PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

1

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

93.5%

Argentina

:

0.2%

10,618 

Cresud

SACIF

y

A,

ADR

$

118,285

0.1

18,299 

IRSA

Inversiones

y

Representaciones

SA,

ADR

272,472

0.1

390,757

0.2

Brazil

:

6.7%

213,200 

Ambev

SA,

ADR

464,776

0.2

94,706 

B3

SA

-

Brasil

Bolsa

Balcao

212,429

0.1

185,919 

Banco

Bradesco

SA,

ADR

514,996

0.2

38,026 

Banco

Santander

Brasil

SA,

ADR

179,483

0.1

42,218 

BB

Seguridade

Participacoes

SA

253,705

0.1

53,815 

(1)

BRF

SA,

ADR

189,429

0.1

10,301 

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

198,752

0.1

9,958 

Embraer

SA

143,122

0.1

19,622 

Equatorial

Energia

SA

119,388

0.1

99,851 

Itau

Unibanco

Holding

SA,

ADR

626,066

0.3

58,009 

Klabin

SA

191,549

0.1

1,450 

(2)

MercadoLibre,

Inc.

3,442,140

1.6

27,724 

Petroleo

Brasileiro

SA

176,309

0.1

114,534 

Petroleo

Brasileiro

SA

-

Foreign,

ADR

1,459,163

0.7

19,334 

Porto

Seguro

SA

178,750

0.1

17,353 

Rumo

SA

51,412

0.0

49,692 

(1)(2)

Sitios

Latinoamerica

SAB

de

CV

8,376

0.0

38,639 

Telefonica

Brasil

SA

217,431

0.1

27,241 

Telefonica

Brasil

SA,

ADR

305,644

0.2

117,775 

TIM

SA/Brazil

433,910

0.2

270,251 

Totvs

SA

2,101,853

1.0

17,314 

Vale

SA,

ADR

165,002

0.1

49,363 

Vale

SA

-

Foreign

469,780

0.2

11,799 

WEG

SA

77,964

0.0

122,005 

XP,

Inc.

-

Class

A

1,969,161

0.9

14,150,590

6.7

Chile

:

0.5%

913,504 

Banco

de

Chile

125,838

0.1

82,304 

Cencosud

SA

247,942

0.1

1,657,237 

Cia

Sud

Americana

de

Vapores

SA

83,747

0.0

19,422 

Empresas

Copec

SA

128,580

0.1

1,012,845 

Enel

Americas

SA

101,013

0.0

25,227 

Falabella

SA

125,796

0.1

7,389 

(1)(2)

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

271,546

0.1

1,084,462

0.5

China

:

15.8%

225,100 

Alibaba

Group

Holding

Ltd.

3,384,329

1.6

22,364 

Alibaba

Group

Holding

Ltd.,

ADR

2,697,769

1.3

53,500 

Anhui

Conch

Cement

Co.

Ltd.

-

Class

H

154,889

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

4,390 

(2)

Baidu,

Inc.,

ADR

$

385,749

0.2

167,000 

Bank

of

China

Ltd.

-

Class

H

96,395

0.0

1,833 

(2)

BeiGene

Ltd.,

ADR

551,971

0.3

290,000 

(1)

Brilliance

China

Automotive

Holdings

Ltd.

115,680

0.1

13,500 

BYD

Co.

Ltd.

-

Class

H

197,112

0.1

883,000 

(3)

CGN

Power

Co.

Ltd.

-

Class

H

331,719

0.2

304,000 

China

Communications

Services

Corp.

Ltd.

-

Class

H

177,062

0.1

204,000 

China

Construction

Bank

Corp.

-

Class

H

208,652

0.1

218,000 

China

Everbright

Environment

Group

Ltd.

116,672

0.1

152,000 

(3)

China

Feihe

Ltd.

90,364

0.0

68,000 

China

Hongqiao

Group

Ltd.

179,377

0.1

115,000 

China

Life

Insurance

Co.

Ltd.

-

Class

H

332,190

0.2

74,000 

China

Merchants

Port

Holdings

Co.

Ltd.

145,738

0.1

201,000 

China

Railway

Group

Ltd.

-

Class

H

101,129

0.0

29,200 

China

Resources

Gas

Group

Ltd.

73,914

0.0

90,000 

China

State

Construction

International

Holdings

Ltd.

137,879

0.1

127,000 

China

United

Network

Communications

Ltd.

-

Class

A

94,462

0.0

11,689 

(2)

DiDi

Global,

Inc.,

ADR

58,796

0.0

16,600 

ENN

Energy

Holdings

Ltd.

135,290

0.1

60,000 

Geely

Automobile

Holdings

Ltd.

134,581

0.1

196,000 

Guangdong

Investment

Ltd.

174,458

0.1

440,654 

H

World

Group

Ltd.

1,375,370

0.7

73,200 

Haier

Smart

Home

Co.

