PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
94
.8
%
Brazil
:
1
.9
%
178,800
Caixa
Seguridade
Participacoes
S/A
$
467,046
0
.4
9,600
Embraer
SA
109,923
0
.1
154,300
(1)
Natura
&
Co.
Holding
SA
283,268
0
.3
24,500
(2)
Rede
D'Or
Sao
Luiz
SA
161,534
0
.1
13,920
Telefonica
Brasil
SA
69,509
0
.1
146,619
TIM
SA/Brazil
497,061
0
.5
31,700
Totvs
SA
236,884
0
.2
28,100
WEG
SA
208,558
0
.2
2,033,783
1
.9
Chile
:
0
.3
%
594,473
Enel
Americas
SA
55,429
0
.1
1,793,096
Enel
Chile
SA
130,006
0
.1
26,370
Falabella
SA
125,819
0
.1
311,254
0
.3
China
:
28
.9
%
9,000
Airtac
International
Group
276,165
0
.3
177,500
Alibaba
Group
Holding
Ltd.
2,527,212
2
.3
199,000
AviChina
Industry
&
Technology
Co.
Ltd.
-
Class
H
100,109
0
.1
62,000
Bank
of
Beijing
Co.
Ltd.
-
Class
A
54,204
0
.1
1,290,000
Bank
of
China
Ltd.
-
Class
H
747,435
0
.7
68,000
Beijing
Enterprises
Holdings
Ltd.
284,918
0
.3
52,300
(2)
BOC
Aviation
Ltd.
422,355
0
.4
376,000
Bosideng
International
Holdings
Ltd.
210,005
0
.2
15,500
BYD
Co.
Ltd.
-
Class
H
770,320
0
.7
618,000
China
CITIC
Bank
Corp.
Ltd.
-
Class
H
544,013
0
.5
624,000
China
Communications
Services
Corp.
Ltd.
-
Class
H
358,432
0
.3
1,300,000
China
Construction
Bank
Corp.
-
Class
H
1,162,300
1
.1
151,000
(2)
China
Feihe
Ltd.
116,699
0
.1
213,600
China
Gas
Holdings
Ltd.
194,477
0
.2
92,000
China
Hongqiao
Group
Ltd.
163,481
0
.2
21,000
China
Mengniu
Dairy
Co.
Ltd.
46,924
0.0
39,500
China
Merchants
Bank
Co.
Ltd.
-
Class
H
244,557
0
.2
194,000
China
Merchants
Port
Holdings
Co.
Ltd.
375,080
0
.3
108,000
China
Minsheng
Banking
Corp.
Ltd.
-
Class
H
55,448
0
.1
71,600
China
Pacific
Insurance
Group
Co.
Ltd.
-
Class
H
222,448
0
.2
200,539
China
Railway
Signal
&
Communication
Corp.
Ltd.
-
Class
A
139,544
0
.1
270,000
(2)
China
Resources
Pharmaceutical
Group
Ltd.
177,073
0
.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
277,200
(2)
China
Tower
Corp.
Ltd.
-
Class
H
$
410,479
0
.4
140,600
China
XD
Electric
Co.
Ltd.
-
Class
A
121,420
0
.1
20,600
China
Yangtze
Power
Co.
Ltd.
-
Class
A
86,385
0
.1
229,200
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
-
Class
A
230,538
0
.2
348,000
CMOC
Group
Ltd.
-
Class
H
277,396
0
.3
1,500
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
51,797
0.0
13,100
Dong-E-E-Jiao
Co.
Ltd.
-
Class
A
99,451
0
.1
103,700
Dongfang
Electric
Corp.
Ltd.
-
Class
A
229,260
0
.2
557,000
Far
East
Horizon
Ltd.
430,478
0
.4
113,000
Fosun
International
Ltd.
65,944
0
.1
10,400
(2)
Giant
Biogene
Holding
Co.
Ltd.
93,725
0
.1
161,200
Goldwind
Science
&
Technology
Co.
Ltd.
-
Class
A
206,611
0
.2
135,000
Great
Wall
Motor
Co.
Ltd.
-
Class
H
208,329
0
.2
166,000
Guangdong
Investment
Ltd.
