PORTFOLIO

OF

INVESTMENTS

as

of

January

31,

2025

(Unaudited)

1

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

99.0%

Argentina

:

0.3%

16,358 

(1)

Cresud

SACIF

y

A,

ADR

$

210,037

0.1

22,427 

(1)

IRSA

Inversiones

y

Representaciones

SA,

ADR

331,695

0.2

541,732

0.3

Brazil

:

6.9%

27,657 

Allos

SA

90,060

0.0

56,283 

Ambev

SA

107,287

0.0

213,200 

Ambev

SA,

ADR

394,420

0.2

61,713 

B3

SA

-

Brasil

Bolsa

Balcao

117,110

0.1

286,219 

Banco

Bradesco

SA,

ADR

603,922

0.3

58,476 

Banco

Santander

Brasil

SA,

ADR

263,727

0.1

38,099 

BB

Seguridade

Participacoes

SA

251,253

0.1

130,615 

BRF

SA,

ADR

489,806

0.2

7,579 

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

122,788

0.1

10,467 

Energisa

S/A

71,571

0.0

17,838 

Equatorial

Energia

SA

92,181

0.0

145,592 

Itau

Unibanco

Holding

SA,

ADR

844,434

0.4

33,374 

JBS

S/A

204,103

0.1

36,534 

Klabin

SA

141,471

0.1

14,053 

Petroleo

Brasileiro

SA

100,154

0.0

138,536 

Petroleo

Brasileiro

SA

-

Foreign,

ADR

1,968,597

1.0

413,746 

Raia

Drogasil

SA

1,515,073

0.7

26,613 

Rumo

SA

83,472

0.0

49,692 

(2)

Sitios

Latinoamerica

SAB

de

CV

7,506

0.0

10,781 

Suzano

SA

115,336

0.1

19,911 

Telefonica

Brasil

SA

176,485

0.1

70,974 

Telefonica

Brasil

SA,

ADR

626,700

0.3

220,658 

TIM

SA/Brazil

587,510

0.3

376,072 

Totvs

SA

2,194,378

1.1

38,814 

Vale

SA,

ADR

360,582

0.2

38,231 

Vale

SA

-

Foreign

353,915

0.2

37,606 

Vibra

Energia

SA

109,265

0.1

159,710 

XP,

Inc.

-

Class

A

2,180,042

1.1

14,173,148

6.9

Chile

:

0.3%

44,468 

Cencosud

SA

113,335

0.0

14,789 

(1)

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

584,757

0.3

698,092

0.3

China

:

13.2%

337,400 

Alibaba

Group

Holding

Ltd.

4,138,712

2.0

7,990 

(2)

Baidu,

Inc.,

ADR

723,894

0.3

2,948 

(2)

BeiGene

Ltd.,

ADR

663,271

0.3

3,000 

BYD

Co.

Ltd.

-

Class

H

105,421

0.1

891,000 

(3)

CGN

Power

Co.

Ltd.

-

Class

H

288,363

0.1

220,000 

China

Communications

Services

Corp.

Ltd.

-

Class

H

125,175

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

174,000 

China

Construction

Bank

Corp.

-

Class

H

$

141,586

0.1

23,000 

China

Shenhua

Energy

Co.

Ltd.

-

Class

H

92,748

0.0

290,800 

CSPC

Pharmaceutical

Group

Ltd.

167,640

0.1

18,019 

(2)

DiDi

Global,

Inc.,

ADR

83,788

0.0

18,600 

ENN

Energy

Holdings

Ltd.

126,611

0.1

347,113 

H

World

Group

Ltd.

1,123,763

0.5

55,800 

Haier

Smart

Home

Co.

Ltd.

-

Class

H

184,562

0.1

115,000 

Hengan

International

Group

Co.

Ltd.

314,827

0.2

88,100 

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

-

Class

B

182,983

0.1

27,145 

(2)

iQIYI,

Inc.,

ADR

58,905

0.0

73,761 

JD.com,

Inc.

-

Class

A

1,500,359

0.7

118,000 

Jiangsu

Expressway

Co.

Ltd.

-

Class

H

130,389

0.1

62,000 

Jiangxi

Copper

Co.

Ltd.

-

Class

H

98,404

0.0

38,400 

Lao

Feng

Xiang

Co.

Ltd.

-

Class

B

138,358

0.1

62,480 

(2)(3)

Meituan

-

Class

B

1,189,154

0.6

8,200 

NetEase,

Inc.

168,553

0.1

6,478 

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

315,867

0.2

273,000 

People's

Insurance

Co.

Group

of

China

Ltd.

-

Class

H

139,716

0.1

1,008,000 

PetroChina

Co.

Ltd.

-

Class

H

770,658

0.4

130,000 

PICC

Property

&

Casualty

Co.