Ltd.

-

Class

H

230,608

0.1

151,000 

Industrial

&

Commercial

Bank

of

China

Ltd.

-

Class

H

115,700

0.1

50,300 

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

-

Class

B

103,215

0.0

17,645 

(1)(2)

iQIYI,

Inc.,

ADR

32,467

0.0

53,300 

(2)(3)

JD

Logistics,

Inc.

92,370

0.0

40,211 

JD.com,

Inc.

-

Class

A

633,803

0.3

100,000 

Jiangsu

Expressway

Co.

Ltd.

-

Class

H

122,620

0.1

45,500 

Kingboard

Holdings

Ltd.

162,987

0.1

506,000 

Kunlun

Energy

Co.

Ltd.

487,456

0.2

31,000 

Lao

Feng

Xiang

Co.

Ltd.

-

Class

B

110,871

0.0

50,680 

(2)(3)

Meituan

-

Class

B

781,868

0.4

20,900 

Midea

Group

Co.

Ltd.

-

Class

H

202,505

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

2

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

6,478 

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

$

285,745

0.1

10,537 

(2)

PDD

Holdings,

Inc.,

ADR

1,195,423

0.6

481,000 

People's

Insurance

Co.

Group

of

China

Ltd.

-

Class

H

369,537

0.2

890,000 

PetroChina

Co.

Ltd.

-

Class

H

869,736

0.4

110,000 

PICC

Property

&

Casualty

Co.

Ltd.

-

Class

H

228,314

0.1

136,000 

(3)

Qingdao

Port

International

Co.

Ltd.

-

Class

H

113,065

0.0

115,422 

Shenzhen

International

Holdings

Ltd.

115,416

0.1

12,657 

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.

-

Class

A

405,993

0.2

122,500 

Sinopec

Engineering

Group

Co.

Ltd.

-

Class

H

95,117

0.0

9,943 

(2)

Sohu.com

Ltd.,

ADR

154,514

0.1

97,254 

Tencent

Holdings

Ltd.

6,808,970

3.2

106,659 

Tencent

Music

Entertainment

Group,

ADR

2,238,772

1.1

180,000 

Tingyi

Cayman

Islands

Holding

Corp.

266,088

0.1

5,050 

Trip.com

Group

Ltd.

313,516

0.1

6,433 

Trip.com

Group

Ltd.,

ADR

398,524

0.2

459,600 

Uni-President

China

Holdings

Ltd.

580,645

0.3

180,000 

Want

Want

China

Holdings

Ltd.

130,099

0.1

8,275 

Weibo

Corp.,

ADR

79,771

0.0

10,440 

Weibo

Corp.

-

Class

A

101,938

0.0

66,000 

Weichai

Power

Co.

Ltd.

-

Class

H

139,911

0.1

13,800 

(2)(3)

Xiaomi

Corp.

-

Class

B

92,846

0.0

73,000 

Xinhua

Winshare

Publishing

and

Media

Co.

Ltd.

-

Class

H

109,223

0.0

447,900 

Yangzijiang

Shipbuilding

Holdings

Ltd.

878,524

0.4

56,790 

Yum

China

Holdings,

Inc.

2,636,761

1.3

4,950 

ZTO

Express

Cayman,

Inc.

96,498

0.0

33,232,963

15.8

Czechia

:

0.2%

7,231 

(1)

CEZ

AS

418,960

0.2

Egypt

:

0.1%

74,598 

Commercial

International

Bank

Egypt

SAE

144,522

0.1

France

:

0.7%

3,062 

L'Oreal

SA

1,354,886

0.7

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Greece

:

0.5%

17,226 

Hellenic

Telecommunications

Organization

SA

$

312,567

0.2

12,298 

Helleniq

Energy

Holdings

SA

108,136

0.1

7,563 

Jumbo

SA

255,820

0.1

11,266 

OPAP

SA

252,764

0.1

929,287

0.5

Hong

Kong

:

1.3%

297,071 

AIA

Group

Ltd.

2,769,941

1.3

Hungary

:

0.7%

49,211 

Magyar

Telekom

Telecommunications

PLC

244,352

0.1

58,503 

MOL

Hungarian

Oil

&

Gas

PLC

508,305

0.2

2,309 

OTP

Bank

Nyrt

187,366

0.1

18,552 

Richter

Gedeon

Nyrt

556,846

0.3

1,496,869

0.7

Iceland

:

0.1%

47,298 

Festi

hf

114,639

0.0

190,644 

Hagar

hf

163,385

0.1

278,024

0.1

India

:

14.9%

17,588 

(2)

Aurobindo

Pharma

Ltd.

227,400

0.1

1,035 

Bajaj

Holdings

&

Investment

Ltd.

164,340

0.1

57,895 

Bharat

Electronics

Ltd.

251,513

0.1

38,256 

Bharat

Petroleum

Corp.

Ltd.

