Voya International High Dividend Low Volatility Fund	PORTFOLIO OF INVESTMENTS
	as of January 31, 2020 (Unaudited)

Shares		Value		Percentage of Net Assets
COMMON STOCK: 95.8%
	Australia: 7.5%
4,002	AGL Energy Ltd.	$	53,111		0.5
21,318	Alumina Ltd.		30,703		0.3
15,255	Aurizon Holdings Ltd.		54,682		0.6
13,605	AusNet Services		16,032		0.2
2,032	Australia & New Zealand Banking Group Ltd.		34,589		0.3
1,177	BHP Group Ltd.		30,183		0.3
12,034	Boral Ltd.		39,659		0.4
4,773	Coca-Cola Amatil Ltd.		37,926		0.4
3,988	Crown Resorts Ltd.		31,001		0.3
5,330	Harvey Norman Holdings Ltd.		14,957		0.2
426	Macquarie Group Ltd.		40,704		0.4
1,673	Rio Tinto Ltd.		108,558		1.1
20,507	Scentre Group		52,617		0.5
1,922	Sonic Healthcare Ltd.		40,287		0.4
7,955	Stockland		26,007		0.3
10,474	Sydney Airport		58,257		0.6
17,684	Vicinity Centres		29,849		0.3
1,269	Woolworths Group Ltd.		35,245		0.4
			734,367		7.5
	Belgium: 0.3%
586	Colruyt S.A.		29,343		0.3
	China: 0.4%
10,500	BOC Hong Kong Holdings Ltd.		34,709		0.4
	Denmark: 3.6%
414	Carlsberg A/S		60,458		0.6
497	Coloplast A/S		62,662		0.7
924	H Lundbeck A/S		39,263		0.4
2,128	Novo Nordisk A/S		129,535		1.3
1,238	Pandora A/S		64,198		0.6
			356,116		3.6
	Finland: 3.1%
721	Elisa OYJ		43,437		0.4
1,771	Neste OYJ		70,473		0.7
1,437	Nokian Renkaat OYJ		38,743		0.4
758	Orion Oyj		35,814		0.4
1,485	Sampo OYJ		67,222		0.7
1,699	UPM-Kymmene OYJ		53,533		0.5
			309,222		3.1
	France: 7.8%
1,386	Bouygues SA		54,761		0.6
88	Covivio		10,442		0.1
812	Danone		64,980		0.7
269	Edenred		14,526		0.1
584	Eiffage SA		67,694		0.7
3,985	Engie SA		68,595		0.7
1,973	Eutelsat Communications		29,572		0.3
2,506	Getlink SE		44,209		0.4
736	Klepierre SA		25,018		0.3
8,540	Natixis SA		36,064		0.4
1,740 (1)	Orange SA		24,597		0.2
476	Peugeot S.A.		9,801		0.1
1,008	Renault S.A.		39,426		0.4
1,337	Sanofi		128,939		1.3
1,520	Societe Generale		49,187		0.5
524	Sodexo SA		54,866		0.6
585	Total SA		28,484		0.3
132	Vinci SA		14,624		0.1
			765,785		7.8
	Germany: 5.3%
62	Adidas AG		19,599		0.2
39	Allianz SE		9,311		0.1
1,049	BASF SE		70,804		0.7
130	Beiersdorf AG		14,764		0.1
496	Deutsche Boerse AG		80,513		0.8
1,409	Deutsche Lufthansa AG		21,464		0.2
2,203	Deutsche Post AG		76,863		0.8
3,714	Deutsche Telekom AG		60,151		0.6
253	Hannover Rueck SE		49,124		0.5
157	Muenchener Rueckversicherungs-Gesellschaft AG		46,290		0.5
344	Siemens AG		42,429		0.4
11,393	Telefonica Deutschland Holding AG		34,533		0.4
			525,845		5.3
	Hong Kong: 2.6%
3,500	CK Hutchison Holdings Ltd.		30,925		0.3
5,500	CLP Holdings Ltd.		57,198		0.6
2,800	Hang Seng Bank Ltd.		56,597		0.6
15,000	HKT Trust / HKT Ltd.		22,391		0.2
400	Jardine Matheson Holdings Ltd.		22,297		0.2
28,000	PCCW Ltd.		16,491		0.2
5,500	Power Assets Holdings Ltd.		39,707		0.4
4,500	Yue Yuen Industrial Holdings		12,512		0.1
			258,118		2.6
	Israel: 1.1%
7,639	Bank Leumi Le-Israel BM		54,924		0.5
3,726	Israel Chemicals Ltd.		15,651		0.2
4,798	Israel Discount Bank Ltd.		21,762		0.2
743	Mizrahi Tefahot Bank Ltd.		20,225		0.2
			112,562		1.1
	Italy: 3.9%
2,936	Assicurazioni Generali S.p.A.		57,210		0.6
1,298	Enel S.p.A.		11,314		0.1
5,100	ENI S.p.A.		71,439		0.7
30,772	Intesa Sanpaolo SpA		76,423		0.8
5,611	Mediobanca Banca di Credito Finanziario SpA		55,973		0.6
879	Recordati S.p.A.		37,613		0.4
11,297	Snam SpA		60,548		0.6
1,746	Terna Rete Elettrica Nazionale SpA		12,181		0.1
			382,701		3.9
	Japan: 24.7%
300	ABC-Mart, Inc.		19,247		0.2
3,200	Ajinomoto Co., Inc.		52,704		0.5

