# EDGAR Filing Document

**Accession Number:** 0000895430
**File Stem:** 0001104659-26-002440
**Filing Date:** 2026-1
**Character Count:** 954778
**Document Hash:** 69660e64dd18018b8c292d9ff45efae9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-002440.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001104659-26-002440

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07428
- **FILM NUMBER:** 26522921

**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: **October 31, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Global Bond Fund](#classnameab2fb3c7-4cf9-4266-90c9-63b21bf11a02)<br> **[Class A - INGBX](#classnameab2fb3c7-4cf9-4266-90c9-63b21bf11a02)**  |
|  [Voya Global Bond Fund](#classnameed72abb2-124c-4373-bb4e-fc7cab1f5204)<br> **[Class C - IGBCX](#classnameed72abb2-124c-4373-bb4e-fc7cab1f5204)**  |
|  [Voya Global Bond Fund](#classnameac269817-052b-4d99-8bd7-14be0872cf0b)<br> **[Class I - IGBIX](#classnameac269817-052b-4d99-8bd7-14be0872cf0b)**  |
|  [Voya Global Bond Fund](#classname9c1a9cf6-c833-4707-9c7a-9146f2f03443)<br> **[Class R - IGBRX](#classname9c1a9cf6-c833-4707-9c7a-9146f2f03443)**  |
|  [Voya Global Bond Fund](#classname635f5e2c-7297-4a51-9bef-b53f77ebf9d8)<br> **[Class R6 - IGBZX](#classname635f5e2c-7297-4a51-9bef-b53f77ebf9d8)**  |
|  [Voya Global Bond Fund](#classname3b62f260-989e-4797-93da-8dc177141489)<br> **[Class W - IGBWX](#classname3b62f260-989e-4797-93da-8dc177141489)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classname929ea278-f092-4a01-9394-7cd608010ff0)<br> **[Class A - NAWGX](#classname929ea278-f092-4a01-9394-7cd608010ff0)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classnamea7712237-07c4-4d16-8874-735a6b9afb9c)<br> **[Class C - NAWCX](#classnamea7712237-07c4-4d16-8874-735a6b9afb9c)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classname375d8f2d-2390-4ca1-aaa5-f1f2b9086643)<br> **[Class I - NAWIX](#classname375d8f2d-2390-4ca1-aaa5-f1f2b9086643)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classname598ae6ec-fa26-4f50-b5bb-842f3f6aaf89)<br> **[Class R6 - VGHRX](#classname598ae6ec-fa26-4f50-b5bb-842f3f6aaf89)**  |
|  [Voya Global High Dividend Low Volatility Fund](#classnamea6e8307e-6ca1-4d17-9f66-54381d2ea389)<br> **[Class W - IGVWX](#classnamea6e8307e-6ca1-4d17-9f66-54381d2ea389)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classname29d5ec88-a0b6-424a-8f0c-ac87534889dc)<br> **[Class A - IEMHX](#classname29d5ec88-a0b6-424a-8f0c-ac87534889dc)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classname581b1237-6bc9-4c10-97bd-3d36d74cf935)<br> **[Class C - IEMJX](#classname581b1237-6bc9-4c10-97bd-3d36d74cf935)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classnamece70b5de-dc12-42ed-8902-91c6b8ab4e15)<br> **[Class I - IEMGX](#classnamece70b5de-dc12-42ed-8902-91c6b8ab4e15)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classnamefb1d72c1-c18f-42f0-9dcf-ccef8df17d23)<br> **[Class R - IEMKX](#classnamefb1d72c1-c18f-42f0-9dcf-ccef8df17d23)**  |
|  [Voya Multi-Manager Emerging Markets Equity Fund](#classnamecbc2b037-d0a5-4d19-9d45-f0afa03d4d60)<br> **[Class W - IEMLX](#classnamecbc2b037-d0a5-4d19-9d45-f0afa03d4d60)**  |
|  [Voya Multi-Manager International Equity Fund](#classname8f5d24ff-ea56-40ac-a37d-6d4c617c0e2c)<br> **[Class I - IIGIX](#classname8f5d24ff-ea56-40ac-a37d-6d4c617c0e2c)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname917f041f-05b0-4973-af43-9ba795e3d4b8)<br> **[Class A - NTKLX](#classname917f041f-05b0-4973-af43-9ba795e3d4b8)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname30a056e8-1217-43c5-8d26-4fd4bc532aa1)<br> **[Class C - NARCX](#classname30a056e8-1217-43c5-8d26-4fd4bc532aa1)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname2dfbdd63-e8d8-4c86-9dd9-52071539af69)<br> **[Class I - NAPIX](#classname2dfbdd63-e8d8-4c86-9dd9-52071539af69)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classnameb093a6b9-20de-46ff-b342-1bdd95258cf0)<br> **[Class R6 - VVJFX](#classnameb093a6b9-20de-46ff-b342-1bdd95258cf0)**  |
|  [Voya Multi-Manager International Small Cap Fund](#classname74d1d1ef-b50a-40b2-994a-983f075ea59f)<br> **[Class W - ISCWX](#classname74d1d1ef-b50a-40b2-994a-983f075ea59f)**  |
|  [Voya VACS Series EME Fund](#classname9ff5ecf6-d1c4-48b4-9673-73104e069838)<br> **[Portfolio - VVIFX](#classname9ff5ecf6-d1c4-48b4-9673-73104e069838)**  |

---

# Class A: INGBX
![Image](tm2531593d1_tsrimg038.jpg)

# Voya Global Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $93 | 0.90% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Classes C, and R underperformed its benchmark, the Bloomberg Global Aggregate Index.

**Top contributors to performance**: Top contributors to performance were non-agency commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), and high yield corporates.

**Top detractors to performance**: Top detractors from performance were investment-grade corporates and agency mortgages.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg Global Aggregate Index** |
| **2015** | $9750 | $10000 | $10000 |
| **2016** | $10308 | $10572 | $10559 |
| **2017** | $10861 | $11140 | $10684 |
| **2018** | $10718 | $10993 | $10465 |
| **2019** | $11605 | $11903 | $11463 |
| **2020** | $12172 | $12484 | $12108 |
| **2021** | $12151 | $12462 | $11958 |
| **2022** | $9451 | $9693 | $9472 |
| **2023** | $9594 | $9839 | $9635 |
| **2024** | $10682 | $10956 | $10554 |
| **2025** | $11310 | $11600 | $11155 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.17% | -1.95% | 1.24% |
| Class A - Excluding Sales Charge | 5.88% | -1.46% | 1.50% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$135,441,495

* # of Portfolio Holdings946

* Portfolio Turnover Rate128%

* Investment Advisory Fees Paid$536,347

## 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 | 2.7% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.5% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| United States Treasury Notes, 3.500%, 10/31/27 | 1.4% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.1% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| Thailand Government Bond, 2.875%, 12/17/28 | 1.0% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |
| Peru Government Bond, 6.350%, 08/12/28 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.2% |
| U.S. Treasury Obligations | 4.2% |
| U.S. Government Agency Obligations | 6.2% |
| Asset-Backed Securities | 8.7% |
| Commercial Mortgage-Backed Securities | 9.9% |
| Sovereign Bonds | 16.1% |
| Collateralized Mortgage Obligations | 20.1% |
| Corporate Bonds/Notes | 23.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class A: INGBX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global Bond Fund
92914A828-AR

# Class C: IGBCX
![Image](tm2531593d1_tsrimg038.jpg)

# Voya Global Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $169 | 1.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Classes C, and R underperformed its benchmark, the Bloomberg Global Aggregate Index.

**Top contributors to performance**: Top contributors to performance were non-agency commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), and high yield corporates.

**Top detractors to performance**: Top detractors from performance were investment-grade corporates and agency mortgages.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg Global Aggregate Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10496 | $10559 |
| **2017** | $10971 | $10684 |
| **2018** | $10753 | $10465 |
| **2019** | $11559 | $11463 |
| **2020** | $12021 | $12108 |
| **2021** | $11919 | $11958 |
| **2022** | $9210 | $9472 |
| **2023** | $9272 | $9635 |
| **2024** | $10324 | $10554 |
| **2025** | $10931 | $11155 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.09% | -2.17% | 0.89% |
| Class C - Excluding Sales Charge | 5.09% | -2.17% | 0.89% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$135,441,495

* # of Portfolio Holdings946

* Portfolio Turnover Rate128%

* Investment Advisory Fees Paid$536,347

## 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 | 2.7% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.5% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| United States Treasury Notes, 3.500%, 10/31/27 | 1.4% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.1% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| Thailand Government Bond, 2.875%, 12/17/28 | 1.0% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |
| Peru Government Bond, 6.350%, 08/12/28 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.2% |
| U.S. Treasury Obligations | 4.2% |
| U.S. Government Agency Obligations | 6.2% |
| Asset-Backed Securities | 8.7% |
| Commercial Mortgage-Backed Securities | 9.9% |
| Sovereign Bonds | 16.1% |
| Collateralized Mortgage Obligations | 20.1% |
| Corporate Bonds/Notes | 23.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class C: IGBCX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global Bond Fund
92914A844-AR

# Class I: IGBIX
![Image](tm2531593d1_tsrimg038.jpg)

# Voya Global Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $67 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Classes C, and R underperformed its benchmark, the Bloomberg Global Aggregate Index.

**Top contributors to performance**: Top contributors to performance were non-agency commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), and high yield corporates.

**Top detractors to performance**: Top detractors from performance were investment-grade corporates and agency mortgages.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg005.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Global Aggregate Index** |
| **2015** | $250000 | $250000 |
| **2016** | $265146 | $263975 |
| **2017** | $279971 | $267090 |
| **2018** | $277018 | $261615 |
| **2019** | $300757 | $286573 |
| **2020** | $316238 | $302707 |
| **2021** | $316395 | $298953 |
| **2022** | $246983 | $236801 |
| **2023** | $251145 | $240871 |
| **2024** | $280498 | $263861 |
| **2025** | $297730 | $278865 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.14% | -1.20% | 1.76% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |

---

## Fund Statistics
* Total Net Assets$135,441,495

* # of Portfolio Holdings946

* Portfolio Turnover Rate128%

* Investment Advisory Fees Paid$536,347

## 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 | 2.7% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.5% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| United States Treasury Notes, 3.500%, 10/31/27 | 1.4% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.1% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| Thailand Government Bond, 2.875%, 12/17/28 | 1.0% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |
| Peru Government Bond, 6.350%, 08/12/28 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.2% |
| U.S. Treasury Obligations | 4.2% |
| U.S. Government Agency Obligations | 6.2% |
| Asset-Backed Securities | 8.7% |
| Commercial Mortgage-Backed Securities | 9.9% |
| Sovereign Bonds | 16.1% |
| Collateralized Mortgage Obligations | 20.1% |
| Corporate Bonds/Notes | 23.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class I: IGBIX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global Bond Fund
92914A851-AR

# Class R: IGBRX
![Image](tm2531593d1_tsrimg038.jpg)

# Voya Global Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $118 | 1.15% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Classes C, and R underperformed its benchmark, the Bloomberg Global Aggregate Index.

**Top contributors to performance**: Top contributors to performance were non-agency commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), and high yield corporates.

**Top detractors to performance**: Top detractors from performance were investment-grade corporates and agency mortgages.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10549 | $10559 |
| **2017** | $11074 | $10684 |
| **2018** | $10911 | $10465 |
| **2019** | $11785 | $11463 |
| **2020** | $12328 | $12108 |
| **2021** | $12273 | $11958 |
| **2022** | $9526 | $9472 |
| **2023** | $9638 | $9635 |
| **2024** | $10706 | $10554 |
| **2025** | $11306 | $11155 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.61% | -1.72% | 1.24% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |

---

## Fund Statistics
* Total Net Assets$135,441,495

* # of Portfolio Holdings946

* Portfolio Turnover Rate128%

* Investment Advisory Fees Paid$536,347

## 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 | 2.7% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.5% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| United States Treasury Notes, 3.500%, 10/31/27 | 1.4% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.1% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| Thailand Government Bond, 2.875%, 12/17/28 | 1.0% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |
| Peru Government Bond, 6.350%, 08/12/28 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.2% |
| U.S. Treasury Obligations | 4.2% |
| U.S. Government Agency Obligations | 6.2% |
| Asset-Backed Securities | 8.7% |
| Commercial Mortgage-Backed Securities | 9.9% |
| Sovereign Bonds | 16.1% |
| Collateralized Mortgage Obligations | 20.1% |
| Corporate Bonds/Notes | 23.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class R: IGBRX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global Bond Fund
92913W649-AR

# Class R6: IGBZX
![Image](tm2531593d1_tsrimg038.jpg)

# Voya Global Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $67 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Classes C, and R underperformed its benchmark, the Bloomberg Global Aggregate Index.

**Top contributors to performance**: Top contributors to performance were non-agency commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), and high yield corporates.

**Top detractors to performance**: Top detractors from performance were investment-grade corporates and agency mortgages.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg004.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Index** |
| **2015** | $1000000 | $1000000 |
| **2016** | $1060596 | $1055900 |
| **2017** | $1119031 | $1068360 |
| **2018** | $1107644 | $1046458 |
| **2019** | $1202656 | $1146290 |
| **2020** | $1264797 | $1210827 |
| **2021** | $1265861 | $1195812 |
| **2022** | $988092 | $947203 |
| **2023** | $1005100 | $963482 |
| **2024** | $1122706 | $1055446 |
| **2025** | $1191987 | $1115459 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 6.17% | -1.18% | 1.77% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |

---

## Fund Statistics
* Total Net Assets$135,441,495

* # of Portfolio Holdings946

* Portfolio Turnover Rate128%

* Investment Advisory Fees Paid$536,347

## 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 | 2.7% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.5% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| United States Treasury Notes, 3.500%, 10/31/27 | 1.4% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.1% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| Thailand Government Bond, 2.875%, 12/17/28 | 1.0% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |
| Peru Government Bond, 6.350%, 08/12/28 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.2% |
| U.S. Treasury Obligations | 4.2% |
| U.S. Government Agency Obligations | 6.2% |
| Asset-Backed Securities | 8.7% |
| Commercial Mortgage-Backed Securities | 9.9% |
| Sovereign Bonds | 16.1% |
| Collateralized Mortgage Obligations | 20.1% |
| Corporate Bonds/Notes | 23.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class R6: IGBZX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global Bond Fund
92913W854-AR

# Class W: IGBWX
![Image](tm2531593d1_tsrimg038.jpg)

# Voya Global Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global Bond Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $67 | 0.65% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Classes C, and R underperformed its benchmark, the Bloomberg Global Aggregate Index.

**Top contributors to performance**: Top contributors to performance were non-agency commercial mortgage-backed securities (CMBS), non-agency residential mortgage-backed securities (RMBS), and high yield corporates.

**Top detractors to performance**: Top detractors from performance were investment-grade corporates and agency mortgages.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Class W** | **Bloomberg Global Aggregate Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10602 | $10559 |
| **2017** | $11197 | $10684 |
| **2018** | $11075 | $10465 |
| **2019** | $12030 | $11463 |
| **2020** | $12648 | $12108 |
| **2021** | $12672 | $11958 |
| **2022** | $9879 | $9472 |
| **2023** | $10055 | $9635 |
| **2024** | $11223 | $10554 |
| **2025** | $11914 | $11155 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 6.16% | -1.19% | 1.77% |
| Bloomberg Global Aggregate Index | 5.69% | -1.63% | 1.10% |

---

## Fund Statistics
* Total Net Assets$135,441,495

* # of Portfolio Holdings946

* Portfolio Turnover Rate128%

* Investment Advisory Fees Paid$536,347

## 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 | 2.7% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 2.5% |
| China Government Bond, 2.520%, 08/25/33 | 1.7% |
| United States Treasury Notes, 3.500%, 10/31/27 | 1.4% |
| Ginnie Mae - Class IX, 4.500%, 01/20/45 | 1.1% |
| Spain Government Bond, 1.450%, 04/30/29 | 1.1% |
| Thailand Government Bond, 2.875%, 12/17/28 | 1.0% |
| China Government Bond, 4.080%, 10/22/48 | 1.0% |
| Ginnie Mae, 4.500%, 05/20/53 | 1.0% |
| Peru Government Bond, 6.350%, 08/12/28 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg022.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 11.2% |
| U.S. Treasury Obligations | 4.2% |
| U.S. Government Agency Obligations | 6.2% |
| Asset-Backed Securities | 8.7% |
| Commercial Mortgage-Backed Securities | 9.9% |
| Sovereign Bonds | 16.1% |
| Collateralized Mortgage Obligations | 20.1% |
| Corporate Bonds/Notes | 23.6% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class W: IGBWX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global Bond Fund
92913W508-AR

# Class A: NAWGX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Global High Dividend Low Volatility Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to October 31, 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $90 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund underperformed its benchmark, the MSCI World Value Index<sup>SM</sup> due to the active industry bets, smaller market cap tilt & lower beta.

**Top contributors to performance:** At the sector level, stock selection in health care, communication services, & energy had a positive impact. Key positive individual contributors included an underweight in UnitedHealth Group Inc., not owning Salesforce, Inc. & an overweight to Cardinal Health, Inc. Regionally, investments in Asia Excluding Japan, Europe-Non-Euro & Pacific regions contributed.

**Top detractors to performance:** At the sector level, stock selection in information technology, financials, & materials detracted. Notable individual detractors were the underweight position in JPMorgan Chase & Co., not owning Oracle Corp. & Micron Technology, Inc. Regionally, investments in Japan, United States & Canada also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **MSCI All Country World Index℠** | **MSCI World Value Index℠** |
| **2015** | $9424 | $10000 | $10000 | $10000 |
| **2016** | $9339 | $9910 | $10205 | $10271 |
| **2017** | $11577 | $12284 | $12573 | $12349 |
| **2018** | $11428 | $12126 | $12507 | $12172 |
| **2019** | $12584 | $13353 | $14082 | $13208 |
| **2020** | $11408 | $12105 | $14770 | $11524 |
| **2021** | $15077 | $15998 | $20277 | $16323 |
| **2022** | $14239 | $15108 | $16230 | $14958 |
| **2023** | $14500 | $15386 | $17934 | $15417 |
| **2024** | $18059 | $19163 | $23815 | $19862 |
| **2025** | $20356 | $21600 | $29207 | $22621 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 6.23% | 10.96% | 7.37% |
| Class A - Excluding Sales Charge | 12.72% | 12.28% | 8.01% |
| MSCI All Country World Index℠ | 22.64% | 14.61% | 11.31% |
| MSCI World Value Index℠ | 13.89% | 14.44% | 8.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$263,185,520

* # of Portfolio Holdings229

* Portfolio Turnover Rate71%

* Investment Advisory Fees Paid$1,014,238

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.0% |
| Johnson & Johnson | 1.8% |
| AbbVie, Inc. | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Procter & Gamble Co. | 1.4% |
| iShares Russell 1000 Value ETF | 1.4% |
| Raytheon Technologies Corp. | 1.2% |
| PepsiCo, Inc. | 1.1% |
| Verizon Communications, Inc. | 1.0% |
| Toronto-Dominion Bank | 0.9% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 4.1% |
| Hong Kong | 1.0% |
| Spain | 1.2% |
| Netherlands | 1.2% |
| Australia | 1.3% |
| Germany | 1.3% |
| Italy | 1.4% |
| France | 3.7% |
| Japan | 4.4% |
| Canada | 4.5% |
| United Kingdom | 5.2% |
| United States | 68.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.8% |
| Industrials | 14.5% |
| Health Care | 12.7% |
| Consumer Staples | 8.5% |
| Communication Services | 8.0% |
| Information Technology | 6.2% |
| Utilities | 5.7% |
| Energy | 5.5% |
| Real Estate | 4.1% |
| Consumer Discretionary | 3.9% |
| Materials | 2.6% |
| Exchange-Traded Funds | 1.9% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.3% |

---

## 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.

# Class A: NAWGX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global High Dividend Low Volatility Fund
92913X811-AR

# Class C: NAWCX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Global High Dividend Low Volatility Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to October 31, 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $169 | 1.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund underperformed its benchmark, the MSCI World Value Index<sup>SM</sup> due to the active industry bets, smaller market cap tilt & lower beta.

**Top contributors to performance:** At the sector level, stock selection in health care, communication services, & energy had a positive impact. Key positive individual contributors included an underweight in UnitedHealth Group Inc., not owning Salesforce, Inc. & an overweight to Cardinal Health, Inc. Regionally, investments in Asia Excluding Japan, Europe-Non-Euro & Pacific regions contributed.

**Top detractors to performance:** At the sector level, stock selection in information technology, financials, & materials detracted. Notable individual detractors were the underweight position in JPMorgan Chase & Co., not owning Oracle Corp. & Micron Technology, Inc. Regionally, investments in Japan, United States & Canada also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **MSCI All Country World Index℠** | **MSCI World Value Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9832 | $10205 | $10271 |
| **2017** | $12102 | $12573 | $12349 |
| **2018** | $11852 | $12507 | $12172 |
| **2019** | $12955 | $14082 | $13208 |
| **2020** | $11661 | $14770 | $11524 |
| **2021** | $15296 | $20277 | $16323 |
| **2022** | $14335 | $16230 | $14958 |
| **2023** | $14488 | $17934 | $15417 |
| **2024** | $18045 | $23815 | $19862 |
| **2025** | $20340 | $29207 | $22621 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 10.84% | 11.44% | 7.36% |
| Class C - Excluding Sales Charge | 11.84% | 11.44% | 7.36% |
| MSCI All Country World Index℠ | 22.64% | 14.61% | 11.31% |
| MSCI World Value Index℠ | 13.89% | 14.44% | 8.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$263,185,520

* # of Portfolio Holdings229

* Portfolio Turnover Rate71%

* Investment Advisory Fees Paid$1,014,238

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.0% |
| Johnson & Johnson | 1.8% |
| AbbVie, Inc. | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Procter & Gamble Co. | 1.4% |
| iShares Russell 1000 Value ETF | 1.4% |
| Raytheon Technologies Corp. | 1.2% |
| PepsiCo, Inc. | 1.1% |
| Verizon Communications, Inc. | 1.0% |
| Toronto-Dominion Bank | 0.9% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 4.1% |
| Hong Kong | 1.0% |
| Spain | 1.2% |
| Netherlands | 1.2% |
| Australia | 1.3% |
| Germany | 1.3% |
| Italy | 1.4% |
| France | 3.7% |
| Japan | 4.4% |
| Canada | 4.5% |
| United Kingdom | 5.2% |
| United States | 68.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.8% |
| Industrials | 14.5% |
| Health Care | 12.7% |
| Consumer Staples | 8.5% |
| Communication Services | 8.0% |
| Information Technology | 6.2% |
| Utilities | 5.7% |
| Energy | 5.5% |
| Real Estate | 4.1% |
| Consumer Discretionary | 3.9% |
| Materials | 2.6% |
| Exchange-Traded Funds | 1.9% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.3% |

---

## 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.

# Class C: NAWCX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global High Dividend Low Volatility Fund
92913X837-AR

# Class I: NAWIX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Global High Dividend Low Volatility Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to October 31, 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $64 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund underperformed its benchmark, the MSCI World Value Index<sup>SM</sup> due to the active industry bets, smaller market cap tilt & lower beta.

**Top contributors to performance:** At the sector level, stock selection in health care, communication services, & energy had a positive impact. Key positive individual contributors included an underweight in UnitedHealth Group Inc., not owning Salesforce, Inc. & an overweight to Cardinal Health, Inc. Regionally, investments in Asia Excluding Japan, Europe-Non-Euro & Pacific regions contributed.

**Top detractors to performance:** At the sector level, stock selection in information technology, financials, & materials detracted. Notable individual detractors were the underweight position in JPMorgan Chase & Co., not owning Oracle Corp. & Micron Technology, Inc. Regionally, investments in Japan, United States & Canada also detracted.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Index℠** | **MSCI World Value Index℠** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $248249 | $255125 | $256775 |
| **2017** | $308618 | $314314 | $308721 |
| **2018** | $305384 | $312680 | $304306 |
| **2019** | $337168 | $352046 | $330202 |
| **2020** | $306389 | $369261 | $288102 |
| **2021** | $405888 | $506921 | $408067 |
| **2022** | $384248 | $405740 | $373953 |
| **2023** | $392317 | $448350 | $385414 |
| **2024** | $489966 | $595368 | $496548 |
| **2025** | $553515 | $730176 | $565521 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.97% | 12.56% | 8.27% |
| MSCI All Country World Index℠ | 22.64% | 14.61% | 11.31% |
| MSCI World Value Index℠ | 13.89% | 14.44% | 8.51% |

---

## Fund Statistics
* Total Net Assets$263,185,520

* # of Portfolio Holdings229

* Portfolio Turnover Rate71%

* Investment Advisory Fees Paid$1,014,238

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.0% |
| Johnson & Johnson | 1.8% |
| AbbVie, Inc. | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Procter & Gamble Co. | 1.4% |
| iShares Russell 1000 Value ETF | 1.4% |
| Raytheon Technologies Corp. | 1.2% |
| PepsiCo, Inc. | 1.1% |
| Verizon Communications, Inc. | 1.0% |
| Toronto-Dominion Bank | 0.9% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 4.1% |
| Hong Kong | 1.0% |
| Spain | 1.2% |
| Netherlands | 1.2% |
| Australia | 1.3% |
| Germany | 1.3% |
| Italy | 1.4% |
| France | 3.7% |
| Japan | 4.4% |
| Canada | 4.5% |
| United Kingdom | 5.2% |
| United States | 68.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.8% |
| Industrials | 14.5% |
| Health Care | 12.7% |
| Consumer Staples | 8.5% |
| Communication Services | 8.0% |
| Information Technology | 6.2% |
| Utilities | 5.7% |
| Energy | 5.5% |
| Real Estate | 4.1% |
| Consumer Discretionary | 3.9% |
| Materials | 2.6% |
| Exchange-Traded Funds | 1.9% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.3% |

---

## 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.

# Class I: NAWIX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global High Dividend Low Volatility Fund
92914A752-AR

# Class R6: VGHRX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Global High Dividend Low Volatility Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to October 31, 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $61 | 0.57% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund underperformed its benchmark, the MSCI World Value Index<sup>SM</sup> due to the active industry bets, smaller market cap tilt & lower beta.

**Top contributors to performance:** At the sector level, stock selection in health care, communication services, & energy had a positive impact. Key positive individual contributors included an underweight in UnitedHealth Group Inc., not owning Salesforce, Inc. & an overweight to Cardinal Health, Inc. Regionally, investments in Asia Excluding Japan, Europe-Non-Euro & Pacific regions contributed.

**Top detractors to performance:** At the sector level, stock selection in information technology, financials, & materials detracted. Notable individual detractors were the underweight position in JPMorgan Chase & Co., not owning Oracle Corp. & Micron Technology, Inc. Regionally, investments in Japan, United States & Canada also detracted.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Index℠** | **MSCI World Value Index℠** |
| **2/28/2020** | $1000000 | $1000000 | $1000000 |
| **2020** | $967387 | $1105106 | $966428 |
| **2021** | $1282456 | $1517090 | $1368849 |
| **2022** | $1214440 | $1214278 | $1254413 |
| **2023** | $1240189 | $1341801 | $1292859 |
| **2024** | $1549473 | $1781788 | $1665657 |
| **2025** | $1751047 | $2185235 | $1897025 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (2/28/2020)** |
| Class R6 | 13.01% | 12.60% | 10.38% |
| MSCI All Country World Index℠ | 22.64% | 14.61% | 14.47% |
| MSCI World Value Index℠ | 13.89% | 14.44% | 11.53% |

---

## Fund Statistics
* Total Net Assets$263,185,520

* # of Portfolio Holdings229

* Portfolio Turnover Rate71%

* Investment Advisory Fees Paid$1,014,238

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.0% |
| Johnson & Johnson | 1.8% |
| AbbVie, Inc. | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Procter & Gamble Co. | 1.4% |
| iShares Russell 1000 Value ETF | 1.4% |
| Raytheon Technologies Corp. | 1.2% |
| PepsiCo, Inc. | 1.1% |
| Verizon Communications, Inc. | 1.0% |
| Toronto-Dominion Bank | 0.9% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 4.1% |
| Hong Kong | 1.0% |
| Spain | 1.2% |
| Netherlands | 1.2% |
| Australia | 1.3% |
| Germany | 1.3% |
| Italy | 1.4% |
| France | 3.7% |
| Japan | 4.4% |
| Canada | 4.5% |
| United Kingdom | 5.2% |
| United States | 68.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.8% |
| Industrials | 14.5% |
| Health Care | 12.7% |
| Consumer Staples | 8.5% |
| Communication Services | 8.0% |
| Information Technology | 6.2% |
| Utilities | 5.7% |
| Energy | 5.5% |
| Real Estate | 4.1% |
| Consumer Discretionary | 3.9% |
| Materials | 2.6% |
| Exchange-Traded Funds | 1.9% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.3% |

---

## 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.

# Class R6: VGHRX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global High Dividend Low Volatility Fund
92914A380-AR

# Class W: IGVWX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Global High Dividend Low Volatility Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Global High Dividend Low Volatility Fund for the period of November 1, 2024 to October 31, 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 year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $64 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund underperformed its benchmark, the MSCI World Value Index<sup>SM</sup> due to the active industry bets, smaller market cap tilt & lower beta.

**Top contributors to performance:** At the sector level, stock selection in health care, communication services, & energy had a positive impact. Key positive individual contributors included an underweight in UnitedHealth Group Inc., not owning Salesforce, Inc. & an overweight to Cardinal Health, Inc. Regionally, investments in Asia Excluding Japan, Europe-Non-Euro & Pacific regions contributed.

**Top detractors to performance:** At the sector level, stock selection in information technology, financials, & materials detracted. Notable individual detractors were the underweight position in JPMorgan Chase & Co., not owning Oracle Corp. & Micron Technology, Inc. Regionally, investments in Japan, United States & Canada also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **MSCI All Country World Index℠** | **MSCI World Value Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9931 | $10205 | $10271 |
| **2017** | $12345 | $12573 | $12349 |
| **2018** | $12213 | $12507 | $12172 |
| **2019** | $13485 | $14082 | $13208 |
| **2020** | $12252 | $14770 | $11524 |
| **2021** | $16234 | $20277 | $16323 |
| **2022** | $15369 | $16230 | $14958 |
| **2023** | $15691 | $17934 | $15417 |
| **2024** | $19593 | $23815 | $19862 |
| **2025** | $22142 | $29207 | $22621 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 13.00% | 12.56% | 8.27% |
| MSCI All Country World Index℠ | 22.64% | 14.61% | 11.31% |
| MSCI World Value Index℠ | 13.89% | 14.44% | 8.51% |

---

## Fund Statistics
* Total Net Assets$263,185,520

* # of Portfolio Holdings229

* Portfolio Turnover Rate71%

* Investment Advisory Fees Paid$1,014,238

## 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

---

| | |
|:---|:---|
| Meta Platforms, Inc. - Class A | 2.0% |
| Johnson & Johnson | 1.8% |
| AbbVie, Inc. | 1.6% |
| Cisco Systems, Inc. | 1.4% |
| Procter & Gamble Co. | 1.4% |
| iShares Russell 1000 Value ETF | 1.4% |
| Raytheon Technologies Corp. | 1.2% |
| PepsiCo, Inc. | 1.1% |
| Verizon Communications, Inc. | 1.0% |
| Toronto-Dominion Bank | 0.9% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 4.1% |
| Hong Kong | 1.0% |
| Spain | 1.2% |
| Netherlands | 1.2% |
| Australia | 1.3% |
| Germany | 1.3% |
| Italy | 1.4% |
| France | 3.7% |
| Japan | 4.4% |
| Canada | 4.5% |
| United Kingdom | 5.2% |
| United States | 68.2% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 25.8% |
| Industrials | 14.5% |
| Health Care | 12.7% |
| Consumer Staples | 8.5% |
| Communication Services | 8.0% |
| Information Technology | 6.2% |
| Utilities | 5.7% |
| Energy | 5.5% |
| Real Estate | 4.1% |
| Consumer Discretionary | 3.9% |
| Materials | 2.6% |
| Exchange-Traded Funds | 1.9% |
| Short-Term Investments | 0.3% |
| Assets in Excess of Other Liabilities | 0.3% |

---

## 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.

# Class W: IGVWX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Global High Dividend Low Volatility Fund
92913W706-AR

# Class A: IEMHX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $172 | 1.47% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund outperformed its benchmark, the MSCI Emerging Markets Index<sup>SM</sup> due to stock selection & currency allocation.

**Top contributors to performance:** On a country-level, South Korea, Saudi Arabia & Taiwan has a positive impact. On a sector-level basis, industrials, information technology, & real estate were among the strongest areas of relative performance. Top individual contributors were SK Square Co., Ltd., SK hynix Inc. & SAMSUNG C&T CORP.

**Top detractors to performance:** Style, sector & country allocation were detractors. The largest detractors on a country basis were underweights to China & South Africa, and overweight to UK. On a sector-level basis, consumer staples, materials & energy were the key detractors. Overweights to Infosys Ltd. Sponsored ADR, CP ALL Public Co. Ltd. & Tata Consultancy Services Ltd. drove underperformance at an individual name basis.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg035.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $9424 | $10000 | $10000 | $10000 |
| **2016** | $10217 | $10841 | $10022 | $10927 |
| **2017** | $13564 | $14393 | $12391 | $13817 |
| **2018** | $11081 | $11758 | $11370 | $12087 |
| **2019** | $12894 | $13682 | $12652 | $13521 |
| **2020** | $13871 | $14719 | $12321 | $14636 |
| **2021** | $15919 | $16892 | $15976 | $17119 |
| **2022** | $10557 | $11202 | $12025 | $11807 |
| **2023** | $11818 | $12540 | $13477 | $13082 |
| **2024** | $14153 | $15062 | $16756 | $16393 |
| **2025** | $19017 | $20179 | $20933 | $20970 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 26.61% | 5.26% | 6.64% |
| Class A - Excluding Sales Charge | 34.37% | 6.51% | 7.27% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index℠ | 27.91% | 7.46% | 7.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$229,794,882

* # of Portfolio Holdings353

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$1,879,351

## 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. | 9.2% |
| SK Hynix, Inc. | 6.7% |
| SK Square Co. Ltd. | 4.8% |
| iShares MSCI China ETF | 3.8% |
| Tencent Holdings Ltd. | 3.4% |
| Samsung Electronics Co. Ltd. | 3.4% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.7% |
| Reliance Industries Ltd. | 2.3% |
| NAVER Corp. | 1.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.1% |
| Countries-Other | 11.4% |
| Hong Kong | 1.4% |
| United Arab Emirates | 1.4% |
| Indonesia | 1.8% |
| Singapore | 2.1% |
| South Africa | 2.6% |
| Mexico | 4.8% |
| Brazil | 7.3% |
| India | 11.7% |
| Taiwan | 12.8% |
| China | 16.2% |
| South Korea | 22.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.6% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 11.3% |
| Communication Services | 9.3% |
| Consumer Staples | 6.8% |
| Energy | 5.2% |
| Exchange-Traded Funds | 3.8% |
| Materials | 2.7% |
| Utilities | 2.5% |
| Real Estate | 1.3% |
| Health Care | 0.9% |
| Short-Term Investments | 1.6% |
| Liabilities in Excess of Other Assets | (1.3)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks. Additionally, effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

## 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.

# Class A: IEMHX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund
92913W714-AR

# Class C: IEMJX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $259 | 2.22% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund outperformed its benchmark, the MSCI Emerging Markets Index<sup>SM</sup> due to stock selection & currency allocation.

**Top contributors to performance:** On a country-level, South Korea, Saudi Arabia & Taiwan has a positive impact. On a sector-level basis, industrials, information technology, & real estate were among the strongest areas of relative performance. Top individual contributors were SK Square Co., Ltd., SK hynix Inc. & SAMSUNG C&T CORP.

**Top detractors to performance:** Style, sector & country allocation were detractors. The largest detractors on a country basis were underweights to China & South Africa, and overweight to UK. On a sector-level basis, consumer staples, materials & energy were the key detractors. Overweights to Infosys Ltd. Sponsored ADR, CP ALL Public Co. Ltd. & Tata Consultancy Services Ltd. drove underperformance at an individual name basis.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Class C without Sales Charge** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10769 | $10769 | $10022 | $10927 |
| **2017** | $14187 | $14187 | $12391 | $13817 |
| **2018** | $11495 | $11495 | $11370 | $12087 |
| **2019** | $13291 | $13291 | $12652 | $13521 |
| **2020** | $14176 | $14176 | $12321 | $14636 |
| **2021** | $16152 | $16152 | $15976 | $17119 |
| **2022** | $10623 | $10623 | $12025 | $11807 |
| **2023** | $11816 | $11816 | $13477 | $13082 |
| **2024** | $14150 | $14192 | $16756 | $16393 |
| **2025** | $19014 | $19014 | $20933 | $20970 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 32.41% | 5.73% | 6.64% |
| Class C - Excluding Sales Charge | 33.41% | 5.73% | 6.64% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index℠ | 27.91% | 7.46% | 7.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$229,794,882

* # of Portfolio Holdings353

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$1,879,351

## 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. | 9.2% |
| SK Hynix, Inc. | 6.7% |
| SK Square Co. Ltd. | 4.8% |
| iShares MSCI China ETF | 3.8% |
| Tencent Holdings Ltd. | 3.4% |
| Samsung Electronics Co. Ltd. | 3.4% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.7% |
| Reliance Industries Ltd. | 2.3% |
| NAVER Corp. | 1.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.1% |
| Countries-Other | 11.4% |
| Hong Kong | 1.4% |
| United Arab Emirates | 1.4% |
| Indonesia | 1.8% |
| Singapore | 2.1% |
| South Africa | 2.6% |
| Mexico | 4.8% |
| Brazil | 7.3% |
| India | 11.7% |
| Taiwan | 12.8% |
| China | 16.2% |
| South Korea | 22.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.6% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 11.3% |
| Communication Services | 9.3% |
| Consumer Staples | 6.8% |
| Energy | 5.2% |
| Exchange-Traded Funds | 3.8% |
| Materials | 2.7% |
| Utilities | 2.5% |
| Real Estate | 1.3% |
| Health Care | 0.9% |
| Short-Term Investments | 1.6% |
| Liabilities in Excess of Other Assets | (1.3)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks. Additionally, effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

## 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.

# Class C: IEMJX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund
92913W722-AR

# Class I: IEMGX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $131 | 1.12% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund outperformed its benchmark, the MSCI Emerging Markets Index<sup>SM</sup> due to stock selection & currency allocation.

**Top contributors to performance:** On a country-level, South Korea, Saudi Arabia & Taiwan has a positive impact. On a sector-level basis, industrials, information technology, & real estate were among the strongest areas of relative performance. Top individual contributors were SK Square Co., Ltd., SK hynix Inc. & SAMSUNG C&T CORP.

**Top detractors to performance:** Style, sector & country allocation were detractors. The largest detractors on a country basis were underweights to China & South Africa, and overweight to UK. On a sector-level basis, consumer staples, materials & energy were the key detractors. Overweights to Infosys Ltd. Sponsored ADR, CP ALL Public Co. Ltd. & Tata Consultancy Services Ltd. drove underperformance at an individual name basis.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $272220 | $250550 | $273175 |
| **2017** | $362645 | $309780 | $345430 |
| **2018** | $297151 | $284254 | $302182 |
| **2019** | $347052 | $316290 | $338021 |
| **2020** | $374573 | $308034 | $365907 |
| **2021** | $431612 | $399397 | $427965 |
| **2022** | $287200 | $300626 | $295168 |
| **2023** | $322553 | $336917 | $327044 |
| **2024** | $388034 | $418898 | $409836 |
| **2025** | $522711 | $523323 | $524239 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 34.71% | 6.89% | 7.65% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index℠ | 27.91% | 7.46% | 7.69% |

---

## Fund Statistics
* Total Net Assets$229,794,882

* # of Portfolio Holdings353

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$1,879,351

## 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. | 9.2% |
| SK Hynix, Inc. | 6.7% |
| SK Square Co. Ltd. | 4.8% |
| iShares MSCI China ETF | 3.8% |
| Tencent Holdings Ltd. | 3.4% |
| Samsung Electronics Co. Ltd. | 3.4% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.7% |
| Reliance Industries Ltd. | 2.3% |
| NAVER Corp. | 1.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.1% |
| Countries-Other | 11.4% |
| Hong Kong | 1.4% |
| United Arab Emirates | 1.4% |
| Indonesia | 1.8% |
| Singapore | 2.1% |
| South Africa | 2.6% |
| Mexico | 4.8% |
| Brazil | 7.3% |
| India | 11.7% |
| Taiwan | 12.8% |
| China | 16.2% |
| South Korea | 22.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.6% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 11.3% |
| Communication Services | 9.3% |
| Consumer Staples | 6.8% |
| Energy | 5.2% |
| Exchange-Traded Funds | 3.8% |
| Materials | 2.7% |
| Utilities | 2.5% |
| Real Estate | 1.3% |
| Health Care | 0.9% |
| Short-Term Investments | 1.6% |
| Liabilities in Excess of Other Assets | (1.3)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks. Additionally, effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

## 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.

# Class I: IEMGX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund
92913W680-AR

# Class R: IEMKX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $201 | 1.72% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund outperformed its benchmark, the MSCI Emerging Markets Index<sup>SM</sup> due to stock selection & currency allocation.

**Top contributors to performance:** On a country-level, South Korea, Saudi Arabia & Taiwan has a positive impact. On a sector-level basis, industrials, information technology, & real estate were among the strongest areas of relative performance. Top individual contributors were SK Square Co., Ltd., SK hynix Inc. & SAMSUNG C&T CORP.

**Top detractors to performance:** Style, sector & country allocation were detractors. The largest detractors on a country basis were underweights to China & South Africa, and overweight to UK. On a sector-level basis, consumer staples, materials & energy were the key detractors. Overweights to Infosys Ltd. Sponsored ADR, CP ALL Public Co. Ltd. & Tata Consultancy Services Ltd. drove underperformance at an individual name basis.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10808 | $10022 | $10927 |
| **2017** | $14314 | $12391 | $13817 |
| **2018** | $11664 | $11370 | $12087 |
| **2019** | $13537 | $12652 | $13521 |
| **2020** | $14511 | $12321 | $14636 |
| **2021** | $16622 | $15976 | $17119 |
| **2022** | $10989 | $12025 | $11807 |
| **2023** | $12279 | $13477 | $13082 |
| **2024** | $14669 | $16756 | $16393 |
| **2025** | $19674 | $20933 | $20970 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 34.12% | 6.28% | 7.00% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index℠ | 27.91% | 7.46% | 7.69% |

---

## Fund Statistics
* Total Net Assets$229,794,882

* # of Portfolio Holdings353

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$1,879,351

## 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. | 9.2% |
| SK Hynix, Inc. | 6.7% |
| SK Square Co. Ltd. | 4.8% |
| iShares MSCI China ETF | 3.8% |
| Tencent Holdings Ltd. | 3.4% |
| Samsung Electronics Co. Ltd. | 3.4% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.7% |
| Reliance Industries Ltd. | 2.3% |
| NAVER Corp. | 1.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.1% |
| Countries-Other | 11.4% |
| Hong Kong | 1.4% |
| United Arab Emirates | 1.4% |
| Indonesia | 1.8% |
| Singapore | 2.1% |
| South Africa | 2.6% |
| Mexico | 4.8% |
| Brazil | 7.3% |
| India | 11.7% |
| Taiwan | 12.8% |
| China | 16.2% |
| South Korea | 22.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.6% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 11.3% |
| Communication Services | 9.3% |
| Consumer Staples | 6.8% |
| Energy | 5.2% |
| Exchange-Traded Funds | 3.8% |
| Materials | 2.7% |
| Utilities | 2.5% |
| Real Estate | 1.3% |
| Health Care | 0.9% |
| Short-Term Investments | 1.6% |
| Liabilities in Excess of Other Assets | (1.3)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks. Additionally, effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

## 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.

# Class R: IEMKX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund
92913W730-AR

# Class W: IEMLX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager Emerging Markets Equity Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $143 | 1.22% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund outperformed its benchmark, the MSCI Emerging Markets Index<sup>SM</sup> due to stock selection & currency allocation.

**Top contributors to performance:** On a country-level, South Korea, Saudi Arabia & Taiwan has a positive impact. On a sector-level basis, industrials, information technology, & real estate were among the strongest areas of relative performance. Top individual contributors were SK Square Co., Ltd., SK hynix Inc. & SAMSUNG C&T CORP.

**Top detractors to performance:** Style, sector & country allocation were detractors. The largest detractors on a country basis were underweights to China & South Africa, and overweight to UK. On a sector-level basis, consumer staples, materials & energy were the key detractors. Overweights to Infosys Ltd. Sponsored ADR, CP ALL Public Co. Ltd. & Tata Consultancy Services Ltd. drove underperformance at an individual name basis.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10875 | $10022 | $10927 |
| **2017** | $14471 | $12391 | $13817 |
| **2018** | $11851 | $11370 | $12087 |
| **2019** | $13830 | $12652 | $13521 |
| **2020** | $14891 | $12321 | $14636 |
| **2021** | $17148 | $15976 | $17119 |
| **2022** | $11393 | $12025 | $11807 |
| **2023** | $12785 | $13477 | $13082 |
| **2024** | $15366 | $16756 | $16393 |
| **2025** | $20697 | $20933 | $20970 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 34.70% | 6.81% | 7.55% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| MSCI Emerging Markets Index℠ | 27.91% | 7.46% | 7.69% |

---

## Fund Statistics
* Total Net Assets$229,794,882

* # of Portfolio Holdings353

* Portfolio Turnover Rate51%

* Investment Advisory Fees Paid$1,879,351

## 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. | 9.2% |
| SK Hynix, Inc. | 6.7% |
| SK Square Co. Ltd. | 4.8% |
| iShares MSCI China ETF | 3.8% |
| Tencent Holdings Ltd. | 3.4% |
| Samsung Electronics Co. Ltd. | 3.4% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. | 2.7% |
| Reliance Industries Ltd. | 2.3% |
| NAVER Corp. | 1.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.1% |
| Countries-Other | 11.4% |
| Hong Kong | 1.4% |
| United Arab Emirates | 1.4% |
| Indonesia | 1.8% |
| Singapore | 2.1% |
| South Africa | 2.6% |
| Mexico | 4.8% |
| Brazil | 7.3% |
| India | 11.7% |
| Taiwan | 12.8% |
| China | 16.2% |
| South Korea | 22.4% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.6% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Industrials | 11.3% |
| Communication Services | 9.3% |
| Consumer Staples | 6.8% |
| Energy | 5.2% |
| Exchange-Traded Funds | 3.8% |
| Materials | 2.7% |
| Utilities | 2.5% |
| Real Estate | 1.3% |
| Health Care | 0.9% |
| Short-Term Investments | 1.6% |
| Liabilities in Excess of Other Assets | (1.3)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks. Additionally, effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

## 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.

# Class W: IEMLX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager Emerging Markets Equity Fund
92913W748-AR

# Class I: IIGIX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager International Equity Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager International Equity Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $97 | 0.88% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund underperformed its benchmark, the MSCI EAFE<sup><sup>®</sup></sup> Index.

**Top contributors to performance:** Currency & stock selection were the main contributors. At country level, Denmark, Australia, & France were the key contributors, with Novo Nordisk, SK hynix Inc., & Taiwan Semiconductor Manufacturing Co. Ltd. among the top individual contributors. At the sector level, health care, information technology & communication services were the top contributors.

**Top detractors to performance:** Country and style were the main detractors. On a country-level, Japan, Netherlands, and UK were top detractors. On a sector-level basis, financials & industrials were among the weakest areas of relative performance. Top individual detractors included SoftBank Group Corp., Wolters Kluwer N.V. & Rolls-Royce Holdings PLC.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE<sup>®</sup> Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $242140 | $250550 | $241925 |
| **2017** | $295246 | $309780 | $298632 |
| **2018** | $269179 | $284254 | $278176 |
| **2019** | $297515 | $316290 | $308887 |
| **2020** | $300167 | $308034 | $287697 |
| **2021** | $392293 | $399397 | $386032 |
| **2022** | $273439 | $300626 | $297244 |
| **2023** | $305303 | $336917 | $340050 |
| **2024** | $373737 | $418898 | $418146 |
| **2025** | $449204 | $523323 | $514452 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 20.19% | 8.40% | 6.04% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| MSCI EAFE<sup>®</sup> Index | 23.03% | 12.33% | 7.48% |

---

## Fund Statistics
* Total Net Assets$568,344,032

* # of Portfolio Holdings529

* Portfolio Turnover Rate96%

* Investment Advisory Fees Paid$4,343,280

## 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. | 2.2% |
| Tencent Holdings Ltd. | 1.8% |
| ASML Holding NV | 1.6% |
| LVMH Moet Hennessy Louis Vuitton SE | 1.2% |
| SAP SE | 1.2% |
| HDFC Bank Ltd. | 1.2% |
| GSK PLC | 1.1% |
| London Stock Exchange Group PLC | 1.0% |
| Novo Nordisk A/S - Class B | 1.0% |
| AIA Group Ltd. | 1.0% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 1.3% |
| Countries-Other | 26.2% |
| Sweden | 3.4% |
| Switzerland | 4.0% |
| Canada | 4.5% |
| Netherlands | 4.8% |
| Taiwan | 4.9% |
| China | 6.5% |
| Germany | 7.3% |
| United States | 7.4% |
| France | 7.5% |
| United Kingdom | 10.9% |
| Japan | 11.3% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg018.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.7% |
| Information Technology | 16.2% |
| Industrials | 15.8% |
| Health Care | 9.8% |
| Consumer Discretionary | 9.4% |
| Communication Services | 6.9% |
| Consumer Staples | 5.6% |
| Energy | 4.3% |
| Materials | 2.8% |
| Real Estate | 1.8% |
| Utilities | 1.4% |
| Short-Term Investments | 2.1% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective February 28, 2025, the Fund adopted an investment policy in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Principal Investment Strategies & Principal Risks. Also, effective February 28, 2025, Acadian was added as additional sub-adviser, and Polaris Capital Management, LLC was removed as sub-adviser.

## Changes in or Disagreements with Accountants

## 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.

# Class I: IIGIX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager International Equity Fund
92914A596-AR

# Class A: NTKLX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager International Small Cap Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $174 | 1.52% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, excluding applicable sales charges, the Fund outperformed its benchmark, the S&P Developed ex-U.S. SmallCap Index due to stock selection. Style, sector & currency allocation were also additive.

**Top contributors to performance:** On a country-level, Canada, South Korea, & Italy were the key contributors. At the sector level, stock selection was strongest within materials, information technology & industrials. Top individual contributors included Celestica Inc., Fresnillo PLC & Hyosung Heavy Industries Corp.

**Top detractors to performance:** Country allocation was a detractor. On a country-level, Israel, Germany, and Denmark were among the main areas where the Fund's relative performance lagged. On a sector-level basis, communication services, utilities, and energy were among the weakest areas. Top individual detractors included ROCKWOOL A/S Class B, Rational Aktiengesellschaft, & IHI Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg020.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE<sup>®</sup> Small Cap Index** | **S&P Developed Ex-U.S. SmallCap Index** |
| **2015** | $9425 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9443 | $10019 | $10022 | $10298 | $10333 |
| **2017** | $12328 | $13080 | $12391 | $13131 | $13057 |
| **2018** | $10871 | $11535 | $11370 | $12105 | $12051 |
| **2019** | $11390 | $12086 | $12652 | $13173 | $13003 |
| **2020** | $11910 | $12637 | $12321 | $12994 | $12987 |
| **2021** | $16446 | $17450 | $15976 | $17642 | $17777 |
| **2022** | $12076 | $12813 | $12025 | $12300 | $12334 |
| **2023** | $13155 | $13958 | $13477 | $13096 | $13256 |
| **2024** | $16381 | $17382 | $16756 | $16104 | $16207 |
| **2025** | $21195 | $22489 | $20933 | $20049 | $20316 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 21.94% | 10.90% | 7.80% |
| Class A - Excluding Sales Charge | 29.38% | 12.22% | 8.44% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| S&P Developed Ex-U.S. SmallCap Index | 25.35% | 9.36% | 7.35% |
| MSCI EAFE<sup>®</sup> Small Cap Index | 24.50% | 9.06% | 7.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$434,527,257

* # of Portfolio Holdings1,366

* Portfolio Turnover Rate77%

* Investment Advisory Fees Paid$3,265,801

## 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

---

| | |
|:---|:---|
| Vanguard FTSE Developed Markets ETF | 1.3% |
| Klepierre SA | 1.3% |
| Bankinter SA | 1.0% |
| Mapfre SA | 1.0% |
| Finning International, Inc. | 0.8% |
| Celestica, Inc. | 0.8% |
| GEA Group AG | 0.8% |
| Swissquote Group Holding SA | 0.8% |
| Investec PLC - ZAR | 0.7% |
| OceanaGold Corp. | 0.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 17.3% |
| Denmark | 2.7% |
| Spain | 3.5% |
| Italy | 4.2% |
| Switzerland | 5.8% |
| Germany | 6.1% |
| France | 6.1% |
| Australia | 6.1% |
| South Korea | 6.2% |
| Canada | 9.2% |
| United Kingdom | 9.2% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.1% |
| Financials | 12.9% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.0% |
| Materials | 10.2% |
| Health Care | 6.6% |
| Real Estate | 6.2% |
| Communication Services | 4.7% |
| Energy | 4.0% |
| Consumer Staples | 2.8% |
| Utilities | 2.3% |
| Exchange-Traded Funds | 1.6% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class A: NTKLX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager International Small Cap Fund
92913X779-AR

# Class C: NARCX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager International Small Cap Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $259 | 2.27% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, excluding applicable sales charges, the Fund outperformed its benchmark, the S&P Developed ex-U.S. SmallCap Index due to stock selection. Style, sector & currency allocation were also additive.

**Top contributors to performance:** On a country-level, Canada, South Korea, & Italy were the key contributors. At the sector level, stock selection was strongest within materials, information technology & industrials. Top individual contributors included Celestica Inc., Fresnillo PLC & Hyosung Heavy Industries Corp.

**Top detractors to performance:** Country allocation was a detractor. On a country-level, Israel, Germany, and Denmark were among the main areas where the Fund's relative performance lagged. On a sector-level basis, communication services, utilities, and energy were among the weakest areas. Top individual detractors included ROCKWOOL A/S Class B, Rational Aktiengesellschaft, & IHI Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg013.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE<sup>®</sup> Small Cap Index** | **S&P Developed Ex-U.S. SmallCap Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9954 | $10022 | $10298 | $10333 |
| **2017** | $12911 | $12391 | $13131 | $13057 |
| **2018** | $11304 | $11370 | $12105 | $12051 |
| **2019** | $11755 | $12652 | $13173 | $13003 |
| **2020** | $12209 | $12321 | $12994 | $12987 |
| **2021** | $16735 | $15976 | $17642 | $17777 |
| **2022** | $12195 | $12025 | $12300 | $12334 |
| **2023** | $13189 | $13477 | $13096 | $13256 |
| **2024** | $16425 | $16756 | $16104 | $16207 |
| **2025** | $21251 | $20933 | $20049 | $20316 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 27.43% | 11.39% | 7.83% |
| Class C - Excluding Sales Charge | 28.43% | 11.39% | 7.83% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| S&P Developed Ex-U.S. SmallCap Index | 25.35% | 9.36% | 7.35% |
| MSCI EAFE<sup>®</sup> Small Cap Index | 24.50% | 9.06% | 7.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$434,527,257

* # of Portfolio Holdings1,366

* Portfolio Turnover Rate77%

* Investment Advisory Fees Paid$3,265,801

## 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

---

| | |
|:---|:---|
| Vanguard FTSE Developed Markets ETF | 1.3% |
| Klepierre SA | 1.3% |
| Bankinter SA | 1.0% |
| Mapfre SA | 1.0% |
| Finning International, Inc. | 0.8% |
| Celestica, Inc. | 0.8% |
| GEA Group AG | 0.8% |
| Swissquote Group Holding SA | 0.8% |
| Investec PLC - ZAR | 0.7% |
| OceanaGold Corp. | 0.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 17.3% |
| Denmark | 2.7% |
| Spain | 3.5% |
| Italy | 4.2% |
| Switzerland | 5.8% |
| Germany | 6.1% |
| France | 6.1% |
| Australia | 6.1% |
| South Korea | 6.2% |
| Canada | 9.2% |
| United Kingdom | 9.2% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.1% |
| Financials | 12.9% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.0% |
| Materials | 10.2% |
| Health Care | 6.6% |
| Real Estate | 6.2% |
| Communication Services | 4.7% |
| Energy | 4.0% |
| Consumer Staples | 2.8% |
| Utilities | 2.3% |
| Exchange-Traded Funds | 1.6% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class C: NARCX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager International Small Cap Fund
92913X795-AR

# Class I: NAPIX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager International Small Cap Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $138 | 1.20% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, excluding applicable sales charges, the Fund outperformed its benchmark, the S&P Developed ex-U.S. SmallCap Index due to stock selection. Style, sector & currency allocation were also additive.

**Top contributors to performance:** On a country-level, Canada, South Korea, & Italy were the key contributors. At the sector level, stock selection was strongest within materials, information technology & industrials. Top individual contributors included Celestica Inc., Fresnillo PLC & Hyosung Heavy Industries Corp.

**Top detractors to performance:** Country allocation was a detractor. On a country-level, Israel, Germany, and Denmark were among the main areas where the Fund's relative performance lagged. On a sector-level basis, communication services, utilities, and energy were among the weakest areas. Top individual detractors included ROCKWOOL A/S Class B, Rational Aktiengesellschaft, & IHI Corp.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg019.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE<sup>®</sup> Small Cap Index** | **S&P Developed Ex-U.S. SmallCap Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $251583 | $250550 | $257450 | $258325 |
| **2017** | $329893 | $309780 | $328274 | $326419 |
| **2018** | $291989 | $284254 | $302636 | $301285 |
| **2019** | $306877 | $316290 | $329329 | $325087 |
| **2020** | $321947 | $308034 | $324850 | $324664 |
| **2021** | $446043 | $399397 | $441049 | $444433 |
| **2022** | $328601 | $300626 | $307499 | $308347 |
| **2023** | $359143 | $336917 | $327402 | $331412 |
| **2024** | $448684 | $418898 | $402590 | $405173 |
| **2025** | $582428 | $523323 | $501237 | $507898 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 29.81% | 12.59% | 8.83% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| S&P Developed Ex-U.S. SmallCap Index | 25.35% | 9.36% | 7.35% |
| MSCI EAFE<sup>®</sup> Small Cap Index | 24.50% | 9.06% | 7.20% |

---

## Fund Statistics
* Total Net Assets$434,527,257

* # of Portfolio Holdings1,366

* Portfolio Turnover Rate77%

* Investment Advisory Fees Paid$3,265,801

## 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

---

| | |
|:---|:---|
| Vanguard FTSE Developed Markets ETF | 1.3% |
| Klepierre SA | 1.3% |
| Bankinter SA | 1.0% |
| Mapfre SA | 1.0% |
| Finning International, Inc. | 0.8% |
| Celestica, Inc. | 0.8% |
| GEA Group AG | 0.8% |
| Swissquote Group Holding SA | 0.8% |
| Investec PLC - ZAR | 0.7% |
| OceanaGold Corp. | 0.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 17.3% |
| Denmark | 2.7% |
| Spain | 3.5% |
| Italy | 4.2% |
| Switzerland | 5.8% |
| Germany | 6.1% |
| France | 6.1% |
| Australia | 6.1% |
| South Korea | 6.2% |
| Canada | 9.2% |
| United Kingdom | 9.2% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.1% |
| Financials | 12.9% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.0% |
| Materials | 10.2% |
| Health Care | 6.6% |
| Real Estate | 6.2% |
| Communication Services | 4.7% |
| Energy | 4.0% |
| Consumer Staples | 2.8% |
| Utilities | 2.3% |
| Exchange-Traded Funds | 1.6% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class I: NAPIX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager International Small Cap Fund
92914A760-AR

# Class R6: VVJFX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager International Small Cap Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $134 | 1.17% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, excluding applicable sales charges, the Fund outperformed its benchmark, the S&P Developed ex-U.S. SmallCap Index due to stock selection. Style, sector & currency allocation were also additive.

**Top contributors to performance:** On a country-level, Canada, South Korea, & Italy were the key contributors. At the sector level, stock selection was strongest within materials, information technology & industrials. Top individual contributors included Celestica Inc., Fresnillo PLC & Hyosung Heavy Industries Corp.

**Top detractors to performance:** Country allocation was a detractor. On a country-level, Israel, Germany, and Denmark were among the main areas where the Fund's relative performance lagged. On a sector-level basis, communication services, utilities, and energy were among the weakest areas. Top individual detractors included ROCKWOOL A/S Class B, Rational Aktiengesellschaft, & IHI Corp.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg028.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE<sup>®</sup> Small Cap Index** | **S&P Developed ex-U.S. SmallCap Index** |
| **2/28/2023** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2023** | $938722 | $972977 | $913278 | $912943 |
| **2024** | $1172974 | $1209727 | $1123011 | $1116134 |
| **2025** | $1522718 | $1511293 | $1398184 | $1399111 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (2/28/2023)** |
| Class R6 | 29.82% | 17.05% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 16.53% |
| S&P Developed ex-U.S. SmallCap Index | 25.35% | 13.31% |
| MSCI EAFE<sup>®</sup> Small Cap Index | 24.50% | 13.31% |

---

## Fund Statistics
* Total Net Assets$434,527,257

* # of Portfolio Holdings1,366

* Portfolio Turnover Rate77%

* Investment Advisory Fees Paid$3,265,801

## 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

---

| | |
|:---|:---|
| Vanguard FTSE Developed Markets ETF | 1.3% |
| Klepierre SA | 1.3% |
| Bankinter SA | 1.0% |
| Mapfre SA | 1.0% |
| Finning International, Inc. | 0.8% |
| Celestica, Inc. | 0.8% |
| GEA Group AG | 0.8% |
| Swissquote Group Holding SA | 0.8% |
| Investec PLC - ZAR | 0.7% |
| OceanaGold Corp. | 0.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 17.3% |
| Denmark | 2.7% |
| Spain | 3.5% |
| Italy | 4.2% |
| Switzerland | 5.8% |
| Germany | 6.1% |
| France | 6.1% |
| Australia | 6.1% |
| South Korea | 6.2% |
| Canada | 9.2% |
| United Kingdom | 9.2% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.1% |
| Financials | 12.9% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.0% |
| Materials | 10.2% |
| Health Care | 6.6% |
| Real Estate | 6.2% |
| Communication Services | 4.7% |
| Energy | 4.0% |
| Consumer Staples | 2.8% |
| Utilities | 2.3% |
| Exchange-Traded Funds | 1.6% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class R6: VVJFX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager International Small Cap Fund
92914A372-AR

# Class W: ISCWX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya Multi-Manager International Small Cap Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya Multi-Manager International Small Cap Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $146 | 1.27% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, excluding applicable sales charges, the Fund outperformed its benchmark, the S&P Developed ex-U.S. SmallCap Index due to stock selection. Style, sector & currency allocation were also additive.

**Top contributors to performance:** On a country-level, Canada, South Korea, & Italy were the key contributors. At the sector level, stock selection was strongest within materials, information technology & industrials. Top individual contributors included Celestica Inc., Fresnillo PLC & Hyosung Heavy Industries Corp.

**Top detractors to performance:** Country allocation was a detractor. On a country-level, Israel, Germany, and Denmark were among the main areas where the Fund's relative performance lagged. On a sector-level basis, communication services, utilities, and energy were among the weakest areas. Top individual detractors included ROCKWOOL A/S Class B, Rational Aktiengesellschaft, & IHI Corp.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class W** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI EAFE<sup>®</sup> Small Cap Index** | **S&P Developed Ex-U.S. SmallCap Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10053 | $10022 | $10298 | $10333 |
| **2017** | $13172 | $12391 | $13131 | $13057 |
| **2018** | $11648 | $11370 | $12105 | $12051 |
| **2019** | $12238 | $12652 | $13173 | $13003 |
| **2020** | $12828 | $12321 | $12994 | $12987 |
| **2021** | $17759 | $15976 | $17642 | $17777 |
| **2022** | $13072 | $12025 | $12300 | $12334 |
| **2023** | $14277 | $13477 | $13096 | $13256 |
| **2024** | $17822 | $16756 | $16104 | $16207 |
| **2025** | $23121 | $20933 | $20049 | $20316 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 29.73% | 12.50% | 8.74% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 11.18% | 7.67% |
| S&P Developed Ex-U.S. SmallCap Index | 25.35% | 9.36% | 7.35% |
| MSCI EAFE<sup>®</sup> Small Cap Index | 24.50% | 9.06% | 7.20% |

---

## Fund Statistics
* Total Net Assets$434,527,257

* # of Portfolio Holdings1,366

* Portfolio Turnover Rate77%

* Investment Advisory Fees Paid$3,265,801

## 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

---

| | |
|:---|:---|
| Vanguard FTSE Developed Markets ETF | 1.3% |
| Klepierre SA | 1.3% |
| Bankinter SA | 1.0% |
| Mapfre SA | 1.0% |
| Finning International, Inc. | 0.8% |
| Celestica, Inc. | 0.8% |
| GEA Group AG | 0.8% |
| Swissquote Group Holding SA | 0.8% |
| Investec PLC - ZAR | 0.7% |
| OceanaGold Corp. | 0.7% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.5% |
| Countries-Other | 17.3% |
| Denmark | 2.7% |
| Spain | 3.5% |
| Italy | 4.2% |
| Switzerland | 5.8% |
| Germany | 6.1% |
| France | 6.1% |
| Australia | 6.1% |
| South Korea | 6.2% |
| Canada | 9.2% |
| United Kingdom | 9.2% |
| Japan | 21.1% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 23.1% |
| Financials | 12.9% |
| Information Technology | 12.7% |
| Consumer Discretionary | 12.0% |
| Materials | 10.2% |
| Health Care | 6.6% |
| Real Estate | 6.2% |
| Communication Services | 4.7% |
| Energy | 4.0% |
| Consumer Staples | 2.8% |
| Utilities | 2.3% |
| Exchange-Traded Funds | 1.6% |
| Short-Term Investments | 1.0% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Fund's Principal Investment Strategies and Principal Risks.

## 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.

# Class W: ISCWX
![QR Code](tm2531593d1_tsrimg027.jpg)

# Voya Multi-Manager International Small Cap Fund
92914A307-AR

# Portfolio: VVIFX
![Image](tm2531593d1_tsrimg023.jpg)

# Voya VACS Series EME Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025
This annual shareholder report contains important information about Voya VACS Series EME Fund for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $18 | 0.15% |

---

## How did the Fund perform in the past 12 months?
For the year ended October 31, 2025, the Fund outperformed its benchmark, the MSCI Emerging Markets Index<sup>SM</sup> due to stock selection & currency allocation.

**Top performance contributors:** On a country-level, South Korea, Saudi Arabia & Taiwan were the top contributors. On a sector-level basis, industrials, information technology & real estate were among the strongest areas of relative performance. Top individual contributors were SK Square Co., Ltd., SK hynix Inc. & SAMSUNG C&T CORP.

**Bottom performance detractors:** Style, sector & country allocation were detractors. The largest detractors on a country basis were underweights in China & South Africa, as well as overweight to United Kingdom. On a sector-level basis, consumer staples, materials & energy were the key detractors. Overweights to Infosys Ltd., CP ALL Public Company Ltd. & Tata Consultancy Services Ltd. drove underperformance on an individual name basis.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2531593d1_tsrimg037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VACS Series EME Fund** | **MSCI All Country World Ex-U.S. Index℠** | **MSCI Emerging Markets Index℠** |
| **6/7/2023** | $10000 | $10000 | $10000 |
| **2023** | $9470 | $9353 | $9413 |
| **2024** | $11517 | $11629 | $11796 |
| **2025** | $15617 | $14527 | $15088 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (6/7/2023)** |
| VACS Series EME Fund | 35.60% | 20.41% |
| MSCI All Country World Ex-U.S. Index℠ | 24.93% | 16.79% |
| MSCI Emerging Markets Index℠ | 27.91% | 18.55% |

---

## Fund Statistics
* Total Net Assets$320,714,934

* # of Portfolio Holdings338

* Portfolio Turnover Rate49%

* Investment Advisory Fees PaidN/A

## 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. | 8.9% |
| SK Hynix, Inc. | 6.6% |
| SK Square Co. Ltd. | 5.0% |
| iShares MSCI China ETF | 3.7% |
| Tencent Holdings Ltd. | 3.6% |
| Alibaba Group Holding Ltd. | 3.5% |
| Samsung Electronics Co. Ltd. | 3.4% |
| HDFC Bank Ltd. | 2.5% |
| Reliance Industries Ltd. | 2.3% |
| NAVER Corp. | 1.6% |

---

### Country Weightings
![A graphical representation of Investments made.](tm2531593d1_tsrimg033.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Countries-Other | 11.1% |
| Hong Kong | 1.4% |
| United Arab Emirates | 1.4% |
| Indonesia | 1.8% |
| Singapore | 2.1% |
| South Africa | 2.5% |
| Mexico | 4.8% |
| Brazil | 7.2% |
| India | 11.4% |
| Taiwan | 12.5% |
| China | 16.5% |
| South Korea | 22.6% |

---

### Sector Allocation
![A graphical representation of Investments made.](tm2531593d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.6% |
| Industrials | 11.4% |
| Communication Services | 9.3% |
| Consumer Staples | 6.7% |
| Energy | 5.1% |
| Exchange-Traded Funds | 3.7% |
| Materials | 2.7% |
| Utilities | 2.5% |
| Real Estate | 1.2% |
| Health Care | 0.9% |
| Short-Term Investments | 5.5% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended October 31, 2025. For more complete information, you may review the Fund's Prospectus, as supplemented, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. Copies of the Prospectus can be requested by calling us at 1-800-992-0180.

Effective April 29, 2025, the Fund amended its investment policies in accordance with the investment focus that the Fund's name suggests. Corresponding changes were also made to the Principal Investment Strategies & Principal Risks. On July 25, 2025, the Fund filed a new registration statement to register shares under the Securities Act of 1933. Additionally, effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

## 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.

# Portfolio: VVIFX
![QR Code](tm2531593d1_tsrimg036.jpg)

# Voya VACS Series EME Fund
92913W359-AR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

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

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, Christopher P. Sullivan, Jody Foster and Mark Wetzel are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gavin, Ms. Baldwin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

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

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Registrant during the Registrant's fiscal year ended October 31, 2025 and October 31, 2024.

