Certified Semi-annual Shareholder Report for Management Investment Companies (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: 811-22144

Voya Infrastructure, Industrials and Materials 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)

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: February 28

Date of reporting period: March 1, 2021 to August 31, 2021

Item 1. Reports to Stockholders.

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

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Semi-Annual Report

August 31, 2021

Voya Infrastructure, Industrials and Materials Fund

		As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
		If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com.
		You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let a fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.

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

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Managed Distribution Policy

The Fund was granted exemptive relief by the U.S. Securities and Exchange Commission (the “Order”),which under the Investment Company Act of 1940, as amended (the “1940 Act”), permits the Fund to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more frequently than once per taxable year (“Managed Distribution Policy”). Pursuant to the Order, the Fund’s Board of Trustees (the “Board”) approved the Managed Distribution Policy and the Fund adopted the policy which allows the Fund to make periodic distributions of long-term capital gains.

Under the Managed Distribution Policy, the Fund makes quarterly distributions of an amount equal to $0.229 per share. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan.

The Managed Distribution Policy will be subject to periodic review by the Fund’s Board and the Board may amend or terminate the Managed Distribution Policy at any time without prior notice to the Fund’s shareholders; any such change or termination may have an adverse effect on the market price of the Fund’s shares.

The Fund may distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may include a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amounts and sources of distribution and other related information. The amounts and sources of the distributions contained in a notice and press release are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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	President’s Letter					1
	Statement of Assets and Liabilities					2
	Statement of Operations					3
	Statements of Changes in Net Assets					4
	Financial Highlights					5
	Notes to Financial Statements					6
	Portfolio of Investments					15
	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; (2) on the Fund’s website at www.voyainvestments.com and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

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

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PRESIDENT’S LETTER

Economy and Markets Continue to Overcome Doubts

Dear Shareholder,

Crosscurrents of hope and fear drove bouts of market volatility during the six-months covered in this report. As COVID-19 delta variant infections surged among the unvaccinated, investors began to worry that another wave of the pandemic was underway. Notwithstanding U.S. Federal Reserve Board (“Fed”) assertions that near-term inflation would prove transitory, in our view market participants worried that higher prices linked to supply-chain disruptions would persist, causing interest rates to rise and thereby dragging down the pace of economic recovery. In contrast, market sentiment was lifted by dynamic job growth; strong corporate earnings; continuing, supportive government policy; and signs of easing inflation.

Despite the uncertainty around the pandemic and economic recovery, it is our opinion that positive influences kept the financial markets on an upward trajectory over the six-months ended August 31. The ten-year U.S. Treasury yield — a widely watched bellwether for interest rates — declined, indicating that inflation concerns were abating. In our view, the Fed can control average price level swelling and successfully reduce monetary accommodation when needed, without triggering a deflationary tailspin or market panic. We continue to believe the U.S. economy is in the early middle innings of a prolonged phase of growth. Recognizing that current, high stock valuations leave a thin margin for error, we still think the supportive macro backdrop and substantial pent-up demand will propel better than expected company bottom lines and keep the bull market running.

While we believe the economy and financial markets can extend their recent strength, it’s always possible that something unforeseen will shake up expectations. Therefore, it’s important to remember that one should invest to achieve one’s long-term goals, and not seek to beat the market today, this week, this month or this year. Keep focused on your long-term goals and don’t get distracted by short-term news, however compelling the headlines. Should your long-term goals change, discuss the situation thoroughly with your financial advisor before making any changes to your investment portfolio.

Regardless of events, at Voya we believe that we remain well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to working with you in the future.

Sincerely,

Dina Santoro
President
Voya Family of Funds
September 21, 2021

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

More complete information about the Fund, including the Fund’s daily New York Stock Exchange closing prices and NAV per share, is available at www.voyainvestments.com or by calling the Fund’s Shareholder Service Department at (800) 992-0180. To obtain a prospectus for any Voya mutual fund, please call your financial advisor or a fund’s Shareholder Service Department at (800) 992-0180 or log on to www.voyainvestments.com. A prospectus should be read carefully before investing. Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus contains this information and other information about a fund. Check with your financial advisor to determine which Voya mutual funds are available for sale within their firm. Not all funds are available for sale at all firms.

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STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2021 (Unaudited)

ASSETS:
Investments in securities at fair value*	$	219,449,097
Short-term investments at fair value†		1,051,000
Cash		1,546
Foreign currencies at value‡		29,620
Receivables:
Dividends		514,754
Foreign tax reclaims		426,358
Prepaid expenses		48
Reimbursement due from Investment Adviser		3,032
Other assets		10,414
Total assets		221,485,869
LIABILITIES:
Payable for investment management fees		203,433
Payable to trustees under the deferred compensation plan (Note 6)		10,414
Payable for trustee fees		1,141
Payable for foreign capital gains tax		185,545
Other accrued expenses and liabilities		111,869
Written options, at fair value^		1,883,294
Total liabilities		2,395,696
NET ASSETS	$	219,090,173
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	174,187,835
Total distributable earnings		44,902,338
NET ASSETS	$	219,090,173
* Cost of investments in securities	$	172,099,015
† Cost of short-term investments	$	1,051,000
‡ Cost of foreign currencies	$	29,336
^ Premiums received on written options	$	1,357,475
Net assets	$	219,090,173
Shares authorized		unlimited
Par value	$	0.010
Shares outstanding		16,511,299
Net asset value	$	13.27

See Accompanying Notes to Financial Statements

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STATEMENT OF OPERATIONS for the six months ended August 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	3,918,162
Total investment income		3,918,162
EXPENSES:
Investment management fees		1,265,581
Transfer agent fees		10,475
Shareholder reporting expense		33,856
Professional fees		34,113
Custody and accounting expense		48,709
Trustee fees		4,565
Tender offer costs (Note 7)		177,625
Miscellaneous expense		17,604
Total expenses		1,592,528
Waived and reimbursed fees		(8,894)
Net expenses		1,583,634
Net investment income		2,334,528
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		23,168,784
Foreign currency related transactions		12,592
Written options		(740,967)
Net realized gain		22,440,409
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)		1,854,405
Foreign currency related transactions		(8,638)
Written options		(931,488)
Net change in unrealized appreciation (depreciation)		914,279
Net realized and unrealized gain		23,354,688
Increase in net assets resulting from operations	$	25,689,216
* Foreign taxes withheld	$	277,397
^ Foreign capital gains taxes withheld	$	63,238
# Foreign capital gains taxes accrued	$	122,307

