|  | **Romania: 0.3%** |  |  |
| 37053 | NEPI Rockcastle NV | 284074 | 0.1 |
| 1778023 | OMV Petrom SA | 289708 | 0.1 |
| 3776 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | 101623 | 0.1 |
|  |  | **675405** | **0.3** |
|  | **Saudi Arabia: 0.7%** |  |  |
| 2684 | Aldrees Petroleum and Transport Services Co. | 98649 | 0 |
| 9427 | Almarai Co. JSC | 132789 | 0.1 |
| 14402 | Etihad Etisalat Co. | 241125 | 0.1 |
| 2844 | Riyadh Cables Group Co. | 96494 | 0 |
| 4317 | SABIC Agri-Nutrients Co. | 113721 | 0.1 |
| 109000 <sup>(3)</sup> | Saudi Arabian Oil Co. | 736949 | 0.3 |
| 20277 | Saudi Telecom Co. | 257432 | 0.1 |
|  |  | **1677159** | **0.7** |
|  | **Singapore: 1.1%** |  |  |
| 510309 <sup>(1)</sup> | Grab Holdings Ltd. - Class A | 2490308 | 1 |
| 489100 | Yangzijiang Financial Holding Ltd. | 266667 | 0.1 |
|  |  | **2756975** | **1.1** |
|  | **South Africa: 2.6%** |  |  |
| 15555 | Bid Corp. Ltd. | 390940 | 0.2 |
| 11419 | Bidvest Group Ltd. | 144763 | 0.1 |
| 1004 | Capitec Bank Holdings Ltd. | 186349 | 0.1 |
| 13076 | Clicks Group Ltd. | 278099 | 0.1 |
| 27967 | Exxaro Resources Ltd. | 228962 | 0.1 |
| 23263 | Foschini Group Ltd. | 161667 | 0.1 |
| 20047 | Mr Price Group Ltd. | 256218 | 0.1 |
| 33913 | MTN Group Ltd. | 224447 | 0.1 |
| 400 | Naspers Ltd. - Class N | 105177 | 0 |
| 63023 | OUTsurance Group Ltd. | 258716 | 0.1 |
| 75614 <sup>(3)</sup> | Pepkor Holdings Ltd. | 109460 | 0 |
| 620896 | Sanlam Ltd. | 2826969 | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Africa (continued)** |  |  |
| 17528 | Shoprite Holdings Ltd. | $269689 | 0.1 |
| 8106 | Standard Bank Group Ltd. | 101229 | 0 |
| 19056 | Tiger Brands Ltd. | 297090 | 0.1 |
| 38670 | Vodacom Group Ltd. | 286128 | 0.1 |
| 39135 | Woolworths Holdings Ltd./South Africa | 121184 | 0.1 |
|  |  | **6247087** | **2.6** |
|  | **South Korea: 14.0%** |  |  |
| 2150 | Coway Co. Ltd. | 132377 | 0.1 |
| 1660 | DB Insurance Co. Ltd. | 106946 | 0 |
| 2620 | HD Hyundai Co. Ltd. | 144899 | 0.1 |
| 1521 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 290962 | 0.1 |
| 4445 | Hyundai Engineering & Construction Co. Ltd. | 130264 | 0.1 |
| 3280 | Hyundai Glovis Co. Ltd. | 262996 | 0.1 |
| 1664 | Hyundai Mobis Co. Ltd. | 312347 | 0.1 |
| 43797 | Kakao Corp. | 1176596 | 0.5 |
| 1879 | KB Financial Group, Inc. | 118751 | 0 |
| 2833 | Kia Corp. | 180047 | 0.1 |
| 11455 | Korean Air Lines Co. Ltd. | 168879 | 0.1 |
| 2631 | KT&G Corp. | 212359 | 0.1 |
| 75695 | LG Uplus Corp. | 639137 | 0.3 |
| 21116 | NAVER Corp. | 2971140 | 1.2 |
| 27482 | Samsung C&T Corp. | 2365084 | 1 |
| 1507 | Samsung Electro- Mechanics Co. Ltd. | 124333 | 0 |
| 150658 | Samsung Electronics Co. Ltd. | 5878304 | 2.4 |
| 18083 | Samsung Life Insurance Co. Ltd. | 1097957 | 0.4 |
| 16648 | Shinhan Financial Group Co. Ltd. | 601659 | 0.2 |
| 64129 | SK Hynix, Inc. | 8001574 | 3.3 |
| 123163 <sup>(1)</sup> | SK Square Co. Ltd. | 7614531 | 3.1 |
| 37107 | SK Telecom Co. Ltd. | 1417739 | 0.6 |
| 10484 | Woori Financial Group, Inc. | 130553 | 0.1 |
|  |  | **34079434** | **14.0** |
|  | **Taiwan: 14.9%** |  |  |
| 11000 | Accton Technology Corp. | 204890 | 0.1 |