(a) The
aggregate fees billed and paid for each of the last two fiscal years for professional services rendered by EY ,
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by
the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $157,020 for the year ended
October 31, 2025 and $152,880 for the year ended October 31, 2024.

(b) <u>Audit-Related Fees</u>: T he aggregate fees billed and paid in each
of the last two fiscal years for assurance and related services by EY that are reasonably related to the performance of the audit of the
registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the year ended October 31,
2025 and $0 for the year ended October 31, 2024.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the
last two fiscal years for professional services rendered by EY for tax compliance, tax advice, and tax planning were $165,337 for the
year ended October 31, 2025 and $62,363 for the year ended October 31, 2024. Such services included review of excise distribution
calculations (if applicable), preparation of the Registrants' federal, state, and excise tax returns, tax services related to mergers
and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each
of the last two fiscal years for products and services provided by EY, other than the services reported in paragraphs (a) through
(c) of this Item were $0 for the year ended October 31, 2025 and $0 for the year ended October 31, 2024.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | √ |  | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds' semi-annual and quarterly financial statements | √ |  | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ |  | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses |  | √ | Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ |  | As presented to Audit Committee<sup>2</sup> |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |  | As presented to Audit Committee<sup>2</sup> |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions |  | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| <br> Tax compliance services related to return preparation for the Funds (Adviser Fees) |  | √ | As presented to Audit Committee<sup>3</sup> |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ |  | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ |  | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| German Tax Treaty Reclaims | √ | Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs |  | √ | Not to exceed $60,000 during the Pre-Approval Period |
| Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br> Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √<br>| √<br>| Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ |  | Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee</u> |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50%</u> 

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the aggregate non-audit fees (*i.e*., fees for audit-related, tax,
and other services) billed and paid to each Registrant by the independent registered public accounting firm for the Registrant's
fiscal years ended October 31, 2025 and October 31, 2024; and (ii) the aggregate non-audit fees billed and paid to the
investment adviser, or any of its affiliates that provide ongoing services to the registrant, by the independent registered public accounting
firm for the same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Mutual Funds | $168697 | $62363 |
| Voya Investments, LLC <sup>(1)</sup> | $13561125.52 | $15021906 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of
Regulation S-X is compatible with maintaining EY's independence.

(i) Not applicable.

(J) Not applicable.

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

Not applicable.

**Item 6. Investments.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

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

![](tm2531593d1_vacseme-01img001.jpg)

Annual Financial Statements and Other Information

**October 31, 2025**

**Voya VACS Series EME Fund**

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.

---

| | |
|:---|:---|
| ![](tm2531593d1_vacseme-01img002.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2531593d1_vacseme-01img003.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#vac1_001) | [1](#vac1_001) |
| [Statement of Assets and Liabilities](#vac1_002) | [2](#vac1_002) |
| [Statement of Operations](#vac1_003) | [3](#vac1_003) |
| [Statements of Changes in Net Assets](#vac1_004) | [4](#vac1_004) |
| [Financial Highlights](#vac1_005) | [5](#vac1_005) |
| [Notes to Financial Statements](#vac1_006) | [6](#vac1_006) |
| [Portfolio of Investments](#sp2_001) | [16](#sp2_001) |
| [Tax Information](#sp03_001) | [25](#sp03_001) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#sp03_002) | [26](#sp03_002) |

---

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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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya VACS Series EME Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya VACS Series EME Fund (the "Fund") (one of the funds constituting Voya Mutual Funds (the "Trust")), including the portfolio of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period then ended and the period from June 7, 2023 (commencement of operations) through October 31, 2023 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Mutual Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period from June 7, 2023 (commencement of operations) through October 31, 2023 in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the auditing standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](tm2531593d1_vacseme-01img004.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

December 19, 2025

STATEMENT OF ASSETS AND LIABILITIES as of October 31, 2025

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| | | |
|:---|:---|:---|
| **ASSETS:** | **ASSETS:** |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $317552268 |
| Short-term investments at fair value† | Short-term investments at fair value† | 17629922 |
| Cash | Cash | 24435 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 35718 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 96211 |
| Receivables: | Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 13043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 197677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 336194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 13876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 27813 |
| Prepaid expenses | Prepaid expenses | 12345 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser | 71792 |
| Other assets | Other assets | 1381 |
| &nbsp;&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;&nbsp;Total assets | 336012675 |
| **LIABILITIES:** | **LIABILITIES:** |  |
| Payable for investment securities purchased | Payable for investment securities purchased | 13059 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 311175 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 14010338 |
| Variation margin payable on futures contracts | Variation margin payable on futures contracts | 2805 |
| Payable to trustees under the deferred compensation plan (Note 5) | Payable to trustees under the deferred compensation plan (Note 5) | 1381 |
| Payable for trustee fees | Payable for trustee fees | 649 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax | 748089 |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 210245 |
| &nbsp;&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;&nbsp;Total liabilities | 15297741 |
| **NET ASSETS** | **NET ASSETS** | $320714934 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | Paid-in capital | $226019254 |
| Total distributable earnings | Total distributable earnings | 94695680 |
| **NET ASSETS** | **NET ASSETS** | $320714934 |
| + | Including securities loaned at value | $13684221 |
| \* | Cost of investments in securities | $236577185 |
| † | Cost of short-term investments | $17629922 |
| ‡ | Cost of foreign currencies | $96236 |
| Net assets | Net assets | $320714934 |
| Shares authorized | Shares authorized | unlimited |
| Par value | Par value |  |
| Shares outstanding | Shares outstanding | 21923568 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $14.63 |

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See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the year ended October 31, 2025

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| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |
| Dividends, net of foreign taxes withheld\* | Dividends, net of foreign taxes withheld\* | $6578675 |
| Interest | Interest | 6459 |
| Securities lending income, net | Securities lending income, net | 46767 |
| Other | Other | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6633352 |
| **EXPENSES:** | **EXPENSES:** |  |
| Transfer agent fees | Transfer agent fees | 1554 |
| Shareholder reporting expense | Shareholder reporting expense | 2976 |
| Registration fees | Registration fees | 19357 |
| Professional fees | Professional fees | 142394 |
| Custody and accounting expense | Custody and accounting expense | 222038 |
| Trustee fees | Trustee fees | 6489 |
| Licensing fee (Note 6) | Licensing fee (Note 6) | 156635 |
| Miscellaneous expense | Miscellaneous expense | 25726 |
| Interest expense | Interest expense | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 581863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (180996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 400867 |
| Net investment income | Net investment income | 6232485 |
| **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>) | 14819345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 29966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (267530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 136525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 14718306 |
| 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>) | 63650414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 10004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 46506 |
| &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) | 63706924 |
| Net realized and unrealized gain | Net realized and unrealized gain | 78425230 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $84657715 |
| \* | Foreign taxes withheld | $743543 |
| ^ | Foreign capital gains taxes withheld | $185183 |
| # | Change in foreign capital gains taxes accrued | $565834 |

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See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31, 2025** | **Year Ended**<br>**October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $6232485 | $5444257 |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14718306 | 1013595 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63706924 | 36604076 |
| Increase in net assets resulting from operations | 84657715 | 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77839307 | 73153456 |
| Reinvestment of distributions | 11444838 | 4130918 |
|  | 89284145 | 77284374 |
| Cost of shares redeemed | (69157479) | (107455211) |
| Net increase (decrease) in net assets resulting from capital share transactions | 20126666 | (30170837) |
| Net increase in net assets | 93339543 | 8760173 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 227375391 | 218615218 |
| End of year or period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320714934 | $227375391 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS October 31, 2025

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<br> from<br> investment <br> operations | From net<br> investment <br> income | From<br> net<br> realized <br> gains | From<br> return<br> of capital | <br>Total<br> distributions | <br>Payment<br> by <br> affiliate | <br>Net asset<br> value, <br> end of <br> year or <br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<br> <sup>(2)(3)</sup> | Expenses<br> net of<br> fee waivers <br> and/or <br> recoupments <br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/<br> additions<br> <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) | (%) |
| 10-31-25 | 11.32 | 0.28 | • | 3.56 | 3.84 | 0.48 | 0.05 |  | 0.53 |  | 14.63 | **35.60** | 0.22 | 0.15 | 0.15 | 2.40 | 320715 | 49 |
| 10-31-24 | 9.47 | 0.27 | • | 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>-<br> 10-31-23 | 10.00 | 0.11 | • | (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> | Calculated using average number of shares outstanding throughout the year or period. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025

**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 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 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

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

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

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

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

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

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

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method.

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

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

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

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on U.S. federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

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

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

G. ***Risk Exposures and the Use of Derivative Instruments.*** The Fund's investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This

may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

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

***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

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

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

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

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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.

There were no open OTC derivatives at October 31, 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 year ended October 31, 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 year ended October 31, 2025, the Fund had an average contract amount on forward foreign currency contracts to sell of $65,593. There were no open forward foreign currency contracts at October 31, 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 year ended October 31, 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 year ended October 31, 2025, the Fund had an average notional value on futures contracts purchased of $966,085. Please refer to the tables within the Portfolio of Investments for open futures contracts during the year ended October 31, 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 year ended October 31, 2025, the cost of purchases and the proceeds from the sales of investments, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $139808979 | $124819989 |

---

**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 October 31, 2025, the following direct or indirect, wholly-owned subsidiary of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| Subsidiary | Percentage |
| Voya Investment Trust Co. | 88.14% |

---

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") with the Fund to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses and other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, to 0.15% of the average net assets.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)**

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 October 31, 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:

---

| | | | |
|:---|:---|:---|:---|
| **October 31,** | **October 31,** | **October 31,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $9699 | $42825 | $180996 | $233520 |

---

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**

Effective June 10, 2025, the Fund, in addition to certain other funds managed by the Investment Adviser, entered

**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

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, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line about through June 9, 2025.

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 year ended October 31, 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** |
| 14 | $2321286 | 5.20% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <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>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| 10/31/2025 | 6726376 |  | 1061673 | (5950415) |  | 1837634 | 77839307 |  | 11444838 | (69157479) |  | 20126666 |
| 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 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 October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| BofA Securities Inc | $861600 | $(861600) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | 12039060 | (12039060) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | 515562 | (515562) |  |
| Wells Fargo Securities LLC | 267999 | (267999) |  |
| Total | $13684221 | $(13684221) | $— |

---

<sup>(1)</sup> Cash Collateral with a fair value of $14,010,338 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 U.S. 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>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **Ordinary** | **Ordinary** |
| **Income** | **Income** |
| $11444838 | $4130918 |

---

The tax-basis components of distributable earnings as of October 31, 2025, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $21714742 | $9875819 | $63704413 | $(599294) | $94695680 |

---

At October 31, 2025, 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.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

As of October 31, 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.

**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, trade disputes, 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's 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's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Fund's financial statements.

**NOTE 15 — SUBSEQUENT EVENTS**

Effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to the Fund and (ii) the Fund entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under the Fund's previous sub-advisory agreement with Delaware Investments Fund Advisers.

*Dividends:* Subsequent to October 31, 2025, the Fund paid dividends and distributions per share of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Investment**<br>**Income** | **Short-term**<br>**Capital Gains** | **Long-term**<br>**Capital Gains** | **Payable**<br>**Date** | **Record**<br>**Date** |
| $0.9423 | $0.0957 | $0.4470 | December 12, 2025 | December 11, 2025 |

---

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

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 94.5%** | **COMMON STOCK: 94.5%** | |  |
|  | **Brazil: 6.7%** | **Brazil: 6.7%** | **Brazil: 6.7%** |
| 78510 | Ambev SA | $186062 | 0.0 |
| 367083 <sup>(1)</sup> | Ambev SA, ADR | 847962 | 0.3 |
| 165973 | B3 SA - Brasil Bolsa Balcao | 391182 | 0.1 |
| 260638 | Banco Bradesco SA, ADR | 880956 | 0.3 |
| 47588 <sup>(1)</sup> | Banco Santander Brasil SA, ADR | 275534 | 0.1 |
| 48707 | BB Seguridade Participacoes SA | 298763 | 0.1 |
| 32234 | Centrais Eletricas Brasileiras SA | 333248 | 0.1 |
| 23915 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 587790 | 0.2 |
| 46489 | Cia de Saneamento do Parana | 297169 | 0.1 |
| 11840 | Embraer SA | 191642 | 0.1 |
| 25526 | Energisa S/A | 245346 | 0.1 |
| 31957 | Equatorial Energia SA | 217226 | 0.1 |
| 128082 | Itau Unibanco Holding SA, ADR | 942684 | 0.3 |
| 55221 | Klabin SA | 184448 | 0.0 |
| 83546 | MBRF Global Foods Co. SA, ADR | 270689 | 0.1 |
| 1772 <sup>(2)</sup> | MercadoLibre, Inc. | 4123905 | 1.3 |
| 126950 | Petroleo Brasileiro SA - Foreign, ADR | 1477698 | 0.5 |
| 21550 | Porto Seguro SA | 192269 | 0.1 |
| 28772 | Rumo SA | 85568 | 0.0 |
| 117650 | Sendas Distribuidora S/A | 188285 | 0.0 |
| 43785 | Telefonica Brasil SA | 262550 | 0.1 |
| 35672 | Telefonica Brasil SA, ADR | 425567 | 0.1 |
| 71246 | TIM SA/Brazil | 321272 | 0.1 |
| 20110 | TIM SA/Brazil, ADR | 454285 | 0.1 |
| 415442 | Totvs SA | 3437081 | 1.1 |
| 25561 | Transmissora Alianca de Energia Eletrica SA | 181067 | 0.0 |
| 22229 | Vale SA, ADR | 268749 | 0.1 |
| 62583 | Vale SA - Foreign | 756238 | 0.2 |
| 64793 | Vibra Energia SA | 286874 | 0.1 |
| 164680 | XP, Inc. - Class A | 3000470 | 0.9 |
|  |  | **21612579** | **6.7** |
|  | **Chile: 0.6%** |  |  |
| 998507 | Banco de Chile | 175230 | 0.0 |
| 118913 | Cencosud SA | 368769 | 0.1 |
| 29668 | Empresas Copec SA | 212119 | 0.1 |
| 2301987 | Enel Americas SA | 217364 | 0.1 |
| 2357686 | Enel Chile SA | 180100 | 0.1 |
| 33981 | Falabella SA | 213249 | 0.1 |
| 9759 <sup>(2)</sup> | Sociedad Quimica y Minera de Chile SA, ADR | 478093 | 0.1 |
|  |  | **1844924** | **0.6** |
|  | **China: 16.5%** |  |  |
| 285800 | Alibaba Group Holding Ltd. | 6081466 | 1.9 |
| 29759 | Alibaba Group Holding Ltd., ADR | 5071826 | 1.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 210000 | Aluminum Corp. of China Ltd. - Class H | $267019 | 0.1 |
| 51000 | Anhui Conch Cement Co. Ltd. - Class H | 152055 | 0.0 |
| 48450 <sup>(2)</sup> | Baidu, Inc. - Class A | 733351 | 0.2 |
| 76000 | Beijing Enterprises Holdings Ltd. | 333479 | 0.1 |
| 356000 | Brilliance China Automotive Holdings Ltd. | 175164 | 0.0 |
| 20300 | BYD Co. Ltd. - Class H | 262276 | 0.1 |
| 1003000 <sup>(3)</sup> | CGN Power Co. Ltd. - Class H | 397380 | 0.1 |
| 274000 | China Communications Services Corp. Ltd. - Class H | 164212 | 0.0 |
| 252000 | China Construction Bank Corp. - Class H | 249491 | 0.1 |
| 294000 | China Everbright Environment Group Ltd. | 181910 | 0.1 |
| 193600 | China Gas Holdings Ltd. | 199127 | 0.1 |
| 82000 | China Hongqiao Group Ltd. | 311337 | 0.1 |
| 249000 | China Life Insurance Co. Ltd. - Class H | 785220 | 0.2 |
| 94000 | China Merchants Port Holdings Co. Ltd. | 181938 | 0.1 |
| 345000 <sup>(3)</sup> | China Railway Signal & Communication Corp. Ltd. - Class H | 151376 | 0.0 |
| 40000 | China Resources Land Ltd. | 144518 | 0.0 |
| 176000 <sup>(3)</sup> | China Tower Corp. Ltd. - Class H | 254258 | 0.1 |
| 131000 | CITIC Ltd. | 202478 | 0.1 |
| 146500 | COSCO Shipping Holdings Co. Ltd. - Class H | 254065 | 0.1 |
| 340000 | CSPC Pharmaceutical Group Ltd. | 334898 | 0.1 |
| 54300 | ENN Energy Holdings Ltd. | 473131 | 0.1 |
| 198000 | Geely Automobile Holdings Ltd. | 469717 | 0.1 |
| 246000 | Guangdong Investment Ltd. | 233696 | 0.1 |
| 612989 | H World Group Ltd. | 2376950 | 0.7 |
| 73800 | Haier Smart Home Co. Ltd. - Class H | 239989 | 0.1 |
| 118860 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 231828 | 0.1 |
| 17575 <sup>(2)</sup> | iQIYI, Inc., ADR | 40598 | 0.0 |
| 61650 | JD.com, Inc. - Class A | 1017841 | 0.3 |
| 176000 | Jiangsu Expressway Co. Ltd. - Class H | 214265 | 0.1 |
| 74500 | Kingboard Holdings Ltd. | 266921 | 0.1 |
| 660000 | Kunlun Energy Co. Ltd. | 606663 | 0.2 |
| 122700 <sup>(2)(3)</sup> | Legend Holdings Corp. - Class H | 158596 | 0.0 |
| 70500 | Li Ning Co. Ltd. | 153282 | 0.0 |
| 68400 <sup>(2)(3)</sup> | Meituan - Class B | 900332 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 55100 | Midea Group Co. Ltd. - Class H | $595592 | 0.2 |
| 11500 | NetEase, Inc. | 322698 | 0.1 |
| 8855 <sup>(2)</sup> | New Oriental Education & Technology Group, Inc., ADR | 527492 | 0.2 |
| 12628 <sup>(2)</sup> | PDD Holdings, Inc., ADR | 1703138 | 0.5 |
| 1177000 | People's Insurance Co. Group of China Ltd. - Class H | 1057075 | 0.3 |
| 1822000 | PetroChina Co. Ltd. - Class H | 1883436 | 0.6 |
| 204000 | PICC Property & Casualty Co. Ltd. - Class H | 481955 | 0.1 |
| 189000 <sup>(3)</sup> | Qingdao Port International Co. Ltd. - Class H | 172774 | 0.0 |
| 50500 <sup>(3)</sup> | Shandong Gold Mining Co. Ltd. - Class H | 211702 | 0.1 |
| 165278 | Shenzhen International Holdings Ltd. | 171325 | 0.0 |
| 231000 | Sino Biopharmaceutical Ltd. | 210425 | 0.1 |
| 298000 | Sinotrans Ltd. - Class H | 202554 | 0.1 |
| 140725 | Tencent Holdings Ltd. | 11430777 | 3.6 |
| 114527 | Tencent Music Entertainment Group, ADR | 2556243 | 0.8 |
| 358000 | Tingyi Cayman Islands Holding Corp. | 491187 | 0.1 |
| 3000 | Trip.com Group Ltd. | 211114 | 0.1 |
| 9041 | Trip.com Group Ltd., ADR | 638747 | 0.2 |
| 473000 | Uni-President China Holdings Ltd. | 511924 | 0.2 |
| 331000 | Want Want China Holdings Ltd. | 213901 | 0.1 |
| 21000 | Weibo Corp. - Class A | 229619 | 0.1 |
| 125000 | Weichai Power Co. Ltd. - Class H | 258287 | 0.1 |
| 44000 <sup>(2)(3)</sup> | Xiaomi Corp. - Class B | 244108 | 0.1 |
| 217000 | Yangzijiang Shipbuilding Holdings Ltd. | 586065 | 0.2 |
| 87091 | Yum China Holdings, Inc. | 3750566 | 1.2 |
|  |  | **52935357** | **16.5** |
|  | **Colombia: 0.1%** |  |  |
| 29350 | Interconexion Electrica SA ESP | **190353** | **0.1** |
|  | **Czechia: 0.1%** |  |  |
| 5669 | CEZ AS | **347221** | **0.1** |
|  | **Egypt: 0.1%** |  |  |
| 199124 | Commercial International Bank Egypt SAE | **444647** | **0.1** |
|  | **Greece: 0.9%** |  |  |
| 13890 | Athens International Airport SA | 160423 | 0.0 |
| 52424 | Eurobank Ergasias Services and Holdings SA | 197197 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Greece (continued)** |  |  |
| 14280 | GEK Terna Holding Real Estate Construction SA | $381130 | 0.1 |
| 14134 | Hellenic Telecommunications Organization SA | 265419 | 0.1 |
| 21605 | Helleniq Energy Holdings SA | 190027 | 0.1 |
| 15025 | Jumbo SA | 476951 | 0.1 |
| 11489 | Motor Oil Hellas Corinth Refineries SA | 344296 | 0.1 |
| 16149 | National Bank of Greece SA | 237365 | 0.1 |
| 21557 | OPAP SA | 446014 | 0.1 |
| 16429 | Public Power Corp. SA | 285324 | 0.1 |
|  |  | **2984146** | **0.9** |
|  | **Hong Kong: 1.4%** |  |  |
| 450587 | AIA Group Ltd. | **4384543** | **1.4** |
|  | **Hungary: 0.7%** |  |  |
| 82293 | Magyar Telekom Telecommunications PLC | 431311 | 0.1 |
| 80345 | MOL Hungarian Oil & Gas PLC | 706780 | 0.2 |
| 5982 | OTP Bank Nyrt | 571015 | 0.2 |
| 14279 | Richter Gedeon Nyrt | 439851 | 0.2 |
|  |  | **2148957** | **0.7** |
|  | **India: 11.4%** |  |  |
| 20374 | Aurobindo Pharma Ltd. | 261355 | 0.1 |
| 61416 | Bharat Electronics Ltd. | 294503 | 0.1 |
| 46325 | Bharat Petroleum Corp. Ltd. | 185842 | 0 |
| 11243 | Cipla Ltd./India | 190117 | 0.1 |
| 47167 | Coal India Ltd. | 206333 | 0.1 |
| 271110 | Coforge Ltd. | 3184081 | 1 |
| 7566 | Coromandel International Ltd. | 180923 | 0 |
| 2150 | Divi's Laboratories Ltd. | 163226 | 0 |
| 16510 | Dr Reddy's Laboratories Ltd. | 222146 | 0.1 |
| 3048 | Eicher Motors Ltd. | 240373 | 0.1 |
| 18564 | Fortis Healthcare Ltd. | 213808 | 0.1 |
| 84254 | GAIL India Ltd. | 173337 | 0 |
| 53620 | HCL Technologies Ltd. | 930369 | 0.3 |
| 3459 <sup>(3)</sup> | HDFC Asset Management Co. Ltd. | 209520 | 0.1 |
| 213217 | HDFC Bank Ltd. | 2370728 | 0.7 |
| 164424 | HDFC Bank Ltd., ADR | 5955437 | 1.8 |
| 2486 | Hero MotoCorp Ltd. | 155177 | 0 |
| 36756 | Hindalco Industries Ltd. | 350572 | 0.1 |
| 18492 | Hindustan Unilever Ltd. | 513565 | 0.2 |
| 46725 <sup>(2)</sup> | Indus Towers Ltd. | 191475 | 0.1 |
| 79770 | Infosys Ltd. | 1329135 | 0.4 |
| 246239 | Infosys Ltd. - Foreign, ADR | 4080180 | 1.3 |
| 18725 <sup>(2)</sup> | MakeMyTrip Ltd. | 1498000 | 0.5 |
| 870 | Maruti Suzuki India Ltd. | 158441 | 0 |
| 5002 | Mphasis Ltd. | 155477 | 0 |
| 70536 | National Aluminium Co. Ltd. | 185724 | 0 |
| 2953 | Persistent Systems Ltd. | 196517 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 434302 | Reliance Industries Ltd. | $7267109 | 2.3 |
| 43135 | Reliance Strategic Investments Ltd. | 149084 | 0.0 |
| 101837 | Tata Consultancy Services Ltd. | 3504895 | 1.1 |
| 54258 | Tata Consumer Products Ltd. | 711788 | 0.2 |
| 101179 | Tata Steel Ltd. | 208228 | 0.1 |
| 21372 | Tech Mahindra Ltd. | 342567 | 0.1 |
| 27180 | UPL Ltd. | 220436 | 0.1 |
| 33774 | Vedanta Ltd. | 187498 | 0.1 |
| 73603 | Wipro Ltd. | 199331 | 0.1 |
|  |  | **36587297** | **11.4** |
|  | **Indonesia: 1.8%** |  |  |
| 2770000 | Astra International Tbk PT | 1024245 | 0.3 |
| 6802989 | Bank Central Asia Tbk PT | 3483076 | 1.1 |
| 1672100 | Perusahaan Gas Negara Tbk PT | 174829 | 0.1 |
| 2193800 | Telkom Indonesia Persero Tbk PT | 424357 | 0.1 |
| 2443100 | Unilever Indonesia Tbk PT | 378820 | 0.1 |
| 151800 | United Tractors Tbk PT | 245442 | 0.1 |
|  |  | **5730769** | **1.8** |
|  | **Japan: 1.4%** |  |  |
| 11785 | Fast Retailing Co. Ltd. | **4326509** | **1.4** |
|  | **Kuwait: 0.2%** |  |  |
| 151010 | Mobile Telecommunications Co. KSCP | 260977 | 0.1 |
| 58061 | National Bank of Kuwait SAKP | 198845 | 0.1 |
|  |  | **459822** | **0.2** |
|  | **Luxembourg: 0.2%** |  |  |
| 15675 | Reinet Investments SCA | **501320** | **0.2** |
|  | **Malaysia: 0.9%** |  |  |
| 414900 | Axiata Group Bhd | 248800 | 0.1 |
| 211800 | Gamuda Bhd | 254374 | 0.1 |
| 57500 | Petronas Dagangan Bhd | 311334 | 0.1 |
| 52300 | Petronas Gas Bhd | 231029 | 0.1 |
| 113700 | Press Metal Aluminium Holdings Bhd | 171751 | 0.0 |
| 968800 | Public Bank Bhd | 975308 | 0.3 |
| 107800 | Telekom Malaysia Bhd | 187869 | 0.1 |
| 141900 | Tenaga Nasional Bhd | 449575 | 0.1 |
|  |  | **2830040** | **0.9** |
|  | **Mexico: 4.8%** |  |  |
| 57081 | America Movil SAB de CV - Foreign, ADR | 1299734 | 0.4 |
| 25013 | Arca Continental SAB de CV | 242045 | 0.1 |
| 307710 | Cemex SAB de CV | 312041 | 0.1 |
| 82115 | Cemex SAB de CV - Foreign, ADR | 833467 | 0.2 |
| 28518 | Coca-Cola Femsa SAB de CV | 244909 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Mexico (continued)** |  |  |
| 8570 | Coca-Cola Femsa SAB de CV - Foreign, ADR | $736592 | 0.2 |
| 32215 | Fomento Economico Mexicano SAB de CV | 303501 | 0.1 |
| 32468 | Fomento Economico Mexicano SAB de CV - Foreign, ADR | 3063680 | 0.9 |
| 86167 | Gentera SAB de CV | 204396 | 0.1 |
| 22433 | Grupo Aeroportuario del Centro Norte SAB de CV | 276463 | 0.1 |
| 14825 | Grupo Aeroportuario del Pacifico SAB de CV - Class B | 307903 | 0.1 |
| 9748 | Grupo Aeroportuario del Sureste SAB de CV - Class B | 294951 | 0.1 |
| 128433 | Grupo Financiero Banorte SAB de CV - Class O | 1205695 | 0.4 |
| 34913 | Grupo Mexico SAB de CV | 301257 | 0.1 |
| 97322 | Grupo Televisa SAB, ADR | 256930 | 0.1 |
| 157670 | Kimberly-Clark de Mexico SAB de CV - Class A | 305606 | 0.1 |
| 113045 | Megacable Holdings SAB de CV | 323525 | 0.1 |
| 26593 <sup>(2)</sup> | Ollamani SAB | 88388 | 0.0 |
| 143638 | Prologis Property Mexico SA de CV | 575758 | 0.2 |
| 21550 | Promotora y Operadora de Infraestructura SAB de CV | 278398 | 0.1 |
| 1204361 | Wal-Mart de Mexico SAB de CV | 3986770 | 1.2 |
|  |  | **15442009** | **4.8** |
|  | **Peru: 0.5%** |  |  |
| 23632 | Cia de Minas Buenaventura SAA, ADR | 538101 | 0.2 |
| 4026 | Credicorp Ltd. | 1050786 | 0.3 |
|  |  | **1588887** | **0.5** |
|  | **Philippines: 0.2%** |  |  |
| 32650 | International Container Terminal Services, Inc. | 294483 | 0.1 |
| 25230 | Manila Electric Co. | 250799 | 0.1 |
|  |  | **545282** | **0.2** |
|  | **Qatar: 0.5%** |  |  |
| 56232 | Industries Qatar QSC | 196140 | 0.1 |
| 79351 | Ooredoo QPSC | 295305 | 0.1 |
| 39540 | Qatar Electricity & Water Co. QSC | 166805 | 0.0 |
| 86500 | Qatar Fuel QSC | 356358 | 0.1 |
| 27435 | Qatar Islamic Bank SAQ | 184958 | 0.1 |
| 100337 | Qatar Navigation QSC | 306446 | 0.1 |
| 272563 | Vodafone Qatar QSC | 180037 | 0.0 |
|  |  | **1686049** | **0.5** |
|  | **Romania: 0.3%** |  |  |
| 45742 | Banca Transilvania SA | 289837 | 0.1 |
| 35634 | NEPI Rockcastle NV | 288566 | 0.1 |
| 1587356 | OMV Petrom SA | 339164 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | |
|  | **Romania (continued)** |  |  |
| 5612 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | 153917 | 0.0 |
|  |  | **1071484** | **0.3** |
|  | **Saudi Arabia: 0.5%** | **Saudi Arabia: 0.5%** | **Saudi Arabia: 0.5%** |
| 22773 | Etihad Etisalat Co. | 410858 | 0.1 |
| 56136 | Jarir Marketing Co. | 212608 | 0.0 |
| 7678 | SABIC Agri-Nutrients Co. | 250687 | 0.1 |
| 82900 <sup>(3)</sup> | Saudi Arabian Oil Co. | 572797 | 0.2 |
| 21331 | Saudi Telecom Co. | 256967 | 0.1 |
|  |  | **1703917** | **0.5** |
|  | **Singapore: 2.1%** | **Singapore: 2.1%** | **Singapore: 2.1%** |
| 773880 <sup>(2)</sup> | Grab Holdings Ltd. - Class A | 4651019 | 1.5 |
| 11214 <sup>(2)</sup> | Sea Ltd., ADR | 1752187 | 0.5 |
| 504100 | Yangzijiang Financial Holding Ltd. | 409685 | 0.1 |
|  |  | **6812891** | **2.1** |
|  | **South Africa: 2.5%** | **South Africa: 2.5%** | **South Africa: 2.5%** |
| 3347 | Anglo American Platinum Ltd. | 207009 | 0.1 |
| 9621 | Bid Corp. Ltd. | 238001 | 0.1 |
| 9840 | Capitec Bank Holdings Ltd. | 2177076 | 0.7 |
| 9351 | Clicks Group Ltd. | 197166 | 0.0 |
| 32757 | Exxaro Resources Ltd. | 334136 | 0.1 |
| 6380 | Gold Fields Ltd. | 245988 | 0.1 |
| 11044 | Harmony Gold Mining Co. Ltd. | 183756 | 0.0 |
| 20136 | MTN Group Ltd. | 201169 | 0.1 |
| 3440 | Naspers Ltd. - Class N | 241612 | 0.1 |
| 60286 | OUTsurance Group Ltd. | 253836 | 0.1 |
| 110057 <sup>(3)</sup> | Pepkor Holdings Ltd. | 167806 | 0.0 |
| 557853 | Sanlam Ltd. | 2927059 | 0.9 |
| 24505 | Tiger Brands Ltd. | 464164 | 0.1 |
| 32563 | Vodacom Group Ltd. | 263606 | 0.1 |
|  |  | **8102384** | **2.5** |
|  | **South Korea: 22.5%** | **South Korea: 22.5%** | **South Korea: 22.5%** |
| 13112 | Cheil Worldwide, Inc. | 187117 | 0.1 |
| 2729 | DB Insurance Co. Ltd. | 242564 | 0.1 |
| 5234 | Hana Financial Group, Inc. | 313562 | 0.1 |
| 6580 | HD Hyundai Co. Ltd. | 945106 | 0.3 |
| 2297 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 763478 | 0.2 |
| 7889 | Hyundai Engineering & Construction Co. Ltd. | 387607 | 0.1 |
| 4353 | Hyundai Glovis Co. Ltd. | 575310 | 0.2 |
| 3493 | Hyundai Mobis Co. Ltd. | 772433 | 0.2 |
| 7767 | Hyundai Steel Co. | 179441 | 0.1 |
| 3864 | Kakao Corp. | 176101 | 0.0 |
| 12910 | Kangwon Land, Inc. | 152843 | 0.0 |
| 3111 | KB Financial Group, Inc. | 253962 | 0.1 |
| 4077 | KEPCO Plant Service & Engineering Co. Ltd. | 144614 | 0.0 |
| 7188 | Kia Corp. | 602920 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | | |
|  | **South Korea (continued)** |  |  |  |
| 23295 | Korea Electric Power Corp. | $| 697314 | 0.2 |
| 3869 | KT&G Corp. |  | 364119 | 0.1 |
| 4441 | LG CNS Co. Ltd. |  | 206291 | 0.1 |
| 22853 <sup>(2)</sup> | LG Display Co. Ltd. |  | 233641 | 0.1 |
| 60648 | LG Uplus Corp. |  | 648728 | 0.2 |
| 27592 | NAVER Corp. |  | 5171187 | 1.6 |
| 960 | POSCO Holdings, Inc. |  | 208795 | 0.1 |
| 3722 | S-1 Corp. |  | 195722 | 0.1 |
| 30833 | Samsung C&T Corp. |  | 4879360 | 1.5 |
| 5243 | Samsung Electro-Mechanics Co. Ltd. |  | 898758 | 0.3 |
| 140571 | Samsung Electronics Co. Ltd. |  | 10581653 | 3.3 |
| 17331 | Samsung Engineering Co. Ltd. |  | 315083 | 0.1 |
| 833 | Samsung Fire & Marine Insurance Co. Ltd. |  | 257817 | 0.1 |
| 11920 <sup>(2)</sup> | Samsung Heavy Industries Co. Ltd. |  | 247227 | 0.1 |
| 13763 | Samsung Life Insurance Co. Ltd. |  | 1487358 | 0.5 |
| 2836 | Samsung SDS Co. Ltd. |  | 363762 | 0.1 |
| 3200 | Samsung Securities Co. Ltd. |  | 173190 | 0.0 |
| 16223 | Shinhan Financial Group Co. Ltd. |  | 833254 | 0.3 |
| 54807 | SK Hynix, Inc. |  | 21325048 | 6.6 |
| 88034 <sup>(2)</sup> | SK Square Co. Ltd. |  | 15979556 | 5.0 |
| 16707 | SK Telecom Co. Ltd. |  | 611675 | 0.2 |
| 1492 | SK, Inc. |  | 259090 | 0.1 |
| 21743 | Woori Financial Group, Inc. |  | 387062 | 0.1 |
|  |  |  | **72022748** | **22.5** |
|  | **Taiwan: 12.5%** | **Taiwan: 12.5%** | **Taiwan: 12.5%** | **Taiwan: 12.5%** |
| 5000 | Accton Technology Corp. |  | 173884 | 0.1 |
| 13699 | Advantech Co. Ltd. |  | 139146 | 0.0 |
| 47000 | ASE Technology Holding Co. Ltd. |  | 376036 | 0.1 |
| 25000 | Asustek Computer, Inc. |  | 564788 | 0.2 |
| 26000 | Catcher Technology Co. Ltd. |  | 167654 | 0.0 |
| 46000 | Chicony Electronics Co. Ltd. |  | 193988 | 0.1 |
| 51000 | Chunghwa Telecom Co. Ltd. |  | 217309 | 0.1 |
| 139000 | CTBC Financial Holding Co. Ltd. |  | 188774 | 0.1 |
| 54000 | Delta Electronics, Inc. |  | 1736849 | 0.5 |
| 7000 | Elite Material Co. Ltd. |  | 307550 | 0.1 |
| 154000 | Eva Airways Corp. |  | 180776 | 0.1 |
| 694000 <sup>(1)(2)(3)</sup> | FIT Hon Teng Ltd. |  | 519212 | 0.2 |
| 56000 | Hon Hai Precision Industry Co. Ltd. |  | 465774 | 0.1 |
| 45000 | King Yuan Electronics Co. Ltd. |  | 315514 | 0.1 |
| 3400 | Largan Precision Co. Ltd. |  | 244032 | 0.1 |
| 76000 | Lite-On Technology Corp. |  | 440913 | 0.1 |
| 67000 | MediaTek, Inc. |  | 2841433 | 0.9 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | | |
|  | **Taiwan (continued)** |  |  |  |
| 21000 | Novatek Microelectronics Corp. | $| 267564 | 0.1 |
| 73000 | Powertech Technology, Inc. |  | 407789 | 0.1 |
| 29000 | Realtek Semiconductor Corp. |  | 484261 | 0.1 |
| 102000 | Synnex Technology International Corp. |  | 188045 | 0.1 |
| 592550 | Taiwan Semiconductor Manufacturing Co. Ltd. |  | 28655532 | 8.9 |
| 282000 | United Microelectronics Corp. |  | 425884 | 0.1 |
| 65000 | WT Microelectronics Co. Ltd. |  | 301342 | 0.1 |
| 79000 | Zhen Ding Technology Holding Ltd. |  | 417161 | 0.1 |
|  |  |  | **40221210** | **12.5** |
|  | **Thailand: 1.2%** | **Thailand: 1.2%** | **Thailand: 1.2%** | **Thailand: 1.2%** |
| 28400 | Advanced Info Service PCL |  | 265288 | 0.1 |
| 1729516 | CP ALL PCL - Foreign |  | 2459098 | 0.8 |
| 33600 | Kasikornbank PCL |  | 193674 | 0.1 |
| 77300 | PTT Exploration & Production PCL |  | 256141 | 0.1 |
| 373200 | PTT PCL - Foreign |  | 354916 | 0.1 |
| 22100 | Siam Cement PCL - Foreign |  | 139433 | 0 |
|  |  |  | **3668550** | **1.2** |
|  | **Turkey: 0.4%** | **Turkey: 0.4%** | **Turkey: 0.4%** | **Turkey: 0.4%** |
| 612341 | Akbank TAS |  | 884151 | 0.3 |
| 14589 | BIM Birlesik Magazalar AS |  | 186827 | 0.1 |
| 23868 | Turk Hava Yollari AO |  | 165277 | 0 |
| 34949 | Turkiye Petrol Rafinerileri AS |  | 164052 | 0 |
|  |  |  | **1400307** | **0.4** |
|  | **United Arab Emirates: 1.4%** | **United Arab Emirates: 1.4%** | **United Arab Emirates: 1.4%** | **United Arab Emirates: 1.4%** |
| 34711 | Abu Dhabi Islamic Bank PJSC |  | 199454 | 0.1 |
| 165530 | Abu Dhabi National Oil Co. for Distribution PJSC |  | 161792 | 0 |
| 534061 | Air Arabia PJSC |  | 566686 | 0.2 |
| 124967 | Aldar Properties PJSC |  | 306184 | 0.1 |
| 227811 | Dubai Investments PJSC |  | 206004 | 0.1 |
| 80361 | Dubai Islamic Bank PJSC |  | 207879 | 0.1 |
| 146754 | Emaar Development PJSC |  | 596124 | 0.2 |
| 471769 | Emaar Properties PJSC |  | 1825578 | 0.6 |
| 30690 | Emirates Telecommunications Group Co. PJSC |  | 162037 | 0 |
| 113573 | Salik Co. PJSC |  | 184910 | 0 |
|  |  |  | **4416648** | **1.4** |
|  | **United Kingdom: 1.1%** | **United Kingdom: 1.1%** | **United Kingdom: 1.1%** | **United Kingdom: 1.1%** |
| 60309 | Unilever PLC, ADR |  | **3629999** | **1.1** |
|  | **United States: 1.0%** | **United States: 1.0%** | **United States: 1.0%** | **United States: 1.0%** |
| 2286 <sup>(2)</sup> | BeiGene Ltd., ADR |  | 709757 | 0.2 |
| 10404 | Micron Technology, Inc. |  | 2328103 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | | | |
|  | **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 6916 | Titan Cement International SA | $| 307216 | 0.1 |
|  |  |  | **3345076** | **1.0** |
|  | Total Common Stock |  |  |  |
|  | (Cost $224,213,394) |  | **302985925** | **94.5** |
| **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** | **EXCHANGE-TRADED FUNDS: 3.7%** |
| 187943 <sup>(1)</sup> | iShares MSCI China ETF |  | **11947536** | **3.7** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $9,968,067) |  | **11947536** | **3.7** |
| **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** |
|  | **Brazil: 0.5%** | **Brazil: 0.5%** | **Brazil: 0.5%** | **Brazil: 0.5%** |
| 172063 | Cia Energetica de Minas Gerais |  | 362039 | 0.1 |
| 86603 | Gerdau SA |  | 303918 | 0.1 |
| 344604 | Itausa SA |  | 744941 | 0.2 |
| 26470 | Petroleo Brasileiro SA |  | 146029 | 0.1 |
|  |  |  | **1556927** | **0.5** |
|  | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** | **Chile: 0.1%** |
| 62830 | Embotelladora Andina SA |  | **282770** | **0.1** |
|  | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** | **Colombia: 0.1%** |
| 28484 | Grupo de Inversiones Suramericana SA |  | **302230** | **0.1** |
|  | **South Korea: 0.1%** | **South Korea: 0.1%** | **South Korea: 0.1%** | **South Korea: 0.1%** |
| 1599 | LG Chem Ltd. |  | 220755 | 0.0 |
| 4340 | Samsung Electronics Co. Ltd. |  | 256125 | 0.1 |
|  |  |  | **476880** | **0.1** |
|  | Total Preferred Stock |  |  |  |
|  | (Cost $2,395,724) |  | **2618807** | **0.8** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $236,577,185) |  | **317552268** | **99.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 5.5%** | **SHORT-TERM INVESTMENTS: 5.5%** | **SHORT-TERM INVESTMENTS: 5.5%** |  |
|  | **Repurchase Agreements: 3.6%** | **Repurchase Agreements: 3.6%** | **Repurchase Agreements: 3.6%** |
| 3147562 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 10/31/2025, 4.200%, due 11/03/2025 (Repurchase Amount $3,148,649, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%-6.500%, Market Value plus accrued interest $3,210,513, due 02/28/27-02/01/57) | 3147562 | 1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** | **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)** |  |  |  |
| 1106314 <sup>(4)</sup> | CF Secured LLC, Repurchase Agreement dated 10/31/2025, 4.190%, due 11/03/2025 (Repurchase Amount $1,106,695, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.000%, Market Value plus accrued interest $1,128,441, due 06/30/26-08/20/65) | $1106314 |  | 0.3 |
| 3147562 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 10/31/2025, 4.150%, due 11/03/2025 (Repurchase Amount $3,148,636, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $3,210,513, due 06/30/27-10/20/55) | 3147562 |  | 1 |
| 640430 <sup>(4)</sup> | Deutsche Bank Securities, Inc., Repurchase Agreement dated 10/31/2025, 3.950%, due 11/03/2025 (Repurchase Amount $640,638, collateralized by various U.S. Government Securities, 1.125%-6.750%, Market Value plus accrued interest $653,239, due 02/15/26-08/15/55) | 640430 |  | 0.2 |
| 200908 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 10/31/2025, 4.140%, due 11/03/2025 (Repurchase Amount $200,976, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $204,926, due 07/15/30-02/15/51) | 200908 |  | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |
|  | **Repurchase Agreements (continued)** |  |  |  |  |
| 3147562 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 10/31/2025, 4.150%, due 11/03/2025 (Repurchase Amount $3,148,636, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.550%-7.000%, Market Value plus accrued interest $3,210,513, due 01/01/32-06/01/55) | $| 3147562 |  | 1 |
|  | Total Repurchase Agreements |  |  |  |  |
|  | (Cost $11,390,338) |  | **11390338** |  | **3.6** |
|  | **Time Deposits: 0.8%** | **Time Deposits: 0.8%** | **Time Deposits: 0.8%** | **Time Deposits: 0.8%** | **Time Deposits: 0.8%** |
| 330000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 3.850%, 11/03/2025 |  | 330000 |  | 0.1 |
| 320000 <sup>(4)</sup> | Cooperatieve Rabobank U.A., 3.860%, 11/03/2025 |  | 320000 |  | 0.1 |
| 330000 <sup>(4)</sup> | Credit Agricole Corporate and Investment Bank, 3.820%, 11/03/2025 |  | 330000 |  | 0.1 |
| 320000 <sup>(4)</sup> | DZ Bank AG, 3.840%, 11/03/2025 |  | 320000 |  | 0.1 |
| 330000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 3.870%, 11/03/2025 |  | 330000 |  | 0.1 |
| 330000 <sup>(4)</sup> | Mizuho Bank Ltd., 3.870%, 11/03/2025 |  | 330000 |  | 0.1 |
| 330000 <sup>(4)</sup> | Royal Bank of Canada, 3.900%, 11/03/2025 |  | 330000 |  | 0.1 |
| 330000 <sup>(4)</sup> | Societe Generale S.A., 3.870%, 11/03/2025 |  | 330000 |  | 0.1 |
|  | Total Time Deposits |  |  |  |  |
|  | (Cost $2,620,000) |  | **2620000** |  | **0.8** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EME Fund PORTFOLIO OF INVESTMENTS <br> as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
|  | **Mutual Funds: 1.1%** |  |  |
| 2887584 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.980% | $2887584 | 0.9 |
| 732000 <sup>(5)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.010% | 732000 | 0.2 |
|  | Total Mutual Funds |  |  |
|  | (Cost $3,619,584) | **3619584** | **1.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $17,629,922) | **17629922** | **5.5** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $254,207,107)** | $**335182190** | **104.5** |
|  | **Liabilities in Excess of Other Assets** | **(14467256)** | **(4.5)** |
|  | **Net Assets** | $**320714934** | **100.0** |
| ADR | American Depositary Receipt |  |  |

---

 

---

| | |
|:---|:---|
| <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. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of October 31, 2025. |

---

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Information Technology | 28.3% |
| Financials | 14.6 |
| Consumer Discretionary | 12.6 |
| Industrials | 11.4 |
| Communication Services | 9.3 |
| Consumer Staples | 6.7 |
| Energy | 5.1 |
| Exchange-Traded Funds | 3.7 |
| Materials | 2.7 |
| Utilities | 2.5 |
| Real Estate | 1.2 |
| Health Care | 0.9 |
| Short-Term Investments | 5.5 |
| Liabilities in Excess of Other Assets | (4.5) |
| **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 October 31, 2025 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of October 31, 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>**October 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $21612579 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21612579 |
| &nbsp;&nbsp;&nbsp;Chile | 1844924 |  |  | 1844924 |
| &nbsp;&nbsp;&nbsp;China | 11446171 | 41489186 |  | 52935357 |
| &nbsp;&nbsp;&nbsp;Colombia | 190353 |  |  | 190353 |
| &nbsp;&nbsp;&nbsp;Czechia | 347221 |  |  | 347221 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 444647 |  | 444647 |
| &nbsp;&nbsp;&nbsp;Greece | 1083388 | 1900758 |  | 2984146 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 4384543 |  | 4384543 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 2148957 |  | 2148957 |
| &nbsp;&nbsp;&nbsp;India | 11533617 | 25053680 |  | 36587297 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 5730769 |  | 5730769 |
| &nbsp;&nbsp;&nbsp;Japan |  | 4326509 |  | 4326509 |
| &nbsp;&nbsp;&nbsp;Kuwait |  | 459822 |  | 459822 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 501320 |  |  | 501320 |
| &nbsp;&nbsp;&nbsp;Malaysia | 231029 | 2599011 |  | 2830040 |
| &nbsp;&nbsp;&nbsp;Mexico | 15442009 |  |  | 15442009 |
| &nbsp;&nbsp;&nbsp;Peru | 1588887 |  |  | 1588887 |
| &nbsp;&nbsp;&nbsp;Philippines | 250799 | 294483 |  | 545282 |
| &nbsp;&nbsp;&nbsp;Qatar | 1194645 | 491404 |  | 1686049 |
| &nbsp;&nbsp;&nbsp;Romania | 442483 | 629001 |  | 1071484 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 1703917 |  | 1703917 |
| &nbsp;&nbsp;&nbsp;Singapore | 6403206 | 409685 |  | 6812891 |
| &nbsp;&nbsp;&nbsp;South Africa | 4217196 | 3885188 |  | 8102384 |
| &nbsp;&nbsp;&nbsp;South Korea | 895955 | 71126793 |  | 72022748 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 40221210 |  | 40221210 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 3668550 |  | 3668550 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 1400307 |  | 1400307 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 346702 | 4069946 |  | 4416648 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 3629999 |  |  | 3629999 |
| &nbsp;&nbsp;&nbsp;United States | 3037860 | 307216 |  | 3345076 |
| Total Common Stock | 86240343 | 216745582 |  | 302985925 |
| Exchange-Traded Funds | 11947536 |  |  | 11947536 |
| Preferred Stock | 2141927 | 476880 |  | 2618807 |
| Short-Term Investments | 3619584 | 14010338 |  | 17629922 |
| Total Investments, at fair value | $103949390 | $231232800 | $— | $335182190 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 21923 |  |  | 21923 |
| Total Assets | $103971313 | $231232800 | $— | $335204113 |

---

---

| | |
|:---|:---|
| ^ | 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. |
| + | 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 October 31, 2025 (continued) <br>    

At October 31, 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;MSCI Emerging Markets Index | 17 | 12/19/25 | $1196460 | $21923 |
|  |  |  | $1196460 | $21923 |

---

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

The fair value of derivative instruments as of October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> of Assets and Liabilities** | **Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $21923 |
| **Total Asset Derivatives** |  | $21923 |

---

\* 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 year ended October 31, 2025 was as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward<br> foreign<br> currency**<br>**contracts** |<br>**Futures** |<br>**Total** |
| Equity contracts | $— | $136525 | $136525 |
| Foreign exchange contracts | 29966 |  | 29966 |
| **Total** | $29966 | $136525 | $166491 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $46506 |
| **Total** | $46506 |

---

At October 31, 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 $271,598,183. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $72129344 |
| Gross Unrealized Depreciation | (8424931) |
| Net Unrealized Appreciation | $63704413 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Type** | **Per Share Amount** |
| Voya VACS Series EME Fund |  |  |
|  | NII | $0.4834 |
|  | STCG | $0.0468 |

---

NII - Net investment income

STCG - Short-term capital gain

For the year ended October 31, 2025, 23.50% of ordinary income dividends paid by the Fund (including creditable foreign taxes paid) are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals.

Pursuant to Section 853 of the Internal Revenue Code, Voya VACS Series EME Fund designates the following amounts as foreign taxes paid for the year ended October 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | |
|:---|:---|:---|
|<br>**Creditable Foreign**<br>**Taxes Paid** |<br>**Per Share**<br>**Amount** | **Portion of Ordinary**<br>**Income Derived From**<br>**Foreign Sourced Income\*** |
| $890528 | $0.0406 | 7.07% |

---

\*None of the Fund's income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY AGREEMENT IN CONNECTION WITH CHANGE OF CONTROL OF DELAWARE INVESTMENTS FUND ADVISERS**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya VACS Series EME Fund (the "Fund"), a series of Voya Mutual Funds, can enter into a new sub-advisory agreement only if the Board of Trustees of the Voya Mutual Funds (the "Board"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory agreements, 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. The 1940 Act also provides that any sub-advisory agreement must terminate automatically upon its "assignment." As used in the 1940 Act, the term "assignment" includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is referred to herein as a "Change of Control."

At a meeting held on September 18, 2025, the Board considered a proposal by management that Voya Investments, LLC (the "Adviser") enter into the new sub-advisory agreement, on behalf of the Fund, ("New Sub-Advisory Agreement") with Nomura Investments Fund Advisers ("NIFA"), effective December 1, 2025. The Board was informed that it was being asked to consider the New Sub-Advisory Agreement due to Nomura Holding America Inc.'s acquisition of Delaware Investments Fund Advisers ("DIFA") (the "Transaction"). The Board was advised that the Transaction would result in a Change of Control of DIFA and constitute an "assignment" of the Fund's sub-advisory agreement (the "Prior Sub-Advisory Agreement") under which DIFA provides services to each Fund. In light of the foregoing, at a meeting held on September 18, 2025, the Board approved the New Sub-Advisory Agreement to replace the Prior Sub-Advisory Agreement, which was subsequently approved at its November 14, 2025 meeting, upon the closing of the Transaction. Discussed below are certain factors that the Board considered at its meeting on September 18, 2025, in determining whether to approve the New Sub-Advisory Agreement for each Fund.

The decision by the Board, including a majority of the Independent Trustees, to approve the New Sub-Advisory Agreement for each Fund was based on a determination by the Board that it would be in the best interests of the shareholders of the Fund for DIFA, under the name NIFA, to continue providing sub-advisory services for the Fund, without interruption, after the Change of Control. To inform its determinations of whether to approve the New Sub-Advisory Agreement, the Board requested, received, evaluated, and discussed such information as it deemed

necessary for an informed determination of whether the New Sub-Advisory Agreement should be approved. Prior to its approval of the New Sub-Advisory Agreement, the Board reviewed, among other matters, the quality, extent and nature of the services currently being provided by DIFA under the Prior Sub-Advisory Agreement and to be provided by NIFA under the New Sub-Advisory Agreement for the Fund. In considering the New Sub-Advisory Agreement at its September 18, 2025 meeting, the Board placed emphasis on the information provided to it in connection with the Board's annual review of the Prior Sub-Advisory Agreement, which was approved at a meeting of the Board held on November 14, 2025. Among other factors, the Board considered: (1) the nature, extent and quality of services to be provided under the Prior Sub-Advisory Agreement; (2) the fairness of the compensation under the Prior Sub-Advisory Agreement in light of the services to be provided by DIFA; (3) the sub-advisory fee rate payable by the Adviser to DIFA; and (4) the potential "fall-out" benefits to DIFA and its affiliates from DIFA's relationship with the Fund.

To inform its determinations as to whether to approve the New Sub-Advisory Agreement, the Board also received the following materials: (1) information that DIFA provided to the Board in response to inquiries from K&L Gates LLP, counsel to the Independent Trustees, in connection with the Board's consideration; and (2) a memorandum presenting management's rationale for requesting that the Board approve the New Sub-Advisory Agreement. In reviewing the proposed New Sub-Advisory Agreement, the Board considered a number of factors, including, but not limited to, the following: (1) DIFA's description of the Transaction; (2) DIFA's representation that there are not expected to be any differences between the nature, extent and quality of services currently provided by DIFA to the Fund and those services that NIFA would provide to the Fund upon closing of the Transaction; (3) DIFA's representations that, following the Transaction, DIFA does not expect any changes to (i) the Fund's portfolio management team; (ii) the investment process used by NIFA with respect to the Fund; or (iii) its overall staffing levels; (4) representations by DIFA that the terms of the New Sub-Advisory Agreement are substantially similar to the terms of the Prior Sub-Advisory Agreement, and that the fee rate payable under the New Sub-Advisory Agreement is the same as the fee rate payable under the Prior Sub-Advisory Agreement; and (5) DIFA's representations that there were no other material changes or developments relating to the information provided by DIFA in connection with the Board's ongoing review of the Prior Sub-Advisory Agreement.

Based on the foregoing and other relevant considerations, at a meeting held on September 18, 2025, the Board, including a majority of the Independent Trustees, voted to

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

approve the New Sub-Advisory Agreement for the Fund. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Sub-Advisory Agreement, including the fee rate schedule, were fair and reasonable, and the New Sub-Advisory Agreement should be approved for the Fund so as to enable a continuation without interruption of the services being provided by DIFA. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of the factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Sub-Advisory Agreement.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Placement Agent** | **Custodian** |
| Voya Investments Distributor, 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 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 301 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

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

**226105 (1025)**

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Annual Financial Statements and Other Information

**October 31, 2025**

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

**Global and International Funds**

■ Voya Global
Bond Fund

■ Voya Global High Dividend Low Volatility Fund

■ Voya Multi-Manager International Small Cap Fund

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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|:---|:---|
| ![](tm2531593d1_intlbk1-01img02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2531593d1_intlbk1-01img03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#int01_001) | [1](#int01_001) |
| [Statements of Assets and Liabilities](#int01_002) | [2](#int01_002) |
| [Statements of Operations](#int01_003) | [5](#int01_003) |
| [Statements of Changes in Net Assets](#int01_004) | [7](#int01_004) |
| [Financial Highlights](#int02_001) | [9](#int02_001) |
| [Notes to Financial Statements](#int02_002) | [12](#int02_002) |
| [Portfolios of Investments](#a4_001) | [30](#a4_001) |
| [Tax Information](#a10_001) | [90](#a10_001) |

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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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund and Voya Multi-Manager International Small Cap Fund and the Board of Trustees of Voya Mutual Funds

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund and Voya Multi-Manager International Small Cap Fund (collectively referred to as the "Funds") (three of the funds constituting Voya Mutual Funds (the "Trust")), including the portfolios of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting Voya Mutual Funds) at October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2531593d1_intlbook1img02.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

December 19, 2025

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  |<br>**Voya Global**<br>**Bond Fund** | **Voya Global**<br>**High Dividend**<br>**Low Volatility**<br>**Fund** |<br>**Voya Multi-Manager**<br>**International**<br>**Small Cap Fund** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $120355550 | $261821799 | $430487912 |
| Short-term investments at fair value† | 11617642 | 687005 | 4348941 |
| Cash | –– | 71493 | –– |
| Cash collateral for futures contracts | 689709 | –– | –– |
| Cash pledged for centrally cleared swaps (Note 2) | 1686000 | –– | –– |
| Cash pledged as collateral for OTC derivatives (Note 2) | 2180000 | –– | –– |
| Foreign currencies at value‡ | 2259358 | 2402 | 534019 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities and currencies sold | 2165580 | –– | 10688717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis | 1568068 | –– | –– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 20063 | 3829 | 167290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 3844 | 434402 | 951871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1006332 | –– | –– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 10088 | 588140 | 594426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | 22816 | –– | –– |
| Unrealized appreciation on forward foreign currency contracts | 93395 | –– | –– |
| Unrealized appreciation on forward premium swaptions | 235950 | –– | –– |
| Unrealized appreciation on OTC swap agreements | 118336 | –– | –– |
| Prepaid expenses | 32721 | 15973 | 23122 |
| Reimbursement due from Investment Adviser | 29447 | 36948 | 1170 |
| Other assets | 18784 | 58162 | 16386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 144113683 | 263720153 | 447813854 |
| **LIABILITIES:** |  |  |  |
| Income distribution payable | 4117 | –– | –– |
| Payable for investment securities and currencies purchased | 2723937 | –– | 10552537 |
| Payable for investment securities purchased on a delayed-delivery |  |  |  |
| or when-issued basis | 2169522 | –– | –– |
| Payable for fund shares redeemed | 332916 | 36693 | 129838 |
| Payable upon receipt of securities loaned | 1637537 | 124005 | 1946310 |
| Unrealized depreciation on forward foreign currency contracts | 1215465 | –– | 44 |
| Unrealized depreciation on forward premium swaptions | 147650 | –– | –– |
| Unrealized depreciation on OTC swap agreements | 32002 | –– | –– |
| Variation margin payable on futures contracts | 17739 | –– | –– |
| Cash received as collateral for OTC derivatives (Note 2) | 140000 | –– | –– |
| Payable for investment management fees | 57304 | 114017 | 374921 |
| Payable for distribution and shareholder service fees | 6257 | 50074 | 15651 |
| Payable to custodian due to bank overdraft | 26 | –– | 15 |
| Payable to trustees under the deferred compensation plan (Note 6) | 18784 | 58162 | 16386 |
| Payable for trustee fees | 398 | 653 | 854 |
| Other accrued expenses and liabilities | 148980 | 151029 | 250041 |
| Written options, at fair value^ | 19554 | –– | –– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8672188 | 534633 | 13286597 |
| **NET ASSETS** | $135441495 | $263185520 | $434527257 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2025 (continued)

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| | | | |
|:---|:---|:---|:---|
|  |<br>**Voya Global**<br>**Bond Fund** | **Voya Global**<br>**High Dividend**<br>**Low Volatility**<br>**Fund** |<br>**Voya Multi-Manager**<br>**International**<br>**Small Cap Fund** |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $173953520 | $218393659 | $323906232 |
| Total distributable earnings (loss) | (38512025) | 44791861 | 110621025 |
| **NET ASSETS** | $135441495 | $263185520 | $434527257 |
| + Including securities loaned at value | $1592171 | $117534 | $1788412 |
| \* Cost of investments in securities | $123782319 | $221774949 | $352327483 |
| † Cost of short-term investments | $11618538 | $687005 | $4348941 |
| ‡ Cost of foreign currencies | $2229257 | $2426 | $535840 |
| ^ Premiums received on written options | $62216 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2025 (continued)

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| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Global**<br>**Bond Fund** | **Voya Global**<br>**High Dividend**<br>**Low Volatility**<br>**Fund** | <br>**Voya Multi-Manager**<br>**International**<br>**Small Cap Fund** |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $18970773 | $223214712 | $63250587 |
| &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 | 2579605 | 4415933 | 817707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $7.35 | $50.55 | $77.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $7.54<sup>(2)</sup> | $53.63 | $82.07 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $558239 | $2035292 | $2737854 |
| &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 | 76266 | 43747 | 39665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $7.32 | $46.52 | $69.03 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $69400738 | $33692102 | $337482785 |
| &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 | 9484515 | 659450 | 4368395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.32 | $51.09 | $77.26 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $4029003 | 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 | 546321 | 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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $8727467 | $162518 | $836468 |
| &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 | 1189588 | 3183 | 10822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.34 | $51.06 | 77.30 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $33755275 | $4080896 | $30219563 |
| &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 | 4670251 | 79945 | 302421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.23 | $51.05 | $99.93 |

---

<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 year ended October 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Global**<br>**Bond Fund** | **Voya Global**<br>**High Dividend**<br>**Low Volatility**<br>**Fund** | <br>**Voya Multi-Manager**<br>**International**<br>**Small Cap Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends, net of foreign taxes withheld\* | $49077 | $8089317 | $9840008 |
| Interest, net of foreign taxes withheld\* | 7888835 | 1070 | 295 |
| Securities lending income, net | 9870 | 502 | 47910 |
| Other | 946 | 1489 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7948728 | 8092378 | 9890098 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 795992 | 1305053 | 3414186 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 46411 | 554981 | 140246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 5725 | 21320 | 26438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 20742 |  |  |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 33884 | 289566 | 65804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1048 | 2778 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 97466 | 18857 | 288278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 7595 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 126 | 52 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 62101 | 5145 | 32147 |
| Shareholder reporting expense | 59820 | 42955 | 47185 |
| Registration fees | 80715 | 75079 | 79393 |
| Professional fees | 38651 | 53639 | 91285 |
| Custody and accounting expense | 93124 | 35516 | 232705 |
| Trustee fees | 3981 | 6526 | 8535 |
| Miscellaneous expense | 26969 | 30202 | 54625 |
| Interest expense |  | 1636 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1374350 | 2443305 | 4486088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (259645) | (290815) | (148385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  |  | (1321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1114705 | 2152490 | 4336382 |
| Net investment income | 6834023 | 5939888 | 5553716 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld) | 89518 | 20044112 | 33791803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 699531 |  | 27602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 812688 | 2470 | (32732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2210736) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (761178) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 455012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (915165) | 20046582 | 33786673 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3334988 | 5064411 | 50693406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (1141624) |  | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 45684 | 45914 | 27886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1787363 |  |  |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended October 31, 2025 (continued)

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| | | | |
|:---|:---|:---|:---|
|  | <br>**Voya Global**<br>**Bond Fund** | **Voya Global**<br>**High Dividend**<br>**Low Volatility**<br>**Fund** | <br>**Voya Multi-Manager**<br>**International**<br>**Small Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (79885) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (1434) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3945092 | 5110325 | 50721233 |
| Net realized and unrealized gain | 3029927 | 25156907 | 84507906 |
| **Increase in net assets resulting from operations** | $9863950 | $31096795 | $90061622 |
| \* Foreign taxes withheld | $13769 | $519327 | $1209508 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Voya Global High Dividend** | **Voya Global High Dividend** |
|  | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Low Volatility Fund** | **Low Volatility Fund** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $6834023 | $10740392 | $5939888 | $5886254 |
| Net realized gain (loss) | (915165) | (562351) | 20046582 | 16559102 |
| Net change in unrealized appreciation (depreciation) | 3945092 | 21303850 | 5110325 | 31660794 |
| Increase in net assets resulting from operations | 9863950 | 31481891 | 31096795 | 54106150 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (833925) | (881311) | (4902051) | (5244643) |
| &nbsp;&nbsp;&nbsp;Class C | (21436) | (22179) | (36461) | (44294) |
| &nbsp;&nbsp;&nbsp;Class I | (4301146) | (5366365) | (789021) | (821039) |
| &nbsp;&nbsp;&nbsp;Class R | (176166) | (172783) |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (602348) | (2940258) | (3785) | (3578) |
| &nbsp;&nbsp;&nbsp;Class W | (1610476) | (1914331) | (98057) | (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 | (7545497) | (11631588) | (5829375) | (6204048) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 35155658 | 43496729 | 11025385 | 21507593 |
| Reinvestment of distributions | 7303878 | 11362300 | 5045721 | 5325349 |
|  | 42459536 | 54859029 | 16071106 | 26832942 |
| Cost of shares redeemed | (96730978) | (169482067) | (29742722) | (61922870) |
| Net decrease in net assets resulting from capital share transactions | (54271442) | (114623038) | (13671616) | (35089928) |
| Net increase (decrease) in net assets | (51952989) | (94772735) | 11595804 | 12812174 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 187394484 | 282167219 | 251589716 | 238777542 |
| End of year or period | $135441495 | $187394484 | $263185520 | $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** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $5553716 | $4623829 |
| Net realized gain | 33786673 | 12827561 |
| Net change in unrealized appreciation (depreciation) | 50721233 | 40934505 |
| Increase in net assets resulting from operations | 90061622 | 58385895 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1173638) | (823531) |
| &nbsp;&nbsp;&nbsp;Class C | (44372) | (29371) |
| &nbsp;&nbsp;&nbsp;Class I | (5116475) | (3750363) |
| &nbsp;&nbsp;&nbsp;Class R6 | (9098) | (63) |
| &nbsp;&nbsp;&nbsp;Class W | (485844) | (398223) |
| Total distributions | (6829427) | (5001551) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 125409961 | 68264403 |
| Reinvestment of distributions | 6663924 | 4792898 |
|  | 132073885 | 73057301 |
| Cost of shares redeemed | (63228703) | (80548919) |
| Net increase (decrease) in net assets resulting from capital share transactions | 68845182 | (7491618) |
| Net increase in net assets | 152077377 | 45892726 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 282449880 | 236557154 |
| End of year or period | $434527257 | $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** | **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<br> 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 of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> 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) | (%) |
|  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-25 | 7.26 | 0.30 | <sup>•</sup> | 0.12 | 0.42 | 0.33 |  |  | 0.33 |  | 7.35 | **5.88** | 1.12 | 0.90 | 0.90 | 4.12 | 18971 | 128 |
| 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 \* |  | 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 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 10-31-25 | 7.23 | 0.24 | <sup>•</sup> | 0.12 | 0.36 | 0.27 |  |  | 0.27 |  | 7.32 | **5.09** | 1.87 | 1.65 | 1.65 | 3.36 | 558 | 128 |
| 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 \* |  | 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 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 10-31-25 | 7.23 | 0.31 | <sup>•</sup> | 0.12 | 0.43 | 0.34 |  |  | 0.34 |  | 7.32 | **6.14** | 0.80 | 0.65 | 0.65 | 4.32 | 69401 | 128 |
| 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 \* |  | 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 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| 10-31-25 | 7.28 | 0.28 | <sup>•</sup> | 0.12 | 0.40 | 0.31 |  |  | 0.31 |  | 7.37 | **5.61** | 1.37 | 1.15 | 1.15 | 3.86 | 4029 | 128 |
| 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 \* |  | 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 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 10-31-25 | 7.25 | 0.31 | <sup>•</sup> | 0.13 | 0.44 | 0.35 |  |  | 0.35 |  | 7.34 | **6.17** | 0.69 | 0.65 | 0.65 | 4.31 | 8727 | 128 |
| 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 \* |  | 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 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 10-31-25 | 7.14 | 0.31 | <sup>•</sup> | 0.12 | 0.43 | 0.34 |  |  | 0.34 |  | 7.23 | **6.16** | 0.87 | 0.65 | 0.65 | 4.37 | 33755 | 128 |
| 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 \* |  | 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 |
| **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** | **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** | **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** | **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** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 10-31-25 | 45.84 | 1.10 | <sup>•</sup> | 4.69 | 5.79 | 1.08 |  |  | 1.08 |  | 50.55 | **12.72** | 0.97 | 0.85 | 0.85 | 2.25 | 223215 | 71 |
| 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 |
| 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 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 10-31-25 | 42.31 | 0.67 | <sup>•</sup> | 4.32 | 4.99 | 0.78 |  |  | 0.78 |  | 46.52 | **11.84** | 1.72 | 1.60 | 1.60 | 1.50 | 2035 | 71 |
| 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 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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<br> 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 of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> 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 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) | (%) |
| **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)** | **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)** | **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)** | **Voya Global High Dividend Low Volatility Fund (continued)** |
| **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** | **Class C (continued)** |
| 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 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 10-31-25 | 46.32 | 1.23 | <sup>•</sup> | 4.73 | 5.96 | 1.19 |  |  | 1.19 |  | 51.09 | **12.97** | 0.65 | 0.60 | 0.60 | 2.50 | 33692 | 71 |
| 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 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 10-31-25 | 46.29 | 1.25 | <sup>•</sup> | 4.73 | 5.98 | 1.21 |  |  | 1.21 |  | 51.06 | **13.01** | 0.63 | 0.57 | 0.57 | 2.53 | 163 | 71 |
| 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 |
| **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 10-31-25 | 46.27 | 1.23 | <sup>•</sup> | 4.74 | 5.97 | 1.19 |  |  | 1.19 |  | 51.05 | **13.00** | 0.72 | 0.60 | 0.60 | 2.48 | 4081 | 71 |
| 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 |
| **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** | **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** | **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** | **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** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 10-31-25 | 61.14 | 0.93 | <sup>•</sup> | 16.64 | 17.57 | 1.36 |  |  | 1.36 |  | 77.35 | **29.38** | 1.52 | 1.52 | 1.52 | 1.39 | 63251 | 77 |
| 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 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 10-31-25 | 54.72 | 0.40 | <sup>•</sup> | 14.88 | 15.28 | 0.97 |  |  | 0.97 |  | 69.03 | **28.43** | 2.27 | 2.27 | 2.27 | 0.66 | 2738 | 77 |
| 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 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 10-31-25 | 61.07 | 1.14 | <sup>•</sup> | 16.60 | 17.74 | 1.55 |  |  | 1.55 |  | 77.26 | **29.81** | 1.26 | 1.20 | 1.20 | 1.69 | 337483 | 77 |
| 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 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 10-31-25 | 61.10 | 1.34 | <sup>•</sup> | 16.42 | 17.76 | 1.56 |  |  | 1.56 |  | 77.30 | **29.82** | 1.17 | 1.17 | 1.17 | 1.96 | 836 | 77 |
| 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>-<br> 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** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** | **Class W** |
| 10-31-25 | 78.52 | 1.42 | <sup>•</sup> | 21.48 | 22.90 | 1.49 |  |  | 1.49 |  | 99.93 | **29.73** | 1.27 | 1.27 | 1.27 | 1.65 | 30220 | 77 |
| 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 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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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<br> 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 of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> 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 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) | (%) |
|  |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **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)** | **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)** | **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 W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** | **Class W (continued)** |
| 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 |

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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> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <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 October 31, 2025

**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 October 31, 2025 (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.