See Accompanying Notes to Financial Statements

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STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
FROM OPERATIONS:
Net investment income		$	2,334,528		$	3,333,420
Net realized gain (loss)			22,440,409			(22,065,471)
Net change in unrealized appreciation (depreciation)			914,279			47,217,130
Increase in net assets resulting from operations			25,689,216			28,485,079
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital):			(2,334,529)			(2,926,109)
Return of capital			(5,688,654)			(14,487,989)
Total distributions			(8,023,183)			(17,414,098)
FROM CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions			37,502			—
			37,502			—
Cost of shares repurchased			—			(7,262,303)
Cost of shares repurchased in tender offer (Note 7)			(26,084,214)			—
Net decrease in net assets resulting from capital share transactions			(26,046,712)			(7,262,303)
Net increase (decrease) in net assets			(8,380,679)			3,808,678
NET ASSETS:
Beginning of year or period			227,470,852			223,662,174
End of year or period		$	219,090,173		$	227,470,852

See Accompanying Notes to Financial Statements

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Financial Highlights

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

	Per Share Operating Performance																						Ratios and Supplemental Data
			Income (loss) from investment operations						Less Distributions																				Ratios to average net assets
	Net asset value, beginning of year or period		Net investment income gain (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(5)		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)		(%)		(%)		(%)		(%)
08-31-21+		12.28		0.13•		1.28		1.41		0.13		—		0.32		0.45		0.03		13.27		12.93		11.99		13.94		219,090		1.39		1.38		2.03		32
02-28-21		11.60		0.18•		1.42		1.60		0.15		—		0.77		0.92		—		12.28		11.76		16.49		28.50		227,471		1.23		1.22		1.57		58
02-29-20		13.74		0.23		(1.33)		(1.10)		0.25		0.15		0.64		1.04		—		11.60		10.07		(7.93)		(13.53)		223,662		1.22		1.22		1.72		36
02-28-19		16.38		0.23•		(1.05)		(0.82)		0.22		1.60		—		1.82		—		13.74		12.70		(4.19)		(7.02)		264,942		1.23		1.23		1.56		78
02-28-18		15.38		0.20		1.96		2.16		0.20		0.76		0.20		1.16		—		16.38		15.60		14.55		20.89		315,765		1.21		1.21		1.21		23
02-28-17		13.59		0.20•		2.98		3.18		0.21		0.13		1.05		1.39		—		15.38		13.88		26.18		33.53		296,598		1.22		1.22		1.37		32
02-29-16		17.19		0.23		(2.29)		(2.06)		0.25		0.08		1.21		1.54		—		13.59		11.59		(11.33)		(17.36)		269,214		1.21		1.21		1.52		53
02-28-15		19.33		0.26		(0.78)		(0.52)		0.46		1.16		—		1.62		—		17.19		15.73		(2.05)		(0.37)		340,410		1.19		1.19		1.43		62
02-28-14		18.30		0.48		2.17		2.65		0.29		0.20		1.13		1.62		—		19.33		17.39		16.14		7.90		382,876		1.19		1.19		2.63		32
02-28-13		19.91		0.28•		(0.18)		0.10		0.30		0.20		1.21		1.71		—		18.30		17.72		1.27		4.02		362,494		1.19		1.19		1.57		25
02-29-12		22.64		0.25•		(1.18)		(0.93)		0.39		1.38		0.03		1.80		—		19.91		18.77		(3.31)		2.26		394,265		1.21		1.21		1.27		22

(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)

Please see Note 7 in the accompanying Notes to Financial Statements for additional information.

Unaudited.

•

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

See Accompanying Notes to Financial Statements

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited)

NOTE 1 — ORGANIZATION

Voya Infrastructure, Industrials and Materials 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 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 data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of 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.

Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank

loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.

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

Foreign securities’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations.

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Fund’s valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine 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.

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

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Distributions to Shareholders. The Fund intends to make quarterly 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 quarterly distributions may also consist of return of capital. Under the Managed Distribution Policy, the Fund may make periodic distributions of long-term capital gains more frequently than once per taxable year. 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 quarter, 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 quarterly

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 federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination. 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

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Changes in short-term market interest rates will directly affect the yield on Common Shares. If short-term market interest rates fall, the yield on Common Shares will also fall. To the extent that the interest rate spreads on loans in the Fund’s portfolio experience a general decline, the yield on the Common Shares will fall and the value of the Fund’s assets may decrease, which will cause the Fund’s NAV to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. In the case of inverse securities, the interest rate paid by such securities generally will decrease when the market rate of interest to which the inverse security is indexed increases. With respect to investments in fixed rate instruments, a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with longer maturities or duration are more sensitive to changes in market interest rates.

As of the date of this report, the United States experiences a low interest rate environment, which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income and related markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income and related markets. Further, recent and potential changes in government policy may affect interest rates.

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 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

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

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

The Fund may also enter into collateral agreements with certain counterparties to further mitigate 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, 2021.

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, 2021, the total value of written OTC call options subject to Master Agreements in a liability position was $1,883,294. If a contingent feature had been triggered, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not pledge any cash collateral for its open written OTC call options at period end. There were no credit events for the period ended August 31, 2021 that triggered any credit related contingent features.

H. 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.

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

The Fund generates premiums and seeks gains by writing options on ETFs or indexes on a portion of the value of the equity portfolio.

During the period ended August 31, 2021, the Fund had average notional values of $79,732,687 on written equity options. Please refer to the table within the Portfolio of Investments for open written equity options at August 31, 2021.

I. 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 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, 2021, excluding short-term securities, were $72,022,184 and $104,799,271, 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 1.10% of the Fund’s average daily managed assets. For the 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, 2021 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.

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, extraordinary expenses, and acquired fund fees and expenses to 1.22% 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, 2021, 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:

August 31,
2022	2023			2024			Total
$ —		$	—		$	27,721		$	27,721

The Expense Limitation Agreement is contractual through March 1, 2022 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.