142,960

0.1

14,600 

Bharti

Airtel

Ltd.

271,762

0.1

4,473 

Blue

Star

Ltd.

88,197

0.0

1,955 

Britannia

Industries

Ltd.

128,630

0.1

10,270 

Cipla

Ltd./India

181,370

0.1

42,237 

Coal

India

Ltd.

180,624

0.1

218,240 

Coforge

Ltd.

2,289,733

1.1

6,068 

Coromandel

International

Ltd.

185,551

0.1

2,743 

Cummins

India

Ltd.

110,785

0.0

3,020 

Divi's

Laboratories

Ltd.

226,151

0.1

676 

Dixon

Technologies

India

Ltd.

129,159

0.1

12,398 

Dr

Reddy's

Laboratories

Ltd.

178,875

0.1

3,834 

Eicher

Motors

Ltd.

238,562

0.1

23,442 

Exide

Industries

Ltd.

102,365

0.0

22,147 

Fortis

Healthcare

Ltd.

215,662

0.1

36,627 

HCL

Technologies

Ltd.

610,576

0.3

2,248 

(3)

HDFC

Asset

Management

Co.

Ltd.

144,473

0.1

78,897 

HDFC

Bank

Ltd.

1,810,553

0.9

53,805 

HDFC

Bank

Ltd.,

ADR

4,130,610

2.0

2,862 

Hero

MotoCorp

Ltd.

138,643

0.1

38,600 

Hindalco

Industries

Ltd.

298,827

0.1

15,995 

Hindustan

Unilever

Ltd.

459,370

0.2

12,163 

Indian

Hotels

Co.

Ltd.

102,304

0.0

49,828 

(2)

Indus

Towers

Ltd.

205,494

0.1

53,282 

Infosys

Ltd.

906,164

0.4

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

3

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

India

(continued)

192,788 

Infosys

Ltd.

-

Foreign,

ADR

$

3,223,415

1.5

2,785 

(2)(3)

InterGlobe

Aviation

Ltd.

186,897

0.1

8,714 

JSW

Steel

Ltd.

103,947

0.0

4,423 

Kotak

Mahindra

Bank

Ltd.

99,652

0.0

6,434 

Lupin

Ltd.

140,629

0.1

4,085 

Mahindra

&

Mahindra

Ltd.

148,811

0.1

13,470 

(2)

MakeMyTrip

Ltd.

1,260,657

0.6

16,758 

Marico

Ltd.

135,398

0.1

737 

Maruti

Suzuki

India

Ltd.

105,715

0.0

11,006 

Max

Healthcare

Institute

Ltd.

156,149

0.1

59,529 

National

Aluminium

Co.

Ltd.

124,868

0.1

145,405 

NMDC

Ltd.

116,869

0.1

42,223 

NTPC

Ltd.

160,250

0.1

35,676 

Oil

&

Natural

Gas

Corp.

Ltd.

97,743

0.0

237 

Page

Industries

Ltd.

131,768

0.1

2,844 

Persistent

Systems

Ltd.

166,206

0.1

65,492 

Petronet

LNG

Ltd.

214,712

0.1

52,661 

Power

Grid

Corp.

of

India

Ltd.

174,085

0.1

345,722 

Reliance

Industries

Ltd.

5,459,814

2.6

77,804 

(2)

Reliance

Strategic

Investments

Ltd.

290,950

0.1

377 

Shree

Cement

Ltd.

132,155

0.1

7,279 

Sun

Pharmaceutical

Industries

Ltd.

141,358

0.1

71,567 

Tata

Consultancy

Services

Ltd.

2,468,092

1.2

43,036 

Tata

Consumer

Products

Ltd.

525,518

0.2

61,920 

Tata

Steel

Ltd.

111,198

0.0

19,153 

Tech

Mahindra

Ltd.

317,749

0.1

1,892 

Trent

Ltd.

107,920

0.0

1,307 

UltraTech

Cement

Ltd.

181,979

0.1

61,522 

Vedanta

Ltd.

297,112

0.1

7,416 

Voltas

Ltd.

111,932

0.1

49,940 

Wipro

Ltd.

140,479

0.1

44,268 

(2)

Zomato

Ltd.

154,500

0.1

31,309,180

14.9

Indonesia

:

1.7%

2,105,900 

Astra

International

Tbk

PT

650,977

0.3

4,216,103 

Bank

Central

Asia

Tbk

PT

2,113,092

1.0

230,000 

Indofood

Sukses

Makmur

Tbk

PT

118,762

0.1

1,785,700 

Perusahaan

Gas

Negara

Tbk

PT

176,534

0.1

1,918,900 

Unilever

Indonesia

Tbk

PT

199,075

0.1

175,800 

United

Tractors

Tbk

PT

257,603

0.1

3,516,043

1.7

Japan

:

1.2%

8,429 

Fast

Retailing

Co.