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 October 31, 2025 (continued)

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

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

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

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

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

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

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

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

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

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

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

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. 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 October 31, 2025 (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 Swaps 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 October 31, 2025 (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 October 31, 2025, the maximum amount of loss that Global Bond would incur if their relevant counterparties failed to perform would be $451,753 which represents the gross payments to be received on open OTC purchased options, forward premium swaptions, OTC total return swaps, OTC volatility swaps and forward foreign currency contracts were they to be unwound as of October 31, 2025. To reduce the amount of potential loss, Global Bond received $140,000 in cash collateral from certain counterparties at October 31, 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 $1,414,671 and $44 on forward foreign currency contracts, forward premium swaptions, OTC interest rate swaps, OTC volatility swaps and written OTC options with credit related contingent features. If a contingent feature would have been triggered as of October 31, 2025, the Funds could have been required to pay this amount in cash to its counterparties. At October 31, 2025, Global Bond pledged $2,180,000 in cash collateral to certain counterparties for its open OTC derivative transactions. Multi-Manager International Small Cap did not pledge any cash collateral at October 31, 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 | $79674536 | $18495393 |
| Multi-Manager International Small Cap | 1316828 | 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 October 31, 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 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 year ended October 31, 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 year ended October 31, 2025, Global Bond had an average notional value of $72,881,476 and $12,371,980 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 October 31, 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 year ended October 31, 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 $7,203,551 and $13,540,116 on purchased and written interest rate swaptions, respectively. Please refer to the tables within the Portfolio of Investments for open purchased and written interest rate swaptions at October 31, 2025.

During the year ended October 31, 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 $912,338 and $3,666,750 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 October 31, 2025.

During the year ended October 31, 2025, Global Bond had purchased and written forward premium swaptions to manage duration and yield curve exposures. Global Bond had an average notional amount of $19,116,478 and $59,497,796 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 October 31, 2025.

During the year ended October 31, 2025, Global Bond had purchased and written credit default swaptions to manage its credit exposure and to generate income with an average notional amount of $6,057,000 and $6,614,000, respectively. Please refer to the tables within the Portfolio of Investments for open written credit default swaptions for Global Bond at October 31, 2025. There were no open purchased credit default swaptions at October 31, 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,

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund's Portfolio of Investments.

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

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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

broker bids, together with a specified valuation method, are used to calculate the settlement value.

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

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

For the year ended October 31, 2025, Global Bond had sold credit protection on credit default swap indices ("CDX") with an average notional amount of $2,600,000 to gain additional exposure with various sectors within the credit market. A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Please refer to the tables within the Portfolio of Investments for open credit default swaps to sell protections at October 31, 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 year ended October 31, 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 $19,740,131.

For the year ended October 31, 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 $98,409,158.

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 October 31, 2025.

At October 31, 2025, Global Bond had pledged $1,686,000 for open centrally cleared swaps.

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

For the year ended October 31, 2025, Global Bond had an average notional amount of $18,587,585 on receiver total return swaps. Please refer to the tables within the Portfolio of Investments for open receiver total returns swaps at October 31, 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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.

For the year ended October 31, 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 cross-currency swaps at October 31, 2025.

***Volatility Swap Contracts.*** Certain Funds 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 Fund 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 Fund 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 year ended October 31, 2025, Global Bond entered into receiver and payer volatility swaps on foreign currencies with an average notional amount of $2,407,145 and $4,210,875, respectively. Please refer to the tables within the Portfolio of Investments for open volatility swaps at October 31, 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 U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on U.S. 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds' other risks.

L. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("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 October 31, 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 year ended October 31, 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 | $68803518 | $107173096 |
| Global High Dividend Low Volatility | 185115013 | 198697817 |
| Multi-Manager International Small Cap | 328063689 | 262705602 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Bond | $119850426 | $134170469 |

---

**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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments, the Investment Adviser to Multi-Manager International Small Cap, may, from time to time, directly manage a portion of the Fund's investment portfolio. The Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates.

---

| | |
|:---|:---|
| <br>**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 year ended October 31, 2025, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** | | |
| Global Bond | $1218 | $— |
| Global High Dividend Low Volatility | 4989 |  |
| Multi-Manager International Small Cap | 974 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| Global Bond | $— | $4 |
| Global High Dividend Low Volatility |  | 96 |
| Multi-Manager International Small Cap | 1 |  |

---

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

At October 31, 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 | &nbsp;&nbsp;Global Bond | 12.46% |

---

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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

"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 year ended October 31, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Global Bond | $20917 |
| Global High Dividend Low Volatility | 5424 |
| Multi-Manager International Small Cap | 37622 |

---

**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, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, 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 October 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31,** | **October 31,** | **October 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Global Bond | $— | $— | $57551 | $57551 |
| Global High Dividend Low Volatility | 57160 | 61247 | 53278 | 171685 |

---

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 October 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31,** | **October 31,** | **October 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** |  |
| Class A | $42134 | $43168 | $33884 | $119186 |
| Class C | 1250 | 1313 | 1048 | 3611 |
| Class I | 90073 | 126449 | 97466 | 313988 |
| Class R | 8564 | 8914 | 7594 | 25072 |
| Class W | 100617 | 87418 | 62101 | 250136 |
| **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |
| Class A | $191837 | $217971 | $222456 | $632264 |
| Class C | 3640 | 2515 | 2132 | 8287 |
| Class I |  | 2888 | 8968 | 11856 |
| Class R6 | 95 | 45 | 52 | 192 |
| Class W | 2904 | 3462 | 3929 | 10295 |

---

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.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2025, 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, 2026. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line about through June 9, 2025.

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 year ended October 31, 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** |
| Global High Dividend Low Volatility | 4 | $2858750 | 5.15% |
| Multi-Manager International Small Cap | 12 | 1127917 | 5.48 |

---

**NOTE 9 — CAPITAL SHARES**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <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 period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 451907 |  | 108163 | (637447) |  | (77377) | 3301686 |  | 786888 | (4629130) |  | (540556) |
| 10/31/2024 | 276999 |  | 117851 | (746630) |  | (351780) | 2031079 |  | 858860 | (5432319) |  | (2542380) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 848 |  | 2957 | (15322) |  | (11517) | 6132 |  | 21400 | (110239) |  | (82707) |
| 10/31/2024 | 2460 |  | 3168 | (8538) |  | (2910) | 18049 |  | 23008 | (62481) |  | (21424) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 3009905 |  | 569686 | (9727398) |  | (6147807) | 21762758 |  | 4106690 | (70963344) |  | (45093896) |
| 10/31/2024 | 2886901 |  | 757836 | (5387427) |  | (1742690) | 20850247 |  | 5500784 | (38993677) |  | (12642646) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 88203 |  | 24158 | (209230) |  | (96869) | 645000 |  | 176166 | (1525203) |  | (704037) |
| 10/31/2024 | 114014 |  | 24418 | (125031) |  | 13401 | 836565 |  | 178661 | (921834) |  | 93392 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 543389 |  | 83053 | (1282522) |  | (656080) | 3935449 |  | 602348 | (9402351) |  | (4864554) |
| 10/31/2024 | 2252953 |  | 390204 | (12659106) |  | (10015949) | 16279222 |  | 2833271 | (92555878) |  | (73443385) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 766384 |  | 225389 | (1420667) |  | (428894) | 5504633 |  | 1610386 | (10100711) |  | (2985692) |
| 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** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 111542 |  | 84414 | (466673) |  | (270717) | 5417999 |  | 4158235 | (22770770) |  | (13194536) |
| 10/31/2024 | 119433 |  | 102775 | (578082) |  | (355874) | 5132513 |  | 4443381 | (24822677) |  | (15246783) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 4006 |  | 802 | (12073) |  | (7265) | 173304 |  | 36461 | (536961) |  | (327196) |
| 10/31/2024 | 2212 |  | 1110 | (41178) |  | (37856) | 89133 |  | 44294 | (1581122) |  | (1447695) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 84959 |  | 15296 | (110594) |  | (10339) | 4174258 |  | 760685 | (5384774) |  | (449831) |
| 10/31/2024 | 378559 |  | 17302 | (835585) |  | (439724) | 16211975 |  | 754874 | (35147604) |  | (18180755) |

---

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <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 period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** | **Global High Dividend Low Volatility (continued)** |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 125 |  | 76 | (99) |  | 102 | 6165 |  | 3785 | (4992) |  | 4958 |
| 10/31/2024 | 429 |  | 82 | (97) |  | 414 | 17735 |  | 3578 | (4208) |  | 17105 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 24896 |  | 1735 | (20533) |  | 6098 | 1253659 |  | 86555 | (1045225) |  | 294989 |
| 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** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 123163 |  | 18538 | (196448) |  | (54747) | 8616333 |  | 1109675 | (13167368) |  | (3441360) |
| 10/31/2024 | 100049 |  | 14398 | (130575) |  | (16128) | 5820648 |  | 772576 | (7598198) |  | (1004974) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 6384 |  | 674 | (12515) |  | (5457) | 366022 |  | 36235 | (763865) |  | (361608) |
| 10/31/2024 | 3836 |  | 559 | (6975) |  | (2580) | 201619 |  | 27008 | (367956) |  | (139329) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 1667246 |  | 84256 | (670875) |  | 1080627 | 114518123 |  | 5023323 | (45216826) |  | 74324620 |
| 10/31/2024 | 1065200 |  | 67287 | (1151353) |  | (18866) | 61019877 |  | 3595827 | (66512147) |  | (1896443) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 10049 |  | 153 | (1132) |  | 9070 | 634330 |  | 9098 | (81021) |  | 562407 |
| 10/31/2024 | 2146 |  | 1 | (450) |  | 1697 | 133599 |  | 63 | (28409) |  | 105253 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 14491 |  | 6293 | (46376) |  | (25592) | 1275153 |  | 485593 | (3999623) |  | (2238877) |
| 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 October 31, 2025:

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **Global Bond** | **Global Bond** | **Global Bond** | **Global Bond** |
|  | **Securities** | **Cash Collateral** | |
| **Counterparty** | **Loaned at Value** | **Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $7311 | $(7311) | $— |
| BNP Paribas | 170814 | (170814) |  |
| BNP Paribas Prime Brokerage Int'l Ltd. | 72555 | (72555) |  |
| Deutsche Bank Securities Inc. | 61901 | (61901) |  |
| Goldman, Sachs & Co. LLC | 136177 | (136177) |  |
| HSBC Securities (USA) Inc. | 26643 | (26643) |  |
| J.P. Morgan Securities LLC | 313277 | (313277) |  |
| Morgan Stanley & Co. LLC | 444512 | (444512) |  |
| RBC Dominion Securities Inc. | 25154 | (25154) |  |
| Scotia Capital (USA) Inc. | 21664 | (21664) |  |
| TD Securities (USA) Inc. | 59693 | (59693) |  |
| Truist Securities Inc. | 211795 | (211795) |  |
| UBS AG | 40675 | (40675) |  |
| Total | $1592171 | $(1592171) | $— |

---

(1) Cash
 collateral with a fair value of $1,637,537 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** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| State Street Bank and Trust Company | $117534 | $(117534) | $— |
| Total | $117534 | $(117534) | $— |

---

(1) Cash
 collateral with a fair value of $124,005 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** | **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** |
| **Counterparty** | **Securities<br> Loaned at Value** | **Cash Collateral<br> Received<sup>(1)</sup>** | **Net Amount** |
| Barclays Capital Inc. | $124335 | $(124335) | $— |
| BNP Paribas Financial Markets | 122967 | (122967) |  |
| BofA Securities Inc | 84282 | (84282) |  |
| Citigroup Global Markets Inc. | 14824 | (14824) |  |
| Goldman Sachs International | 125755 | (125755) |  |
| Goldman, Sachs & Co. LLC | 204394 | (204394) |  |
| J.P. Morgan Securities Plc. | 59063 | (59063) |  |
| Merrill Lynch International | 118785 | (118785) |  |
| Morgan Stanley & Co. LLC | 774145 | (774145) |  |
| Nomura Securities International, Inc. | 53903 | (53903) |  |
| UBS AG | 104015 | (104015) |  |
| Wells Fargo Securities LLC | 1944 | (1944) |  |
| Total | $1788412 | $(1788412) | $— |

---

(1) Cash
 collateral with a fair value of $1,946,310 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 U.S. 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, straddle loss deferrals 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:

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **Year Ended** | **Year Ended** |
|  | **Year Ended**<br>**October 31,**<br>**2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Ordinary**<br>**Income** | **Ordinary**<br>**Income** | **Return of**<br>**Capital** |
| Global Bond | $7545497 | $11297227 | $334361 |
| Global High Dividend Low Volatility | 5829375 | 6204048 |  |
| Multi-Manager International Small Cap | 6829427 | 5001551 |  |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of October 31, 2025, were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Global Bond | $397463 | $— | $(5546468) | $(8119071) | Short-term | $(4115) | $(38512025) |
|  |  |  |  | (25239834 | Long-term |  |  |
|  |  |  |  | $(33358905 |  |  |  |
| Global High Dividend Low Volatility | 395368 | 7934351 | 39489176 | (1513919) | Short-term | (203942) | 44791861 |
|  |  |  |  | (1309173 | Long-term |  |  |
|  |  |  |  | $(2823092 |  |  |  |
| Multi-Manager International Small Cap | 12352003 | 22689329 | 75882900 |  |  | (303207) | 110621025 |

---

<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 October 31, 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, trade disputes, 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 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 a Fund's 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 each Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Funds' financial statements.

**NOTE 15 — SUBSEQUENT EVENTS**

*Dividends:* Subsequent to October 31, 2025, the following Funds paid dividends and distributions per share of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Investment**<br>**Income** | **Short-term**<br>**Capital Gains** | **Long-term**<br>**Capital Gains** | **Payable**<br>**Date** | **Record**<br>**Date** |
| **Global Bond** | **Global Bond** | **Global Bond** |  |  |  |
| Class A | $0.0263 | $— | $— | December 1, 2025 | Daily |
| Class C | $0.0217 | $— | $— | December 1, 2025 | Daily |
| Class I | $0.0277 | $— | $— | December 1, 2025 | Daily |
| Class R | $0.0249 | $— | $— | December 1, 2025 | Daily |
| Class R6 | $0.0279 | $— | $— | December 1, 2025 | Daily |
| Class W | $0.0273 | $— | $— | December 1, 2025 | Daily |
| **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** | **Global High Dividend Low Volatility** |  |  |  |
| Class A | $— | $— | $1.5390 | December 12, 2025 | December 11, 2025 |
| Class C | $— | $— | $1.5390 | December 12, 2025 | December 11, 2025 |
| Class I | $— | $— | $1.5390 | December 12, 2025 | December 11, 2025 |
| Class R6 | $— | $— | $1.5390 | December 12, 2025 | December 11, 2025 |
| Class W | $— | $— | $1.5390 | December 12, 2025 | December 11, 2025 |

---

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

------

**NOTE 15 — SUBSEQUENT EVENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** | **Multi-Manager International Small Cap** |  |  |  |
| Class A | $1.1678 | $1.0425 | $4.0274 | December 12, 2025 | December 11, 2025 |
| Class C | $0.6855 | $1.0425 | $4.0274 | December 12, 2025 | December 11, 2025 |
| Class I | $1.3903 | $1.0425 | $4.0274 | December 12, 2025 | December 11, 2025 |
| Class R6 | $1.4184 | $1.0425 | $4.0274 | December 12, 2025 | December 11, 2025 |
| Class W | $1.3153 | $1.0425 | $4.0274 | December 12, 2025 | December 11, 2025 |

---

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> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 23.6%** | **CORPORATE BONDS/NOTES: 23.6%** | **CORPORATE BONDS/NOTES: 23.6%** | **CORPORATE BONDS/NOTES: 23.6%** |
|  | **Australia: 0.3%** | **Australia: 0.3%** | **Australia: 0.3%** |
| 27000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | $28043 | 0.0 |
| 17000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 17724 | 0.0 |
| 7000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2033 | 7295 | 0.0 |
| 271000 <sup>(1)</sup> | NBN Co. Ltd., 2.500%, 01/08/2032 | 242750 | 0.2 |
| 40000 <sup>(1)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 35666 | 0.1 |
| 21000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 21663 | 0.0 |
| 30000 | Woodside Finance Ltd., 5.400%, 05/19/2030 | 30837 | 0.0 |
| 27000 <sup>(2)</sup> | Woodside Finance Ltd., 5.700%, 05/19/2032 | 28090 | 0.0 |
| 27000 | Woodside Finance Ltd., 6.000%, 05/19/2035 | 28242 | 0.0 |
|  |  | **440310** | **0.3** |
|  | **Belgium: 0.0%** | **Belgium: 0.0%** | **Belgium: 0.0%** |
| 17000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | 16230 | 0.0 |
|  | **Canada: 1.1%** | **Canada: 1.1%** | **Canada: 1.1%** |
| 40000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030 | 37877 | 0.0 |
| 19000 <sup>(3)</sup> | Algonquin Power & Utilities Corp., 5.365%, 06/15/2026 | 19093 | 0.0 |
| 53000 <sup>(3)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 53684 | 0.0 |
| 32000 <sup>(3)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | 32409 | 0.0 |
| 50000 <sup>(1)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 51300 | 0.0 |
| 55000 <sup>(1)(2)</sup> | Bombardier, Inc., 7.250%, 07/01/2031 | 58447 | 0.1 |
| 25000 <sup>(1)</sup> | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 25483 | 0.0 |
| 11000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 10469 | 0.0 |
| 55000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 56955 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | $54979 | 0.1 |
| 23000 <sup>(1)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 23506 | 0.0 |
| 44000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 44820 | 0.0 |
| 238000 <sup>(1)</sup> | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | 246369 | 0.2 |
| 67000 | Fortis, Inc./Canada, 3.055%, 10/04/2026 | 66332 | 0.1 |
| 253000 | National Bank of Canada, 5.600%, 12/18/2028 | 263814 | 0.2 |
| 55000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 56092 | 0.1 |
| 80000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 84926 | 0.1 |
| 2000 | Nutrien Ltd., 5.875%, 12/01/2036 | 2119 | 0.0 |
| 11000 | Nutrien Ltd., 5.950%, 11/07/2025 | 11001 | 0.0 |
| 75000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 12/01/2031 | 69884 | 0.1 |
| 27000 <sup>(3)</sup> | Royal Bank of Canada, 4.650%, 10/18/2030 | 27339 | 0.0 |
| 19000 <sup>(3)</sup> | Royal Bank of Canada, 4.696%, 08/06/2031 | 19244 | 0.0 |
| 12000 <sup>(3)</sup> | Royal Bank of Canada, 4.969%, 08/02/2030 | 12282 | 0.0 |
| 17000 <sup>(3)</sup> | Royal Bank of Canada, 5.153%, 02/04/2031 | 17511 | 0.0 |
| 21000 | Royal Bank of Canada, 5.200%, 08/01/2028 | 21644 | 0.0 |
| 21000 | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 21919 | 0.0 |
| 23000 | Toronto-Dominion Bank, 5.523%, 07/17/2028 | 23827 | 0.0 |
| 30000 <sup>(3)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | 30956 | 0.0 |
|  |  | **1444281** | **1.1** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
|  | **Chile: 0.6%** | **Chile: 0.6%** | **Chile: 0.6%** |
| 200000 <sup>(1)(3)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 | $212750 | 0.2 |
| 195501 <sup>(1)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 | 202451 | 0.1 |
| 200000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 | 214280 | 0.2 |
| 200000 <sup>(1)(3)</sup> | Inversiones CMPC SA, 6.700%, 12/09/2057 | 202560 | 0.1 |
|  |  | **832041** | **0.6** |
|  | **Colombia: 0.3%** | **Colombia: 0.3%** | **Colombia: 0.3%** |
| 180000 | Ecopetrol SA, 8.375%, 01/19/2036 | 186813 | 0.1 |
| 200000 <sup>(1)</sup> | Grupo Energia Bogota SA ESP, 5.750%, 10/22/2035 | 199905 | 0.2 |
|  |  | **386718** | **0.3** |
|  | **Germany: 0.9%** | **Germany: 0.9%** | **Germany: 0.9%** |
| 10000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 | 10272 | 0.0 |
| 175000 | Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029 | 181915 | 0.1 |
| 150000 <sup>(1)</sup> | Mercedes-Benz Finance North America LLC, 4.800%, 08/01/2029 | 153031 | 0.1 |
| 290000 <sup>(1)</sup> | Siemens Financiering Smaatschappij NV, 2.350%, 10/15/2026 | 285815 | 0.2 |
| 215000 <sup>(1)(2)</sup> | Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029 | 219430 | 0.2 |
| 205000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 | 207571 | 0.1 |
| 200000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 | 214640 | 0.2 |
|  |  | **1272674** | **0.9** |
|  | **Japan: 0.3%** | **Japan: 0.3%** | **Japan: 0.3%** |
| 58000 <sup>(2)</sup> | Honda Motor Co. Ltd., 4.688%, 07/08/2030 | 58594 | 0.0 |
| 88000 | Honda Motor Co. Ltd., 5.337%, 07/08/2035 | 90243 | 0.1 |
| 215000 | Sumitomo Mitsui Financial Group, Inc., 5.424%, 07/09/2031 | 225741 | 0.2 |
| 54000 | Toyota Motor Corp., 4.450%, 06/30/2030 | 54675 | 0.0 |
|  |  | **429253** | **0.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
|  | **Mexico: 0.5%** | **Mexico: 0.5%** | **Mexico: 0.5%** |
| 200000 <sup>(1)(3)</sup> | Cemex SAB de CV, 7.200%, 12/31/2199 | $208640 | 0.2 |
| 200000 <sup>(1)</sup> | CFE Fibra E, 5.875%, 09/23/2040 | 202165 | 0.1 |
| 200000 <sup>(1)</sup> | Eagle Funding Luxco Sarl, 5.500%, 08/17/2030 | 203222 | 0.2 |
|  |  | **614027** | **0.5** |
|  | **Morocco: 0.2%** | **Morocco: 0.2%** | **Morocco: 0.2%** |
| 250000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 271500 | 0.2 |
|  | **Netherlands: 0.5%** | **Netherlands: 0.5%** | **Netherlands: 0.5%** |
| 250000 <sup>(1)(3)</sup> | Cooperatieve Rabobank UA, 5.710%, 01/21/2033 | 263857 | 0.2 |
| 355000 | ING Groep NV, 4.050%, 04/09/2029 | 352652 | 0.3 |
|  |  | **616509** | **0.5** |
|  | **Norway: 0.0%** | **Norway: 0.0%** | **Norway: 0.0%** |
| 53000 | Equinor ASA, 4.500%, 09/03/2030 | 53879 | 0.0 |
|  | **Panama: 0.2%** | **Panama: 0.2%** | **Panama: 0.2%** |
| 235210 <sup>(1)</sup> | AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | 219686 | 0.2 |
|  | **Peru: 0.5%** | **Peru: 0.5%** | **Peru: 0.5%** |
| 230000 <sup>(1)(3)</sup> | Banco de Credito del Peru S.A., 6.450%, 07/30/2035 | 239545 | 0.2 |
| 200000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 7.750%, 11/05/2038 | 220992 | 0.2 |
| 200000 <sup>(1)(3)</sup> | Scotiabank Peru SAA, 6.100%, 10/01/2035 | 208100 | 0.1 |
|  |  | **668637** | **0.5** |
|  | **South Africa: 0.1%** | **South Africa: 0.1%** | **South Africa: 0.1%** |
| 200000 <sup>(1)</sup> | Bidvest Group UK PLC, 6.200%, 09/17/2032 | 203388 | 0.1 |
|  | **Switzerland: 0.3%** | **Switzerland: 0.3%** | **Switzerland: 0.3%** |
| 250000 | Credit Suisse AG/ New York NY, 1.250%, 08/07/2026 | 244982 | 0.2 |
| 200000 <sup>(1)(3)</sup> | UBS Group AG, 4.751%, 05/12/2028 | 201611 | 0.1 |
|  |  | **446593** | **0.3** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
|  | **Thailand: 0.1%** | **Thailand: 0.1%** | **Thailand: 0.1%** |
| 200000 <sup>(1)(3)</sup> | GC Treasury Center Co. Ltd., 6.500%, 12/31/2199 | $203177 | 0.1 |
|  | **United Kingdom: 1.2%** | **United Kingdom: 1.2%** | **United Kingdom: 1.2%** |
| 30000 | Astrazeneca Finance LLC, 4.900%, 02/26/2031 | 31060 | 0.0 |
| 205000 <sup>(1)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 | 211303 | 0.2 |
| 8000 | BAT Capital Corp., 4.390%, 08/15/2037 | 7354 | 0.0 |
| 6000 | BAT Capital Corp., 5.834%, 02/20/2031 | 6357 | 0.0 |
| 20000 | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 20292 | 0.0 |
| 220000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.500%, 02/01/2030 | 228125 | 0.2 |
| 200000 <sup>(3)</sup> | Lloyds Banking Group PLC, 5.871%, 03/06/2029 | 207456 | 0.1 |
| 200000 <sup>(2)(3)</sup> | Lloyds Banking Group PLC, 8.000%, 12/31/2199 | 216873 | 0.2 |
| 200000 <sup>(1)</sup> | Lseg US Fin Corp., 5.297%, 03/28/2034 | 207900 | 0.2 |
| 12000 | National Grid PLC, 5.418%, 01/11/2034 | 12483 | 0.0 |
| 200000 <sup>(3)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 | 204525 | 0.1 |
| 200000 <sup>(1)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 207543 | 0.2 |
|  |  | **1561271** | **1.2** |
|  | **United States: 16.5%** | **United States: 16.5%** | **United States: 16.5%** |
| 14000 | 3M Co., 5.150%, 03/15/2035 | 14401 | 0.0 |
| 6000 | AbbVie, Inc., 4.050%, 11/21/2039 | 5382 | 0.0 |
| 18000 | AbbVie, Inc., 4.650%, 03/15/2028 | 18273 | 0.0 |
| 30000 | AbbVie, Inc., 4.950%, 03/15/2031 | 31032 | 0.0 |
| 8000 | AbbVie, Inc., 5.050%, 03/15/2034 | 8233 | 0.0 |
| 45000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 44938 | 0.0 |
| 50000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 51753 | 0.1 |
| 31000 | Adobe, Inc., 4.950%, 01/17/2030 | 32076 | 0.0 |
| 7000 <sup>(2)</sup> | Adobe, Inc., 4.950%, 04/04/2034 | 7235 | 0.0 |
| 55000 <sup>(1)(2)</sup> | Advance Auto Parts, Inc., 7.375%, 08/01/2033 | 55740 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 34000 | AEP Texas, Inc., 5.450%, 05/15/2029 | $35302 | 0.0 |
| 7000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 7167 | 0.0 |
| 27000 | AES Corp., 5.450%, 06/01/2028 | 27483 | 0.0 |
| 27000 | AES Corp., 5.800%, 03/15/2032 | 27625 | 0.0 |
| 21000 | AGCO Corp., 5.450%, 03/21/2027 | 21298 | 0.0 |
| 19000 | Air Lease Corp., 5.200%, 07/15/2031 | 19350 | 0.0 |
| 5000 | Alabama Power Co., 5.850%, 11/15/2033 | 5379 | 0.0 |
| 40000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | 38167 | 0.0 |
| 15000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.750%, 03/31/2034 | 15085 | 0.0 |
| 55000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | 56471 | 0.1 |
| 40000 <sup>(1)</sup> | Allied Universal Holdco LLC, 7.875%, 02/15/2031 | 41690 | 0.0 |
| 25000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 25713 | 0.0 |
| 37000 | Alphabet, Inc., 4.500%, 05/15/2035 | 36912 | 0.0 |
| 25000 | Altria Group, Inc., 6.200%, 11/01/2028 | 26364 | 0.0 |
| 11000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | 11369 | 0.0 |
| 55000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 57289 | 0.1 |
| 20000 | Ameren Corp., 1.750%, 03/15/2028 | 18900 | 0.0 |
| 16000 | Ameren Corp., 5.000%, 01/15/2029 | 16404 | 0.0 |
| 17158 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 | 16867 | 0.0 |
| 73843 | American Airlines Pass Through Trust 2021-1, A, 2.875%, 01/11/2036 | 67325 | 0.1 |
| 50000 <sup>(1)</sup> | American Axle & Manufacturing, Inc., 7.750%, 10/15/2033 | 50122 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
| 5000 | American Electric Power Co., Inc., 5.625%, 03/01/2033 | $5273 | 0.0 |
| 15000 <sup>(3)</sup> | American Express Co., 5.085%, 01/30/2031 | 15461 | 0.0 |
| 25000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | 25315 | 0.0 |
| 13000 <sup>(3)</sup> | American Express Co., 5.532%, 04/25/2030 | 13570 | 0.0 |
| 5000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 4704 | 0.0 |
| 17000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 17565 | 0.0 |
| 30000 | American Honda Finance Corp., 4.700%, 01/12/2028 | 30398 | 0.0 |
| 34000 | American Honda Finance Corp., 4.850%, 10/23/2031 | 34594 | 0.0 |
| 19000 | American Honda Finance Corp., 5.650%, 11/15/2028 | 19821 | 0.0 |
| 23000 | American International Group, Inc., 3.400%, 06/30/2030 | 22083 | 0.0 |
| 184000 | American Tower Corp., 2.750%, 01/15/2027 | 180957 | 0.2 |
| 22000 | American Tower Corp., 3.650%, 03/15/2027 | 21845 | 0.0 |
| 15000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 13542 | 0.0 |
| 21000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 21968 | 0.0 |
| 80000 <sup>(1)</sup> | AmeriTex HoldCo Intermediate LLC, 7.625%, 08/15/2033 | 83747 | 0.1 |
| 65000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 6.625%, 02/01/2032 | 67350 | 0.1 |
| 11000 | Aon North America, Inc., 5.125%, 03/01/2027 | 11138 | 0.0 |
| 28000 | Aon North America, Inc., 5.150%, 03/01/2029 | 28819 | 0.0 |
| 37000 | AppLovin Corp., 5.125%, 12/01/2029 | 37778 | 0.0 |
| 28000 | AppLovin Corp., 5.375%, 12/01/2031 | 28911 | 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> | Arches Buyer, Inc., 4.250%, 06/01/2028 | $39116 | 0.0 |
| 55000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 57804 | 0.1 |
| 35000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | 35746 | 0.0 |
| 55000 <sup>(1)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.625%, 07/15/2033 | 56026 | 0.1 |
| 70000 | Assurant, Inc., 5.550%, 02/15/2036 | 70793 | 0.1 |
| 25000 | AT&T, Inc., 4.550%, 11/01/2032 | 24829 | 0.0 |
| 55000 | AT&T, Inc., 4.900%, 11/01/2035 | 54237 | 0.1 |
| 26000 | AT&T, Inc., 6.050%, 08/15/2056 | 26746 | 0.0 |
| 55000 <sup>(1)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 56191 | 0.1 |
| 72000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 72283 | 0.1 |
| 41000 | Automatic Data Processing, Inc., 4.750%, 05/08/2032 | 42036 | 0.0 |
| 12000 | AutoZone, Inc., 6.250%, 11/01/2028 | 12695 | 0.0 |
| 112000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 110029 | 0.1 |
| 26000 <sup>(3)</sup> | Bank of America Corp., 2.087%, 06/14/2029 | 24686 | 0.0 |
| 51000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 45388 | 0.0 |
| 37000 <sup>(3)</sup> | Bank of America Corp., 2.551%, 02/04/2028 | 36285 | 0.0 |
| 26000 <sup>(3)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 23390 | 0.0 |
| 38000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 35351 | 0.0 |
| 46000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 42049 | 0.0 |
| 31000 <sup>(3)</sup> | Bank of America Corp., 2.884%, 10/22/2030 | 29447 | 0.0 |
| 43000 <sup>(3)</sup> | Bank of America Corp., 2.972%, 02/04/2033 | 39228 | 0.0 |
| 16000 <sup>(3)</sup> | Bank of America Corp., 3.194%, 07/23/2030 | 15435 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
| 94000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | $92559 | 0.1 |
| 29000 <sup>(3)</sup> | Bank of America Corp., 3.593%, 07/21/2028 | 28752 | 0.0 |
| 4000 <sup>(3)</sup> | Bank of America Corp., 3.970%, 03/05/2029 | 3985 | 0.0 |
| 9000 <sup>(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 9426 | 0.0 |
| 33000 <sup>(3)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 33844 | 0.0 |
| 35000 <sup>(3)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 36440 | 0.0 |
| 20000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 21446 | 0.0 |
| 15000 <sup>(3)</sup> | Bank of New York Mellon Corp., 5.316%, 06/06/2036 | 15538 | 0.0 |
| 65000 | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 67399 | 0.1 |
| 30000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 30325 | 0.0 |
| 169000 | Berry Global, Inc., 1.650%, 01/15/2027 | 163605 | 0.1 |
| 105000 | Black Hills Corp., 4.550%, 01/31/2031 | 104833 | 0.1 |
| 4000 | Black Hills Corp., 6.000%, 01/15/2035 | 4273 | 0.0 |
| 23000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 19723 | 0.0 |
| 5000 | Boeing Co., 5.930%, 05/01/2060 | 4974 | 0.0 |
| 44000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 43167 | 0.0 |
| 7000 <sup>(2)</sup> | BorgWarner, Inc., 5.400%, 08/15/2034 | 7216 | 0.0 |
| 14000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | 14876 | 0.0 |
| 4000 | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | 4072 | 0.0 |
| 4000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 4090 | 0.0 |
| 22000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 22771 | 0.0 |
| 30000 <sup>(3)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 31395 | 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)** |
| 25000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | $25851 | 0.0 |
| 25000 <sup>(1)(2)</sup> | Brink's Co., 6.750%, 06/15/2032 | 25983 | 0.0 |
| 12000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 12482 | 0.0 |
| 30000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 25622 | 0.0 |
| 14000 | Broadcom, Inc., 4.800%, 10/15/2034 | 14073 | 0.0 |
| 37000 | Broadcom, Inc., 4.900%, 07/15/2032 | 37836 | 0.0 |
| 29000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 28891 | 0.0 |
| 16000 | Broadcom, Inc., 5.050%, 04/15/2030 | 16546 | 0.0 |
| 8000 | Broadcom, Inc., 5.200%, 04/15/2032 | 8326 | 0.0 |
| 37000 | Brown & Brown, Inc., 4.900%, 06/23/2030 | 37524 | 0.0 |
| 10000 | Bunge Ltd. Finance Corp., 4.200%, 09/17/2029 | 9993 | 0.0 |
| 27000 | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 27114 | 0.0 |
| 31000 | Camden Property Trust, 5.850%, 11/03/2026 | 31524 | 0.0 |
| 26000 | Campbell Soup Co., 5.200%, 03/21/2029 | 26721 | 0.0 |
| 57000 | Cardinal Health, Inc., 4.700%, 11/15/2026 | 57380 | 0.1 |
| 2000 | Cardinal Health, Inc., 5.450%, 02/15/2034 | 2082 | 0.0 |
| 10000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 8821 | 0.0 |
| 9000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 8245 | 0.0 |
| 19000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 11/10/2031 | 16816 | 0.0 |
| 10000 <sup>(1)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 10305 | 0.0 |
| 4000 | Carrier Global Corp., 2.722%, 02/15/2030 | 3755 | 0.0 |
| 2000 | Carrier Global Corp., 5.900%, 03/15/2034 | 2154 | 0.0 |
| 20000 | Caterpillar Financial Services Corp., 4.700%, 11/15/2029 | 20527 | 0.0 |
| 26000 <sup>(2)</sup> | Caterpillar, Inc., 5.200%, 05/15/2035 | 27020 | 0.0 |
| 90000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 80116 | 0.1 |
| 19000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 19382 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
| 8000 <sup>(2)</sup> | Cencora, Inc., 5.125%, 02/15/2034 | $8222 | 0.0 |
| 33000 | Centene Corp., 3.000%, 10/15/2030 | 29471 | 0.0 |
| 28000 | Centene Corp., 4.625%, 12/15/2029 | 27180 | 0.0 |
| 13000 | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 13467 | 0.0 |
| 17000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.800%, 04/01/2031 | 15252 | 0.0 |
| 34000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 35549 | 0.0 |
| 10000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | 10528 | 0.0 |
| 14000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 14008 | 0.0 |
| 21000 | Chevron USA, Inc., 4.500%, 10/15/2032 | 21229 | 0.0 |
| 40000 | Chevron USA, Inc., 4.850%, 10/15/2035 | 40505 | 0.0 |
| 40000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 37531 | 0.0 |
| 62000 | Chubb INA Holdings LLC, 4.900%, 08/15/2035 | 62487 | 0.1 |
| 59000 | Cigna Group, 2.375%, 03/15/2031 | 53153 | 0.1 |
| 137000 | Cigna Group, 3.050%, 10/15/2027 | 134527 | 0.1 |
| 8000 | Cigna Group, 5.250%, 02/15/2034 | 8230 | 0.0 |
| 55000 | Cigna Group, 5.250%, 01/15/2036 | 55889 | 0.1 |
| 4000 | Cigna Group, 5.400%, 03/15/2033 | 4183 | 0.0 |
| 55000 <sup>(1)(2)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 57061 | 0.1 |
| 20000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 20683 | 0.0 |
| 37000 | Cisco Systems, Inc., 4.950%, 02/24/2032 | 38195 | 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)** |
| 8000 | Cisco Systems, Inc., 5.050%, 02/26/2034 | $8250 | 0.0 |
| 10000 | Cisco Systems, Inc., 5.100%, 02/24/2035 | 10295 | 0.0 |
| 91000 <sup>(1)</sup> | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | 89564 | 0.1 |
| 65000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 7.625%, 01/15/2034 | 67628 | 0.1 |
| 65000 <sup>(1)</sup> | Cloud Software Group, Inc., 8.250%, 06/30/2032 | 68366 | 0.1 |
| 44000 | CME Group, Inc., 4.400%, 03/15/2030 | 44539 | 0.0 |
| 32000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 32752 | 0.0 |
| 34000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 35216 | 0.0 |
| 37000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 37950 | 0.0 |
| 25000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 25912 | 0.0 |
| 15000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 15281 | 0.0 |
| 46000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | 47918 | 0.1 |
| 8000 | Comcast Corp., 1.500%, 02/15/2031 | 6917 | 0.0 |
| 7000 | Comcast Corp., 1.950%, 01/15/2031 | 6199 | 0.0 |
| 18000 | Comcast Corp., 3.750%, 04/01/2040 | 14965 | 0.0 |
| 8000 | Comcast Corp., 4.250%, 01/15/2033 | 7794 | 0.0 |
| 7000 | Comcast Corp., 5.300%, 06/01/2034 | 7188 | 0.0 |
| 7000 | Comcast Corp., 5.300%, 05/15/2035 | 7140 | 0.0 |
| 60000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 59509 | 0.1 |
| 12000 | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 11428 | 0.0 |
| 9000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | 9431 | 0.0 |
| 17000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 18156 | 0.0 |
| 80000 <sup>(1)</sup> | CoreWeave, Inc., 9.250%, 06/01/2030 | 80888 | 0.1 |
| 40000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 38813 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
| 70000 <sup>(1)</sup> | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027 | $70013 | 0.1 |
| 16000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 15722 | 0.0 |
| 24000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 22761 | 0.0 |
| 8000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 8099 | 0.0 |
| 35000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 35518 | 0.0 |
| 19000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 19759 | 0.0 |
| 8000 | Crown Castle, Inc., 5.800%, 03/01/2034 | 8444 | 0.0 |
| 27000 <sup>(1)</sup> | CSL Finance PLC, 4.050%, 04/27/2029 | 26972 | 0.0 |
| 26000 | Cummins, Inc., 1.500%, 09/01/2030 | 23096 | 0.0 |
| 2000 | CVS Health Corp., 4.780%, 03/25/2038 | 1880 | 0.0 |
| 9000 | CVS Health Corp., 5.125%, 02/21/2030 | 9244 | 0.0 |
| 40000 | CVS Health Corp., 5.450%, 09/15/2035 | 40862 | 0.0 |
| 70000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 67659 | 0.1 |
| 23000 | Deere & Co., 3.100%, 04/15/2030 | 22138 | 0.0 |
| 55000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 57439 | 0.1 |
| 5000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 5037 | 0.0 |
| 37000 | Delta Air Lines, Inc., 5.250%, 07/10/2030 | 37831 | 0.0 |
| 17000 <sup>(2)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 | 16892 | 0.0 |
| 70000 <sup>(1)</sup> | Directv Financing LLC, 8.875%, 02/01/2030 | 69673 | 0.1 |
| 6000 | Dollar General Corp., 3.500%, 04/03/2030 | 5776 | 0.0 |
| 65000 <sup>(2)</sup> | DTE Electric Co., 2.250%, 03/01/2030 | 60229 | 0.1 |
| 11000 | DTE Energy Co., 4.950%, 07/01/2027 | 11136 | 0.0 |
| 27000 | DTE Energy Co., 5.200%, 04/01/2030 | 27861 | 0.0 |
| 282000 | Duke Energy Corp., 2.650%, 09/01/2026 | 278649 | 0.2 |
| 16000 <sup>(2)</sup> | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 14408 | 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)** |
| 4000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | $4325 | 0.0 |
| 2000 | Duke Energy Ohio, Inc., 5.250%, 04/01/2033 | 2078 | 0.0 |
| 25000 | Elevance Health, Inc., 4.600%, 09/15/2032 | 24927 | 0.0 |
| 34000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 34694 | 0.0 |
| 18000 | Elevance Health, Inc., 5.200%, 02/15/2035 | 18373 | 0.0 |
| 6000 | Eli Lilly & Co., 4.700%, 02/09/2034 | 6072 | 0.0 |
| 40000 <sup>(1)(2)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 37984 | 0.0 |
| 65000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 66903 | 0.1 |
| 55000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.375%, 03/31/2029 | 52857 | 0.1 |
| 24000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 23293 | 0.0 |
| 19000 | Energy Transfer L.P., 5.200%, 04/01/2030 | 19600 | 0.0 |
| 38000 | Entergy Corp., 2.800%, 06/15/2030 | 35510 | 0.0 |
| 8000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 8175 | 0.0 |
| 10000 | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 10111 | 0.0 |
| 53000 | EOG Resources, Inc., 5.000%, 07/15/2032 | 54155 | 0.1 |
| 24000 | Equifax, Inc., 3.100%, 05/15/2030 | 22666 | 0.0 |
| 38000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 38865 | 0.0 |
| 65000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 60771 | 0.1 |
| 4000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 4111 | 0.0 |
| 11000 | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 11260 | 0.0 |
| 4000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 4311 | 0.0 |
| 24000 | Eversource Energy, 2.550%, 03/15/2031 | 21708 | 0.0 |
| 37000 | Eversource Energy, 2.900%, 03/01/2027 | 36394 | 0.0 |
| 4000 | Eversource Energy, 5.125%, 05/15/2033 | 4063 | 0.0 |
| 21000 | Eversource Energy, 5.450%, 03/01/2028 | 21545 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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 | Eversource Energy, 5.500%, 01/01/2034 | $7257 | 0.0 |
| 25000 | Eversource Energy, 5.950%, 02/01/2029 | 26203 | 0.0 |
| 31000 | Eversource Energy U, 1.400%, 08/15/2026 | 30328 | 0.0 |
| 33000 | Exelon Corp., 5.150%, 03/15/2028 | 33768 | 0.0 |
| 14000 | Exelon Corp., 5.150%, 03/15/2029 | 14404 | 0.0 |
| 19000 | Extra Space Storage L.P., 2.350%, 03/15/2032 | 16521 | 0.0 |
| 27000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | 26634 | 0.0 |
| 10000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 10235 | 0.0 |
| 7000 | Exxon Mobil Corp., 2.995%, 08/16/2039 | 5623 | 0.0 |
| 30000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 31784 | 0.0 |
| 8000 <sup>(3)</sup> | First Citizens BancShares, Inc., 6.254%, 03/12/2040 | 8134 | 0.0 |
| 53000 | First Industrial L.P., 5.250%, 01/15/2031 | 54255 | 0.1 |
| 25000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 24850 | 0.0 |
| 26000 | Fiserv, Inc., 5.150%, 03/15/2027 | 26221 | 0.0 |
| 8000 | Fiserv, Inc., 5.150%, 08/12/2034 | 7946 | 0.0 |
| 23000 | Flex Ltd., 5.250%, 01/15/2032 | 23605 | 0.0 |
| 12000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 12245 | 0.0 |
| 17000 <sup>(2)</sup> | Florida Power & Light Co., 5.300%, 06/15/2034 | 17801 | 0.0 |
| 55000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 56741 | 0.1 |
| 23000 | Ford Motor Co., 3.250%, 02/12/2032 | 20065 | 0.0 |
| 200000 | Ford Motor Credit Co. LLC, 3.625%, 06/17/2031 | 181512 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 197552 | 0.2 |
| 200000 | Ford Motor Credit Co. LLC, 5.113%, 05/03/2029 | 199218 | 0.2 |
| 30000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 31320 | 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)** |
| 24000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | $23002 | 0.0 |
| 8000 | Fortune Brands Innovations, Inc., 4.000%, 03/25/2032 | 7649 | 0.0 |
| 200000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 | 212944 | 0.2 |
| 50000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 9.125%, 05/15/2031 | 53214 | 0.1 |
| 55000 | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 | 54560 | 0.1 |
| 50000 <sup>(1)</sup> | FTAI Aviation Investors LLC, 7.000%, 06/15/2032 | 52414 | 0.1 |
| 13000 | GATX Corp., 4.000%, 06/30/2030 | 12796 | 0.0 |
| 55000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 53721 | 0.1 |
| 59000 | General Mills, Inc., 2.875%, 04/15/2030 | 55606 | 0.1 |
| 24000 | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 21462 | 0.0 |
| 35000 <sup>(2)</sup> | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 35518 | 0.0 |
| 105000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 105080 | 0.1 |
| 49000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 50812 | 0.1 |
| 39000 | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 40646 | 0.0 |
| 5000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 5286 | 0.0 |
| 29000 | General Motors Financial Co., Inc., 6.150%, 07/15/2035 | 30597 | 0.0 |
| 13000 | Georgia Power Co., 4.650%, 05/16/2028 | 13199 | 0.0 |
| 64000 | GLP Capital L.P. / GLP Financing II, Inc., 5.250%, 02/15/2033 | 64170 | 0.1 |
| 25000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 25095 | 0.0 |
| 13000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 13093 | 0.0 |
| 10000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 10235 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (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)** |
| 9000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | $9272 | 0.0 |
| 13000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 13587 | 0.0 |
| 3000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 3188 | 0.0 |
| 105000 <sup>(1)</sup> | Gray Media, Inc., 7.250%, 08/15/2033 | 102913 | 0.1 |
| 10000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 10219 | 0.0 |
| 10000 | HCA, Inc., 2.375%, 07/15/2031 | 8926 | 0.0 |
| 58000 | HCA, Inc., 3.500%, 09/01/2030 | 55741 | 0.1 |
| 65000 | HCA, Inc., 4.125%, 06/15/2029 | 64555 | 0.1 |
| 8000 | HCA, Inc., 4.500%, 02/15/2027 | 8013 | 0.0 |
| 75000 | HCA, Inc., 5.375%, 09/01/2026 | 75259 | 0.1 |
| 17000 | HCA, Inc., 5.450%, 04/01/2031 | 17698 | 0.0 |
| 34000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 34926 | 0.0 |
| 38000 | HEICO Corp., 5.250%, 08/01/2028 | 39157 | 0.0 |
| 30000 <sup>(1)</sup> | Herc Holdings, Inc., 7.000%, 06/15/2030 | 31420 | 0.0 |
| 20000 <sup>(1)(2)</sup> | Herc Holdings, Inc., 7.250%, 06/15/2033 | 21101 | 0.0 |
| 48000 | Hershey Co., 4.950%, 02/24/2032 | 49663 | 0.1 |
| 45000 | Hess Corp., 4.300%, 04/01/2027 | 45144 | 0.0 |
| 30000 | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 30320 | 0.0 |
| 50000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 8.375%, 11/01/2033 | 51771 | 0.1 |
| 19000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 19366 | 0.0 |
| 7000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 7137 | 0.0 |
| 36000 | Horace Mann Educators Corp., 4.700%, 10/01/2030 | 35709 | 0.0 |
| 14000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 14144 | 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)** |
| 50000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | $52441 | 0.1 |
| 10000 | HP, Inc., 2.650%, 06/17/2031 | 9020 | 0.0 |
| 18000 | Humana, Inc., 5.375%, 04/15/2031 | 18596 | 0.0 |
| 38000 <sup>(2)(3)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 39376 | 0.0 |
| 24000 <sup>(2)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 23727 | 0.0 |
| 8000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 8230 | 0.0 |
| 21000 <sup>(1)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 21485 | 0.0 |
| 31000 <sup>(1)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 32091 | 0.0 |
| 28000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 28929 | 0.0 |
| 75000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 78461 | 0.1 |
| 29000 <sup>(1)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 30773 | 0.0 |
| 147000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 149945 | 0.1 |
| 25000 <sup>(1)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 25123 | 0.0 |
| 220000 | Icon Investments Six DAC, 5.849%, 05/08/2029 | 229911 | 0.2 |
| 55000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 54261 | 0.1 |
| 9000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 9302 | 0.0 |
| 12000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 12399 | 0.0 |
| 2000 <sup>(2)</sup> | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 2084 | 0.0 |
| 30000 | Intel Corp., 2.450%, 11/15/2029 | 27926 | 0.0 |
| 15000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 13694 | 0.0 |
| 101000 | International Business Machines Corp., 4.800%, 02/10/2030 | 103418 | 0.1 |
| 100000 | International Business Machines Corp., 5.000%, 02/10/2032 | 102870 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| 100000 | International Business Machines Corp., 5.200%, 02/10/2035 | $102449 | 0.1 |
| 8000 | Intuit, Inc., 5.200%, 09/15/2033 | 8368 | 0.0 |
| 30000 | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 26010 | 0.0 |
| 7000 | Invitation Homes Operating Partnership L.P., 5.500%, 08/15/2033 | 7294 | 0.0 |
| 47000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 46024 | 0.1 |
| 40000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 40945 | 0.0 |
| 55000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.750%, 05/01/2033 | 57417 | 0.1 |
| 27000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 27236 | 0.0 |
| 44000 | John Deere Capital Corp., 4.700%, 06/10/2030 | 45104 | 0.0 |
| 17000 | John Deere Capital Corp., 4.850%, 06/11/2029 | 17481 | 0.0 |
| 31000 | John Deere Capital Corp., 4.900%, 03/07/2031 | 31997 | 0.0 |
| 12000 | Johnson & Johnson, 3.625%, 03/03/2037 | 10931 | 0.0 |
| 15000 | Johnson & Johnson, 4.700%, 03/01/2030 | 15466 | 0.0 |
| 4000 | Johnson & Johnson, 4.950%, 06/01/2034 | 4220 | 0.0 |
| 94000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 91795 | 0.1 |
| 74000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 73099 | 0.1 |
| 41000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 38984 | 0.0 |
| 39000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 37876 | 0.0 |
| 8000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 7565 | 0.0 |
| 118000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 116263 | 0.1 |
| 281000 | JPMorgan Chase & Co., 2.950%, 10/01/2026 | 278531 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 125000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.782%, 02/01/2028 | $124483 | 0.1 |
| 41000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 41353 | 0.0 |
| 26000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 26353 | 0.0 |
| 131000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.810%, 10/22/2036 | 130633 | 0.1 |
| 15000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 15392 | 0.0 |
| 22000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 22736 | 0.0 |
| 35000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 35718 | 0.0 |
| 20000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.572%, 04/22/2036 | 21090 | 0.0 |
| 15000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.576%, 07/23/2036 | 15563 | 0.0 |
| 33000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 34443 | 0.0 |
| 6000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 6401 | 0.0 |
| 3000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 3144 | 0.0 |
| 18000 | Kenvue, Inc., 4.850%, 05/22/2032 | 18242 | 0.0 |
| 11000 | Kenvue, Inc., 4.900%, 03/22/2033 | 11120 | 0.0 |
| 14000 | Kenvue, Inc., 5.050%, 03/22/2028 | 14292 | 0.0 |
| 17000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 17355 | 0.0 |
| 4000 | KLA Corp., 4.700%, 02/01/2034 | 4033 | 0.0 |
| 33000 | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 31498 | 0.0 |
| 18000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 18503 | 0.0 |
| 18000 | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 17924 | 0.0 |
| 55000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 53974 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (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 <sup>(1)</sup> | Level 3 Financing, Inc., 6.875%, 06/30/2033 | $20502 | 0.0 |
| 33000 <sup>(1)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 34125 | 0.0 |
| 16000 <sup>(1)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 16695 | 0.0 |
| 55000 <sup>(1)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 59436 | 0.1 |
| 45000 <sup>(1)</sup> | Light & Wonder International, Inc., 6.250%, 10/01/2033 | 44845 | 0.0 |
| 50000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 | 53099 | 0.1 |
| 4000 | Lockheed Martin Corp., 5.250%, 01/15/2033 | 4204 | 0.0 |
| 3000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 3148 | 0.0 |
| 55000 | Lowe's Cos., Inc., 4.500%, 10/15/2032 | 54502 | 0.1 |
| 30000 | LPL Holdings, Inc., 5.150%, 06/15/2030 | 30559 | 0.0 |
| 28000 | LPL Holdings, Inc., 5.200%, 03/15/2030 | 28616 | 0.0 |
| 18000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 18346 | 0.0 |
| 208000 <sup>(3)</sup> | M&T Bank Corp., 5.400%, 07/30/2035 | 209559 | 0.2 |
| 75000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 66890 | 0.1 |
| 22000 <sup>(2)</sup> | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 22776 | 0.0 |
| 55000 | Marriott International, Inc., 4.500%, 10/15/2031 | 54877 | 0.1 |
| 21000 | Marriott International, Inc., 4.800%, 03/15/2030 | 21424 | 0.0 |
| 85000 | Marriott International, Inc., 5.250%, 10/15/2035 | 85972 | 0.1 |
| 12000 | Marriott International, Inc., 5.350%, 03/15/2035 | 12321 | 0.0 |
| 4000 <sup>(1)</sup> | Mars, Inc., 2.375%, 07/16/2040 | 2896 | 0.0 |
| 17000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 17476 | 0.0 |
| 26000 <sup>(1)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 26696 | 0.0 |
| 17000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 17756 | 0.0 |
| 60000 <sup>(1)</sup> | Match Group Holdings II LLC, 3.625%, 10/01/2031 | 54443 | 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)** |
| 19000 | McKesson Corp., 4.250%, 09/15/2029 | $19068 | 0.0 |
| 27000 | McKesson Corp., 4.950%, 05/30/2032 | 27708 | 0.0 |
| 21000 | McKesson Corp., 5.250%, 05/30/2035 | 21693 | 0.0 |
| 55000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 53456 | 0.1 |
| 6000 | Medtronic Global Holdings SCA, 4.500%, 03/30/2033 | 6008 | 0.0 |
| 2000 | Merck & Co., Inc., 4.500%, 05/17/2033 | 2018 | 0.0 |
| 40000 | Meta Platforms, Inc., 4.200%, 11/15/2030 | 39967 | 0.0 |
| 30000 | Meta Platforms, Inc., 4.600%, 11/15/2032 | 30160 | 0.0 |
| 40000 <sup>(2)</sup> | Meta Platforms, Inc., 4.750%, 08/15/2034 | 40203 | 0.0 |
| 40000 | Meta Platforms, Inc., 4.875%, 11/15/2035 | 40192 | 0.0 |
| 55000 | Meta Platforms, Inc., 5.500%, 11/15/2045 | 54563 | 0.1 |
| 30000 | Meta Platforms, Inc., 5.625%, 11/15/2055 | 29799 | 0.0 |
| 30000 | Meta Platforms, Inc., 5.750%, 11/15/2065 | 29776 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | MF1 Multi-Family Housing Mortgage Loan Trust 2024-FL15 A, 5.719%, (TSFR1M + 1.688%), 08/18/2041 | 1003258 | 0.8 |
| 65000 <sup>(2)</sup> | MGM Resorts International, 6.500%, 04/15/2032 | 66048 | 0.1 |
| 33000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 34861 | 0.0 |
| 120000 | Micron Technology, Inc., 6.050%, 11/01/2035 | 128623 | 0.1 |
| 9000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 9366 | 0.0 |
| 5000 | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 5219 | 0.0 |
| 8000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | 8509 | 0.0 |
| 19000 <sup>(3)</sup> | Morgan Stanley, 0.985%, 12/10/2026 | 18940 | 0.0 |
| 23000 <sup>(3)</sup> | Morgan Stanley, 1.512%, 07/20/2027 | 22562 | 0.0 |
| 117000 <sup>(3)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 115425 | 0.1 |
| 55000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 53916 | 0.1 |
| 9000 <sup>(3)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | 7858 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (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)** |
| 129000 | Morgan Stanley, 3.125%, 07/27/2026 | $128180 | 0.1 |
| 98000 <sup>(3)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 96989 | 0.1 |
| 10000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 10263 | 0.0 |
| 24000 <sup>(3)</sup> | Morgan Stanley, 5.164%, 04/20/2029 | 24541 | 0.0 |
| 15000 <sup>(3)</sup> | Morgan Stanley, 5.173%, 01/16/2030 | 15407 | 0.0 |
| 39000 <sup>(3)</sup> | Morgan Stanley, 5.664%, 04/17/2036 | 41081 | 0.0 |
| 26000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 27046 | 0.0 |
| 10000 <sup>(3)</sup> | Morgan Stanley I, 4.133%, 10/18/2029 | 9978 | 0.0 |
| 107000 <sup>(3)</sup> | Morgan Stanley I, 4.892%, 10/22/2036 | 106453 | 0.1 |
| 18000 | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 18448 | 0.0 |
| 25000 | Motorola Solutions, Inc., 5.550%, 08/15/2035 | 26046 | 0.0 |
| 46000 | MPLX L.P., 2.650%, 08/15/2030 | 42382 | 0.0 |
| 25000 | MPLX L.P., 4.800%, 02/15/2031 | 25219 | 0.0 |
| 26000 <sup>(2)</sup> | MPLX L.P., 5.000%, 01/15/2033 | 26014 | 0.0 |
| 4000 | MPLX L.P., 5.500%, 06/01/2034 | 4078 | 0.0 |
| 30000 | MSCI, Inc., 5.150%, 03/15/2036 | 29692 | 0.0 |
| 15000 | National Rural Utilities Cooperative Finance Corp., 1.650%, 06/15/2031 | 12993 | 0.0 |
| 82000 | National Rural Utilities Cooperative Finance Corp., 3.900%, 11/01/2028 | 81671 | 0.1 |
| 8000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 7843 | 0.0 |
| 16000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 16344 | 0.0 |
| 55000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 56550 | 0.1 |
| 16000 | NetApp, Inc., 5.500%, 03/17/2032 | 16679 | 0.0 |
| 25000 <sup>(2)</sup> | Newell Brands, Inc., 6.625%, 05/15/2032 | 23562 | 0.0 |
| 25000 <sup>(1)</sup> | Newell Brands, Inc., 8.500%, 06/01/2028 | 25710 | 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)** |
| 19000 | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | $19829 | 0.0 |
| 19000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 19833 | 0.0 |
| 17000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 18197 | 0.0 |
| 32000 | NiSource, Inc., 5.850%, 04/01/2055 | 32691 | 0.0 |
| 34000 | NNN REIT, Inc., 4.600%, 02/15/2031 | 34157 | 0.0 |
| 6000 | Norfolk Southern Corp., 2.550%, 11/01/2029 | 5665 | 0.0 |
| 11000 | Norfolk Southern Corp., 5.050%, 08/01/2030 | 11404 | 0.0 |
| 4000 | Norfolk Southern Corp., 5.550%, 03/15/2034 | 4247 | 0.0 |
| 34000 <sup>(3)</sup> | Northern Trust Corp., 3.375%, 05/08/2032 | 33432 | 0.0 |
| 47000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | 48226 | 0.1 |
| 20000 <sup>(1)</sup> | Northwestern Mutual Life Insurance Co., 6.170%, 05/29/2055 | 21532 | 0.0 |
| 55000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 53281 | 0.1 |
| 40000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 | 40833 | 0.0 |
| 4000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 4161 | 0.0 |
| 28000 | Nucor Corp., 5.100%, 06/01/2035 | 28596 | 0.0 |
| 21000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 21921 | 0.0 |
| 6000 <sup>(2)</sup> | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 6107 | 0.0 |
| 21000 | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 22137 | 0.0 |
| 8000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 8201 | 0.0 |
| 8000 | OGE Energy Corp., 5.450%, 05/15/2029 | 8313 | 0.0 |
| 55000 <sup>(1)</sup> | Olin Corp., 6.625%, 04/01/2033 | 54534 | 0.1 |
| 30000 | Omega Healthcare Investors, Inc., 5.200%, 07/01/2030 | 30451 | 0.0 |
| 16000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 16495 | 0.0 |
| 21000 | ONEOK, Inc., 6.250%, 10/15/2055 | 21048 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 41000 <sup>(1)</sup> | ONEOK, Inc., 6.500%, 09/01/2030 | $43883 | 0.0 |
| 89000 | Oracle Corp., 2.800%, 04/01/2027 | 87385 | 0.1 |
| 15000 | Oracle Corp., 2.950%, 04/01/2030 | 14042 | 0.0 |
| 15000 | Oracle Corp., 3.800%, 11/15/2037 | 12696 | 0.0 |
| 35000 | Oracle Corp., 5.200%, 09/26/2035 | 34484 | 0.0 |
| 35000 | Oracle Corp., 5.875%, 09/26/2045 | 33728 | 0.0 |
| 60000 | Oracle Corp., 5.950%, 09/26/2055 | 56928 | 0.1 |
| 45000 | Oracle Corp., 6.100%, 09/26/2065 | 42953 | 0.0 |
| 31000 | O'Reilly Automotive, Inc., 4.350%, 06/01/2028 | 31188 | 0.0 |
| 40000 <sup>(1)(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 38674 | 0.0 |
| 11000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 11313 | 0.0 |
| 55000 <sup>(1)(2)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 53969 | 0.1 |
| 45000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 46544 | 0.1 |
| 55000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 56366 | 0.1 |
| 3000 | PECO Energy Co., 4.900%, 06/15/2033 | 3079 | 0.0 |
| 18000 <sup>(1)</sup> | Pennsylvania Electric Co., 5.150%, 03/30/2026 | 18034 | 0.0 |
| 30000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | 30915 | 0.0 |
| 26000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 26836 | 0.0 |
| 74000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 76189 | 0.1 |
| 55000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 56015 | 0.1 |
| 55000 | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 55520 | 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)** |
| 15000 | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | $15310 | 0.0 |
| 19000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 19236 | 0.0 |
| 31000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 31553 | 0.0 |
| 27000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | 27574 | 0.0 |
| 7000 | Philip Morris International, Inc., 5.250%, 02/13/2034 | 7218 | 0.0 |
| 40000 <sup>(1)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 36164 | 0.0 |
| 6000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 5.373%, 07/21/2036 | 6166 | 0.0 |
| 16000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 17254 | 0.0 |
| 75000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 76147 | 0.1 |
| 40000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.375%, 04/30/2029 | 38951 | 0.0 |
| 47000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 48490 | 0.1 |
| 4000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | 4173 | 0.0 |
| 25000 <sup>(1)</sup> | PSEG Power LLC, 5.200%, 05/15/2030 | 25652 | 0.0 |
| 26000 <sup>(1)</sup> | PSEG Power LLC, 5.750%, 05/15/2035 | 27183 | 0.0 |
| 7000 | Public Service Electric and Gas Co., 5.200%, 08/01/2033 | 7283 | 0.0 |
| 6000 | Public Service Electric and Gas Co., 5.200%, 03/01/2034 | 6243 | 0.0 |
| 17000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 15162 | 0.0 |
| 16000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 16349 | 0.0 |
| 30000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 30908 | 0.0 |
| 6000 | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 6190 | 0.0 |
| 19000 | Qualcomm, Inc., 4.750%, 05/20/2032 | 19418 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (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 | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | $5520 | 0.0 |
| 6000 | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 5657 | 0.0 |
| 35000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 35606 | 0.0 |
| 12000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 12126 | 0.0 |
| 7000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 7783 | 0.0 |
| 40000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 41519 | 0.0 |
| 55000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 56341 | 0.1 |
| 63000 | Raymond James Financial, Inc., 5.650%, 09/11/2055 | 62173 | 0.1 |
| 9000 | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 7861 | 0.0 |
| 4000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 4150 | 0.0 |
| 215000 <sup>(1)</sup> | Roche Holdings, Inc., 5.489%, 11/13/2030 | 228023 | 0.2 |
| 85000 <sup>(1)</sup> | Rocket Cos., Inc., 6.125%, 08/01/2030 | 87733 | 0.1 |
| 115000 <sup>(1)</sup> | Rocket Cos., Inc., 6.375%, 08/01/2033 | 119943 | 0.1 |
| 55000 <sup>(1)</sup> | Rocket Cos., Inc., 6.500%, 08/01/2029 | 57117 | 0.1 |
| 28000 | Roper Technologies, Inc., 1.750%, 02/15/2031 | 24448 | 0.0 |
| 9000 <sup>(2)</sup> | Ross Stores, Inc., 4.700%, 04/15/2027 | 9037 | 0.0 |
| 140000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 134207 | 0.1 |
| 28000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 25259 | 0.0 |
| 14000 | Ryder System, Inc., 4.950%, 09/01/2029 | 14324 | 0.0 |
| 27000 | Ryder System, Inc., 5.000%, 03/15/2030 | 27635 | 0.0 |
| 21000 | Ryder System, Inc., 5.250%, 06/01/2028 | 21555 | 0.0 |
| 5000 | Ryder System, Inc., 5.375%, 03/15/2029 | 5177 | 0.0 |
| 25000 <sup>(2)</sup> | Ryder System, Inc., 5.500%, 06/01/2029 | 26074 | 0.0 |
| 8000 | Ryder System, Inc., 6.600%, 12/01/2033 | 8906 | 0.0 |
| 6000 | S&P Global, Inc., 1.250%, 08/15/2030 | 5247 | 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 | S&P Global, Inc., 2.700%, 03/01/2029 | $23952 | 0.0 |
| 50000 <sup>(2)</sup> | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 52092 | 0.1 |
| 13000 <sup>(1)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 12164 | 0.0 |
| 2000 <sup>(1)(2)</sup> | Schlumberger Holdings Corp., 4.850%, 05/15/2033 | 2013 | 0.0 |
| 16000 <sup>(1)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 16481 | 0.0 |
| 55000 <sup>(1)</sup> | Scientific Games Holdings L.P./ Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 50284 | 0.1 |
| 38000 <sup>(1)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | 36924 | 0.0 |
| 50000 <sup>(1)</sup> | Sealed Air Corp/ Sealed Air Corp. US, 7.250%, 02/15/2031 | 52549 | 0.1 |
| 40000 <sup>(1)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 40617 | 0.0 |
| 23000 <sup>(3)</sup> | Sempra, 6.400%, 10/01/2054 | 23639 | 0.0 |
| 25000 <sup>(1)</sup> | Sensata Technologies, Inc., 6.625%, 07/15/2032 | 26059 | 0.0 |
| 40000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.625%, 03/01/2029 | 38375 | 0.0 |
| 55000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 55128 | 0.1 |
| 35000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 36882 | 0.0 |
| 55000 <sup>(1)</sup> | Snap, Inc., 6.875%, 03/15/2034 | 56122 | 0.1 |
| 17000 | Solventum Corp., 5.450%, 03/13/2031 | 17710 | 0.0 |
| 6000 | Solventum Corp., 5.600%, 03/23/2034 | 6243 | 0.0 |
| 19000 | Sonoco Products Co., 4.600%, 09/01/2029 | 19131 | 0.0 |
| 50000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 52608 | 0.1 |
| 8000 | Southern California Gas Co., 5.200%, 06/01/2033 | 8277 | 0.0 |
| 26000 | Southern Co., 5.113%, 08/01/2027 | 26447 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (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)** |
| 4000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | $4088 | 0.0 |
| 64000 | Southwestern Public Service Co., 5.300%, 05/15/2035 | 65713 | 0.1 |
| 64000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 68773 | 0.1 |
| 40000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 48678 | 0.1 |
| 35000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 33382 | 0.0 |
| 25000 <sup>(1)</sup> | Standard Building Solutions, Inc., 6.500%, 08/15/2032 | 25725 | 0.0 |
| 65000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 62739 | 0.1 |
| 40000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 41649 | 0.0 |
| 49000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | 46107 | 0.1 |
| 31000 <sup>(3)</sup> | State Street Corp., 4.675%, 10/22/2032 | 31386 | 0.0 |
| 17000 | State Street Corp., 4.729%, 02/28/2030 | 17391 | 0.0 |
| 65000 <sup>(1)</sup> | Station Casinos LLC, 6.625%, 03/15/2032 | 66112 | 0.1 |
| 23000 | Stryker Corp., 4.850%, 02/10/2030 | 23596 | 0.0 |
| 40000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 40725 | 0.0 |
| 90000 <sup>(1)</sup> | Sunoco L.P., 6.250%, 07/01/2033 | 92012 | 0.1 |
| 19000 | Synopsys, Inc., 5.000%, 04/01/2032 | 19405 | 0.0 |
| 9000 | Sysco Corp., 5.400%, 03/23/2035 | 9316 | 0.0 |
| 19000 | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | 19678 | 0.0 |
| 35000 <sup>(1)</sup> | Talen Energy Supply LLC, 6.500%, 02/01/2036 | 36271 | 0.0 |
| 2000 | Targa Resources Corp., 4.200%, 02/01/2033 | 1905 | 0.0 |
| 3000 | Targa Resources Corp., 5.500%, 02/15/2035 | 3056 | 0.0 |
| 24000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 22161 | 0.0 |
| 20000 <sup>(1)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 18507 | 0.0 |
| 40000 <sup>(1)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 38568 | 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> | Terex Corp., 6.250%, 10/15/2032 | $55842 | 0.1 |
| 40000 | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 41307 | 0.0 |
| 2000 | T-Mobile USA, Inc., 3.375%, 04/15/2029 | 1944 | 0.0 |
| 11000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 10778 | 0.0 |
| 19000 <sup>(2)</sup> | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 19441 | 0.0 |
| 28000 | Toyota Motor Credit Corp., 4.350%, 10/08/2027 | 28254 | 0.0 |
| 21000 | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 21345 | 0.0 |
| 51000 | Toyota Motor Credit Corp., 4.800%, 05/15/2030 | 52308 | 0.1 |
| 16000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 16820 | 0.0 |
| 14000 | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 14865 | 0.0 |
| 6000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 5729 | 0.0 |
| 40000 <sup>(1)</sup> | TransDigm, Inc., 6.750%, 01/31/2034 | 41481 | 0.0 |
| 47000 <sup>(3)</sup> | Truist Financial Corp., 5.435%, 01/24/2030 | 48587 | 0.1 |
| 11000 <sup>(3)</sup> | Truist Financial Corp., 5.867%, 06/08/2034 | 11649 | 0.0 |
| 8000 <sup>(3)</sup> | Truist Financial Corp., 6.123%, 10/28/2033 | 8604 | 0.0 |
| 20000 | Tucson Electric Power Co., 5.200%, 09/15/2034 | 20470 | 0.0 |
| 16000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 16516 | 0.0 |
| 23000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 23082 | 0.0 |
| 19000 | Union Pacific Corp., 5.100%, 02/20/2035 | 19561 | 0.0 |
| 35000 <sup>(1)</sup> | United Airlines, Inc., 4.625%, 04/15/2029 | 34687 | 0.0 |
| 17000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 12728 | 0.0 |
| 19000 | UnitedHealth Group, Inc., 4.950%, 01/15/2032 | 19459 | 0.0 |
| 7000 | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 7197 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
| 14000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | $14045 | 0.0 |
| 40000 <sup>(1)</sup> | US Foods, Inc., 7.250%, 01/15/2032 | 42017 | 0.0 |
| 55000 | Utah Acquisition Sub, Inc., 3.950%, 06/15/2026 | 54762 | 0.1 |
| 90000 <sup>(1)(2)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 92476 | 0.1 |
| 45000 <sup>(1)</sup> | Venture Global Plaquemines LNG LLC, 6.500%, 01/15/2034 | 47164 | 0.1 |
| 14000 | Verizon Communications, Inc., 4.812%, 03/15/2039 | 13282 | 0.0 |
| 30000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 31422 | 0.0 |
| 55000 <sup>(1)(2)</sup> | Viasat, Inc., 5.625%, 04/15/2027 | 54996 | 0.1 |
| 37000 | Viatris, Inc., 2.700%, 06/22/2030 | 33486 | 0.0 |
| 4000 | Viatris, Inc., 3.850%, 06/22/2040 | 3049 | 0.0 |
| 40000 <sup>(1)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 38554 | 0.0 |
| 42000 | Viper Energy Partners LLC, 5.700%,08/01/2035 | 42857 | 0.0 |
| 55000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 | 54038 | 0.1 |
| 63000 | VMware, Inc., 1.400%, 08/15/2026 | 61709 | 0.1 |
| 70000 <sup>(1)</sup> | Voyager Parent LLC, 9.250%, 07/01/2032 | 73438 | 0.1 |
| 93000 | Walmart, Inc., 4.900%, 04/28/2035 | 95668 | 0.1 |
| 40000 <sup>(1)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | 41845 | 0.0 |
| 55000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 57306 | 0.1 |
| 9000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 | 9174 | 0.0 |
| 29000 | Wells Fargo & Co., 3.000%, 10/23/2026 | 28733 | 0.0 |
| 9000 <sup>(3)</sup> | Wells Fargo & Co., 3.584%, 05/22/2028 | 8924 | 0.0 |
| 6000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 6265 | 0.0 |
| 60000 <sup>(3)</sup> | Wells Fargo & Co., 5.605%, 04/23/2036 | 63075 | 0.1 |
| 6000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 6664 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | **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)** |
|  | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** | **United States: (continued)** |
| 4000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | $| 3996 | 0.0 |
| 33000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 |  | 33426 | 0.0 |
| 6000 | Weyerhaeuser Co., 4.750%, 05/15/2026 |  | 6019 | 0.0 |
| 9000 | Williams Cos., Inc., 4.900%, 03/15/2029 |  | 9171 | 0.0 |
| 65000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 06/15/2029 |  | 66976 | 0.1 |
| 6000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 |  | 6217 | 0.0 |
| 30000 <sup>(1)</sup> | WULF Compute LLC, 7.750%, 10/15/2030 |  | 31187 | 0.0 |
| 65000 <sup>(1)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 |  | 66094 | 0.1 |
| 17000 | Xcel Energy, Inc., 5.600%, 04/15/2035 |  | 17648 | 0.0 |
| 23000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 |  | 23788 | 0.0 |
|  |  |  | **22353357** | **16.5** |
|  | Total Corporate Bonds/Notes<br> (Cost $31,436,764) |  | **32033531** | **23.6** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 20.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 20.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 20.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 20.1%** |  |
|  | **United States: 20.1%** | **United States: 20.1%** | **United States: 20.1%** | **United States: 20.1%** |
| 182297 <sup>(3)</sup> | Adjustable Rate Mortgage Trust 2006-2 1A1, 4.751%, 05/25/2036 |  | 157970 | 0.1 |
| 53887 <sup>(3)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.606%, (TSFR1M + 0.614%), 11/25/2035 |  | 27686 | 0.0 |
| 95109 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 |  | 43727 | 0.0 |
| 140276 <sup>(3)</sup> | Alternative Loan Trust 2007-23CB A3, 4.606%, (TSFR1M + 0.614%), 09/25/2037 |  | 48918 | 0.0 |
| 307669 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 |  | 141053 | 0.1 |
| 207449 | CitiMortgage Alternative Loan Trust Series 2006-A3 1A7, 6.000%, 07/25/2036 |  | 184201 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 575282 <sup>(1)(3)</sup> | COLT Mortgage Loan Trust 2021-2 A1, 0.924%, 08/25/2066 | $489436 | 0.4 |
| 219135 <sup>(1)(3)</sup> | COLT Mortgage Loan Trust 2021-3 A1, 0.956%, 09/27/2066 | 185874 | 0.1 |
| 118003 <sup>(1)(3)</sup> | CSMC Trust 2015-2 B3, 3.868%, 02/25/2045 | 114016 | 0.1 |
| 76268 <sup>(1)(3)</sup> | CSMC Trust 2015-3 B1, 3.793%, 03/25/2045 | 74058 | 0.1 |
| 70925 | Fannie Mae REMIC Trust 2003-22 BZ, 6.000%, 04/25/2033 | 73325 | 0.1 |
| 1854447 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2005-18 SC, 0.353%, (-1.000\*SOFR30A + 4.536%), 03/25/2035 | 60756 | 0.0 |
| 58975 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-74 DK, 6.811%, (-1.000\*SOFR30A + 23.542%), 07/25/2035 | 64269 | 0.1 |
| 47736 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 11.964%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | 63157 | 0.1 |
| 638270 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2007-36 SN, 2.473%, (-1.000\*SOFR30A + 6.656%), 04/25/2037 | 62961 | 0.1 |
| 29331 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-55 DS, 4.257%, (-1.000\*SOFR30A + 14.714%), 06/25/2037 | 27319 | 0.0 |
| 257426 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2007-9 SE, 1.783%, (-1.000\*SOFR30A + 5.966%), 03/25/2037 | 20025 | 0.0 |
| 400648 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2008-41 S, 2.503%, (-1.000\*SOFR30A + 6.686%), 11/25/2036 | 39908 | 0.0 |
| 277687 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2008-53 FI, 1.803%, (-1.000\*SOFR30A + 5.986%), 07/25/2038 | 21954 | 0.0 |
| 225823 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2008-58 SM, 1.803%, (-1.000\*SOFR30A + 5.986%), 07/25/2038 | 19024 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** | | |
| 1232760 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2009-106 SA, 1.953%, (-1.000\*SOFR30A + 6.136%), 01/25/2040 | $95295 | 0.1 |
| 147528 <sup>(3)</sup> | Fannie Mae REMIC Trust 2009-66 SL, 1.070%, (-1.000\*SOFR30A + 15.452%), 09/25/2039 | 138356 | 0.1 |
| 93200 <sup>(3)</sup> | Fannie Mae REMIC Trust 2009-66 SW, 1.237%, (-1.000\*SOFR30A + 15.618%), 09/25/2039 | 82478 | 0.1 |
| 1589593 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2010-123 SL, 1.773%, (-1.000\*SOFR30A + 5.956%), 11/25/2040 | 108924 | 0.1 |
| 1774084 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2011-55 SK, 2.263%, (-1.000\*SOFR30A + 6.446%), 06/25/2041 | 181979 | 0.1 |
| 660679 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2011-86 NS, 1.653%, (-1.000\*SOFR30A + 5.836%), 09/25/2041 | 46737 | 0 |
| 125944 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2012-10 US, 2.153%, (-1.000\*SOFR30A + 6.336%), 02/25/2042 | 15038 | 0 |
| 149075 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2012-24 HS, 2.253%, (-1.000\*SOFR30A + 6.436%), 09/25/2040 | 1928 | 0 |
| 187331 <sup>(4)</sup> | Fannie Mae REMIC Trust 2013-31 PI, 4.500%, 02/25/2043 | 7267 | 0 |
| 411793 <sup>(4)</sup> | Fannie Mae REMIC Trust 2013-44 DI, 3.000%, 05/25/2033 | 30944 | 0 |
| 3181315 <sup>(4)</sup> | Fannie Mae REMIC Trust 2015-34 DI, 6.500%, 06/25/2045 | 709246 | 0.5 |
| 4870542 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2015-59 SK, 1.353%, (-1.000\*SOFR30A + 5.536%), 08/25/2045 | 401624 | 0.3 |
| 8834736 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2016-54 SL, 1.703%, (-1.000\*SOFR30A + 5.886%), 08/25/2046 | 952016 | 0.7 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 3174621 <sup>(4)</sup> | Fannie Mae REMIC Trust 2017-15 GI, 4.500%, 03/25/2047 | $422074 | 0.3 |
| 4406808 <sup>(4)</sup> | Fannie Mae REMIC Trust 2020-49 PI, 2.000%, 07/25/2050 | 551088 | 0.4 |
| 55728 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 2303 SY, 4.352%, (-1.000\*SOFR30A + 8.586%), 04/15/2031 | 5078 | 0.0 |
| 371451 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 2989 GU, 2.652%, (-1.000\*SOFR30A + 6.886%), 02/15/2033 | 24288 | 0.0 |
| 447882 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3271 SB, 1.702%, (-1.000\*SOFR30A + 5.936%), 02/15/2037 | 34765 | 0.0 |
| 1427433 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3424 HI, 1.552%, (-1.000\*SOFR30A + 5.786%), 04/15/2038 | 108301 | 0.1 |
| 182819 <sup>(4)</sup> | Freddie Mac REMIC Trust 3632 IP, 5.000%, 02/15/2040 | 18748 | 0.0 |
| 1018676 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3693 SC, 2.152%, (-1.000\*SOFR30A + 6.386%), 07/15/2040 | 110073 | 0.1 |
| 1532875 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3856 KS, 2.202%, (-1.000\*SOFR30A + 6.436%), 05/15/2041 | 158732 | 0.1 |
| 131110 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.702%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | 2099 | 0.0 |
| 3726474 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3988 NS, 2.127%, (-1.000\*SOFR30A + 6.361%), 01/15/2042 | 449739 | 0.3 |
| 648118 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 4040 SW, 2.282%, (-1.000\*SOFR30A + 6.516%), 05/15/2032 | 44051 | 0.0 |
| 2861021 <sup>(4)</sup> | Freddie Mac REMIC Trust 4091 IK, 5.000%, 10/15/2041 | 579098 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA Value** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
|  | **United States: (continued)** |  |  |
| 6537102 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 4096 SB, 1.652%, (-1.000\*SOFR30A + 5.886%), 08/15/2042 | $648207 | 0.5 |
| 254445 <sup>(4)</sup> | Freddie Mac REMIC Trust 4152 BI, 4.000%, 12/15/2041 | 14264 | 0.0 |
| 428991 <sup>(4)</sup> | Freddie Mac REMIC Trust 4313 MI, 5.000%, 04/15/2039 | 34608 | 0.0 |
| 4252206 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 4480 WS, 1.832%, (-1.000\*SOFR30A + 6.066%), 06/15/2045 | 503789 | 0.4 |
| 6758175 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 4623 MS, 1.652%, (-1.000\*SOFR30A + 5.886%), 10/15/2046 | 779243 | 0.6 |
| 959982 | Freddie Mac REMIC Trust 4800 MZ, 4.000%, 06/15/2048 | 915483 | 0.7 |
| 1051285 | Freddie Mac REMIC Trust 4879 ZA, 4.000%, 05/15/2049 | 1006518 | 0.7 |
| 7670836 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 4938 ES, 1.703%, (-1.000\*SOFR30A + 5.886%), 12/25/2049 | 741018 | 0.6 |
| 10761783 <sup>(4)</sup> | Freddie Mac REMIC Trust 5046 IO, 2.000%, 11/25/2040 | 1023767 | 0.8 |
| 700000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.283%, (SOFR30A + 2.100%), 09/25/2041 | 705341 | 0.5 |
| 500000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 7.933%, (SOFR30A + 3.750%), 02/25/2042 | 517340 | 0.4 |
| 500000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 5.983%, (SOFR30A + 1.800%), 08/25/2044 | 504125 | 0.4 |
| 6000734 <sup>(4)</sup> | Freddie Mac Strips 324 C21, 6.000%, 06/15/2039 | 1211144 | 0.9 |
| 77178 <sup>(3)(4)</sup> | Freddie Mac Strips 351 103, 4.000%, 01/15/2031 | 5391 | 0.0 |
| 380029 <sup>(3)(4)</sup> | Freddie Mac Strips 351 200, 3.500%, 02/15/2046 | 49703 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 1669817 <sup>(4)</sup> | Freddie Mac Strips 351 C14, 3.500%, 02/15/2031 | $105814 | 0.1 |
| 641075 <sup>(3)(4)</sup> | Freddie Mac Strips 351 C30, 2.500%, 02/15/2031 | 21404 | 0.0 |
| 800765 <sup>(3)(4)</sup> | Freddie Mac Strips 351 C31, 3.000%, 02/15/2031 | 37303 | 0.0 |
| 534254 <sup>(3)(4)</sup> | Freddie Mac Strips 351 C32, 3.500%, 02/15/2031 | 31950 | 0.0 |
| 2497477 <sup>(3)(4)</sup> | Freddie Mac Strips 351 C33, 4.000%, 02/15/2046 | 421145 | 0.3 |
| 5018868 <sup>(3)(4)</sup> | Freddie Mac Strips 351 C34, 3.500%, 02/15/2046 | 888570 | 0.7 |
| 6147132 <sup>(4)</sup> | Freddie Mac Strips 390 C5, 2.000%, 04/15/2042 | 603294 | 0.5 |
| 101514 <sup>(1)(3)</sup> | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 98006 | 0.1 |
| 108122 <sup>(3)</sup> | Ginnie Mae 2007-8 SP, 8.607%, (-1.000\*TSFR1M + 21.677%), 03/20/2037 | 129028 | 0.1 |
| 3581658 <sup>(3)(4)</sup> | Ginnie Mae 2009-106 CM, 2.454%, (-1.000\*TSFR1M + 6.486%), 01/16/2034 | 72862 | 0.1 |
| 470384 <sup>(3)(4)</sup> | Ginnie Mae 2010-116 NS, 2.504%, (-1.000\*TSFR1M + 6.536%), 09/16/2040 | 36064 | 0.0 |
| 15857 <sup>(4)</sup> | Ginnie Mae 2010-6 IA, 5.000%, 11/20/2039 | 207 | 0.0 |
| 470668 <sup>(4)</sup> | Ginnie Mae 2013-115 NI, 4.500%, 01/16/2043 | 45425 | 0.0 |
| 82771 <sup>(4)</sup> | Ginnie Mae 2013-5 NI, 3.000%, 01/20/2028 | 1347 | 0.0 |
| 6977373 <sup>(4)</sup> | Ginnie Mae 2015-10 IX, 4.500%, 01/20/2045 | 1507075 | 1.1 |
| 482439 <sup>(4)</sup> | Ginnie Mae 2015-178 GI, 4.000%, 05/20/2044 | 36841 | 0.0 |
| 2507046 <sup>(4)</sup> | Ginnie Mae 2016-161 CI, 5.500%, 11/20/2046 | 398027 | 0.3 |
| 4634880 <sup>(4)</sup> | Ginnie Mae 2019-89 QI, 4.000%, 04/20/2046 | 832286 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** | <br>**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)** |
| 134746 <sup>(3)</sup> | GreenPoint Mortgage Funding Trust 2006-AR3 4A1, 4.526%, (TSFR1M + 0.534%), 04/25/2036 | $122579 | 0.1 |
| 7780 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 7357 | 0.0 |
| 5553 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 A1, 3.500%, 03/25/2050 | 5213 | 0.0 |
| 704327 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 A4, 2.500%, 08/25/2051 | 586287 | 0.4 |
| 317398 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2022-PJ1 A4, 2.500%, 05/28/2052 | 264339 | 0.2 |
| 1100000 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2025-PJ9 A19, 6.000%, 03/25/2056 | 1113922 | 0.8 |
| 389712 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2022-4 A17A, 3.000%, 10/25/2052 | 338062 | 0.3 |
| 634487 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2022-6 A3, 3.000%, 11/25/2052 | 555954 | 0.4 |
| 263945 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050 | 238446 | 0.2 |
| 41405 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-INV3 A15, 3.500%, 05/25/2050 | 37452 | 0.0 |
| 69008 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-INV3 A3, 3.500%, 05/25/2050 | 62492 | 0.1 |
| 275 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-LTV3 A15, 3.473%, 03/25/2050 | 274 | 0.0 |
| 58539 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-5 A15, 3.000%, 12/25/2050 | 50728 | 0.0 |
| 300000 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust Series 2025-3 M1, 6.783%, 09/25/2055 | 305837 | 0.2 |
| 144731 <sup>(1)(3)</sup> | JP Morgan Trust 2015-3 A3, 3.500%, 05/25/2045 | 135258 | 0.1 |
| 300000 <sup>(1)(3)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 293508 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 262834 <sup>(1)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2021-2 A9, 2.500%, 05/25/2051 | $218969 | 0.2 |
| 40280 <sup>(1)(3)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 37860 | 0.0 |
| 128302 <sup>(1)(3)</sup> | OBX Trust 2020-INV1 A21, 3.500%, 12/25/2049 | 115853 | 0.1 |
| 195193 <sup>(1)(3)</sup> | PMT Loan Trust 2025-INV8 A2, 5.500%, 07/25/2056 | 196994 | 0.2 |
| 482582 <sup>(1)(3)</sup> | Rate Mortgage Trust 2021-HB1 A31, 2.500%, 12/25/2051 | 403054 | 0.3 |
| 13560 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 12752 | 0.0 |
| 300000 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2020-4 A8, 2.500%, 11/25/2050 | 218925 | 0.2 |
| 809 <sup>(3)</sup> | Structured Asset Securities Corp. 2004-4XS 1A6, 5.050%, 02/25/2034 | 809 | 0.0 |
| 4729825 <sup>(3)(4)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 5429 | 0.0 |
| 31102 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.496%, 10/25/2036 | 29018 | 0.0 |
| 235902 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.154%, 12/25/2036 | 223464 | 0.2 |
| 53709 <sup>(3)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.536%, (TSFR1M + 0.544%), 06/25/2037 | 47385 | 0.0 |
| 327960 <sup>(1)(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2021-1 A17, 2.500%, 12/25/2050 | 273618 | 0.2 |
| 216794 <sup>(1)(3)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.761%, 08/20/2045 | 201656 | 0.2 |
|  |  | **27229686** | **20.1** |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $30,943,189) | **27229686** | **20.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: 16.1%** | **SOVEREIGN BONDS: 16.1%** | **SOVEREIGN BONDS: 16.1%** | **SOVEREIGN BONDS: 16.1%** |
|  | **Australia: 0.3%** | **Australia: 0.3%** | **Australia: 0.3%** |
| <sup>AUD</sup>837000 <sup>(1)</sup> | Queensland Treasury Corp., 1.750%, 07/20/2034 | $430315 | 0.3 |
|  | **Brazil: 4.4%** | **Brazil: 4.4%** | **Brazil: 4.4%** |
| <sup>BRL</sup>18664 <sup>(5)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | 3391832 | 2.5 |
| <sup>BRL</sup>1439000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2030 | 1150851 | 0.8 |
| <sup>BRL</sup>800000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 05/15/2035 | 630632 | 0.5 |
| <sup>BRL</sup>1045000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 | 775890 | 0.6 |
|  |  | **5949205** | **4.4** |
|  | **Canada: 0.4%** | **Canada: 0.4%** | **Canada: 0.4%** |
| <sup>CAD</sup>1100000 | Canadian Government Bond 0004, 2.000%, 12/01/2051 | 574889 | 0.4 |
|  | **China: 3.4%** | **China: 3.4%** | **China: 3.4%** |
| <sup>CNY</sup>15570000 | China Government Bond INBK, 2.520%, 08/25/2033 | 2317875 | 1.7 |
| <sup>CNY</sup>1140000 | China Government Bond INBK, 2.880%, 02/25/2033 | 173915 | 0.1 |
| <sup>CNY</sup>2420000 | China Government Bond INBK, 3.120%, 10/25/2052 | 407528 | 0.3 |
| <sup>CNY</sup>2110000 | China Government Bond INBK, 3.320%, 04/15/2052 | 367209 | 0.3 |
| <sup>CNY</sup>7070000 | China Government Bond INBK, 4.080%, 10/22/2048 | 1342421 | 1 |
|  |  | **4608948** | **3.4** |
|  | **Colombia: 0.7%** | **Colombia: 0.7%** | **Colombia: 0.7%** |
| 325000 | Colombia Government International Bond, 8.375%, 11/07/2054 | 360100 | 0.3 |
| <sup>COP</sup>2551900000 | Colombian TES B, 7.750%, 09/18/2030 | 578861 | 0.4 |
|  |  | **938961** | **0.7** |
|  | **Czechia: 0.3%** | **Czechia: 0.3%** | **Czechia: 0.3%** |
| <sup>CZK</sup>9220000 | Czech Republic Government Bond 105, 2.750%, 07/23/2029 | 420904 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Germany: 0.1%** | **Germany: 0.1%** | **Germany: 0.1%** |
| <sup>EUR</sup>60000 | Bundesrepublik Deutschland Bundesanleihe 10Y, 0.500%, 02/15/2028 | $66945 | 0.1 |
| <sup>EUR</sup>30000 | Bundesrepublik Deutschland Bundesanleihe 10Y, 2.730%, 08/15/2026 | 34074 | 0.0 |
|  |  | **101019** | **0.1** |
|  | **Indonesia: 0.7%** | **Indonesia: 0.7%** | **Indonesia: 0.7%** |
| <sup>IDR</sup>13833000000 | Indonesia Treasury Bond FR79, 8.375%, 04/15/2039 | 977793 | 0.7 |
|  | **Italy: 1.1%** | **Italy: 1.1%** | **Italy: 1.1%** |
| <sup>EUR</sup>641000 <sup>(1)</sup> | Italy Buoni Poliennali Del Tesoro 30Y, 3.850%, 09/01/2049 | 714776 | 0.5 |
| <sup>EUR</sup>641000 <sup>(1)</sup> | Italy Buoni Poliennali Del Tesoro 31Y, 5.000%, 08/01/2034 | 840948 | 0.6 |
|  |  | **1555724** | **1.1** |
|  | **Malaysia: 0.6%** | **Malaysia: 0.6%** | **Malaysia: 0.6%** |
| <sup>MYR</sup>3642000 | Malaysia Government Bond 0419, 3.828%, 07/05/2034 | 888411 | 0.6 |
|  | **Mexico: 0.2%** | **Mexico: 0.2%** | **Mexico: 0.2%** |
| 200000 | Mexico Government International Bond, 6.625%, 01/29/2038 | 211700 | 0.2 |
|  | **Peru: 0.9%** | **Peru: 0.9%** | **Peru: 0.9%** |
| <sup>PEN</sup>4000000 | Peru Government Bond, 6.350%, 08/12/2028 | 1251300 | 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 | 446685 | 0.3 |
|  | **Russian Federation: —%** | **Russian Federation: —%** | **Russian Federation: —%** |
| <sup>RUB</sup>47938000 <sup>(6)(7)</sup> | Russian Federal Bond - OFZ 6224, 6.900%, 05/23/2029 |  |  |
|  | **South Africa: 0.2%** | **South Africa: 0.2%** | **South Africa: 0.2%** |
| 200000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.100%, 11/19/2036 | 215400 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Spain: 1.1%** | **Spain: 1.1%** | **Spain: 1.1%** |
| <sup>EUR</sup>1284000 <sup>(1)</sup> | Spain Government Bond, 1.450%, 04/30/2029 | $1439573 | 1.1 |
|  | **Thailand: 1.2%** | **Thailand: 1.2%** | **Thailand: 1.2%** |
| <sup>THB</sup>41793000 | Thailand Government Bond, 2.875%, 12/17/2028 | 1351762 | 1 |
| <sup>THB</sup>8250000 | Thailand Government Bond, 3.350%, 06/17/2033 | 285975 | 0.2 |
|  |  | **1637737** | **1.2** |
|  | **Ukraine: 0.2%** | **Ukraine: 0.2%** | **Ukraine: 0.2%** |
| 243989 <sup>(1)(8)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2035 | 136634 | 0.1 |
| 185707 <sup>(1)(8)</sup> | Ukraine Government International Bond, 4.500% (Step Rate @ 6.000% on 01/02/2027), 02/01/2036 | 102789 | 0.1 |
|  |  | **239423** | **0.2** |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $21,990,282) | **21887987** | **16.1** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** |
|  | **United States: 9.9%** | **United States: 9.9%** | **United States: 9.9%** |
| 500000 <sup>(3)</sup> | BANK 2017-BNK4 C, 4.372%, 05/15/2050 | 444295 | 0.3 |
| 5625852 <sup>(3)(4)</sup> | BANK 2017-BNK5 XA, 0.941%, 06/15/2060 | 67219 | 0.1 |
| 893024 <sup>(3)(4)</sup> | BANK 2019-BN16 XA, 0.930%, 02/15/2052 | 20344 | 0 |
| 500000 <sup>(1)(3)</sup> | BAY Mortgage Trust 2025-LIVN A, 5.832%, (TSFR1M + 1.800%), 05/15/2035 | 501754 | 0.4 |
| 8636378 <sup>(3)(4)</sup> | BBCMS Mortgage Trust 2022-C17 XA, 1.150%, 09/15/2055 | 555252 | 0.4 |
| 280000 <sup>(1)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 187755 | 0.1 |
| 1298446 <sup>(3)(4)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.005%, 03/15/2052 | 31796 | 0 |
| 9908811 <sup>(3)(4)</sup> | Benchmark Mortgage Trust 2020-B21 XA, 1.414%, 12/17/2053 | 540541 | 0.4 |
| 500000 | Benchmark Mortgage Trust 2025-V17 A3, 5.075%, 09/15/2058 | 513148 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 700000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021-21M E, 6.317%, (TSFR1M + 2.285%), 10/15/2036 | $699095 | 0.5 |
| 500000 <sup>(1)(3)</sup> | BX Trust 2021-LBA EJV, 6.147%, (TSFR1M + 2.114%), 02/15/2036 | 500654 | 0.4 |
| 395405 <sup>(1)(3)</sup> | BX Trust 2021-LBA EV, 6.147%, (TSFR1M + 2.114%), 02/15/2036 | 395922 | 0.3 |
| 600000 <sup>(1)(3)</sup> | BX Trust 2021-LGCY D, 5.448%, (TSFR1M + 1.416%), 10/15/2036 | 597268 | 0.4 |
| 750000 <sup>(1)(3)</sup> | BX Trust 2023-DELC A, 6.722%, (TSFR1M + 2.690%), 05/15/2038 | 752053 | 0.6 |
| 2609882 <sup>(3)(4)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.339%, 08/10/2049 | 10535 | 0.0 |
| 8581000 <sup>(3)(4)</sup> | Citigroup Commercial Mortgage Trust 2016-C2 XB, 0.788%, 08/10/2049 | 43907 | 0.0 |
| 8321993 <sup>(1)(3)(4)</sup> | Commercial Mortgage Pass Through Certificates 2012-LTRT XA, 0.787%, 10/05/2030 | 83 | 0.0 |
| 500000 <sup>(3)</sup> | CSAIL Commercial Mortgage Trust 2018-C14 B, 4.877%, 11/15/2051 | 479225 | 0.4 |
| 500000 <sup>(1)(3)</sup> | DBC Mortgage Trust 2025-DBC A, 5.400%, (TSFR1M + 1.350%), 06/15/2038 | 501349 | 0.4 |
| 750000 <sup>(1)</sup> | ELM Trust 2024-ELM C15, 6.189%, 06/10/2039 | 756972 | 0.6 |
| 500000 <sup>(1)(3)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.632%, (TSFR1M + 2.600%), 12/15/2039 | 502688 | 0.4 |
| 6953787 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K122 X1, 0.869%, 11/25/2030 | 248332 | 0.2 |
| 23956064 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K151 X1, 0.344%, 04/25/2030 | 316478 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**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)** |
| 3509868 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.322%, 07/25/2035 | $321812 | 0.2 |
| 5431142 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1518 X1, 0.858%, 10/25/2035 | 322639 | 0.2 |
| 4879 <sup>(1)(9)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 4811 | 0.0 |
| 220000 <sup>(1)(9)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 214122 | 0.2 |
| 500000 <sup>(1)(3)</sup> | GSAT Trust 2025-BMF B, 5.982%, (TSFR1M + 1.950%), 07/15/2040 | 501293 | 0.4 |
| 300000 <sup>(1)(3)</sup> | GSMS Trustair 2024-FAIR A, 5.876%, 07/15/2029 | 308898 | 0.2 |
| 500000 <sup>(1)(3)</sup> | INTOWN Mortgage Trust 2025-STAY D, 6.882%, (TSFR1M + 2.850%), 03/15/2042 | 502521 | 0.4 |
| 970907 <sup>(1)(3)</sup> | KSL Commercial Mortgage Trust 2024-HT2 A, 5.575%, (TSFR1M + 1.542%), 12/15/2039 | 971702 | 0.7 |
| 3399444 <sup>(1)(3)(4)</sup> | LSTAR Commercial Mortgage Trust 2017-5 X, 0.867%, 03/10/2050 | 19186 | 0.0 |
| 70000 <sup>(1)(9)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 63460 | 0.0 |
| 500000 <sup>(1)(3)</sup> | WCORE Commercial Mortgage Trust 2024-CORE C, 6.273%, (TSFR1M + 2.241%), 11/15/2041 | 501899 | 0.4 |
| 1000000 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT C, 5.834%, 03/15/2038 | 1004115 | 0.7 |
|  |  | **13403123** | **9.9** |
|  | Total Commercial Mortgage-Backed Securities<br> (Cost $13,375,862) | **13403123** | **9.9** |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** | **ASSET-BACKED SECURITIES: 8.7%** |
|  | **Cayman Islands: 8.6%** | **Cayman Islands: 8.6%** | **Cayman Islands: 8.6%** |
| 250000 <sup>(1)(3)</sup> | Bain Capital Credit CLO Ltd. 2020-5A ARR, 5.034%, (TSFR3M + 1.150%), 04/20/2034 | $250121 | 0.2 |
| 500000 <sup>(1)(3)</sup> | Bain Capital Credit CLO Ltd. 2025-4A C, 5.709%, (TSFR3M + 1.850%), 01/17/2039 | 500906 | 0.4 |
| 750000 <sup>(1)(3)</sup> | Barings CLO Ltd. 2019-4A CR, 6.105%, (TSFR3M + 2.200%), 07/15/2037 | 753004 | 0.6 |
| 850000 <sup>(1)(3)</sup> | Barings CLO Ltd. 2024-1A A, 5.514%, (TSFR3M + 1.630%), 01/20/2037 | 851743 | 0.6 |
| 400000 <sup>(1)(3)</sup> | Beechwood Park CLO Ltd. 2019-1A C2RR, 5.999%, (TSFR3M + 2.100%), 01/17/2035 | 400859 | 0.3 |
| 500000 <sup>(1)(3)</sup> | BlueMountain CLO Ltd. 2013-2A CR, 6.069%, (TSFR3M + 2.212%), 10/22/2030 | 500486 | 0.4 |
| 250000 <sup>(1)(3)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR2, 5.755%, (TSFR3M + 1.850%), 04/15/2035 | 250202 | 0.2 |
| 550000 <sup>(1)(3)</sup> | CBAM Ltd. 2017-1A AR2, 5.274%, (TSFR3M + 1.390%), 01/20/2038 | 551857 | 0.4 |
| 400000 <sup>(1)(3)</sup> | CBAM Ltd. 2017-1A CR2, 5.984%, (TSFR3M + 2.100%), 01/20/2038 | 401541 | 0.3 |
| 450000 <sup>(1)(3)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A ARR, 5.102%, (TSFR3M + 1.220%), 01/17/2038 | 449306 | 0.3 |
| 300000 <sup>(1)(3)</sup> | CIFC Funding Ltd. 2022-4A AR, 4.984%, (TSFR3M + 1.090%), 07/16/2035 | 299784 | 0.2 |
| 1000000 <sup>(1)(3)</sup> | Dryden 49 Senior Loan Fund 2017-49A CR, 6.196%, (TSFR3M + 2.312%), 07/18/2030 | 1002666 | 0.7 |
| 1000000 <sup>(1)(3)</sup> | Elevation Clo Ltd. 2021-13A C1R, 5.905%, (TSFR3M + 2.000%), 07/15/2034 | 1000274 | 0.7 |
| 690000 <sup>(1)(3)</sup> | Invesco CLO Ltd. 2021-3A A1R, 4.937%, (TSFR3M + 1.080%), 10/22/2034 | 690169 | 0.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **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)** | **Cayman Islands: (continued)** |
| 500000 <sup>(1)(3)</sup> | Madison Park Funding XXXI Ltd. 2018-31A CR, 6.110%, (TSFR3M + 2.250%), 07/23/2037 | $| 502620 | 0.4 |
| 450000 <sup>(1)(3)</sup> | Mountain View CLO XVIII Ltd. 2024-1A C, 6.094%, (TSFR3M + 2.200%), 10/16/2037 |  | 451548 | 0.3 |
| 500000 <sup>(1)(3)</sup> | NYACK Park CLO Ltd. 2021-1A CR, 5.768%, (TSFR3M + 1.850%), 10/20/2038 |  | 501046 | 0.4 |
| 300000 <sup>(1)(3)</sup> | Oaktree CLO Ltd. 2022-3A CR, 6.005%, (TSFR3M + 2.100%), 10/15/2037 |  | 301126 | 0.2 |
| 195379 <sup>(1)(3)</sup> | OZLM XV Ltd. 2016-15A A1R3, 4.934%, (TSFR3M + 1.050%), 04/20/2033 |  | 194778 | 0.1 |
| 250000 <sup>(1)(3)</sup> | Rad CLO 10 Ltd. 2021-10A C, 5.871%, (TSFR3M + 2.012%), 04/23/2034 |  | 250541 | 0.2 |
| 650000 <sup>(1)(3)</sup> | Shackleton CLO Ltd. 2019-15A CR, 6.316%, (TSFR3M + 2.412%), 01/15/2032 |  | 650997 | 0.5 |
| 300000 <sup>(1)(3)</sup> | Symphony CLO XXVI Ltd. 2021-26A CR, 6.146%, (TSFR3M + 2.262%), 04/20/2033 |  | 300387 | 0.2 |
| 600000 <sup>(1)(3)</sup> | Venture XXVII CLO Ltd. 2017-27A CR, 6.446%, (TSFR3M + 2.562%), 07/20/2030 |  | 601247 | 0.5 |
|  |  |  | **11657208** | **8.6** |
|  | **United States: 0.1%** | **United States: 0.1%** | **United States: 0.1%** | **United States: 0.1%** |
| 318447 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2006-WF1 A2E, 6.582%, 03/25/2036 |  | 150235 | 0.1 |
|  | Total Asset-Backed Securities |  |  |  |
|  | (Cost $11,886,350) |  | **11807443** | **8.7** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.2%** |
|  | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(10)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(10)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(10)</sup>** | **Federal Home Loan Mortgage Corporation: 0.4%<sup>(10)</sup>** |
| 358236 <sup>(10)</sup> | 3.500%, 01/01/2048 |  | 336767 | 0.3 |
| 36131 <sup>(10)</sup> | 4.000%, 09/01/2045 |  | 34696 | 0 |
| 37121 <sup>(10)</sup> | 4.000%, 09/01/2045 |  | 35886 | 0 |
| 56758 <sup>(10)</sup> | 4.000%, 05/01/2046 |  | 55024 | 0.1 |
|  |  |  | **462373** | **0.4** |
|  | **Government National Mortgage Association: 1.3%** | **Government National Mortgage Association: 1.3%** | **Government National Mortgage Association: 1.3%** | **Government National Mortgage Association: 1.3%** |
| 301619 | 2.500%, 05/20/2052 |  | 261370 | 0.2 |
| 167892 | 2.500%, 08/20/2052 |  | 146163 | 0.1 |
| 61106 | 4.500%, 08/20/2041 |  | 61652 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **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)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association: (continued)** | **Government National Mortgage Association: (continued)** | **Government National Mortgage Association: (continued)** | **Government National Mortgage Association: (continued)** |
| 1333918 | 4.500%, 05/20/2053 | $| 1309708 | 1 |
| 7959 | 5.500%, 03/20/2039 |  | 8315 | 0 |
|  |  |  | **1787208** | **1.3** |
|  | **Tennessee Valley Authority: 0.0%** | **Tennessee Valley Authority: 0.0%** | **Tennessee Valley Authority: 0.0%** | **Tennessee Valley Authority: 0.0%** |
| 36000 | 5.250%, 02/01/2055 |  | 36413 | 0 |
|  | **Uniform Mortgage-Backed Securities: 4.5%** | **Uniform Mortgage-Backed Securities: 4.5%** | **Uniform Mortgage-Backed Securities: 4.5%** | **Uniform Mortgage-Backed Securities: 4.5%** |
| 4463249 | 2.000%, 02/01/2052 |  | 3650004 | 2.7 |
| 14441 | 2.500%, 06/01/2030 |  | 14037 | 0 |
| 19609 | 2.500%, 06/01/2030 |  | 19044 | 0 |
| 8425 | 2.500%, 07/01/2030 |  | 8182 | 0 |
| 64807 | 3.500%, 06/01/2034 |  | 63649 | 0 |
| 736302 | 3.500%, 03/01/2043 |  | 700131 | 0.5 |
| 37508 | 4.000%, 05/01/2045 |  | 36366 | 0 |
| 652056 | 4.000%, 04/01/2049 |  | 629909 | 0.5 |
| 63625 | 4.500%, 12/01/2040 |  | 63984 | 0.1 |
| 108688 | 4.500%, 12/01/2040 |  | 109423 | 0.1 |
| 154426 | 5.000%, 05/01/2042 |  | 158705 | 0.1 |
| 403000 <sup>(11)</sup> | 5.000%, 11/01/2055 |  | 401034 | 0.3 |
| 207000 <sup>(11)</sup> | 5.500%, 11/01/2054 |  | 209164 | 0.2 |
|  |  |  | **6063632** | **4.5** |
|  | Total U.S. Government Agency Obligations |  |  |  |
|  | (Cost $8,508,664) |  | **8349626** | **6.2** |
| **U.S. TREASURY OBLIGATIONS: 4.2%** | **U.S. TREASURY OBLIGATIONS: 4.2%** | **U.S. TREASURY OBLIGATIONS: 4.2%** | **U.S. TREASURY OBLIGATIONS: 4.2%** | **U.S. TREASURY OBLIGATIONS: 4.2%** |
|  | **United States Treasury Bonds: 0.8%** | **United States Treasury Bonds: 0.8%** | **United States Treasury Bonds: 0.8%** | **United States Treasury Bonds: 0.8%** |
| 14600 | 4.750%, 02/15/2045 |  | 14807 | 0 |
| 946900 | 4.750%, 05/15/2055 |  | 959624 | 0.7 |
| 120000 | 4.875%, 08/15/2045 |  | 123619 | 0.1 |
|  |  |  | **1098050** | **0.8** |
|  | **United States Treasury Notes: 3.4%** | **United States Treasury Notes: 3.4%** | **United States Treasury Notes: 3.4%** | **United States Treasury Notes: 3.4%** |
| 1848500 | 3.500%, 10/31/2027 |  | 1845070 | 1.4 |
| 692200 | 3.500%, 10/15/2028 |  | 690334 | 0.5 |
| 74500 | 3.625%, 09/30/2030 |  | 74232 | 0.1 |
| 515200 | 3.625%, 10/31/2030 |  | 513329 | 0.4 |
| 291100 | 3.750%, 05/15/2028 |  | 292209 | 0.2 |
| 547900 | 3.750%, 10/31/2032 |  | 543320 | 0.4 |
| 225400 | 3.875%, 09/30/2032 |  | 225294 | 0.2 |
| 6000 | 3.875%, 08/15/2034 |  | 5932 | 0 |
| 11000 | 4.000%, 03/31/2030 |  | 11141 | 0 |
| 42200 | 4.000%, 04/30/2032 |  | 42562 | 0 |
| 294900 | 4.250%, 08/15/2035 |  | 298609 | 0.2 |
|  |  |  | **4542032** | **3.4** |
|  | Total U.S. Treasury Obligations<br> (Cost $5,607,162) |  | **5640082** | **4.2** |
| **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(12)</sup>: 0.0%** |
|  | Total Purchased Options<br> (Cost $34,046) |  | 4072 | 0 |
|  | Total Long-Term Investments<br> (Cost $123,782,319) |  | **120355550** | **88.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 8.6%** | **SHORT-TERM INVESTMENTS: 8.6%** | **SHORT-TERM INVESTMENTS: 8.6%** | **SHORT-TERM INVESTMENTS: 8.6%** |
|  | **Commercial Paper: 6.9%** | **Commercial Paper: 6.9%** | **Commercial Paper: 6.9%** |
| 1604000 | Dominion Energy, Inc., 4.140%, 11/05/2025 | $1603091 | 1.2 |
| 2000000 | Dominion Energy, Inc., 4.180%, 12/05/2025 | 1992018 | 1.5 |
| 2500000 | Entergy Corp., 4.150%, 11/05/2025 | 2498580 | 1.9 |
| 1000000 | Oracle Corp., 4.100%, 11/21/2025 | 997647 | 0.7 |
| 2200000 | Sysco Corp., 4.090%, 11/05/2025 | 2198769 | 1.6 |
|  | Total Commercial Paper |  |  |
|  | (Cost $9,291,001) | **9290105** | **6.9** |
|  | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** | **Repurchase Agreements: 1.2%** |
| 1000000 <sup>(13)</sup> | Citadel Securities LLC, Repurchase Agreement dated 10/31/2025, 4.260%, due 11/03/2025 (Repurchase Amount $1,000,350, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $1,020,362, due 11/04/25-08/15/55) | 1000000 | 0.7 |
| 538000 <sup>(13)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 10/31/2025, 4.150%, due 11/03/2025 (Repurchase Amount $538,184, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.500%-7.500%, Market Value plus accrued interest $548,760, due 06/30/27-10/20/55) | 538000 | 0.4 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (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)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 99537 <sup>(13)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 10/31/2025, 4.140%, due 11/03/2025 (Repurchase Amount $99,571, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $101,528, due 07/15/30-02/15/51) | $99537 | 0.1 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $1,637,537) | **1637537** | **1.2** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** | **Mutual Funds: 0.5%** |
| 690000 <sup>(14)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.010% |  |  |
|  | (Cost $690,000) | $**690000** | **0.5** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $11,618,538) | **11617642** | **8.6** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $135,400,857)** | $**131973192** | **97.4** |
|  | **Assets in Excess of Other Liabilities** | **3468303** | **2.6** |
|  | **Net Assets** | $**135441495** | **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> | Variable rate security. Rate shown is the rate in effect as of October 31, 2025. |
| <sup>(4)</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>(5)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of October 31, 2025. |
| <sup>(6)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(7)</sup> | Defaulted security. |
| <sup>(8)</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 October 31, 2025. |
| <sup>(9)</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>(10)</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>(11)</sup> | Represents or includes a TBA transaction. |
| <sup>(12)</sup> | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| <sup>(13)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(14)</sup> | Rate shown is the 7-day yield as of October 31, 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 |
| 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 October 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Collateralized Mortgage Obligations | 20.1% |
| Sovereign Bonds | 16.3 |
| Commercial Mortgage-Backed Securities | 9.9 |
| Asset-Backed Securities | 8.7 |
| Financial | 7.9 |
| U.S. Government Agency Obligations | 6.2 |
| U.S. Treasury Obligations | 4.2 |
| Consumer, Non-cyclical | 3 |
| Consumer, Cyclical | 2.8 |
| Utilities | 2.1 |
| Industrial | 2 |
| Energy | 1.6 |
| Technology | 1.6 |
| Communications | 1.4 |
| Basic Materials | 1 |
| Purchased Options | 0 |
| Short-Term Investments | 8.6 |
| Assets in Excess of Other Liabilities | 2.6 |
| **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 October 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of October 31, 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>**October 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $32033531 | $— | $32033531 |
| Collateralized Mortgage Obligations |  | 27229686 |  | 27229686 |
| Sovereign Bonds |  | 21887987 |  | 21887987 |
| Commercial Mortgage-Backed Securities |  | 13403123 |  | 13403123 |
| Asset-Backed Securities |  | 11807443 |  | 11807443 |
| U.S. Government Agency Obligations |  | 8349626 |  | 8349626 |
| U.S. Treasury Obligations |  | 5640082 |  | 5640082 |
| Purchased Options |  | 4072 |  | 4072 |
| Short-Term Investments | 690000 | 10927642 |  | 11617642 |
| Total Investments, at fair value | $690000 | $131283192 | $— | $131973192 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps |  | 1602904 |  | 1602904 |
| Forward Foreign Currency Contracts |  | 93395 |  | 93395 |
| Forward Premium Swaptions |  | 235950 |  | 235950 |
| Futures | 570672 |  |  | 570672 |
| OTC total return swaps |  | 61026 |  | 61026 |
| OTC volatility swaps |  | 57310 |  | 57310 |
| Total Assets | $1260672 | $133333777 | $— | $134594449 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps | $— | $(9024) | $— | $(9024) |
| Centrally Cleared Interest Rate Swaps |  | (1665894) |  | (1665894) |
| Forward Foreign Currency Contracts |  | (1215465) |  | (1215465) |
| Forward Premium Swaptions |  | (147650) |  | (147650) |
| Futures | (34881) |  |  | (34881) |
| OTC interest rate swaps |  | (27097) |  | (27097) |
| OTC volatility swaps |  | (4905) |  | (4905) |
| Written Options |  | (19554) |  | (19554) |
| Total Liabilities | $(34881) | $(3089589) | $— | $(3124470) |