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

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

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 7 — TENDER OFFER

On February 22, 2021, the Fund announced it would purchase for cash up to 15% of its outstanding common shares the (“Tender Offer”). The Tender Offer was at a price equal to 98% of the Fund’s NAV per share as determined as of the close of the regular trading session of the NYSE on May 25, 2021. On May 25, 2021, 2,018,902 shares were accepted for repurchase by the Fund in accordance with the terms of the Tender Offer. The shares were repurchased at a price of $12.92, 98% of the Fund’s NAV. During the period ended August 31, 2021, the Fund incurred $177,625 of costs related to the Tender Offer.

NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or period ended	Reinvestment of distributions		Shares repurchased		Shares repurchased in tender offer		Net increase (decrease) in shares outstanding		Reinvestment of distributions		Shares repurchased		Shares repurchased in tender offer		Net increase (decrease)
Year or period ended	#		#		#		#		($)		($)		($)		($)
8/31/2021		2,884		—		(2,018,902)		(2,016,018)		37,502		—		(26,084,214)		(26,046,712)
2/28/2021		—		(751,362)		—		(751,362)		—		(7,262,303)		—		(7,262,303)

Share Repurchase Program

Effective April 1, 2021, pursuant to an open-market share repurchase program, the Fund may purchase, over the period ending March 31, 2022, up to 10% of its stock in open-market transactions. Previously, pursuant to an open-market share repurchase program effective April 1, 2020, the Fund could have purchased, over the period ended March 31, 2021, 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.

For the period ended August 31, 2021, the Fund had no repurchases.

For the year ended February 28, 2021, the Fund repurchased 751,362 shares, representing approximately 4.06% of the Fund’s outstanding shares for a net purchase price of $7,262,303 (including commissions of $18,784). Shares were repurchased at a weighted-average discount from NAV per share of 15.67% and a weighted-average price per share of $9.64.

NOTE 9 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment;

temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, capital loss carryforwards, 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.

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 9 — FEDERAL INCOME TAXES (continued)

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

The tax composition of dividends and distributions in the current period will not be determined until after the Fund’s tax year-end of December 31, 2021. The tax composition of dividends and distributions as of the Fund’s most recent tax year-ends was as follows:

Tax Year Ended December 31, 2020				Tax Year Ended December 31, 2019
Ordinary Income	Return of Capital			Ordinary Income			Long-term Capital Gain			Return of Capital
$2,865,832		$	10,289,944		$	4,879,993		$	2,864,775		$	12,266,601

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2020 were:

Unrealized
Appreciation/
(Depreciation)

Capital Loss Carryforward

Amount

Character

Expiration

$40,998,166

(12,578,377)

Short-term

None

(10,354,807)

Long-term

None

(22,933,184)

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

As of August 31, 2021, 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 10 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative

reference rates for other currencies have also been announced or have already begun publication.

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021.

NOTE 11 — MARKET DISRUPTION

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. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in 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 investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

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NOTES TO FINANCIAL STATEMENTS as of August 31, 2021 (Unaudited) (continued)

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 13 — SUBSEQUENT EVENTS

Dividends: Subsequent to August 31, 2021 the Fund made a distribution of:

Per Share
Amount

Declaration
Date

Payable
Date

Record
Date

$0.229

9/15/2021

10/15/2021

10/4/2021

Each quarter, 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 quarterly 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.

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Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited)