| 10699 | Advantech Co. Ltd. | 112085 | 0 |
| 46000 | ASE Technology Holding Co. Ltd. | 196015 | 0.1 |
| 32000 | Asustek Computer, Inc. | 585181 | 0.2 |
| 19000 | Catcher Technology Co. Ltd. | 129337 | 0.1 |
| 87000 | Cheng Shin Rubber Industry Co. Ltd. | 134373 | 0.1 |
| 207000 | China Airlines Ltd. | 136364 | 0.1 |
| 149000 | China Steel Corp. | 96357 | 0 |
| 17000 | Chroma ATE, Inc. | 155401 | 0.1 |
| 55000 | Chunghwa Telecom Co. Ltd. | 222360 | 0.1 |
| 137000 | Compal Electronics, Inc. | 118049 | 0 |
| 126000 | Delta Electronics, Inc. | 1320254 | 0.5 |
| 6000 | Eclat Textile Co. Ltd. | 78206 | 0 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Taiwan (continued)** |  |  |
| 9000 | Elite Material Co. Ltd. | $156631 | 0.1 |
| 274000 | Eva Airways Corp. | 329110 | 0.1 |
| 101000 | Far Eastern New Century Corp. | 103934 | 0.0 |
| 79000 | Far EasTone Telecommunications Co. Ltd. | 211843 | 0.1 |
| 694000 <sup>(1)(2)(3)</sup> | FIT Hon Teng Ltd. | 174229 | 0.1 |
| 165000 | Hon Hai Precision Industry Co. Ltd. | 735124 | 0.3 |
| 6000 | International Games System Co. Ltd. | 155555 | 0.1 |
| 2000 | King Slide Works Co. Ltd. | 109392 | 0.0 |
| 38000 | King Yuan Electronics Co. Ltd. | 103338 | 0.0 |
| 3400 | Largan Precision Co. Ltd. | 242392 | 0.1 |
| 41000 | Lite-On Technology Corp. | 123993 | 0.1 |
| 3000 | Lotes Co. Ltd. | 117959 | 0.0 |
| 104000 | MediaTek, Inc. | 4419283 | 1.8 |
| 43000 | Micro-Star International Co. Ltd. | 188064 | 0.1 |
| 7000 | Nien Made Enterprise Co. Ltd. | 85721 | 0.0 |
| 14000 | Novatek Microelectronics Corp. | 227686 | 0.1 |
| 286000 | Pegatron Corp. | 726661 | 0.3 |
| 175000 | Pou Chen Corp. | 180209 | 0.1 |
| 12000 | Realtek Semiconductor Corp. | 197269 | 0.1 |
| 49000 | Synnex Technology International Corp. | 108708 | 0.0 |
| 137000 | Taiwan Cement Corp. | 127315 | 0.1 |
| 63000 | Taiwan Mobile Co. Ltd. | 223682 | 0.1 |
| 815731 | Taiwan Semiconductor Manufacturing Co. Ltd. | 23113374 | 9.5 |
| 64000 | Teco Electric and Machinery Co. Ltd. | 98080 | 0.0 |
| 51000 | Uni-President Enterprises Corp. | 122561 | 0.0 |
| 170000 | United Microelectronics Corp. | 238553 | 0.1 |
| 9000 | Yageo Corp. | 129044 | 0.1 |
| 52000 | Zhen Ding Technology Holding Ltd. | 159297 | 0.1 |
|  |  | **36397879** | **14.9** |
|  | **Thailand: 1.6%** |  |  |
| 38100 | Advanced Info Service PCL | 336068 | 0.1 |
| 150800 | Charoen Pokphand Foods PCL | 119446 | 0.0 |
| 1729516 | CP ALL PCL - Foreign | 2663062 | 1.1 |
| 36300 | Kasikornbank PCL | 173350 | 0.1 |
| 198000 | Krung Thai Bank PCL | 129206 | 0.1 |
| 48100 | PTT Exploration & Production PCL | 143149 | 0.1 |
| 260100 | PTT PCL - Foreign | 241212 | 0.1 |
| 290200 <sup>(1)</sup> | True Corp. PCL | 105063 | 0.0 |
|  |  | **3910556** | **1.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Turkey: 0.7%** |  |  |
| 804919 | Akbank TAS | $1022826 | 0.4 |
| 38512 | Anadolu Anonim Turk Sigorta Sirketi | 87489 | 0 |
| 14433 | BIM Birlesik Magazalar AS | 169563 | 0.1 |
| 9180 | Migros Ticaret AS | 114476 | 0 |
| 22106 <sup>(1)</sup> | Turk Hava Yollari AO | 164025 | 0.1 |
| 104394 | Turkcell Iletisim Hizmetleri AS | 244862 | 0.1 |