---

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

---

| | |
|:---|:---|
| + | Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument. |

---

At October 31, 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)** |
| MXN | 11627286 | USD | 631509 | BNP Paribas | 11/07/25 | $(5859) |
| HKD | 547037 | USD | 70323 | Brown Brothers Harriman & Co. | 11/07/25 | 80 |
| HUF | 53585311 | USD | 159429 | Brown Brothers Harriman & Co. | 11/07/25 | (190) |
| SGD | 386044 | USD | 302208 | Brown Brothers Harriman & Co. | 11/07/25 | (5547) |
| NZD | 395535 | USD | 229301 | Brown Brothers Harriman & Co. | 12/12/25 | (2586) |
| NOK | 1801156 | USD | 180518 | Brown Brothers Harriman & Co. | 12/12/25 | (2707) |
| DKK | 1857498 | USD | 290344 | Brown Brothers Harriman & Co. | 12/12/25 | (2906) |
| SEK | 4895511 | USD | 523740 | Brown Brothers Harriman & Co. | 12/12/25 | (7246) |
| CHF | 632052 | USD | 796672 | Brown Brothers Harriman & Co. | 12/12/25 | (7699) |
| AUD | 2276626 | USD | 1504472 | Brown Brothers Harriman & Co. | 12/12/25 | (14236) |
| USD | 1192383 | THB | 37648494 | Citibank N.A. | 11/07/25 | 27781 |
| USD | 514521 | IDR | 8525941080 | Citibank N.A. | 11/07/25 | 1856 |
| USD | 134228 | PLN | 485795 | Deutsche Bank AG | 11/07/25 | 2687 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| RON | 651309 | USD | 150412 | Deutsche Bank AG | 11/07/25 | $(2805) |
| USD | 391770 | TRY | 18475861 | Deutsche Bank AG | 11/10/25 | (45467) |
| USD | 664261 | MXN | 12279991 | Goldman Sachs International | 11/07/25 | 3490 |
| USD | 359474 | MYR | 1510425 | Goldman Sachs International | 11/07/25 | (1208) |
| USD | 1137090 | BRL | 6136077 | Goldman Sachs International | 11/07/25 | (2581) |
| USD | 339913 | MXN | 6376327 | Goldman Sachs International | 11/07/25 | (3189) |
| TRY | 18452355 | USD | 391770 | Goldman Sachs International | 11/10/25 | 44911 |
| USD | 2998474 | BRL | 18664000 | Goldman Sachs International | 01/05/26 | (420649) |
| USD | 234646 | CZK | 4858793 | HSBC Bank USA N.A. | 11/07/25 | 4472 |
| ILS | 642658 | USD | 193294 | HSBC Bank USA N.A. | 11/07/25 | 3933 |
| USD | 627387 | COP | 2499548174 | HSBC Bank USA N.A. | 11/07/25 | (20771) |
| USD | 1403746 | BRL | 7747106 | HSBC Bank USA N.A. | 11/07/25 | (35145) |
| JPY | 128000 | USD | 830 | Morgan Stanley Capital Services LLC | 11/05/25 |  |
| USD | 340198 | MXN | 6376327 | Morgan Stanley Capital Services LLC | 11/07/25 | (2904) |
| USD | 790425 | COP | 3114741284 | Morgan Stanley Capital Services LLC | 11/07/25 | (17258) |
| USD | 1444984 | PEN | 5099305 | Morgan Stanley Capital Services LLC | 11/07/25 | (69595) |
| CAD | 4225733 | USD | 3044897 | Morgan Stanley Capital Services LLC | 12/12/25 | (25999) |
| GBP | 5124917 | USD | 6775324 | State Street Bank and Trust Co. | 12/12/25 | (42337) |
| JPY | 1663987139 | USD | 10966667 | State Street Bank and Trust Co. | 12/12/25 | (126941) |
| EUR | 24041001 | USD | 28058063 | State Street Bank and Trust Co. | 12/12/25 | (286683) |
| CLP | 115578233 | USD | 119489 | UBS AG | 11/07/25 | 3137 |
| KRW | 1995037317 | USD | 1442794 | UBS AG | 11/07/25 | (42770) |
| COP | 2360497623 | USD | 611053 | Wells Fargo Bank N.A. | 11/07/25 | 1048 |
| CNY | 60054811 | USD | 8465583 | Wells Fargo Bank N.A. | 11/07/25 | (20187) |
|  |  |  |  |  |  | $(1122070) |

---

At October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;17 | 12/15/25 | $1187095 | $(5703) |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia 10-Year Bond | &nbsp;&nbsp;&nbsp;&nbsp;4 | 12/15/25 | 297347 | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada 10-Year Bond | &nbsp;&nbsp;&nbsp;&nbsp;22 | 12/18/25 | 1925578 | 47873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Bobl 5-Year | &nbsp;&nbsp;&nbsp;&nbsp;51 | 12/08/25 | 6951900 | 24424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Buxl 30-year German Government Bond | &nbsp;&nbsp;&nbsp;&nbsp;18 | 12/08/25 | 2409212 | 87443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp;49 | 12/08/25 | 6922704 | 140220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;70 | 12/08/25 | 8639764 | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;16 | 12/29/25 | 1967814 | 61677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp;28 | 12/08/25 | 3919038 | 80837 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;39 | 12/31/25 | 8121445 | (12629) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;54 | 12/19/25 | 6084281 | 4828 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;40 | 12/19/25 | 4692500 | 99093 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;7 | 12/19/25 | 848969 | (1547) |
|  |  |  | $53967647 | $525365 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(8) | 12/08/25 | (1193125) | (8039) |
| &nbsp;&nbsp;&nbsp;&nbsp;Japanese Government Bonds 10-Year Mini | (32) | 12/12/25 | (2823957) | 17150 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (48) | 12/31/25 | (5242125) | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (26) | 12/19/25 | (3002594) | (5812) |
|  |  |  | $(12261801) | $10426 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

At October 31, 2025, the following centrally cleared credit default swaps were outstanding for Voya Global Bond Fund:

**Centrally Cleared Credit Default Swaps on Credit Indices - Sell 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 High Yield, Series 45, |  |  |  |  |  |  |  |
| Version 1 | Sell | 5.000 | 12/20/30 | USD | 2600000 | $188920 | $(9024) |
|  |  |  |  |  |  | $188920 | $(9024) |

---

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

<sup>(2)</sup> Payments received 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 October 31, 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 | $18044 | $18044 |
| Pay | 1-day Sterling Overnight Index Average (SONIA) | Annual | 1.649 | Annual | 04/14/52 | GBP | 1800000 | (1019256) | (1019256) |
| Pay | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.592 | Annual | 05/08/28 | GBP | 1100000 | 1987 | 1987 |
| Pay | 3-month KRW-CD-KSDA-Bloomberg | Quarterly | 2.935 | Quarterly | 07/31/34 | KRW | 3586082000 | 10119 | 10119 |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.040 | Monthly | 05/08/31 | USD | 2500000 | (43006) | (42315) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.098 | Monthly | 08/08/32 | USD | 1600000 | (33813) | (39536) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.150 | Monthly | 10/27/47 | USD | 1465000 | (169931) | (169870) |
| Pay | 1-day Secured Overnight Financing Rate | Monthly | 3.058 | Monthly | 08/08/29 | USD | 1200000 | (10969) | (10987) |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 2.999 | Annual | 09/13/52 | GBP | 500000 | 144805 | 144805 |
| Receive | 1-day Sterling Overnight Index Average (SONIA) | Annual | 3.674 | Annual | 09/30/52 | GBP | 200000 | 29835 | 29835 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.970 | Annual | 05/12/55 | JPY | 175000000 | 120830 | 120830 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.440 | Annual | 06/19/44 | JPY | 90000000 | 59990 | 59990 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.678 | Annual | 10/21/54 | JPY | 80000000 | 86124 | 86124 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.487 | Annual | 08/08/54 | JPY | 75000000 | 99899 | 99899 |
| Receive | 1-day Overnight Tokyo Average Rate | Annual | 1.978 | Annual | 04/01/55 | JPY | 20000000 | 13507 | 13507 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 1.551 | Annual | 01/24/29 | USD | 12000000 | 662011 | 662011 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.956 | Annual | 02/01/27 | USD | 10000000 | (48950) | (48950) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.006 | Annual | 06/26/29 | USD | 7000000 | (153481) | (153481) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.464 | Annual | 09/26/32 | USD | 7000000 | 18392 | 18392 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.188 | Annual | 03/24/27 | USD | 5000000 | 89683 | 89683 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 2.962 | Annual | 06/14/27 | USD | 5000000 | 39284 | 39284 |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.121 | Monthly | 02/08/28 | USD | 5000000 | 22653 | 24079 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.605 | Annual | 01/08/31 | USD | 5000000 | (44737) | (44737) |
| Receive | 1-day Secured Overnight Financing Rate | Monthly | 3.562 | Monthly | 11/03/26 | USD | 4000000 | 446 | 421 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.750 | Annual | 05/21/30 | USD | 4000000 | (60240) | (60240) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.860 | Annual | 06/26/34 | USD | 4000000 | (75790) | (75790) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 1.847 | Annual | 02/17/32 | USD | 2000000 | 183894 | 183894 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.452 | Annual | 11/29/44 | USD | 970600 | (402) | (402) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.444 | Annual | 08/16/44 | USD | 947000 | (330) | (330) |
|  |  |  |  |  |  |  |  | $(59402) | $(62990) |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

At October 31, 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 | 04/24/30 | CNY | 41023000 | $(27097) | $— | $(27097) |
|  |  |  |  |  |  |  |  |  | $(27097) | $— | $(27097) |

---

At October 31, 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 |  |  |  |  |  |  |  |  |
|  | Japanese |  | Tokyo |  | Nomura |  |  |  |  |  |  |
|  | Government | At | Overnight | At | Global |  |  |  |  |  |  |
|  | 20-Year Treasury | Termination | Average | Termination | Financial |  |  |  |  |  |  |
| Receive | Bond | Date | Rate) | Date | Products Inc. | 12/05/25 | JPY | 700000000 | $8910 | $— | $8910 |
|  |  |  | (1-day |  |  |  |  |  |  |  |  |
|  | Japanese |  | Tokyo |  | Nomura |  |  |  |  |  |  |
|  | Government | At | Overnight | At | Global |  |  |  |  |  |  |
|  | 5-Year Treasury | Termination | Average | Termination | Financial |  |  |  |  |  |  |
| Receive | Bond | Date | Rate) | Date | Products Inc. | 12/05/25 | JPY | 500000000 | 4210 |  | 4210 |
|  |  |  | (1-day |  |  |  |  |  |  |  |  |
|  | Japanese |  | Tokyo |  | Nomura |  |  |  |  |  |  |
|  | Government | At | Overnight | At | Global |  |  |  |  |  |  |
|  | 20-Year Treasury | Termination | Average | Termination | Financial |  |  |  |  |  |  |
| Receive | Bond | Date | Rate) | Date | Products Inc. | 12/11/25 | JPY | 1000000000 | 47906 |  | 47906 |
|  |  |  |  |  |  |  |  |  | $61026 | $— | $61026 |

---

<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 October 31, 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)** |
| Pay | USD vs. BRL Spot Exchange Rate | 15.300% | Bank of America N.A. | 01/06/26 | USD | 2314000 | $12980 | $12980 |
| Pay | EUR vs. USD Spot Exchange Rate | 8.400% | Morgan Stanley Capital Services LLC | 02/10/26 | USD | 3205000 | 37845 | 37845 |
| Pay | USD vs. BRL Spot Exchange Rate | 15.300% | Morgan Stanley Capital Services LLC | 01/06/26 | USD | 1156000 | 6485 | 6485 |
| Receive | USD vs. INR Spot Exchange Rate | 4.325% | BNP Paribas | 02/10/26 | USD | 3205000 | (4905) | (4905) |
|  |  |  |  |  |  |  | $52405 | $52405 |

---

At October 31, 2025, the following OTC written credit default swaptions were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** |<br>**Exercise**<br>**Rate (%)** | **(Pay)/**<br>**Receive**<br>**Exercise**<br>**Rate** |<br>**Strike**<br>**Price** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**Fair**<br>**Value** |
| Put on 5-Year Credit Default Swap | Goldman Sachs International | CDX North American High Yield, Series 44, Version 1 | 106.500 | Receive | 106.500% | 11/19/25 | USD | 1177000 | $6151 | $(2596) |
| Put on 5-Year Credit Default Swap | Royal Bank of Canada | CDX North American High Yield, Series 44, Version 1 | 106.500 | Receive | 106.500% | 11/19/25 | USD | 1498000 | 7864 | (3305) |
| Put on 5-Year Credit Default Swap | BNP Paribas | CDX North American High Yield, Series 45, Version 1 | 106.500 | Receive | 106.500% | 11/19/25 | USD | 1300000 | 7150 | (3971) |
| Put on 5-Year Credit Default Swap | Citibank N.A. | CDX North American High Yield, Series 44, Version 1 | 107.000 | Receive | 107.000% | 11/19/25 | USD | 2490000 | 18451 | (8075) |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate (%)** | **(Pay)/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Strike**<br>**Price** | <br>**Expiration**<br>**Date** | <br>**Notional**<br>**Amount** |<br>**Premiums**<br>**Received** |<br>**Fair**<br>**Value** |
|  |  |  |  |  |  |  |  | $39616 | $(17947) |

---

At October 31, 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** |
| Put USD vs. Call JPY | Goldman Sachs International | 11/04/25 | 143.000 | USD | 1331000 | $18170 | $— |
|  |  |  |  |  |  | $18170 | $— |

---

At October 31, 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** |
| Put USD vs. Call JPY | Goldman Sachs International | 11/04/25 | 140.000 | USD | 1331000 | $10889 | $— |
|  |  |  |  |  |  | $10889 | $— |

---

At October 31, 2025, the following OTC purchased interest rate swaptions were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** |<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br><br>**Cost** |<br><br>**Fair Value** |
| Call on 5-Year Interest Rate Swap<sup>(1)</sup> | Morgan Stanley Capital Services LLC | Receive | 2.500% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 2843000 | $15876 | $4072 |
|  |  |  |  |  |  |  |  | $15876 | $4072 |

---

At October 31, 2025, the following OTC written interest rate swaptions were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | **Pay/Receive**<br>**Exercise**<br>**Rate** |<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**Fair Value** |
| Call on 10-Year Interest Rate Swap<sup>(2)</sup> | Morgan Stanley Capital Services LLC | Pay | 2.300% | 6-month EUR-EURIBOR | 05/20/26 | EUR | 1422000 | $11711 | $(1607) |
|  |  |  |  |  |  |  |  | $11711 | $(1607) |

---

At October 31, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Global Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** |<br>**Exercise**<br>**Rate<sup>(3)</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>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 10-Year Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 2495000 | $— | $27536 |
| Call on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 2.375% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 2367400 | (99431) | (46430) |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | 1-day Secured Overnight Financing Rate | 06/14/27 | USD | 3136000 | (548800) | 59504 |
| Put on 30-Year Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | 1-day Secured Overnight Financing Rate | 05/25/27 | USD | 7382300 | (1328814) | 108395 |
| Put on 30-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 4.650% | Pay | 1-day Secured Overnight Financing Rate | 08/30/27 | USD | 1489600 | (69475) | (18294) |
|  |  |  |  |  |  |  |  | $(2046520) | $130711 |

---

At October 31, 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>(3)</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>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 10-Year Interest Rate Swap | Toronto-Dominion Bank | 3.759% | Pay | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 1489600 | $57796 | $(4796) |
| Call on 1-Year Interest Rate Swap | Deutsche Bank AG | 3.160% | Pay | 1-day Secured Overnight Financing Rate | 09/23/27 | USD | 7448000 | 34782 | 4711 |
| Call on 1-Year Interest Rate Swap | Deutsche Bank AG | 2.500% | Pay | 1-day Secured Overnight Financing Rate | 09/25/26 | USD | 14700000 | 17052 | 2797 |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(3)</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>(4)</sup>** | <br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.170% | Pay | 1-day Secured Overnight Financing Rate | 08/23/27 | USD | 3724000 | $18853 | $3700 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Pay | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 7448000 | 37054 | 4162 |
| Call on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Pay | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 3724000 | 18620 | 2168 |
| Call on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.123% | Pay | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 7448000 | 34726 | (3897) |
| Put on 10-Year Interest Rate Swap | Barclays Bank PLC | 5.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 2495000 | 45160 | (61385) |
| Put on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 5.540% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 2367400 | 99431 | (8897) |
| Put on 10-Year Interest Rate Swap | Toronto-Dominion Bank | 3.759% | Receive | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 1489600 | 57796 | 7539 |
| Put on 1-Year Interest Rate Swap | Deutsche Bank AG | 3.160% | Receive | 1-day Secured Overnight Financing Rate | 09/23/27 | USD | 7448000 | 34782 | (1327) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.600% | Receive | 1-day Secured Overnight Financing Rate | 08/30/27 | USD | 26812800 | 76417 | (238) |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.170% | Receive | 1-day Secured Overnight Financing Rate | 08/23/27 | USD | 3724000 | 18853 | 1494 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Receive | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 7448000 | 37054 | 5526 |
| Put on 1-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 3.250% | Receive | 1-day Secured Overnight Financing Rate | 08/12/27 | USD | 3724000 | 18620 | 2851 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.123% | Receive | 1-day Secured Overnight Financing Rate | 10/25/27 | USD | 7448000 | 34726 | 5567 |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.631% | Receive | 1-day Secured Overnight Financing Rate | 09/08/26 | USD | 14699000 | 13964 | (1483) |
| Put on 1-Year Interest Rate Swap | Nomura Global Financial Products Inc. | 3.622% | Receive | 1-day Secured Overnight Financing Rate | 09/08/26 | USD | 7350000 | 6983 | (903) |
|  |  |  |  |  |  |  |  | $662669 | $(42411) |

---

<sup>(1)</sup> Fund pays the exercise rate semi-annually and receives the floating rate index quarterly.

<sup>(2)</sup> Fund receives the exercise rate semi-annually and pays the floating rate index quarterly.

<sup>(3)</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>(4)</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: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | NOK | Norwegian Krone |
| BRL | Brazilian Real | NZD | New Zealand Dollar |
| CAD | Canadian Dollar | PEN | Peruvian Nuevo Sol |
| CHF | Swiss Franc | PLN | Polish Zloty |
| CLP | Chilean Peso | RON | Romanian New Leu |
| CNY | Chinese Yuan | SEK | Swedish Krona |
| COP | Colombian Peso | SGD | Singapore Dollar |
| CZK | Czech Koruna | THB | Thai Baht |
| DKK | Danish Krone | TRY | Turkish Lira |
| EUR | EU Euro | USD | United States Dollar |
| GBP | British Pound |  |  |
| HKD | Hong Kong Sar Dollar |  |  |
| HUF | Hungarian Forint |  |  |
| IDR | Indonesian Rupiah |  |  |
| ILS | Israeli New Shekel |  |  |
| JPY | Japanese Yen |  |  |
| KRW | South Korean Won |  |  |
| MXN | Mexican Peso |  |  |
| MYR | Malaysian Ringgit |  |  |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (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 October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Investments in securities at value<sup>\*</sup> | $4072 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 93395 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 235950 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 570672 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 1602904 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 57310 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 61026 |
| **Total Asset Derivatives** |  | $2625329 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $1215465 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 147650 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 34881 |
| Credit contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 9024 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 1665894 |
| Foreign exchange contracts | Unrealized depreciation on OTC swap agreements | 4905 |
| Interest rate contracts | Unrealized depreciation on OTC swap agreements | 27097 |
| Credit contracts | Written options, at fair value | 17947 |
| Interest rate contracts | Written options, at fair value | 1607 |
| **Total Liability Derivatives** |  | $3124470 |

---

\* 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 year ended October 31, 2025 was as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**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 | $— | $— | $— | $28614 | $— | $28614 |
| Foreign exchange contracts | 35123 | 699531 |  | 36583 | 135418 | 906655 |
| Interest rate contracts | (60296) |  | (2210736) | (826375) | 319594 | (2777812) |
| **Total** | $(25173) | $699531 | $(2210736) | $(761178) | $455012 | $(1842543) |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**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 | $— | $— | $— | $(9024) | $21670 | $12645 |
| Foreign exchange contracts | (7175) | (1141624) |  | 49922 | 10889 | (1087989) |
| Interest rate contracts | (36509) |  | 1787363 | (120783) | (33993) | 1596079 |
| **To** **tal** | $(43684) | $(1141624) | $1787363 | $(79885) | $(1434) | $520735 |

---

<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 October 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<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** | **Nomura**<br>**Global**<br>**Financial**<br>**Products Inc.** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $— | $— | $— | $— | $4072 | $— |
| Forward foreign currency |  |  |  |  |  |  |  |  |  |  |  |
| contracts |  |  |  | 80 | 29637 | 2687 | 48401 | 8405 |  |  |  |
| Forward premium swaptions |  | 195435 |  |  |  | 7508 |  |  | 19901 |  | 5567 |
| OTC total return swaps |  |  |  |  |  |  |  |  |  |  | 61026 |
| OTC volatility swaps | 12980 |  |  |  |  |  |  |  |  | 44330 |  |
| **Total Assets** | $12980 | $195435 | $— | $80 | $29637 | $10195 | $48401 | $8405 | $19901 | $48402 | $66593 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency |  |  |  |  |  |  |  |  |  |  |  |
| contracts | $— | $— | $5859 | $43117 | $— | $48272 | $427627 | $55916 | $— | $115756 | $— |
| Forward premium swaptions |  | 61385 |  |  |  | 1327 |  |  | 73859 |  | 6283 |
| OTC interest rate swaps |  |  | 27097 |  |  |  |  |  |  |  |  |
| OTC volatility swaps |  |  | 4905 |  |  |  |  |  |  |  |  |
| Written options |  |  | 3971 |  | 8075 |  | 2596 |  |  | 1607 |  |
| **Total Liabilities** | $— | $61385 | $41832 | $43117 | $8075 | $49599 | $430223 | $55916 | $73859 | $117363 | $6283 |
| **Net OTC derivative** |  |  |  |  |  |  |  |  |  |  |  |
| **instruments by** |  |  |  |  |  |  |  |  |  |  |  |
| **counterparty, at fair value** | $12980 | $134050 | $(41832) | $(43037) | $21562 | $(39404) | $(381822) | $(47511) | $(53958) | $(68961) | $60310 |
| **Total collateral pledged by** |  |  |  |  |  |  |  |  |  |  |  |
| **the Fund/(Received from** |  |  |  |  |  |  |  |  |  |  |  |
| **counterparty)** | $— | $(90000) | $— | $— | $— | $39404 | $381822 | $— | $— | $— | $— |
| **Net Exposure<sup>(1)(2)</sup>** | $12980 | $44050 | $(41832) | $(43037) | $21562 | $— | $— | $(47511) | $(53958) | $(68961) | $60310 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Royal Bank of**<br>**Canada** | **State Street**<br>**Bank and**<br>**Trust Co.** | **Toronto-**<br>**Dominion**<br>**Bank** |<br>**UBS AG** |<br>**Wells Fargo**<br>**Bank N.A.** |<br>**Total** |
| **Assets:** |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $4072 |
| Forward foreign currency contracts |  |  |  | 3137 | 1048 | 93395 |
| Forward premium swaptions |  |  | 7539 |  |  | 235950 |
| OTC total return swaps |  |  |  |  |  | 61026 |
| OTC volatility swaps |  |  |  |  |  | 57310 |
| **Total Assets** | $— | $— | $7539 | $3137 | $1048 | $451753 |
| **Liabilities:** |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $455961 | $— | $42770 | $20187 | $1215465 |
| Forward premium swaptions |  |  | 4796 |  |  | 147650 |
| OTC interest rate swaps |  |  |  |  |  | 27097 |
| OTC volatility swaps |  |  |  |  |  | 4905 |
| Written options | 3305 |  |  |  |  | 19554 |
| **Total Liabilities** | $3305 | $455961 | $4796 | $42770 | $20187 | $1414671 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(3305) | $(455961) | $2743 | $(39633) | $(19139) | $(962918) |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $— | $— | $— | $— | $331226 |
| **Net Exposure<sup>(1)(2)</sup>** | $(3305) | $(455961) | $2743 | $(39633) | $(19139) | $(631692) |

---

See Accompanying Notes to Financial Statements

<u>Voya Global Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

<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 October 31, 2025, the Fund had pledged $270,000, $50,000, $440,000 and $1,420,000 in cash collateral to Bank of Montreal, Deutsche Bank AG, Goldman Sachs International and Standard Chartered Bank, respectively. In addition, the Fund had received $90,000 and $50,000 in cash collateral from Barclays Bank PLC and Morgan Stanley Capital Services LLC, respectively. Excess cash collateral is not shown for financial reporting purposes.