Shares		Value			Percentage of Net Assets
COMMON STOCK: 96.8%
	Australia: 2.7%
328,483	Aurizon Holdings Ltd.		$	903,734		0.4
80,663	BHP Group Ltd.			2,668,868		1.2
16,205	Fortescue Metals Group Ltd.			247,049		0.1
158,997 (1)	Qantas Airways Ltd.			588,719		0.3
15,547	Rio Tinto Ltd.			1,264,985		0.6
93,632	South32 Ltd. - AUD			213,392		0.1
				5,886,747		2.7
	Brazil: 1.7%
33,123	Cia Siderurgica Nacional S.A.			223,561		0.1
27,514	Energisa SA - Unit			237,478		0.1
91,979 (1)	Klabin SA - Unit			468,184		0.2
27,248	Telefonica Brasil SA- VIVT3			229,069		0.1
285,139	TIM SA/Brazil			682,684		0.3
94,640	Vale SA			1,798,248		0.9
				3,639,224		1.7
	Canada: 5.5%
20,492	Atco Ltd.			689,482		0.3
65,221	B2Gold Corp.			252,272		0.1
10,938	Barrick Gold Corp.			219,861		0.1
8,336	BCE, Inc.			434,755		0.2
2,076	Canadian National Railway Co. - CNR			244,187		0.1
5,829	Canadian Pacific Railway Ltd.			400,520		0.2
7,391	Canadian Utilities Ltd.			209,196		0.1
3,879	Franco-Nevada Corp.			565,870		0.3
14,436	Keyera Corp.			347,613		0.2
36,500	Kinross Gold Corp.			219,581		0.1
25,217	Lundin Mining Corp.			203,871		0.1
30,943	Northland Power, Inc.			1,023,708		0.5
17,251	Nutrien Ltd.			1,048,747		0.5
7,455	Pan American Silver Corp.			193,577		0.1
37,964	Pembina Pipeline Corp.			1,156,989		0.5
21,647	Rogers Communications, Inc.			1,102,896		0.5
5,774	TC Energy Corp.			274,135		0.1
17,511	Teck Resources Ltd.			394,870		0.2
71,859	TELUS Corp.			1,655,722		0.7
8,333	West Fraser Timber Co., Ltd.-WFG			643,444		0.3
11,396	Wheaton Precious Metals Corp.			513,595		0.2
51,751	Yamana Gold, Inc. (CAD)			228,473		0.1
				12,023,364		5.5
	China: 3.1%
85,000	Anhui Conch Cement Co., Ltd. - H Shares			459,902		0.2
59,000	Beijing Enterprises Holdings Ltd.			203,045		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	China (continued)
444,300	BOE Technology Group Co. Ltd. - A Shares		$	399,778		0.2
884,000	China Communications Services Corp., Ltd. - H Shares			469,758		0.2
314,000	China National Building Material Co., Ltd. - H Shares			428,798		0.2
240,000	China Oilfield Services Ltd. - H Shares			208,474		0.1
401,000	China Railway Group Ltd. - H Shares			192,049		0.1
368,000	China Resources Cement Holdings Ltd. - H Shares			360,820		0.2
2,940,000 (2)	China Tower Corp. Ltd. - H Shares			385,631		0.2
563,000	CITIC Ltd.			699,489		0.3
385,000	Huadian Power International Corp. Ltd. - A Shares			230,528		0.1
100,000	Huafon Chemical Co. Ltd. - A Shares			214,787		0.1
120,340	Huaxin Cement Co. Ltd. - A Shares			359,306		0.1
94,500	Kingboard Holdings Ltd.			464,649		0.2
540,000	Shanghai International Port Group Co. Ltd. - A Shares			466,944		0.2
98,500	Sinotruk Hong Kong Ltd.			194,071		0.1
109,000	Tangshan Jidong Cement Co. Ltd. - A Shares			214,120		0.1
48,300	Tianjin 712 Communication & Broadcasting Co. Ltd. - A Shares			321,941		0.2
74,200	Zhuzhou Kibing Group Co. Ltd. - A Shares			312,904		0.1
200,400	Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares			190,959		0.1
				6,777,953		3.1
	Denmark: 0.8%
277	AP Moller - Maersk A/S - Class B			789,107		0.4
10,888	Novozymes A/S			880,154		0.4
				1,669,261		0.8
	France: 4.7%
12,115	Air Liquide SA			2,171,519		1.0
6,245	Arkema SA			829,991		0.4
21,853	Cie de Saint-Gobain			1,584,187		0.7
4,355	Eiffage SA			453,132		0.2
36,364	Electricite de France SA			493,164		0.2
16,045	Engie SA			229,921		0.1
8,030	Legrand S.A.			921,315		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	France (continued)
54,596	Orange SA		$	620,712		0.3
17,151	Schneider Electric SE			3,064,307		1.4
				10,368,248		4.7
	Germany: 5.1%
11,383	BASF SE			880,579		0.4
30,910	Deutsche Post AG			2,173,253		1.0
83,806	Deutsche Telekom AG			1,781,987		0.8
12,036	Evonik Industries AG			406,384		0.2
8,084	GEA Group AG			373,140		0.2
10,463	HeidelbergCement AG			907,419		0.4
3,367	LANXESS AG			245,429		0.1
32,774	RWE AG			1,279,750		0.6
14,267	Siemens AG			2,366,820		1.1
5,300	Symrise AG			754,242		0.3
				11,169,003		5.1
	Hong Kong: 0.8%
54,000	CK Hutchison Holdings Ltd.			393,666		0.2
138,500	Power Assets Holdings Ltd.			869,230		0.4
19,500	Techtronic Industries Co., Ltd.			431,578		0.2
				1,694,474		0.8
	India: 1.2%
8,120	ACC Ltd.			267,933		0.1
48,507	Container Corp. Of India Ltd.			450,355		0.2
10,245	Grasim Industries Ltd.			210,032		0.1
52,421	Hindalco Industries Ltd.			335,273		0.1
76,886	Indus Towers Ltd.			226,321		0.1
62,080	Tata Steel Ltd.			1,228,855		0.6
				2,718,769		1.2
	Indonesia: 0.4%
325,100	Semen Indonesia Persero Tbk PT			210,540		0.1
2,377,200	Telkom Indonesia Persero Tbk PT			567,299		0.3
				777,839		0.4
	Ireland: 1.8%
36,873	CRH PLC			1,953,380		0.9
17,829 (1)	Smurfit Kappa PLC			1,021,848		0.4
5,067	Trane Technologies PLC			1,005,799		0.5
				3,981,027		1.8
	Italy: 0.7%
110,925	Enel S.p.A.			1,010,575		0.5
70,134	Terna - Rete Elettrica Nazionale			554,763		0.2
				1,565,338		0.7
	Japan: 9.7%
20,100 (1)	ANA Holdings, Inc.			476,464		0.2
18,900	Asahi Kasei Corp.			194,860		0.1

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Japan (continued)
42,600	Chubu Electric Power Co., Inc.		$	515,137		0.2
1,600	Daikin Industries Ltd.			399,274		0.2
3,800	Fanuc Ltd.			827,872		0.4
18,100	Hitachi Ltd.			1,000,324		0.5
28,400	Itochu Corp.			854,304		0.4
24,000 (1)	Japan Airlines Co. Ltd.			511,313		0.2
31,400	JFE Holdings, Inc.			509,304		0.2
13,000	KDDI Corp.			397,350		0.2
1,700	Keyence Corp.			1,020,567		0.5
8,200	Komatsu Ltd.			199,446		0.1
5,800	Kyocera Corp.			360,569		0.2
30,800	Lixil Corp.			896,333		0.4
36,600	Mitsubishi Corp.			1,101,385		0.5
17,700	Mitsui & Co., Ltd.			390,384		0.2
10,200	Murata Manufacturing Co., Ltd.			840,866		0.4
9,200	Nabtesco Corp.			363,817		0.2
33,300	Nippon Telegraph & Telephone Corp.			887,205		0.4
4,200	Nippon Yusen KK			337,743		0.1
17,600	Nissan Chemical Corp.			986,779		0.4
10,800	Nitto Denko Corp.			819,297		0.4
58,100	Osaka Gas Co., Ltd.			1,089,084		0.5
6,100	Shin-Etsu Chemical Co., Ltd.			1,007,524		0.5
2,200	SMC Corp.			1,407,667		0.6
15,800	SoftBank Group Corp.			890,390		0.4
159,700	Sumitomo Chemical Co., Ltd.			809,618		0.4
10,800	Taisei Corp.			337,885		0.1
4,700	TDK Corp.			492,614		0.2
28,000	Tohoku Electric Power Co., Inc.			214,335		0.1
30,700	Tokyo Gas Co., Ltd.			590,139		0.3
13,200	Tosoh Corp.			239,586		0.1
12,800	Yamato Holdings Co., Ltd.			325,420		0.1
				21,294,855		9.7
	Luxembourg: 0.1%
27,744	Tenaris S.A.			279,252		0.1

	Malaysia: 0.3%
89,800	Petronas Gas BHD			362,916		0.2
224,600	Westports Holdings Bhd			237,729		0.1
				600,645		0.3
	Mexico: 0.1%
359,100 (1)	Cemex SA de CV - Unit			296,449		0.1

	Netherlands: 0.5%
1,922 (1)	Airbus SE			262,922		0.1
13,150	ArcelorMittal SA			441,050		0.2