|  |  | **1803241** | **0.7** |
|  | **United Arab Emirates: 1.0%** |  |  |
| 20218 | Abu Dhabi Islamic Bank PJSC | 100661 | 0 |
| 101790 | Abu Dhabi National Oil Co. for Distribution PJSC | 93409 | 0 |
| 74364 | ADNOC Drilling Co. PJSC | 99215 | 0 |
| 96761 | ADNOC Logistics & Services | 127788 | 0.1 |
| 283445 | Air Arabia PJSC | 269692 | 0.1 |
| 129953 | Aldar Properties PJSC | 292648 | 0.1 |
| 105717 | Emaar Development PJSC | 385257 | 0.2 |
| 294091 | Emaar Properties PJSC | 1050862 | 0.4 |
| 81379 | Salik Co. PJSC | 112124 | 0.1 |
|  |  | **2531656** | **1.0** |
|  | **United Kingdom: 1.3%** |  |  |
| 48786 | Unilever PLC, ADR | **3100350** | **1.3** |
|  | **United States: 0.8%** |  |  |
| 9552 | GCC SAB de CV | 80262 | 0 |
| 60205 | JBS S/A | 465184 | 0.2 |
| 12804 | Micron Technology, Inc. | 985268 | 0.4 |
| 7408 | Titan Cement International SA | 342123 | 0.2 |
|  |  | **1872837** | **0.8** |
|  | Total Common Stock |  |  |
|  | (Cost $220,829,197) | **239349538** | **98.1** |
| **PREFERRED STOCK: 0.7%** | **PREFERRED STOCK: 0.7%** |  |  |
|  | **Brazil: 0.5%** |  |  |
| 259147 | Cia Energetica de Minas Gerais | 505495 | 0.2 |
| 80619 | Gerdau SA | 212942 | 0.1 |
| 210807 | Itausa SA | 396715 | 0.1 |
| 42952 | Petroleo Brasileiro SA | 227356 | 0.1 |
|  |  | **1342508** | **0.5** |
|  | **Chile: 0.1%** |  |  |
| 50063 | Embotelladora Andina SA | **214127** | **0.1** |
|  | **Colombia: 0.1%** |  |  |
| 17726 | Bancolombia SA | **182060** | **0.1** |
|  | **South Korea: 0.0%** |  |  |
| 1599 | LG Chem Ltd. | **120089** | **0.0** |
|  | Total Preferred Stock |  |  |
|  | (Cost $2,090,518) | **1858784** | **0.7** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** | |  |
|  | **South Korea (continued)** | |  |
|  | Total Long-Term Investments |  |  |
|  | (Cost $222,919,715) | $**241208322** | **98.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.2%** | **SHORT-TERM INVESTMENTS: 1.2%** | |  |
|  | **Repurchase Agreements: 0.2%** | |  |
| 387378 <sup>(4)</sup> | NatWest Markets Securities, Inc., Repurchase Agreement dated 04/30/2025, 4.360%, due 05/01/2025 (Repurchase Amount $387,424, collateralized by various U.S. Government Securities, 0.000%-5.500%, Market Value plus accrued interest $395,126, due 06/03/25-02/15/46) | 387378 | 0.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $387,378) | **387378** | **0.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.0%** | |  |
| 2099044 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% | 2099044 | 0.8 |
| 426000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% | 426000 | 0.2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $2,525,044) | **2525044** | **1.0** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $2,912,422) | **2912422** | **1.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $225,832,137)** | $**244120744** | **100.0** |
|  | **Liabilities in Excess of Other Assets** | **(39894)** | **0.0** |
|  | **Net Assets** | $**244080850** | **100.0** |