Ltd.

-

Class

H

211,215

0.1

128,000 

(3)

Qingdao

Port

International

Co.

Ltd.

-

Class

H

99,221

0.0

120,852 

(1)

Shenzhen

International

Holdings

Ltd.

108,104

0.1

19,157 

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.

-

Class

A

616,101

0.3

15,234 

(2)

Sohu.com

Ltd.,

ADR

191,796

0.1

107,654 

Tencent

Holdings

Ltd.

5,664,239

2.7

106,426 

Tencent

Music

Entertainment

Group,

ADR

1,274,984

0.6

420,000 

Tingyi

Cayman

Islands

Holding

Corp.

640,350

0.3

2,900 

(2)

Trip.com

Group

Ltd.

203,679

0.1

21,317 

(2)

Trip.com

Group

Ltd.,

ADR

1,495,814

0.7

80,000 

(1)

Tsingtao

Brewery

Co.

Ltd.

-

Class

H

491,345

0.2

623,600 

Uni-President

China

Holdings

Ltd.

627,695

0.3

20,475 

Weibo

Corp.,

ADR

201,065

0.1

10,440 

(1)

Weibo

Corp.

-

Class

A

102,303

0.0

122,000 

Weichai

Power

Co.

Ltd.

-

Class

H

212,304

0.1

156,900 

Yangzijiang

Shipbuilding

Holdings

Ltd.

351,374

0.2

PORTFOLIO

OF

INVESTMENTS

as

of

January

31,

2025

(Unaudited)

(continued)

2

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

40,805 

Yum

China

Holdings,

Inc.

$

1,860,994

0.9

27,326,290

13.2

Czechia

:

0.1%

5,065 

(1)

CEZ

AS

221,960

0.1

Egypt

:

0.0%

69,759 

Commercial

International

Bank

Egypt

SAE

105,826

0.0

France

:

1.0%

5,512 

L'Oreal

SA

2,045,126

1.0

Germany

:

0.7%

5,339 

Adidas

AG

1,407,677

0.7

Greece

:

0.4%

5,475 

GEK

Terna

Holding

Real

Estate

Construction

SA

106,044

0.1

17,216 

Hellenic

Telecommunications

Organization

SA

260,327

0.1

11,706 

Helleniq

Energy

Holdings

SA

90,955

0.0

5,714 

Jumbo

SA

154,365

0.1

9,561 

OPAP

SA

164,012

0.1

775,703

0.4

Hong

Kong

:

2.3%

324,343 

AIA

Group

Ltd.

2,280,179

1.1

41,000 

(1)

Beijing

Enterprises

Holdings

Ltd.

140,819

0.1

1,329,993 

(3)

Budweiser

Brewing

Co.

APAC

Ltd.

1,217,632

0.6

230,000 

China

Everbright

Environment

Group

Ltd.

100,598

0.0

104,600 

China

Gas

Holdings

Ltd.

86,711

0.0

52,000 

China

Merchants

Port

Holdings

Co.

Ltd.

88,425

0.0

41,300 

China

Resources

Gas

Group

Ltd.

140,195

0.1

48,000 

(1)

China

Resources

Power

Holdings

Co.

Ltd.

106,754

0.1

64,000 

China

State

Construction

International

Holdings

Ltd.

93,940

0.0

622,000 

Kunlun

Energy

Co.

Ltd.

593,906

0.3

4,849,159

2.3

Hungary

:

0.4%

58,013 

Magyar

Telekom

Telecommunications

PLC

204,419

0.1

49,474 

(1)

MOL

Hungarian

Oil

&

Gas

PLC

361,431

0.2

8,785 

Richter

Gedeon

Nyrt

227,519

0.1

793,369

0.4

Iceland

:

0.1%

181,840 

Hagar

hf

133,739

0.1

India

:

17.7%

4,376 

ACC

Ltd.

100,987

0.1

1,602 

AIA

Engineering

Ltd.

68,074

0.0

1,699 

Alkem

Laboratories

Ltd.

99,171

0.1

12,098 

Ambuja

Cements

Ltd.

71,303

0.0

43,173 

Asian

Paints

Ltd.

1,143,814

0.6

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

India

(continued)

7,715 

Axis

Bank

Ltd.

$

87,415

0.0

1,038 

Bajaj

Auto

Ltd.

105,747

0.1

25,404 

Bajaj

Finance

Ltd.

2,303,462

1.1

774 

Bajaj

Holdings

&

Investment

Ltd.

103,000

0.1

45,067 

Bharat

Electronics

Ltd.

151,355

0.1

5,385 

Bharat

Forge

Ltd.

75,867

0.0

77,460 

Bharat

Petroleum

Corp.

Ltd.

232,412

0.1

12,407 

Bharti

Airtel

Ltd.