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	Netherlands (continued)
3,331	LyondellBasell Industries NV - Class A		$	334,266		0.2
				1,038,238		0.5
	New Zealand: 0.3%
205,886	Spark New Zealand Ltd.			706,957		0.3

	Norway: 0.4%
17,246	Yara International ASA			866,145		0.4

	Philippines: 0.5%
6,070	Globe Telecom, Inc.			331,867		0.2
182,000	International Container Terminal Services, Inc.			681,125		0.3
				1,012,992		0.5
	Qatar: 0.3%
64,223	Industries Qatar QSC			226,659		0.1
969,073	Mesaieed Petrochemical Holding Co.			532,029		0.2
				758,688		0.3
	Russia: 0.5%
3,437,854	Inter RAO UES PJSC			216,626		0.1
62,480	Mobile TeleSystems PJSC ADR			586,062		0.3
14,856	Severstal PAO			348,747		0.1
				1,151,435		0.5
	Saudi Arabia: 0.8%
14,262	SABIC Agri-Nutrients Co.			476,758		0.2
45,296	Sahara International Petrochemical Co.			402,129		0.2
74,812	Saudi Electricity Co.			544,467		0.3
33,823	Saudi Industrial Investment Group			323,602		0.1
				1,746,956		0.8
	Singapore: 0.7%
219,100 (1)	Singapore Airlines Ltd.			821,369		0.4
72,300	Singapore Technologies Engineering Ltd.			202,468		0.1
35,800	Venture Corp. Ltd.			508,837		0.2
				1,532,674		0.7
	South Africa: 0.1%
12,772	Impala Platinum Holdings Ltd.			195,676		0.1

	South Korea: 2.1%
6,349	CJ Corp.			554,574		0.2
5,855	GS Engineering & Construction Corp.			225,345		0.1
8,388	Hyundai Steel Co.			367,445		0.2
514	LG Chem Ltd.			334,926		0.1
15,204	LG Uplus Corp.			183,956		0.1
2,592	POSCO			746,056		0.3
3,979	Samsung Electro-Mechanics Co. Ltd.			631,420		0.3
560	Samsung SDI Co., Ltd.			381,689		0.2

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	South Korea (continued)
911	SK Chemicals Co. Ltd.		$	211,547		0.1
899	SK, Inc.			203,679		0.1
3,141	SK Telecom Co., Ltd.			807,580		0.4
				4,648,217		2.1
	Spain: 0.6%
1,047	ACS Actividades de Construccion y Servicios SA			28,265		0.0
3,771 (2)	Cellnex Telecom SA			258,118		0.1
32,370	Endesa S.A.			778,245		0.4
17,805	Iberdrola S.A. - IBEE			220,630		0.1
				1,285,258		0.6
	Sweden: 2.7%
16,700	Assa Abloy AB			534,412		0.2
7,564	Atlas Copco AB - A Shares			520,005		0.2
38,129	Epiroc AB			836,638		0.4
52,213	Sandvik AB			1,332,429		0.6
48,328	SKF AB - B Shares			1,234,274		0.6
28,109	Telefonaktiebolaget LM Ericsson			332,954		0.2
48,717	Volvo AB - B Shares			1,103,090		0.5
				5,893,802		2.7
	Switzerland: 1.5%
7,115	ABB Ltd.			263,217		0.1
687	Geberit AG - Reg			573,718		0.3
31,940	Holcim Ltd.			1,819,991		0.8
1,769	Sika AG			637,382		0.3
				3,294,308		1.5
	Taiwan: 1.0%
267,000	Asia Cement Corp.			432,193		0.2
250,000	AU Optronics Corp.			157,623		0.1
71,000	Evergreen Marine Corp. Taiwan Ltd.			346,590		0.1
124,000	HON HAI Precision Industry Co., Ltd.			495,170		0.2
305,000	Innolux Corp.			188,920		0.1
43,000 (1)	Yang Ming Marine Transport Corp.			205,971		0.1
126,000	Zhen Ding Technology Holding Ltd.			450,329		0.2
				2,276,796		1.0
	Thailand: 0.1%
43,200	Electricity Generating PCL - Foreign			242,414		0.1

	Turkey: 0.1%
115,841	Turkcell Iletisim Hizmet AS			229,062		0.1

	United Kingdom: 3.7%
38,132	Anglo American PLC			1,610,529		0.7
18,299	Ashtead Group PLC			1,430,490		0.7
143,089	BAE Systems PLC			1,117,903		0.5

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United Kingdom (continued)
55,409	CNH Industrial NV		$	915,956		0.4
7,876	Ferguson PLC			1,138,387		0.5
1,150,783	Vodafone Group PLC			1,932,828		0.9
				8,146,093		3.7
	United States: 42.2%
2,685	3M Co.			522,877		0.2
20,531	AES Corp.			490,075		0.2
3,162	Air Products & Chemicals, Inc.			852,191		0.4
5,962	Allegion Public Ltd.			858,468		0.4
9,154	American Water Works Co., Inc.			1,668,317		0.8
15,161	Ametek, Inc.			2,061,441		0.9
6,931	AO Smith Corp.			504,022		0.2
9,916 (1)	Arrow Electronics, Inc.			1,202,018		0.5
74,556	AT&T, Inc.			2,044,326		0.9
1,139	Avery Dennison Corp.			256,719		0.1
10,400	Baker Hughes Co.			236,912		0.1
5,179 (1)	Boeing Co.			1,136,791		0.5
12,531	Brookfield Renewable Corp.			549,153		0.3
4,737	Caterpillar, Inc.			998,891		0.5
1,208	CDW Corp.			242,337		0.1
4,976	Celanese Corp. - Series A			789,194		0.4
90,385	Cisco Systems, Inc.			5,334,523		2.4
5,120	Corning, Inc.			204,749		0.1
7,816	Corteva, Inc.			343,670		0.2
53,280	CSX Corp.			1,733,198		0.8
4,437	Cummins, Inc.			1,047,043		0.5
6,815	Deere & Co.			2,576,274		1.2
5,673	Dominion Energy, Inc.			441,586		0.2
15,649	Dow, Inc.			984,322		0.4
5,057 (1)	DT Midstream, Inc.			234,999		0.1
10,115	DTE Energy Co.			1,217,239		0.6
5,158	Duke Energy Corp.			539,836		0.2
7,505	Eastman Chemical Co.			849,266		0.4
11,179	Eaton Corp. PLC			1,882,096		0.9
3,642	Edison International			210,653		0.1
10,875	Emerson Electric Co.			1,147,313		0.5
13,025	Entergy Corp.			1,440,695		0.7
21,021	Evergy, Inc.			1,438,887		0.7
20,470	Exelon Corp.			1,003,439		0.5
5,275 (1)	F5 Networks, Inc.			1,073,832		0.5
5,444	FedEx Corp.			1,446,416		0.7
7,959	FMC Corp.			745,201		0.3
10,997	Fortive Corp.			812,348		0.4
4,888	Fortune Brands Home & Security, Inc.			475,945		0.2
29,255	Freeport-McMoRan, Inc.			1,064,589		0.5
1,571 (1)	Generac Holdings, Inc.			686,496		0.3
13,288	General Electric Co.			1,400,688		0.6
43,786	Halliburton Co.			874,844		0.4