134,652
0
.1
18,400
Haier
Smart
Home
Co.
Ltd.
-
Class
H
53,585
0.0
39,000
Hisense
Home
Appliances
Group
Co.
Ltd.
-
Class
H
128,341
0
.1
88,600
(2)
Huatai
Securities
Co.
Ltd.
-
Class
H
148,576
0
.1
782,592
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
H
567,593
0
.5
73,300
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
-
Class
B
149,006
0
.1
41,552
JD.com,
Inc.
-
Class
A
672,441
0
.6
74,900
Jiangsu
Zhongtian
Technology
Co.
Ltd.
-
Class
A
137,983
0
.1
65,400
Kingsoft
Corp.
Ltd.
277,313
0
.3
302,000
Kunlun
Energy
Co.
Ltd.
301,687
0
.3
700
Kweichow
Moutai
Co.
Ltd.
-
Class
A
147,361
0
.1
294,000
Lenovo
Group
Ltd.
335,636
0
.3
34,000
Meihua
Holdings
Group
Co.
Ltd.
-
Class
A
49,412
0.0
62,020
(1)(2)
Meituan
-
Class
B
1,072,615
1
.0
19,800
MINISO
Group
Holding
Ltd.
84,409
0
.1
69,600
NARI
Technology
Co.
Ltd.
-
Class
A
213,953
0
.2
21,900
NetEase,
Inc.
529,504
0
.5
25,700
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.
-
Class
A
78,499
0
.1
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
6,424
(1)
PDD
Holdings,
Inc.,
ADR
$
619,980
0
.6
848,000
People's
Insurance
Co.
Group
of
China
Ltd.
-
Class
H
553,139
0
.5
248,000
PetroChina
Co.
Ltd.
-
Class
H
207,550
0
.2
290,000
PICC
Property
&
Casualty
Co.
Ltd.
-
Class
H
551,033
0
.5
124,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H
727,153
0
.7
6,800
(2)
Pop
Mart
International
Group
Ltd.
190,047
0
.2
6,540
Qifu
Technology,
Inc.,
ADR
268,794
0
.2
39,000
Sany
Heavy
Industry
Co.
Ltd.
-
Class
A
101,816
0
.1
6,700
Seres
Group
Co.
Ltd.
-
Class
A
125,892
0
.1
299,700
Shandong
Nanshan
Aluminum
Co.
Ltd.
-
Class
A
155,745
0
.1
164,000
Shanghai
Baosight
Software
Co.
Ltd.
-
Class
B
226,859
0
.2
209,300
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
-
Class
H
303,540
0
.3
30,700
Sichuan
Chuantou
Energy
Co.
Ltd.
-
Class
A
71,801
0
.1
15,200
Sieyuan
Electric
Co.
Ltd.
-
Class
A
152,080
0
.1
67,600
Sinopharm
Group
Co.
Ltd.
-
Class
H
162,962
0
.2
30,000
Sinotruk
Hong
Kong
Ltd.
75,591
0
.1
80,600
Tencent
Holdings
Ltd.
5,081,238
4
.7
17,398
Tencent
Music
Entertainment
Group,
ADR
292,982
0
.3
13,000
Tianqi
Lithium
Corp.
-
Class
A
51,990
0.0
99,200
Tongcheng
Travel
Holdings
Ltd.
278,749
0
.3
223,000
TravelSky
Technology
Ltd.
-
Class
H
316,295
0
.3
28,373
Trina
Solar
Co.
Ltd.
-
Class
A
52,642
0.0
7,488
Vipshop
Holdings
Ltd.,
ADR
103,260
0
.1
154,000
Weichai
Power
Co.
Ltd.
-
Class
H
299,849
0
.3
9,300
Wuliangye
Yibin
Co.
Ltd.
-
Class
A
162,563
0
.2
116,200
Xiamen
C
&
D,
Inc.
-
Class
A
159,727
0
.1
207,400
(1)(2)
Xiaomi
Corp.
-
Class
B
1,335,036
1
.2
43,500
Yealink
Network
Technology
Corp.
Ltd.
-
Class
A
203,334
0
.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
19,800
Yintai
Gold
Co.
Ltd.