200,085

0.1

273 

Bosch

Ltd.

90,412

0.0

2,604 

Britannia

Industries

Ltd.

154,041

0.1

13,596 

Cipla

Ltd./India

231,680

0.1

50,822 

Coal

India

Ltd.

231,290

0.1

1,660 

Coforge

Ltd.

157,432

0.1

4,180 

Colgate-Palmolive

India

Ltd.

135,969

0.1

9,497 

Container

Corp.

Of

India

Ltd.

85,219

0.0

4,500 

Coromandel

International

Ltd.

93,811

0.0

3,509 

Cummins

India

Ltd.

117,609

0.1

1,955 

Divi's

Laboratories

Ltd.

125,893

0.1

16,831 

Dr

Reddy's

Laboratories

Ltd.

236,190

0.1

3,127 

Eicher

Motors

Ltd.

187,082

0.1

21,964 

Exide

Industries

Ltd.

94,668

0.0

40,896 

GAIL

India

Ltd.

83,112

0.0

5,365 

Havells

India

Ltd.

96,754

0.1

53,610 

HCL

Technologies

Ltd.

1,063,901

0.5

3,489 

(3)

HDFC

Asset

Management

Co.

Ltd.

155,430

0.1

94,915 

HDFC

Bank

Ltd.

1,857,807

0.9

65,281 

HDFC

Bank

Ltd.,

ADR

3,958,640

1.9

5,380 

Hero

MotoCorp

Ltd.

268,610

0.1

27,302 

Hindalco

Industries

Ltd.

186,476

0.1

1,569 

Hindustan

Aeronautics

Ltd.

70,965

0.0

21,404 

Hindustan

Petroleum

Corp.

Ltd.

88,248

0.0

18,927 

Hindustan

Unilever

Ltd.

538,418

0.3

3,512 

(3)

ICICI

Lombard

General

Insurance

Co.

Ltd.

75,184

0.0

10,854 

Indian

Hotels

Co.

Ltd.

95,465

0.0

80,091 

Indian

Oil

Corp.

Ltd.

118,285

0.1

39,878 

Indraprastha

Gas

Ltd.

92,506

0.0

19,499 

(2)

Indus

Towers

Ltd.

77,818

0.0

58,341 

Infosys

Ltd.

1,269,461

0.6

161,014 

Infosys

Ltd.

-

Foreign,

ADR

3,534,257

1.7

2,168 

(2)(3)

InterGlobe

Aviation

Ltd.

107,661

0.1

3,663 

Larsen

&

Toubro

Ltd.

150,298

0.1

7,248 

Lupin

Ltd.

173,625

0.1

2,902 

Mahindra

&

Mahindra

Ltd.

99,737

0.1

12,053 

Marico

Ltd.

93,152

0.0

888 

Maruti

Suzuki

India

Ltd.

125,806

0.1

10,855 

Max

Healthcare

Institute

Ltd.

132,521

0.1

126 

MRF

Ltd.

164,927

0.1

71,246 

NHPC

Ltd.

65,876

0.0

186,585 

NMDC

Ltd.

141,634

0.1

41,772 

NTPC

Ltd.

155,574

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

January

31,

2025

(Unaudited)

(continued)

3

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

India

(continued)

42,272 

Oil

&

Natural

Gas

Corp.

Ltd.

$

127,459

0.1

725 

Oracle

Financial

Services

Software

Ltd.

75,910

0.0

2,773 

Persistent

Systems

Ltd.

192,188

0.1

59,016 

Petronet

LNG

Ltd.

214,578

0.1

4,062 

Phoenix

Mills

Ltd.

76,777

0.0

2,694 

PI

Industries

Ltd.

108,067

0.1

2,641 

Pidilite

Industries

Ltd.

87,454

0.0

61,505 

Power

Grid

Corp.

of

India

Ltd.

213,592

0.1

511,951 

Reliance

Industries

Ltd.

7,450,353

3.6

119,704 

(2)

Reliance

Strategic

Investments

Ltd.

332,479

0.2

1,198 

Siemens

Ltd.

83,622

0.0

9,341 

Sun

Pharmaceutical

Industries

Ltd.

187,690

0.1

1,444 

Supreme

Industries

Ltd.

65,901

0.0

65,064 

Tata

Consultancy

Services

Ltd.

3,078,733

1.5

66,261 

Tata

Consumer

Products

Ltd.

781,304

0.4

13,940 

Tata

Motors

Ltd.

114,727

0.1

21,691 

Tata

Power

Co.

Ltd.

90,855

0.0

70,078 

Tata

Steel

Ltd.

108,300

0.1

13,706 

Tech

Mahindra

Ltd.

263,524

0.1

2,418 

Titan

Co.

Ltd.