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
5,087	Heico Corp. - HEI		$	645,133		0.3
10,399	Honeywell International, Inc.			2,411,632		1.1
14,863 (1)	Ingersoll Rand, Inc.			788,036		0.4
15,532	International Paper Co.			933,318		0.4
14,465	Johnson Controls International plc			1,081,982		0.5
1,101	Kansas City Southern			309,018		0.1
3,705 (1)	Keysight Technologies, Inc.			664,603		0.3
11,765	Kinder Morgan, Inc.			191,417		0.1
12,463	Knight-Swift Transportation Holdings, Inc.			647,204		0.3
29,086 (1)	Liberty Global PLC - Class A			835,932		0.4
3,888	Linde PLC			1,223,126		0.6
553	Lockheed Martin Corp.			198,969		0.1
12,883	Masco Corp.			782,256		0.4
6,896	Mosaic Co.			221,913		0.1
5,658	Newmont Corp.			328,107		0.1
31,411	NextEra Energy, Inc.			2,638,210		1.2
5,349	Norfolk Southern Corp.			1,356,186		0.6
10,565	Nucor Corp.			1,242,021		0.6
5,282	Old Dominion Freight Line			1,525,019		0.7
13,943	Owens Corning, Inc.			1,332,254		0.6
8,234	Packaging Corp. of America			1,249,098		0.6
5,148	Parker Hannifin Corp.			1,527,257		0.7
8,865	Pentair PLC			684,023		0.3
9,208	Pinnacle West Capital Corp.			708,095		0.3
6,147 (1)	Plug Power, Inc.			160,191		0.1
8,731	PPG Industries, Inc.			1,393,031		0.6
25,642	Public Service Enterprise Group, Inc.			1,639,550		0.7
7,351	Raytheon Technologies Corp.			623,071		0.3
3,093	Rockwell Automation, Inc.			1,006,617		0.5
4,080	Roper Technologies, Inc.			1,971,782		0.9
4,777	RPM International, Inc.			393,099		0.2
17,784	Schlumberger NV			498,663		0.2
10,667	Sempra Energy			1,411,884		0.6
7,485 (1)	Sensata Technologies Holding PLC			442,962		0.2
2,861	Sherwin-Williams Co.			868,800		0.4
2,032	Snap-On, Inc.			457,098		0.2
9,475	Steel Dynamics, Inc.			639,468		0.3
6,422	Textron, Inc.			466,687		0.2
2,082 (1)	T-Mobile US, Inc.			285,276		0.1
831 (1)	TransDigm Group, Inc.			504,808		0.2
9,143 (1)	Uber Technologies, Inc.			357,857		0.2
17,567	UGI Corp.			813,528		0.4

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

Shares		Value			Percentage of Net Assets
COMMON STOCK: (continued)
	United States (continued)
13,987	Union Pacific Corp.		$	3,032,941		1.4
4,962	United Parcel Service, Inc. - Class B			970,716		0.4
2,719 (1)	United Rentals, Inc.			958,855		0.4
47,333	Verizon Communications, Inc.			2,603,315		1.2
14,507	Vistra Corp.			276,939		0.1
9,101	WestRock Co.			473,616		0.2
26,397	Williams Cos., Inc.			651,742		0.3
687 (1)	Zebra Technologies Corp.			403,386		0.2
				92,454,570		42.2
	Total Common Stock
	(Cost $165,146,952)			212,222,729		96.8
EXCHANGE-TRADED FUNDS: 2.8%
59,446	iShares MSCI ACWI ETF			6,202,001		2.8
	Total Exchange-Traded Funds
	(Cost $5,980,378)			6,202,001		2.8
PREFERRED STOCK: 0.5%
	Brazil: 0.1%
105,133	Cia Energetica de Minas Gerais			272,450		0.1

	Germany: 0.4%
14,858	FUCHS PETROLUB SE			751,917		0.4
	Total Preferred Stock
	(Cost $971,685)			1,024,367		0.5
	Total Long-Term Investments
	(Cost $172,099,015)			219,449,097		100.1
SHORT-TERM INVESTMENTS: 0.5%
	Mutual Funds: 0.5%
1,051,000 (3)	BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%
	(Cost $1,051,000)			1,051,000		0.5
	Total Short-Term Investments
	(Cost $1,051,000)			1,051,000		0.5
	Total Investments in Securities (Cost $173,150,015)		$	220,500,097		100.6
	Liabilities in Excess of Other Assets			(1,409,924)		(0.6)
	Net Assets		$	219,090,173		100.0

ADR

American Depositary Receipt

(1)

Non-income producing security.

(2)

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

(3)

Rate shown is the 7-day yield as of August 31, 2021.