At October 31, 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 $139,292,425. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $6180296 |
| Gross Unrealized Depreciation | (11726764) |
| Net Unrealized Depreciation | $(5546468) |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Fund PORTFOLIO OF INVESTMENTS <br> As of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **<br> COMMON STOCK: 97.5%** | **<br> COMMON STOCK: 97.5%** |  |  |
|  | **Australia: 1.3%** |  |  |
| 6562 | ASX Ltd. | $242117 | 0.1 |
| 268534 | Medibank Pvt Ltd. | 857024 | 0.3 |
| 169684 | Scentre Group | 452011 | 0.2 |
| 480250 | Telstra Group Ltd. | 1534322 | 0.6 |
| 28195 | Transurban Group | 266773 | 0.1 |
|  |  | **3352247** | **1.3** |
|  | **Austria: 0.2%** |  |  |
| 8133 | OMV AG | **445249** | **0.2** |
|  | **Canada: 4.5%** |  |  |
| 5476 <sup>(1)</sup> | Bank of Montreal | 680249 | 0.3 |
| 31058 | Bank of Nova Scotia | 2037022 | 0.8 |
| 14702 | Canadian Natural Resources Ltd. | 470342 | 0.2 |
| 8124 <sup>(1)</sup> | Canadian Tire Corp. Ltd. - Class A | 931693 | 0.3 |
| 13201 | CCL Industries, Inc. - Class B | 736406 | 0.3 |
| 39950 | Keyera Corp. | 1179516 | 0.4 |
| 3937 | Stantec, Inc. | 435988 | 0.2 |
| 33913 | Suncor Energy, Inc. | 1350427 | 0.5 |
| 4677 | Thomson Reuters Corp. | 716414 | 0.3 |
| 16948 | TMX Group Ltd. | 625090 | 0.2 |
| 30280 | Toronto-Dominion Bank | 2486218 | 0.9 |
| 1327 | WSP Global, Inc. | 253696 | 0.1 |
|  |  | **11903061** | **4.5** |
|  | **Denmark: 0.7%** |  |  |
| 41367 | Danske Bank A/S | **1848825** | **0.7** |
|  | **France: 3.7%** |  |  |
| 36548 | AXA SA | 1585752 | 0.6 |
| 18234 | BNP Paribas SA | 1412363 | 0.5 |
| 29312 | Carrefour SA | 441465 | 0.2 |
| 5974 | Eiffage SA | 735096 | 0.3 |
| 53869 | Engie SA | 1261227 | 0.5 |
| 22294 | Getlink SE | 406936 | 0.1 |
| 2394 | Ipsen SA | 336430 | 0.1 |
| 107919 | Orange SA | 1726305 | 0.7 |
| 2618 | Safran SA | 930220 | 0.3 |
| 7845 | Societe Generale SA | 497533 | 0.2 |
| 7963 | TotalEnergies SE | 497168 | 0.2 |
|  |  | **9830495** | **3.7** |
|  | **Germany: 1.3%** |  |  |
| 39513 | Deutsche Telekom AG, Reg | 1223917 | 0.5 |
| 19208 | Fresenius SE & Co. KGaA | 1105281 | 0.4 |
| 8434 <sup>(2)</sup> | Scout24 SE | 975356 | 0.4 |
|  |  | **3304554** | **1.3** |
|  | **Hong Kong: 1.0%** |  |  |
| 435000 | HKT Trust & HKT Ltd. - Stapled Security | 635175 | 0.2 |
| 101300 | Link REIT | 527531 | 0.2 |
| 112500 <sup>(1)</sup> | Power Assets Holdings Ltd. | 714684 | 0.3 |
| 45000 | Swire Pacific Ltd. - Class A | 371670 | 0.1 |
| 511000 <sup>(2)</sup> | WH Group Ltd. | 491540 | 0.2 |
|  |  | **2740600** | **1.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Ireland: 0.2%** |  |  |
| 57402 <sup>(3)</sup> | AIB Group PLC | $**529033** | **0.2** |
|  | **Israel: 0.3%** |  |  |
| 41509 | Bank Leumi Le-Israel BM | **842466** | **0.3** |
|  | **Italy: 1.4%** |  |  |
| 315782 | Intesa Sanpaolo SpA | 2035315 | 0.8 |
| 23390 | UniCredit SpA | 1731944 | 0.6 |
|  |  | **3767259** | **1.4** |
|  | **Japan: 4.4%** |  |  |
| 80900 | Asahi Kasei Corp. | 619866 | 0.3 |
| 23800 | Astellas Pharma, Inc. | 249129 | 0.1 |
| 56700 | Central Japan Railway Co. | 1388114 | 0.5 |
| 73100 | Dai-ichi Life Holdings, Inc. | 513089 | 0.2 |
| 37900 | Daito Trust Construction Co. Ltd. | 708581 | 0.3 |
| 33700 | Daiwa House Industry Co. Ltd. | 1143375 | 0.5 |
| 76700 <sup>(1)</sup> | Japan Airlines Co. Ltd. | 1381781 | 0.5 |
| 99200 | Kirin Holdings Co. Ltd. | 1395022 | 0.5 |
| 155200 | Mitsubishi Chemical Group Corp. | 810700 | 0.3 |
| 17100 | MS&AD Insurance Group Holdings, Inc. | 352507 | 0.1 |
| 12700 | Nitto Denko Corp. | 316292 | 0.1 |
| 40400 | Secom Co. Ltd. | 1365714 | 0.5 |
| 12100 | Takeda Pharmaceutical Co. Ltd. | 326549 | 0.1 |
| 319900 | Z Holdings Corp. | 940032 | 0.4 |
|  |  | **11510751** | **4.4** |
|  | **Netherlands: 1.2%** |  |  |
| 331988 | Koninklijke KPN NV | 1536255 | 0.6 |
| 24345 | NN Group NV | 1666039 | 0.6 |
|  |  | **3202294** | **1.2** |
|  | **New Zealand: 0.1%** |  |  |
| 13368 | Fisher & Paykel |  |  |
|  | Healthcare Corp. Ltd. | **283809** | **0.1** |
|  | **Norway: 0.8%** |  |  |
| 65067 | DNB Bank ASA | 1660863 | 0.7 |
| 30458 | Orkla ASA | 309341 | 0.1 |
|  |  | **1970204** | **0.8** |
|  | **Puerto Rico: 0.5%** |  |  |
| 11411 | Popular, Inc. | **1271984** | **0.5** |
|  | **Singapore: 0.5%** |  |  |
| 8900 | DBS Group Holdings Ltd. | 368482 | 0.2 |
| 63900 | Singapore Exchange Ltd. | 829138 | 0.3 |
|  |  | **1197620** | **0.5** |
|  | **Spain: 1.2%** |  |  |
| 47186 <sup>(2)</sup> | Aena SME SA | 1281622 | 0.5 |
| 4970 | Amadeus IT Group SA | 379909 | 0.1 |
| 83454 | Repsol SA | 1531320 | 0.6 |
|  |  | **3192851** | **1.2** |
|  | **Sweden: 0.4%** |  |  |
| 12707 | Swedbank AB - Class A | 385795 | 0.1 |
| 48651 | Telefonaktiebolaget LM |  |  |
|  | Ericsson - Class B | 493606 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Fund PORTFOLIO OF INVESTMENTS <br> As of October 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Sweden (continued)** |  |  |
| 69968 <sup>(1)</sup> | Telia Co. AB | $275441 | 0.1 |
|  |  | **1154842** | **0.4** |
|  | **Switzerland: 0.4%** |  |  |
| 4404 | ABB Ltd., Reg | 327426 | 0.1 |
| 7249 | SGS SA | 817469 | 0.3 |
|  |  | **1144895** | **0.4** |
|  | **United Kingdom: 5.2%** |  |  |
| 35027 <sup>(2)</sup> | Auto Trader Group PLC | 359345 | 0.1 |
| 54729 | BAE Systems PLC | 1348164 | 0.5 |
| 73385 | Barclays PLC | 393609 | 0.2 |
| 46582 | British American Tobacco PLC | 2385719 | 0.9 |
| 159500 | CK Hutchison Holdings Ltd. | 1057720 | 0.4 |
| 29433 | Hikma Pharmaceuticals PLC | 711969 | 0.3 |
| 34512 | Imperial Brands PLC | 1371309 | 0.5 |
| 148173 | NatWest Group PLC | 1140710 | 0.4 |
| 72211 | Pearson PLC | 1005033 | 0.4 |
| 67283 | Rolls-Royce Holdings PLC | 1035404 | 0.4 |
| 93018 | Sage Group PLC | 1406000 | 0.5 |
| 30794 | Smith & Nephew PLC | 568642 | 0.2 |
| 28154 | Smiths Group PLC | 932292 | 0.4 |
|  |  | **13715916** | **5.2** |
|  | **United States: 68.2%** |  |  |
| 19223 | AbbVie, Inc. | 4191383 | 1.6 |
| 138375 | ADT, Inc. | 1223235 | 0.5 |
| 8203 | AECOM | 1102073 | 0.4 |
| 62029 | Aegon Ltd. | 472704 | 0.2 |
| 3673 | Agree Realty Corp. | 268166 | 0.1 |
| 8789 | Allstate Corp. | 1683269 | 0.6 |
| 5568 | Alphabet, Inc. - Class A | 1565666 | 0.6 |
| 35604 | Altria Group, Inc. | 2007354 | 0.8 |
| 98081 | Amcor PLC | 774840 | 0.3 |
| 1762 | Ameriprise Financial, Inc. | 797781 | 0.3 |
| 6053 | AmerisourceBergen Corp. | 2044764 | 0.8 |
| 6899 | AMETEK, Inc. | 1394357 | 0.5 |
| 10932 | AptarGroup, Inc. | 1268221 | 0.5 |
| 6483 | Assurant, Inc. | 1372581 | 0.5 |
| 13904 | AT&T, Inc. | 344124 | 0.1 |
| 6402 | Automatic Data Processing, Inc. | 1666441 | 0.6 |
| 21884 | Avnet, Inc. | 1060280 | 0.4 |
| 15169 | Axis Capital Holdings Ltd. | 1420729 | 0.5 |
| 13069 | Bank of New York Mellon Corp. | 1410537 | 0.5 |
| 15501 | Black Hills Corp. | 983228 | 0.4 |
| 179 | Booking Holdings, Inc. | 908915 | 0.3 |
| 46286 | Bristol-Myers Squibb Co. | 2132396 | 0.8 |
| 45452 | Brixmor Property Group, Inc. | 1189024 | 0.5 |
| 6451 | Broadridge Financial Solutions, Inc. | 1421800 | 0.5 |
| 10994 | Cardinal Health, Inc. | 2097325 | 0.8 |
| 7720 | Cboe Global Markets, Inc. | 1896341 | 0.7 |
| 12144 | Charles Schwab Corp. | 1147851 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 5552 | Chesapeake Energy Corp. | $573577 | 0.2 |
| 5862 | Church & Dwight Co., Inc. | 514039 | 0.2 |
| 6833 | Cigna Group | 1670054 | 0.6 |
| 7195 | Cintas Corp. | 1318628 | 0.5 |
| 52039 | Cisco Systems, Inc. | 3804571 | 1.4 |
| 19444 | Citigroup, Inc. | 1968316 | 0.7 |
| 8014 | CME Group, Inc. | 2127637 | 0.8 |
| 21137 | CNA Financial Corp. | 941653 | 0.4 |
| 17250 | Coca-Cola Co. | 1188525 | 0.5 |
| 14133 | Cognizant Technology Solutions Corp. - Class A | 1030013 | 0.4 |
| 21487 | Colgate-Palmolive Co. | 1655573 | 0.6 |
| 8299 | Comcast Corp. - Class A | 231003 | 0.1 |
| 24608 | Commerce Bancshares, Inc. | 1295119 | 0.5 |
| 17942 | COPT Defense Properties | 505426 | 0.2 |
| 5248 | Corteva, Inc. | 322437 | 0.1 |
| 31749 | Coterra Energy, Inc. | 751181 | 0.3 |
| 4238 | Digital Realty Trust, Inc. | 722198 | 0.3 |
| 14642 | DT Midstream, Inc. | 1603153 | 0.6 |
| 17031 | Duke Energy Corp. | 2116953 | 0.8 |
| 3920 | DuPont de Nemours, Inc. | 320068 | 0.1 |
| 2892 | Ecolab, Inc. | 741509 | 0.3 |
| 20656 | Edison International | 1143929 | 0.4 |
| 10307 | Element Solutions, Inc. | 275403 | 0.1 |
| 2724 | Elevance Health, Inc. | 864053 | 0.3 |
| 3834 | Emerson Electric Co. | 535111 | 0.2 |
| 15253 | Entergy Corp. | 1465661 | 0.6 |
| 11552 | EOG Resources, Inc. | 1222664 | 0.5 |
| 16398 | Equitable Holdings, Inc. | 810061 | 0.3 |
| 22200 | Essent Group Ltd. | 1344654 | 0.5 |
| 12082 | Evergy, Inc. | 928018 | 0.4 |
| 37884 | Exelon Corp. | 1747210 | 0.7 |
| 10180 | Fortive Corp. | 512461 | 0.2 |
| 17203 | Fox Corp. - Class A | 1112174 | 0.4 |
| 32065 | Gaming and Leisure Properties, Inc. | 1432023 | 0.5 |
| 1579 | General Dynamics Corp. | 544597 | 0.2 |
| 4974 | General Motors Co. | 343654 | 0.1 |
| 31965 | Genpact Ltd. | 1219465 | 0.5 |
| 15673 | Gilead Sciences, Inc. | 1877469 | 0.7 |
| 8760 | Globe Life, Inc. | 1152028 | 0.4 |
| 27903 | H&R Block, Inc. | 1387895 | 0.5 |
| 11955 | Hancock Whitney Corp. | 682750 | 0.3 |
| 8226 | Hanover Insurance Group, Inc. | 1405659 | 0.5 |
| 14402 | Hartford Financial Services Group, Inc. | 1788440 | 0.7 |
| 4747 | Hexcel Corp. | 338936 | 0.1 |
| 1032 | Humana, Inc. | 287092 | 0.1 |
| 9328 | Ingredion, Inc. | 1076544 | 0.4 |
| 13616 | Interactive Brokers Group, Inc. - Class A | 958022 | 0.4 |
| 2065 | Intuit, Inc. | 1378491 | 0.5 |
| 9950 | Jack Henry & Associates, Inc. | 1481953 | 0.6 |
| 24902 | Johnson & Johnson | 4703241 | 1.8 |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Fund PORTFOLIO OF INVESTMENTS <br> As of October 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United States (continued)** | **United States (continued)** |  |
| 2424 | Johnson Controls International PLC | $277281 | 0.1 |
| 2540 | JPMorgan Chase & Co. | 790245 | 0.3 |
| 9903 | Keurig Dr Pepper, Inc. | 268965 | 0.1 |
| 12176 | Kimberly-Clark Corp. | 1457589 | 0.6 |
| 66445 | Kinder Morgan, Inc. | 1740195 | 0.7 |
| 2230 | Leidos Holdings, Inc. | 424748 | 0.2 |
| 18246 | Loews Corp. | 1816572 | 0.7 |
| 9535 | Marsh & McLennan Cos., Inc. | 1698660 | 0.6 |
| 1950 | McKesson Corp. | 1582113 | 0.6 |
| 24426 | Medtronic PLC | 2215438 | 0.8 |
| 23950 | Merck & Co., Inc. | 2059221 | 0.8 |
| 8149 | Meta Platforms, Inc. - Class A | 5283404 | 2.0 |
| 18664 | MetLife, Inc. | 1489760 | 0.6 |
| 12611 | MGIC Investment Corp. | 345794 | 0.1 |
| 3029 | Microsoft Corp. | 1568446 | 0.6 |
| 3320 | Motorola Solutions, Inc. | 1350277 | 0.5 |
| 16098 | National Fuel Gas Co. | 1270293 | 0.5 |
| 33474 | National Retail Properties, Inc. | 1354358 | 0.5 |
| 12548 | NetApp, Inc. | 1477903 | 0.6 |
| 16185 | New York Times Co. - Class A | 922383 | 0.4 |
| 38897 | NiSource, Inc. | 1637953 | 0.6 |
| 1471 | NVIDIA Corp. | 297863 | 0.1 |
| 31739 | OGE Energy Corp. | 1400959 | 0.5 |
| 36946 | Old Republic International Corp. | 1457889 | 0.6 |
| 18734 | ONEOK, Inc. | 1255178 | 0.5 |
| 6571 | Paycom Software, Inc. | 1229368 | 0.5 |
| 20491 | PepsiCo, Inc. | 2993530 | 1.1 |
| 100432 | Pfizer, Inc. | 2475649 | 0.9 |
| 17815 | PG&E Corp. | 284327 | 0.1 |
| 7301 | Philip Morris International,Inc. | 1053753 | 0.4 |
| 25274 | Procter & Gamble Co. | 3800451 | 1.4 |
| 4795 | Prosperity Bancshares, Inc. | 315607 | 0.1 |
| 7070 | Qualcomm, Inc. | 1278963 | 0.5 |
| 910 | Ralph Lauren Corp. | 290891 | 0.1 |
| 18279 | Raytheon Technologies Corp. | 3262802 | 1.2 |
| 6113 | Regency Centers Corp. | 421491 | 0.2 |
| 6959 | Republic Services, Inc. | 1449142 | 0.6 |
| 79013 | Rithm Capital Corp. | 866773 | 0.3 |
| 5307 | Roche Holding AG | 1719046 | 0.7 |
| 15417 | Rollins, Inc. | 888173 | 0.3 |
| 5006 | Ross Stores, Inc. | 795554 | 0.3 |
| 2564 | Royal Gold, Inc. | 448162 | 0.2 |
| 2195 | RPM International, Inc. | 239870 | 0.1 |
| 41325 | Sabra Health Care REIT, Inc. | 736412 | 0.3 |
| 6998 | Simon Property Group, Inc. | 1229968 | 0.5 |
| 13951 | SLM Corp. | 374584 | 0.1 |
| 771 | Snap-on, Inc. | 258709 | 0.1 |
| 19780 | SS&C Technologies Holdings, Inc. | 1679718 | 0.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Shares** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
| 16376 | Synchrony Financial | $| 1218047 | 0.5 |
| 3161 | Textron, Inc. |  | 255440 | 0.1 |
| 10932 | TJX Cos., Inc. |  | 1532010 | 0.6 |
| 10613 | Tradeweb Markets, Inc. - Class A |  | 1118504 | 0.4 |
| 23656 | Travel + Leisure Co. |  | 1485124 | 0.6 |
| 7927 | Union Pacific Corp. |  | 1746873 | 0.7 |
| 18817 | Unum Group |  | 1381544 | 0.5 |
| 28392 | US Bancorp |  | 1325339 | 0.5 |
| 5387 | VeriSign, Inc. |  | 1291803 | 0.5 |
| 63165 | Verizon Communications,Inc. |  | 2510177 | 1 |
| 4366 | Visa, Inc. - Class A |  | 1487671 | 0.6 |
| 5506 | Waste Management, Inc. |  | 1099934 | 0.4 |
| 1442 | Watts Water |  |  |  |
|  | Technologies, Inc. - Class A |  | 393089 | 0.2 |
| 32357 | Williams Cos., Inc. |  | 1872500 | 0.7 |
|  |  |  | **179521161** | **68.2** |
|  | Total Common Stock |  |  |  |
|  | (Cost $216,676,829) |  | **256730116** | **97.5** |
| **EXCHANGE-TRADED FUNDS: 1.9%** | **EXCHANGE-TRADED FUNDS: 1.9%** |  |  |  |
| 21562 | iShares MSCI EAFE Value ETF |  | 1475703 | 0.5 |
| 17676 | iShares Russell 1000 Value ETF |  | 3615980 | 1.4 |
|  |  |  | **5091683** | **1.9** |
|  | Total Exchange-Traded Funds |  |  |  |
|  | (Cost $5,098,120) |  | **5091683** | **1.9** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $221,774,949) |  | **261821799** | **99.4** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** |  |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.3%** | **SHORT-TERM INVESTMENTS: 0.3%** |  |  |  |
|  | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** | **Repurchase Agreements: 0.1%** |  |
| 116000 <sup>(4)</sup> | Citadel Securities LLC, Repurchase Agreement dated 10/31/2025, 4.260%, due 11/03/2025 (Repurchase Amount $116,041, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $118,362, due 11/04/25-08/15/55) |  | 116000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya Global High Dividend Low Volatility Fund PORTFOLIO OF INVESTMENTS <br> As of October 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 8005 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 10/31/2025, 4.140%, due 11/03/2025 (Repurchase Amount $8,008, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $8,165, due 07/15/30-02/15/51) | $8005 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $124,005) | **124005** | **0.1** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 0.2%** |  |  |
| 563000 <sup>(5)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.010% |  |  |
|  | (Cost $563,000) | $**563000** | **0.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $687,005) | **687005** | **0.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $222,461,954)** | $**262508804** | **99.7** |
|  | **Assets in Excess of Other Liabilities** | **676716** | **0.3** |
|  | **Net Assets** | $**263185520** | **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> | 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> | Non-income producing security. |
| <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 October 31, 2025. |

---

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Financials | 25.8% |
| Industrials | 14.5 |
| Health Care | 12.7 |
| Consumer Staples | 8.5 |
| Communication Services | 8.0 |
| Information Technology | 6.2 |
| Utilities | 5.7 |
| Energy | 5.5 |
| Real Estate | 4.1 |
| Consumer Discretionary | 3.9 |
| Materials | 2.6 |
| Exchange-Traded Funds | 1.9 |
| Short-Term Investments | 0.3 |
| Assets in Excess of Other Liabilities | 0.3 |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Global High Dividend Low Volatility Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of October 31, 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>**October 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $3352247 | $— | $3352247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 445249 |  | 445249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 11903061 |  |  | 11903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 1848825 |  | 1848825 |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 9830495 |  | 9830495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 3304554 |  | 3304554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 2740600 |  | 2740600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 529033 |  | 529033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 842466 |  | 842466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 3767259 |  | 3767259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 11510751 |  | 11510751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 3202294 |  | 3202294 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand | 283809 |  |  | 283809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 1970204 |  | 1970204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico | 1271984 |  |  | 1271984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 1197620 |  | 1197620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 3192851 |  | 3192851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1154842 |  | 1154842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1144895 |  | 1144895 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 13715916 |  | 13715916 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 177329411 | 2191750 |  | 179521161 |
| Total Common Stock | 190788265 | 65941851 |  | 256730116 |
| Exchange-Traded Funds | 5091683 |  |  | 5091683 |
| Short-Term Investments | 563000 | 124005 |  | 687005 |
| Total Investments, at fair value | $196442948 | $66065856 | $— | $262508804 |

---

---

| | |
|:---|:---|
| ^ | See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information. |
| # | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund's investments are categorized as Level 2 investments. |

