N-CSRS 1 tm2525803d6_ncsrs.htm N-CSRS

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: 811-22438

Voya Emerging Markets High Dividend Equity Fund

(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)

Huey P. Falgout Jr., 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: March 1, 2025 to August 31, 2025

Item 1. Reports to Stockholders.

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

Semi-Annual Report

August 31, 2025

Voya Emerging Markets High Dividend Equity Fund

This report is intended for existing current holders. It is not a prospectus. This information should be read carefully.

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INVESTMENT MANAGEMENT

voyainvestments.com

TABLE OF CONTENTS

Statement of Assets and Liabilities	1
Statement of Operations	2
Statements of Changes in Net Assets	3
Financial Highlights	4
Notes to Financial Statements	5
Portfolio of Investments	14
Shareholder Meeting Information	23
Additional Information	24

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2025 (Unaudited)

ASSETS:
Investments in securities at fair value*		$	112,654,276
Short-term investments at fair value†			799,000
Cash			111,069
Cash pledged as collateral for OTC derivatives (Note 2)			400,000
Foreign currencies at value‡			142,584
Receivables:
Investment securities and currencies sold			1,100,038
Dividends			269,969
Interest			225
Foreign tax reclaims			32,389
Prepaid expenses			735
Other assets			7,917
Total assets			115,518,202
LIABILITIES:
Payable for investment securities and currencies purchased			438,402
Payable for investment management fees			111,179
Payable to trustees under the deferred compensation plan (Note 6)			7,917
Payable for trustee fees			271
Payable for foreign capital gains tax			457,317
Other accrued expenses and liabilities			106,006
Written options, at fair value^			304,521
Total liabilities			1,425,613
NET ASSETS		$	114,092,589
NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	168,471,959
Total distributable loss			(54,379,370	)
NET ASSETS		$	114,092,589

*	Cost of investments in securities	$	89,158,103
†	Cost of short-term investments	$	799,000
‡	Cost of foreign currencies	$	142,361
^	Premiums received on written options	$	346,547
Net assets		$	114,092,589
Shares authorized			unlimited
Par value		$	0.010
Shares outstanding			17,735,861
Net asset value		$	6.43

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the six months ended August 31, 2025 (Unaudited)

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	2,223,092
Interest			1,293
Other			309
Total investment income			2,224,694

EXPENSES:
Investment management fees			628,732
Transfer agent fees			13,320
Shareholder reporting expense			25,026
Professional fees			66,324
Custody and accounting expense			53,382
Trustee fees			1,355
Miscellaneous expense			18,796
Total expenses			806,935
Waived and reimbursed fees			(37,547	)
Net expenses			769,388
Net investment income			1,455,306

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^{^})			5,181,430
Foreign currency related transactions			5,834
Written options			(1,508,722	)
Net realized gain			3,678,542
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued^#)			10,961,919
Foreign currency related transactions			4,559
Written options			(168,831	)
Net change in unrealized appreciation (depreciation)			10,797,647
Net realized and unrealized gain			14,476,189
Increase in net assets resulting from operations		$	15,931,495

*	Foreign taxes withheld	$	265,054
^	Foreign capital gains taxes withheld	$	293,110
#	Change in foreign capital gains taxes accrued	$	35,777

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	August 31, 2025			Year Ended
	(Unaudited)			February 28, 2025
FROM OPERATIONS:
Net investment income	$	1,455,306		$	2,250,391
Net realized gain		3,678,542			2,697,157
Net change in unrealized appreciation (depreciation)		10,797,647			4,286,737
Increase in net assets resulting from operations		15,931,495			9,234,285

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital)		(1,242,829	)		(2,603,787	)
Return of capital		(4,613,775	)		(9,775,156	)
Total distributions		(5,856,604	)		(12,378,943	)

FROM CAPITAL SHARE TRANSACTIONS:
Cost of shares repurchased		(165,956	)		(1,637,310	)
Net decrease in net assets resulting from capital share transactions		(165,956	)		(1,637,310	)
Net increase (decrease) in net assets		9,908,935			(4,781,968	)