| ADR | American Depositary Receipt |  |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | 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 qualifiied institutional buyers. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of April 30, 2025. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Information Technology | 25.5% |
| Financials | 15.4 |
| Consumer Staples | 13.2 |
| Consumer Discretionary | 13.1 |
| Communication Services | 10.0 |
| Industrials | 8.6 |
| Energy | 6.4 |
| Materials | 2.5 |
| Utilities | 1.8 |
| Health Care | 1.4 |
| Real Estate | 0.9 |
| Short-Term Investments | 1.2 |
| Liabilities in Excess of Other Assets | 0.0 |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs#**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**April 30, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $23728614 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $23728614 |
| &nbsp;&nbsp;&nbsp;Chile | 1334343 |  |  | 1334343 |
| &nbsp;&nbsp;&nbsp;China | 9963960 | 32902150 |  | 42866110 |
| &nbsp;&nbsp;&nbsp;Czechia |  | 377600 |  | 377600 |
| &nbsp;&nbsp;&nbsp;Egypt | 122250 |  |  | 122250 |
| &nbsp;&nbsp;&nbsp;France |  | 2765192 |  | 2765192 |
| &nbsp;&nbsp;&nbsp;Greece | 245017 | 829045 |  | 1074062 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3325828 |  | 3325828 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 1503356 |  | 1503356 |
| &nbsp;&nbsp;&nbsp;Iceland | 114415 | 161089 |  | 275504 |
| &nbsp;&nbsp;&nbsp;India | 8819343 | 29745128 |  | 38564471 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 4101115 |  | 4101115 |
| &nbsp;&nbsp;&nbsp;Japan |  | 2781887 |  | 2781887 |
| &nbsp;&nbsp;&nbsp;Kuwait |  | 125614 |  | 125614 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 166634 |  |  | 166634 |
| &nbsp;&nbsp;&nbsp;Malaysia | 124507 | 2985086 |  | 3109593 |
| &nbsp;&nbsp;&nbsp;Mexico | 14932895 |  |  | 14932895 |
| &nbsp;&nbsp;&nbsp;Peru | 1513131 |  |  | 1513131 |
| &nbsp;&nbsp;&nbsp;Philippines | 447460 | 289252 |  | 736712 |
| &nbsp;&nbsp;&nbsp;Qatar | 291940 | 600108 |  | 892048 |
| &nbsp;&nbsp;&nbsp;Romania | 573782 | 101623 |  | 675405 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 241125 | 1436034 |  | 1677159 |
| &nbsp;&nbsp;&nbsp;Singapore | 2490308 | 266667 |  | 2756975 |
| &nbsp;&nbsp;&nbsp;South Africa | 1507696 | 4739391 |  | 6247087 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 34079434 |  | 34079434 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 36397879 |  | 36397879 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 3910556 |  | 3910556 |
| &nbsp;&nbsp;&nbsp;Turkey | 87489 | 1715752 |  | 1803241 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 2531656 |  | 2531656 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 3100350 |  |  | 3100350 |
| &nbsp;&nbsp;&nbsp;United States | 1530714 | 342123 |  | 1872837 |
| Total Common Stock | 71335973 | 168013565 |  | 239349538 |
| Preferred Stock | 1738695 | 120089 |  | 1858784 |
| Short-Term Investments | 2525044 | 387378 |  | 2912422 |
| Total Investments, at fair value | $75599712 | $168521032 | $— | $244120744 |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts |  | 69 |  | 69 |
| Futures | 30168 |  |  | 30168 |
| Total Assets | $75629880 | $168521101 | $— | $244150981 |