Voya International High Dividend Low Volatility Fund	PORTFOLIO OF INVESTMENTS
	as of January 31, 2020 (Unaudited) (Continued)

Shares		Value		Percentage of Net Assets
COMMON STOCK: (continued)
	Japan: (continued)
1,600	ANA Holdings, Inc.	$	49,975		0.5
800	Benesse Holdings, Inc.		21,976		0.2
600	Calbee, Inc.		19,620		0.2
2,500	Canon, Inc.		65,561		0.7
11	Daiwa House REIT Investment Corp.		29,348		0.3
3,400	Pan Pacific International Holdings Corp.		54,865		0.6
200	East Japan Railway Co.		17,610		0.2
1,400	Fuji Film Holdings Corp.		69,530		0.7
700	Hamamatsu Photonics KK		29,597		0.3
500	Hitachi Ltd.		19,044		0.2
100	Hoya Corp.		9,571		0.1
3,100	Itochu Corp.		72,419		0.7
1,700	Japan Airlines Co. Ltd.		47,822		0.5
7	Japan Prime Realty Investment Corp.		32,384		0.3
19	Japan Retail Fund Investment Corp.		40,656		0.4
2,100	Kakaku.com, Inc.		54,861		0.6
800	Kamigumi Co., Ltd.		17,094		0.2
1,200	Konami Holdings Corp.		46,473		0.5
200	Kyocera Corp.		13,141		0.1
1,200	Kyushu Railway Co.		39,263		0.4
500	Lawson, Inc.		28,939		0.3
3,100	LIXIL Group Corp.		51,545		0.5
500	Maruichi Steel Tube Ltd.		13,874		0.1
500	McDonald's Holdings Co. Japan Ltd.		23,766		0.2
1,600	Medipal Holdings Corp.		33,904		0.3
700	MEIJI Holdings Co., Ltd.		49,262		0.5
4,700	Mitsubishi Chemical Holdings Corp.		33,967		0.3
2,600	Mitsubishi Corp.		66,653		0.7
1,500	Mitsubishi Heavy Industries Ltd.		54,716		0.6
4,300	Mitsui & Co., Ltd.		76,478		0.8
1,900	MS&AD Insurance Group Holdings, Inc.		63,104		0.6
1,500	NEC Corp.		66,770		0.7
17	Nippon Prologis REIT, Inc.		48,871		0.5
8	Nippon Building Fund, Inc.		64,806		0.7
100	Nippon Shinyaku Co., Ltd.		8,866		0.1
2,700	Nissan Motor Co., Ltd.		14,651		0.2
2,800	NTT DoCoMo, Inc.		79,555		0.8
700	Olympus Corp.		11,310		0.1
200	Oracle Corp. Japan		17,311		0.2
800	ORIX Corp.		13,514		0.1
600	Otsuka Corp.		23,397		0.2
4,800	Ricoh Co., Ltd.		54,463		0.6
600	Sankyo Co., Ltd.		20,158		0.2
500	Secom Co., Ltd.		43,876		0.4
3,600	Seiko Epson Corp.		52,640		0.5