NET ASSETS:
Beginning of year or period		104,183,654			108,965,622
End of year or period	$	114,092,589		$	104,183,654

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

	Per Share Operating Performance																		Ratios and Supplemental Data
		Income
		(loss) from
		investment																		Ratios to average
		operations						Less Distributions												net assets
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Accretion to net asset value due to tender offer	Net asset value, end of year or period	Market value, end of year or period	Total investment return at net asset value⁽¹⁾		Total investment return at market value⁽²⁾		Net assets, end of year or period 000’s	Gross expenses prior to expense waiver/ recoupment⁽³⁾	Net expenses after expense waiver/ recoupment^(3),(4)	Net investment income (loss)^(3),(4)	Portfolio turnover rate
Year or
period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	($)	($)	(%)		(%)		($000's)	(%)	(%)	(%)	(%)
08-31-25⁺	5.86	0.08	^•	0.82		0.90		0.07	—	0.26	0.33	—	6.43	5.97	16.41		18.61		114,093	1.48	1.41	2.66	35
02-28-25	6.03	0.12	^•	0.39		0.51		0.14	—	0.54	0.68	—	5.86	5.34	10.66		17.61		104,184	1.51	1.40	2.06	72
02-29-24	5.98	0.12	^•	0.47		0.59		0.21	—	0.33	0.54	—	6.03	5.17	12.05		9.43		108,966	1.47	1.40	2.08	80
02-28-23	7.57	0.18	^•	(1.05	)	(0.87	)	0.18	—	0.54	0.72	—	5.98	5.25	(10.21	)	(14.26	)	109,847	1.43	1.40	2.85	70
02-28-22	8.49	0.14	^•	(0.34	)	(0.20	)	0.11	—	0.61	0.72	—	7.57	6.96	(2.15	)	(3.93	)	144,187	1.35	1.35	1.68	66
02-28-21	7.61	0.11	^•	1.49		1.60		0.09	—	0.63	0.72	—	8.49	7.95	24.24		32.34		161,564	1.36	1.36	1.46	55
02-29-20	8.89	0.19		(0.74	)	(0.55	)	0.28	—	0.45	0.73	—	7.61	6.69	(6.03	)	(12.67	)	144,923	1.39	1.39	2.29	103
02-28-19	9.87	0.20		(0.44	)	(0.24	)	0.17	—	0.57	0.74	—	8.89	8.41	(1.39	)	(2.23	)	169,189	1.47	1.47	2.21	53
02-28-18	9.24	0.18		1.19		1.37		0.18	—	0.56	0.74	—	9.87	9.42	15.77		22.67		187,770	1.44	1.44	1.82	41
02-28-17	7.81	0.18		2.13		2.31		0.19	—	0.69	0.88	—	9.24	8.32	32.30		38.66		175,716	1.43	1.43	2.06	39
02-29-16	11.57	0.20		(2.92	)	(2.72	)	0.21	—	0.83	1.04	—	7.81	6.71	(23.98	)⁽⁵⁾	(28.30	)	152,682	1.47	1.47	1.99	30

⁽¹⁾	Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Total investment return at net asset value is not annualized for periods less than one year.
⁽²⁾	Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.
⁽³⁾	Annualized for periods less than one year.
⁽⁴⁾	The Investment Adviser has entered into a written expense limitation agreement with the Fund under which it will limit the expenses of the Fund (excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.
⁽⁵⁾	Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended February 29, 2016, total return would have been (24.08)%.
⁺	Unaudited.
^•	Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Emerging Markets High Dividend Equity Fund (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. The Investment Adviser has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund.

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 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).

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date, or in the case of some foreign dividends, when the information becomes available to the Fund.

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 rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which 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 the 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

greater with respect to securities of issuers in emerging markets.

D. Distributions to Shareholders. The Fund makes monthly dividend distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on investments. Such monthly distributions may also consist of return of capital. At least annually, the Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP for investment companies.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written in its portfolio versus gains or losses on the equity securities in the portfolio. Each month, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, other income or capital gains, and return of capital, if any. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the Fund’s tax year, and will be reported to shareholders at that time. A significant portion of the Fund’s distributions may constitute a return of capital. The amount of monthly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.