Ltd.

2,571,096

1.2

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Kuwait

:

0.1%

79,046 

Mobile

Telecommunications

Co.

KSCP

$

137,225

0.1

Luxembourg

:

0.1%

6,167 

Reinet

Investments

SCA

178,243

0.1

Malaysia

:

1.2%

89,300 

AMMB

Holdings

Bhd

105,516

0.0

67,600 

CIMB

Group

Holdings

Bhd

103,334

0.0

257,700 

Gamuda

Bhd

311,043

0.1

29,100 

Petronas

Dagangan

Bhd

146,983

0.1

29,600 

Petronas

Gas

Bhd

124,785

0.1

96,000 

Press

Metal

Aluminium

Holdings

Bhd

119,895

0.1

756,800 

Public

Bank

Bhd

745,348

0.4

91,100 

Telekom

Malaysia

Bhd

143,826

0.1

242,100 

Tenaga

Nasional

Bhd

737,424

0.3

93,387 

UEM

Sunrise

Bhd

16,279

0.0

2,554,433

1.2

Mexico

:

5.1%

39,453 

America

Movil

SAB

de

CV

-

Foreign,

ADR

712,916

0.3

16,069 

Arca

Continental

SAB

de

CV

167,530

0.1

166,098 

Cemex

SAB

de

CV

144,923

0.1

56,344 

Cemex

SAB

de

CV

-

Foreign,

ADR

490,193

0.2

31,226 

Coca-Cola

Femsa

SAB

de

CV

259,541

0.1

7,015 

Coca-Cola

Femsa

SAB

de

CV

-

Foreign,

ADR

582,525

0.3

16,621 

Fomento

Economico

Mexicano

SAB

de

CV

150,263

0.1

24,321 

Fomento

Economico

Mexicano

SAB

de

CV

-

Foreign,

ADR

2,200,078

1.1

8,192 

Gruma

SAB

de

CV

-

Class

B

141,116

0.1

18,366 

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

244,361

0.1

14,339 

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

Class

B

330,059

0.2

8,305 

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

Class

B

251,818

0.1

97,594 

Grupo

Financiero

Banorte

SAB

de

CV

-

Class

O

869,163

0.4

40,473 

Grupo

Financiero

Inbursa

SAB

de

CV

-

Class

O

104,223

0.1

34,375 

Grupo

Mexico

SAB

de

CV

214,450

0.1

82,074 

Grupo

Televisa

SAB,

ADR

229,807

0.1

28,837 

(2)

Ollamani

SAB

71,875

0.0

68,414 

Prologis

Property

Mexico

SA

de

CV

259,295

0.1

23,578 

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

278,699

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

4

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Mexico

(continued)

1,024,305 

Wal-Mart

de

Mexico

SAB

de

CV

$

3,018,890

1.4

10,721,725

5.1

Peru

:

0.6%

27,902 

Cia

de

Minas

Buenaventura

SAA,

ADR

474,613

0.2

3,040 

Credicorp

Ltd.

720,480

0.4

1,195,093

0.6

Philippines

:

0.4%

562,800 

DMCI

Holdings,

Inc.

98,882

0.0

26,640 

International

Container

Terminal

Services,

Inc.

204,553

0.1

21,530 

Manila

Electric

Co.

198,202

0.1

5,075 

PLDT,

Inc.

114,615

0.1

175,300 

Semirara

Mining

&

Power

Corp.

99,171

0.1

715,423

0.4

Qatar

:

0.4%

32,592 

Industries

Qatar

QSC

118,964

0.1

65,422 

Ooredoo

QPSC

241,773

0.1

57,512 

Qatar

Fuel

QSC

240,094

0.1

54,429 

Qatar

Navigation

QSC

162,046

0.1

180,373 

Vodafone

Qatar

QSC

118,151

0.0

881,028

0.4

Romania

:

0.3%

36,017 

NEPI

Rockcastle

NV

275,284

0.1

1,728,301 

OMV

Petrom

SA

303,006

0.1

3,642 

Societatea

De

Producere

A

Energiei

Electrice

in

Hidrocentrale

Hidroelectrica

SA

101,940

0.1

680,230

0.3

Russia

:

—%

164,710 

(4)

Alrosa

PJSC

—

—

951,000 

(2)(3)(4)

Detsky

Mir

PJSC

—

—

342,800 

(4)

Fix

Price

Group

PLC,

GDR

—

—

1,037,141 

(2)(4)

Gazprom

PJSC

—

—

25,468 

(2)(4)

Lukoil

PJSC

—

—

14,210 

(4)

Magnit

PJSC

—

—

271,070 

(4)

Magnitogorsk

Iron

&

Steel

Works

PJSC

—

—

117,900 

(2)(4)

MMC

Norilsk

Nickel

PJSC

—

—

91,474 

(4)

Mobile

TeleSystems

PJSC

—

—

83,570 

(2)(4)

Novolipetsk

Steel

PJSC

—

—

4,078 

(4)

PhosAgro

PJSC

—

—

453,015 

(4)

Rosneft

Oil

Co.