97,031

0.1

2,408 

Torrent

Pharmaceuticals

Ltd.

90,738

0.0

5,341 

Torrent

Power

Ltd.

89,921

0.0

1,228 

Trent

Ltd.

81,169

0.0

1,252 

UltraTech

Cement

Ltd.

165,566

0.1

5,036 

United

Spirits

Ltd.

82,594

0.0

27,771 

Vedanta

Ltd.

140,915

0.1

7,848 

Voltas

Ltd.

113,860

0.1

45,815 

Wipro

Ltd.

164,131

0.1

29,831 

(2)

Zomato

Ltd.

75,554

0.0

7,826 

Zydus

Lifesciences

Ltd.

87,402

0.0

36,568,530

17.7

Indonesia

:

1.8%

446,600 

Adaro

Energy

Indonesia

Tbk

PT

63,775

0.0

2,106,700 

Astra

International

Tbk

PT

619,023

0.3

4,237,974 

Bank

Central

Asia

Tbk

PT

2,448,192

1.2

257,700 

Bank

Mandiri

Persero

Tbk

PT

94,685

0.0

840,800 

Telkom

Indonesia

Persero

Tbk

PT

135,410

0.1

1,918,900 

Unilever

Indonesia

Tbk

PT

191,475

0.1

94,800 

United

Tractors

Tbk

PT

144,672

0.1

3,697,232

1.8

Japan

:

1.2%

7,360 

Fast

Retailing

Co.

Ltd.

2,424,070

1.2

Kuwait

:

0.1%

90,266 

Mobile

Telecommunications

Co.

KSCP

132,278

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Luxembourg

:

0.1%

8,451 

Reinet

Investments

SCA

$

209,175

0.1

Malaysia

:

1.5%

77,300 

AMMB

Holdings

Bhd

97,705

0.0

44,800 

CIMB

Group

Holdings

Bhd

80,422

0.0

213,000 

Gamuda

Bhd

192,479

0.1

93,500 

Genting

Bhd

76,013

0.0

199,100 

IJM

Corp.

Bhd

106,258

0.1

43,800 

Malaysia

Airports

Holdings

Bhd

107,498

0.1

90,800 

MISC

Bhd

147,279

0.1

185,900 

(3)

MR

DIY

Group

M

Bhd

69,863

0.0

41,800 

Petronas

Gas

Bhd

161,007

0.1

928,300 

Public

Bank

Bhd

896,652

0.4

272,500 

Sime

Darby

Bhd

137,201

0.1

92,700 

Telekom

Malaysia

Bhd

136,871

0.1

210,100 

Tenaga

Nasional

Bhd

640,413

0.3

143,587 

UEM

Sunrise

Bhd

29,704

0.0

192,400 

YTL

Corp.

Bhd

81,842

0.0

167,400 

YTL

Power

International

Bhd

117,092

0.1

3,078,299

1.5

Mexico

:

5.6%

169,033 

Alfa

SAB

de

CV

-

Class

A

137,775

0.1

177,977 

America

Movil

SAB

de

CV

124,967

0.1

48,053 

America

Movil

SAB

de

CV

-

Foreign,

ADR

673,223

0.3

15,588 

Arca

Continental

SAB

de

CV

142,009

0.1

298,704 

Cemex

SAB

de

CV

176,437

0.1

86,744 

Cemex

SAB

de

CV

-

Foreign,

ADR

514,392

0.2

37,788 

Coca-Cola

Femsa

SAB

de

CV

295,801

0.1

7,015 

Coca-Cola

Femsa

SAB

de

CV

-

Foreign,

ADR

550,607

0.3

36,645 

Corp

Inmobiliaria

Vesta

SAB

de

CV

95,653

0.0

24,095 

El

Puerto

de

Liverpool

SAB

de

CV

-

Class

C1

120,277

0.1

98,338 

Fibra

Uno

Administracion

SA

de

CV

102,078

0.0

50,288 

Fomento

Economico

Mexicano

SAB

de

CV

427,868

0.2

36,044 

Fomento

Economico

Mexicano

SAB

de

CV

-

Foreign,

ADR

3,075,274

1.5

9,686 

Gruma

SAB

de

CV

-

Class

B

167,147

0.1

10,621 

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

100,285

0.0

9,093 

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

Class

B

167,809

0.1

7,981 

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

Class

B

217,145

0.1

23,175 

Grupo

Bimbo

SAB

de

CV

60,728

0.0

17,447 

Grupo

Comercial

Chedraui

SA

de

CV

100,605

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

January

31,

2025

(Unaudited)

(continued)

4

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Mexico

(continued)

118,696 

Grupo

Financiero

Banorte

SAB

de

CV

-

Class

O

$

823,918

0.4

51,828 

(2)