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. 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, forward foreign currency exchange contracts and purchased and 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

The Fund may also enter into collateral agreements with certain counterparties to further mitigate counterparty 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 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.

The Fund’s maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Fund. For purchased OTC options, the Fund bears the risk of loss in the amount of the premiums paid and the change in market value of the options should the counterparty not perform under the contracts. The Fund did not enter into any purchased OTC options during the period ended August 31, 2025.

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

Written options by the Fund do not give rise to counterparty credit risk, as written options obligate the Fund to perform and not the counterparty. As of August 31, 2025, the total value of open written OTC call options subject to Master Agreements in a liability position was $304,521. If a contingent feature had been triggered, the Fund could have been required to pay this amount in cash to its counterparties. At August 31, 2025, the Fund pledged

$400,000 in cash collateral for its open written OTC call options at period end. There were no credit events during the period ended August 31, 2025 that triggered any credit related contingent features.

H. Forward Foreign Currency Contracts and Futures Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

The Fund did not enter into any forward foreign currency contracts during the period ended August 31, 2025.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities 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 and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following the Fund’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. The Fund purchases and sells futures contracts on various equity indices to enable the Fund to make market directional tactical decisions to enhance returns, to protect against a decline in its assets or as a substitute for the purchase or sale of equity securities. 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.

The Fund did not enter into any futures contracts during the period ended August 31, 2025.

I. Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

The Fund seeks to generate gains from the OTC call options writing strategy over a market cycle to supplement the dividend yield of its underlying portfolio of high dividend yield equity securities.

During the period ended August 31, 2025, the Fund had an average notional amount of $17,908,874 on written equity

options. Please refer to the table within the Portfolio of Investments for open written equity options at August 31, 2025.

J. Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund’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 the risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investments for the period ended August 31, 2025, excluding short-term securities, were $37,445,701 and $43,730,687, respectively.

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment management 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. This Management Agreement compensates the Investment Adviser with a management fee, payable monthly, based on an annual rate of 1.15% of the Fund’s average daily managed assets. For purposes of the Management Agreement, managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). As of August 31, 2025, there were no preferred shares outstanding.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily managed assets of the Fund. Subject to policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.

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

NOTE 5 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund under which it will limit the expenses of the Fund, 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 1.40% of average daily managed assets.

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

As of August 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:

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 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

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.

August 31,
2026		2027		2028		Total
$	41,256	$	111,113	$	104,782	$	257,151

NOTE 7 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

			Net increase
			(decrease) in
	Shares		shares		Shares		Net increase
	repurchased		outstanding		repurchased		(decrease)
Year or period ended	#		#		($)		($)
8/31/2025	(34,269	)	(34,269	)	(165,956	)	(165,956	)
2/28/2025	(311,878	)	(311,878	)	(1,637,310	)	(1,637,310	)

Share Repurchase Program

Effective April 1, 2025, pursuant to an open-market share repurchase program, the Fund may purchase, over the period ending March 31, 2026, up to 10% of its stock in open-market transactions. Previously, pursuant to an open-market share repurchase program effective April 1, 2024, the Fund could have purchased, over the one year period ended March 31, 2025, up to 10% of its stock in open-market transactions. The amount and timing of the repurchases will be at the discretion of the Fund’s management, subject to market conditions and investment considerations. There

is no assurance that the Fund will purchase shares at any particular discount level or in any particular amounts. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws. The share repurchase program seeks to enhance shareholder value by purchasing shares trading at a discount from their NAV per share. The open-market share repurchase program does not obligate the Fund to repurchase any dollar amount or number of shares of its stock.

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

NOTE 7 — CAPITAL SHARES (continued)

For the period ended August 31, 2025, the Fund repurchased 34,269 shares, representing approximately 0.19% of the Fund’s outstanding shares for a net purchase price of $165,956 (including commissions of $857). Shares were repurchased at a weighted-average discount from NAV per share of 10.88% and a weighted-average price per share of $4.82.