---

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

---

| | |
|:---|:---|
| <sup>#</sup> | 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. |

---

---

| | |
|:---|:---|
| <sup>+</sup> | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

At April 30, 2025, the following forward foreign currency contracts were outstanding for Voya VACS Series EME Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 26797 | ZAR | 497164 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | 05/05/25 | $69 |
|  |  |  |  |  |  | $69 |

---

At April 30, 2025, the following futures contracts were outstanding for Voya VACS Series EME Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 17 | 06/20/25 | $943500 | $30168 |
|  |  |  | $943500 | $30168 |

---

Currency Abbreviations:

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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $69 |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | 30168 |
| **Total Asset Derivatives** |  | $30237 |

---

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

The effect of derivative instruments on the Fund's Statement of Operations for the period ended April 30, 2025 was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Equity contracts | $— | $(154016) | $(154016) |
| Foreign exchange contracts | (14640) |  | (14640 |
| **Total** | $(14640) | $(154016) | $(168656) |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of April 30, 2025 (Unaudited) (continued) <br>    

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |<br><br>**Futures** |<br><br>**Total** |
| Equity contracts | $— | $54751 | $54751 |
| Foreign exchange contracts | 69 |  | 69 |
| **Total** | $69 | $54751 | $54820 |

---

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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Goldman**<br>**Sachs & Co.** |<br>**Total** |
| **Assets:** |  |  |
| Forward foreign currency contracts | $69 | $69 |
| **Total Assets** | $69 | $69 |
| **Liabilities:** |  |  |
| **Total Liabilities** | $— | $– |
| **Net OTC derivative instruments by counterparty, at fair value** | $69 | $69 |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $– |
| **Net Exposure<sup>(1)</sup>** | $69 | $69 |

---

<sup>(1)</sup> 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, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $230,633,810. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $29344518 |
| Gross Unrealized Depreciation | (15775747) |
| Net Unrealized Appreciation | $13568771 |

---

See Accompanying Notes to Financial Statements

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

------

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT, SUB- ADVISORY CONTRACTS AND SUB-SUB-ADVISORY CONTRACT**

At a meeting held on November 14, 2024, the Board of Trustees ("Board") of Voya Mutual Funds (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya VACS Series EME Fund, a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of (1) the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, (2) the sub-advisory contracts (the "Sub-Advisory Contracts") with Voya Investment Management Co. LLC, Sustainable Growth Advisers, L.P. ("SGA"), and Delaware Investments Fund Advisers ("Delaware"), the sub-advisers to the Fund (the "Sub-Advisers"), and (3) the sub-sub-advisory contract (the "Sub-Sub-Advisory Contract" and together with the Management Contract and the Sub-Advisory Contracts, the "Contracts") with Macquarie Investment Management Global Limited (the "Sub-Sub-Adviser"), the sub-sub- adviser to the Fund, for an additional one-year period ending November 30, 2025.