---

At October 31, 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 $223,018,432. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $45745587 |
| Gross Unrealized Depreciation | (6256411) |
| Net Unrealized Appreciation | $39489176 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 </u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 97.3%** | **COMMON STOCK: 97.3%** |  |  |
|  | **Australia: 6.1%** |  |  |
| 93866 <sup>(1)</sup> | 29Metals Ltd. | $29139 | 0.0 |
| 64110 <sup>(1)</sup> | Alkane Resources Ltd. | 42051 | 0.0 |
| 832061 | AMP Ltd. | 970767 | 0.2 |
| 103998 | Australian Clinical Labs Ltd. | 176685 | 0.0 |
| 25775 | Australian Ethical Investment Ltd. | 117825 | 0.0 |
| 14383 | Autosports Group Ltd. | 38756 | 0.0 |
| 50207 | Bank of Queensland Ltd. | 225274 | 0.1 |
| 147087 | Beach Energy Ltd. | 119514 | 0.0 |
| 27873 <sup>(1)</sup> | Beacon Minerals Ltd. | 45663 | 0.0 |
| 93946 | Bendigo & Adelaide Bank Ltd. | 777119 | 0.2 |
| 91920 | Bravura Solutions Ltd. | 173005 | 0.0 |
| 86369 <sup>(1)</sup> | Capricorn Metals Ltd. | 727241 | 0.2 |
| 1070 | Cedar Woods Properties Ltd. | 6322 | 0.0 |
| 75353 | Charter Hall Group | 1106689 | 0.3 |
| 17080 | Clinuvel Pharmaceuticals Ltd. | 128366 | 0.0 |
| 10833 | Codan Ltd. | 256536 | 0.1 |
| 522961 <sup>(2)</sup> | Coronado Global Resources, Inc. | 124519 | 0.0 |
| 14127 | Cuscal Ltd. | 38499 | 0.0 |
| 6962 <sup>(1)(3)</sup> | DGL Group Ltd./Au | 2437 | 0.0 |
| 125993 | Downer EDI Ltd. | 636394 | 0.2 |
| 7635 | Eagers Automotive Ltd. | 170150 | 0.0 |
| 133061 <sup>(1)</sup> | Emeco Holdings Ltd. | 104371 | 0.0 |
| 88398 <sup>(1)</sup> | Genesis Minerals Ltd. | 336319 | 0.1 |
| 16365 | GR Engineering Services Ltd. | 39190 | 0.0 |
| 11910 | GrainCorp Ltd. - Class A | 68888 | 0.0 |
| 32679 | Helia Group Ltd. | 115258 | 0.0 |
| 22825 | Helloworld Travel Ltd. | 28356 | 0.0 |
| 48421 | HMC Capital Ltd. | 98003 | 0.0 |
| 156949 | Horizon Oil Ltd. | 21052 | 0.0 |
| 1549 <sup>(1)</sup> | IREN Ltd. | 94102 | 0.0 |
| 17561 | JB Hi-Fi Ltd. | 1201285 | 0.3 |
| 2942 | Jumbo Interactive Ltd. | 22577 | 0.0 |
| 111537 | Lindsay Australia Ltd. | 44114 | 0.0 |
| 352652 | Macmahon Holdings Ltd. | 108448 | 0.0 |
| 149452 | Magellan Financial Group Ltd. | 939363 | 0.2 |
| 82435 <sup>(1)</sup> | Metals X Ltd. | 45483 | 0.0 |
| 10681 | MotorCycle Holdings Ltd. | 26347 | 0.0 |
| 84053 <sup>(1)</sup> | Nanosonics Ltd. | 251721 | 0.1 |
| 142080 | New Hope Corp. Ltd. | 385604 | 0.1 |
| 28563 | NRW Holdings Ltd. | 90500 | 0.0 |
| 1805 | Objective Corp. Ltd. | 21793 | 0.0 |
| 143279 | OceanaGold Corp. | 3204636 | 0.7 |
| 18504 <sup>(1)</sup> | OFX Group Ltd. | 7459 | 0.0 |
| 89344 | Orica Ltd. | 1299093 | 0.3 |
| 101683 <sup>(1)</sup> | Paladin Energy Ltd. | 637879 | 0.2 |
| 63070 | Perenti Ltd. | 111707 | 0.0 |
| 399504 | Perseus Mining Ltd. | 1268015 | 0.3 |
| 824869 | Ramelius Resources Ltd. | 1784516 | 0.4 |
| 19471 | Regis Healthcare Ltd. | 94371 | 0.0 |
| 365148 | Regis Resources Ltd. | 1532894 | 0.4 |
| 359555 <sup>(1)</sup> | Resolute Mining Ltd. | 223787 | 0.1 |
| 116503 <sup>(1)</sup> | Sandfire Resources Ltd. | 1233944 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Australia (continued)** |  |  |
| 456563 <sup>(1)</sup> | Silver Mines Ltd. | $50662 | 0.0 |
| 12107 | SKS Technologies Group Ltd. | 30078 | 0.0 |
| 49267 | SRG Global Ltd. | 88591 | 0.0 |
| 236249 | Tabcorp Holdings Ltd. | 164167 | 0.0 |
| 28015 | Technology One Ltd. | 674715 | 0.2 |
| 19105 <sup>(1)</sup> | Temple & Webster Group Ltd. | 296925 | 0.1 |
| 389895 <sup>(1)</sup> | Vault Minerals Ltd. | 185362 | 0.1 |
| 319204 | Ventia Services Group Pty Ltd. | 1195599 | 0.3 |
| 197379 <sup>(1)</sup> | Virgin Australia Holdings Ltd. | 427471 | 0.1 |
| 226881 <sup>(1)(3)</sup> | West African Resources Ltd. | 451283 | 0.1 |
| 143463 | Whitehaven Coal Ltd. | 674292 | 0.2 |
| 3704 <sup>(1)</sup> | Zimplats Holdings Ltd. | 44860 | 0.0 |
| 344055 <sup>(1)</sup> | Zip Co. Ltd. | 864548 | 0.2 |
|  |  | **26502579** | **6.1** |
|  | **Austria: 0.4%** |  |  |
| 32472 <sup>(1)</sup> | ams-OSRAM AG | 449331 | 0.1 |
| 2759 | DO & Co. AG | 658147 | 0.2 |
| 1253 | Mayr Melnhof Karton AG | 114177 | 0.0 |
| 1609 | Palfinger AG | 60275 | 0.0 |
| 7838 | Porr AG | 248757 | 0.1 |
|  |  | **1530687** | **0.4** |
|  | **Belgium: 0.5%** |  |  |
| 533 | Cie d'Entreprises CFE | 5505 | 0.0 |
| 15574 | Colruyt Group N.V | 581624 | 0.1 |
| 1936 | Deceuninck NV | 4608 | 0.0 |
| 4934 <sup>(1)</sup> | Materialise NV, ADR | 31578 | 0.0 |
| 89310 | Umicore SA | 1700684 | 0.4 |
| 489 | Wereldhave Belgium Comm VA | 29873 | 0.0 |
|  |  | **2353872** | **0.5** |
|  | **Brazil: 0.1%** |  |  |
| 159200 | C&A MODAS SA | 479380 | 0.1 |
| 32587 | Guararapes Confeccoes S.A. | 60753 | 0.0 |
| 33264 | Karoon Energy Ltd. | 35010 | 0.0 |
|  |  | **575143** | **0.1** |
|  | **Canada: 9.2%** |  |  |
| 24700 | Aecon Group, Inc. | 544525 | 0.1 |
| 4300 | AGF Management Ltd. - Class B | 42861 | 0.0 |
| 161738 | Algonquin Power & Utilities Corp. | 902933 | 0.2 |
| 8900 | Altus Group Ltd./Canada | 365633 | 0.1 |
| 45700 | Amerigo Resources Ltd. | 99706 | 0.0 |
| 27206 <sup>(1)</sup> | Aritzia, Inc. | 1900376 | 0.4 |
| 2400 <sup>(1)</sup> | AutoCanada, Inc. | 43275 | 0.0 |
| 35487 | Bird Construction, Inc. | 762089 | 0.2 |
| 16900 | Black Diamond Group Ltd. | 180140 | 0.0 |
| 18578 | Boardwalk Real Estate Investment Trust | 856611 | 0.2 |
| 27475 | Boralex, Inc. - Class A | 551635 | 0.1 |
| 27557 | Canaccord Genuity Group, Inc. | 231058 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Canada (continued)** |  |  |
| 23119 <sup>(1)</sup> | Canada Goose Holdings, Inc. | $322048 | 0.1 |
| 3380 <sup>(1)</sup> | Canada Packers, Inc. | 40318 | 0.0 |
| 10027 <sup>(1)</sup> | Celestica, Inc. | 3452096 | 0.8 |
| 25939 | Centerra Gold, Inc. | 303859 | 0.1 |
| 55978 | CES Energy Solutions Corp. | 383550 | 0.1 |
| 4742 | Chorus Aviation, Inc. | 78337 | 0.0 |
| 5337 | Colliers International Group, Inc. | 851412 | 0.2 |
| 5500 <sup>(1)</sup> | Coveo Solutions, Inc. | 23529 | 0.0 |
| 2900 <sup>(1)</sup> | D2L, Inc. | 35957 | 0.0 |
| 129090 | DPM Metals, Inc. | 2761185 | 0.6 |
| 7016 | DREAM Unlimited Corp. - Class A | 92993 | 0.0 |
| 108829 | Enerflex Ltd. | 1369528 | 0.3 |
| 24154 | Enghouse Systems Ltd. | 358379 | 0.1 |
| 15600 <sup>(1)</sup> | Ensign Energy Services, Inc. | 28585 | 0.0 |
| 3700 | Evertz Technologies Ltd. | 33820 | 0.0 |
| 10508 | Exco Technologies Ltd. | 48998 | 0.0 |
| 25208 | Extendicare, Inc. | 288646 | 0.1 |
| 65606 | Finning International, Inc. | 3547977 | 0.8 |
| 105900 <sup>(1)</sup> | Fortuna Mining Corp. | 875107 | 0.2 |
| 13020 | Gildan Activewear, Inc. | 759264 | 0.2 |
| 17400 <sup>(1)</sup> | Groupe Dynamite, Inc. | 844971 | 0.2 |
| 151971 | Headwater Exploration, Inc. | 801815 | 0.2 |
| 3614 <sup>(1)</sup> | High Arctic Energy Services, Inc. | 2087 | 0.0 |
| 2100 | High Liner Foods, Inc. | 25394 | 0.0 |
| 105700 | Hudbay Minerals, Inc. | 1694154 | 0.4 |
| 1852 | Information Services Corp. | 49002 | 0.0 |
| 5200 <sup>(1)</sup> | K92 Mining, Inc. | 69145 | 0.0 |
| 43000 | Killam Apartment Real Estate Investment Trust | 531311 | 0.1 |
| 6741 <sup>(1)</sup> | Kinaxis, Inc. | 816293 | 0.2 |
| 200 | Lassonde Industries, Inc. - Class A | 31139 | 0.0 |
| 1600 | Leon's Furniture Ltd. | 33322 | 0.0 |
| 12413 | Lundin Gold, Inc. | 843877 | 0.2 |
| 16900 | Maple Leaf Foods, Inc. | 324854 | 0.1 |
| 19475 | Martinrea International, Inc. | 140520 | 0.0 |
| 2200 | Melcor Developments Ltd. | 23136 | 0.0 |
| 28324 | Methanex Corp. | 1114744 | 0.3 |
| 1400 | Morguard Corp. | 116119 | 0.0 |
| 8800 | Neo Performance Materials, Inc. | 121345 | 0.0 |
| 70070 <sup>(1)</sup> | NuVista Energy Ltd. | 833316 | 0.2 |
| 25158 | Paramount Resources Ltd. - Class A | 412559 | 0.1 |
| 29900 | Parex Resources, Inc. | 382451 | 0.1 |
| 25315 | Pason Systems, Inc. | 215689 | 0.1 |
| 23900 | PHX Energy Services Corp. | 129848 | 0.0 |
| 2200 | Pollard Banknote Ltd. | 31779 | 0.0 |
| 3100 <sup>(1)</sup> | Precision Drilling Corp. | 185971 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Canada (continued)** |  |  |
| 9200 | Primaris Real Estate Investment Trust | $100885 | 0.0 |
| 63100 | Quebecor, Inc. - Class B | 2012829 | 0.5 |
| 26034 | Russel Metals, Inc. | 805772 | 0.2 |
| 2900 <sup>(1)</sup> | Source Energy Services Ltd. | 25453 | 0.0 |
| 1300 | Sprott, Inc. | 106740 | 0.0 |
| 31900 | StorageVault Canada, Inc. | 112584 | 0.0 |
| 88100 | Surge Energy, Inc. | 416458 | 0.1 |
| 2000 | TECSYS, Inc. | 50622 | 0.0 |
| 10900 <sup>(1)</sup> | Thinkific Labs, Inc. | 17486 | 0.0 |
| 38700 <sup>(1)</sup> | Torex Gold Resources, Inc. | 1598715 | 0.4 |
| 19400 | Total Energy Services, Inc. | 195030 | 0.1 |
| 17300 | Trican Well Service Ltd. | 64757 | 0.0 |
| 86825 | Vermilion Energy, Inc. | 649385 | 0.2 |
| 1100 | Wajax Corp. | 19505 | 0.0 |
| 205727 | Whitecap Resources, Inc. | 1531346 | 0.4 |
| 4400 | Winpak Ltd. | 134960 | 0.0 |
|  |  | **39753798** | **9.2** |
|  | **China: 1.7%** |  |  |
| 5740 | Acrobiosystems Co. Ltd. - Class A | 52273 | 0.0 |
| 33347 <sup>(1)</sup> | ATRenew, Inc., ADR | 129053 | 0.0 |
| 20481 <sup>(1)</sup> | Baozun, Inc., ADR | 67178 | 0.0 |
| 1250 | Beijing Chunlizhengda Medical Instruments Co. Ltd. - Class H | 3045 | 0.0 |
| 336100 | C&S Paper Co. Ltd. - Class A | 376573 | 0.1 |
| 102800 | Canny Elevator Co. Ltd. - Class A | 106066 | 0.0 |
| 449900 | Changjiang & Jinggong Steel Building Group Co. Ltd. - Class A | 269431 | 0.1 |
| 34000 | Chervon Holdings Ltd. | 88210 | 0.0 |
| 244000 | China Foods Ltd. | 130247 | 0.0 |
| 127600 <sup>(1)</sup> | China Leon Inspection Holding Ltd. | 47457 | 0.0 |
| 1752000 <sup>(1)(4)</sup> | China Ruyi Holdings Ltd. | 624543 | 0.2 |
| 106000 | CIMC Enric Holdings Ltd. | 102309 | 0.0 |
| 108000 | Edvantage Group Holdings Ltd. | 19472 | 0.0 |
| 111072 <sup>(1)</sup> | Ever Reach Group Holdings Co. Ltd. | 4503 | 0.0 |
| 20700 | Focus Technology Co.Ltd. - Class A | 137947 | 0.0 |
| 218000 | Fosun International Ltd. | 138286 | 0.0 |
| 691406 | Fountain SET Holdings Ltd. | 58725 | 0.0 |
| 144900 | Guangdong Vanward New Electric Co. Ltd. - Class A | 235343 | 0.1 |
| 71800 | Hangzhou Shunwang Technology Co. Ltd, - Class A | 222763 | 0.1 |
| 162000 | Harbin Electric Co. Ltd. - Class H | 266375 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 38913 | Hello Group, Inc., ADR | $264219 | 0.1 |
| 28276 <sup>(1)</sup> | Henan Jinma Energy Co. Ltd. - Class H | 5313 | 0.0 |
| 5318 <sup>(4)</sup> | JinkoSolar Holding Co. Ltd., ADR | 133535 | 0.0 |
| 293100 | Nanjing Kangni Mechanical & Electrical Co. Ltd. - Class A | 312876 | 0.1 |
| 113500 | NetDragon Websoft Holdings Ltd. | 177312 | 0.1 |
| 971000 | Nexteer Automotive Group Ltd. | 841713 | 0.2 |
| 80792 | Novogene Co. Ltd. - Class A | 166082 | 0.0 |
| 18600 | Opple Lighting Co. Ltd. - Class A | 45483 | 0.0 |
| 31758 | Pacific Online Ltd. | 1420 | 0.0 |
| 94851 <sup>(1)</sup> | Road King Infrastructure Ltd. | 8442 | 0.0 |
| 30600 | Silvercorp Metals, Inc. | 198538 | 0.1 |
| 321180 | Tang Palace China Holdings Ltd. | 8664 | 0.0 |
| 316000 <sup>(4)</sup> | Tiangong International Co. Ltd. | 119670 | 0.0 |
| 60623 <sup>(1)</sup> | Tongda Group Holdings Ltd. | 35965 | 0.0 |
| 140800 | Tongdao Liepin Group | 57686 | 0.0 |
| 239200 | Vatti Corp. Ltd. - Class A | 214889 | 0.1 |
| 9714 | Viomi Technology Co. Ltd., ADR | 30405 | 0.0 |
| 9050 | Waterdrop, Inc., ADR | 15928 | 0.0 |
| 136800 | Xiamen Jihong Technology Co. Ltd. - Class A | 358754 | 0.1 |
| 319000 <sup>(3)</sup> | Xiwang Special Steel Co. Ltd. |  |  |
| 273800 | Yixintang Pharmaceutical Group Co. Ltd. - Class A | 516161 | 0.1 |
| 6920 <sup>(1)</sup> | Youdao, Inc., ADR | 72591 | 0.0 |
| 119814 | Zengame Technology Holding Ltd. | 35831 | 0.0 |
| 354000 | Zhejiang Hailide New Material Co. Ltd. – Class A | 290806 | 0.1 |
| 150300 | Zhejiang Semir Garment Co. Ltd. - Class A | 114260 | 0.0 |
| 37520 <sup>(1)</sup> | Zhihu, Inc., ADR | 163212 | 0.0 |
|  |  | **7269554** | **1.7** |
|  | **Côte d'Ivoire: 0.5%** |  |  |
| 51355 | Endeavour Mining PLC | **2063685** | **0.5** |
|  | **Denmark: 2.7%** |  |  |
| 6560 <sup>(1)</sup> | ALK-Abello A/S | 216404 | 0.0 |
| 4210 <sup>(1)</sup> | Ascendis Pharma A/S, ADR | 848736 | 0.2 |
| 5760 | D/S Norden A/S | 230222 | 0.1 |
| 13086 | FLSmidth & Co. A/S | 1019134 | 0.2 |
| 35429 | ISS A/S | 1116684 | 0.3 |
| 21754 | Jyske Bank A/S, Reg | 2556906 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Denmark (continued)** |  |  |
| 156 | MT Hoejgaard Holding A/S | $10233 | 0.0 |
| 13180 <sup>(1)(2)</sup> | Netcompany Group A/S | 658580 | 0.2 |
| 8060 <sup>(1)</sup> | Nilfisk Holding A/S | 133785 | 0.0 |
| 1070 <sup>(1)</sup> | NKT A/S | 119777 | 0.0 |
| 82 <sup>(1)</sup> | North Media A/S | 639 | 0.0 |
| 12536 | Pandora A/S | 1677426 | 0.4 |
| 2193 | Per Aarsleff Holding A/S | 249023 | 0.1 |
| 48324 | ROCKWOOL A/S - Class B | 1655855 | 0.4 |
| 11252 | Royal Unibrew A/S | 850429 | 0.2 |
| 1323 | Skjern Bank | 48538 | 0.0 |
| 4135 | Sparekassen Sjaelland- Fyn A/S | 215131 | 0.0 |
| 1869 | Sydbank AS | 159525 | 0.0 |
|  |  | **11767027** | **2.7** |
|  | **Finland: 1.3%** |  |  |
| 30 | Alandsbanken Abp - Class B | 1566 | 0.0 |
| 5819 | Cargotec Oyj - Class B | 322256 | 0.1 |
| 22045 | F-Secure Oyj | 43527 | 0.0 |
| 4809 | Kalmar Oyj - Class B | 199235 | 0.1 |
| 30469 | Konecranes Oyj | 3007510 | 0.7 |
| 694 | Olvi Oyj - Class A | 23684 | 0.0 |
| 20414 | Oriola Oyj - Class B | 27780 | 0.0 |
| 25835 | Orion Oyj - Class B | 1804126 | 0.4 |
| 39 | Ponsse Oyj | 1142 | 0.0 |
| 3 | Relais Group Oyj | 58 | 0.0 |
| 4221 | Scanfil Oyj | 53234 | 0.0 |
| 6556 <sup>(2)</sup> | Terveystalo Oyj | 70529 | 0.0 |
| 454 | Vaisala Oyj - Class A | 22416 | 0.0 |
|  |  | **5577063** | **1.3** |
|  | **France: 6.1%** |  |  |
| 1288 | Carmila SA | 23481 | 0.0 |
| 40790 | Covivio SA/France | 2616987 | 0.6 |
| 21348 <sup>(1)</sup> | Criteo SA, ADR | 488442 | 0.1 |
| 16142 | Eiffage SA | 1986262 | 0.5 |
| 9004 <sup>(1)(2)</sup> | Elior Group SA | 29077 | 0.0 |
| 43635 | Elis SA | 1215193 | 0.3 |
| 3568 | Esso SA Francaise | 401164 | 0.1 |
| 2950 | Fnac Darty SA | 96610 | 0.0 |
| 73126 <sup>(1)</sup> | Forvia SE | 936416 | 0.2 |
| 1265 | Gaztransport Et Technigaz SA | 250507 | 0.1 |
| 4792 | GL Events | 153035 | 0.0 |
| 15923 | Ipsen SA | 2237669 | 0.5 |
| 3700 | IPSOS | 141826 | 0.0 |
| 7621 | Kaufman & Broad SA | 256462 | 0.1 |
| 148693 | Klepierre SA | 5682510 | 1.3 |
| 2545 | Lectra | 67493 | 0.0 |
| 3166 | LISI SA | 185448 | 0.0 |
| 193026 | Louis Hachette Group | 331588 | 0.1 |
| 4794 <sup>(1)</sup> | Medincell SA | 212706 | 0.1 |
| 4091 | Mersen SA | 103406 | 0.0 |
| 698 | Neurones | 31705 | 0.0 |
| 2119 | Nexans SA | 298358 | 0.1 |
| 17498 | Opmobility | 285805 | 0.1 |
| 1067 | Pullup Entertainment | 23047 | 0.0 |
| 27163 | Rexel SA | 941873 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **France (continued)** |  |  |
| 11962 <sup>(1)(2)</sup> | SMCP SA | $84243 | 0.0 |
| 446 | Societe BIC SA | 24816 | 0.0 |
| 492 | Societe LDC SADIR | 52343 | 0.0 |
| 4688 | Sopra Steria Group SACA | 729667 | 0.2 |
| 34478 | SPIE SA | 1754659 | 0.4 |
| 1221 | Synergie SE | 47288 | 0.0 |
| 55055 | Technip Energies NV | 2237098 | 0.5 |
| 2455 | Television Francaise 1 SA | 22460 | 0.0 |
| 29511 <sup>(1)</sup> | Ubisoft Entertainment SA | 263472 | 0.1 |
| 71069 | Valeo | 982542 | 0.2 |
| 240 | Vetoquinol SA | 20639 | 0.0 |
| 4204 | Vicat SACA | 315166 | 0.1 |
| 1342 | Virbac SA | 548745 | 0.1 |
| 2154 <sup>(1)</sup> | Viridien | 263765 | 0.1 |
| 365 | Wendel SE | 34259 | 0.0 |
|  |  | **26378232** | **6.1** |
|  | **Germany: 5.9%** |  |  |
| 737 | AlzChem Group AG | 141984 | 0.0 |
| 1910 | Atoss Software AG | 256159 | 0.1 |
| 6098 | Aurubis AG | 795095 | 0.2 |
| 14606 | Bechtle AG | 617388 | 0.1 |
| 316 | Bijou Brigitte AG | 14828 | 0.0 |
| 8503 | Bilfinger SE | 917407 | 0.2 |
| 171 | Cewe Stiftung & Co. KGaA | 19592 | 0.0 |
| 8004 | CTS Eventim AG & Co. KGaA | 717086 | 0.2 |
| 87233 | Deutsche Lufthansa AG | 764759 | 0.2 |
| 72199 | Deutz AG | 715625 | 0.2 |
| 16145 | Duerr AG | 376575 | 0.1 |
| 23539 <sup>(2)</sup> | DWS Group GmbH & Co. KGaA | 1506950 | 0.3 |
| 1074 | Elmos Semiconductor SE | 101567 | 0.0 |
| 2712 | Fielmann AG | 148111 | 0.0 |
| 1411 | flatexDEGIRO AG | 53522 | 0.0 |
| 30910 | Freenet AG | 961231 | 0.2 |
| 1896 | Friedrich Vorwerk Group SE | 204137 | 0.0 |
| 46947 | GEA Group AG | 3357994 | 0.8 |
| 7995 <sup>(1)</sup> | Grand City Properties SA | 101802 | 0.0 |
| 3741 | Hella GmbH & Co. KGaA | 348230 | 0.1 |
| 2629 | Hochtief AG | 754622 | 0.2 |
| 3455 | Hornbach Holding AG & Co. KGaA | 345696 | 0.1 |
| 8028 | HUGO BOSS AG | 356160 | 0.1 |
| 1828 | Indus Holding AG | 47340 | 0.0 |
| 23311 <sup>(1)</sup> | Ionos SE | 827914 | 0.2 |
| 10919 | KION Group AG | 775840 | 0.2 |
| 750 | Krones AG | 108936 | 0.0 |
| 10806 | Nemetschek SE | 1248634 | 0.3 |
| 58523 <sup>(1)</sup> | Nordex SE | 1728220 | 0.4 |
| 1300 <sup>(1)</sup> | Pfisterer Holding SE | 109985 | 0.0 |
| 471 | Rational AG | 345523 | 0.1 |
| 35685 | Schaeffler AG | 289511 | 0.1 |
| 10412 <sup>(2)</sup> | Scout24 SE | 1204104 | 0.3 |
| 13421 | SUSS MicroTec SE | 431286 | 0.1 |
| 71910 | TAG Immobilien AG | 1193767 | 0.3 |
| 54170 <sup>(1)(2)</sup> | TeamViewer SE | 398725 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Germany (continued)** |  |  |
| 8187 | thyssenkrupp AG | $85794 | 0.0 |
| 409 <sup>(1)</sup> | Tkms AG& Co. KGaA | 38540 | 0.0 |
| 9724 <sup>(1)</sup> | Trivago NV, ADR | 31311 | 0.0 |
| 125142 <sup>(1)</sup> | TUI AG | 1066314 | 0.2 |
| 81169 <sup>(1)(2)</sup> | Zalando SE | 2274554 | 0.5 |
|  |  | **25782818** | **5.9** |
|  | **Greece: 0.2%** |  |  |
| 3521 | Danaos Corp. | 320446 | 0.1 |
| 6036 | Fourlis Holdings SA | 28549 | 0.0 |
| 3638 | Piraeus Port Authority SA | 180313 | 0.0 |
| 29864 <sup>(1)</sup> | StealthGas, Inc. | 204568 | 0.1 |
| 7911 | Thrace Plastics Holding and Co. | 35496 | 0.0 |
|  |  | **769372** | **0.2** |
|  | **Guatemala: 0.3%** |  |  |
| 24614 | Millicom International Cellular SA | **1159566** | **0.3** |
|  | **Guernsey: 0.1%** |  |  |
| 56302 | Super Group SGHC Ltd. | **608062** | **0.1** |
|  | **Hong Kong: 0.1%** |  |  |
| 204478 | Build King Holdings Ltd. | 40261 | 0.0 |
| 80000 | Computer & Technologies Holdings Ltd. | 16267 | 0.0 |
| 1703 | Computime Group Ltd. | 133 | 0.0 |
| 232000 <sup>(1)</sup> | Hop Fung Group Holdings Ltd. | 2538 | 0.0 |
| 14087 | Johnson Electric Holdings Ltd. | 66100 | 0.0 |
| 33822 | Lung Kee Bermuda Holdings | 7922 | 0.0 |
| 223367 <sup>(1)</sup> | Midland Holdings Ltd. | 63031 | 0.0 |
| 53000 | Modern Dental Group Ltd. | 35625 | 0.0 |
| 1211244 | Singamas Container Holdings Ltd. | 101159 | 0.1 |
| 31565 | Sun Hung Kai & Co. Ltd. | 15677 | 0.0 |
| 87000 | TS Lines Ltd. | 97742 | 0.0 |
| 175138 | Vedan International Holdings Ltd. | 14650 | 0.0 |
| 15840 <sup>(1)</sup> | Wai Kee Holdings Ltd. | 1610 | 0.0 |
|  |  | **462715** | **0.1** |
|  | **India: 0.1%** |  |  |
| 48727 | Gateway Distriparks Ltd. | 35034 | 0.0 |
| 25620 <sup>(3)</sup> | Geodesic Ltd. |  |  |
| 6832 | Great Eastern Shipping Co. Ltd. | 84431 | 0.1 |
| 3323 | Gulf Oil Lubricants India Ltd. | 46262 | 0.0 |
| 21379 <sup>(3)</sup> | Varun Industries Ltd. |  |  |
| 9239 | Zensar Technologies Ltd. | 82985 | 0.0 |
|  |  | **248712** | **0.1** |
|  | **Indonesia: 0.1%** |  |  |
| 1323800 | Bank Pembangunan Daerah Jawa Timur Tbk PT | 43384 | 0.0 |
| 406900 <sup>(1)</sup> | Champ Resto Indonesia Tbk PT | 17128 | 0.0 |
| 57500 | First Resources Ltd. | 86622 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Indonesia (continued)** |  |  |
| 672600 | IMC Pelita Logistik Tbk PT | $14237 | 0.0 |
| 503300 | Indonesia Kendaraan Terminal Tbk PT | 35712 | 0.0 |
| 24432 <sup>(1)</sup> | Indo-Rama Synthetics Tbk PT | 4713 | 0.0 |
| 2860600 <sup>(1)</sup> | Media Nusantara Citra Tbk PT | 46082 | 0.0 |
|  |  | **247878** | **0.1** |
|  | **Ireland: 0.2%** |  |  |
| 10540 <sup>(1)</sup> | Amarin Corp. PLC, ADR | 171697 | 0.0 |
| 293857 | Cairn Homes PLC | 653038 | 0.2 |
| 1836 <sup>(4)</sup> | COSMO Pharmaceuticals NV | 154517 | 0.0 |
|  |  | **979252** | **0.2** |
|  | **Israel: 0.7%** |  |  |
| 15333 <sup>(1)</sup> | Allot Ltd. | 147657 | 0.0 |
| 2090 | Analyst IMS Investment Management Services Ltd. | 87349 | 0.0 |
| 4917 <sup>(1)</sup> | Brainsway Ltd., ADR | 82851 | 0.0 |
| 62556 <sup>(1)</sup> | Cognyte Software Ltd. | 522343 | 0.1 |
| 11939 <sup>(1)(4)</sup> | El Al Israel Airlines | 49611 | 0.0 |
| 8131 <sup>(1)(4)</sup> | Gilat Satellite Networks Ltd. | 117818 | 0.0 |
| 2327 | Ituran Location and Control Ltd. | 89613 | 0.0 |
| 19950 <sup>(1)(4)</sup> | Nexxen International Ltd. | 163989 | 0.1 |
| 3380 | One Software Technologies Ltd. | 90887 | 0.0 |
| 8413 | Partner Communications Co. Ltd. | 83532 | 0.0 |
| 1916 <sup>(1)</sup> | RADCOM Ltd. | 26345 | 0.0 |
| 17629 <sup>(1)</sup> | Radware Ltd. | 451831 | 0.1 |
| 309725 <sup>(1)</sup> | Taboola.com Ltd. | 1105718 | 0.3 |
| 8952 | Tel Aviv Stock Exchange Ltd. | 208394 | 0.1 |
|  |  | **3227938** | **0.7** |
|  | **Italy: 4.2%** |  |  |
| 701865 | A2A SpA | 2044959 | 0.5 |
| 8581 | ACEA SpA | 207906 | 0.0 |
| 51618 <sup>(1)</sup> | Aquafil SpA | 113048 | 0.0 |
| 11848 | Ascopiave SpA | 43962 | 0.0 |
| 5271 <sup>(4)</sup> | Avio SpA | 228422 | 0.1 |
| 32063 | Azimut Holding SpA | 1254837 | 0.3 |
| 10355 | Banca IFIS SpA | 267527 | 0.1 |
| 117352 | Banca Monte dei Paschi di Siena SpA | 1029230 | 0.2 |
| 11766 <sup>(1)(2)</sup> | BFF Bank SpA | 142021 | 0.0 |
| 135364 <sup>(1)</sup> | CIR SpA-Compagnie Industriali | 107992 | 0.0 |
| 15170 | Coca-Cola HBC AG - Class DI | 688384 | 0.2 |
| 25026 | d'Amico International Shipping SA | 129645 | 0.0 |
| 6422 | Danieli & C Officine Meccaniche SpA | 246242 | 0.1 |
| 18332 | Datalogic SpA | 97205 | 0.0 |
| 25111 | De' Longhi SpA | 916548 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Italy (continued)** |  |  |
| 3484 <sup>(1)</sup> | Digital Bros SpA | $48262 | 0.0 |
| 6315 <sup>(4)</sup> | Digital Value SpA | 209457 | 0.1 |
| 6813 | El.En. SpA | 89131 | 0.0 |
| 10022 | Fiera Milano SpA | 90797 | 0.0 |
| 16503 <sup>(1)</sup> | Fincantieri SpA | 423051 | 0.1 |
| 14064 | Gas Plus SpA | 114789 | 0.0 |
| 254754 | Hera SpA | 1143378 | 0.3 |
| 370115 | Iren SpA | 1092113 | 0.3 |
| 74394 | Iveco Group NV | 1581097 | 0.4 |
| 34573 | Lottomatica Group SpA | 852503 | 0.2 |
| 98713 | Maire Tecnimont SpA | 1498757 | 0.3 |
| 89554 | MFE-MediaForEurope NV - Class A | 317087 | 0.1 |
| 8240 | Orsero SpA | 172480 | 0.0 |
| 37886 <sup>(2)</sup> | OVS SpA | 191205 | 0.0 |
| 8355 | Piquadro SpA | 23305 | 0.0 |
| 5720 | Reply SpA | 802769 | 0.2 |
| 21078 <sup>(1)</sup> | Safilo Group SpA | 41157 | 0.0 |
| 6660 | SOL SpA | 389972 | 0.1 |
| <sub>22</sub> (1) | Somec SpA | 378 | 0.0 |
| 28068 <sup>(2)</sup> | Technogym SpA | 508395 | 0.1 |
| 286245 | Webuild SpA | 1156797 | 0.3 |
|  |  | **18264808** | **4.2** |
|  | **Japan: 21.1%** |  |  |
| 6100 | 77 Bank Ltd. | 261460 | 0.1 |
| 4600 | A&D HOLON Holdings Co. Ltd. | 60293 | 0.0 |
| 32100 | ABC-Mart, Inc. | 549931 | 0.1 |
| 14200 | Adastria Co. Ltd. | 239614 | 0.1 |
| 3600 | Ad-sol Nissin Corp. | 34281 | 0.0 |
| 5800 | Adways, Inc. | 10989 | 0.0 |
| 12300 | AEON Financial Service Co. Ltd. | 120309 | 0.0 |
| 12600 | Aichi Financial Group,Inc. | 324873 | 0.1 |
| 8500 | Aichi Steel Corp. | 146343 | 0.1 |
| 786 | Aichi Tokei Denki Co. Ltd. | 14232 | 0.0 |
| 7900 | Aida Engineering Ltd. | 47249 | 0.0 |
| 1200 | Aidma Holdings, Inc. | 23002 | 0.0 |
| 700 | Ain Holdings, Inc. | 29329 | 0.0 |
| 1000 | Aiphone Co. Ltd. | 18276 | 0.0 |
| 5200 | Airport Facilities Co. Ltd. | 34747 | 0.0 |
| 3400 <sup>(1)</sup> | Airtrip Corp. | 19141 | 0.0 |
| 10300 | Aisan Industry Co. Ltd. | 139564 | 0.0 |
| 5400 | AIT Corp. | 70167 | 0.0 |
| 2900 | Akatsuki, Inc. | 49389 | 0.0 |
| 1900 | Akita Bank Ltd. | 45018 | 0.0 |
| 1200 | Alpha Systems, Inc. | 28127 | 0.0 |
| 3600 | AlphaPolis Co. Ltd. | 35541 | 0.0 |
| 900 | Amano Corp. | 23879 | 0.0 |
| 6300 | Anest Iwata Corp. | 61986 | 0.0 |
| 85500 | Anritsu Corp. | 1264336 | 0.3 |
| 27800 | Anycolor, Inc. | 1084437 | 0.3 |
| 3900 | AOKI Holdings, Inc. | 42045 | 0.0 |
| 1600 | Arata Corp. | 31172 | 0.0 |
| 7448 | Arealink Co. Ltd. | 49105 | 0.0 |
| 4000 | Argo Graphics, Inc. | 35483 | 0.0 |
| 2000 | Artience Co. Ltd. | 40762 | 0.0 |
| 11700 | Artner Co. Ltd. | 149534 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 12800 | As One Corp. | $208946 | 0.1 |
| 9800 | Asahi Diamond Industrial Co. Ltd. | 53182 | 0.0 |
| 2600 | ASAHI YUKIZAI Corp. | 81028 | 0.0 |
| 3000 | Asia Air Survey Co. Ltd. | 22633 | 0.0 |
| 1400 | ASKA Pharmaceutical Holdings Co. Ltd. | 19013 | 0.0 |
| 16200 | ASKUL Corp. | 147297 | 0.1 |
| 7200 | Astena Holdings Co. Ltd. | 21837 | 0.0 |
| 12500 | Atrae, Inc. | 56887 | 0.0 |
| 8200 | Aucnet, Inc. | 107301 | 0.0 |
| 20500 | Autobacs Seven Co. Ltd. | 204816 | 0.1 |
| 16600 | Avant Group Corp. | 170535 | 0.1 |
| 6700 | Avex, Inc. | 52509 | 0.0 |
| 9200 | Awa Bank Ltd. | 217354 | 0.1 |
| 6400 | Axial Retailing, Inc. | 45201 | 0.0 |
| 77100 | Azbil Corp. | 760005 | 0.2 |
| 6000 | Bando Chemical Industries Ltd. | 75303 | 0.0 |
| 1500 | Bank of Iwate Ltd. | 39387 | 0.0 |
| 2100 | Bank of Nagoya Ltd. | 53621 | 0.0 |
| 1700 | Bank of Saga Ltd. | 35297 | 0.0 |
| 5000 | Bank of the Ryukyus Ltd. | 48782 | 0.0 |
| 2400 | Beauty Garage, Inc. | 22013 | 0.0 |
| 1000 | Belc Co. Ltd. | 46949 | 0.0 |
| 17600 | BIPROGY, Inc. | 710889 | 0.2 |
| 1900 | Broadmedia Corp. | 20917 | 0.0 |
| 4100 | Bunka Shutter Co. Ltd. | 54074 | 0.0 |
| 5200 | Business Brain Showa-Ota, Inc. | 103789 | 0.0 |
| 3600 | Business Engineering Corp. | 147457 | 0.1 |
| 600 | C Uyemura & Co. Ltd. | 48802 | 0.0 |
| 6000 | Central Automotive Products Ltd. | 69851 | 0.0 |
| 6500 | Central Glass Co. Ltd. | 135609 | 0.0 |
| 1500 | Central Security Patrols Co. Ltd. | 26486 | 0.0 |
| 1300 | Chiyoda Integre Co. Ltd. | 26067 | 0.0 |
| 2200 | Chuetsu Pulp & Paper Co. Ltd. | 23737 | 0.0 |
| 10500 | Citizen Watch Co. Ltd. | 72867 | 0.0 |
| 1500 | CMC Corp. | 15626 | 0.0 |
| 14600 | Comture Corp. | 150066 | 0.1 |
| 3400 <sup>(1)</sup> | Core Concept Technologies, Inc. | 20939 | 0.0 |
| 1800 | Core Corp. | 24046 | 0.0 |
| 5300 | Cosmos Initia Co. Ltd. | 44545 | 0.0 |
| 50800 | Credit Saison Co. Ltd. | 1237514 | 0.3 |
| 6600 | Creek & River Co. Ltd. | 62733 | 0.0 |
| 7700 | CTS Co. Ltd. | 44345 | 0.0 |
| 54500 | Curves Holdings Co. Ltd. | 256775 | 0.1 |
| 6300 | Cybozu, Inc. | 125361 | 0.0 |
| 88300 | Daicel Corp. | 759742 | 0.2 |
| 2700 | Daihatsu Diesel Manufacturing Co. Ltd. | 53657 | 0.0 |
| 7600 | Dai-Ichi Cutter Kogyo KK | 64349 | 0.0 |
| 9200 | Daiichikosho Co. Ltd. | 94065 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 1400 | Dainichiseika Color &Chemicals Manufacturing Co. Ltd. | $34487 | 0.0 |
| 5400 | Daito Pharmaceutical Co. Ltd. | 43557 | 0.0 |
| 5715 | Daitron Co. Ltd. | 171617 | 0.1 |
| 2400 | Daiwa Industries Ltd. | 24559 | 0.0 |
| 12700 | Dentsu Soken, Inc. | 628934 | 0.2 |
| 3900 | Digital Arts, Inc. | 190799 | 0.1 |
| 6600 | Digital Hearts Holdings Co. Ltd. | 41032 | 0.0 |
| 4400 | Digital Information Technologies Corp. | 70681 | 0.0 |
| 9700 | dip Corp. | 133129 | 0.0 |
| 9900 | Doshisha Co. Ltd. | 186188 | 0.1 |
| 6300 | Double Standard, Inc. | 68898 | 0.0 |
| 14000 | Doutor Nichires Holdings Co. Ltd. | 218394 | 0.1 |
| 89528 | DTS Corp. | 745839 | 0.2 |
| 45600 | Ebara Corp. | 1216031 | 0.3 |
| 6600 | Ebase Co. Ltd. | 19350 | 0.0 |
| 3600 | Ehime Bank Ltd. | 29194 | 0.0 |
| 27000 | Eiken Chemical Co. Ltd. | 412709 | 0.1 |
| 4200 | Elecom Co. Ltd. | 49115 | 0.0 |
| 6800 | EM Systems Co. Ltd. | 36035 | 0.0 |
| 19400 | en Japan, Inc. | 195688 | 0.1 |
| 1000 | Enplas Corp. | 52563 | 0.0 |
| 4700 | Entrust, Inc. | 32041 | 0.0 |
| 4400 | eSOL Co. Ltd. | 15710 | 0.0 |
| 2400 | Exedy Corp. | 80640 | 0.0 |
| 3600 | Fast Fitness Japan, Inc. | 41800 | 0.0 |
| 5100 | Fibergate, Inc./Japan | 22994 | 0.0 |
| 19800 | Food & Life Cos. Ltd. | 965713 | 0.2 |
| 5000 | Forum Engineering, Inc. | 39887 | 0.0 |
| 2400 | FTGroup Co. Ltd. | 19910 | 0.0 |
| 2300 | Fudo Tetra Corp. | 36417 | 0.0 |
| 36500 | Fuji Corp./Aichi | 708348 | 0.2 |
| 11000 | Fuji Pharma Co. Ltd. | 112542 | 0.0 |
| 6400 | Fuji Seal International,Inc. | 112529 | 0.0 |
| 7900 | Fujikura Kasei Co. Ltd. | 31593 | 0.0 |
| 2100 | Fujimi, Inc. | 32840 | 0.0 |
| 38600 | Fujimori Kogyo Co. Ltd. | 263807 | 0.1 |
| 2200 | Fukuda Denshi Co. Ltd. | 99524 | 0.0 |
| 3000 | Fukushima Galilei Co.Ltd. | 69781 | 0.0 |
| 2875 | FULLCAST Holdings Co.Ltd. | 31537 | 0.0 |
| 5300 | Funai Soken Holdings,Inc. | 83494 | 0.0 |
| 2600 | Furuno Electric Co. Ltd. | 150841 | 0.1 |
| 19400 | Furyu Corp. | 131244 | 0.0 |
| 5200 | Fuso Pharmaceutical Industries Ltd. | 71400 | 0.0 |
| 8500 | Futaba Industrial Co. Ltd. | 51912 | 0.0 |
| 19100 | Future Corp. | 269306 | 0.1 |
| 13200 | Gakken Holdings Co. Ltd. | 87921 | 0.0 |
| 3500 | Gamecard-Joyco Holdings, Inc. | 66321 | 0.0 |
| 3200 | Gecoss Corp. | 28418 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 3000 | GLOBERIDE, Inc. | $45379 | 0.0 |
| 14000 | Glory Ltd. | 334522 | 0.1 |
| 1500 | GMO GlobalSign Holdings KK | 20174 | 0.0 |
| 3900 | GMO internet group, Inc. | 87349 | 0.0 |
| 6000 | Greens Co. Ltd. | 87708 | 0.0 |
| 41900 | GS Yuasa Corp. | 1170040 | 0.3 |
| 13900 | GungHo Online Entertainment, Inc. | 235060 | 0.1 |
| 2600 | Hanwa Co. Ltd. | 108447 | 0.0 |
| 3500 | Happinet Corp. | 142568 | 0.0 |
| 27200 | Heiwa Corp. | 353583 | 0.1 |
| 9700 | Hiday Hidaka Corp. | 207056 | 0.1 |
| 2200 | Hioki EE Corp. | 84506 | 0.0 |
| 2300 | Hirano Tecseed Co. Ltd./Kinzoku | 24057 | 0.0 |
| 10100 | Hisamitsu Pharmaceutical Co., Inc. | 262536 | 0.1 |
| 4000 | Hito Communications Holdings, Inc. | 25950 | 0.0 |
| 1600 | Hochiki Corp. | 39993 | 0.0 |
| 4400 | Hodogaya Chemical Co.Ltd. | 52049 | 0.0 |
| 24500 | Hokkaido Gas Co. Ltd. | 107679 | 0.0 |
| 2400 | Hokkan Holdings Ltd. | 33503 | 0.0 |
| 7800 | Horiba Ltd. | 724684 | 0.2 |
| 10300 | Hyakujushi Bank Ltd. | 360584 | 0.1 |
| 21300 | Ibiden Co. Ltd. | 2004854 | 0.5 |
| 10800 | IBJ, Inc. | 56309 | 0.0 |
| 19100 | Ichikoh Industries Ltd. | 58088 | 0.0 |
| 3100 | ID Holdings Corp. | 40644 | 0.0 |
| 2400 | Idec Corp./Japan | 36535 | 0.0 |
| 1700 | I'll, Inc. | 26872 | 0.0 |
| 72300 | INFRONEER Holdings,Inc. | 774560 | 0.2 |
| 3100 | Inter Action Corp. | 28526 | 0.0 |
| 377 | ISB Corp. | 4389 | 0.0 |
| 2800 | Ishihara Sangyo Kaisha Ltd. | 43187 | 0.0 |
| 7200 <sup>(4)</sup> | ITmedia, Inc. | 74960 | 0.0 |
| 1900 | Itochu Enex Co. Ltd. | 22417 | 0.0 |
| 9400 | Itoki Corp. | 151629 | 0.1 |
| 4300 | IwaiCosmo Holdings, Inc. | 78547 | 0.0 |
| 44400 | J Trust Co. Ltd. | 116752 | 0.0 |
| 8400 | JAC Recruitment Co. Ltd. | 55323 | 0.0 |
| 9700 | Japan Aviation Electronics Industry Ltd. | 144868 | 0.0 |
| 1443 | Japan Hotel REIT Investment Corp. | 840611 | 0.2 |
| 27900 | Japan Lifeline Co. Ltd. | 264828 | 0.1 |
| 9500 | Japan Material Co. Ltd. | 118693 | 0.0 |
| 16500 | Japan Medical Dynamic Marketing, Inc. | 51000 | 0.0 |
| 18000 | Japan System Techniques Co. Ltd. | 249399 | 0.1 |
| 13600 | JBCC Holdings, Inc. | 114055 | 0.0 |
| 2400 | JCU Corp. | 70786 | 0.0 |
| 5100 | Jeol Ltd. | 171397 | 0.1 |
| 2800 | JFE Systems, Inc. | 34066 | 0.0 |
| 6600 | JK Holdings Co. Ltd. | 53957 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 13600 | Joshin Denki Co. Ltd. | $235477 | 0.1 |
| 5500 | J-Stream, Inc. | 12798 | 0.0 |
| 8200 | Juroku Financial Group,Inc. | 298645 | 0.1 |
| 5500 | Justsystems Corp. | 177638 | 0.1 |
| 400 | JUTEC Holdings Corp. | 3425 | 0.0 |
| 16800 | JVCKenwood Corp. | 134606 | 0.0 |
| 4100 | Kaga Electronics Co. Ltd. | 94941 | 0.0 |
| 243 | Kamei Corp. | 4596 | 0.0 |
| 11500 | Kanamic Network Co.Ltd. | 35863 | 0.0 |
| 3600 | Kanamoto Co. Ltd. | 83845 | 0.0 |
| 42800 | Kandenko Co. Ltd. | 1308060 | 0.3 |
| 16300 | Kaneka Corp. | 449710 | 0.1 |
| 3000 | Kato Sangyo Co. Ltd. | 115159 | 0.0 |
| 4800 | KAWADA TECHNOLOGIES, Inc. | 125768 | 0.0 |
| 5300 | KEIWA, Inc. | 39664 | 0.0 |
| 34000 | Keiyo Bank Ltd. | 286845 | 0.1 |
| 3000 | Kenko Mayonnaise Co.Ltd. | 35423 | 0.0 |
| 692 | KFC Ltd. | 7120 | 0.0 |
| 4520 | Kimura Unity Co. Ltd. | 24661 | 0.0 |
| 24300 | Kinden Corp. | 973389 | 0.2 |
| 1179 | Kitagawa Corp. | 12338 | 0.0 |
| 5300 | Kita-Nippon Bank Ltd. | 129551 | 0.0 |
| 11100 | Kitz Corp. | 124437 | 0.0 |
| 2000 <sup>(1)</sup> | KNT-CT Holdings Co. Ltd. | 19369 | 0.0 |
| 4000 | Koike Sanso Kogyo Co.Ltd. | 41417 | 0.0 |
| 2800 | Komatsu Wall Industry Co. Ltd. | 45164 | 0.0 |
| 9900 | Komeri Co. Ltd. | 205964 | 0.1 |
| 4500 | Komori Corp. | 42262 | 0.0 |
| 22900 | Konica Minolta, Inc. | 78637 | 0.0 |
| 2300 | Konishi Co. Ltd. | 18409 | 0.0 |
| 2000 | Konoike Transport Co.Ltd. | 41365 | 0.0 |
| 11700 | KPP Group Holdings Co.Ltd. | 57796 | 0.0 |
| 24800 | K's Holdings Corp. | 245849 | 0.1 |
| 3100 | Kuriyama Holdings Corp. | 33373 | 0.0 |
| 4400 | Kyodo Printing Co. Ltd. | 42790 | 0.0 |
| 6700 | KYORIN Holdings, Inc. | 61072 | 0.0 |
| 24600 | Kyoritsu Maintenance Co. Ltd. | 478762 | 0.1 |
| 2200 | Kyowa Electronic Instruments Co. Ltd. | 9898 | 0.0 |
| 62200 | Kyushu Electric Power Co., Inc. | 610448 | 0.2 |
| 5100 | Kyushu Leasing Service Co. Ltd., GMTN | 43846 | 0.0 |
| 2100 | Life Corp. | 32946 | 0.0 |
| 100100 | LIFULL Co. Ltd. | 124677 | 0.0 |
| 6100 | Link And Motivation, Inc. | 19465 | 0.0 |
| 3400 | Lintec Corp. | 86408 | 0.0 |
| 62700 | Lion Corp. | 617847 | 0.2 |
| 2000 | Look Holdings, Inc. | 34293 | 0.0 |
| 9500 | M&A Capital Partners Co. Ltd. | 181401 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 2900 | Maezawa Industries, Inc. | $36167 | 0.0 |
| 1500 | Makiya Co. Ltd. | 11714 | 0.0 |
| 2500 | Mamiya-Op Co. Ltd. | 30559 | 0.0 |
| 1600 | MarkLines Co. Ltd. | 20542 | 0.0 |
| 1300 | Maruzen Showa Unyu Co. Ltd. | 58498 | 0.0 |
| 22200 | Marvelous, Inc. | 81401 | 0.0 |
| 12800 | Matching Service Japan Co. Ltd. | 83097 | 0.0 |
| 8300 | Matsuoka Corp. | 121349 | 0.0 |
| 1400 | Max Co. Ltd. | 50747 | 0.0 |
| 18500 | Maxell Ltd. | 268174 | 0.1 |
| 12700 | MCJ Co. Ltd. | 119799 | 0.0 |
| 253200 | Mebuki Financial Group,Inc. | 1579871 | 0.4 |
| 4500 | Media Do Co. Ltd. | 53113 | 0.0 |
| 5647 | Medical System Network Co. Ltd. | 18003 | 0.0 |
| 24800 | Meidensha Corp. | 982155 | 0.2 |
| 2000 | Meiji Electric Industries Co. Ltd. | 30140 | 0.0 |
| 14500 | MEITEC Group Holdings, Inc. | 297229 | 0.1 |
| 3400 | Melco Holdings, Inc. | 76397 | 0.0 |
| 3400 | Members Co. Ltd. | 26696 | 0.0 |
| 3000 | METAWATER Co. Ltd. | 64435 | 0.0 |
| 9600 | Mitani Sangyo Co. Ltd. | 31056 | 0.0 |
| 15800 | Mito Securities Co. Ltd. | 52469 | 0.0 |
| 13500 | Mitsuba Corp. | 82060 | 0.0 |
| 24600 | Mitsui E&S Co. Ltd. | 1000113 | 0.2 |
| 19200 | Mitsui Mining & Smelting Co. Ltd. | 1955664 | 0.5 |
| 1100 | Miyazaki Bank Ltd. | 33078 | 0.0 |
| 5400 | Mizuno Corp. | 97417 | 0.0 |
| 27700 | Morinaga Milk Industry Co. Ltd. | 597935 | 0.2 |
| 1400 | Moriroku Holdings Co.Ltd. | 21296 | 0.0 |
| 4900 | Morita Holdings Corp. | 74079 | 0.0 |
| 2700 | Morito Co. Ltd. | 28444 | 0.0 |
| 1675 | Murakami Corp. | 73548 | 0.0 |
| 6200 | Musashino Bank Ltd. | 166796 | 0.1 |
| 1900 | Mutoh Holdings Co. Ltd. | 34395 | 0.0 |
| 2000 | Nachi-Fujikoshi Corp. | 51161 | 0.0 |
| 7800 | Nakanishi, Inc. | 103274 | 0.0 |
| 10287 | Nakano Corp./Tokyo | 63673 | 0.0 |
| 9300 | Nanto Bank Ltd. | 309313 | 0.1 |
| 2400 | Nanyo Corp. | 20895 | 0.0 |
| 2900 | NEOJAPAN, Inc. | 34276 | 0.0 |
| 1000 | New Cosmos Electric Co. Ltd. | 28828 | 0.0 |
| 63200 | NHK Spring Co. Ltd. | 1184866 | 0.3 |
| 3000 | Nicca Chemical Co. Ltd. | 28217 | 0.0 |
| 5200 | Nichiban Co. Ltd. | 64451 | 0.0 |
| 3200 | Nihon Denkei Co. Ltd. | 42277 | 0.0 |
| 1600 | Nihon Falcom Corp. | 15376 | 0.0 |
| 8200 | Nihon Kohden Corp. | 94768 | 0.0 |
| 26200 | Nihon M&A Center Holdings, Inc. | 123397 | 0.0 |
| 2700 | Nihon Trim Co. Ltd. | 84291 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 1400 | Nippon Dry-Chemical Co. Ltd. | $76493 | 0.0 |
| 27300 | Nippon Electric Glass Co. Ltd. | 919105 | 0.2 |
| 36900 | Nippon Express Holdings, Inc. | 785059 | 0.2 |
| 4400 | Nippon Light Metal Holdings Co. Ltd. | 64074 | 0.0 |
| 32900 | Nippon Shinyaku Co. Ltd. | 688386 | 0.2 |
| 13000 | Nippon Thompson Co. Ltd. | 56292 | 0.0 |
| 66878 | Niraku GC Holdings, Inc. | 1609 | 0.0 |
| 7200 | Nishimatsuya Chain Co. Ltd. | 96336 | 0.0 |
| 4200 | Nishio Holdings Co. Ltd. | 119485 | 0.0 |
| 25600 | Nissan Chemical Corp. | 864913 | 0.2 |
| 54818 | Nissan Tokyo Sales Holdings Co. Ltd. | 178656 | 0.1 |
| 1800 | Nissei ASB Machine Co. Ltd. | 79729 | 0.0 |
| 8531 | Nisshin Group Holdings Co. Ltd. | 33317 | 0.0 |
| 68000 | Nisshinbo Holdings, Inc. | 537390 | 0.1 |
| 13900 | Nisso Holdings Co. Ltd. | 57991 | 0.0 |
| 131700 | Nissui Corp. | 917556 | 0.2 |
| 21500 | Nitto Boseki Co. Ltd. | 1213559 | 0.3 |
| 8800 | Nitto Kogyo Corp. | 210737 | 0.1 |
| 13000 | Nitto Seiko Co. Ltd. | 58049 | 0.0 |
| 10200 | Nojima Corp. | 75315 | 0.0 |
| 23700 | Nomura Co. Ltd. | 157655 | 0.1 |
| 7200 | Noritz Corp. | 93489 | 0.0 |
| 7500 | NSD Co. Ltd. | 160242 | 0.1 |
| 2100 | NSW, Inc./Japan | 33831 | 0.0 |
| 95600 | NTN Corp. | 213432 | 0.1 |
| 2500 | Odawara Engineering Co. Ltd. | 41854 | 0.0 |
| 8500 | Ogaki Kyoritsu Bank Ltd. | 203474 | 0.1 |
| 3100 | Ohara, Inc. | 22870 | 0.0 |
| 1600 | OIE Sangyo Co. Ltd. | 22596 | 0.0 |
| 4600 | Oiles Corp. | 67381 | 0.0 |
| 1300 | Oita Bank Ltd. | 42907 | 0.0 |
| 14300 | Okabe Co. Ltd. | 85088 | 0.0 |
| 8400 | Okamura Corp. | 122884 | 0.0 |
| 5400 | Okinawa Financial Group,Inc. | 134577 | 0.0 |
| 8300 | Onward Holdings Co. Ltd. | 34833 | 0.0 |
| 12700 | Open House Group Co.Ltd. | 611161 | 0.2 |
| 4700 <sup>(1)</sup> | Optim Corp. | 17034 | 0.0 |
| 18600 | Optorun Co. Ltd. | 204794 | 0.1 |
| 7800 | Oro Co. Ltd. | 119013 | 0.0 |
| 5300 | Osaka Organic Chemical Industry Ltd. | 131566 | 0.0 |
| 5800 | Osaki Electric Co. Ltd. | 47005 | 0.0 |
| 53500 | PAL GROUP Holdings Co. Ltd. | 688407 | 0.2 |
| 10300 | PALTAC Corp. | 303773 | 0.1 |
| 53000 | Park24 Co. Ltd. | 619395 | 0.2 |
| 16000 | Parker Corp. | 116183 | 0.0 |
| 2200 | PCA Corp. | 25411 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 5700 | Pegasus Co. Ltd. | $30454 | 0.0 |
| 6000 <sup>(1)</sup> | PIA Corp. | 116930 | 0.0 |
| 17600 | Pilot Corp. | 531450 | 0.1 |
| 10900 | Pole To Win Holdings,Inc. | 23359 | 0.0 |
| 2100 | PR Times Corp. | 40534 | 0.0 |
| 33800 | Prestige International,Inc. | 145153 | 0.0 |
| 8128 | Procrea Holdings, Inc. | 91277 | 0.0 |
| 100 | Pronexus, Inc. | 709 | 0.0 |
| 10900 | QB Net Holdings Co. Ltd. | 95946 | 0.0 |
| 5200 | Qol Holdings Co. Ltd. | 65563 | 0.0 |
| 12300 | Raito Kogyo Co. Ltd. | 257413 | 0.1 |
| 64100 | Resorttrust, Inc. | 755367 | 0.2 |
| 2400 | Rheon Automatic Machinery Co. Ltd. | 22510 | 0.0 |
| 11500 | Riken Technos Corp. | 104240 | 0.0 |
| 6100 | Riken Vitamin Co. Ltd. | 110740 | 0.0 |
| 8200 | Riso Kagaku Corp. | 62158 | 0.0 |
| 1600 | Roland Corp. | 33950 | 0.0 |
| 4500 | Sac's Bar Holdings, Inc. | 22860 | 0.0 |
| 1000 | Saison Information Systems Co. Ltd. | 12069 | 0.0 |
| 2100 | Sakata INX Corp. | 31000 | 0.0 |
| 1500 | Sakata Seed Corp. | 38435 | 0.0 |
| 3600 | Sala Corp. | 24529 | 0.0 |
| 3000 <sup>(4)</sup> | Samco, Inc. | 80496 | 0.0 |
| 2000 | San ju San Financial Group, Inc. | 47303 | 0.0 |
| 10400 | San-Ai Obbli Co. Ltd. | 137747 | 0.0 |
| 5900 | Sangetsu Corp. | 115368 | 0.0 |
| 5900 | Sanko Gosei Ltd. | 32206 | 0.0 |
| 74100 | Sankyo Co. Ltd. | 1285440 | 0.3 |
| 2138 | Sankyo Frontier Co. Ltd. | 27822 | 0.0 |
| 11300 | Sankyu, Inc. | 576979 | 0.1 |
| 22600 <sup>(1)</sup> | Sansan, Inc. | 266592 | 0.1 |
| 18100 | Sansha Electric Manufacturing Co. Ltd. | 106079 | 0.0 |
| 65300 | Santen Pharmaceutical Co. Ltd. | 639795 | 0.2 |
| 47000 | Sanwa Holdings Corp. | 1281771 | 0.3 |
| 1200 | Sanyo Chemical Industries Ltd. | 32651 | 0.0 |
| 2100 | Sanyo Denki Co. Ltd. | 53699 | 0.0 |
| 68600 | Sawai Group Holdings Co. Ltd. | 819239 | 0.2 |
| 1900 | Saxa Holdings, Inc. | 66312 | 0.0 |
| 9900 | Scroll Corp. | 70367 | 0.0 |
| 1100 | Seiko Group Corp. | 50749 | 0.0 |
| 6600 | Sekisui Kasei Co. Ltd. | 15147 | 0.0 |
| 2100 | SEMITEC Corp. | 32260 | 0.0 |
| 16300 | SERAKU Co. Ltd. | 157004 | 0.1 |
| 12600 | Seria Co. Ltd. | 239928 | 0.1 |
| 4200 <sup>(1)</sup> | Serverworks Co. Ltd. | 50289 | 0.0 |
| 1900 | Shibaura Machine Co.Ltd. | 52761 | 0.0 |
| 1600 | Shibaura Mechatronics Corp. | 188462 | 0.1 |
| 1100 | Shibuya Corp. | 24404 | 0.0 |
| 17700 <sup>(1)</sup> | SHIFT, Inc. | 122008 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 7600 | Shikoku Bank Ltd. | $71725 | 0.0 |
| 2800 | Shimadaya Corp. | 32024 | 0.0 |
| 9500 | Shimizu Bank Ltd. | 124103 | 0.0 |
| 4200 <sup>(4)</sup> | Shin Maint Holdings Co.Ltd. | 30894 | 0.0 |
| 10100 | Shin-Etsu Polymer Co.Ltd. | 126482 | 0.0 |
| 4300 <sup>(4)</sup> | Shinnihonseiyaku Co.Ltd. | 60267 | 0.0 |
| 27600 | Ship Healthcare Holdings,Inc. | 412881 | 0.1 |
| 6500 | Shoei Co. Ltd. | 69044 | 0.0 |
| 6400 | Shofu, Inc. | 78613 | 0.0 |
| 31600 | SIGMAXYZ Holdings, Inc. | 179199 | 0.1 |
| 1800 | SMK Corp. | 26502 | 0.0 |
| 34900 | SMS Co. Ltd. | 300806 | 0.1 |
| 7700 | Softcreate Holdings Corp. | 106520 | 0.0 |
| 11138 | Soken Chemical & Engineering Co. Ltd. | 172245 | 0.1 |
| 35600 | Solasto Corp. | 116330 | 0.0 |
| 4600 | Soliton Systems KK | 51144 | 0.0 |
| 3300 | Star Micronics Co. Ltd. | 35564 | 0.0 |
| 4800 | Startia Holdings, Inc. | 85905 | 0.0 |
| 2600 | St-Care Holding Corp. | 13985 | 0.0 |
| 31800 | Sugi Holdings Co. Ltd. | 686720 | 0.2 |
| 21600 | Sumitomo Bakelite Co.Ltd. | 718460 | 0.2 |
| 28600 <sup>(1)</sup> | Sumitomo Pharma Co.Ltd. | 311796 | 0.1 |
| 5300 | Sun Frontier Fudousan Co. Ltd. | 78513 | 0.0 |
| 32800 <sup>(1)(4)</sup> | Sun\*, Inc. | 91894 | 0.0 |
| 3200 | Sun-Wa Technos Corp. | 55577 | 0.0 |
| 5300 | Suzuken Co. Ltd./Aichi Japan | 201276 | 0.1 |
| 14600 | SWCC Corp. | 709353 | 0.2 |
| 2200 | System Research Co.Ltd. | 28995 | 0.0 |
| 4200 | System Support, Inc. | 82835 | 0.0 |
| 24100 | Systena Corp. | 82937 | 0.0 |
| 1100 | T. RAD Co. Ltd. | 49767 | 0.0 |
| 2690 | Tachikawa Corp. | 33001 | 0.0 |
| 3700 | Tadano Ltd. | 25697 | 0.0 |
| 24500 | Taiheiyo Cement Corp. | 664722 | 0.2 |
| 5100 | Taiho Kogyo Co. Ltd. | 22625 | 0.0 |
| 2800 | Taiko Bank Ltd. | 31682 | 0.0 |
| 1600 | Taisei Lamick Co. Ltd. | 27368 | 0.0 |
| 8500 | Takaoka Toko Co. Ltd. | 189299 | 0.1 |
| 7200 | Takara & Co. Ltd. | 189946 | 0.1 |
| 7900 | Takara Bio, Inc. | 47243 | 0.0 |
| 7500 | Takasago International Corp. | 73298 | 0.0 |
| 3000 | Takeuchi Manufacturing Co. Ltd. | 123683 | 0.0 |
| 2900 | Taoka Chemical Co. Ltd. | 22996 | 0.0 |
| 11700 | TechMatrix Corp. | 165471 | 0.1 |
| 2900 | Teikoku Electric Manufacturing Co. Ltd. | 58070 | 0.0 |
| 2200 | Temairazu, Inc. | 45880 | 0.0 |
| 1500 | Terasaki Electric Co. Ltd. | 46923 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 4500 | TKC Corp. | $117740 | 0.0 |
| 3700 | Tocalo Co. Ltd. | 54227 | 0.0 |
| 41500 | Tochigi Bank Ltd. | 147957 | 0.1 |
| 2700 | Togami Electric Manufacturing Co. Ltd. | 73975 | 0.0 |
| 48700 <sup>(4)</sup> | Toho Bank Ltd. | 144124 | 0.0 |
| 2900 | Tokai Corp./Gifu | 40232 | 0.0 |
| 1300 | Tokyo Kiraboshi Financial Group, Inc. | 61899 | 0.0 |
| 35400 | Tokyo Ohka Kogyo Co. Ltd. | 1291871 | 0.3 |
| 14600 | Tokyo Seimitsu Co. Ltd. | 1004386 | 0.2 |
| 42300 | Tokyo Tatemono Co. Ltd. | 789751 | 0.2 |
| 34500 | Tokyu Construction Co. Ltd. | 234644 | 0.1 |
| 123100 | Tokyu Fudosan Holdings Corp. | 992025 | 0.2 |
| 11100 | Toli Corp. | 44905 | 0.0 |
| 46900 | TOMONY Holdings, Inc. | 207836 | 0.1 |
| 2600 | Topre Corp. | 37689 | 0.0 |
| 2500 | Topy Industries Ltd. | 46159 | 0.0 |
| 8800 | Toshiba TEC Corp. | 177622 | 0.1 |
| 6600 | Tosho Co. Ltd. | 33709 | 0.0 |
| 1300 | Totech Corp. | 26844 | 0.0 |
| 13600 | Towa Bank Ltd. | 81912 | 0.0 |
| 25400 | Towa Pharmaceutical Co. Ltd. | 467601 | 0.1 |
| 3700 | Toyo Denki Seizo KK | 49515 | 0.0 |
| 3200 | Toyo Kanetsu KK | 93609 | 0.0 |
| 13700 | Toyo Suisan Kaisha Ltd. | 993044 | 0.2 |
| 38600 | Toyo Tire Corp. | 1054941 | 0.3 |
| 33800 | Toyoda Gosei Co. Ltd. | 782294 | 0.2 |
| 5500 | Toyota Boshoku Corp. | 83833 | 0.0 |
| 5000 | TPR Co. Ltd. | 39267 | 0.0 |
| 11700 | Transcosmos, Inc. | 277262 | 0.1 |
| 12200 | Trusco Nakayama Corp. | 192353 | 0.1 |
| 7900 | TS Tech Co. Ltd. | 93629 | 0.0 |
| 36700 | Tsubakimoto Chain Co. | 513659 | 0.1 |
| 7100 | Tsugami Corp. | 125842 | 0.0 |
| 7300 | Tsukada Global Holdings, Inc. | 29748 | 0.0 |
| 22100 | Tsumura & Co. | 512645 | 0.1 |
| 7800 | TYK Corp./Tokyo | 27956 | 0.0 |
| 11800 | Ubicom Holdings, Inc. | 87719 | 0.0 |
| 1100 | Uchida Yoko Co. Ltd. | 74161 | 0.0 |
| 19000 | ULS Group, Inc. | 91323 | 0.0 |
| 5500 | Unipres Corp. | 42696 | 0.0 |
| 1500 | UNIRITA, Inc. | 18863 | 0.0 |
| 12300 | United Arrows Ltd. | 153623 | 0.1 |
| 2300 | Ushio, Inc. | 38133 | 0.0 |
| 9100 | Valor Holdings Co. Ltd. | 166580 | 0.1 |
| 17600 | ValueCommerce Co. Ltd. | 76757 | 0.0 |
| 8000 | Vector, Inc. | 60309 | 0.0 |
| 6800 <sup>(1)</sup> | Visional, Inc. | 472143 | 0.1 |
| 12224 | Vital KSK Holdings, Inc. | 98497 | 0.0 |
| 7900 | VT Holdings Co. Ltd. | 24937 | 0.0 |
| 23600 | Wacom Co. Ltd. | 128096 | 0.0 |
| 1300 | Wadakohsan Corp. | 13893 | 0.0 |
| 600 | WDB coco Co. Ltd. | 10332 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 4600 | WingArc1st, Inc. | $100202 | 0.0 |
| 3500 | Xebio Holdings Co. Ltd. | 24743 | 0.0 |
| 4100 | YAKUODO Holdings Co. Ltd. | 54048 | 0.0 |
| 8000 | YAMABIKO Corp. | 133657 | 0.0 |
| 2300 | YAMADA Consulting Group Co. Ltd. | 26227 | 0.0 |
| 3500 | Yamagata Bank Ltd. | 38084 | 0.0 |
| 87400 | Yamaguchi Financial Group, Inc. | 1001328 | 0.2 |
| 10500 | Yamaichi Electronics Co. Ltd. | 311072 | 0.1 |
| 9000 | Yamazen Corp. | 83393 | 0.0 |
| 3900 | Yellow Hat Ltd. | 39272 | 0.0 |
| 20700 | Yokowo Co. Ltd. | 265116 | 0.1 |
| 73 | Yorozu Corp. | 434 | 0.0 |
| 1600 | Yoshicon Co. Ltd. | 25629 | 0.0 |
| 3000 <sup>(4)</sup> | Yossix Holdings Co. Ltd. | 49237 | 0.0 |
| 8200 | Yurtec Corp. | 132193 | 0.0 |
| 3400 | Yushin Precision Equipment Co. Ltd. | 14215 | 0.0 |
| 7100 | Zenrin Co. Ltd. | 47459 | 0.0 |
| 19000 | ZERIA Pharmaceutical Co. Ltd. | 246578 | 0.1 |
| 16700 | ZIGExN Co. Ltd. | 55166 | 0.0 |
| 6200 | Zuken, Inc. | 191902 | 0.1 |
|  |  | **91635094** | **21.1** |
|  | **Liechtenstein: 0.0%** |  |  |
| 2027 | Liechtensteinische |  |  |
|  | Landesbank AG | **199237** | **0.0** |
|  | **Luxembourg: 0.1%** |  |  |
| 5387 | Eurofins Scientific SE | 379941 | 0.1 |
| 11171 | SES SA | 85596 | 0.0 |
|  |  | **465537** | **0.1** |
|  | **Macao: 0.2%** |  |  |
| 356800 | MGM China Holdings Ltd. | **683427** | **0.2** |
|  | **Malaysia: 0.1%** |  |  |
| 249300 | CCK Consolidated Holdings BHD | 69603 | 0.0 |
| 2194 | CSC Steel Holdings Bhd | 607 | 0.0 |
| 608500 | Hibiscus Petroleum Bhd | 207762 | 0.1 |
| 220500 | Leong Hup International Bhd | 34475 | 0.0 |
| 3414 | MKH Oil Palm East Kalimantan Bhd | 517 | 0.0 |
| 196600 | Spritzer BHD | 138497 | 0.0 |
| 46 | Uchi Technologies Bhd | 34 | 0.0 |
| 100400 | Wasco Bhd | 20736 | 0.0 |
|  |  | **472231** | **0.1** |
|  | **Malta: 0.0%** |  |  |
| 3219 | Kambi Group PLC | **37463** | **0.0** |
|  | **Mexico: 0.0%** |  |  |
| 20048 | Megacable Holdings SAB de CV | **57376** | **0.0** |
|  | **Monaco: 0.0%** |  |  |
| 5078 | Costamare, Inc. | **62053** | **0.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Netherlands: 2.2%** |  |  |
| 6989 | AMG Critical Materials NV | $232050 | 0.1 |
| 17382 | ASR Nederland NV | 1160046 | 0.3 |
| 6425 | BE Semiconductor Industries NV | 1095433 | 0.3 |
| 42475 <sup>(2)</sup> | CTP NV | 885733 | 0.2 |
| 10521 <sup>(2)</sup> | Euronext NV | 1503568 | 0.3 |
| 2801 <sup>(1)</sup> | Flow Traders Ltd. | 77019 | 0.0 |
| 319736 | Havas NV | 557993 | 0.1 |
| 258307 | Koninklijke BAM Groep NV | 2397825 | 0.6 |
| 8581 | Koninklijke Heijmans N.V | 607910 | 0.1 |
| 551 | Nedap NV | 66293 | 0.0 |
| 351229 <sup>(1)</sup> | Pharming Group NV | 460275 | 0.1 |
| 18304 | SBM Offshore NV | 473322 | 0.1 |
| 2219 | Van Lanschot Kempen NV | 129739 | 0.0 |
|  |  | **9647206** | **2.2** |
|  | **New Zealand: 0.2%** |  |  |
| 96988 | a2 Milk Co. Ltd. | 604088 | 0.2 |
| 15168 <sup>(1)</sup> | Eroad Ltd. | 16926 | 0.0 |
| 44872 | Heartland Group Holdings Ltd. | 27860 | 0.0 |
| 51430 | SKY Network Television Ltd. | 105984 | 0.0 |
| 33827 <sup>(1)</sup> | Smart Parking Ltd. | 27869 | 0.0 |
|  |  | **782727** | **0.2** |
|  | **Nigeria: 0.0%** |  |  |
| 7826 <sup>(1)</sup> | IHS Holding Ltd. | **53608** | **0.0** |
|  | **Norway: 0.4%** |  |  |
| 29187 | ABG Sundal Collier Holding ASA | 20257 | 0.0 |
| 1348 | Bonheur ASA | 29163 | 0.0 |
| 170 | Bouvet ASA | 1081 | 0.0 |
| 15757 | Deep Value Driller AS | 30096 | 0.0 |
| 12605 | Kitron ASA | 93713 | 0.0 |
| 532166 | Norwegian Air Shuttle ASA | 826160 | 0.2 |
| 31777 <sup>(1)</sup> | OKEA ASA | 57218 | 0.0 |
| 65478 | SATS ASA | 234603 | 0.1 |
| 1938 | SpareBank 1 Nord Norge | 26278 | 0.0 |
| 2721 | Sparebank 1 Oestlandet | 47715 | 0.0 |
| 1592 | Sparebanken More | 15717 | 0.0 |
| 2084 | Wilh Wilhelmsen Holding ASA - Class A | 104928 | 0.1 |
| 3137 | Zalaris ASA | 28554 | 0.0 |
| 17804 <sup>(1)</sup> | Zaptec ASA | 51939 | 0.0 |
|  |  | **1567422** | **0.4** |
|  | **Peru: 0.1%** |  |  |
| 41854 | Ferreycorp SAA | 40903 | 0.0 |
| 4388 | Intercorp Financial Services, Inc. | 188816 | 0.1 |
|  |  | **229719** | **0.1** |
|  | **Philippines: 0.0%** |  |  |
| 17390 | Ginebra San Miguel, Inc. | 82621 | 0.0 |
| 1081000 | Megaworld Corp. | 36570 | 0.0 |
| 527000 | Nickel Asia Corp. | 32865 | 0.0 |
|  |  | **152056** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Poland: 0.2%** |  |  |
| 4943 <sup>(1)(4)</sup> | Arctic Paper SA | $11350 | 0.0 |
| 1875 | Asseco South Eastern Europe SA | 33560 | 0.0 |
| 1206 | BNPP Bank Polska SA | 36945 | 0.0 |
| 116962 | Enea SA | 656110 | 0.2 |
| 9830 <sup>(4)</sup> | LiveChat Software SA | 129428 | 0.0 |
| 102 | Stalprodukt SA | 7292 | 0.0 |
| 3626 | TEN Square Games SA | 88831 | 0.0 |
|  |  | **963516** | **0.2** |
|  | **Portugal: 0.1%** |  |  |
| 76623 | Mota-Engil SGPS SA | 530027 | 0.1 |
| 56765 | Sonae SGPS SA | 92518 | 0.0 |
|  |  | **622545** | **0.1** |
|  | **Qatar: 0.0%** |  |  |
| 49295 | Medicare Group | **87989** | **0.0** |
|  | **Singapore: 0.7%** |  |  |
| 31200 | Aztech Global Ltd. | 16180 | 0.0 |
| 23400 | Centurion Corp. Ltd. | 25486 | 0.0 |
| 29800 | CSE Global Ltd. | 19317 | 0.0 |
| 490700 | Geo Energy Resources Ltd. | 182570 | 0.1 |
| 56100 | iFAST Corp. Ltd. | 417284 | 0.1 |
| 314847 | IGG, Inc. | 157821 | 0.0 |
| 484300 | Keppel DC REIT | 888659 | 0.2 |
| 1624500 <sup>(1)</sup> | Keppel Pacific Oak US REIT | 372561 | 0.1 |
| 89500 | KSH Holdings Ltd. | 27848 | 0.0 |
| 59500 | OKP Holdings Ltd. | 44251 | 0.0 |
| 27800 | OUE Ltd. | 27339 | 0.0 |
| 114100 | Pacific Century Regional Developments Ltd. | 39009 | 0.0 |
| 25325 | Samudera Shipping Line Ltd. | 18867 | 0.0 |
| 22700 | Sing Holdings Ltd. | 8198 | 0.0 |
| 19950 | Sing Investments & Finance Ltd. | 24524 | 0.0 |
| 31892 | Tai Sin Electric Ltd. | 15926 | 0.0 |
| 149900 | UOL Group Ltd. | 915771 | 0.2 |
|  |  | **3201611** | **0.7** |
|  | **South Africa: 0.4%** |  |  |
| 540 | DRDGOLD Ltd., ADR | 13624 | 0.0 |
| 3651 | Karooooo Ltd. | 162761 | 0.0 |
| 82844 | Netcare Ltd. | 69716 | 0.0 |
| 261605 | Pan African Resources PLC | 287447 | 0.1 |
| 68505 <sup>(1)(2)</sup> | Scatec ASA | 722298 | 0.2 |
| 17063 | Tiger Brands Ltd. | 323200 | 0.1 |
|  |  | **1579046** | **0.4** |
|  | **South Korea: 6.2%** |  |  |
| 7910 | AfreecaTV Co. Ltd. | 402722 | 0.1 |
| 4910 | Ahnlab, Inc. | 209185 | 0.1 |
| 1307 | AK Holdings, Inc. | 8990 | 0.0 |
| 2285 <sup>(1)</sup> | Anapass, Inc. | 28258 | 0.0 |
| 4710 | Asia Paper Manufacturing Co. Ltd. | 24375 | 0.0 |
| 8601 | Baiksan Co. Ltd. | 81315 | 0.0 |
| 2033 <sup>(1)</sup> | Cafe24 Corp. | 51016 | 0.0 |
| 23758 | Classys, Inc. | 820211 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Korea (continued)** |  |  |
| 10119 | Com2uSCorp | $241769 | 0.1 |
| 1631 | Cuckoo Holdings Co. Ltd. | 32855 | 0.0 |
| 4310 <sup>(1)</sup> | D&C Media Co. Ltd. | 42715 | 0.0 |
| 20803 | Dae Hyun Co. Ltd. | 24997 | 0.0 |
| 2978 | Daihan Pharmaceutical Co. Ltd. | 60720 | 0.0 |
| 2024 | Daou Technology, Inc. | 55297 | 0.0 |
| 17316 | DB HiTek Co. Ltd. | 711354 | 0.2 |
| 14896 <sup>(1)</sup> | Devsisters Co. Ltd. | 441732 | 0.1 |
| 11558 | DGB Financial Group, Inc. | 107237 | 0.0 |
| 3892 | DL E&C Co. Ltd. | 116426 | 0.0 |
| 4561 <sup>(3)</sup> | DMS Co. Ltd. | 20264 | 0.0 |
| 1449 | Dongwon Industries Co. Ltd. | 49199 | 0.0 |
| 8226 <sup>(1)</sup> | DoubleDown Interactive Co. Ltd., ADR | 73211 | 0.0 |
| 6437 | DoubleUGames Co. Ltd. | 226493 | 0.1 |
| 2626 | DY POWER Corp. | 23565 | 0.0 |
| 935 | E1 Corp. | 49040 | 0.0 |
| 23680 | Echo Marketing, Inc. | 192248 | 0.1 |
| 2451 | E-MART, Inc. | 124152 | 0.0 |
| 9252 <sup>(1)</sup> | EM-Tech Co. Ltd. | 60480 | 0.0 |
| 1979 | ENF Technology Co. Ltd. | 68624 | 0.0 |
| 6002 | Eugene Technology Co. Ltd. | 397935 | 0.1 |
| 8077 | Eusu Holdings Co. Ltd. | 31974 | 0.0 |
| 923 <sup>(1)</sup> | FLITTO, Inc. | 10363 | 0.0 |
| 1195 | Fursys, Inc. | 38147 | 0.0 |
| 26 | Gabia, Inc. | 494 | 0.0 |
| 9983 | Golfzon Newdin Holdings Co. Ltd. | 37118 | 0.0 |
| 4417 <sup>(1)</sup> | Gravity Co. Ltd., ADR | 255612 | 0.1 |
| 16131 | H.PIO Co. Ltd. | 28248 | 0.0 |
| 6611 | Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 22806 | 0.0 |
| 3726 <sup>(1)</sup> | Hanwha Engine | 129191 | 0.1 |
| 124863 <sup>(1)</sup> | Hanwha General Insurance Co. Ltd. | 474143 | 0.1 |
| 24147 <sup>(1)</sup> | Hanwha Life Insurance Co. Ltd. | 51273 | 0.0 |
| 4150 | Hanyang Securities Co. Ltd. | 55279 | 0.0 |
| 1383 <sup>(1)</sup> | HD Hyundai Energy Solutions Co. Ltd. | 54943 | 0.0 |
| 10516 <sup>(1)</sup> | Heungkuk Fire & Marine Insurance Co. Ltd. | 27568 | 0.0 |
| 2607 <sup>(1)</sup> | Hugel, Inc. | 478350 | 0.1 |
| 1441 | Huons Co. Ltd. | 29535 | 0.0 |
| 1413 | Hyosung Heavy Industries Corp. | 2107688 | 0.5 |
| 3782 | Hyundai Livart Furniture Co. Ltd. | 17529 | 0.0 |
| 7480 | Hyundai Rotem Co. Ltd. | 1210135 | 0.3 |
| 8705 | HyVision System, Inc. | 98697 | 0.0 |
| 2040 | IDIS Holdings Co. Ltd. | 16020 | 0.0 |
| 1942 | Intelligent Digital Integrated Security Co. Ltd. | 24494 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Korea (continued)** |  |  |
| 3104 | ISC Co. Ltd. | $172407 | 0.1 |
| 16959 | IsuPetasys Co. Ltd. | 1345094 | 0.3 |
| 5617 <sup>(1)</sup> | Jahwa Electronics Co. Ltd. | 85314 | 0.0 |
| 88305 | JB Financial Group Co. Ltd. | 1390253 | 0.3 |
| 24824 <sup>(1)</sup> | Jin Air Co. Ltd. | 125492 | 0.0 |
| 16512 <sup>(1)</sup> | JoyCity Corp. | 21742 | 0.0 |
| 7663 | Jusung Engineering Co. Ltd. | 164262 | 0.1 |
| 4796 | KC Tech Co. Ltd./New | 128435 | 0.1 |
| 10738 | KG Chemical Corp. | 36645 | 0.0 |
| 4210 | KIWOOM Securities Co. Ltd. | 874472 | 0.2 |
| 7412 | Koh Young Technology, Inc. | 86384 | 0.0 |
| 10032 | Kolmar Korea Co. Ltd. | 541510 | 0.1 |
| 3628 | Kolon Global Corp. | 23020 | 0.0 |
| 3639 | Kolon Industries, Inc. | 90741 | 0.0 |
| 2516 | KoMiCo Ltd. | 194356 | 0.1 |
| 2416 | Korea District Heating Corp. | 162056 | 0.1 |
| 17223 | Korean Reinsurance Co. | 128258 | 0.0 |
| 396 | KPX Chemical Co. Ltd. | 13300 | 0.0 |
| 7509 <sup>(1)</sup> | KT Millie Seojae Co. Ltd. | 68777 | 0.0 |
| 35244 | KTCS Corp. | 72116 | 0.0 |
| 22896 | LEENO Industrial, Inc. | 921571 | 0.2 |
| 73 | LF Corp. | 935 | 0.0 |
| 7130 <sup>(1)</sup> | LOT Vacuum Co. Ltd. | 65116 | 0.0 |
| 3276 | LOTTE Himart Co. Ltd. | 17570 | 0.0 |
| 1941 | LX Hausys Ltd. | 38290 | 0.0 |
| 4160 | LX Semicon Co. Ltd. | 166848 | 0.1 |
| 2831 | Maeil Dairies Co. Ltd. | 68850 | 0.0 |
| 13658 <sup>(1)</sup> | Magnachip Semiconductor Corp. | 42340 | 0.0 |
| 2992 | MAKUS, Inc. | 55232 | 0.0 |
| 11730 | Mcnex Co. Ltd. | 255799 | 0.1 |
| 2740 | MegaStudyEdu Co. Ltd. | 79907 | 0.0 |
| 8615 | Modetour Network, Inc. | 67205 | 0.0 |
| 4672 | mPlus Corp. | 56879 | 0.0 |
| 3002 | Nature Holdings Co. Ltd. | 20122 | 0.0 |
| 3086 | NeoPharm Co. Ltd. | 37034 | 0.0 |
| 1607 <sup>(1)</sup> | Neowiz | 27580 | 0.0 |
| 613 | NEOWIZ HOLDINGS Corp. | 9917 | 0.0 |
| 4554 <sup>(1)</sup> | NEPES Corp. | 55315 | 0.0 |
| 19762 <sup>(2)</sup> | Netmarble Corp. | 748879 | 0.2 |
| 2214 | NICE Holdings Co. Ltd. | 21547 | 0.0 |
| 150 | Nice Information & Telecommunication, Inc. | 2404 | 0.0 |
| 13277 | NICE Information Service Co. Ltd. | 135030 | 0.1 |
| 6191 | NOROO Paint & Coatings Co. Ltd. | 36752 | 0.0 |
| 5401 | Paradise Co. Ltd. | 69980 | 0.0 |
| 3140 | PHA Co. Ltd. | 25685 | 0.0 |
| 3511 | PharmaResearch Co. Ltd. | 1329291 | 0.3 |
| 16955 | Poongsan Corp. | 1228939 | 0.3 |
| 19256 | PSK, Inc. | 507474 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Korea (continued)** |  |  |
| 3023 | Rayence Co. Ltd. | $11649 | 0 |
| 2617 | RFHIC Corp. | 61189 | 0 |
| 87913 <sup>(3)</sup> | S&C Engine Group Ltd. |  |  |
| 8006 | Sam Young Electronics Co. Ltd. | 60064 | 0 |
| 2446 | Sambo Corrugated Board Co. Ltd. | 15759 | 0 |
| 3060 | Samchully Co. Ltd. | 264367 | 0.1 |
| 2982 | Sammok S-Form Co. Ltd. | 41651 | 0 |
| 28575 | Samsung Engineering Co. Ltd. | 519502 | 0.1 |
| 1134 | Samyang Holdings Corp. | 83254 | 0 |
| 9846 | Sanil Electric Co. Ltd. | 1077615 | 0.3 |
| 121 | SeAH Holdings Corp. | 10191 | 0 |
| 19401 | Sebang Co. Ltd. | 184853 | 0.1 |
| 1306 | Seoul City Gas Co. Ltd. | 57841 | 0 |
| 7707 <sup>(1)</sup> | Seoul Semiconductor Co. Ltd. | 33857 | 0 |
| 8661 | Seoyon Co. Ltd. | 57327 | 0 |
| 843 | Shinsegae Food Co. Ltd. | 20865 | 0 |
| 17954 <sup>(1)</sup> | Silicon2 Co. Ltd. | 566214 | 0.2 |
| 1735 <sup>(1)</sup> | SJ Group Co. Ltd. | 4256 | 0 |
| 1299 | SK Chemicals Co. Ltd. | 57560 | 0 |
| 1092 | SM Entertainment Co. Ltd. | 91478 | 0 |
| 4689 | Songwon Industrial Co. Ltd. | 31559 | 0 |
| 1330 | Spigen Korea Co. Ltd. | 20808 | 0 |
| 1953 <sup>(1)</sup> | Suprema, Inc. | 46226 | 0 |
| 126 | Taekwang Industrial Co. Ltd. | 70926 | 0 |
| 24076 <sup>(1)</sup> | Tongyang Life Insurance Co. Ltd. | 114277 | 0 |
| 8741 <sup>(1)</sup> | TY Holdings Co. Ltd./ Korea | 15775 | 0 |
| 10960 | TYM Corp. | 45688 | 0 |
| 3472 | Ubiquoss, Inc. | 21442 | 0 |
| 5491 | Uju Electronics Co. Ltd. | 147692 | 0.1 |
| 2342 | Unid Co. Ltd. | 110351 | 0 |
| 5262 | Uniquest Corp. | 28299 | 0 |
| 2705 | Vieworks Co. Ltd. | 35940 | 0 |
| 3416 | Wins Co. Ltd. | 28986 | 0 |
| 4222 | WiSoL Co. Ltd. | 16731 | 0 |
| 19452 | WONIK IPS Co. Ltd. | 872450 | 0.2 |
| 9027 | Zeus Co. Ltd. | 97617 | 0 |
| 2845 | Zinus, Inc. | 27537 | 0 |
|  |  | **26714913** | **6.2** |
|  | **Spain: 3.5%** |  |  |
| 18501 | Atalaya Mining PLC | 166244 | 0 |
| 6577 | Atresmedia Corp. de Medios de Comunicacion SA | 39807 | 0 |
| 299000 | Bankinter SA | 4507179 | 1 |
| 23188 | Cia de Distribucion Integral Logista Holdings SA | 772788 | 0.2 |
| 5414 | CIE Automotive SA | 181596 | 0 |
| 1331 | Construcciones y Auxiliar de Ferrocarriles SA | 84042 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Spain (continued)** |  |  |
| 38486 | Indra Sistemas SA | $2128938 | 0.5 |
| 990775 | Mapfre SA | 4375580 | 1 |
| 26773 | Melia Hotels International SA | 221548 | 0 |
| 103694 | Merlin Properties Socimi SA | 1615366 | 0.4 |
| 7389 | Naturhouse Health SAU | 17971 | 0 |
| 540441 <sup>(1)</sup> | Obrascon Huarte Lain SA | 283447 | 0.1 |
| 3639 | Pharma Mar SA | 307659 | 0.1 |
| 9050 <sup>(1)</sup> | Tecnicas Reunidas SA | 323916 | 0.1 |
| 137039 <sup>(2)</sup> | Unicaja Banco SA | 369978 | 0.1 |
|  |  | **15396059** | **3.5** |
|  | **Sweden: 2.2%** |  |  |
| 17944 | Acast AB | 54014 | 0 |
| 10943 | Alleima AB | 94507 | 0 |
| 3231 <sup>(2)</sup> | Ambea AB | 43564 | 0 |
| 74712 | Avanza Bank Holding AB | 2871523 | 0.7 |
| 5556 | Bahnhof AB - Class B | 34610 | 0 |
| 3895 | Beijer Alma AB | 118898 | 0 |
| 14518 | Betsson AB - Class B | 226258 | 0.1 |
| 9294 | BioGaia AB - Class B | 98179 | 0 |
| 16738 <sup>(2)</sup> | Bravida Holding AB | 141474 | 0 |
| 18376 | Bufab AB | 201968 | 0.1 |
| 29992 | Byggmax Group AB | 152566 | 0.1 |
| 2 <sup>(1)</sup> | Careium AB | 6 | 0 |
| 1849 | Cellavision AB | 35033 | 0 |
| 2895 | Cheffelo AB | 25841 | 0 |
| 3712 | Clas Ohlson AB - Class B | 135372 | 0 |
| 6853 | Electrolux Professional AB - Class B | 47597 | 0 |
| 3589 <sup>(1)</sup> | Enea AB | 26283 | 0 |
| 5189 | Fagerhult Group AB | 25217 | 0 |
| 7083 | Fasadgruppen Group AB | 22235 | 0 |
| 2964 | G5 Entertainment AB | 29354 | 0 |
| 5084 | Hanza AB | 70178 | 0 |
| 4336 <sup>(2)</sup> | Hoist Finance AB | 45186 | 0 |
| 16981 | Instalco AB | 43327 | 0 |
| 14164 | Lagercrantz Group AB - Class B | 347978 | 0.1 |
| 756 | Lime Technologies AB | 28428 | 0 |
| 21413 | Loomis AB | 862632 | 0.2 |
| 1403 <sup>(1)</sup> | Medcap AB | 89846 | 0 |
| 21296 | Mycronic AB | 499578 | 0.1 |
| 44464 | NCC AB - Class B | 1013597 | 0.2 |
| 4929 | Nolato AB - Class B | 32619 | 0 |
| 10331 | Note AB | 205119 | 0.1 |
| 7331 <sup>(1)</sup> | Orexo AB | 21452 | 0 |
| 7287 | Paradox Interactive AB | 127090 | 0 |
| 871 | RaySearch Laboratories AB | 20445 | 0 |
| 8136 | Scandi Standard AB | 84260 | 0 |
| 59339 <sup>(1)</sup> | Stillfront Group AB | 40259 | 0 |
| 464820 | Storskogen Group AB - Class B | 480278 | 0.1 |
| 15537 | Storytel AB | 145365 | 0.1 |
| 7521 | Systemair AB | 61829 | 0 |
| 18303 <sup>(1)</sup> | Tobii Dynavox AB | 188317 | 0.1 |
| 18194 | Truecaller AB - Class B | 54233 | 0 |
| 1757 | VBG Group AB - Class B | 66819 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Sweden (continued)** |  |  |
| 81259 | Wihlborgs Fastigheter AB | $789633 | 0.2 |
|  |  | **9702967** | **2.2** |
|  | **Switzerland: 5.8%** |  |  |
| 10434 <sup>(1)</sup> | AC Immune SA | 35267 | 0.0 |
| 36753 | Accelleron Industries AG | 3012678 | 0.7 |
| 42181 <sup>(1)</sup> | ADC Therapeutics SA | 188127 | 0.1 |
| 26744 | Adecco Group AG | 745687 | 0.2 |
| 607 | Allreal Holding AG | 145078 | 0.0 |
| 330 | Autoneum Holding AG | 65647 | 0.0 |
| 1506 <sup>(1)</sup> | Basilea Pharmaceutica AG, Reg | 87225 | 0.0 |
| 2106 | Belimo Holding AG | 2272258 | 0.5 |
| 2775 | BKW AG | 621066 | 0.2 |
| 549 | Burckhardt Compression Holding AG | 379714 | 0.1 |
| 727 | Burkhalter Holding AG | 129104 | 0.0 |
| 258 | Cie Financiere Tradition SA - Class BR | 97694 | 0.0 |
| 147 | Comet Holding AG, Reg | 35926 | 0.0 |
| 8842 | DKSH Holding AG | 616603 | 0.1 |
| 3120 | dormakaba Holding AG | 266500 | 0.1 |
| 29354 | Dufry AG, Reg | 1547367 | 0.4 |
| 10640 <sup>(2)</sup> | Galenica AG | 1146691 | 0.3 |
| 788 | Hiag Immobilien Holding AG | 108379 | 0.0 |
| 663 | Huber + Suhner AG, Reg | 121426 | 0.0 |
| 6232 | Implenia AG | 494511 | 0.1 |
| 3490 | Inficon Holding AG | 418690 | 0.1 |
| 1882 | Kardex Holding AG | 707897 | 0.2 |
| 5105 | Logitech International SA | 613715 | 0.1 |
| 2830 <sup>(2)</sup> | Medacta Group SA | 524351 | 0.1 |
| 266 <sup>(1)(2)</sup> | Medartis Holding AG | 26939 | 0.0 |
| 737 | Mikron Holding AG, Reg | 19599 | 0.0 |
| 8389 | PSP Swiss Property AG, Reg | 1450993 | 0.3 |
| 819 | R&S Group Holding AG | 26955 | 0.0 |
| 2338 <sup>(1)(2)</sup> | Sensirion Holding AG | 167543 | 0.0 |
| 51791 <sup>(1)</sup> | Sportradar Group AG - Class A | 1326367 | 0.3 |
| 7736 | Sulzer AG, Reg | 1292879 | 0.3 |
| 5142 | Swissquote Group Holding SA, Reg | 3266931 | 0.8 |
| 1877 | Tecan Group AG, Reg | 342766 | 0.1 |
| 21583 | Temenos AG | 2037826 | 0.5 |
| 293 | Vaudoise Assurances Holding SA | 225021 | 0.1 |
| 1285 | Ypsomed Holding AG | 504550 | 0.1 |
| 6 | Zug Estates Holding AG - Class B | 15955 | 0.0 |
|  |  | **25085925** | **5.8** |
|  | **Taiwan: 1.1%** |  |  |
| 45000 | Arcadyan Technology Corp. | 294082 | 0.1 |
| 13000 | ASROCK, Inc. | 135236 | 0.0 |
| 20000 | Cenra, Inc. | 22081 | 0.0 |
| 87000 | Channel Well Technology Co. Ltd. | 217942 | 0.1 |
| 62000 | CviLux Corp. | 164902 | 0.1 |
| 21000 | Darfon Electronics Corp. | 24535 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Taiwan (continued)** |  |  |
| 108000 | Darwin Precisions Corp. | $39221 | 0.0 |
| 38000 | Ennoconn Corp. | 360117 | 0.1 |
| 71000 | Everlight Electronics Co. Ltd. | 135018 | 0.0 |
| 19000 | Fitipower Integrated Technology, Inc. | 93630 | 0.0 |
| 70000 | FocalTech Systems Co. Ltd. | 134020 | 0.0 |
| 25000 | FY Group Ltd. | 38939 | 0.0 |
| 61661 <sup>(1)</sup> | General Interface Solution Holding Ltd. | 98752 | 0.0 |
| 27000 | Genius Electronic Optical Co. Ltd. | 366881 | 0.1 |
| 15000 | Global Lighting Technologies, Inc. | 20335 | 0.0 |
| 26000 | Global Mixed Mode Technology, Inc. | 196654 | 0.1 |
| 28343 | Himax Technologies, Inc., ADR | 266991 | 0.1 |
| 25000 <sup>(1)</sup> | Holtek Semiconductor, Inc. | 32841 | 0.0 |
| 18000 | ITE Technology, Inc. | 76103 | 0.0 |
| 97000 | Kinsus Interconnect Technology Corp. | 428106 | 0.1 |
| 14000 | Lida Holdings Ltd. | 9687 | 0.0 |
| 11000 | Lumax International Corp. Ltd. | 35344 | 0.0 |
| 62000 | Pixart Imaging, Inc. | 465407 | 0.1 |
| 77000 | Primax Electronics Ltd. | 207184 | 0.1 |
| 7000 | Raydium Semiconductor Corp. | 55318 | 0.0 |
| 19000 | Rich Honour International Designs Co. Ltd. | 28420 | 0.0 |
| 125000 <sup>(1)</sup> | Sunplus Technology Co. Ltd. | 87208 | 0.0 |
| 16000 | Sunrex Technology Corp. | 21617 | 0.0 |
| 45000 | Syscom Computer Engineering Co. | 83612 | 0.0 |
| 15000 | Taiwan Semiconductor Co. Ltd. | 26724 | 0.0 |
| 79000 | Taiwan Surface Mounting Technology Corp. | 281623 | 0.1 |
| 7000 | Tofu Restaurant Co. Ltd. | 45502 | 0.0 |
| 7000 | Topview Optronics Corp. | 15923 | 0.0 |
| 36000 | Ubright Optronics Corp. | 74029 | 0.0 |
|  |  | **4583984** | **1.1** |
|  | **Thailand: 0.2%** |  |  |
| 206600 | Advanced Information Technology PCL | 30788 | 0.0 |
| 184700 | Ratchaphruek Hospital PCL | 28218 | 0.0 |
| 132800 | Regional Container Lines PCL | 105755 | 0.0 |
| 69600 | Somboon Advance Technology PCL | 28167 | 0.0 |
| 1906800 <sup>(4)</sup> | Star Petroleum Refining PCL | 283069 | 0.1 |
| 13700 | Thai Stanley Electric PCL | 81961 | 0.0 |
| 1186500 | Thaifoods Group PCL | 166692 | 0.0 |
| 52020 <sup>(1)</sup> | Valeura Energy, Inc. | 247017 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Thailand (continued)** |  |  |
| 33100 | Zen Corp. Group PCL | $6091 | 0.0 |
|  |  | **977758** | **0.2** |
|  | **Turkey: 0.1%** |  |  |
| 18207 <sup>(1)</sup> | Eldorado Gold Corp. | **466680** | **0.1** |
|  | **United Arab Emirates: 0.3%** |  |  |
| 240373 | Alef Education Holding PLC | 63407 | 0.0 |
| 25524 | Commercial Bank of Dubai PSC | 68033 | 0.0 |
| 787622 | Dana Gas PJSC | 177555 | 0.1 |
| 185806 <sup>(1)</sup> | Islamic Arab Insurance Co. | 19577 | 0.0 |
| 348006 <sup>(1)</sup> | RAK Properties PJSC | 133705 | 0.0 |
| 450728 | Sharjah Islamic Bank | 362011 | 0.1 |
| 58169 <sup>(1)</sup> | Yalla Group Ltd., ADR | 441503 | 0.1 |
|  |  | **1265791** | **0.3** |
|  | **United Kingdom: 9.2%** |  |  |
| 3480 | 4imprint Group PLC | 152398 | 0.0 |
| 3289 | AG Barr PLC | 28909 | 0.0 |
| 34452 | AJ Bell PLC | 243270 | 0.1 |
| 21529 <sup>(2)</sup> | Alfa Financial Software Holdings PLC | 64130 | 0.0 |
| 4660 | Anglo-Eastern Plantations PLC | 85721 | 0.0 |
| 23110 <sup>(1)</sup> | Autolus Therapeutics PLC, ADR | 35821 | 0.0 |
| 6541 | Avon Technologies PLC | 164468 | 0.0 |
| 94696 | Babcock International Group PLC | 1512202 | 0.4 |
| 152109 | Balfour Beatty PLC | 1344349 | 0.3 |
| 124206 | Barratt Developments PLC | 614630 | 0.2 |
| 116238 | Beazley PLC | 1422030 | 0.3 |
| 30052 <sup>(1)</sup> | Bicycle Therapeutics PLC, ADR | 242520 | 0.1 |
| 6697 | Breedon Group PLC | 30317 | 0.0 |
| 162004 | British Land Co. PLC | 809121 | 0.2 |
| 23327 | Central Asia Metals PLC | 48725 | 0.0 |
| 29137 <sup>(2)</sup> | CMC Markets PLC | 82487 | 0.0 |
| 1327 | Cohort PLC | 23437 | 0.0 |
| 21777 | Computacenter PLC | 820618 | 0.2 |
| 285151 <sup>(2)</sup> | ConvaTec Group PLC | 915785 | 0.2 |
| 76177 | Costain Group PLC | 153513 | 0.0 |
| 14018 | Cranswick PLC | 909413 | 0.2 |
| 749923 | Currys PLC | 1384167 | 0.3 |
| 57070 | dotdigital group PLC | 51039 | 0.0 |
| 102710 | Drax Group PLC | 973452 | 0.2 |
| 2500 <sup>(1)</sup> | Eagle Eye Solutions Group PLC | 9363 | 0.0 |
| 77261 | easyJet PLC | 491905 | 0.1 |
| 63688 <sup>(1)</sup> | Endava PLC, ADR | 590388 | 0.1 |
| 250298 | EnQuest PLC | 39918 | 0.0 |
| 82610 | Entain PLC | 860440 | 0.2 |
| 9640 | Everplay Group PLC | 50023 | 0.0 |
| 53745 <sup>(1)</sup> | Evoke PLC | 30416 | 0.0 |
| 9755 | FDM Group Holdings PLC | 15404 | 0.0 |
| 38941 | Foresight Group Holdings Ltd. | 233449 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Kingdom (continued)** |  |  |
| 17862 <sup>(2)</sup> | Forterra PLC | $42707 | 0 |
| 74717 | Foxtons Group PLC | 54001 | 0 |
| 721 | Fuller Smith & Turner PLC - Class A | 5837 | 0 |
| 3245 | Games Workshop Group PLC | 679529 | 0.2 |
| 85471 <sup>(1)</sup> | Gem Diamonds Ltd. | 3526 | 0 |
| 19238 | Genus PLC | 621714 | 0.2 |
| 6026 | Global Ship Lease, Inc. - Class A | 190000 | 0.1 |
| 318083 | Harbour Energy PLC | 941523 | 0.2 |
| 992 | Hargreaves Services PLC | 8549 | 0 |
| 4647 | Helical PLC | 12736 | 0 |
| 35446 | Hikma Pharmaceuticals PLC | 857420 | 0.2 |
| 20947 | Hunting PLC | 93974 | 0 |
| 25546 | IMI PLC | 803139 | 0.2 |
| 52487 | Impax Asset Management Group PLC | 131423 | 0 |
| 72081 | Inchcape PLC | 723322 | 0.2 |
| 44656 <sup>(1)</sup> | Indivior PLC | 1311547 | 0.3 |
| 15809 | IntegraFin Holdings PLC | 75291 | 0 |
| 30201 | Intermediate Capital Group PLC | 767222 | 0.2 |
| 45082 | International Personal Finance PLC | 121139 | 0 |
| 105485 | Investec PLC - GBP | 794263 | 0.2 |
| 425333 | Investec PLC - ZAR | 3215726 | 0.7 |
| 97441 | JET2 PLC | 1701600 | 0.4 |
| 18277 | Johnson Matthey PLC | 511903 | 0.1 |
| 17540 | Jupiter Fund Management PLC | 35111 | 0 |
| 19639 | Kainos Group PLC | 243697 | 0.1 |
| 149917 | Kingfisher PLC | 608000 | 0.1 |
| 24100 | Liontrust Asset Management PLC | 98440 | 0 |
| 383078 | LondonMetric Property PLC | 958385 | 0.2 |
| 15400 | Man Group PLC/Jersey | 42547 | 0 |
| 23685 | Marex Group PLC | 718840 | 0.2 |
| 183230 <sup>(1)</sup> | Marston's PLC | 110365 | 0 |
| 8059 | McBride PLC | 12408 | 0 |
| 31691 | Mears Group PLC | 147795 | 0 |
| 150805 | Mitie Group PLC | 326489 | 0.1 |
| 11320 | Moneysupermarket.com Group PLC | 28869 | 0 |
| 5425 | Morgan Sindall Group PLC | 331397 | 0.1 |
| 45557 | Next Fifteen Communications Group PLC | 247475 | 0.1 |
| 14527 | Ninety One PLC | 44160 | 0 |
| 13294 | Norcros PLC | 52384 | 0 |
| 116270 | OSB Group PLC | 824117 | 0.2 |
| 9508 | Pagegroup PLC | 29512 | 0 |
| 77708 | Paragon Banking Group PLC | 846283 | 0.2 |
| 33896 | Polar Capital Holdings PLC | 255530 | 0.1 |
| 79628 | Rightmove PLC | 699169 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Kingdom (continued)** |  |  |
| 28298 | RWS Holdings PLC | $28811 | 0.0 |
| 2842 | Secure Trust Bank PLC | 36388 | 0.0 |
| 69803 | Severfield PLC | 27546 | 0.0 |
| 49629 | Softcat PLC | 1045756 | 0.2 |
| 214184 | Speedy Hire PLC | 77518 | 0.0 |
| 73239 | St James's Place PLC | 1249606 | 0.3 |
| 4578 | Tatton Asset Management PLC | 44745 | 0.0 |
| 43954 | TP ICAP Group PLC | 151596 | 0.0 |
| 208027 <sup>(1)(2)</sup> | Trainline PLC | 686701 | 0.2 |
| 384858 | Tritax Big Box REIT PLC | 759731 | 0.2 |
| 23768 <sup>(1)(2)</sup> | Trustpilot Group PLC | 64254 | 0.0 |
| 18266 | Weir Group PLC | 711056 | 0.2 |
| 43682 | Wickes Group PLC | 127108 | 0.0 |
| 67284 | XPS Pensions Group PLC | 298319 | 0.1 |
|  |  | **40072027** | **9.2** |
|  | **United States: 2.4%** |  |  |
| 52600 <sup>(1)</sup> | Bausch Health Cos., Inc. | 370531 | 0.1 |
| 12128 | BRP, Inc. | 760772 | 0.2 |
| 29040 | Buzzi Unicem SpA | 1749454 | 0.4 |
| 23800 <sup>(1)</sup> | Carnival PLC, ADR | 619038 | 0.1 |
| 1147 | Civeo Corp. | 23835 | 0.0 |
| 58262 <sup>(1)</sup> | Constellium SE | 916461 | 0.2 |
| 5136 | Dole PLC | 65433 | 0.0 |
| 13193 <sup>(1)</sup> | Fiverr International Ltd. | 298690 | 0.1 |
| 38091 <sup>(1)</sup> | IMAX Corp. | 1237577 | 0.3 |
| 73960 <sup>(1)</sup> | Kiniksa Pharmaceuticals International PLC | 2737260 | 0.6 |
| 26175 <sup>(1)</sup> | MDA Space Ltd. | 510977 | 0.1 |
| 19387 | Navigator Holdings Ltd. | 318722 | 0.1 |
| 107591 <sup>(1)</sup> | Riskified Ltd. - Class A | 508905 | 0.1 |
| 16050 <sup>(2)</sup> | Signify NV | 384195 | 0.1 |
|  |  | **10501850** | **2.4** |
|  | Total Common Stock<br> (Cost $344,771,410) | **422790578** | **97.3** |
| **EXCHANGE-TRADED FUNDS: 1.6%** | **EXCHANGE-TRADED FUNDS: 1.6%** |  |  |
| 14366 | iShares MSCI EAFE Small-Cap ETF | 1094833 | 0.3 |
| 94437 | Vanguard FTSE Developed Markets ETF | 5758768 | 1.3 |
|  |  | **6853601** | **1.6** |
|  | Total Exchange-Traded Funds<br> (Cost $6,825,739) | **6853601** | **1.6** |
| **PREFERRED STOCK: 0.2%** | **PREFERRED STOCK: 0.2%** |  |  |
|  | **Germany: 0.2%** |  |  |
| 555 | Einhell Germany AG | 52634 | 0.0 |
| 12522 | Fuchs Petrolub SE | 560540 | 0.1 |
| 198 | KSB SE & Co. KGaA | 205539 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |  |  |
|  | **Germany (continued)** |  |  |
| 182 | STO SE & Co. KGaA | $25020 | 0.0 |
|  |  | **843733** | **0.2** |
|  | Total Preferred Stock<br> (Cost $730,334) | **843733** | **0.2** |
|  | Total Long-Term Investments<br> (Cost $352,327,483) | **430487912** | **99.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | <br>**RA** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 1.0%** | **SHORT-TERM INVESTMENTS: 1.0%** |  |  |
|  | **Repurchase Agreements: 0.4%** |  |  |
| 829000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 10/31/2025, 4.260%, due 11/03/2025 (Repurchase Amount $829,290, collateralized by various U.S. Government Securities, 0.000%-4.875%, Market Value plus accrued interest $845,880, due 11/04/25-08/15/55) | 829000 | 0.2 |
| 117310 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 10/31/2025, 4.140%, due 11/03/2025 (Repurchase Amount $117,350, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $119,656, due 07/15/30-02/15/51) | 117310 | 0 |
| 1000000 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 10/31/2025, 4.300%, due 11/03/2025 (Repurchase Amount $1,000,353, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,019,107, due 04/15/28-02/15/54) | 1000000 | 0.2 |
|  | Total Repurchase Agreements<br> (Cost $1,946,310) | **1946310** | **0.4** |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.6%** |  |  |
| 2402631 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 3.980%<br> (Cost $2,402,631) | $**2402631** | **0.6** |
|  | Total Short-Term Investments<br> (Cost $4,348,941) | $**4348941** | **1.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $356,676,424)** | $**434836853** | **100.1** |
|  | **Liabilities in Excess of Other Assets** | **(309596)** | **(0.1)** |
|  | **Net Assets** | $**434527257** | **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> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(4)</sup> | Security, or a portion of the security, is on loan. |
| <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 October 31, 2025. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Industrials | 23.1% |
| Financials | 12.9 |
| Information Technology | 12.7 |
| Consumer Discretionary | 12 |
| Materials | 10.2 |
| Health Care | 6.6 |
| Real Estate | 6.2 |
| Communication Services | 4.7 |
| Energy | 4 |
| Consumer Staples | 2.8 |
| Utilities | 2.3 |
| Exchange-Traded Funds | 1.6 |
| Short-Term Investments | 1 |
| Liabilities in Excess of Other Assets | (0.1) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of October 31, 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>**October 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;Australia | $4142578 | $21906281 | $453720 | $26502579 |
| &nbsp;&nbsp;Austria |  | 1530687 |  | 1530687 |
| &nbsp;&nbsp;Belgium | 66956 | 2286916 |  | 2353872 |
| &nbsp;&nbsp;Brazil | 540133 | 35010 |  | 575143 |
| &nbsp;&nbsp;Canada | 39753798 |  |  | 39753798 |
| &nbsp;&nbsp;China | 3206894 | 4062660 |  | 7269554 |
| &nbsp;&nbsp;Côte d'Ivoire | 2063685 |  |  | 2063685 |
| &nbsp;&nbsp;Denmark | 1018494 | 10748533 |  | 11767027 |
| &nbsp;&nbsp;Finland | 1566 | 5575497 |  | 5577063 |
| &nbsp;&nbsp;France | 588073 | 25790159 |  | 26378232 |
| &nbsp;&nbsp;Germany | 199428 | 25583390 |  | 25782818 |
| &nbsp;&nbsp;Greece | 705327 | 64045 |  | 769372 |
| &nbsp;&nbsp;Guatemala | 1159566 |  |  | 1159566 |
| &nbsp;&nbsp;Guernsey | 608062 |  |  | 608062 |
| &nbsp;&nbsp;Hong Kong | 180990 | 281725 |  | 462715 |
| &nbsp;&nbsp;India |  | 248712 |  | 248712 |
| &nbsp;&nbsp;Indonesia | 110461 | 137417 |  | 247878 |
| &nbsp;&nbsp;Ireland | 824735 | 154517 |  | 979252 |
| &nbsp;&nbsp;Israel | 2708165 | 519773 |  | 3227938 |
| &nbsp;&nbsp;Italy | 1437799 | 16827009 |  | 18264808 |
| &nbsp;&nbsp;Japan | 1264457 | 90370637 |  | 91635094 |
| &nbsp;&nbsp;Liechtenstein | 199237 |  |  | 199237 |
| &nbsp;&nbsp;Luxembourg |  | 465537 |  | 465537 |
| &nbsp;&nbsp;Macao |  | 683427 |  | 683427 |
| &nbsp;&nbsp;Malaysia |  | 472231 |  | 472231 |
| &nbsp;&nbsp;Malta |  | 37463 |  | 37463 |
| &nbsp;&nbsp;Mexico | 57376 |  |  | 57376 |
| &nbsp;&nbsp;Monaco | 62053 |  |  | 62053 |
| &nbsp;&nbsp;Netherlands |  | 9647206 |  | 9647206 |
| &nbsp;&nbsp;New Zealand | 44786 | 737941 |  | 782727 |
| &nbsp;&nbsp;Nigeria | 53608 |  |  | 53608 |
| &nbsp;&nbsp;Norway | 222476 | 1344946 |  | 1567422 |
| &nbsp;&nbsp;Peru | 229719 |  |  | 229719 |
| &nbsp;&nbsp;Philippines | 115486 | 36570 |  | 152056 |
| &nbsp;&nbsp;Poland | 52202 | 911314 |  | 963516 |
| &nbsp;&nbsp;Portugal | 92518 | 530027 |  | 622545 |
| &nbsp;&nbsp;Qatar | 87989 |  |  | 87989 |
| &nbsp;&nbsp;Singapore | 134900 | 3066711 |  | 3201611 |
| &nbsp;&nbsp;South Africa | 1291599 | 287447 |  | 1579046 |
| &nbsp;&nbsp;South Korea | 2901626 | 23793023 | 20264 | 26714913 |
| &nbsp;&nbsp;Spain | 365811 | 15030248 |  | 15396059 |
| &nbsp;&nbsp;Sweden | 535466 | 9167501 |  | 9702967 |
| &nbsp;&nbsp;Switzerland | 1592655 | 23493270 |  | 25085925 |
| &nbsp;&nbsp;Taiwan | 266991 | 4316993 |  | 4583984 |
| &nbsp;&nbsp;Thailand | 387081 | 590677 |  | 977758 |
| &nbsp;&nbsp;Turkey | 466680 |  |  | 466680 |
| &nbsp;&nbsp;United Arab Emirates | 1068679 | 197112 |  | 1265791 |
| &nbsp;&nbsp;United Kingdom | 12282168 | 27789859 |  | 40072027 |
| &nbsp;&nbsp;United States | 8368201 | 2133649 |  | 10501850 |
| Total Common Stock | 91460474 | 330856120 | 473984 | 422790578 |
| Exchange-Traded Funds | 6853601 |  |  | 6853601 |
| Preferred Stock |  | 843733 |  | 843733 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>**October 31, 2025** |
| Short-Term Investments | $2402631 | $1946310 | $— | $4348941 |
| Total Investments, at fair value | $100716706 | $333646163 | $473984 | $434836853 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(44) | $— | $(44) |
| Total Liabilities | $— | $(44) | $— | $(44) |

---

---

| | |
|:---|:---|
| <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 October 31, 2025, the following forward foreign currency contracts were outstanding for Voya Multi-Manager International Small Cap Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| JPY | 43572986 | USD | 282783 | JPMorgan Chase Bank N.A. | 11/05/25 | $(44) |
|  |  |  |  |  |  | $(44) |

---

Currency Abbreviations:

JPY — Japanese Yen <br> USD — United States Dollar

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

The fair value of derivative instruments as of October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $44 |
| **Total Liability Derivatives** |  | $44 |

---

The effect of derivative instruments on the Fund's Statement of Operations for the year ended October 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Forward**<br>**foreign**<br>**currency**<br>**contracts** |
| Foreign exchange contracts | $27602 |
| **Total** | $27602 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Small Cap Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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** |
| Foreign exchange contracts | $(59) |
| **Total** | $(59) |

---

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 October 31, 2025:

---

| | |
|:---|:---|
|  | **JPMorgan**<br>**Chase Bank**<br>**N.A.** |
| **Liabilities:** | |
| Forward foreign currency contracts | $44 |
| **Total Liabilities** | $44 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(44) |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— |
| **Net Exposure<sup>(1)</sup>** | $(44) |

---

<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 October 31, 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 $359,475,252. | Cost for U.S. federal income tax purposes was $359,475,252. |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $90722577 |
| Gross Unrealized Depreciation | (14839677) |
| Net Unrealized Appreciation | $75882900 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Per Share Amount</u>** |
| Voya Global Bond Fund |  |
| Class A NII | $0.3262 |
| Class C NII | $0.2703 |
| Class I NII | $0.3428 |
| Class R NII | $0.3089 |
| Class R6 NII | $0.3458 |
| Class W NII | $0.3386 |
| Voya Global High Dividend Low Volatility Fund |  |
| Class A NII | $1.0832 |
| Class C NII | $0.7790 |
| Class I NII | $1.1948 |
| Class R6 NII | $1.2082 |
| Class W NII | $1.1949 |
| Voya Multi-Manager International Small Cap Fund |  |
| Class A NII | $1.3580 |
| Class C NII | $0.9711 |
| Class I NII | $1.5540 |
| Class R6 NII | $1.5573 |
| Class W NII | $1.4926 |

---

NII - Net investment income

Of the ordinary distributions made during the year ended October 31, 2025, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:

Voya Global High Dividend Low Volatility Fund 72.16%

For the year ended October 31, 2025, the following are percentages of ordinary income dividends paid by the Funds (including creditable foreign taxes paid) that are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Fund | 100.00% |
| &nbsp;&nbsp;&nbsp;Voya Multi-Manager International Small Cap Fund | 91.98% |

---

The Funds designate the following amount as Section 199A dividends:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Fund | $341807 |

---

Pursuant to Section 853 of the Internal Revenue Code, the Funds designate the following amounts as foreign taxes paid for the year ended October 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Portion of Ordinary** |
|  | **Creditable Foreign** | **Per Share** | **Income Derived from** |
|  | **<u>Taxes Paid</u>** | **<u>Amount</u>** | **<u>Foreign Sourced Income\*</u>** |
| Voya Multi-Manager International Small Cap Fund | $1016906 | $0.1836 | 80.22% |

---

\*None of the Funds listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

TAX INFORMATION (Unaudited) (Continued)

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, 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 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

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

**167703 (1025)**

![](tm2531593d1_intlbook201img01.jpg)

Annual Financial Statements and Other Information

**October 31, 2025**

Classes A, C, I, R, and W

■ Voya Multi-Manager
 Emerging Markets Equity Fund

■ Voya Multi-Manager International Equity Fund

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.