For the year ended February 28, 2025, the Fund repurchased 311,878 shares, representing approximately 1.76% of the Fund’s outstanding shares for a net purchase price of $1,637,310 (including commissions of $7,797). Shares were repurchased at a weighted-average discount from NAV per share of 11.24% and a weighted-average price per share of $5.22.

NOTE 8 — 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, income from passive foreign investment companies (PFICs) and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

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

The tax composition of dividends and distributions in the current period will not be determined until after the Fund’s tax year-end of December 31, 2025. The composition of distributions presented below may differ from amounts presented elsewhere in this report due to differences in calculations between GAAP (book) and tax.

The tax composition of dividends and distributions paid as of the Fund's most recent tax year-ends was as follows:

Tax Year Ended				Tax Year Ended
December 31, 2024				December 31, 2023
Ordinary		Return of		Ordinary		Return of
Income		Capital		Income		Capital
$	2,497,238	$	10,340,988	$	3,784,919	$	6,937,253

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 December 31, 2024, were:

Unrealized									Total
Appreciation/		Capital Loss Carryforwards							Distributable
(Depreciation)		Amount			Character	Other			Earnings/(Loss)
$	8,243,845	$	(5,824,828	)	Short-term	$	(2,056,446	)	$	(72,289,666	)
			(72,652,237	)	Long-term
		$	(78,477,065	)

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

As of August 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 9 — 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

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

NOTE 9 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)

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 10 — 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 has 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.

NOTE 11 — SUBSEQUENT EVENTS

Dividends: Subsequent to August 31, 2025, the Fund made distributions of:

Per Share		Declaration	Payable	Record
Amount		Date	Date	Date
$	0.055	8/15/2025	9/15/2025	9/2/2025
$	0.055	9/15/2025	10/15/2025	10/1/2025
$	0.055	10/15/2025	11/17/2025	11/3/2025

Each month, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, capital gains, and return of capital, if any. A significant portion of the monthly distribution payments made by the Fund may constitute a return of capital.

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 Emerging Markets High Dividend	PORTFOLIO OF INVESTMENTS
Equity Fund	as of August 31, 2025 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: 94.6%
	Brazil: 2.1%
98,400	B3 SA - Brasil Bolsa Balcao	$	236,297	0.2
178,800	Caixa Seguridade Participacoes S/A		474,549	0.4
8,300	Embraer SA		116,528	0.1
154,300 ⁽¹⁾	Natura Cosmeticos SA		255,846	0.2
41,700 ⁽²⁾	Rede D'Or Sao Luiz SA		302,645	0.3
139,100	TIM SA/Brazil		584,688	0.5
31,700	Totvs SA		252,402	0.2
48,100	Ultrapar Participacoes SA		174,680	0.2
			2,397,635	2.1
	Chile: 0.2%
1,793,096	Enel Chile SA		125,742	0.1
26,370	Falabella SA		150,091	0.1
			275,833	0.2
	China: 30.3%
24,500	AAC Technologies Holdings, Inc.		136,645	0.1
290,000	Agricultural Bank of China Ltd. - Class H		196,106	0.2
10,000	Airtac International Group		256,163	0.2
167,100	Alibaba Group Holding Ltd.		2,766,787	2.4
199,000	AviChina Industry & Technology Co. Ltd. -Class H		113,099	0.1
62,000	Bank of Beijing Co. Ltd. -Class A		52,172	0.0
1,173,000	Bank of China Ltd. -Class H		643,829	0.6
17,500	Bank of Jiangsu Co. Ltd. - Class A		26,580	0.0
93,300	Bank of Shanghai Co. Ltd. - Class A		124,809	0.1
68,000	Beijing Enterprises Holdings Ltd.		283,160	0.2
49,400 ⁽²⁾	BOC Aviation Ltd.		443,406	0.4
57,000	BYD Co. Ltd. - Class H		804,146	0.7
192,200	Changjiang Securities Co. Ltd. - Class A		230,417	0.2
618,000	China CITIC Bank Corp. Ltd. - Class H		552,594	0.5
624,000	China Communications Services Corp. Ltd. -Class H		372,175	0.3
427,000	China Construction Bank Corp. - Class H		413,252	0.4
147,000	China Mengniu Dairy Co. Ltd.		289,414	0.3
34,400	China Pacific Insurance Group Co. Ltd. - Class H		157,895	0.1
74,881	China Railway Signal & Communication Corp. Ltd. - Class A		58,584	0.0
566,000 ⁽²⁾	China Resources Pharmaceutical Group Ltd.		355,063	0.3
84,800	China State Construction Engineering Corp. Ltd. -Class A		66,490	0.1