PJSC

—

—

1,076,340 

(4)

Sberbank

of

Russia

PJSC

—

—

16,184 

(4)

Severstal

PAO

—

—

34,543 

(4)

Tatneft

PJSC

—

—

—

—

Saudi

Arabia

:

0.6%

2,588 

Aldrees

Petroleum

and

Transport

Services

Co.

82,204

0.0

9,163 

Almarai

Co.

JSC

116,862

0.1

14,000 

Etihad

Etisalat

Co.

228,413

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Saudi

Arabia

(continued)

2,743 

Riyadh

Cables

Group

Co.

$

95,680

0.0

4,164 

SABIC

Agri-Nutrients

Co.

132,080

0.1

59,561 

(3)

Saudi

Arabian

Oil

Co.

385,398

0.2

19,710 

Saudi

Telecom

Co.

220,628

0.1

1,261,265

0.6

Singapore

:

1.5%

583,214 

(2)

Grab

Holdings

Ltd.

-

Class

A

2,851,917

1.3

475,500 

Yangzijiang

Financial

Holding

Ltd.

351,585

0.2

3,203,502

1.5

South

Africa

:

3.1%

15,120 

Bid

Corp.

Ltd.

380,153

0.2

11,100 

Bidvest

Group

Ltd.

144,398

0.1

7,327 

Capitec

Bank

Holdings

Ltd.

1,420,328

0.7

12,710 

Clicks

Group

Ltd.

266,469

0.1

27,185 

Exxaro

Resources

Ltd.

237,701

0.1

22,612 

Foschini

Group

Ltd.

152,693

0.1

19,486 

Mr

Price

Group

Ltd.

225,486

0.1

32,964 

MTN

Group

Ltd.

277,063

0.1

385 

Naspers

Ltd.

-

Class

N

118,843

0.1

61,261 

OUTsurance

Group

Ltd.

259,791

0.1

72,920 

(3)

Pepkor

Holdings

Ltd.

109,508

0.1

383,752 

Sanlam

Ltd.

1,846,265

0.9

17,037 

Shoprite

Holdings

Ltd.

248,322

0.1

7,817 

Standard

Bank

Group

Ltd.

100,585

0.0

18,523 

Tiger

Brands

Ltd.

308,611

0.1

37,589 

Vodacom

Group

Ltd.

286,990

0.1

37,741 

(1)

Woolworths

Holdings

Ltd./South

Africa

103,591

0.1

6,486,797

3.1

South

Korea

:

15.0%

2,074 

Coway

Co.

Ltd.

161,763

0.1

1,601 

DB

Insurance

Co.

Ltd.

147,155

0.1

2,546 

HD

Hyundai

Co.

Ltd.

260,516

0.1

1,478 

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

379,820

0.2

4,321 

Hyundai

Engineering

&

Construction

Co.

Ltd.

209,118

0.1

3,189 

Hyundai

Glovis

Co.

Ltd.

336,864

0.1

1,618 

Hyundai

Mobis

Co.

Ltd.

341,430

0.2

1,812 

KB

Financial

Group,

Inc.

143,960

0.1

2,753 

Kia

Corp.

201,439

0.1

11,135 

Korean

Air

Lines

Co.

Ltd.

188,520

0.1

2,557 

KT&G

Corp.

239,652

0.1

51,666 

LG

Uplus

Corp.

543,867

0.2

249 

Lotte

Wellfood

Co.

Ltd.

22,062

0.0

15,000 

NAVER

Corp.

2,524,427

1.2

22,164 

Samsung

C&T

Corp.

2,673,973

1.3

1,465 

Samsung

Electro-

Mechanics

Co.

Ltd.

155,652

0.1

97,998 

Samsung

Electronics

Co.

Ltd.

4,994,368

2.4

8,908 

Samsung

Life

Insurance

Co.

Ltd.

804,076

0.4

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

5

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

South

Korea

(continued)

9,672 

Shinhan

Financial

Group

Co.

Ltd.

$

470,968

0.2

43,772 

SK

Hynix,

Inc.

8,483,713

4.0

70,331 

(2)

SK

Square

Co.

Ltd.

7,575,383

3.6

12,597 

SK

Telecom

Co.

Ltd.

508,812

0.2

10,190 

Woori

Financial

Group,

Inc.

180,803

0.1

31,548,341

15.0

Taiwan

:

15.2%

11,000 

Accton

Technology

Corp.

324,876

0.2

10,471 

Advantech

Co.

Ltd.

116,478

0.1

45,000 

ASE

Technology

Holding

Co.

Ltd.

218,223

0.1

31,000 

Asustek

Computer,

Inc.

680,494

0.3

19,000 

Catcher

Technology

Co.