3,000	Sekisui House Ltd.		64,506		0.7
1,600	Seven & I Holdings Co., Ltd.		61,349		0.6
4,300	Softbank Corp.		58,992		0.6
4,300	Sumitomo Corp.		63,961		0.7
2,300	Sumitomo Mitsui Financial Group, Inc.		80,867		0.8
800	Sundrug Co., Ltd.		27,110		0.3
400	Suzuken Co., Ltd.		15,336		0.2
2,100	Teijin Ltd.		37,545		0.4
500	Toyo Suisan Kaisha Ltd.		20,948		0.2
1,100 (1)	Trend Micro, Inc.		57,475		0.6
22	United Urban Investment Corp.		39,450		0.4
700	West Japan Railway Co.		59,227		0.6
			2,425,923		24.7
	Netherlands: 5.7%
3,190 (2)	ABN AMRO Bank NV		55,523		0.6
3,888	ING Groep NV		42,213		0.4
9,125	Koninklijke KPN NV		25,567		0.3
1,586	NN Group NV		55,048		0.6
426	Randstad NV		24,468		0.2
6,937	Royal Dutch Shell PLC - Class A		182,168		1.8
1,802	Unilever NV		105,151		1.1
982	Wolters Kluwer NV		73,789		0.7
			563,927		5.7
	New Zealand: 0.2%
4,901	Spark New Zealand Ltd.		14,679		0.2
	Norway: 0.4%
4,151	Orkla ASA		40,073		0.4
	Singapore: 2.4%
22,300	CapitaLand Mall Trust		40,999		0.4
18,000	ComfortDelgro Corp., Ltd.		28,473		0.3
34,500	Genting Singapore Ltd.		21,591		0.2
2,600	SATS Ltd.		8,654		0.1
2,900	Singapore Airlines Ltd.		18,079		0.2
6,600	Singapore Exchange Ltd.		41,873		0.4
21,400	Singapore Telecommunications Ltd.		51,494		0.5
8,800	Singapore Technologies Engineering Ltd.		26,358		0.3
			237,521		2.4
	Spain: 3.0%
327 (2)	Aena SME SA		60,521		0.6
231	Amadeus IT Group SA		18,112		0.2
1,822	Enagas		49,092		0.5
2,236	Endesa S.A.		61,394		0.6
2,297	Ferrovial SA - FERE		72,965		0.7
1,261	Red Electrica Corp. SA		25,228		0.3
913	Repsol SA		12,566		0.1
			299,878		3.0
	Sweden: 1.5%
5,167	Skandinaviska Enskilda Banken AB		51,060		0.5
4,394	Swedbank AB		67,465		0.7
428	Swedish Match AB		24,198		0.3
			142,723		1.5
	Switzerland: 9.2%
233	Adecco Group AG		13,651		0.1
3	Chocoladefabriken Lindt & Sprungli AG - PC - LISP		25,182		0.2
17	Givaudan		56,091		0.6

Voya International High Dividend Low Volatility Fund	PORTFOLIO OF INVESTMENTS
	as of January 31, 2020 (Unaudited) (Continued)