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	China (continued)
277,200 ⁽²⁾	China Tower Corp. Ltd. -Class H	$	418,756	0.4
140,600	China XD Electric Co. Ltd. - Class A		129,356	0.1
22,700	China Yangtze Power Co. Ltd. - Class A		89,417	0.1
433,000	Chongqing Rural Commercial Bank Co. Ltd. - Class H		320,316	0.3
270,000	CMOC Group Ltd. - Class H		415,385	0.4
90,900	CNOOC Energy Technology & Services Ltd. - Class A		50,874	0.0
7,600	Contemporary Amperex Technology Co. Ltd. -Class A		326,035	0.3
13,100	Dong-E-E-Jiao Co. Ltd. -Class A		95,285	0.1
103,700	Dongfang Electric Corp. Ltd. - Class A		287,564	0.3
429,000	Far East Horizon Ltd.		409,987	0.4
482,000	Fosun International Ltd.		328,325	0.3
28,600	GF Securities Co. Ltd. -Class A		87,730	0.1
32,000 ⁽²⁾	Giant Biogene Holding Co. Ltd.		222,884	0.2
171,000	Goldwind Science & Technology Co. Ltd. -Class A		273,973	0.2
122,000	Great Wall Motor Co. Ltd. - Class H		292,516	0.3
8,100	Gree Electric Appliances, Inc. of Zhuhai - Class A		48,401	0.0
166,000	Guangdong Investment Ltd.		156,133	0.1
11,400	Haier Smart Home Co. Ltd. - Class H		38,711	0.0
13,700	Hengtong Optic-electric Co. Ltd. - Class A		39,324	0.0
45,000	Hisense Home Appliances Group Co. Ltd. - Class H		139,572	0.1
88,600 ⁽²⁾	Huatai Securities Co. Ltd. - Class H		225,957	0.2
27,700	IEIT Systems Co. Ltd. -Class A		260,722	0.2
782,592	Industrial & Commercial Bank of China Ltd. -Class H		582,173	0.5
83,400	Inner Mongolia Yitai Coal Co. Ltd. - Class B		168,839	0.1
41,552	JD.com, Inc. - Class A		643,855	0.6
74,900	Jiangsu Zhongtian Technology Co. Ltd. -Class A		170,559	0.1
65,400	Kingsoft Corp. Ltd.		288,072	0.3
384,000	Kunlun Energy Co. Ltd.		357,451	0.3
900	Kweichow Moutai Co. Ltd. - Class A		186,925	0.2