Industry Diversification	Percentage of Net Assets
Electric Utilities		6.4%
Integrated Telecommunication Services		5.7
Industrial Conglomerates		5.3
Electrical Components & Equipment		5.3
Industrial Machinery		5.0
Building Products		4.7
Railroads		3.8
Specialty Chemicals		3.7
Construction Materials		3.5
Steel		3.6
Wireless Telecommunication Services		3.4
Multi-Utilities		3.2
Communications Equipment		3.3
Multi-Sector Holdings		2.8
Diversified Metals & Mining		2.8
Trading Companies & Distributors		2.7
Aerospace & Defense		2.3
Air Freight & Logistics		2.2
Diversified Chemicals		2.1
Electronic Components		2.2
Construction Machinery & Heavy Trucks		2.2
Commodity Chemicals		2.0
Paper Packaging		1.9
Industrial Gases		2.0
Fertilizers & Agricultural Chemicals		1.7
Agricultural & Farm Machinery		1.6
Gas Utilities		1.5
Oil & Gas Storage & Transportation		1.3
Trucking		1.2
Airlines		1.1
Gold		1.0
Electronic Equipment & Instruments		1.0
Oil & Gas Equipment & Services		0.8
Construction & Engineering		0.7
Marine		0.7
Water Utilities		0.8
Renewable Electricity		0.8
Technology Distributors		0.6
Marine Ports & Services		0.6
Copper		0.6
Independent Power Producers & Energy Traders		0.5
Electronic Manufacturing Services		0.4
Alternative Carriers		0.4
Forest Products		0.3
Aluminum		0.1
Oil & Gas Drilling		0.1
Precious Metals & Minerals		0.1
Silver		0.1
Liabilities in Excess of Other Assets*		(0.1)
Net Assets		100.0%

Includes short-term investments and exchange-traded funds.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of August 31, 2021 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value at August 31, 2021
Asset Table
Investments, at fair value
Common Stock
Australia		$	—		$	5,886,747		$	—		$	5,886,747
Brazil			3,639,224			—			—			3,639,224
Canada			12,023,364			—			—			12,023,364
China			552,469			6,225,484			—			6,777,953
Denmark			—			1,669,261			—			1,669,261
France			—			10,368,248			—			10,368,248
Germany			—			11,169,003			—			11,169,003
Hong Kong			—			1,694,474			—			1,694,474
India			—			2,718,769			—			2,718,769
Indonesia			—			777,839			—			777,839
Ireland			1,005,799			2,975,228			—			3,981,027
Italy			—			1,565,338			—			1,565,338
Japan			—			21,294,855			—			21,294,855
Luxembourg			—			279,252			—			279,252
Malaysia			600,645			—			—			600,645
Mexico			296,449			—			—			296,449
Netherlands			334,266			703,972			—			1,038,238
New Zealand			—			706,957			—			706,957
Norway			—			866,145			—			866,145
Philippines			331,867			681,125			—			1,012,992
Qatar			226,659			532,029			—			758,688
Russia			586,062			565,373			—			1,151,435
Saudi Arabia			—			1,746,956			—			1,746,956
Singapore			—			1,532,674			—			1,532,674
South Africa			—			195,676			—			195,676
South Korea			—			4,648,217			—			4,648,217
Spain			—			1,285,258			—			1,285,258
Sweden			836,638			5,057,164			—			5,893,802
Switzerland			—			3,294,308			—			3,294,308
Taiwan			—			2,276,796			—			2,276,796
Thailand			—			242,414			—			242,414
Turkey			—			229,062			—			229,062
United Kingdom			—			8,146,093			—			8,146,093
United States			92,454,570			—			—			92,454,570
Total Common Stock			112,888,012			99,334,717			—			212,222,729
Exchange-Traded Funds			6,202,001			—			—			6,202,001
Preferred Stock			1,024,367			—			—			1,024,367
Short-Term Investments			1,051,000			—			—			1,051,000
Total Investments, at fair value		$	121,165,380		$	99,334,717		$	—		$	220,500,097
Liabilities Table
Other Financial Instruments+
Written Options		$	—		$	(1,883,294)		$	—		$	(1,883,294)
Total Liabilities		$	—		$	(1,883,294)		$	—		$	(1,883,294)

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.

The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund’s investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements

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Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

At August 31, 2021, the following OTC written equity options were outstanding for Voya Infrastructure, Industrials and Materials Fund:

Description

Counterparty

Put/Call

Expiration
Date

Exercise
Price

Number of
Contracts

Notional
Amount

Premiums
Received

Fair Value

Industrial Select Sector SPDR Fund

Citibank N.A.

Call

09/02/21

USD 103.560

167,053

USD 17,458,709

352,916

(190,803)

iShares MSCI EAFE ETF

Citibank N.A.

Call

09/16/21

USD 79.140

416,983

USD 33,625,509

471,900

(755,684)

iShares MSCI Emerging Markets ETF

Wells Fargo

Call

09/16/21

USD 49.540

181,671

USD 9,521,377

189,901

(553,532)

Materials Select Sector SPDR Fund

Citibank N.A.

Call

09/02/21

USD 83.680

195,985

USD 16,778,276

342,758

(383,275)

1,357,475

(1,883,294)

Currency Abbreviations

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 August 31, 2021 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Written options, at fair value		$	1,883,294
Total Liability Derivatives			$	1,883,294

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended August 31, 2021 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Written options
Equity contracts		$	(740,967)
Total		$	(740,967)

	Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Written options
Equity contracts		$	(931,488)
Total		$	(931,488)

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 August 31, 2021:

	Citibank N.A.			Wells Fargo			Totals
Liabilities:
Written options		$	1,329,762		$	553,532		$	1,883,294
Total Liabilities		$	1,329,762		$	553,532		$	1,883,294
Net OTC derivative instruments by counterparty, at fair value		$	(1,329,762)		$	(553,532)		$	1,883,294
Total collateral pledged by the Fund/(Received from counterparty)		$	—		$	—		$	—
Net Exposure(1)		$	(1,329,762)		$	(553,532)		$	1,883,294

(1)

Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

Voya Infrastructure, Industrials

PORTFOLIO OF INVESTMENTS

and Materials Fund

as of August 31, 2021 (Unaudited) (continued)

At August 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $171,769,996.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	52,070,285
Gross Unrealized Depreciation		(5,191,173)
Net Unrealized Appreciation	$	46,879,112

See Accompanying Notes to Financial Statements

TABLE OF CONTENTS

SHAREHOLDER MEETING INFORMATION (Unaudited)

Proposal:

At this meeting, a proposal was submitted to elect three members of the Board of Trustees to represent the interests of the holders of the Fund, with these individuals to serve as Class III Trustees, for a term of three-years, and until the election and qualification of their successors.

An annual shareholder meeting of Voya Infrastructure, Industrials and Materials Fund was held virtually on June 18, 2021.