Ltd.

134,180

0.1

85,000 

Cheng

Shin

Rubber

Industry

Co.

Ltd.

113,703

0.1

201,000 

China

Airlines

Ltd.

137,733

0.1

144,000 

China

Steel

Corp.

93,514

0.0

16,000 

Chroma

ATE,

Inc.

229,109

0.1

54,000 

Chunghwa

Telecom

Co.

Ltd.

233,349

0.1

132,000 

Compal

Electronics,

Inc.

129,176

0.1

78,000 

Delta

Electronics,

Inc.

1,469,373

0.7

6,000 

Eclat

Textile

Co.

Ltd.

80,258

0.0

9,000 

Elite

Material

Co.

Ltd.

329,910

0.2

267,000 

Eva

Airways

Corp.

336,660

0.2

98,000 

Far

Eastern

New

Century

Corp.

93,928

0.0

77,000 

Far

EasTone

Telecommunications

Co.

Ltd.

210,010

0.1

604,000 

(1)(2)(3)

FIT

Hon

Teng

Ltd.

203,310

0.1

160,000 

Hon

Hai

Precision

Industry

Co.

Ltd.

940,878

0.4

5,000 

International

Games

System

Co.

Ltd.

130,738

0.1

2,000 

King

Slide

Works

Co.

Ltd.

176,099

0.1

36,000 

King

Yuan

Electronics

Co.

Ltd.

140,820

0.1

3,000 

Largan

Precision

Co.

Ltd.

235,299

0.1

40,000 

Lite-On

Technology

Corp.

158,140

0.1

3,000 

Lotes

Co.

Ltd.

140,280

0.1

57,000 

MediaTek,

Inc.

2,581,221

1.2

42,000 

(3)

Micro-Star

International

Co.

Ltd.

200,648

0.1

7,000 

Nien

Made

Enterprise

Co.

Ltd.

99,923

0.0

13,000 

Novatek

Microelectronics

Corp.

205,448

0.1

278,000 

Pegatron

Corp.

740,083

0.3

170,000 

Pou

Chen

Corp.

159,870

0.1

12,000 

Realtek

Semiconductor

Corp.

229,450

0.1

47,000 

Synnex

Technology

International

Corp.

104,160

0.0

132,000 

Taiwan

Cement

Corp.

107,075

0.0

61,000 

Taiwan

Mobile

Co.

Ltd.

215,043

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Taiwan

(continued)

503,919 

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

$

19,400,522

9.2

62,000 

Teco

Electric

and

Machinery

Co.

Ltd.

105,252

0.0

50,000 

Uni-President

Enterprises

Corp.

131,963

0.1

165,000 

United

Microelectronics

Corp.

228,636

0.1

9,000 

Yageo

Corp.

158,145

0.1

50,000 

Zhen

Ding

Technology

Holding

Ltd.

208,533

0.1

31,932,510

15.2

Thailand

:

1.6%

37,000 

Advanced

Info

Service

PCL

328,736

0.2

145,500 

Charoen

Pokphand

Foods

PCL

101,474

0.0

1,426,636 

CP

ALL

PCL

-

Foreign

2,061,259

1.0

35,300 

Kasikornbank

PCL

174,553

0.1

192,500 

Krung

Thai

Bank

PCL

129,426

0.1

46,800 

PTT

Exploration

&

Production

PCL

180,167

0.1

252,800 

(1)

PTT

PCL

-

Foreign

257,041

0.1

279,900 

(2)

True

Corp.

PCL

88,803

0.0

3,321,459

1.6

Turkey

:

0.7%

461,265 

Akbank

TAS

764,758

0.4

37,140 

Anadolu

Anonim

Turk

Sigorta

Sirketi

90,941

0.0

14,029 

BIM

Birlesik

Magazalar

AS

183,334

0.1

2,742 

(2)

D-MARKET

Elektronik

Hizmetler

ve

Ticaret

AS,

ADR

7,376

0.0

8,853 

Migros

Ticaret

AS

114,170

0.0

21,488 

Turk

Hava

Yollari

AO

152,127

0.1

101,475 

Turkcell

Iletisim

Hizmetleri

AS

232,640

0.1

1,545,346

0.7

United

Arab

Emirates

:

1.3%

19,653 

Abu

Dhabi

Islamic

Bank

PJSC

129,041

0.1

98,943 

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

99,938

0.0

72,284 

ADNOC

Drilling

Co.

PJSC

114,929

0.0

94,055 

ADNOC

Logistics

&

Services

119,328

0.1

275,518 

Air

Arabia

PJSC

278,528

0.1

126,319 

Aldar

Properties

PJSC

326,426

0.1

102,760 

Emaar

Development

PJSC

419,357

0.2

285,867 

Emaar

Properties

PJSC

1,183,862

0.6

78,479 

Salik

Co.