See Accompanying Notes to Financial Statements

Voya Emerging Markets High Dividend	PORTFOLIO OF INVESTMENTS
Equity Fund	as of August 31, 2025 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	China (continued)
92,000	Lenovo Group Ltd.	$	132,074	0.1
4,900	Luxshare Precision Industry Co. Ltd. - Class A		31,550	0.0
61,620 ⁽¹⁾⁽²⁾	Meituan - Class B		820,713	0.7
11,000	MINISO Group Holding Ltd.		67,147	0.1
82,100	NARI Technology Co. Ltd. - Class A		250,576	0.2
23,800	NetEase, Inc.		652,615	0.6
6,800	Ningbo Deye Technology Co. Ltd. - Class A		61,602	0.1
25,700	Ningbo Sanxing Medical Electric Co. Ltd. - Class A		82,974	0.1
4,219 ⁽¹⁾	PDD Holdings, Inc., ADR		507,208	0.4
752,000	People's Insurance Co. Group of China Ltd. -Class H		676,207	0.6
248,000	PetroChina Co. Ltd. -Class H		240,140	0.2
290,000	PICC Property & Casualty Co. Ltd. - Class H		700,863	0.6
138,000	Ping An Insurance Group Co. of China Ltd. - Class H		1,004,729	0.9
8,200 ⁽²⁾	Pop Mart International Group Ltd.		340,853	0.3
8,460	Qifu Technology, Inc., ADR		246,355	0.2
82,200	Sany Heavy Industry Co. Ltd. - Class A		242,296	0.2
60,400	Satellite Chemical Co. Ltd. - Class A		169,964	0.1
4,100	Seres Group Co. Ltd. -Class A		78,593	0.1
299,700	Shandong Nanshan Aluminum Co. Ltd. -Class A		170,536	0.1
12,100	Shanghai Pharmaceuticals Holding Co. Ltd. - Class A		31,664	0.0
23,000	Sinotruk Hong Kong Ltd.		67,059	0.1
147,400	SooChow Securities Co. Ltd. - Class A		208,840	0.2
179,400	TCL Technology Group Corp. - Class A		116,848	0.1
80,600	Tencent Holdings Ltd.		6,242,027	5.5
12,664	Tencent Music Entertainment Group, ADR		310,521	0.3
111,600	Tongcheng Travel Holdings Ltd.		315,738	0.3
252,000	TravelSky Technology Ltd. - Class H		352,627	0.3
7,488	Vipshop Holdings Ltd., ADR		125,349	0.1
154,000	Weichai Power Co. Ltd. -Class H		323,735	0.3
9,600	Western Mining Co. Ltd. - Class A		25,135	0.0

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	China (continued)
6,600	Wuliangye Yibin Co. Ltd. - Class A	$	119,905	0.1
187,374	Xiamen C & D, Inc. -Class A		306,008	0.3
209,400 ⁽¹⁾⁽²⁾	Xiaomi Corp. - Class B		1,429,124	1.3
48,600	Yealink Network Technology Corp. Ltd. -Class A		257,388	0.2
30,000	Yintai Gold Co. Ltd. -Class A		82,889	0.1
73,600	Yunnan Yuntianhua Co. Ltd. - Class A		280,672	0.2
45,500	Yutong Bus Co. Ltd. -Class A		176,245	0.2
44,200	Zhejiang China Commodities City Group Co. Ltd. - Class A		139,592	0.1
55,600	Zhejiang Chint Electrics Co. Ltd. - Class A		213,619	0.2
170,200	Zhejiang Longsheng Group Co. Ltd. - Class A		251,948	0.2
29,600	Zhejiang NHU Co. Ltd. -Class A		103,325	0.1
79,200	Zhuzhou CRRC Times Electric Co. Ltd. - Class H		404,855	0.4
144,000	Zijin Mining Group Co. Ltd. - Class H		478,148	0.4
71,200	ZTE Corp. - Class H		321,804	0.3
			34,559,943	30.3
	Colombia: 0.3%
55,418	Interconexion Electrica SA ESP		303,490	0.3

	Greece: 1.6%
68,900 ⁽¹⁾	Alpha Bank SA		273,336	0.2
99,384	Eurobank Ergasias Services and Holdings SA		365,244	0.3
18,247	National Bank of Greece SA		252,701	0.2
18,316	OPAP SA		411,054	0.4
65,259	Piraeus Financial Holdings SA		505,043	0.5
			1,807,378	1.6
	Hungary: 0.5%
2,115	OTP Bank Nyrt		184,479	0.2
12,415	Richter Gedeon Nyrt		376,588	0.3
			561,067	0.5
	India: 15.4%
3,444	ABB India Ltd.		195,360	0.2
264	APL Apollo Tubes Ltd.		4,805	0.0
380	Apollo Hospitals Enterprise Ltd.		32,815	0.0
40,029	Axis Bank Ltd.		474,602	0.4
133,483	Bharat Electronics Ltd.		559,334	0.5
84,923	Bharat Heavy Electricals Ltd.		200,367	0.2
90,114	Bharat Petroleum Corp. Ltd.		315,057	0.3
9,189	BSE Ltd.		218,576	0.2