---

| | |
|:---|:---|
| ![](tm2531593d1_intlbook201img02.jpg) | E-Delivery Sign-up – details inside |

---

---

| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2531593d1_intlbook201img03.jpg) |

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[This Page Intentionally Left Blank]

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#XX01) | [1](#XX01) |
| [Statements of Assets and Liabilities](#XX02) | [2](#XX02) |
| [Statements of Operations](#XX03) | [4](#XX03) |
| [Statements of Changes in Net Assets](#XX04) | [5](#XX04) |
| [Financial Highlights](#XX05) | [6](#XX05) |
| [Notes to Financial Statements](#yz_001) | [8](#yz_001) |
| [Portfolios of Investments](#yz_002) | [21](#yz_002) |
| [Tax Information](#yz_003) | [42](#yz_003) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#yz_004) | [43](#yz_004) |

---

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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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of Voya Multi-Manager Emerging Markets Equity Fund and Voya Multi-Manager International Equity Fund and the Board of Trustees of Voya Mutual Funds

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya Multi-Manager Emerging Markets Equity Fund and Voya Multi-Manager International Equity Fund (collectively referred to as the "Funds") (two of the funds constituting Voya Mutual Funds (the "Trust")), including the portfolios of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the funds constituting Voya Mutual Funds) at October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2531593d1_intlbook201img04.jpg)

We have served as the auditor of one or more Voya investment companies since 2019.

Boston, Massachusetts

December 19, 2025

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**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+\* | $229084091 | $560811123 |
| Short-term investments at fair value† | 3637292 | 11854763 |
| Cash | 34358 | 2570449 |
| Cash collateral for futures contracts | 32356 | 42537 |
| Foreign currencies at value‡ | 114154 | 329571 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 8711 | 69505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 63257 | 303591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 261292 | 869835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 9818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | 39096 | 1341149 |
| Prepaid expenses | 38689 | 4176 |
| Reimbursement due from Investment Adviser | 1991 | 23549 |
| Other assets | 17016 | 23818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 233332303 | 578253884 |
| **LIABILITIES:** |  |  |
| Payable for investment securities purchased | 8721 | 82754 |
| Payable for fund shares redeemed | 128521 | 403252 |
| Payable upon receipt of securities loaned | 1854687 | 8652029 |
| Unrealized depreciation on forward foreign currency contracts |  | 22 |
| Variation margin payable on futures contracts | 2363 | 3850 |
| Payable for investment management fees | 224046 | 411564 |
| Payable for distribution and shareholder service fees | 3935 |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 17016 | 23818 |
| Payable for trustee fees | 522 | 1357 |
| Payable for foreign capital gains tax | 1069743 | 191615 |
| Other accrued expenses and liabilities | 227867 | 139591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3537421 | 9909852 |
| **NET ASSETS** | $229794882 | $568344032 |
| **NET ASSETS WERE COMPRISED OF:** |  |  |
| Paid-in capital | $241039277 | $452594910 |
| Total distributable earnings (loss) | (11244395) | 115749122 |
| **NET ASSETS** | $229794882 | $568344032 |
| +&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including securities loaned at value | $1768042 | $8023160 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments in securities | $185067620 | $501331057 |
| †&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of short-term investments | $3637292 | $11854763 |
| ‡&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of foreign currencies | $114603 | $330116 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
|  | **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;Net assets | $18151655 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1390707 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $13.05 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (5.75%)<sup>(1)</sup> | $13.85 | n/a |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $168206 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 12973 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $12.97 | n/a |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $185544451 | $568344032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 14116161 | 45144963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.14 | $12.59 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $95368 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 7293 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.08 | n/a |
| **Class W** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $25835202 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value |  | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1972730 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $13.10 | n/a |

---

---

| | |
|:---|:---|
| <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. |
| † | &nbsp;&nbsp;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 year ended October 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **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\* | $5312413 | $14987070 |
| Interest | 3193 | 228848 |
| Securities lending income, net | 31133 | 29186 |
| Other | 1194 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5347933 | 15248200 |
| **EXPENSES:** |  |  |
| Investment management fees | 2091733 | 4613787 |
| Distribution and shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 38854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 400 |  |
| Transfer agent fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 32679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 24095 | 52081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 52621 |  |
| Shareholder reporting expense | 12265 | 8743 |
| Registration fees | 74750 | 30170 |
| Professional fees | 80088 | 105827 |
| Custody and accounting expense | 168930 | 165385 |
| Information statement costs (Note 6) |  | 14500 |
| Trustee fees | 5221 | 13568 |
| Licensing fee (Note 7) | 10755 |  |
| Miscellaneous expense | 32834 | 59312 |
| Interest expense | 7639 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2634978 | 5064829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (212382) | (270507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commission recapture |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2422596 | 4794292 |
| Net investment income | 2925337 | 10453908 |
| **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^) | 16527274 | 53127443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 20774 | 45422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (195400) | (66308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 173269 | 56710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 16525917 | 53163267 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | 42348274 | 35758481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 19868 | 117624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 59254 | 103868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 42427396 | 35979822 |
| Net realized and unrealized gain | 58953313 | 89143089 |
| **Increase in net assets resulting from operations** | $61878650 | $99596997 |
| \* Foreign taxes withheld | $634422 | $1760048 |
| ^ Foreign capital gains taxes withheld | $97922 | $58015 |
| # Change in foreign capital gains taxes accrued | $332081 | $91012 |

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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** |
|  | **Year Ended <br> October 31, <br> 2025** | **Year Ended <br> October 31, <br> 2024** | **Year Ended <br> October 31,<br> 2025** | **Year Ended <br> October 31,<br> 2024** |
| **FROM OPERATIONS:** | | | | |
| Net investment income | $2925337 | $3384793 | $10453908 | $7606407 |
| Net realized gain | 16525917 | 5073888 | 53163267 | 19141080 |
| Net change in unrealized appreciation (depreciation) | 42427396 | 36012944 | 35979822 | 38876150 |
| Increase in net assets resulting from operations | 61878650 | 44471625 | 99596997 | 65623637 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (598304) | (256991) |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (6107) | (900) |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (7280779) | (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 | 48949054 | 59143769 | 170275843 | 408149338 |
| Reinvestment of distributions | 8900093 | 4799025 | 9102859 | 5245490 |
|  | 57849147 | 63942794 | 179378702 | 413394828 |
| Cost of shares redeemed | (83502350) | (122083184) | (196474033) | (242508824) |
| Net increase (decrease) in net assets resulting from capital share transactions | (25653203) | (58140390) | (17095331) | 170886004 |
| Net increase (decrease) in net assets | 27301031 | (18479087) | 73398807 | 231264151 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 202493851 | 220972938 | 494945225 | 263681074 |
| End of year or period | $229794882 | $202493851 | $568344032 | $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<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain (loss) | <br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return of<br> capital | <br>Total<br> distributions | <br>Payment<br> by affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<br><sup>(2)(3)(4)</sup> | Expenses<br> net of all<br> reductions/<br>additions<br><sup>(2)(3)(4)</sup> | Net<br> investment<br> income<br> (loss)<br><sup>(2)(3)(5)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-25 | 10.11 | 0.11• | 3.23 | 3.34 | 0.40 |  |  | 0.40 |  | 13.05 | **34.37** | 1.65 | 1.47 | 1.47 | 1.07 | 18152 | 51 |
| 10-31-24 | 8.59 | 0.11• | 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• | 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• | (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• | 1.87 | 1.92 | 0.09 | 0.44 |  | 0.53 |  | 14.39 | **14.76** | 1.64 | 1.50 | 1.50 | 0.36 | 24177 | 59 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-25 | 10.07 | 0.04• | 3.21 | 3.25 | 0.35 |  |  | 0.35 |  | 12.97 | **33.41** | 2.40 | 2.22 | 2.22 | 0.35 | 168 | 51 |
| 10-31-24 | 8.54 | 0.03• | 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• | 0.83 | 0.90 | 0.36 |  |  | 0.36 |  | 8.54 | **11.23** | 2.51 | 2.26 | 2.26 | 0.80 | 108 | 85 |
| 10-31-22 | 14.26 | 0.09• | (4.33) | (4.24) | 0.02 | 2.00 |  | 2.02 |  | 8.00 | **(34.24)** | 2.44 | 2.25 | 2.25 | 0.85 | 158 | 53 |
| 10-31-21 | 12.90 | (0.05)• | 1.85 | 1.80 |  | 0.44 |  | 0.44 |  | 14.26 | **13.94** | 2.39 | 2.25 | 2.25 | (0.37) | 487 | 59 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-25 | 10.19 | 0.15• | 3.23 | 3.38 | 0.43 |  |  | 0.43 |  | 13.14 | **34.71** | 1.20 | 1.12 | 1.12 | 1.44 | 185544 | 51 |
| 10-31-24 | 8.65 | 0.15• | 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• | 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• | (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• | 1.86 | 1.98 | 0.13 | 0.44 |  | 0.57 |  | 14.45 | **15.23** | 1.18 | 1.15 | 1.15 | 0.80 | 245082 | 59 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-25 | 10.13 | 0.09• | 3.24 | 3.33 | 0.38 |  |  | 0.38 |  | 13.08 | **34.12** | 1.90 | 1.72 | 1.72 | 0.81 | 95 | 51 |
| 10-31-24 | 8.61 | 0.09• | 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• | 0.82 | 0.94 | 0.36 |  |  | 0.36 |  | 8.61 | **11.74** | 2.01 | 1.76 | 1.76 | 1.29 | 55 | 85 |
| 10-31-22 | 14.44 | 0.13• | (4.33) | (4.20) | 0.21 | 2.00 |  | 2.21 |  | 8.03 | **(33.89)** | 1.94 | 1.75 | 1.75 | 1.30 | 42 | 53 |
| 10-31-21 | 12.99 | 0.02• | 1.87 | 1.89 |  | 0.44 |  | 0.44 |  | 14.44 | **14.55** | 1.89 | 1.75 | 1.75 | 0.15 | 51 | 59 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-25 | 10.15 | 0.14• | 3.23 | 3.37 | 0.42 |  |  | 0.42 |  | 13.10 | **34.70** | 1.40 | 1.22 | 1.22 | 1.35 | 25835 | 51 |
| 10-31-24 | 8.61 | 0.13• | 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• | 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• | (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• | 1.87 | 1.97 | 0.12 | 0.44 |  | 0.56 |  | 14.41 | **15.15** | 1.39 | 1.25 | 1.25 | 0.64 | 65102 | 59 |
| **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** | **Voya Multi-Manager International Equity Fund <br>Class I** |
| 10-31-25 | 10.66 | 0.22• | 1.90 | 2.12 | 0.19 |  |  | 0.19 |  | 12.59 | **20.19** | 0.93 | 0.88 | 0.88 | 1.93 | 568344 | 96 |
| 10-31-24 | 8.87 | 0.18• | 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• | 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• | (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• | 3.31 | 3.43 | 0.12 | 0.42 |  | 0.54 |  | 14.24 | **30.69** | 0.96 | 0.96 | 0.96 | 0.87 | 554017 | 49 |

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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.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

------

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

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025

 **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 to the Funds. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

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 October 31, 2025 (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 October 31, 2025 (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 October 31, 2025 (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 Swaps 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.

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 $22 on open forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of October 31, 2025, Multi-Manager International Equity could have been required to pay this amount in cash to its counterparties. At October 31, 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 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

denominated holdings from adverse currency movements. During the year ended October 31, 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 | $— | $491238 |
| Multi-Manager International Equity | 1077653 | 1043422 |

---

Please refer to the tables within the Portfolio of Investments for Multi-Manager International Equity for open forward foreign currency contracts at October 31, 2025. There were no open forward foreign currency contracts for Multi-Manager Emerging Markets Equity at October 31, 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 year ended October 31, 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 year ended October 31, 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 | $1066831 |
| Multi-Manager International Equity | 2932907 |

---

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 October 31, 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 U.S. federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on U.S. 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.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 year ended October 31, 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 | $105562617 | $136084188 |
| Multi-Manager International Equity | 511334755 | 520949026 |

---

**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.

---

| | |
|:---|:---|
| **Fund** | **As a Percentage of Average Daily Net Assets** |
| Multi-Manager Emerging Markets Equity | Direct Investments 1.10%; |
|  | 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

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 Advisers, Sustainable Growth Advisers, LP and Voya IM\* |
| Multi-Manager International Equity | Acadian Asset Management, LLC, |
|  | Lazard Asset Management, LLC, |
|  | Wellington Management Company |
|  | 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 year ended October 31, 2025, the Distributor retained the following amounts in sales charges from the following Funds:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** | | |
| Multi-Manager Emerging Markets Equity | $402 | $— |
| **Contingent Deferred Sales Charges:** |  |  |
| Multi-Manager Emerging Markets Equity | $— | $6 |

---

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

At October 31, 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 | 8.80% |
|  | Multi-Manager International Equity | 13.79 |
| Voya Solution 2045 Portfolio | Multi-Manager Emerging Markets Equity | 11.85 |
|  | Multi-Manager International Equity | 13.60 |
| Voya Solution 2055 Portfolio | Multi-Manager Emerging Markets Equity | 5.49 |

---

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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

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

"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 year ended October 31, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Multi-Manager Emerging Markets Equity | $404 |

---

During the year ended October 31, 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, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, 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 October 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31,** | **October 31,** | **October 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Multi-Manager International Equity | $— | $117041 | $270507 | $387548 |

---

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 9 — LINE OF CREDIT**

Effective June 10, 2025, the Funds, in addition to certain other funds managed by the Investment Adviser, entered

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 9 — LINE OF CREDIT (continued)**

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, 2026. 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. Prior to June 10, 2025, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line about through June 9, 2025.

**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 year ended October 31, 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 Emerging Markets Equity | 25 | $2071640 | 5.31% |
| Multi-Manager International Equity | 12 | 822333 | 5.31 |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | **Shares** | **Shares** | | |
| |<br><br>**Shares**<br>**sold** |<br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** |<br><br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** | **redeemed** | **redeemed** |<br><br>**Shares**<br>**converted** |<br><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** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 54376 |  | 59201 | (254525) |  | (140948) | 579584 |  | 574252 |  | (2698374) |  | (1544538) |
| 10/31/2024 | 49788 |  | 27113 | (213828) |  | (136927) | 489572 |  | 245912 |  | (2103016) |  | (1367532) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 1193 |  | 629 | (6509) |  | (4687) | 13143 |  | 6107 |  | (67225) |  | (47975) |
| 10/31/2024 | 8547 |  | 99 | (3645) |  | 5001 | 89314 |  | 900 |  | (36970) |  | 53244 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 4294996 |  | 747494 | (6802785) |  | (1760295) | 45887015 |  | 7280592 |  | (71394276) |  | (18226669) |
| 10/31/2024 | 4586049 |  | 469788 | (11460297) |  | (6404460) | 44341830 |  | 4275075 |  | (113121444) |  | (64504539) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 669 |  | 276 | (725) |  | 220 | 7033 |  | 2689 |  | (9115) |  | 607 |
| 10/31/2024 | 1397 |  | 100 | (813) |  | 684 | 13728 |  | 907 |  | (7580) |  | 7055 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 248668 |  | 106741 | (850622) |  | (495213) | 2462279 |  | 1036453 |  | (9333360) |  | (5834628) |
| 10/31/2024 | 1515108 |  | 30422 | (680498) |  | 865032 | 14209325 |  | 276231 |  | (6814174) |  | 7671382 |
| **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2025 | 15127223 |  | 864469 | (17266437) |  | (1274745) | 170275843 |  | 9102859 |  | (196474033) |  | (17095331) |
| 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 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 11 — SECURITIES LENDING (continued)**

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 October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | | |
|  | **Securities** | | |
| **Counterparty** | **Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Inc. | $138135 | $(138135) | $— |
| BNP Paribas Prime Brokerage Int'l Ltd. | 10029 | (10029) |  |
| BofA Securities Inc | 485456 | (485456) |  |
| Merrill Lynch International | 365857 | (365857) |  |
| Morgan Stanley & Co. LLC | 728390 | (728390) |  |
| TD Securities (USA) Inc. | 40175 | (40175) |  |
| Total | $1768042 | $(1768042) | $— |

---

(1) Cash
 collateral with a fair value of $1,854,687 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** | **Multi-Manager International Equity** | | |
|  | **Securities** | | |
| **Counterparty** | **Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net Amount** |
| Barclays Capital Securities Ltd. | $112365 | $(112365) | $— |
| BMO Capital Markets Corp | 316200 | (316200) |  |
| BNP Paribas Prime Brokerage Int'l Ltd. | 373747 | (373747) |  |
| BofA Securities Inc | 39824 | (39824) |  |
| Citigroup Global Markets Inc. | 3680258 | (3680258) |  |
| Goldman, Sachs & Co. LLC | 1269474 | (1269474) |  |
| HSBC Bank PLC | 316114 | (316114) |  |
| J.P. Morgan Securities Plc. | 324820 | (324820) |  |
| Merrill Lynch International | 36281 | (36281) |  |
| Morgan Stanley & Co. LLC | 802256 | (802256) |  |
| National Financial Services LLC | 386747 | (386747) |  |
| Nomura Securities International, Inc. | 347379 | (347379) |  |
| UBS AG | 17695 | (17695) |  |
| Total | $8023160 | $(8023160) | $— |

---

(1) Cash
 collateral with a fair value of $8,652,029 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.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**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 U.S. 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.

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31,**<br>**2025** | **Year Ended**<br>**October 31,**<br>**2024** |
|  | **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| Multi-Manager Emerging Markets Equity | $8924416 | $4810322 |
| Multi-Manager International Equity | 9102859 | 5245490 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of October 31, 2025, were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| Multi-Manager Emerging<br> Markets Equity | $13088655 | $— | $27438061 | $(13291265) | Short-term | $(873281) | $(11244395) |
|  |  |  |  | (37606565) | Long-term |  |  |
|  |  |  |  | $(50897830) |  |  |  |
| Multi-Manager International<br> Equity | 30017191 | 33148180 | 53281276 |  |  | (697525) | 115749122 |

---

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

As of October 31, 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, trade disputes, 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

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 (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 a Fund's 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 each Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENT**

In December 2023, FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the Funds' financial statements.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2025 (continued)

**NOTE 16 — SUBSEQUENT EVENTS**

Effective December 1, 2025: (i) Nomura Holding America Inc. acquired Macquarie Asset Management's U.S. and European public investment business, including Delaware Investments Fund Advisers, a sub-adviser to Multi-Manager Emerging Markets Equity and (ii) Multi-Manager Emerging Markets Equity entered into a new sub-advisory agreement with Nomura Investments Fund Advisers, on the same terms, compensation structure and with the same portfolio management teams as was in place under Multi-Manager Emerging Markets Equity's previous sub-advisory agreement with Delaware Investments Fund Advisers.

*Dividends:* Subsequent to October 31, 2025, the following Funds paid dividends and distributions per share of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Investment**<br>**Income** | **Short-term**<br>**Capital Gains** | **Long-term**<br>**Capital Gains** | **Payable**<br>**Date** | **Record**<br>**Date** |
| **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** | **Multi-Manager Emerging Markets Equity** |
| Class A | $0.7316 | $— | $— | December 12, 2025 | December 11, 2025 |
| Class C | $0.6319 | $— | $— | December 12, 2025 | December 11, 2025 |
| Class I | $0.7713 | $— | $— | December 12, 2025 | December 11, 2025 |
| Class R | $0.7036 | $— | $— | December 12, 2025 | December 11, 2025 |
| Class W | $0.7575 | $— | $— | December 12, 2025 | December 11, 2025 |
| **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** |
| Class I | $0.3034 | $0.3900 | $0.7555 | December 12, 2025 | December 11, 2025 |

---

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 Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 95.1%** | **COMMON STOCK: 95.1%** |  |  |
|  | **Argentina: 0.2%** |  |  |
| 9458 | Cresud SACIF y A, ADR | $116995 | 0.1 |
| 16299 | IRSA Inversiones y Representaciones SA, ADR | 252635 | 0.1 |
|  |  | **369630** | **0.2** |
|  | **Brazil: 6.8%** |  |  |
| 56710 | Ambev SA | 134398 | 0.1 |
| 213200 | Ambev SA, ADR | 492492 | 0.2 |
| 119886 | B3 SA - Brasil Bolsa Balcao | 282559 | 0.1 |
| 185919 | Banco Bradesco SA, ADR | 628406 | 0.3 |
| 33866 | Banco Santander Brasil SA, ADR | 196084 | 0.1 |
| 35182 | BB Seguridade Participacoes SA | 215802 | 0.1 |
| 23283 | Centrais Eletricas Brasileiras SA | 240709 | 0.1 |
| 17274 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 424565 | 0.2 |
| 33580 | Cia de Saneamento do Parana | 214652 | 0.1 |
| 8553 | Embraer SA | 138439 | 0.1 |
| 18438 | Energisa S/A | 177219 | 0.1 |
| 23083 | Equatorial Energia SA | 156906 | 0.1 |
| 88951 | Itau Unibanco Holding SA, ADR | 654679 | 0.3 |
| 39888 | Klabin SA | 133233 | 0 |
| 40828 | MBRF Global Foods Co. SA, ADR | 132283 | 0 |
| 1292 <sup>(1)</sup> | MercadoLibre, Inc. | 3006820 | 1.3 |
| 102034 | Petroleo Brasileiro SA - Foreign, ADR | 1187676 | 0.5 |
| 15566 | Porto Seguro SA | 138880 | 0.1 |
| 15453 | Rumo SA | 45957 | 0 |
| 84982 | Sendas Distribuidora S/A | 136004 | 0.1 |
| 49692 <sup>(1)(2)</sup> | Sitios Latinoamerica SAB de CV | 12491 | 0 |
| 31627 | Telefonica Brasil SA | 189646 | 0.1 |
| 24241 | Telefonica Brasil SA, ADR | 289195 | 0.1 |
| 120762 | TIM SA/Brazil | 544556 | 0.2 |
| 305917 | Totvs SA | 2530947 | 1.1 |
| 18463 | Transmissora Alianca de Energia Eletrica SA | 130787 | 0 |
| 15414 | Vale SA, ADR | 186355 | 0.1 |
| 45205 | Vale SA - Foreign | 546246 | 0.2 |
| 46802 | Vibra Energia SA | 207218 | 0.1 |
| 122757 | XP, Inc. - Class A | 2236633 | 1 |
|  |  | **15611837** | **6.8** |
|  | **Chile: 0.6%** |  |  |
| 721247 | Banco de Chile | 126573 | 0 |
| 85894 | Cencosud SA | 266371 | 0.1 |
| 21430 | Empresas Copec SA | 153219 | 0.1 |
| 1662783 | Enel Americas SA | 157008 | 0.1 |
| 1703016 | Enel Chile SA | 130091 | 0.1 |
| 24545 | Falabella SA | 154033 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Chile (continued)** |  |  |
| 6589 <sup>(1)</sup> | Sociedad Quimica y Minera de Chile SA, ADR | $322795 | 0.1 |
|  |  | **1310090** | **0.6** |
|  | **China: 16.2%** |  |  |
| 207400 | Alibaba Group Holding Ltd. | 4413213 | 1.9 |
| 19192 | Alibaba Group Holding Ltd., ADR | 3270893 | 1.4 |
| 150000 | Aluminum Corp. of China Ltd. - Class H | 190728 | 0.1 |
| 37000 | Anhui Conch Cement Co. Ltd. - Class H | 110314 | 0.0 |
| 3910 <sup>(1)</sup> | Baidu, Inc., ADR | 472602 | 0.2 |
| 54500 | Beijing Enterprises Holdings Ltd. | 239139 | 0.1 |
| 258000 <sup>(2)</sup> | Brilliance China Automotive Holdings Ltd. | 126945 | 0.1 |
| 14600 | BYD Co. Ltd. - Class H | 188632 | 0.1 |
| 724000 <sup>(3)</sup> | CGN Power Co. Ltd. - Class H | 286843 | 0.1 |
| 198000 | China Communications Services Corp. Ltd. - Class H | 118664 | 0.0 |
| 182000 | China Construction Bank Corp. - Class H | 180188 | 0.1 |
| 213000 | China Everbright Environment Group Ltd. | 131792 | 0.1 |
| 139800 | China Gas Holdings Ltd. | 143791 | 0.1 |
| 59500 | China Hongqiao Group Ltd. | 225909 | 0.1 |
| 179000 | China Life Insurance Co. Ltd. - Class H | 564475 | 0.2 |
| 68000 | China Merchants Port Holdings Co. Ltd. | 131615 | 0.1 |
| 249000 <sup>(3)</sup> | China Railway Signal & Communication Corp. Ltd. - Class H | 109254 | 0.0 |
| 28500 | China Resources Land Ltd. | 102969 | 0.0 |
| 127000 <sup>(3)</sup> | China Tower Corp. Ltd. - Class H | 183470 | 0.1 |
| 94000 | CITIC Ltd. | 145289 | 0.1 |
| 106000 <sup>(2)</sup> | COSCO Shipping Holdings Co. Ltd. - Class H | 183829 | 0.1 |
| 244000 | CSPC Pharmaceutical Group Ltd. | 240338 | 0.1 |
| 11689 <sup>(1)</sup> | DiDi Global, Inc., ADR | 75277 | 0.0 |
| 39200 | ENN Energy Holdings Ltd. | 341560 | 0.1 |
| 143000 | Geely Automobile Holdings Ltd. | 339240 | 0.1 |
| 178000 | Guangdong Investment Ltd. | 169097 | 0.1 |
| 341787 | H World Group Ltd. | 1325326 | 0.6 |
| 53400 | Haier Smart Home Co. Ltd. - Class H | 173651 | 0.1 |
| 85800 | Inner Mongolia Yitai Coal Co. Ltd. - Class B | 167347 | 0.1 |
| 17645 <sup>(1)</sup> | iQIYI, Inc., ADR | 40760 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **China (continued)** |  |  |
| 40911 | JD.com, Inc. - Class A | $675440 | 0.3 |
| 128000 | Jiangsu Expressway Co. Ltd. - Class H | 155829 | 0.1 |
| 54000 | Kingboard Holdings Ltd. | 193473 | 0.1 |
| 478000 | Kunlun Energy Co. Ltd. | 439371 | 0.2 |
| 88600 <sup>(1)(3)</sup> | Legend Holdings Corp. - Class H | 114520 | 0.0 |
| 51000 | Li Ning Co. Ltd. | 110885 | 0.0 |
| 50680 <sup>(1)(3)</sup> | Meituan - Class B | 667088 | 0.3 |
| 39800 | Midea Group Co. Ltd. - Class H | 430210 | 0.2 |
| 8300 | NetEase, Inc. | 232904 | 0.1 |
| 5778 <sup>(1)</sup> | New Oriental Education & Technology Group, Inc., ADR | 344195 | 0.1 |
| 10537 <sup>(1)</sup> | PDD Holdings, Inc., ADR | 1421125 | 0.6 |
| 848000 | People's Insurance Co. Group of China Ltd. - Class H | 761597 | 0.3 |
| 1312000 | PetroChina Co. Ltd. - Class H | 1356239 | 0.6 |
| 148000 | PICC Property & Casualty Co. Ltd. - Class H | 349654 | 0.1 |
| 136000 <sup>(3)</sup> | Qingdao Port International Co. Ltd. - Class H | 124324 | 0.1 |
| 36500 <sup>(3)</sup> | Shandong Gold Mining Co. Ltd. - Class H | 153012 | 0.1 |
| 119422 | Shenzhen International Holdings Ltd. | 123791 | 0.1 |
| 167000 | Sino Biopharmaceutical Ltd. | 152126 | 0.1 |
| 216000 | Sinotrans Ltd. - Class H | 146818 | 0.1 |
| 8843 <sup>(1)</sup> | Sohu.com Ltd., ADR | 131761 | 0.1 |
| 95569 | Tencent Holdings Ltd. | 7762856 | 3.4 |
| 84764 | Tencent Music Entertainment Group, ADR | 1891933 | 0.8 |
| 178000 | Tingyi Cayman Islands Holding Corp. | 244221 | 0.1 |
| 2150 | Trip.com Group Ltd. | 151299 | 0.1 |
| 6433 | Trip.com Group Ltd., ADR | 454491 | 0.2 |
| 318600 <sup>(2)</sup> | Uni-President China Holdings Ltd. | 344818 | 0.1 |
| 239000 | Want Want China Holdings Ltd. | 154448 | 0.1 |
| 7375 | Weibo Corp., ADR | 80240 | 0.0 |
| 10440 | Weibo Corp. - Class A | 114154 | 0.0 |
| 90000 | Weichai Power Co. Ltd. - Class H | 185967 | 0.1 |
| 31800 <sup>(1)(3)</sup> | Xiaomi Corp. - Class B | 176424 | 0.1 |
| 156700 | Yangzijiang Shipbuilding Holdings Ltd. | 423209 | 0.2 |
| 64028 | Yum China Holdings, Inc. | 2757360 | 1.2 |
|  |  | **37218932** | **16.2** |
|  | **Colombia: 0.1%** |  |  |
| 21200 | Interconexion Electrica SA ESP | **137496** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Czechia: 0.1%** |  |  |
| 4095 | CEZ AS | $**250815** | **0.1** |
|  | **Egypt: 0.1%** |  |  |
| 143832 | Commercial International Bank Egypt SAE | **321179** | **0.1** |
|  | **Greece: 0.9%** |  |  |
| 10033 | Athens International Airport SA | 115876 | 0 |
| 37867 | Eurobank Ergasias Services and Holdings SA | 142440 | 0.1 |
| 10315 | GEK Terna Holding Real Estate Construction SA | 275305 | 0.1 |
| 10210 | Hellenic Telecommunications Organization SA | 191731 | 0.1 |
| 15606 | Helleniq Energy Holdings SA | 137263 | 0.1 |
| 10853 | Jumbo SA | 344516 | 0.1 |
| 8299 | Motor Oil Hellas Corinth Refineries SA | 248700 | 0.1 |
| 11665 | National Bank of Greece SA | 171457 | 0.1 |
| 15571 | OPAP SA | 322164 | 0.1 |
| 11867 | Public Power Corp. SA | 206095 | 0.1 |
|  |  | **2155547** | **0.9** |
|  | **Hong Kong: 1.4%** |  |  |
| 332341 | AIA Group Ltd. | **3233923** | **1.4** |
|  | **Hungary: 0.7%** |  |  |
| 59442 | Magyar Telekom Telecommunications PLC | 311545 | 0.1 |
| 58036 | MOL Hungarian Oil & Gas PLC | 510532 | 0.2 |
| 4321 | OTP Bank Nyrt | 412463 | 0.2 |
| 10314 | Richter Gedeon Nyrt | 317713 | 0.2 |
|  |  | **1552253** | **0.7** |
|  | **India: 11.7%** |  |  |
| 17588 | Aurobindo Pharma Ltd. | 225616 | 0.1 |
| 44362 | Bharat Electronics Ltd. | 212726 | 0.1 |
| 33461 | Bharat Petroleum Corp. Ltd. | 134236 | 0.1 |
| 8121 | Cipla Ltd./India | 137325 | 0.1 |
| 34070 | Coal India Ltd. | 149040 | 0.1 |
| 202088 | Coforge Ltd. | 2373445 | 1 |
| 5465 | Coromandel International Ltd. | 130682 | 0 |
| 1553 | Divi's Laboratories Ltd. | 117902 | 0 |
| 11926 | Dr Reddy's Laboratories Ltd. | 160468 | 0.1 |
| 2202 | Eicher Motors Ltd. | 173655 | 0.1 |
| 13409 | Fortis Healthcare Ltd. | 154436 | 0.1 |
| 60859 | GAIL India Ltd. | 125206 | 0 |
| 35946 | HCL Technologies Ltd. | 623704 | 0.3 |
| 2498 <sup>(3)</sup> | HDFC Asset Management Co. Ltd. | 151310 | 0.1 |
| 147768 | HDFC Bank Ltd. | 1643010 | 0.7 |
| 126132 | HDFC Bank Ltd., ADR | 4568501 | 2 |
| 1796 | Hero MotoCorp Ltd. | 112107 | 0 |
| 26550 | Hindalco Industries Ltd. | 253229 | 0.1 |
| 15995 | Hindustan Unilever Ltd. | 444217 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **India (continued)** |  |  |
| 33750 <sup>(1)</sup> | Indus Towers Ltd. | $138305 | 0.1 |
| 52208 | Infosys Ltd. | 869895 | 0.4 |
| 186870 | Infosys Ltd. - Foreign, ADR | 3096436 | 1.3 |
| 13805 <sup>(1)</sup> | MakeMyTrip Ltd. | 1104400 | 0.5 |
| 628 | Maruti Suzuki India Ltd. | 114369 | 0.0 |
| 3613 | Mphasis Ltd. | 112303 | 0.0 |
| 50950 | National Aluminium Co. Ltd. | 134153 | 0.0 |
| 2133 | Persistent Systems Ltd. | 141947 | 0.1 |
| 315722 | Reliance Industries Ltd. | 5282928 | 2.3 |
| 32394 | Reliance Strategic Investments Ltd. | 111961 | 0.0 |
| 73544 | Tata Consultancy Services Ltd. | 2531143 | 1.1 |
| 38336 | Tata Consumer Products Ltd. | 502914 | 0.2 |
| 73084 | Tata Steel Ltd. | 150408 | 0.1 |
| 15437 | Tech Mahindra Ltd. | 247436 | 0.1 |
| 19633 | UPL Ltd. | 159228 | 0.1 |
| 24396 | Vedanta Ltd. | 135435 | 0.1 |
| 53165 | Wipro Ltd. | 143981 | 0.1 |
|  |  | **26868057** | **11.7** |
|  | **Indonesia: 1.8%** |  |  |
| 1850000 | Astra International Tbk PT | 684062 | 0.3 |
| 5018063 | Bank Central Asia Tbk PT | 2569208 | 1.1 |
| 1207800 | Perusahaan Gas Negara Tbk PT | 126283 | 0.1 |
| 1584700 | Telkom Indonesia Persero Tbk PT | 306536 | 0.1 |
| 1918900 | Unilever Indonesia Tbk PT | 297540 | 0.1 |
| 109700 | United Tractors Tbk PT | 177372 | 0.1 |
|  |  | **4161001** | **1.8** |
|  | **Japan: 1.4%** |  |  |
| 8676 | Fast Retailing Co. Ltd. | **3185133** | **1.4** |
|  | **Kuwait: 0.1%** |  |  |
| 109079 | Mobile Telecommunications Co. KSCP | 188512 | 0.1 |
| 41939 | National Bank of Kuwait SAKP | 143630 | 0.0 |
|  |  | **332142** | **0.1** |
|  | **Lu Luxembourg: 0.2%** |  |  |
| 11322 | Reinet Investments SCA | **362102** | **0.2** |
|  | **Malaysia: 0.9%** |  |  |
| 299700 | Axiata Group Bhd | 179719 | 0.1 |
| 153000 | Gamuda Bhd | 183755 | 0.1 |
| 41500 | Petronas Dagangan Bhd | 224702 | 0.1 |
| 37800 | Petronas Gas Bhd | 166977 | 0.1 |
| 82200 | Press Metal Aluminium Holdings Bhd | 124168 | 0.0 |
| 673800 | Public Bank Bhd | 678326 | 0.3 |
| 77900 | Telekom Malaysia Bhd | 135760 | 0.1 |
| 102500 | Tenaga Nasional Bhd | 324746 | 0.1 |
| 83387 | UEM Sunrise Bhd | 12724 | 0.0 |
|  |  | **2030877** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Mex Mexico: 4.8%** |  |  |
| 39453 | America Movil SAB de CV - Foreign, ADR | $898345 | 0.4 |
| 18067 | Arca Continental SAB de CV | 174830 | 0.1 |
| 222267 | Cemex SAB de CV | 225396 | 0.1 |
| 56344 | Cemex SAB de CV - Foreign, ADR | 571892 | 0.2 |
| 20599 | Coca-Cola Femsa SAB de CV | 176902 | 0.1 |
| 6245 | Coca-Cola Femsa SAB de CV - Foreign, ADR | 536758 | 0.2 |
| 23270 | Fomento Economico Mexicano SAB de CV | 219229 | 0.1 |
| 22593 | Fomento Economico Mexicano SAB de CV - Foreign, ADR | 2131875 | 0.9 |
| 62241 | Gentera SAB de CV | 147642 | 0.0 |
| 16204 | Grupo Aeroportuario del Centro Norte SAB de CV | 199697 | 0.1 |
| 10708 | Grupo Aeroportuario del Pacifico SAB de CV - Class B | 222396 | 0.1 |
| 7041 | Grupo Aeroportuario del Sureste SAB de CV - Class B | 213043 | 0.1 |
| 91199 | Grupo Financiero Banorte SAB de CV - Class O | 856152 | 0.4 |
| 25219 | Grupo Mexico SAB de CV | 217610 | 0.1 |
| 73074 | Grupo Televisa SAB, ADR | 192915 | 0.1 |
| 113889 | Kimberly-Clark de Mexico SAB de CV - Class A | 220747 | 0.1 |
| 81655 | Megacable Holdings SAB de CV | 233689 | 0.1 |
| 25687 <sup>(1)</sup> | Ollamani SAB | 85377 | 0.0 |
| 103753 | Prologis Property Mexico SA de CV | 415883 | 0.2 |
| 15566 | Promotora y Operadora de Infraestructura SAB de CV | 201092 | 0.1 |
| 888068 | Wal-Mart de Mexico SAB de CV | 2939752 | 1.3 |
|  |  | **11081222** | **4.8** |
|  | **Peru: 0.6%** |  |  |
| 24852 | Cia de Minas Buenaventura SAA, ADR | 565880 | 0.3 |
| 2710 | Credicorp Ltd. | 707310 | 0.3 |
|  |  | **1273190** | **0.6** |
|  | **Philippines: 0.2%** |  |  |
| 23580 | International Container Terminal Services, Inc. | 212677 | 0.1 |
| 18230 | Manila Electric Co. | 181216 | 0.1 |
|  |  | **393893** | **0.2** |
|  | **Qatar: 0.5%** |  |  |
| 40618 | Industries Qatar QSC | 141678 | 0.1 |
| 57317 | Ooredoo QPSC | 213305 | 0.1 |
| 28560 | Qatar Electricity & Water Co. QSC | 120484 | 0.0 |
| 62481 | Qatar Fuel QSC | 257406 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Qatar (continued)** |  |  |
| 19817 | Qatar Islamic Bank SAQ | $133600 | 0.1 |
| 72476 | Qatar Navigation QSC | 221354 | 0.1 |
| 196879 | Vodafone Qatar QSC | 130045 | 0.0 |
|  |  | **1217872** | **0.5** |
|  | **Romania: 0.3%** |  |  |
| 33041 | Banca Transilvania SA | 209359 | 0.1 |
| 25739 | NEPI Rockcastle NV | 208436 | 0.1 |
| 1146588 | OMV Petrom SA | 244987 | 0.1 |
| 4054 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | 111187 | 0.0 |
|  |  | **773969** | **0.3** |
|  | **Russia: —%** |  |  |
| 164710 <sup>(4)</sup> | Alrosa PJSC |  |  |
| 342800 <sup>(4)</sup> | Fix Price Group PLC, GDR |  |  |
| 1037141 <sup>(1)(4)</sup> | Gazprom PJSC |  |  |
| 25468 <sup>(1)(4)</sup> | Lukoil PJSC |  |  |
| 14210 <sup>(1)(4)</sup> | Magnit PJSC |  |  |
| 271070 <sup>(4)</sup> | Magnitogorsk Iron & Steel Works PJSC |  |  |
| 117900 <sup>(1)(4)</sup> | MMC Norilsk Nickel PJSC |  |  |
| 91474 <sup>(1)(4)</sup> | Mobile TeleSystems PJSC |  |  |
| 83570 <sup>(1)(4)</sup> | Novolipetsk Steel PJSC |  |  |
| 4078 <sup>(4)</sup> | PhosAgro PJSC |  |  |
| 453015 <sup>(1)(4)</sup> | Rosneft Oil Co. PJSC |  |  |
| 1076340 <sup>(1)(4)</sup> | Sberbank of Russia PJSC |  |  |
| 16184 <sup>(4)</sup> | Severstal PAO |  |  |
| 34543 <sup>(4)</sup> | Tatneft PJSC |  |  |
|  |  | **—** | **—** |
|  | **Saudi Arabia: 0.5%** |  |  |
| 16449 | Etihad Etisalat Co. | 296764 | 0.1 |
| 40548 | Jarir Marketing Co. | 153571 | 0.0 |
| 5546 | SABIC Agri-Nutrients Co. | 181077 | 0.1 |
| 59561 <sup>(3)</sup> | Saudi Arabian Oil Co. | 411536 | 0.2 |
| 15408 | Saudi Telecom Co. | 185614 | 0.1 |
|  |  | **1228562** | **0.5** |
|  | **Singapore: 2.1%** |  |  |
| 556868 <sup>(1)</sup> | Grab Holdings Ltd. - Class A | 3346777 | 1.5 |
| 8174 <sup>(1)</sup> | Sea Ltd., ADR | 1277187 | 0.5 |
| 364200 | Yangzijiang Financial Holding Ltd. | 295987 | 0.1 |
|  |  | **4919951** | **2.1** |
|  | **South Africa: 2.6%** |  |  |
| 2417 | Anglo American Platinum Ltd. | 149490 | 0.1 |
| 6949 | Bid Corp. Ltd. | 171902 | 0.1 |
| 7240 | Capitec Bank Holdings Ltd. | 1601832 | 0.7 |
| 6754 | Clicks Group Ltd. | 142408 | 0.1 |
| 23661 | Exxaro Resources Ltd. | 241352 | 0.1 |
| 4608 | Gold Fields Ltd. | 177666 | 0.1 |
| 7977 | Harmony Gold Mining Co. Ltd. | 132726 | 0.0 |
| 14545 | MTN Group Ltd. | 145312 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Africa (continued)** |  |  |
| 2484 | Naspers Ltd. - Class N | $174466 | 0.1 |
| 43546 | OUTsurance Group Ltd. | 183352 | 0.1 |
| 79497 <sup>(3)</sup> | Pepkor Holdings Ltd. | 121211 | 0.0 |
| 411456 | Sanlam Ltd. | 2158913 | 0.9 |
| 17701 | Tiger Brands Ltd. | 335285 | 0.1 |
| 23521 | Vodacom Group Ltd. | 190409 | 0.1 |
|  |  | **5926324** | **2.6** |
|  | **South Korea: 22.3%** |  |  |
| 9471 | Cheil Worldwide, Inc. | 135158 | 0.1 |
| 1971 | DB Insurance Co. Ltd. | 175190 | 0.1 |
| 3780 | Hana Financial Group, Inc. | 226454 | 0.1 |
| 4741 | HD Hyundai Co. Ltd. | 680965 | 0.3 |
| 1659 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 551419 | 0.2 |
| 5699 | Hyundai Engineering & Construction Co. Ltd. | 280007 | 0.1 |
| 3144 | Hyundai Glovis Co. Ltd. | 415524 | 0.2 |
| 2523 | Hyundai Mobis Co. Ltd. | 557930 | 0.2 |
| 5610 | Hyundai Steel Co. | 129608 | 0.0 |
| 2791 | Kakao Corp. | 127199 | 0.0 |
| 9325 | Kangwon Land, Inc. | 110400 | 0.0 |
| 2247 | KB Financial Group, Inc. | 183431 | 0.1 |
| 2945 | KEPCO Plant Service & Engineering Co. Ltd. | 104461 | 0.0 |
| 5192 | Kia Corp. | 435498 | 0.2 |
| 16827 | Korea Electric Power Corp. | 503700 | 0.2 |
| 2795 | KT&G Corp. | 263043 | 0.1 |
| 3208 | LG CNS Co. Ltd. | 149016 | 0.1 |
| 16508 <sup>(1)</sup> | LG Display Co. Ltd. | 168772 | 0.1 |
| 43807 | LG Uplus Corp. | 468587 | 0.2 |
| 222 | Lotte Wellfood Co. Ltd. | 17745 | 0.0 |
| 20263 | NAVER Corp. | 3797614 | 1.6 |
| 694 | POSCO Holdings, Inc. | 150941 | 0.1 |
| 2689 | S-1 Corp. | 141401 | 0.1 |
| 22853 | Samsung C&T Corp. | 3616515 | 1.6 |
| 3787 | Samsung Electro- Mechanics Co. Ltd. | 649170 | 0.3 |
| 100251 | Samsung Electronics Co. Ltd. | 7546516 | 3.3 |
| 12519 | Samsung Engineering Co. Ltd. | 227599 | 0.1 |
| 602 | Samsung Fire & Marine Insurance Co. Ltd. | 186322 | 0.1 |
| 8610 <sup>(1)</sup> | Samsung Heavy Industries Co. Ltd. | 178576 | 0.1 |
| 7933 | Samsung Life Insurance Co. Ltd. | 857314 | 0.4 |
| 2048 | Samsung SDS Co. Ltd. | 262688 | 0.1 |
| 2312 | Samsung Securities Co. Ltd. | 125129 | 0.0 |
| 12240 | Shinhan Financial Group Co. Ltd. | 628677 | 0.3 |
| 39366 | SK Hynix, Inc. | 15317055 | 6.7 |
| 60899 <sup>(1)</sup> | SK Square Co. Ltd. | 11054127 | 4.8 |
| 11197 | SK Telecom Co. Ltd. | 409943 | 0.2 |
| 1078 | SK, Inc. | 187198 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **South Korea (continued)** |  |  |
| 15706 | Woori Financial Group, Inc. | $279594 | 0.1 |
|  |  | **51300486** | **22.3** |
|  | **Taiwan: 12.8%** |  |  |
| 4000 | Accton Technology Corp. | 139107 | 0.1 |
| 9471 | Advantech Co. Ltd. | 96201 | 0.0 |
| 34000 | ASE Technology Holding Co. Ltd. | 272026 | 0.1 |
| 18000 | Asustek Computer, Inc. | 406647 | 0.2 |
| 18000 | Catcher Technology Co. Ltd. | 116068 | 0.0 |
| 33000 | Chicony Electronics Co. Ltd. | 139166 | 0.1 |
| 36000 | Chunghwa Telecom Co. Ltd. | 153394 | 0.1 |
| 100000 | CTBC Financial Holding Co. Ltd. | 135808 | 0.1 |
| 38000 | Delta Electronics, Inc. | 1222227 | 0.5 |
| 5000 | Elite Material Co. Ltd. | 219679 | 0.1 |
| 111000 | Eva Airways Corp. | 130299 | 0.1 |
| 538000 <sup>(1)(2)(3)</sup> | FIT Hon Teng Ltd. | 402502 | 0.2 |
| 40000 | Hon Hai Precision Industry Co. Ltd. | 332695 | 0.1 |
| 33000 | King Yuan Electronics Co. Ltd. | 231377 | 0.1 |
| 2000 | Largan Precision Co. Ltd. | 143548 | 0.1 |
| 54000 | Lite-On Technology Corp. | 313281 | 0.1 |
| 47000 | MediaTek, Inc. | 1993244 | 0.9 |
| 15000 | Novatek Microelectronics Corp. | 191117 | 0.1 |
| 52000 | Powertech Technology, Inc. | 290480 | 0.1 |
| 21000 | Realtek Semiconductor Corp. | 350672 | 0.1 |
| 74000 | Synnex Technology International Corp. | 136424 | 0.1 |
| 436127 | Taiwan Semiconductor Manufacturing Co. Ltd. | 21090965 | 9.2 |
| 203000 | United Microelectronics Corp. | 306576 | 0.1 |
| 47000 | WT Microelectronics Co. Ltd. | 217894 | 0.1 |
| 57000 | Zhen Ding Technology Holding Ltd. | 300990 | 0.1 |
|  |  | **29332387** | **12.8** |
|  | **Thailand: 1.2%** |  |  |
| 20500 | Advanced Info Service PCL | 191493 | 0.1 |
| 1341349 | CP ALL PCL - Foreign | 1907186 | 0.8 |
| 24300 | Kasikornbank PCL | 140067 | 0.1 |
| 55800 | PTT Exploration & Production PCL | 184899 | 0.1 |
| 269600 | PTT PCL - Foreign | 256392 | 0.1 |
| 16000 | Siam Cement PCL - Foreign | 100947 | 0.0 |
|  |  | **2780984** | **1.2** |
|  | **Turkey: 0.4%** |  |  |
| 410765 | Akbank TAS | 593098 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Turkey (continued)** |  |  |
| 10538 | BIM Birlesik Magazalar AS | $134950 | 0.1 |
| 2742 <sup>(1)</sup> | D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR | 6992 | 0 |
| 17241 | Turk Hava Yollari AO | 119388 | 0 |
| 25245 | Turkiye Petrol Rafinerileri AS | 118501 | 0 |
|  |  | **972929** | **0.4** |
|  | **United Arab Emirates: 1.4%** |  |  |
| 25073 | Abu Dhabi Islamic Bank PJSC | 144073 | 0.1 |
| 119566 | Abu Dhabi National Oil Co. for Distribution PJSC | 116866 | 0 |
| 385766 | Air Arabia PJSC | 409332 | 0.2 |
| 90267 | Aldar Properties PJSC | 221165 | 0.1 |
| 164554 | Dubai Investments PJSC | 148802 | 0.1 |
| 58047 | Dubai Islamic Bank PJSC | 150157 | 0.1 |
| 106004 | Emaar Development PJSC | 430595 | 0.2 |
| 339899 | Emaar Properties PJSC | 1315288 | 0.6 |
| 22168 | Emirates Telecommunications Group Co. PJSC | 117042 | 0 |
| 82036 | Salik Co. PJSC | 133564 | 0 |
|  |  | **3186884** | **1.4** |
|  | **United Kingdom: 1.2%** |  |  |
| 44470 | Unilever PLC, ADR | **2676649** | **1.2** |
|  | **United States: 1.0%** |  |  |
| 1633 <sup>(1)</sup> | BeiGene Ltd., ADR | 507014 | 0.2 |
| 7201 | Micron Technology, Inc. | 1611368 | 0.7 |
| 4996 | Titan Cement International SA | 223696 | 0.1 |
|  |  | **2342078** | **1.0** |
|  | Total Common Stock<br> (Cost $174,326,809) | **218508394** | **95.1** |
| **EXCHANGE-TRADED FUNDS: 3.8%** | **EXCHANGE-TRADED FUNDS: 3.8%** |  |  |
| 137006 | iShares MSCI China ETF | **8709471** | **3.8** |
|  | Total Exchange-Traded Funds<br> (Cost $7,263,633) | **8709471** | **3.8** |
| **PREFERRED STOCK: 0.8%** | **PREFERRED STOCK: 0.8%** |  |  |
|  | **Brazil: 0.5%** |  |  |
| 124285 | Cia Energetica de Minas Gerais | 261509 | 0.1 |
| 62555 | Gerdau SA | 219526 | 0.1 |
| 248916 | Itausa SA | 538089 | 0.2 |
| 19120 | Petroleo Brasileiro SA | 105481 | 0.1 |
|  |  | **1124605** | **0.5** |
|  | **Chile: 0.1%** |  |  |
| 45384 | Embotelladora Andina SA | **204253** | **0.1** |
|  | **Colombia: 0.1%** |  |  |
| 20574 | Grupo de Inversiones Suramericana SA | **218301** | **0.1** |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **PREFERRED STOCK: (continued)** | **PREFERRED STOCK: (continued)** |  |  |
|  | **Russia: —%** |  |  |
| 378 <sup>(1)(4)</sup> | AK Transneft PJSC OAO | $— |  |
| 863754 <sup>(1)(4)</sup> | Surgutneftegas PJSC |  |  |
| 217 <sup>(1)(4)</sup> | Transneft PJSC |  |  |
|  |  | **—** | **—** |
|  | **South Korea: 0.1%** |  |  |
| 971 | LG Chem Ltd. | 134055 | 0.0 |
| 3135 | Samsung Electronics Co. Ltd. | 185012 | 0.1 |
|  |  | **319067** | **0.1** |
|  | Total Preferred Stock<br> (Cost $3,477,178) | **1866226** | **0.8** |
|  | Total Long-Term<br> Investments<br> (Cost $185,067,620) | **229084091** | **99.7** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 1.6%** | **SHORT-TERM INVESTMENTS: 1.6%** |  |  |
|  | **Repurchase Agreements: 0.8%** |  |  |
| 742000 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 10/31/2025, 4.260%, due 11/03/2025 (Repurchase Amount $742,260, collateralized by various U.S. Government Securities,0.000%-4.875%, Market Value plus accrued interest $757,109, due 11/04/25-08/15/55) | 742000 | 0.3 |
| 112687 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 10/31/2025, 4.140%, due 11/03/2025 (Repurchase Amount $112,725, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $114,941, due 07/15/30-02/15/51) | 112687 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal 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 (continued)** | **Repurchase Agreements (continued)** |  |
| 1000000 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 10/31/2025, 4.300%, due 11/03/2025 (Repurchase Amount $1,000,353, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $1,019,107, due 04/15/28-02/15/54) | $1000000 | 0.4 |
|  | Total Repurchase Agreements<br> (Cost $1,854,687) | **1854687** | **0.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Mutual Funds: 0.8%** |  |  |
| 1460605 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund,Institutional Class, 3.980% | 1460605 | 0.6 |
| 322000 <sup>(6)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.010% | 322000 | 0.2 |
|  | Total Mutual Funds<br> (Cost $1,782,605) | **1782605** | **0.8** |
|  | Total Short-Term Investments<br> (Cost $3,637,292) | **3637292** | **1.6** |
|  | **Total Investments in Securities<br> (Cost $188,704,912)** | $**232721383** | **101.3** |
|  | **Liabilities in Excess of Other Assets** | **(2926501)** | **(1.3)** |
|  | **Net Assets** | $**229794882** | **100.0** |

---

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;† 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 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 October 31, 2025.