In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager, Sub-Advisers and Sub-Sub-Adviser (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts, sub-advisory contracts and sub-sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management, sub-advisory and sub-sub- advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The

Contracts Committee meets several times throughout the year to provide oversight with respect to the management, sub-advisory and sub-sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub- advisers and sub-sub-advisers, as well as the Manager's role in monitoring the sub-advisers and sub-sub-advisers.

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

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

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

**Nature, Extent and Quality of Services**

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

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

------

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

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

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

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

**Fund Performance**

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

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager, the Sub-Advisers and the Sub-Sub-Adviser if and when the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted that there is no management fee charged pursuant to the Management Contract or the Sub- Advisory Contract with the Manager and Voya Investment Management Co. LLC. The Board also considered that the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager, Sub-Advisers or the Sub-Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees payable by the Manager to Delaware and SGA, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

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

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager, Sub-Advisers and Sub-Sub- Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager, Sub-Advisers or Sub-Sub-Adviser, as applicable, for these differences. For the non-Voya-affiliated Sub-Advisers and Sub-Sub-Adviser, the Board viewed the information related to any material differences in the fee schedules as not being a key factor in its deliberations because of the arm's-length

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

------

nature of negotiations between the Manager and non-Voya- affiliated Sub-Advisers and Sub-Sub-Adviser with respect to sub-advisory and sub-sub-advisory fee schedules, and that the Manager is responsible for paying the fees of the Sub-Advisers and that the applicable Sub-Adviser is responsible for paying the fees of the Sub-Sub-Adviser.

**Fee Schedules, Proﬁtability, and Fall-out Beneﬁts**

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

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya- affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to 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 the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager. The Board did not request profitability data from the Sub- Advisers and Sub-Sub-Adviser which are not affiliated with the Manager because the Board did not view this data as a key factor to its deliberations given the arm's-length nature of the relationship between the Manager and these non- Voya-affiliated Sub-Advisers and Sub-Sub-Adviser with respect to the negotiation of sub-advisory and sub-sub- advisory fee schedules. In addition, the Board noted that non-Voya-affiliated sub-advisers or sub-sub-advisers may not account for their profits on an account-by-account basis and those that do often employ different methodologies in connection with these calculations.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub- Adviser, the Board recognized that there is no uniform

methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

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

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratios were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

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

------

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date period and (2) the Fund outperformed its primary benchmark for the year- to-date period.

In analyzing this performance data, the Board took into account that the Portfolio commenced operations in June 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered 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 Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2025.

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Voya Investments, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Placement Agent** | **Legal Counsel** |
| Voya Investments Distributor, LLC | Ropes & Gray LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | Prudential Tower |
| Scottsdale, Arizona 85258 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (U.S.) Inc. |  |
| 103 Bellevue Parkway |  |
| Wilmington, Delaware 19809 |  |

---

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

**226105** **(0425)**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None during the reporting period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $24,463 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation
of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant
is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR
are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information
for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | The Code of Ethics is not required for the semi-annual filing. |
| (a)(2) | Not applicable. |
| [(a)(3)](tm2518105d1_ex99-cert.htm) | [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.](tm2518105d1_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| [(b)](tm2518105d1_ex99-906cert.htm) | [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2518105d1_ex99-906cert.htm) |

---

**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 | (Registrant): Voya Mutual Funds |
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: July 2, 2025 | Date: July 2, 2025 |

---

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/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: July 2, 2025 | Date: July 2, 2025 |
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |
| Date: July 2, 2025 | Date: July 2, 2025 |

---

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Mutual Funds ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 2, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Voya Mutual Funds ;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 2, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Mutual Funds <br>Date of Form N-CSR: April 30, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Mutual Funds and will be retained by Voya Mutual Funds and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 2<sup>nd</sup> day of July, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Mutual Funds <br>Date of Form N-CSR: April 30, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of
operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Mutual Funds and will be retained by Voya Mutual Funds and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 2<sup>nd</sup> day of July, 2025.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---