See Accompanying Notes to Financial Statements

Voya Emerging Markets High Dividend	PORTFOLIO OF INVESTMENTS
Equity Fund	as of August 31, 2025 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	India (continued)
13,978	CG Power & Industrial Solutions Ltd.	$	110,173	0.1
11,693	Cipla Ltd./India		210,769	0.2
55,320	Coforge Ltd.		551,082	0.5
10,956	Colgate-Palmolive India Ltd.		289,813	0.3
6,206	Coromandel International Ltd.		162,458	0.1
7,834	Cummins India Ltd.		339,693	0.3
101,699	GAIL India Ltd.		199,712	0.2
1,054	Godrej Consumer Products Ltd.		14,855	0.0
19,735	Havells India Ltd.		341,759	0.3
35,689	HCL Technologies Ltd.		588,462	0.5
7,171 ⁽²⁾	HDFC Asset Management Co. Ltd.		444,265	0.4
29,448	HDFC Bank Ltd.		317,845	0.3
8,100	Hindustan Aeronautics Ltd.		398,275	0.3
48,926	Hindustan Petroleum Corp. Ltd.		208,640	0.2
75,546	ICICI Bank Ltd.		1,197,017	1.0
295,256	Indian Oil Corp. Ltd.		457,529	0.4
16,582	Info Edge India Ltd.		255,351	0.2
60,390	Infosys Ltd.		1,012,921	0.9
33,017	ITC Ltd.		153,471	0.1
4,980	Larsen & Toubro Ltd.		203,329	0.2
6,031 ⁽²⁾	LTIMindtree Ltd.		350,857	0.3
12,150	Lupin Ltd.		261,311	0.2
3,966	Max Healthcare Institute Ltd.		51,891	0.0
10,659	Mphasis Ltd.		336,302	0.3
3,425	Muthoot Finance Ltd.		102,563	0.1
357,846	NHPC Ltd.		313,574	0.3
367,698	NMDC Ltd.		287,232	0.3
136,128	Oil & Natural Gas Corp. Ltd.		360,788	0.3
3,622	Oracle Financial Services Software Ltd. - Class 1		340,680	0.3
3,153	Persistent Systems Ltd.		189,457	0.2
487	PI Industries Ltd.		20,416	0.0
8,777	Pidilite Industries Ltd.		303,542	0.3
4,491	Polycab India Ltd.		361,438	0.3
94,526	Power Finance Corp. Ltd.		407,073	0.4
177,055	Power Grid Corp. of India Ltd.		553,299	0.5
100,661	REC Ltd.		399,879	0.3
35,922	Reliance Industries Ltd.		553,221	0.5
1,588	Solar Industries India Ltd.		248,219	0.2
15,073	Sun Pharmaceutical Industries Ltd.		272,684	0.2
21,834	Tata Consultancy Services Ltd.		763,568	0.7
178	Tata Elxsi Ltd.		10,563	0.0
6,755	Tata Steel Ltd.		11,843	0.0
24,186	Tech Mahindra Ltd.		405,906	0.4
3,900	Torrent Pharmaceuticals Ltd.		157,351	0.1
5,383	United Spirits Ltd.		80,061	0.1
27,176	UPL Ltd.		220,655	0.2

				Percentage
				of Net
Shares	RA	Value		Assets
COMMON STOCK: (continued)
	India (continued)
79,083	Vedanta Ltd.	$	377,521	0.3
134,064	Wipro Ltd.		379,068	0.3
			17,579,297	15.4
	Indonesia: 0.7%
2,810,700	Adaro Energy Indonesia Tbk PT		299,295	0.3
194,300	Charoen Pokphand Indonesia Tbk PT		50,298	0.0
110,700	Indofood Sukses Makmur Tbk PT		50,031	0.0
2,559,900	Kalbe Farma Tbk PT		188,928	0.2
1,539,100	Sumber Alfaria Trijaya Tbk PT		205,335	0.2
			793,887	0.7
	Luxembourg: 0.1%
4,226	Reinet Investments SCA		128,277	0.1

	Malaysia: 1.8%

SEC Form N-CSRS filed by Voya Emerging Markets High Income Dividend Equity Fund