Grupo

Financiero

Inbursa

SAB

de

CV

-

Class

O

110,424

0.1

31,179 

Grupo

Mexico

SAB

de

CV

152,194

0.1

126,274 

Grupo

Televisa

SAB,

ADR

242,446

0.1

44,337 

(1)(2)

Ollamani

SAB

77,026

0.0

78,381 

Prologis

Property

Mexico

SA

de

CV

244,161

0.1

15,316 

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

142,539

0.1

1,005,834 

Wal-Mart

de

Mexico

SAB

de

CV

2,620,158

1.3

11,662,946

5.6

Netherlands

:

1.1%

29,953 

Heineken

NV

2,081,061

1.0

17,689 

NEPI

Rockcastle

NV

133,672

0.1

2,214,733

1.1

Peru

:

0.6%

23,728 

Cia

de

Minas

Buenaventura

SAA,

ADR

302,769

0.2

4,670 

Credicorp

Ltd.

855,077

0.4

1,157,846

0.6

Philippines

:

0.2%

489,600 

DMCI

Holdings,

Inc.

91,423

0.0

18,680 

International

Container

Terminal

Services,

Inc.

111,538

0.0

16,900 

Manila

Electric

Co.

129,704

0.1

6,630 

PLDT,

Inc.

151,732

0.1

484,397

0.2

Qatar

:

0.2%

33,182 

Ooredoo

QPSC

117,746

0.0

36,398 

Qatar

Fuel

QSC

153,249

0.1

68,759 

Qatar

Navigation

QSC

206,787

0.1

477,782

0.2

Romania

:

0.2%

1,544,342 

OMV

Petrom

SA

234,740

0.1

4,688 

Societatea

De

Producere

A

Energiei

Electrice

in

Hidrocentrale

Hidroelectrica

SA

119,740

0.1

354,480

0.2

Russia

:

—%

164,710 

(4)

Alrosa

PJSC

—

—

951,000 

(2)(3)(4)

Detsky

Mir

PJSC

—

—

1,037,141 

(2)(4)

Gazprom

PJSC

—

—

25,468 

(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 

(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

—

—

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Russia

(continued)

34,543 

(4)

Tatneft

PJSC

$

—

—

—

—

Saudi

Arabia

:

0.6%

2,287 

Astra

Industrial

Group

114,633

0.1

1,940 

Bupa

Arabia

for

Cooperative

Insurance

Co.

96,206

0.0

14,289 

Etihad

Etisalat

Co.

220,581

0.1

31,631 

Jarir

Marketing

Co.

108,060

0.0

2,792 

Riyadh

Cables

Group

Co.

105,455

0.0

73,061 

(3)

Saudi

Arabian

Oil

Co.

540,639

0.3

12,501 

Saudi

Telecom

Co.

144,865

0.1

1,330,439

0.6

South

Africa

:

1.9%

11,696 

Bid

Corp.

Ltd.

298,308

0.1

10,670 

Bidvest

Group

Ltd.

145,557

0.1

658 

Capitec

Bank

Holdings

Ltd.

104,766

0.0

11,321 

Clicks

Group

Ltd.

217,906

0.1

16,846 

Exxaro

Resources

Ltd.

157,701

0.1

13,970 

Foschini

Group

Ltd.

106,279

0.1

15,786 

Mr

Price

Group

Ltd.

210,440

0.1

47,683 

OUTsurance

Group

Ltd.

160,870

0.1

376,668 

Sanlam

Ltd.

1,641,351

0.8

15,916 

Shoprite

Holdings

Ltd.

242,947

0.1

7,088 

Standard

Bank

Group

Ltd.

82,673

0.0

12,976 

Tiger

Brands

Ltd.

191,801

0.1

20,695 

Vodacom

Group

Ltd.

121,039

0.1

51,044 

Woolworths

Holdings

Ltd./

South

Africa

158,645

0.1

3,840,283

1.9

South

Korea

:

15.9%

978 

CJ

Corp.

63,830

0.0

1,842 

(2)

Coway

Co.

Ltd.

97,444

0.0

1,751 

DB

Insurance

Co.

Ltd.

116,506

0.1

3,820 

(2)

GS

Holdings

Corp.

100,782

0.1

2,168 

Hana

Financial

Group,

Inc.

89,735

0.0

7,764 

(2)

Hankook

Tire

&

Technology

Co.

Ltd.

217,827

0.1

2,487 

HD

Hyundai

Co.

Ltd.

141,470

0.1

1,173 

(2)

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

185,923

0.1

2,187 

Hyundai

Glovis

Co.

Ltd.

223,421

0.1

2,470 

Hyundai

Mobis

Co.

Ltd.

445,726

0.2

645 

Hyundai

Motor

Co.

90,783

0.0

38,775 

Kakao

Corp.