		Proposal		Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
Class III Trustees	Voya Infrastructure, Industrials and Materials Fund
	Colleen D. Baldwin		1*		13,100,615.000		2,809,319.000		0.000		0.000		15,909,934.000
	Joseph E. Obermeyer		1*		13,072,392.000		2,837,542.000		0.000		0.000		15,909,934.000
	Christopher P. Sullivan		1*		15,012,777.000		897,157.000		0.000		0.000		15,909,934.000

Proposal Passed

After the June 18, 2021 annual shareholder meeting, the following Trustees continued on as Trustees of the Trust: John D. Boyer, Patricia W. Chadwick, Sheryl K. Pressler and Dina Santoro.

TABLE OF CONTENTS

ADDITIONAL INFORMATION (Unaudited)

The following information is a summary of certain changes, if any, since February 28, 2021. The information may not reflect all of the changes that have occurred since you purchased the Fund. During the period, there were no material changes in the Fund’s investment objective or fundamental policies or in the principal risk factors associated with investment in the Fund. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.

The Fund may lend portfolio securities in an amount equal to up to 331∕3% of its managed assets to broker dealers or other institutional borrowers, in exchange for cash collateral and fees. The fund may use the cash collateral in connection with the Fund’s investment program as approved by the Investment Adviser, including generating cash to cover collateral posting requirements. Although the Fund has no current intention to do so, it may use the cash collateral to generate additional income. The use of cash collateral in connection with the Fund’s investment program may have a leveraging effect on the Fund, which would increase the volatility of the Fund and could reduce its returns and/or cause a loss.

The Fund intends to engage in lending portfolio securities only when such lending is secured by cash or other permissible collateral in an amount at least equal to the market value of the securities loaned. The Fund will maintain cash, cash equivalents or liquid securities holdings in an amount sufficient to cover its repayment obligation with respect to the collateral, marked to market on a daily basis.

Securities lending involves the risks of delay in recovery or even loss of rights in the securities loaned if the borrower of the securities fails financially. Loans will be made only to organizations whose credit quality or claims paying ability is considered by the Sub-Adviser to be at least investment grade. The financial condition of the borrower will be monitored by the Investment Adviser on an ongoing basis. The Fund will not lend portfolio securities subject to a written American style covered call option contract. The Fund may lend portfolio securities subject to a written European style covered call option contract as long as the lending period is less than or equal to the term of the covered call option contract.

Dividend Reinvestment Plan

Unless the registered owner of Common Shares elects to receive cash by contacting Computershare Shareowner Services LLC (the “Plan Agent”), all dividends declared on Common Shares of the Fund will be automatically reinvested by the Plan Agent for shareholders in additional Common Shares of the Fund through the Fund’s Dividend Reinvestment Plan (the “Plan”). Shareholders who elect

not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional Common Shares of the Fund for you. If you wish for all dividends declared on your Common Shares of the Fund to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Agent will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder’s Common Shares are registered. Whenever the Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. Open-market purchases and sales are usually made through a broker affiliated with the Plan Agent.

If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the NAV per Common Share, the Plan Agent will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the payment date; provided that, if the NAV is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Agent will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Agent will have until the last business

TABLE OF CONTENTS

ADDITIONAL INFORMATION (Unaudited) (continued)

day before the next date on which the Common Shares trade on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases.

The Fund pays quarterly Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next “ex-dividend” date, which typically will be approximately ten days.

If, before the Plan Agent has completed its Open-Market Purchases, the market price per common share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Agent is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making Open-Market Purchases and will invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per common share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Agent maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund. However,

each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a partial or full sale of shares through the Plan Agent are subject to a $15.00 sales fee and a $0.10 per share brokerage commission on purchases or sales, and may be subject to certain other service charges.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All questions concerning the Plan or a request to terminate participation should be directed to the Fund’s Shareholder Service Department at (800) 992-0180.

KEY FINANCIAL DATES — CALENDAR 2021 DISTRIBUTIONS:

Declaration Date	Ex Date	Record Date	Payable Date
March 15, 2021	April 1, 2021	April 5, 2021	April 15, 2021
June 15, 2021	July 1, 2021	July 2, 2021	July 15, 2021
September 15, 2021	October 1, 2021	October 4, 2021	October 15, 2021
December 15, 2021	December 30, 2021	December 31, 2021	January 18, 2022

Record date will be two business days after each Ex-Dividend Date. These dates are subject to change.

Stock Data

The Fund’s common shares are traded on the NYSE (Symbol: IDE).

Repurchase of Securities by Closed-End Companies

In accordance with Section 23(c) of the 1940 Act, and Rule 23c-1 under the 1940 Act, the Fund may from time to time purchase shares of beneficial interest of the Fund in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.

Number of Shareholders

The number of record holders of common stock as of August 31, 2021 was 4, which does not include approximately 9,574 beneficial owners of shares held in the name of brokers of other nominees.

TABLE OF CONTENTS

ADDITIONAL INFORMATION (Unaudited) (continued)

Certifications

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund’s CEO submitted the Annual CEO Certification on July 16, 2021 certifying that he was not aware, as of that date, of any violation by the Fund of the NYSE’s Corporate governance listing standards. In addition, as required by Section 302 of

the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund’s principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Form N-CSR, relating to, among other things, the Fund’s disclosure controls and procedures and internal controls over financial reporting.

TABLE OF CONTENTS

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

Transfer Agent
Computershare, Inc.
480 Washington Boulevard
Jersey City, New Jersey 07310-1900

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

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

Toll-Free Shareholder Information
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information at (800) 992-0180.

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

163317 (0821-102121)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Period*	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs

Mar 1-31, 2021
April 1-30, 2021
May 1-31, 2021*	2,018,902		$12.92	2,779,097	0
June 1-30, 2021
July 1-31, 2021
Total	2,018,902			2,779,097

* On February 22, 2021, the Registrant announced it would purchase for cash up to 15% of its outstanding common shares (the "Tender Offer"). The Tender Offer was at a price equal to 98% of the Fund's NAV per share as determined as of the close of the regular trading session of the NYSE on May 25, 2021.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

The Code of Ethics is not required for the semi-annual filing.

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)

Not required for semi-annual filing.

(b)

The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

(c)

Notices to the registrant's common shareholders in accordance with the order under Section 6(c) of the Investment Company Act of 1940 (the “1940 Act”) granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated August 16, 2011.¹

(c)(1)

2nd Qtr 2021

(c)(2)

3rd Qtr 2021

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund's common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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 Infrastructure, Industrials and Materials Fund

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: November 4, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Michael Bell
	Michael Bell
	Chief Executive Officer

Date: November 4, 2021

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: November 4, 2021

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