PJSC

136,586

0.1

2,807,995

1.3

United

Kingdom

:

1.1%

39,422 

Unilever

PLC,

ADR

2,303,427

1.1

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

6

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

United

States

:

0.6%

9,211 

GCC

SAB

de

CV

$

86,119

0.0

8,091 

Micron

Technology,

Inc.

883,052

0.4

7,201 

Titan

Cement

International

SA

296,860

0.2

1,266,031

0.6

Total

Common

Stock

(Cost

$178,574,192)

196,387,653

93.5

EXCHANGE-TRADED

FUNDS

:

4.3%

159,367 

iShares

MSCI

China

ETF

9,152,447

4.3

Total

Exchange-Traded

Funds

(Cost

$8,442,729)

9,152,447

4.3

PREFERRED

STOCK

:

0.8%

Brazil

:

0.6%

251,900 

Cia

Energetica

de

Minas

Gerais

460,654

0.2

78,364 

Gerdau

SA

235,251

0.1

204,912 

Itausa

SA

377,654

0.2

41,751 

Petroleo

Brasileiro

SA

242,697

0.1

1,316,256

0.6

Chile

:

0.1%

48,663 

Embotelladora

Andina

SA

186,724

0.1

Russia

:

—%

378 

(4)

AK

Transneft

PJSC

OAO

—

—

863,754 

(4)

Surgutneftegas

PJSC

—

—

217 

(4)

Transneft

PJSC

—

—

—

—

South

Korea

:

0.1%

971 

LG

Chem

Ltd.

105,436

0.1

Total

Preferred

Stock

(Cost

$3,499,852)

1,608,416

0.8

Total

Long-Term

Investments

(Cost

$190,516,773)

207,148,516

98.6

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

1.9%

Repurchase

Agreements

:

0.5%

1,000,000 

(5)

Citadel

Securities

LLC,

Repurchase

Agreement

dated

07/31/2025,

4.430%,

due

08/01/2025

(Repurchase

Amount

$1,000,121,

collateralized

by

various

U.S.

Government

Securities,

0.000%-5.000%,

Market

Value

plus

accrued

interest

$1,020,126,

due

08/14/25-05/15/55)

1,000,000

0.5

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

6,751 

(5)

HSBC

Securities

(USA)

Inc.,

Repurchase

Agreement

dated

07/31/2025,

4.360%,

due

08/01/2025

(Repurchase

Amount

$6,752,

collateralized

by

various

U.S.

Government

Securities,

0.000%-4.000%,

Market

Value

plus

accrued

interest

$6,886,

due

04/15/27-11/15/54)

$

6,751

0.0

30,298 

(5)

J.P.

Morgan

Securities

LLC,

Repurchase

Agreement

dated

07/31/2025,

4.360%,

due

08/01/2025

(Repurchase

Amount

$30,302,

collateralized

by

various

U.S.

Government

Securities,

0.125%-4.750%,

Market

Value

plus

accrued

interest

$30,904,

due

02/15/41-08/15/52)

30,298

0.0

41,336 

(5)

Natwest

Markets

Securities

Inc.,

Repurchase

Agreement

dated

07/31/2025,

4.360%,

due

08/01/2025

(Repurchase

Amount

$41,341,

collateralized

by

various

U.S.

Government

Securities,

2.875%-4.625%,

Market

Value

plus

accrued

interest

$42,163,

due

04/30/29-05/15/32)

41,336

0.0

Total

Repurchase

Agreements

(Cost

$1,078,385)

1,078,385

0.5

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

7

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

(continued)

Mutual

Funds

:

1.4%

2,548,748 

(6)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

4.220%

$

2,548,748

1.2

319,000 

(6)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

4.230%

319,000

0.2

Total

Mutual

Funds

(Cost

$2,867,748)

2,867,748

1.4

Total

Short-Term

Investments

(Cost

$3,946,133)

3,946,133

1.9

Total

Investments

in

Securities

(Cost

$194,462,906)

$

211,094,649

100.5

Liabilities

in

Excess

of

Other

Assets

(1,112,749)

(0.5)

Net

Assets

$

209,981,900

100.0

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

†

Unless

otherwise

indicated,

principal

amount

is

shown

in

USD.

(1)

Security,

or

a

portion

of

the

security,

is

on

loan.

(2)

Non-income

producing

security.

(3)

Securities

with

purchases

pursuant

to

Rule

144A

or

section

4(a)(2),

under

the

Securities

Act

of

1933

and

may

not

be

resold

subject

to

that

rule

except

to

qualified

institutional

buyers.

(4)

For

fair

value

measurement

disclosure

purposes,

security

is

categorized

as

Level

3,

whose

value

was

determined

using

significant

unobservable

inputs.

(5)

All

or

a

portion

of

the

security

represents

securities

purchased

with

cash

collateral

received

for

securities

on

loan.

(6)

Rate

shown

is

the

7-day

yield

as

of

July

31,

2025.