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage<br> of Net Assets** |
| Information Technology | 28.6% |
| Financials | 14.8 |
| Consumer Discretionary | 12.5 |
| Industrials | 11.3 |
| Communication Services | 9.3 |
| Consumer Staples | 6.8 |
| Energy | 5.2 |
| Exchange-Traded Funds | 3.8 |
| Materials | 2.7 |
| Utilities | 2.5 |
| Real Estate | 1.3 |
| Health Care | 0.9 |
| Short-Term Investments | 1.6 |
| Liabilities in Excess of Other Assets | (1.3) |
| **Net Assets** | **100.0%** |

---

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

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

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

The following is a summary of the fair valuations according to the inputs used as of October 31, 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> October 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $369630 | $— | $— | $369630 |
| &nbsp;&nbsp;&nbsp;Brazil | 15611837 |  |  | 15611837 |
| &nbsp;&nbsp;&nbsp;Chile | 1310090 |  |  | 1310090 |
| &nbsp;&nbsp;&nbsp;China | 8815539 | 28403393 |  | 37218932 |
| &nbsp;&nbsp;&nbsp;Colombia | 137496 |  |  | 137496 |
| &nbsp;&nbsp;&nbsp;Czechia | 250815 |  |  | 250815 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 321179 |  | 321179 |
| &nbsp;&nbsp;&nbsp;Greece | 782556 | 1372991 |  | 2155547 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3233923 |  | 3233923 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 1552253 |  | 1552253 |
| &nbsp;&nbsp;&nbsp;India | 8769337 | 18098720 |  | 26868057 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 4161001 |  | 4161001 |
| &nbsp;&nbsp;&nbsp;Japan |  | 3185133 |  | 3185133 |
| &nbsp;&nbsp;&nbsp;Kuwait |  | 332142 |  | 332142 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 362102 |  |  | 362102 |
| &nbsp;&nbsp;&nbsp;Malaysia | 166977 | 1863900 |  | 2030877 |
| &nbsp;&nbsp;&nbsp;Mexico | 11081222 |  |  | 11081222 |
| &nbsp;&nbsp;&nbsp;Peru | 1273190 |  |  | 1273190 |
| &nbsp;&nbsp;&nbsp;Philippines | 181216 | 212677 |  | 393893 |
| &nbsp;&nbsp;&nbsp;Qatar | 862918 | 354954 |  | 1217872 |
| &nbsp;&nbsp;&nbsp;Romania | 319623 | 454346 |  | 773969 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 1228562 |  | 1228562 |
| &nbsp;&nbsp;&nbsp;Singapore | 4623964 | 295987 |  | 4919951 |
| &nbsp;&nbsp;&nbsp;South Africa | 3090804 | 2835520 |  | 5926324 |
| &nbsp;&nbsp;&nbsp;South Korea | 647163 | 50653323 |  | 51300486 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 29332387 |  | 29332387 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 2780984 |  | 2780984 |
| &nbsp;&nbsp;&nbsp;Turkey | 6992 | 965937 |  | 972929 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 250430 | 2936454 |  | 3186884 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2676649 |  |  | 2676649 |
| &nbsp;&nbsp;&nbsp;United States | 2118382 | 223696 |  | 2342078 |
| Total Common Stock | 63708932 | 154799462 |  | 218508394 |
| Exchange-Traded Funds | 8709471 |  |  | 8709471 |
| Preferred Stock | 1547159 | 319067 |  | 1866226 |
| Short-Term Investments | 1782605 | 1854687 |  | 3637292 |
| Total Investments, at fair value | $75748167 | $156973216 | $— | $232721383 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 27100 |  |  | 27100 |
| Total Assets | $75775267 | $156973216 | $— | $232748483 |

---

^ 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

<u>Voya Multi-Manager Emerging Markets Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025 (continued)</u>

At October 31, 2025, the following futures contracts were outstanding for Voya Multi-Manager Emerging Markets Equity Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | 13 | &nbsp;&nbsp;12/19/25 | $914940 | $27100 |
|  |  |  | $914940 | $27100 |

---

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

The fair value of derivative instruments as of October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Location on Statement<br> of Assets and Liabilities** | **Fair Value** |
| **Asset Derivatives** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $27100 |
| **Total Asset Derivatives** |  | $27100 |

---

\* 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 year ended October 31, 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** | **Futures** | **Total** |
| Equity contracts | $— | $173269 | $173269 |
| Foreign exchange contracts | 20774 |  | 20774 |
| **Total** | $20774 | $173269 | $194043 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging instruments** | **Futures** |
| Equity contracts | $59254 |
| **Total** | $59254 |

---

At October 31, 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 $205,338,107. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $57646103 |
| Gross Unrealized Depreciation | (30208042) |
| Net Unrealized Appreciation | $27438061 |

---

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Equity Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of October 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: 98.2%** | **COMMON STOCK: 98.2%** |  |  |
|  | **Australia: 1.9%** |  |  |
| 72113 | APA Group | $433106 | 0.1 |
| 8512 | Aristocrat Leisure Ltd. | 352185 | 0.1 |
| 143372 | Computershare Ltd. | 3425097 | 0.6 |
| 18535 | GenusPlus Group Ltd. | 84286 | 0.0 |
| 22512 | Helloworld Travel Ltd. | 27968 | 0.0 |
| 2363 | HUB24 Ltd. | 176082 | 0.0 |
| 76149 | Lottery Corp. Ltd. | 273909 | 0.0 |
| 215379 | Macmahon Holdings Ltd. | 66234 | 0.0 |
| 12081 | MotorCycle Holdings Ltd. | 29800 | 0.0 |
| 25033 | OceanaGold Corp. | 559898 | 0.1 |
| 3339 | Pro Medicus Ltd. | 573323 | 0.1 |
| 57350 | Qantas Airways Ltd. | 382074 | 0.1 |
| 114284 | Scentre Group | 304434 | 0.1 |
| 379912 | Transurban Group | 3594613 | 0.6 |
| 169408 | Vicinity Ltd. | 279874 | 0.1 |
|  |  | **10562883** | **1.9** |
|  | **Austria: 0.0%** |  |  |
| 2915 | Porr AG | **92514** | **0.0** |
|  | **Belgium: 0.9%** |  |  |
| 17394 | Anheuser-Busch InBev SA | 1060633 | 0.2 |
| 3190 | Groupe Bruxelles Lambert NV | 280370 | 0.1 |
| 23302 | KBC Group NV | 2803439 | 0.5 |
| 9050 | Syensqo SA | 747040 | 0.1 |
|  |  | **4891482** | **0.9** |
|  | **Brazil: 1.1%** |  |  |
| 49200 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 1209252 | 0.2 |
| 492 <sup>(1)</sup> | MercadoLibre, Inc. | 1145012 | 0.2 |
| 94900 | TIM SA/Brazil | 427936 | 0.1 |
| 385900 | Totvs SA | 3192671 | 0.6 |
|  |  | **5974871** | **1.1** |
|  | **Canada: 4.5%** |  |  |
| 12200 | Bank of Montreal | 1515530 | 0.3 |
| 20700 | Bank of Nova Scotia | 1357665 | 0.2 |
| 16600 | Canaccord Genuity Group, Inc. | 139186 | 0.0 |
| 84099 | Cenovus Energy, Inc. | 1421087 | 0.3 |
| 16697 | Dollarama, Inc. | 2170354 | 0.4 |
| 4700 | DPM Metals, Inc. | 100531 | 0.0 |
| 20500 | Dynacor Group, Inc. | 66358 | 0.0 |
| 16800 | Empire Co. Ltd. | 570760 | 0.1 |
| 8400 | Enerflex Ltd. | 105707 | 0.0 |
| 19500 | Enghouse Systems Ltd. | 289327 | 0.1 |
| 4900 | FirstService Corp. | 779989 | 0.1 |
| 9700 <sup>(1)</sup> | Fortuna Mining Corp. | 80156 | 0.0 |
| 29600 | Hudbay Minerals, Inc. | 474427 | 0.1 |
| 8800 | iA Financial Corp., Inc. | 1038771 | 0.2 |
| 2200 <sup>(1)</sup> | K92 Mining, Inc. | 29254 | 0.0 |
| 1500 <sup>(1)</sup> | Kinaxis, Inc. | 181641 | 0.0 |
| 32600 | Paramount Resources Ltd. - Class A | 534598 | 0.1 |
| 4400 | Polaris Renewable Energy, Inc. | 40846 | 0.0 |
| 1800 | Pollard Banknote Ltd. | 26001 | 0.0 |
| 23578 | Quebecor, Inc. - Class B | 752116 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **RA** | **Value** | **Percentage<br> of Net<br> Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Canada (continued)** |  |  |
| 18607 | RB Global, Inc. | $1846173 | 0.3 |
| 17731 | Royal Bank of Canada | 2597546 | 0.5 |
| 11692 <sup>(1)</sup> | Shopify, Inc. - CAD - Class A | 2032877 | 0.4 |
| 76000 | Suncor Energy, Inc. | 3026345 | 0.5 |
| 25100 | Surge Energy, Inc. | 118650 | 0.0 |
| 2100 | TECSYS, Inc. | 53153 | 0.0 |
| 2100 | TMX Group Ltd. | 77454 | 0.0 |
| 6600 <sup>(1)</sup> | Torex Gold Resources,Inc. | 272649 | 0.1 |
| 30869 | Toromont Industries Ltd. | 3708770 | 0.7 |
| 29400 | Trican Well Service Ltd. | 110050 | 0.0 |
|  |  | **25517971** | **4.5** |
|  | **Chile: 0.2%** |  |  |
| 67539 | Lundin Mining Corp. | **1086364** | **0.2** |
|  | **China: 6.5%** |  |  |
| 36500 | 37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A | 106570 | 0.0 |
| 46500 | AAC Technologies Holdings, Inc. | 239028 | 0.0 |
| 90500 <sup>(1)(2)</sup> | AInnovation Technology Group Co. Ltd. - Class H | 78048 | 0.0 |
| 89500 | Alibaba Group Holding Ltd. | 1904448 | 0.3 |
| 243000 <sup>(1)(2)</sup> | Archosaur Games, Inc. | 63229 | 0.0 |
| 71600 <sup>(1)</sup> | Baidu, Inc. - Class A | 1083755 | 0.2 |
| 21499 <sup>(1)</sup> | Bilibili, Inc. - Class Z | 649334 | 0.1 |
| 1713496 | BOE Technology Group Co. Ltd. - Class A | 978099 | 0.2 |
| 11000 | BYD Electronic International Co. Ltd. | 51641 | 0.0 |
| 721300 | Changjiang & Jinggong Steel Building Group Co. Ltd. - Class A | 431965 | 0.1 |
| 1729000 | China Construction Bank Corp. - Class H | 1711782 | 0.3 |
| 38000 | China Merchants Bank Co. Ltd. - Class H | 238204 | 0.0 |
| 55500 | China Minsheng Banking Corp. Ltd. - Class H | 28433 | 0.0 |
| 180400 | China Taiping Insurance Holdings Co. Ltd. | 410350 | 0.1 |
| 210107 | ENN Energy Holdings Ltd. | 1830719 | 0.3 |
| 43400 | Focus Technology Co. Ltd. - Class A | 289222 | 0.1 |
| 53000 | Fufeng Group Ltd. | 54863 | 0.0 |
| 76300 | Fujian Star-net Communication Co. Ltd.- Class A | 287124 | 0.1 |
| 90488 | Full Truck Alliance Co. Ltd., ADR | 1176344 | 0.2 |
| 79600 | Guangdong Dongpeng Holdings Co. Ltd. – Class A | 79430 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **China (continued)** |  |  |
| 97300 | Guangdong Vanward New Electric Co. Ltd. - Class A | $158032 | 0.0 |
| 29700 | Hangzhou Shunwang Technology Co. Ltd. - Class A | 92146 | 0.0 |
| 93000 | ISDN Holdings Ltd. | 30388 | 0.0 |
| 69300 | JD.com, Inc. - Class A | 1144142 | 0.2 |
| 8500 | JF SmartInvest Holdings Ltd. | 60547 | 0.0 |
| 15393 | Kanzhun Ltd., ADR | 341109 | 0.1 |
| 77639 | KE Holdings, Inc., ADR | 1323745 | 0.2 |
| 433700 | Keshun Waterproof Technologies Co. Ltd. - Class A | 304814 | 0.1 |
| 38000 | Kingboard Holdings Ltd. | 136148 | 0.0 |
| 162500 <sup>(2)</sup> | Kuaishou Technology | 1508704 | 0.3 |
| 344000 | Lenovo Group Ltd. | 501844 | 0.1 |
| 10140 | LexinFintech Holdings Ltd., ADR | 48875 | 0.0 |
| 63400 | NetEase, Inc. | 1779051 | 0.3 |
| 5803 <sup>(1)</sup> | Niu Technologies, ADR | 24373 | 0.0 |
| 504585 | Perfect World Co. Ltd./ China - Class A | 1215515 | 0.2 |
| 6200 <sup>(2)</sup> | Pop Mart International Group Ltd. | 176360 | 0.0 |
| 3589000 <sup>(2)</sup> | Postal Savings Bank of China Co. Ltd. - Class H | 2528849 | 0.5 |
| 286600 | Shandong New Beiyang Information Technology Co. Ltd. - Class A | 313414 | 0.1 |
| 213600 | Shandong Sunway Chemical Group Co. Ltd. - Class A | 250732 | 0.1 |
| 64090 | Siglent Technologies Co. Ltd. - Class A | 359937 | 0.1 |
| 125822 | Tencent Holdings Ltd. | 10220240 | 1.8 |
| 95553 <sup>(3)</sup> | Tiangong International Co. Ltd. | 36186 | 0.0 |
| 17000 | Trip.com Group Ltd. | 1196314 | 0.2 |
| 75855 | Vipshop Holdings Ltd., ADR | 1326704 | 0.2 |
| 3820 | X Financial, ADR | 47712 | 0.0 |
| 239500 <sup>(1)(2)</sup> | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 30837 | 0.0 |
| 16800 | Yantai Jereh Oilfield Services Group Co. Ltd. - Class A | 118057 | 0.0 |
| 52700 <sup>(1)</sup> | Zhihu, Inc. | 74399 | 0.0 |
| 36000 | Zijin Mining Group Co. Ltd. - Class H | 148933 | 0.0 |
|  |  | **37190695** | **6.5** |
|  | **Czechia: 0.0%** |  |  |
| 4926 <sup>(2)</sup> | Moneta Money Bank AS | **41696** | **0.0** |
|  | **Denmark: 1.4%** |  |  |
| 19681 <sup>(1)</sup> | Bang & Olufsen A/S | 40219 | 0.0 |
| 2399 | Carlsberg AS - Class B | 282073 | 0.1 |
| 21204 | Coloplast A/S - Class B | 1917784 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Denmark (continued)** |  |  |
| 118678 | Novo Nordisk A/S - Class B | $5842721 | 1 |
| 1620 | Sparekassen Sjaelland-Fyn A/S | 84284 | 0 |
|  |  | **8167081** | **1.4** |
|  | **Finland: 0.2%** |  |  |
| 479 | Orion Oyj - Class B | 33450 | 0 |
| 40411 | Sampo Oyj - Class A | 450432 | 0.1 |
| 13974 | Wartsila Oyj Abp | 457187 | 0.1 |
|  |  | **941069** | **0.2** |
|  | **France: 7.5%** |  |  |
| 31256 | Accor SA | 1590076 | 0.3 |
| 8515 | Airbus SE | 2099544 | 0.4 |
| 5664 | Arkema SA | 336229 | 0.1 |
| 5784 | AXA SA | 250957 | 0 |
| 42479 | BNP Paribas SA | 3290324 | 0.6 |
| 47365 | Bouygues SA | 2137958 | 0.4 |
| 18982 | Capgemini SE | 2920281 | 0.5 |
| 18273 | Cie de Saint-Gobain | 1773607 | 0.3 |
| 7549 | Cie Generale des Etablissements Michelin SCA | 241155 | 0 |
| 10396 | Eiffage SA | 1279220 | 0.2 |
| 14856 | EssilorLuxottica SA | 5440522 | 1 |
| 2908 | Gecina SA - Class C | 270243 | 0 |
| 15933 | Getlink SE | 290827 | 0.1 |
| 52394 | Klepierre SA | 2002310 | 0.4 |
| 10034 | LVMH Moet Hennessy Louis Vuitton SE | 7092231 | 1.2 |
| 101033 | Orange SA | 1616155 | 0.3 |
| 16629 | Pernod Ricard SA | 1628646 | 0.3 |
| 54396 | Societe Generale SA | 3449814 | 0.6 |
| 22723 | TotalEnergies SE | 1418705 | 0.2 |
| 26677 | Vinci SA | 3567134 | 0.6 |
|  |  | **42695938** | **7.5** |
|  | **Germany: 6.8%** |  |  |
| 9392 | Adidas AG | 1775854 | 0.3 |
| 5887 | Allianz SE | 2365632 | 0.4 |
| 8607 <sup>(1)</sup> | Aumovio SE | 370046 | 0.1 |
| 31423 | BASF SE | 1550462 | 0.3 |
| 61558 | Bayer AG | 1914721 | 0.3 |
| 4534 | Continental AG | 346450 | 0.1 |
| 38715 | Deutsche Bank AG | 1385998 | 0.2 |
| 3874 | Deutsche Boerse AG | 981048 | 0.2 |
| 1035 | Deutsche Rohstoff AG | 56752 | 0 |
| 54548 | Deutsche Telekom AG, Reg | 1689627 | 0.3 |
| 108641 | E.ON SE | 2021407 | 0.3 |
| 22246 | Evonik Industries AG | 372798 | 0.1 |
| 27885 | Fresenius SE & Co. KGaA | 1604579 | 0.3 |
| 3232 | GEA Group AG | 231176 | 0 |
| 4389 | Hannover Rueck SE | 1252959 | 0.2 |
| 156 | Hochtief AG | 44778 | 0 |
| 37537 | Infineon Technologies AG | 1489946 | 0.3 |
| 3893 | Merck KGaA | 509956 | 0.1 |
| 749 | Nemetschek SE | 86547 | 0 |
| 3889 | Rational AG | 2852951 | 0.5 |
| 813 | Rheinmetall AG | 1598175 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Germany (continued)** |  |  |
| 26129 | SAP SE | $6795404 | 1.2 |
| 29626 <sup>(2)</sup> | Scout24 SE | 3426121 | 0.6 |
| 9113 | Siemens AG, Reg | 2582588 | 0.4 |
| 12810 <sup>(1)</sup> | Siemens Energy AG | 1595931 | 0.3 |
|  |  | **38901906** | **6.8** |
|  | **Greece: 0.2%** |  |  |
| 115320 | Eurobank Ergasias Services and Holdings SA | 433786 | 0.1 |
| 10479 | Hellenic Telecommunications Organization SA | 196782 | 0 |
| 22567 | National Bank of Greece SA | 331700 | 0.1 |
| 32250 | Piraeus Financial Holdings SA | 251879 | 0 |
|  |  | **1214147** | **0.2** |
|  | **Hong Kong: 2.6%** |  |  |
| 560314 | AIA Group Ltd. | 5452268 | 1 |
| 83000 | CK Asset Holdings Ltd. | 410622 | 0.1 |
| 33000 | CLP Holdings Ltd. | 281469 | 0 |
| 2012 | Futu Holdings Ltd., ADR | 400468 | 0.1 |
| 333000 | Hong Kong & China Gas Co. Ltd. | 309907 | 0.1 |
| 86244 | Hong Kong Exchanges & Clearing Ltd. | 4700548 | 0.8 |
| 223600 | Hongkong Land Holdings Ltd. | 1366268 | 0.2 |
| 23000 | Johnson Electric Holdings Ltd. | 107923 | 0 |
| 55100 | Link REIT | 286940 | 0.1 |
| 67931 | PAX Global Technology Ltd. | 46595 | 0 |
| 92000 | Pico Far East Holdings Ltd. | 31049 | 0 |
| 49000 | Power Assets Holdings Ltd. | 311285 | 0.1 |
| 97000 | Sun Hung Kai & Co. Ltd. | 48176 | 0 |
| 32000 | Sun Hung Kai Properties Ltd. | 389401 | 0.1 |
| 168122 <sup>(3)</sup> | TS Lines Ltd. | 188880 | 0 |
| 1340000 | Uni-Bio Science Group Ltd. | 21837 | 0 |
| 114000 | Wasion Holdings Ltd. | 183421 | 0 |
|  |  | **14537057** | **2.6** |
|  | **India: 1.8%** |  |  |
| 104397 | Canara Bank | 160975 | 0 |
| 201137 | Coal India Ltd. | 879878 | 0.2 |
| 208773 | HDFC Bank Ltd. | 2321315 | 0.4 |
| 122599 | HDFC Bank Ltd., ADR | 4440536 | 0.8 |
| 66606 | Infosys Ltd. - Foreign, ADR | 1103661 | 0.2 |
| 82285 | Reliance Industries Ltd. | 1376862 | 0.2 |
|  |  | **10283227** | **1.8** |
|  | **Indonesia: 0.3%** |  |  |
| 3111469 | Bank Central Asia Tbk PT | 1593047 | 0.3 |
| 76400 | First Resources Ltd. | 115095 | 0 |
| 373000 | Perusahaan Gas Negara Tbk PT | 39000 | 0 |
|  |  | **1747142** | **0.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |
|  | **Israel: 1.2%** |  |  |
| 21291 <sup>(1)</sup> | Check Point Software Technologies Ltd. | $4166223 | 0.7 |
| 2810 <sup>(1)</sup> | Gilat Satellite Networks Ltd. | 40717 | 0.0 |
| 16633 | Mizrahi Tefahot Bank Ltd. | 1081437 | 0.2 |
| 583 <sup>(1)</sup> | Nice Ltd., ADR | 79673 | 0.0 |
| 64166 <sup>(1)</sup> | Teva Pharmaceutical Industries Ltd., ADR | 1314120 | 0.2 |
| 1704 <sup>(1)</sup> | Wix.com Ltd. | 248000 | 0.1 |
|  |  | **6930170** | **1.2** |
|  | **Italy: 2.3%** |  |  |
| 7568 | Assicurazioni Generali SpA | 291336 | 0.0 |
| 105852 | Banca Mediolanum SpA | 2128089 | 0.4 |
| 3303 | Ferrari NV | 1322716 | 0.2 |
| 51900 | FinecoBank Banca Fineco SpA | 1187474 | 0.2 |
| 11286 | Gas Plus SpA | 92115 | 0.0 |
| 80579 <sup>(2)</sup> | Infrastrutture Wireless Italiane SpA | 885427 | 0.2 |
| 17521 | Leonardo SpA | 1030838 | 0.2 |
| 182730 <sup>(2)</sup> | Nexi SpA | 963461 | 0.2 |
| 22418 <sup>(2)</sup> | Poste Italiane SpA | 540493 | 0.1 |
| 449748 <sup>(3)</sup> | Saipem SpA | 1172463 | 0.2 |
| 63176 | Snam SpA | 389644 | 0.1 |
| 25365 | UniCredit SpA | 1878186 | 0.3 |
| 51027 | Unipol Gruppo SpA | 1117146 | 0.2 |
|  |  | **12999388** | **2.3** |
|  | **Ivory Coast: 0.0%** |  |  |
| 834 | Endeavour Mining PLC | **33755** | **0.0** |
|  | **Japan: 11.3%** |  |  |
| 21900 | AGC, Inc. | 684222 | 0.1 |
| 6400 | Ahresty Corp. | 33233 | 0.0 |
| 6400 | Aida Engineering Ltd. | 38278 | 0.0 |
| 6900 | Aisin Corp. | 123994 | 0.0 |
| 10600 | Anritsu Corp. | 156748 | 0.0 |
| 23000 | Asahi Group Holdings Ltd. | 247982 | 0.0 |
| 3100 | Avant Group Corp. | 31847 | 0.0 |
| 5100 | Bank of Saga Ltd. | 105892 | 0.0 |
| 1400 | Base Co. Ltd. | 31763 | 0.0 |
| 34000 | Bridgestone Corp. | 1484275 | 0.3 |
| 19700 | Chugai Pharmaceutical Co. Ltd. | 901625 | 0.2 |
| 9800 | Comture Corp. | 100729 | 0.0 |
| 6600 | Cybozu, Inc. | 131331 | 0.0 |
| 27600 | Dai-ichi Life Holdings, Inc. | 193724 | 0.0 |
| 8900 | Daikin Industries Ltd. | 1034002 | 0.2 |
| 2100 | Daitron Co. Ltd. | 63061 | 0.0 |
| 4100 | Digital Hearts Holdings Co. Ltd. | 25489 | 0.0 |
| 2300 | Double Standard, Inc. | 25153 | 0.0 |
| 5500 | Eisai Co. Ltd. | 163353 | 0.0 |
| 64300 | ENEOS Holdings, Inc. | 405651 | 0.1 |
| 120000 | FANUC Corp. | 4004574 | 0.7 |
| 3700 | Fast Retailing Co. Ltd. | 1358344 | 0.2 |
| 2600 | FIDEA Holdings Co. Ltd. | 27923 | 0.0 |
| 4600 | F-Tech, Inc. | 22502 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 1200 | Fukushima Galilei Co. Ltd. | $27912 | 0.0 |
| 3550 | Hikari Tsushin, Inc. | 940346 | 0.2 |
| 22000 | Hoya Corp. | 3573506 | 0.6 |
| 1800 | Human Technologies, Inc./Tokyo | 26935 | 0.0 |
| 14900 | Idemitsu Kosan Co. Ltd. | 103611 | 0.0 |
| 3700 | I'll, Inc. | 58486 | 0.0 |
| 32272 | ITOCHU Corp. | 1869301 | 0.3 |
| 3000 | IwaiCosmo Holdings, Inc. | 54801 | 0.0 |
| 22700 | J Trust Co. Ltd. | 59691 | 0.0 |
| 6900 | Japan Aviation Electronics Industry Ltd. | 103051 | 0.0 |
| 29800 | Japan Exchange Group, Inc. | 332305 | 0.1 |
| 90100 | Japan Post Bank Co. Ltd. | 1009578 | 0.2 |
| 147900 | Japan Post Holdings Co. Ltd. | 1385979 | 0.2 |
| 24400 | Japan Post Insurance Co. Ltd. | 631041 | 0.1 |
| 10442 | Keyence Corp. | 3875390 | 0.7 |
| 600 <sup>(1)</sup> | Kioxia Holdings Corp. | 41846 | 0.0 |
| 19000 | Kirin Holdings Co. Ltd. | 267192 | 0.1 |
| 5500 | Koa Corp. | 48872 | 0.0 |
| 7900 | Komatsu Ltd. | 264263 | 0.1 |
| 66800 | Kubota Corp. | 864871 | 0.2 |
| 700 | Lasertec Corp. | 142123 | 0.0 |
| 1300 | M&A Capital Partners Co. Ltd. | 24823 | 0.0 |
| 197800 | M3, Inc. | 2772139 | 0.5 |
| 53800 | Makita Corp. | 1626446 | 0.3 |
| 10000 | Marvelous, Inc. | 36667 | 0.0 |
| 2900 | Maxell Ltd. | 42038 | 0.0 |
| 2300 | Media Do Co. Ltd. | 27146 | 0.0 |
| 56900 | Mitsubishi Chemical Group Corp. | 297222 | 0.1 |
| 40600 | Mitsubishi Corp. | 974914 | 0.2 |
| 193594 | Mitsubishi UFJ Financial Group, Inc. | 2924292 | 0.5 |
| 156650 | Mitsui Fudosan Co. Ltd. | 1631103 | 0.3 |
| 25500 | Mizuho Financial Group, Inc. | 854135 | 0.2 |
| 1200 | Nachi-Fujikoshi Corp. | 30697 | 0.0 |
| 9200 | NEC Corp. | 334145 | 0.1 |
| 7100 | Nichicon Corp. | 71237 | 0.0 |
| 436700 <sup>(1)</sup> | Nissan Motor Co. Ltd. | 998180 | 0.2 |
| 1400 | Nissei ASB Machine Co. Ltd. | 62011 | 0.0 |
| 5300 | Nisshinbo Holdings, Inc. | 41885 | 0.0 |
| 5500 | Nitto Seiko Co. Ltd. | 24559 | 0.0 |
| 95000 | Nomura Holdings, Inc. | 677930 | 0.1 |
| 22400 | Nomura Research Institute Ltd. | 864933 | 0.2 |
| 1800 | Odawara Engineering Co. Ltd. | 30135 | 0.0 |
| 1500 | Okinawa Financial Group, Inc. | 37383 | 0.0 |
| 17100 | Ono Pharmaceutical Co. Ltd. | 208678 | 0.0 |
| 3000 <sup>(1)</sup> | OpenWork, Inc. | 19760 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Japan (continued)** |  |  |
| 2800 | Optex Group Co. Ltd. | $42269 | 0.0 |
| 7400 <sup>(1)</sup> | Optim Corp. | 26820 | 0.0 |
| 58100 | ORIX Corp. | 1421245 | 0.3 |
| 43300 | Otsuka Corp. | 856044 | 0.2 |
| 10000 | Prestige International, Inc. | 42945 | 0.0 |
| 205100 <sup>(1)</sup> | Rakuten Group, Inc. | 1341807 | 0.2 |
| 55700 | Recruit Holdings Co. Ltd. | 2762050 | 0.5 |
| 7500 | Rheon Automatic Machinery Co. Ltd. | 70342 | 0.0 |
| 60200 | Ricoh Co. Ltd. | 516443 | 0.1 |
| 2700 | Riso Kagaku Corp. | 20467 | 0.0 |
| 8200 | Sato Corp. | 116387 | 0.0 |
| 1600 | SEMITEC Corp. | 24579 | 0.0 |
| 2500 | Shibaura Machine Co. Ltd. | 69423 | 0.0 |
| 66500 | Shin-Etsu Chemical Co. Ltd. | 1998920 | 0.4 |
| 121500 | SMS Co. Ltd. | 1047218 | 0.2 |
| 3850 | SoftBank Group Corp. | 675554 | 0.1 |
| 86500 | Sony Group Corp. | 2408989 | 0.4 |
| 61800 | Sumitomo Mitsui Financial Group, Inc. | 1673161 | 0.3 |
| 46400 | Sumitomo Mitsui Trust Holdings, Inc. | 1274449 | 0.2 |
| 6300 <sup>(1)(3)</sup> | Sun\*, Inc. | 17650 | 0.0 |
| 3100 | System Support, Inc. | 61140 | 0.0 |
| 6300 | Tachi-S Co. Ltd. | 79859 | 0.0 |
| 5200 | Taiho Kogyo Co. Ltd. | 23069 | 0.0 |
| 31900 | Takeda Pharmaceutical Co. Ltd. | 860902 | 0.2 |
| 7200 | TechMatrix Corp. | 101828 | 0.0 |
| 92200 | Toei Animation Co. Ltd. | 1728011 | 0.3 |
| 87500 <sup>(3)</sup> | Tokyo Metro Co. Ltd. | 919810 | 0.2 |
| 24000 | Tokyu Corp. | 267072 | 0.1 |
| 7300 | Toshiba TEC Corp. | 147346 | 0.0 |
| 6200 | Tosho Co. Ltd. | 31666 | 0.0 |
| 1500 | Toyo Kanetsu KK | 43879 | 0.0 |
| 8900 | Toyoda Gosei Co. Ltd. | 205989 | 0.0 |
| 8500 | Trend Micro, Inc./Japan | 433776 | 0.1 |
| 1300 | Ueki Corp. | 21031 | 0.0 |
| 157600 | Unicharm Corp. | 975093 | 0.2 |
| 4100 | Unipres Corp. | 31828 | 0.0 |
| 6600 | Vector, Inc. | 49755 | 0.0 |
| 12600 | West Japan Railway Co. | 258957 | 0.0 |
| 2300 | Yokogawa Electric Corp. | 68803 | 0.0 |
| 2800 | Yokowo Co. Ltd. | 35861 | 0.0 |
|  |  | **64441690** | **11.3** |
|  | **Kuwait: 0.2%** |  |  |
| 6687 | Boursa Kuwait Securities Co. KPSC | 87656 | 0.0 |
| 16886 | Humansoft Holding Co. KSC | 136189 | 0.0 |
| 318858 | Kuwait Investment Co. SAK | 261101 | 0.1 |
| 119352 | Mobile Telecommunications Co. KSCP | 206265 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Kuwait (continued)** |  |  |
| 235827 | Noor Financial Investment Co. KSC | $350878 | 0.1 |
|  |  | **1042089** | **0.2** |
|  | **Malaysia: 0.0%** |  |  |
| 108300 | Hibiscus Petroleum Bhd | **36977** | **0.0** |
|  | **Mexico: 0.3%** |  |  |
| 149270 | Cemex SAB de CV - Foreign, ADR | 1515091 | 0.2 |
| 14343 | Fresnillo PLC | 419434 | 0.1 |
|  |  | **1934525** | **0.3** |
|  | **Monaco: 0.0%** |  |  |
| 8895 | Costamare, Inc. | **108697** | **0.0** |
|  | **Netherlands: 4.8%** |  |  |
| 55735 <sup>(2)</sup> | ABN AMRO Bank NV | 1665281 | 0.3 |
| 8509 | ASML Holding NV | 8996607 | 1.6 |
| 1977 <sup>(2)</sup> | Euronext NV | 282535 | 0.0 |
| 8317 | EXOR NV | 720748 | 0.1 |
| 16435 | IMCD NV | 1703048 | 0.3 |
| 38169 | ING Groep NV | 953063 | 0.2 |
| 1688 | Kendrion NV | 27693 | 0.0 |
| 28530 | Koninklijke Ahold Delhaize NV | 1167745 | 0.2 |
| 97456 | Koninklijke Philips, N.V. | 2669814 | 0.5 |
| 536 | Nedap NV | 64489 | 0.0 |
| 29609 | NN Group NV | 2026279 | 0.4 |
| 6499 | Randstad NV | 254700 | 0.0 |
| 98536 | Universal Music Group NV | 2642919 | 0.5 |
| 31485 | Wolters Kluwer NV | 3859588 | 0.7 |
|  |  | **27034509** | **4.8** |
|  | **Norway: 0.5%** |  |  |
| 97400 | Gjensidige Forsikring ASA | **2621255** | **0.5** |
|  | **Peru: 0.0%** |  |  |
| 687 | Credicorp Ltd. | **179307** | **0.0** |
|  | **Philippines: 0.0%** |  |  |
| 149700 | OceanaGold Philippines, Inc. | **67735** | **0.0** |
|  | **Poland: 0.8%** |  |  |
| 625 | Bank Polska Kasa Opieki SA | 32001 | 0.0 |
| 2175 | CD Projekt SA | 149439 | 0.0 |
| 6802 <sup>(1)</sup> | KGHM Polska Miedz SA | 356786 | 0.1 |
| 139069 | Polski Koncern Naftowy ORLEN SA | 3769309 | 0.7 |
|  |  | **4307535** | **0.8** |
|  | **Portugal: 0.0%** |  |  |
| 107784 | Banco Comercial Portugues SA - Class R | **95141** | **0.0** |
|  | **Qatar: 0.1%** |  |  |
| 298095 | Doha Bank QPSC | 205498 | 0.1 |
| 16711 | Qatar National Bank QPSC | 84992 | 0.0 |
|  |  | **290490** | **0.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Russia: —%** |  |  |
| 1561600 <sup>(4)</sup> | Alrosa PJSC | $**—** | **—** |
|  | **Saudi Arabia: 0.1%** |  |  |
| 56313 | Saudi Telecom Co. | 678381 | 0.1 |
| 16249 | Tabuk Cement Co. | 44233 | 0 |
|  |  | **722614** | **0.1** |
|  | **Singapore: 2.2%** |  |  |
| 197700 | CapitaLand Ascendas REIT | 428027 | 0.1 |
| 155500 | CapitaLand Integrated Commercial Trust | 282697 | 0.1 |
| 199600 | Oversea-Chinese Banking Corp. Ltd. | 2611048 | 0.5 |
| 54100 | Pan-United Corp. Ltd. | 46552 | 0 |
| 15413 <sup>(1)</sup> | Sea Ltd., ADR | 2408281 | 0.4 |
| 62100 | Singapore Exchange Ltd. | 805782 | 0.1 |
| 40700 | Singapore Technologies Engineering Ltd. | 265163 | 0 |
| 708400 | Singapore Telecommunications Ltd. | 2312254 | 0.4 |
| 119000 | United Overseas Bank Ltd. | 3165099 | 0.6 |
|  |  | **12324903** | **2.2** |
|  | **South Africa: 1.2%** |  |  |
| 52822 | Anglo American PLC | 1998394 | 0.3 |
| 161209 | Clicks Group Ltd. | 3399089 | 0.6 |
| 102422 | FirstRand Ltd. | 486084 | 0.1 |
| 26438 | Harmony Gold Mining Co. Ltd., ADR | 436491 | 0.1 |
| 21065 <sup>(1)</sup> | Sasol Ltd. | 131795 | 0 |
| 36121 <sup>(1)</sup> | Sibanye Stillwater Ltd., ADR | 381438 | 0.1 |
|  |  | **6833291** | **1.2** |
|  | **South Korea: 3.1%** |  |  |
| 7666 | Dongbu Corp. | 31022 | 0 |
| 24632 <sup>(1)</sup> | Exem Co. Ltd. | 37379 | 0 |
| 3098 | Hana Financial Group, Inc. | 185597 | 0 |
| 7707 | Hyundai Ezwel Co. Ltd. | 28493 | 0 |
| 9037 | KG Chemical Corp. | 30840 | 0 |
| 76704 | KT Corp., ADR | 1422859 | 0.3 |
| 9503 | KX Innovation Co. Ltd. | 25399 | 0 |
| 34100 | LG Electronics, Inc. | 2091463 | 0.4 |
| 19372 <sup>(1)</sup> | LG HelloVision Co. Ltd. | 33145 | 0 |
| 579 | Samchully Co. Ltd. | 50022 | 0 |
| 52999 | Samsung Electronics Co. Ltd. | 3989564 | 0.7 |
| 76053 | Shinhan Financial Group Co. Ltd. | 3906275 | 0.7 |
| 13965 | SK Hynix, Inc. | 5433691 | 1 |
| 3748 | Systems Technology, Inc./ South Korea | 59972 | 0 |
| 3976 | Telechips, Inc. | 38835 | 0 |
| 5030 | Ubiquoss Holdings, Inc. | 37825 | 0 |
|  |  | **17402381** | **3.1** |
|  | **Spain: 2.6%** |  |  |
| 26873 <sup>(2)</sup> | Aena SME SA | 729899 | 0.1 |
| 50519 | Amadeus IT Group SA | 3861690 | 0.7 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Spain (continued)** |  |  |
| 143194 | Banco Bilbao Vizcaya Argentaria SA | $2884786 | 0.5 |
| 90990 | Banco Santander SA | 927201 | 0.2 |
| 272877 <sup>(3)</sup> | CaixaBank SA | 2884228 | 0.5 |
| 64825 | Industria de Diseno Textil SA | 3579647 | 0.6 |
|  |  | **14867451** | **2.6** |
|  | **Sweden: 3.4%** |  |  |
| 115241 | Assa Abloy AB - Class B | 4342807 | 0.8 |
| 72273 | Epiroc AB - Class A | 1523946 | 0.3 |
| 46980 | Essity AB - Class B | 1290429 | 0.2 |
| 273088 | Hexagon AB - Class B | 3328839 | 0.6 |
| 53477 | Industrivarden AB - Class C | 2218289 | 0.4 |
| 22665 | Investor AB - Class B | 746287 | 0.1 |
| 19301 | L E Lundbergforetagen AB - Class B | 1033046 | 0.2 |
| 1734 | Loomis AB | 69855 | 0.0 |
| 5989 <sup>(1)</sup> | Orexo AB | 17525 | 0.0 |
| 80555 | Swedbank AB - Class A | 2445715 | 0.4 |
| 215919 | Telefonaktiebolaget LM Ericsson, ADR | 2178623 | 0.4 |
|  |  | **19195361** | **3.4** |
|  | **Switzerland: 4.0%** |  |  |
| 39782 | ABB Ltd., Reg | 2957694 | 0.5 |
| 9414 | Banque Cantonale Vaudoise | 1093027 | 0.2 |
| 196 | Belimo Holding AG | 211473 | 0.0 |
| 9392 | Cie Financiere Richemont SA | 1857791 | 0.3 |
| 9401 | Galderma Group AG | 1745880 | 0.3 |
| 5898 | Logitech International SA | 709049 | 0.1 |
| 3325 | Partners Group Holding AG | 4071851 | 0.7 |
| 15688 | Sandoz Group AG | 1046026 | 0.2 |
| 936 | Schindler Holding AG | 333403 | 0.1 |
| 1563 | Sonova Holding AG, Reg | 426340 | 0.1 |
| 6782 | Swatch Group AG - Class BR | 1417348 | 0.3 |
| 2400 | Swiss Prime Site AG | 341143 | 0.1 |
| 4211 | Temenos AG | 397595 | 0.1 |
| 64638 | UBS Group AG | 2473395 | 0.4 |
| 5546 <sup>(2)</sup> | VAT Group AG | 2423696 | 0.4 |
| 1693 | Zurich Insurance Group AG | 1177433 | 0.2 |
|  |  | **22683144** | **4.0** |
|  | **Taiwan: 4.9%** |  |  |
| 33000 | Argosy Research, Inc. | 196225 | 0.0 |
| 18000 | Asustek Computer, Inc. | 406647 | 0.1 |
| 443000 | Compal Electronics, Inc. | 473369 | 0.1 |
| 20000 | Complex Micro Interconnection Co. Ltd. | 25350 | 0.0 |
| 18000 | Delta Electronics, Inc. | 578950 | 0.1 |
| 23000 | DFI, Inc./Taiwan | 50921 | 0.0 |
| 11000 | Dimerco Data System Corp. | 43624 | 0.0 |
| 32000 | Ennoconn Corp. | 303256 | 0.1 |
| 31000 | Gamania Digital Entertainment Co. Ltd. | 59771 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **Taiwan (continued)** |  |  |
| 26000 | Getac Holdings Corp. | $116469 | 0.0 |
| 27000 <sup>(1)</sup> | Holtek Semiconductor, Inc. | 35468 | 0.0 |
| 174000 | Hon Hai Precision Industry Co. Ltd. | 1447225 | 0.3 |
| 58000 | International Games System Co. Ltd. | 1355295 | 0.2 |
| 16000 | Kingwaytek Technology Co. Ltd. | 33250 | 0.0 |
| 18000 | Lanner Electronics, Inc. | 47050 | 0.0 |
| 50000 | Lion Travel Service Co. Ltd. | 254910 | 0.0 |
| 59000 | Lite-On Technology Corp. | 342288 | 0.1 |
| 46000 | Lotes Co. Ltd. | 2050943 | 0.4 |
| 59000 | MediaTek, Inc. | 2502158 | 0.4 |
| 102000 | Micro-Star International Co. Ltd. | 361581 | 0.1 |
| 3000 | MPI Corp. | 203415 | 0.0 |
| 110000 | Novatek Microelectronics Corp. | 1401526 | 0.3 |
| 12000 | Otsuka Information Technology Corp. | 75488 | 0.0 |
| 218000 | Pegatron Corp. | 524462 | 0.1 |
| 232000 <sup>(1)</sup> | Powerchip Semiconductor Manufacturing Corp. | 235500 | 0.0 |
| 46000 | Primax Electronics Ltd. | 123772 | 0.0 |
| 60000 | Sercomm Corp. | 192293 | 0.0 |
| 24000 | Simplo Technology Co. Ltd. | 273199 | 0.1 |
| 149831 | Taiwan Semiconductor Manufacturing Co. Ltd. | 7245780 | 1.3 |
| 17144 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5150572 | 0.9 |
| 16000 | Tripod Technology Corp. | 176947 | 0.0 |
| 9000 | Wistron Information Technology & Services Corp. | 36219 | 0.0 |
| 48000 | Wowprime Corp. | 336489 | 0.1 |
| 210000 | Zhen Ding Technology Holding Ltd. | 1108909 | 0.2 |
|  |  | **27769321** | **4.9** |
|  | **Thailand: 0.5%** |  |  |
| 57700 | Bangkok Life Assurance PCL | 32122 | 0.0 |
| 108000 | Kasikornbank PCL - NVDR | 622522 | 0.1 |
| 558600 | Krung Thai Bank PCL | 470348 | 0.1 |
| 303400 <sup>(3)</sup> | PTT Exploration & Production PCL | 1005346 | 0.2 |
| 77500 | SCB X PCL | 313875 | 0.0 |
| 36700 | Thai Oil PCL | 40588 | 0.0 |
| 7066700 <sup>(3)</sup> | TMBThanachart Bank PCL | 404411 | 0.1 |
|  |  | **2889212** | **0.5** |
|  | **Turkey: 0.0%** |  |  |
| 6900 <sup>(1)</sup> | Eldorado Gold Corp. | **176860** | **0.0** |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United Arab Emirates: 0.5%** |  |  |
| 86278 | Alpha Data PJSC | $41343 | 0 |
| 401924 | Dana Gas PJSC | 90606 | 0 |
| 184346 | Emirates Telecommunications Group Co. PJSC | 973307 | 0.2 |
| 394193 | First Abu Dhabi Bank PJSC | 1871238 | 0.3 |
|  |  | **2976494** | **0.5** |
|  | **United Kingdom: 10.9%** |  |  |
| 6514 <sup>(1)</sup> | accesso Technology Group PLC | 30293 | 0 |
| 61580 <sup>(1)</sup> | Afentra PLC | 36816 | 0 |
| 5608 | Anglogold Ashanti PLC | 381344 | 0.1 |
| 16729 | AstraZeneca PLC | 2759422 | 0.5 |
| 59316 | BAE Systems PLC | 1461158 | 0.3 |
| 108585 | Barclays PLC, ADR | 2333492 | 0.4 |
| 183028 | Barratt Developments PLC | 905709 | 0.2 |
| 92848 | British American Tobacco PLC | 4755254 | 0.8 |
| 8907 | Bunzl PLC | 270752 | 0 |
| 144500 | CK Hutchison Holdings Ltd. | 958248 | 0.2 |
| 17793 <sup>(1)</sup> | DFS Furniture PLC | 37250 | 0 |
| 96867 | Diageo PLC | 2228108 | 0.4 |
| 32162 | Diploma PLC | 2372685 | 0.4 |
| 65465 | Halma PLC | 3050563 | 0.5 |
| 101590 | Imperial Brands PLC | 4036605 | 0.7 |
| 22384 | InterContinental Hotels Group PLC | 2700117 | 0.5 |
| 108512 | International Consolidated Airlines Group SA - Class DI | 596554 | 0.1 |
| 17477 | International Personal Finance PLC | 46962 | 0 |
| 68730 | Investec PLC - ZAR | 519632 | 0.1 |
| 47706 | London Stock Exchange Group PLC | 5945416 | 1 |
| 864034 | M&G PLC | 2991429 | 0.5 |
| 127435 | NatWest Group PLC | 981059 | 0.2 |
| 15061 | Next PLC | 2829811 | 0.5 |
| 219633 | Phoenix Group Holdings PLC | 1945691 | 0.3 |
| 36150 | Reckitt Benckiser Group PLC | 2765076 | 0.5 |
| 91597 | RELX PLC - EUR | 4034252 | 0.7 |
| 10164 | RELX PLC - GBP | 449211 | 0.1 |
| 19012 | Sage Group PLC | 287373 | 0 |
| 226970 | Schroders PLC | 1132607 | 0.2 |
| 81424 | Standard Chartered PLC | 1671408 | 0.3 |
| 43597 | Unilever PLC | 2616007 | 0.5 |
| 63586 | Unilever PLC - NL | 3850526 | 0.7 |
| 61285 | United Utilities Group PLC | 966861 | 0.2 |
| 55774 | WPP PLC | 210751 | 0 |
|  |  | **62158442** | **10.9** |
|  | **United States: 7.4%** |  |  |
| 11985 | Accenture PLC - Class A | 2997449 | 0.5 |
| 12082 | Aon PLC - Class A | 4116096 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: (continued)** | **COMMON STOCK: (continued)** |  |  |
|  | **United States (continued)** |  |  |
| 691 | AP Moller - Maersk A/S - Class B | $1420646 | 0.3 |
| 22037 | BP PLC, ADR | 774160 | 0.1 |
| 75971 | Experian PLC | 3543677 | 0.6 |
| 19502 | GFL Environmental, Inc. | 852042 | 0.1 |
| 222706 | GSK PLC | 5214308 | 0.9 |
| 19371 | GSK PLC, ADR | 907725 | 0.2 |
| 370940 | Haleon PLC | 1724954 | 0.3 |
| 3496 | Linde PLC DE | 1466991 | 0.3 |
| 31768 | Novartis AG, Reg | 3931661 | 0.7 |
| 16691 | Roche Holding AG | 5406556 | 1 |
| 105277 | Shell PLC | 3946768 | 0.7 |
| 89167 | Shell PLC - EUR | 3347817 | 0.6 |
| 1265 <sup>(1)</sup> | Spotify Technology SA | 828980 | 0.1 |
| 8135 | Swiss Re AG | 1485467 | 0.3 |
|  |  | **41965297** | **7.4** |
|  | Total Common Stock |  |  |
|  | (Cost $498,224,484) | **557934077** | **98.2** |
| **PREFERRED STOCK: 0.5%** | **PREFERRED STOCK: 0.5%** |  |  |
|  | **Germany: 0.5%** |  |  |
| 9727 | Henkel AG & Co. KGaA | 788009 | 0.1 |
| 7593 | Sartorius AG | 2089037 | 0.4 |
|  |  | **2877046** | **0.5** |
|  | Total Preferred Stock |  |  |
|  | (Cost $3,106,573) | **2877046** | **0.5** |
| **WARRANTS: —%** | **WARRANTS: —%** |  |  |
|  | **Canada: —%** |  |  |
| 794 <sup>(4)</sup> | Constellation Software, Inc. |  |  |
|  | Total Warrants |  |  |
|  | (Cost $–) | **—** |  |
|  | Total Long-Term |  |  |
|  | Investments |  |  |
|  | (Cost $501,331,057) | **560811123** | 98.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 2.1%** | **SHORT-TERM INVESTMENTS: 2.1%** | **SHORT-TERM INVESTMENTS: 2.1%** |  |
|  | **Repurchase Agreements: 1.3%** | **Repurchase Agreements: 1.3%** |  |
| 2067770 <sup>(5)</sup> | Citadel Securities LLC,<br> Repurchase Agreement<br> dated 10/31/2025,<br> 4.260%, due 11/03/2025<br> (Repurchase Amount<br> $2,068,494, collateralized<br> by various U.S.<br> Government Securities,<br> 0.000%-4.875%, Market<br> Value plus accrued<br> interest $2,109,874, due<br> 11/04/25-08/15/55) | 2067770 | 0.4 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <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)** | **Repurchase Agreements (continued)** |  |
| 1943704 <sup>(5)</sup> | Daiwa Capital Markets<br> America Inc., Repurchase<br> Agreement dated<br> 10/31/2025, 4.150%, due<br> 11/03/2025 (Repurchase<br> Amount $1,944,367,<br> collateralized by various<br> U.S. Government/U.S.<br> Government Agency<br> Obligations, 1.500%-<br> 7.500%, Market Value<br> plus accrued interest<br> $1,982,578, due<br> 06/30/27-10/20/55) | $1943704 | 0.3 |
| 519892 <sup>(5)</sup> | HSBC Securities (USA)<br> Inc., Repurchase<br> Agreement dated<br> 10/31/2025, 4.140%,<br> due 11/03/2025<br> (Repurchase Amount<br> $520,069, collateralized<br> by various U.S.<br> Government Securities,<br> 0.125%-3.625%, Market<br> Value plus accrued<br> interest $530,290, due<br> 07/15/30-02/15/51) | 519892 | 0.1 |
| 773526 <sup>(5)</sup> | HSBC Securities (USA)<br> Inc., Repurchase<br> Agreement dated<br> 10/31/2025, 4.150%, due<br> 11/03/2025 (Repurchase<br> Amount $773,790,<br> collateralized by various<br> U.S. Government/U.S.<br> Government Agency<br> Obligations, 1.550%-<br> 7.000%, Market<br> Value plus accrued<br> interest $788,997, due<br> 01/01/32-06/01/55) | 773526 | 0.1 |
| 1967137 <sup>(5)</sup> | State of Wisconsin<br> Investment Board,<br> Repurchase Agreement<br> dated 10/31/2025,<br> 4.300%, due 11/03/2025<br> (Repurchase Amount<br> $1,967,832, collateralized<br> by various U.S.<br> Government Securities,<br> 0.125%-3.875%, Market<br> Value plus accrued<br> interest $2,004,723, due<br> 04/15/28-02/15/54) | 1967137 | 0.4 |
|  | Total Repurchase<br> Agreements<br> (Cost $7,272,029) | **7272029** | **1.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| <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)** |
|  | **Time Deposits: 0.2%** |  |  |
| 200000 <sup>(5)</sup> | Canadian Imperial Bank<br> of Commerce, 3.850%,<br> 11/03/2025 | $200000 | 0.0 |
| 190000 <sup>(5)</sup> | Cooperatieve Rabobank<br> U.A., 3.860%, 11/03/2025 | 190000 | 0.0 |
| 190000 <sup>(5)</sup> | DZ Bank AG, 3.840%,<br> 11/03/2025 | 190000 | 0.0 |
| 200000 <sup>(5)</sup> | Landesbank Hessen<br> Thueringen Girozentrale,<br> 3.870%, 11/03/2025 | 200000 | 0.0 |
| 200000 <sup>(5)</sup> | Mizuho Bank Ltd.,<br> 3.870%, 11/03/2025 | 200000 | 0.1 |
| 200000 <sup>(5)</sup> | Royal Bank of Canada,<br> 3.900%, 11/03/2025 | 200000 | 0.1 |
| 200000 <sup>(5)</sup> | Societe Generale S.A.,<br> 3.870%, 11/03/2025 | 200000 | 0.0 |
|  | Total Time Deposits<br> (Cost $1,380,000) | **1380000** | **0.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.6%** |  |  |
| 3202734 <sup>(6)</sup> | BlackRock Liquidity<br> Funds, FedFund,<br> Institutional Class,<br> 3.980%<br> (Cost $3,202,734) | $**3202734** | **0.6** |
|  | Total Short-Term<br> Investments<br> (Cost $11,854,763) | **11854763** | **2.1** |
|  | **Total Investments in<br> Securities<br> (Cost $513,185,820)** | $**572665886** | **100.8** |
|  | **Liabilities in Excess of<br> Other Assets** | **(4321854)** | **(0.8**) |
|  | **Net Assets** | $**568344032** | **100.0** |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Non-income producing security. |
| (2) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (3) | Security, or a portion of the security, is on loan. |
| (4) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (5) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (6) | Rate shown is the 7-day yield as of October 31, 2025. |

---

---

| | |
|:---|:---|
| **Sector Diversification** | **Percentage**<br>**of Net Assets** |
| Financials | 24.7% |
| Information Technology | 16.2 |
| Industrials | 15.8 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Health Care | 9.8% |
| Consumer Discretionary | 9.4 |
| Communication Services | 6.9 |
| Consumer Staples | 5.6 |
| Energy | 4.3 |
| Materials | 2.8 |
| Real Estate | 1.8 |
| Utilities | 1.4 |
| Short-Term Investments | 2.1 |
| 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 INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

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

The following is a summary of the fair valuations according to the inputs used as of October 31, 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>**October 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;Australia | $740218 | $9822665 | $— | $10562883 |
| &nbsp;&nbsp;Austria |  | 92514 |  | 92514 |
| &nbsp;&nbsp;Belgium |  | 4891482 |  | 4891482 |
| &nbsp;&nbsp;Brazil | 5974871 |  |  | 5974871 |
| &nbsp;&nbsp;Canada | 25517971 |  |  | 25517971 |
| &nbsp;&nbsp;Chile | 1086364 |  |  | 1086364 |
| &nbsp;&nbsp;China | 4971559 | 32219136 |  | 37190695 |
| &nbsp;&nbsp;Czechia |  | 41696 |  | 41696 |
| &nbsp;&nbsp;Denmark | 40219 | 8126862 |  | 8167081 |
| &nbsp;&nbsp;Finland |  | 941069 |  | 941069 |
| &nbsp;&nbsp;France |  | 42695938 |  | 42695938 |
| &nbsp;&nbsp;Germany | 370046 | 38531860 |  | 38901906 |
| &nbsp;&nbsp;Greece |  | 1214147 |  | 1214147 |
| &nbsp;&nbsp;Hong Kong | 635943 | 13901114 |  | 14537057 |
| &nbsp;&nbsp;India | 5544197 | 4739030 |  | 10283227 |
| &nbsp;&nbsp;Indonesia |  | 1747142 |  | 1747142 |
| &nbsp;&nbsp;Israel | 5848733 | 1081437 |  | 6930170 |
| &nbsp;&nbsp;Italy |  | 12999388 |  | 12999388 |
| &nbsp;&nbsp;Ivory Coast |  | 33755 |  | 33755 |
| &nbsp;&nbsp;Japan | 975093 | 63466597 |  | 64441690 |
| &nbsp;&nbsp;Kuwait | 223845 | 818244 |  | 1042089 |
| &nbsp;&nbsp;Malaysia |  | 36977 |  | 36977 |
| &nbsp;&nbsp;Mexico | 1515091 | 419434 |  | 1934525 |
| &nbsp;&nbsp;Monaco | 108697 |  |  | 108697 |
| &nbsp;&nbsp;Netherlands | 1167745 | 25866764 |  | 27034509 |
| &nbsp;&nbsp;Norway |  | 2621255 |  | 2621255 |
| &nbsp;&nbsp;Peru | 179307 |  |  | 179307 |
| &nbsp;&nbsp;Philippines |  | 67735 |  | 67735 |
| &nbsp;&nbsp;Poland |  | 4307535 |  | 4307535 |
| &nbsp;&nbsp;Portugal |  | 95141 |  | 95141 |
| &nbsp;&nbsp;Qatar | 205498 | 84992 |  | 290490 |
| &nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;Saudi Arabia |  | 722614 |  | 722614 |
| &nbsp;&nbsp;Singapore | 2454833 | 9870070 |  | 12324903 |
| &nbsp;&nbsp;South Africa | 817929 | 6015362 |  | 6833291 |
| &nbsp;&nbsp;South Korea | 1422859 | 15979522 |  | 17402381 |
| &nbsp;&nbsp;Spain |  | 14867451 |  | 14867451 |
| &nbsp;&nbsp;Sweden | 2196148 | 16999213 |  | 19195361 |
| &nbsp;&nbsp;Switzerland |  | 22683144 |  | 22683144 |
| &nbsp;&nbsp;Taiwan | 5487061 | 22282260 |  | 27769321 |
| &nbsp;&nbsp;Thailand |  | 2889212 |  | 2889212 |
| &nbsp;&nbsp;Turkey | 176860 |  |  | 176860 |
| &nbsp;&nbsp;United Arab Emirates | 131949 | 2844545 |  | 2976494 |
| &nbsp;&nbsp;United Kingdom | 3264761 | 58893681 |  | 62158442 |
| &nbsp;&nbsp;United States | 10476452 | 31488845 |  | 41965297 |
| Total Common Stock | 81534249 | 476399828 |  | 557934077 |
| Preferred Stock |  | 2877046 |  | 2877046 |
| Warrants |  |  |  |  |
| Short-Term Investments | 3202734 | 8652029 |  | 11854763 |
| Total Investments, at fair value | $84736983 | $487928903 | $— | $572665886 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 3262 |  |  | 3262 |
| Total Assets | $84740245 | $487928903 | $— | $572669148 |

---

See Accompanying Notes to Financial Statements

VOYA MULTI-MANAGER INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>**October 31, 2025** |
| **Liabilities Table** | |  |  |  |
| **Other Financial Instruments+** | |  |  |  |
| Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $(22) |
| Total Liabilities | $— | $(22) | $— | $(22) |

---

---

| | |
|:---|:---|
| <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 October 31, 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)** |
| JPY | 2035702 | USD | 13231 | JPMorgan Chase Bank N.A. | 11/04/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
|  |  |  |  |  |  | $(22) |

---

At October 31, 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;&nbsp;&nbsp;MSCI EAFE Index | 10 | 12/19/25 | $1403550 | $3262 |
|  |  |  | $1403550 | $3262 |

---

---

| |
|:---|
| Currency Abbreviations: |
| JPY — Japanese Yen |
| USD — United States Dollar |

---

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

The fair value of derivative instruments as of October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | **Location on Statement**<br>**of Assets and Liabilities** |<br>**Fair Value** |
| **Asset Derivatives** |  |  |
| Equity contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $3262 |
| **Total Asset Derivatives** |  | $3262 |
| **Liability Derivatives** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $22 |
| **Total Liability Derivatives** |  | $22 |

---

\* 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).

See Accompanying Notes to Financial Statements

<u>Voya Multi-Manager International Equity Fund</u> <u>PORTFOLIO OF INVESTMENTS as of October 31, 2025 (continued)</u> <br>

The effect of derivative instruments on the Fund's Statement of Operations for the year ended October 31, 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** | **Futures** | **Total** |
| Equity contracts | $— | $56710 | $56710 |
| Foreign exchange contracts | 45422 |  | 45422 |
| **Total** | $45422 | $56710 | $102132 |

---

**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** | **Futures** | **Total** |
| Equity contracts | $— | $103868 | $103868 |
| Foreign exchange contracts | (151) |  | (151) |
| **Total** | $(151) | $103868 | $103717 |

---

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 October 31, 2025:

---

| | |
|:---|:---|
|  | **JPMorgan<br> Chase Bank<br> N.A.** |
| **Liabilities:** |  |
| Forward foreign currency contracts | $22 |
| **Total Liabilities** | $22 |
| **Net OTC derivative instruments by** |  |
| **counterparty, at fair value** | $(22) |
| **Total collateral pledged by the** |  |
| **Fund/(Received from counterparty)** | $— |
| **Net Exposure<sup>(1)</sup>** | $(22) |

---

<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 October 31, 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 $519,735,908. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $78084733 |
| Gross Unrealized Depreciation | (24803457) |
| Net Unrealized Appreciation | $53281276 |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Per Share Amount** |
| Voya Multi-Manager Emerging Markets Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Class A NII | $0.3976 |
| &nbsp;&nbsp;&nbsp;Class C NII | $0.3471 |
| &nbsp;&nbsp;&nbsp;Class I NII | $0.4349 |
| &nbsp;&nbsp;&nbsp;Class R NII | $0.3770 |
| &nbsp;&nbsp;&nbsp;Class W NII | $0.4238 |
| Voya Multi-Manager International Equity Fund |  |
| &nbsp;&nbsp;&nbsp;Class I NII | $0.1861 |

---

NII - Net investment income

For the year ended October 31, 2025, the following are percentages of ordinary income dividends paid by the Funds (including creditable foreign taxes paid) that are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Multi-Manager Emerging Markets Equity Fund | 31.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Multi-Manager International Equity Fund | 85.16% |

---

Pursuant to Section 853 of the Internal Revenue Code, the Funds designate the following amounts as foreign taxes paid for the year ended October 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable Foreign<br> Taxes Paid** | **Per Share<br> Amount** | **Portion of Ordinary<br> Income Derived from<br> Foreign Sourced Income\*** |
| Voya Multi-Manager Emerging Markets Equity Fund | $704494 | $0.0403 | 7.25% |
| Voya Multi-Manager International Equity Fund | $1491467 | $0.0330 | 88.43% |

---

\*None of the Funds listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld must be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY AGREEMENT IN CONNECTION WITH CHANGE OF CONTROL OF DELAWARE INVESTMENTS FUND ADVISERS**

Pursuant to Section 15(c) of the Investment Company Act of 1940, as amended (the "1940 Act"), Voya Multi-Manager Emerging Markets Equity Fund (the "Fund"), a series of Voya Mutual Funds, can enter into a new sub-advisory agreement only if the Board of Trustees of the Voya Mutual Funds (the "Board"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory agreements, 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. The 1940 Act also provides that any sub-advisory agreement must terminate automatically upon its "assignment." As used in the 1940 Act, the term "assignment" includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is referred to herein as a "Change of Control."

At a meeting held on September 18, 2025, the Board considered a proposal by management that Voya Investments, LLC (the "Adviser") enter into the new sub-advisory agreement, on behalf of the Fund, ("New Sub-Advisory Agreement") with Nomura Investments Fund Advisers ("NIFA"), effective December 1, 2025. The Board was informed that it was being asked to consider the New Sub-Advisory Agreement due to Nomura Holding America Inc.'s acquisition of Delaware Investments Fund Advisers ("DIFA") (the "Transaction"). The Board was advised that the Transaction would result in a Change of Control of DIFA and constitute an "assignment" of the Fund's sub-advisory agreement (the "Prior Sub-Advisory Agreement") under which DIFA provides services to each Fund. In light of the foregoing, at a meeting held on September 18, 2025, the Board approved the New Sub-Advisory Agreement to replace the Prior Sub-Advisory Agreement, which was subsequently approved at its November 14, 2025 meeting, upon the closing of the Transaction. Discussed below are certain factors that the Board considered at its meeting on September 18, 2025, in determining whether to approve the New Sub-Advisory Agreement for each Fund.

The decision by the Board, including a majority of the Independent Trustees, to approve the New Sub-Advisory Agreement for each Fund was based on a determination by the Board that it would be in the best interests of the shareholders of the Fund for DIFA, under the name NIFA, to continue providing sub-advisory services for the Fund, without interruption, after the Change of Control. To inform its determinations of whether to approve the New Sub-Advisory Agreement, the Board requested, received,

evaluated, and discussed such information as it deemed necessary for an informed determination of whether the New Sub-Advisory Agreement should be approved. Prior to its approval of the New Sub-Advisory Agreement, the Board reviewed, among other matters, the quality, extent and nature of the services currently being provided by DIFA under the Prior Sub-Advisory Agreement and to be provided by NIFA under the New Sub-Advisory Agreement for the Fund. In considering the New Sub-Advisory Agreement at its September 18, 2025 meeting, the Board placed emphasis on the information provided to it in connection with the Board's annual review of the Prior Sub-Advisory Agreement, which was approved at a meeting of the Board held on November 14, 2025. Among other factors, the Board considered: (1) the nature, extent and quality of services to be provided under the Prior Sub-Advisory Agreement; (2) the fairness of the compensation under the Prior Sub-Advisory Agreement in light of the services to be provided by DIFA; (3) the sub-advisory fee rate payable by the Adviser to DIFA; and (4) the potential "fall-out" benefits to DIFA and its affiliates from DIFA's relationship with the Fund.

To inform its determinations as to whether to approve the New Sub-Advisory Agreement, the Board also received the following materials: (1) information that DIFA provided to the Board in response to inquiries from K&L Gates LLP, counsel to the Independent Trustees, in connection with the Board's consideration; and (2) a memorandum presenting management's rationale for requesting that the Board approve the New Sub-Advisory Agreement. In reviewing the proposed New Sub-Advisory Agreement, the Board considered a number of factors, including, but not limited to, the following: (1) DIFA's description of the Transaction; (2) DIFA's representation that there are not expected to be any differences between the nature, extent and quality of services currently provided by DIFA to the Fund and those services that NIFA would provide to the Fund upon closing of the Transaction; (3) DIFA's representations that, following the Transaction, DIFA does not expect any changes to (i) the Fund's portfolio management team; (ii) the investment process used by NIFA with respect to the Fund; or (iii) its overall staffing levels; (4) representations by DIFA that the terms of the New Sub-Advisory Agreement are substantially similar to the terms of the Prior Sub-Advisory Agreement, and that the fee rate payable under the New Sub-Advisory Agreement is the same as the fee rate payable under the Prior Sub-Advisory Agreement; and (5) DIFA's representations that there were no other material changes or developments relating to the information provided by DIFA in connection with the Board's ongoing review of the Prior Sub-Advisory Agreement.

Based on the foregoing and other relevant considerations, at a meeting held on September 18, 2025, the Board,

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

including a majority of the Independent Trustees, voted to approve the New Sub-Advisory Agreement for the Fund. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Sub-Advisory Agreement, including the fee rate schedule, were fair and reasonable, and the New Sub-Advisory Agreement should be approved for the Fund so as to enable a continuation without interruption of the services being provided by DIFA. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of the factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Sub-Advisory Agreement.

**BOARD CONSIDERATION AND APPROVAL OF NEW SUB-ADVISORY CONTRACT WITH ACADIAN ASSET MANAGEMENT LLC**

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 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 January 16, 2025, the Board considered the initial approval of a new sub-advisory contract (the "New Sub-Advisory Contract") between Voya Investments, LLC (the "Adviser") and Acadian Asset Management LLC ("Acadian"), and appointed Acadian as a sub-adviser to the Fund (the "Sub-Adviser"), to replace Polaris Capital Management, LLC ("Polaris"), effective February 28, 2025.

In determining whether to initially approve the New Sub-Advisory Contract, 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 New Sub-Advisory Contract 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 New Sub-Advisory Contract.

The materials provided to the Board to inform its consideration of whether to approve the New Sub-Advisory Contract included the following: (1) Acadian's presentation

before the Investment Review Committees ("IRCs") at their January 15, 2025 joint meeting; (2) memoranda and related materials provided to the Board in advance of its January 16, 2025 meeting discussing: (a) the Adviser's rationale for recommending that Acadian replace Polaris as a sub-adviser to the Fund, including the Adviser's view that adding Acadian would provide the Fund with the opportunity for improved performance; (b) the performance of the new sub-advisory team in managing its international large cap investment strategy with such performance being compared against a relevant benchmark index; and (c) Acadian's investment philosophy and the firm's overall investment process; (3) pro-forma fees and expenses tables for the Fund and information about the projected net expense ratio of the Fund reflecting Acadian as a sub-adviser; (4) Acadian'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 Contract; and (6) other information relevant to the Board's evaluation.

In reaching its decision to engage Acadian, 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 Acadian's abilities in managing its international large cap investment strategy; (2) the nature and quality of the services to be provided by Acadian under the New Sub-Advisory Contract; (3) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Acadian and its fit as an additional sub-adviser to the Fund; (4) the fairness of the compensation under the New Sub-Advisory Contract in light of the services to be provided by Acadian; (5) the sub-advisory fee rate payable by the Adviser to Acadian; (6) Acadian's operations and compliance programs, including the policies and procedures intended to assure compliance with U.S. federal securities laws; and (7) Acadian's Code of Ethics and related procedures for complying with that Code of Ethics, which were previously reviewed by the Board.

With respect to the nature, extent and quality of services to be provided by Acadian, 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 Acadian 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 Acadian provides to the Fund and Acadian's compliance with applicable laws and regulations. The Board was previously advised that to assist in the selection and monitoring of sub-advisers, the Adviser has developed an oversight process

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

formulated by the Voya Manager Research & Selection Group ("MR&S"), which analyzes both qualitative (such as in-person meetings and telephonic meetings with sub-advisers, and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the sub-advisers.

The Board considered that MR&S also typically provides reports to the IRCs at their meetings prior to sub-adviser presentations. In addition, the Board considered that MR&S prepares periodic due diligence reports regarding 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' investment processes and to try to identify issues that may be relevant to a 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.

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.

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 considered the techniques used by the Adviser to monitor sub-adviser performance.

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.

After its deliberation, the Board concluded that, in its business judgement, the terms of the New Sub-Advisory Contract, with respect to the Fund, are fair and reasonable to the Fund and that approval of the Contract is in the best interest 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 New Sub-Advisory Contract, and based on the information provided and Management's related representations, the Board concluded that it was satisfied with Management's responses related to the fees payable by the Fund under the New Sub-Advisory Contract. 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 New Sub-Advisory Contract for the Fund.

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---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |

---

---

| | |
|:---|:---|
| **Distributor** | **Custodian** |
| Voya Investments Distributor, 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 |

---

---

| | |
|:---|:---|
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 301 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

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

**167702 (1025)**

**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 $49,059 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)](tm2531593d1_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm2531593d1_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2531593d1_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm2531593d1_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2531593d1_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2531593d1_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

---

| | |
|:---|:---|
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: | January 9, 2026 |

---

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: | January 9, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |
| Date: | January 9, 2026 |

---

## Ex-99.Codeeth

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I. Adoption</u>**

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II. Policy</u>**

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a Fund
 files with, or submits to, the U.S. Securities and Exchange Commission ("SEC")
 and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance
 with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt
 internal reporting of violations of this Code to an appropriate person or persons identified
 in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability
 for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct
 themself in an honest and ethical manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain
 from engaging in activity that would compromise their professional ethics or otherwise prejudice
 their ability faithfully to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain
 from using or appearing to use material non-public information acquired through their work
 for the Funds for unethical or illegal advantage, either directly or indirectly, through
 others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place
 the interests of the Funds and their shareholders before their personal interests and manage
 actual or apparent conflicts of interest between their personal interests and the interests
 of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be
 familiar with the disclosure requirements generally applicable to the Funds and take all
 reasonable actions, consistent with their position(s) with a Fund and/or a Fund's
 service providers(s) to ensure full, fair, accurate, timely, and understandable disclosure
 in reports and documents that a Fund files with, or submits to, the SEC or other governmental
 authorities, and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply
 with applicable governmental laws, rules, and regulations in their dealings with or on behalf
 of a Fund, and take all reasonable actions, consistent with their positions(s) with
 a Fund and/or Fund's service provider(s), to ensure compliance by the Fund with applicable
 governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take
 all reasonable actions, consistent with their position(s) with a Fund and/or a Fund's
 service provider(s), to ensure prompt internal reporting of violations of this Code to an
 appropriate person or persons identified in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not
 knowingly misrepresent, or knowingly cause or permit others to misrepresent, facts about
 a Fund to a Fund's shareholders, directors, counsel, or auditors, to governmental regulators
 or self-regulatory organizations, or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult
 with other officers of a Fund, and its adviser(s), administrator, and principal underwriter,
 with the goal of promoting full, fair, accurate, timely, and understandable disclosure in
 the reports and documents the Fund files with, or submits to, the SEC, and in other public
 communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote
 compliance by the Funds with the standards and restrictions imposed by applicable governmental
 laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not
 influence investment decisions or financial or other reporting by the Fund whereby the Covered
 Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not
 cause a Fund to take an action, or fail to take an action, whereby the Covered Officer would
 benefit personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not
 retaliate or take any adverse action against, or cause or permit any retaliation or adverse
 action to be taken against, any other Covered Officer or any employee of the Funds or their
 affiliated persons for reports of potential violations of this Code or of applicable governmental
 laws, rules, and regulations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 actual conflict of interest is a situation in which a Covered Officer, a member of a Covered
 Officer's immediate family, or an entity other than a Fund on whose behalf a Covered
 Officer is acting or from which a Covered Officer may receive compensation or other personal
 benefit, has an interest in a transaction or the results of a transaction in which a Fund
 is involved that is different from the interests of the Funds with regarding to that same
 transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 "apparent conflict of interest" is a situation in which a Covered Officer, a
 member of a Covered Officer's immediate family, or an entity other than a Fund on whose
 behalf a Covered Officers is acting or from which a Covered Officer may receive compensation
 or other personal benefit, appears to have an actual conflict of interest, without regard
 to whether an actual conflict of interest in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Activities Requiring Prior Approval*** 

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service
 as a director, partner, officer, manager, or managing member on the board of any public or
 private company<sup>4</sup> other than a Fund's investment adviser, administrator,
 principal underwriter, or an affiliate or any of the foregoing, if such company has current
 or prospective business dealings with a Fund or if a Fund may invest in securities issued
 by such company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt
 of any entertainment<sup>5</sup> or meals from any company with which a Fund has current
 or prospective business dealings unless such entertainment or meals are business-related,
 reasonable in cost, appropriate as to time and place, and not so frequent as to raise any
 question of impropriety. For the purposes of this Code, entertainment and meals that are
 incidental to a business conference, seminar or meeting shall be deemed business-related,
 reasonable in cost, and appropriate as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have
 any ownership interest in, or any consulting, employment, or compensation relationship with,
 any of a Fund's service providers, other than its investment adviser(s), administrator,
 principal underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit
 for their own personal gain any opportunity which a Fund may exploit. This prohibition shall
 not apply to securities trading undertaken in conformance with the Funds' and an investment
 adviser's code of ethics adopted pursuant to Rule 17j-1 of the Investment Company
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have
 a direct or indirect financial interest, such as compensation or equity ownership, in commissions,
 transaction charges or spreads paid by the Fund for effecting portfolio transaction or for
 selling or redeeming shares other than an interest arising from the Covered Officer's
 employment with a Fund's investment adviser, administrator, principal underwriters,
 or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive
 any gifts in excess of $500 in any calendar year from any entity or person that directly
 or indirectly currently or prospectively does or will do business with or receives compensation
 or other benefits from a Fund. For the purposes of this restriction, gifts from different
 persons employed by the same entity shall be aggregated, along with any gifts from the entity
 itself, in order to determine whether the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept
 employment from any company, other than a Fund's investment adviser(s), administrator,
 or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
 business dealings within one year after the latest to occur of such Covered Officer's
 termination of employment at the Fund or at the Fund's investment adviser(s) administrator
 or principal underwriter (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow
 money from any Fund, or borrow money from or have any other financial transactions with any
 company, other than a Fund's investment adviser(s), administrator or principal underwriter
 (or any affiliate thereof), with which the Fund has current or prospective business dealings,
 other than routine retail transactions that are effected on the same terms and conditions
 as are available to the general public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage
 in a transaction directly as a principal with a Fund, except that this prohibition shall
 not apply to the purchase or redemption of the shares of any Fund on the same terms and conditions
 as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any
 other activity that would cause them to benefit personally at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon
 adoption of this Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm
 in writing to the CLO and the Board that they have received, read, and understand this Code.
 Such affirmation shall be substantially in the form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually
 affirm to the CLO and the Board that they have complied with the requirements of this Code.
 Such affirmation shall be substantially in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report
 at least annually all employment, ownership, affiliations, or other relationships related
 to conflicts of interest that are included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify
 the CLO promptly if they know of any violation of this Code or of any applicable governmental
 laws, rules, and regulations. Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 CLO shall take all appropriate action to investigate any potential violations reported to
 him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If,
 after such investigation, the CLO believes that no violation has occurred, the CLO shall
 not be required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If,
 after such investigation, the CLO believes that a violation has occurred, the CLO shall report
 such violation to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If
 the Compliance Committee concurs that a violation has occurred, it shall inform and make
 a recommendation to the Board, which shall consider appropriate action that may include review
 of, and appropriate modifications to, applicable policies and procedures, notification to
 appropriate personnel of the investment adviser or its board, and a recommendation to discipline
 or dismiss the Covered Officer or to require reimbursement or disgorgement by the Covered
 Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.***  ***Amendments*** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title: <br>*(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br>Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title: <br>*(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br>Signature Date

## 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 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: January 9, 2026 | /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: January 9, 2026 | /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

Date of Form N-CSR: October 31, 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 9<sup>th</sup> day of January, 2026.

---

| |
|:---|
| /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

Date of Form N-CSR: October 31, 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 9<sup>th</sup> day of January, 2026.

---

| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

---