1,018,026

0.5

2,295 

KB

Financial

Group,

Inc.

143,785

0.1

8,571 

Kia

Corp.

598,066

0.3

5,893 

(2)

Korea

Electric

Power

Corp.

85,049

0.0

6,740 

(2)

Korean

Air

Lines

Co.

Ltd.

114,426

0.1

2,680 

KT&G

Corp.

203,234

0.1

1,849 

(2)

LG

Corp.

94,787

0.0

1,278 

LG

Electronics,

Inc.

73,633

0.0

78,737 

LG

Uplus

Corp.

542,546

0.3

1,596 

(2)

Lotte

Corp.

22,815

0.0

384 

(2)

Lotte

Wellfood

Co.

Ltd.

27,077

0.0

19,956 

(2)

NAVER

Corp.

2,955,226

1.4

1,985 

S-1

Corp.

81,356

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

January

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)

17,905 

Samsung

C&T

Corp.

$

1,467,786

0.7

1,239 

Samsung

Electro-

Mechanics

Co.

Ltd.

113,484

0.1

131,710 

Samsung

Electronics

Co.

Ltd.

4,703,854

2.3

406 

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

105,965

0.1

13,683 

(2)

Samsung

Life

Insurance

Co.

Ltd.

834,948

0.4

16,064 

Shinhan

Financial

Group

Co.

Ltd.

559,570

0.3

59,850 

SK

Hynix,

Inc.

8,057,585

3.9

119,726 

(2)

SK

Square

Co.

Ltd.

7,650,584

3.7

38,497 

SK

Telecom

Co.

Ltd.

1,465,935

0.7

9,766 

Woori

Financial

Group,

Inc.

107,447

0.1

32,800,631

15.9

Taiwan

:

18.0%

6,000 

Accton

Technology

Corp.

137,780

0.1

11,471 

Advantech

Co.

Ltd.

131,326

0.1

81,000 

ASE

Technology

Holding

Co.

Ltd.

420,431

0.2

25,000 

Asustek

Computer,

Inc.

455,062

0.2

16,000 

Catcher

Technology

Co.

Ltd.

96,093

0.0

87,000 

Cheng

Shin

Rubber

Industry

Co.

Ltd.

130,880

0.1

57,000 

Chicony

Electronics

Co.

Ltd.

263,955

0.1

53,000 

Chunghwa

Telecom

Co.

Ltd.

202,383

0.1

91,000 

Compal

Electronics,

Inc.

100,367

0.0

91,000 

CTBC

Financial

Holding

Co.

Ltd.

108,316

0.1

68,000 

Delta

Electronics,

Inc.

886,043

0.4

154,000 

Eva

Airways

Corp.

222,039

0.1

135,000 

Far

Eastern

New

Century

Corp.

127,874

0.1

32,000 

Far

EasTone

Telecommunications

Co.

Ltd.

85,805

0.0

740,000 

(1)(2)(3)

FIT

Hon

Teng

Ltd.

324,048

0.2

120,000 

Hon

Hai

Precision

Industry

Co.

Ltd.

640,756

0.3

4,000 

International

Games

System

Co.

Ltd.

114,282

0.1

30,000 

King

Yuan

Electronics

Co.

Ltd.

100,392

0.1

2,000 

Largan

Precision

Co.

Ltd.

165,273

0.1

52,000 

Lite-On

Technology

Corp.

170,183

0.1

2,000 

Lotes

Co.

Ltd.

112,686

0.1

111,300 

MediaTek,

Inc.

4,820,075

2.3

22,000 

Micro-Star

International

Co.

Ltd.

120,414

0.1

21,000 

Novatek

Microelectronics

Corp.

330,017

0.2

303,000 

Pegatron

Corp.

881,602

0.4

163,000 

Pou

Chen

Corp.

180,772

0.1

51,000 

Powertech

Technology,

Inc.

177,019

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Taiwan

(continued)

10,000 

President

Chain

Store

Corp.

$

78,910

0.0

27,000 

Quanta

Computer,

Inc.

214,060

0.1

15,000 

Realtek

Semiconductor

Corp.

247,063

0.1

134,350 

SinoPac

Financial

Holdings

Co.

Ltd.

92,476

0.0

74,000 

Synnex

Technology

International

Corp.

159,050

0.1

101,000 

Taiwan

Cement

Corp.

97,622

0.0

47,000 

Taiwan

Fertilizer

Co.

Ltd.

74,509

0.0

18,000 

Taiwan

Secom

Co.

Ltd.

67,459

0.0

711,402 

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

23,741,692

11.5

48,000 

Uni-President

Enterprises

Corp.

113,968

0.1

212,000 

United

Microelectronics

Corp.

252,748

0.1

2,000 

Voltronic

Power

Technology

Corp.