Sector

Diversification

Percentage

of

Net

Assets

Information

Technology

25.9

%

Financials

14.2

Consumer

Discretionary

12.5

Industrials

10.4

Communication

Services

9.4

Consumer

Staples

8.8

Energy

5.8

Exchange-Traded

Funds

4.3

Materials

2.6

Utilities

2.0

Health

Care

1.4

Real

Estate

1.3

Short-Term

Investments

1.9

Liabilities

in

Excess

of

Other

Assets

(0.5)

Net

Assets

100.0%

Portfolio

holdings

are

subject

to

change

daily.

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

8

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

July

31,

2025

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

July

31,

2025

Asset

Table

Investments,

at

fair

value

Common

Stock

Argentina

$

390,757

$

—

$

—

$

390,757

Brazil

14,150,590

—

—

14,150,590

Chile

1,084,462

—

—

1,084,462

China

8,225,239

25,007,724

—

33,232,963

Czechia

—

418,960

—

418,960

Egypt

—

144,522

—

144,522

France

—

1,354,886

—

1,354,886

Greece

929,287

—

—

929,287

Hong

Kong

—

2,769,941

—

2,769,941

Hungary

556,846

940,023

—

1,496,869

Iceland

114,639

163,385

—

278,024

India

8,614,682

22,694,498

—

31,309,180

Indonesia

—

3,516,043

—

3,516,043

Japan

—

2,571,096

—

2,571,096

Kuwait

—

137,225

—

137,225

Luxembourg

178,243

—

—

178,243

Malaysia

124,785

2,429,648

—

2,554,433

Mexico

10,721,725

—

—

10,721,725

Peru

1,195,093

—

—

1,195,093

Philippines

297,373

418,050

—

715,423

Qatar

639,255

241,773

—

881,028

Romania

275,284

404,946

—

680,230

Russia

—

—

—

—

Saudi

Arabia

228,413

1,032,852

—

1,261,265

Singapore

2,851,917

351,585

—

3,203,502

South

Africa

4,090,586

2,396,211

—

6,486,797

South

Korea

—

31,548,341

—

31,548,341

Taiwan

—

31,932,510

—

31,932,510

Thailand

—

3,321,459

—

3,321,459

Turkey

281,651

1,263,695

—

1,545,346

United

Arab

Emirates

334,195

2,473,800

—

2,807,995

United

Kingdom

2,303,427

—

—

2,303,427

United

States

969,171

296,860

—

1,266,031

Total

Common

Stock

58,557,620

137,830,033

—

196,387,653

Exchange-Traded

Funds

9,152,447

—

—

9,152,447

Preferred

Stock

1,502,980

105,436

—

1,608,416

Short-Term

Investments

2,867,748

1,078,385

—

3,946,133

Total

Investments,

at

fair

value

$

72,080,795

$

139,013,854

$

—

$

211,094,649

Other

Financial

Instruments+

Forward

Foreign

Currency

Contracts

—

996

—

996

Futures

2,448

—

—

2,448

Total

Assets

$

72,083,243

$

139,014,850

$

—

$

211,098,093

#

The

earlier

close

of

the

foreign

markets

gives

rise

to

the

possibility

that

significant

events,

including

broad

market

moves,

may

have

occurred

in

the

interim

and

may

materially

affect

the

value

of

those

securities.

To

account

for

this,

the

Fund

may

frequently

value

many

of

its

foreign

equity

securities

using

fair

value

prices

based

on

third

party

vendor

modeling

tools

to

the

extent

available.

Accordingly,

a

portion

of

the

Fund’s

investments

are

categorized

as

Level

2

investments.

+

Other

Financial

Instruments

may

include

open

forward

foreign

currency

contracts,

futures,

centrally

cleared

swaps,

OTC

swaps

and

written

options.

Forward

foreign

currency

contracts,

futures

and

centrally

cleared

swaps

are

fair

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

OTC

swaps

and

written

options

are

valued

at

the

fair

value

of

the

instrument.

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2025

(unaudited)

(continued)

9

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

At

July

31,

2025,

the

following

forward

foreign

currency

contracts

were

outstanding

for

Voya

Multi-Manager

Emerging

Markets

Equity

Fund:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

63,267

ZAR

1,134,349

The

Bank

of

New

York

08/01/25

$

996

$

996

At

July

31,

2025,

the

following

futures

contracts

were

outstanding

for

Voya

Multi-Manager

Emerging

Markets

Equity

Fund:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation

Long

Contracts:

MSCI

Emerging

Markets

Index

22

09/19/25

$

1,362,130

$

2,448

$

1,362,130

$

2,448

Currency

Abbreviations:

USD

—

United

States

Dollar

ZAR

—

South

African

Rand

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

45,575,210

Gross

Unrealized

Depreciation

(28,943,467)

Net

Unrealized

Appreciation

$

16,631,743