Shares			Value		Percentage of Net Assets
COMMON STOCK: (continued)
		Switzerland: (continued)
3,158		Glencore PLC	$	9,236		0.1
1,207		LafargeHolcim Ltd.-CHF		61,341		0.6
103		Kuehne & Nagel International AG		16,647		0.2
2,380		Nestle SA		262,496		2.7
1,666		Novartis AG		157,384		1.6
625		Roche Holding AG		209,668		2.1
230		Zurich Insurance Group AG		95,477		1.0
				907,173		9.2
		United Kingdom: 13.1%
1,427		Admiral Group PLC		42,484		0.4
7,602 (2)		Auto Trader Group PLC		56,093		0.6
12,597		Aviva PLC		66,014		0.7
9,128		BAE Systems PLC		75,881		0.8
21,655		BP PLC		130,365		1.3
25,976		BT Group PLC		55,198		0.6
1,171		Coca-Cola European Partners PLC - USD		61,606		0.6
3,055		Compass Group PLC		75,526		0.8
339		Diageo PLC		13,405		0.1
12,807		Direct Line Insurance Group PLC		57,041		0.6
7,604		Evraz PLC		35,304		0.4
5,817		GlaxoSmithKline PLC		136,580		1.4
16,703		Legal & General Group PLC		67,178		0.7
727		Next PLC		66,069		0.7
1,599		Persimmon PLC		64,373		0.6
1,839		Relx PLC (EUR Exchange)		48,680		0.5
21,330		Royal Bank of Scotland Group PLC		61,093		0.6
3,853		Sage Group PLC/The		37,511		0.4
1,551		Unilever PLC		92,519		0.9
18,666		WM Morrison Supermarkets PLC		44,758		0.4
				1,287,678		13.1
	Total Common Stock (Cost $9,106,245)			9,428,343		95.8
EXCHANGE-TRADED FUNDS: 3.5%
5,137		iShares MSCI EAFE ETF		346,645		3.5
	Total Exchange-Traded Funds (Cost $335,922)			346,645		3.5
	Total Long-Term Investments (Cost $9,442,167)			9,774,988		99.3
SHORT-TERM INVESTMENTS: 0.3%
		Mutual Funds: 0.3%
27,000 (3)		Goldman Sachs Financial Square Government Fund - Institutional Shares, 1.450% (Cost $27,000)	$	27,000		0.3
	Total Short-Term Investments (Cost $27,000)			27,000		0.3
	Total Investments in Securities (Cost $9,469,167)		$	9,801,988		99.6
	Assets in Excess of Other Liabilities			35,799		0.4
	Net Assets		$	9,837,787		100.0

(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 January 31, 2020.

Sector Diversification	Percentage of Net Assets
Financials		16.8	%
Industrials		16.4
Consumer Staples		11.9
Health Care		10.7
Consumer Discretionary		7.4
Communication Services		6.9
Materials		6.1
Information Technology		5.5
Energy		5.0
Utilities		4.6
Real Estate		4.5
Exchange-Traded Funds		3.5
Short-Term Investments		0.3
Assets in Excess of Other Liabilities		0.4
Net Assets		100.0	%

Voya International High Dividend Low Volatility Fund	PORTFOLIO OF INVESTMENTS
	as of January 31, 2020 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020 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 January 31, 2020
Asset Table
Investments, at fair value
Common Stock
Australia	$	–	$	734,367	$	–	$	734,367
Belgium		29,343		–		–		29,343
China		–		34,709		–		34,709
Denmark		64,198		291,918		–		356,116
Finland		109,216		200,006		–		309,222
France		–		765,785		–		765,785
Germany		49,297		476,548		–		525,845
Hong Kong		–		258,118		–		258,118
Israel		–		112,562		–		112,562
Italy		–		382,701		–		382,701
Japan		39,450		2,386,473		–		2,425,923
Netherlands		–		563,927		–		563,927
New Zealand		–		14,679		–		14,679
Norway		–		40,073		–		40,073
Singapore		–		237,521		–		237,521
Spain		–		299,878		–		299,878
Sweden		–		142,723		–		142,723
Switzerland		25,182		881,991		–		907,173
United Kingdom		116,804		1,170,874		–		1,287,678
Total Common Stock		433,490		8,994,853		–		9,428,343
Exchange-Traded Funds		346,645		–		–		346,645
Short-Term Investments		27,000		–		–		27,000
Total Investments, at fair value	$	807,135	$	8,994,853	$	–	$	9,801,988

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

At January 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

Cost for federal income tax purposes was $9,517,142.

Net unrealized appreciation consisted of:

Gross Unrealized Appreciation	$	871,832
Gross Unrealized Depreciation		(587,337	)
Net Unrealized Appreciation	$	284,495