112,884

0.1

36,000 

WPG

Holdings

Ltd.

76,889

0.0

5,000 

Yageo

Corp.

81,149

0.0

92,040 

Yuanta

Financial

Holding

Co.

Ltd.

96,799

0.0

33,000 

Zhen

Ding

Technology

Holding

Ltd.

118,202

0.1

37,131,353

18.0

Thailand

:

1.4%

13,300 

Advanced

Info

Service

PCL

111,803

0.0

178,500 

Bangkok

Dusit

Medical

Services

PCL

-

Class

F

124,566

0.1

1,426,636 

CP

ALL

PCL

-

Foreign

2,196,325

1.1

20,900 

Kasikornbank

PCL

99,364

0.0

36,900 

PTT

Exploration

&

Production

PCL

138,925

0.1

264,100 

PTT

PCL

-

Foreign

246,397

0.1

2,917,380

1.4

Turkey

:

0.9%

565,865 

Akbank

TAS

1,022,721

0.5

16,997 

BIM

Birlesik

Magazalar

AS

260,798

0.1

50,592 

Coca-Cola

Icecek

AS

80,343

0.0

3,442 

(2)

D-MARKET

Elektronik

Hizmetler

ve

Ticaret

AS,

ADR

11,324

0.0

34,036 

KOC

Holding

AS

161,348

0.1

5,620 

Migros

Ticaret

AS

91,563

0.0

11,337 

(2)

Turk

Hava

Yollari

AO

100,086

0.1

29,149 

Turkiye

Petrol

Rafinerileri

AS

114,677

0.1

1,842,860

0.9

United

Arab

Emirates

:

0.8%

214,732 

Air

Arabia

PJSC

180,646

0.1

65,912 

Aldar

Properties

PJSC

137,132

0.1

89,878 

Emaar

Development

PJSC

321,005

0.1

259,511 

Emaar

Properties

PJSC

952,487

0.5

PORTFOLIO

OF

INVESTMENTS

as

of

January

31,

2025

(Unaudited)

(continued)

6

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

United

Arab

Emirates

(continued)

17,755 

Emirates

Telecommunications

Group

Co.

PJSC

$

82,659

0.0

1,673,929

0.8

United

Kingdom

:

1.2%

342,800 

(4)

Fix

Price

Group

PLC,

GDR

—

—

43,303 

Unilever

PLC,

ADR

2,484,726

1.2

2,484,726

1.2

United

States

:

0.7%

12,421 

Micron

Technology,

Inc.

1,133,292

0.6

6,314 

Titan

Cement

International

SA

298,725

0.1

1,432,017

0.7

Uruguay

:

1.6%

1,696 

(2)

MercadoLibre,

Inc.

3,260,034

1.6

Total

Common

Stock

(Cost

$205,143,427)

204,247,241

99.0

PREFERRED

STOCK

:

0.6%

Brazil

:

0.5%

148,935 

Cia

Energetica

de

Minas

Gerais

281,098

0.1

39,620 

Gerdau

SA

116,473

0.1

306,168 

Itausa

SA

499,274

0.2

26,261 

Petroleo

Brasileiro

SA

169,275

0.1

1,066,120

0.5

Chile

:

0.1%

31,252 

Embotelladora

Andina

SA

104,503

0.1

Russia

:

—%

378 

(4)

AK

Transneft

PJSC

OAO

—

—

863,754 

(4)

Surgutneftegas

PJSC

—

—

217 

(4)

Transneft

PJSC

—

—

—

—

South

Korea

:

0.0%

971 

(2)

LG

Chem

Ltd.

92,414

0.0

Total

Preferred

Stock

(Cost

$3,172,889)

1,263,037

0.6

WARRANTS

:

0.0%

Argentina

:

0.0%

38,283 

(2)

IRSA

Inversiones

y

Representaciones

SA

69,867

0.0

Total

Warrants

(Cost

$–)

69,867

0.0

Total

Long-Term

Investments

(Cost

$208,316,316)

205,580,145

99.6

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

1.8%

Repurchase

Agreements

:

1.0%

1,000,000 

(5)

Bank

of

Montreal,

Repurchase

Agreement

dated

01/31/2025,

4.340%,

due

02/03/2025

(Repurchase

Amount

$1,000,357,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

1.714%-

7.320%,

Market

Value

plus

accrued

interest

$1,020,000,

due

01/01/26-02/01/52)

$

1,000,000

0.5

70,279 

(5)

Daiwa

Capital

Markets

America,

Inc.,

Repurchase

Agreement

dated

01/31/2025,

4.350%,

due

02/03/2025

(Repurchase

Amount

$70,304,

collateralized

by

various

U.S.

Government/U.S.

Government

Agency

Obligations,

0.000%-

7.500%,

Market

Value

plus

accrued

interest

$71,685,

due

02/13/25-02/01/55)

70,279

0.0

1,000,000 

(5)

TD

Securities

(USA)

LLC,

Repurchase

Agreement

dated

01/31/2025,

4.350%,

due

02/03/2025

(Repurchase

Amount

$1,000,358,

collateralized

by

various

U.S.

Government

Agency

Obligations,

3.000%-7.000%,

Market

Value

plus

accrued

interest

$1,020,000,

due

03/01/49-01/01/55)

1,000,000

0.5

Total

Repurchase

Agreements

(Cost

$2,070,279)

2,070,279

1.0

PORTFOLIO

OF

INVESTMENTS

as

of

January

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

:

0.8%

1,327,318 

(6)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

4.260%

$

1,327,318

0.6

331,000 

(6)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

4.310%

331,000

0.2

Total

Mutual

Funds

(Cost

$1,658,318)

1,658,318

0.8

Total

Short-Term

Investments

(Cost

$3,728,597)

3,728,597

1.8

Total

Investments

in

Securities

(Cost

$212,044,913)

$

209,308,742

101.4

Liabilities

in

Excess

of

Other

Assets

(2,934,845)

(1.4)

Net

Assets

$

206,373,897

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

January

31,

2025.

Sector

Diversification

Percentage

of

Net

Assets

Information

Technology

29.7

%

Financials

13.3

Consumer

Staples

12.9

Consumer

Discretionary

11.7

Communication

Services

9.4

Industrials

8.0

Energy

6.9

Materials

2.9

Utilities

2.1

Health

Care

1.5

Real

Estate

1.2

Warrants

0.0

Short-Term

Investments

1.8

Liabilities

in

Excess

of

Other

Assets

(1.4)

Net

Assets

100.0%

Portfolio

holdings

are

subject

to

change

daily.

PORTFOLIO

OF

INVESTMENTS

as

of

January

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

January

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

January

31,

2025

Asset

Table

Investments,

at

fair

value

Common

Stock

Argentina

$

541,732

$

—

$

—

$

541,732

Brazil

14,173,148

—

—

14,173,148

Chile

698,092

—

—

698,092

China

5,347,098

21,979,192

—

27,326,290

Czechia

221,960

—

—

221,960

Egypt

105,826

—

—

105,826

France

—

2,045,126

—

2,045,126

Germany

—

1,407,677

—

1,407,677

Greece

—

775,703

—

775,703

Hong

Kong

140,195

4,708,964

—

4,849,159

Hungary

204,419

588,950

—

793,369

Iceland

133,739

—

—

133,739

India

7,686,864

28,881,666

—

36,568,530

Indonesia

144,672

3,552,560

—

3,697,232

Japan

—

2,424,070

—

2,424,070

Kuwait

—

132,278

—

132,278

Luxembourg

209,175

—

—

209,175

Malaysia

107,498

2,970,801

—

3,078,299

Mexico

11,662,946

—

—

11,662,946

Netherlands

133,672

2,081,061

—

2,214,733

Peru

1,157,846

—

—

1,157,846

Philippines

221,127

263,270

—

484,397

Qatar

477,782

—

—

477,782

Romania

354,480

—

—

354,480

Russia

—

—

—

—

Saudi

Arabia

431,420

899,019

—

1,330,439

South

Africa

2,699,188

1,141,095

—

3,840,283

South

Korea

—

32,800,631

—

32,800,631

Taiwan

—

37,131,353

—

37,131,353

Thailand

124,566

2,792,814

—

2,917,380

Turkey

272,122

1,570,738

—

1,842,860

United

Arab

Emirates

263,305

1,410,624

—

1,673,929

United

Kingdom

2,484,726

—

—

2,484,726

United

States

1,133,292

298,725

—

1,432,017

Uruguay

3,260,034

—

—

3,260,034

Total

Common

Stock

54,390,924

149,856,317

—

204,247,241

Preferred

Stock

1,170,623

92,414

—

1,263,037

Warrants

69,867

—

—

69,867

Short-Term

Investments

1,658,318

2,070,279

—

3,728,597

Total

Investments,

at

fair

value

$

57,289,732

$

152,019,010

$

—

$

209,308,742

Other

Financial

Instruments+

Futures

455

—

—

455

Total

Assets

$

57,290,187

$

152,019,010

$

—

$

209,309,197

#

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

January

31,

2025

(Unaudited)

(continued)

9

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

At

January

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

13

03/21/25

$

708,760

$

455

$

708,760

$

455

Net

unrealized

depreciation

consisted

of:

Gross

Unrealized

Appreciation

$

37,800,409

Gross

Unrealized

Depreciation

(40,536,581)

Net

Unrealized

Depreciation

$

(2,736,172)