-
Class
A
$
54,247
0
.1
64,100
Yunnan
Yuntianhua
Co.
Ltd.
-
Class
A
193,814
0
.2
37,800
Yutong
Bus
Co.
Ltd.
-
Class
A
129,533
0
.1
44,200
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
-
Class
A
107,705
0
.1
55,600
Zhejiang
Chint
Electrics
Co.
Ltd.
-
Class
A
168,893
0
.2
161,600
Zhejiang
Longsheng
Group
Co.
Ltd.
-
Class
A
219,792
0
.2
29,600
Zhejiang
NHU
Co.
Ltd.
-
Class
A
90,088
0
.1
79,200
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
-
Class
H
335,382
0
.3
58,200
ZTE
Corp.
-
Class
H
162,371
0
.2
31,081,050
28
.9
Colombia
:
0
.3
%
61,660
Interconexion
Electrica
SA
ESP
287,302
0
.3
Greece
:
1
.7
%
123,409
Alpha
Services
and
Holdings
SA
396,027
0
.4
99,384
Eurobank
Ergasias
Services
and
Holdings
SA
306,108
0
.3
18,247
National
Bank
of
Greece
SA
217,277
0
.2
20,781
OPAP
SA
446,853
0
.4
73,630
Piraeus
Financial
Holdings
SA
490,513
0
.4
1,856,778
1
.7
Hungary
:
0
.5
%
2,115
OTP
Bank
Nyrt
160,436
0
.2
12,415
Richter
Gedeon
Nyrt
361,206
0
.3
521,642
0
.5
India
:
17
.9
%
3,444
ABB
India
Ltd.
240,585
0
.2
8,660
APL
Apollo
Tubes
Ltd.
183,429
0
.2
2,889
Apollo
Hospitals
Enterprise
Ltd.
232,660
0
.2
31,505
Axis
Bank
Ltd.
439,569
0
.4
5,532
Bajaj
Finance
Ltd.
594,343
0
.6
145,249
Bharat
Electronics
Ltd.
654,205
0
.6
46,270
Bharat
Heavy
Electricals
Ltd.
140,790
0
.1
82,983
Bharat
Petroleum
Corp.
Ltd.
309,311
0
.3
9,189
BSE
Ltd.
287,858
0
.3
13,978
CG
Power
&
Industrial
Solutions
Ltd.
112,355
0
.1
11,693
Cipla
Ltd./India
200,561
0
.2
10,956
Colgate-Palmolive
India
Ltd.
314,794
0
.3
7,834
Cummins
India
Ltd.
299,525
0
.3
19,735
Havells
India
Ltd.
352,347
0
.3
35,689
HCL
Technologies
Ltd.
683,137
0
.6
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India
(continued)
7,171
(2)
HDFC
Asset
Management
Co.
Ltd.
$
401,200
0
.4
18,520
HDFC
Bank
Ltd.
422,627
0
.4
1,656
Hero
MotoCorp
Ltd.
83,443
0
.1
16,277
Hindalco
Industries
Ltd.
120,764
0
.1
6,056
Hindustan
Aeronautics
Ltd.
352,470
0
.3
28,424
Hindustan
Petroleum
Corp.
Ltd.
136,762
0
.1
65,976
ICICI
Bank
Ltd.
1,119,053
1
.0
2,856
(2)
ICICI
Lombard
General
Insurance
Co.
Ltd.
62,665
0
.1
295,256
Indian
Oil
Corp.
Ltd.
490,525
0
.5
6,318
Info
Edge
India
Ltd.
105,522
0
.1
58,215
Infosys
Ltd.
1,063,866
1
.0
56,373
ITC
Ltd.
275,809
0
.3
15,500
Kalyan
Jewellers
India
Ltd.
101,659
0
.1
19,648
Larsen
&
Toubro
Ltd.
844,605
0
.8
6,031
(2)
LTIMindtree
Ltd.
357,548
0
.3
14,379
Lupin
Ltd.
329,739
0
.3
3,235
(2)
Macrotech
Developers
Ltd.
54,021
0.0
10,659
Mphasis
Ltd.
318,939
0
.3
6,076
Muthoot
Finance
Ltd.
157,648
0
.1
207,475
NHPC
Ltd.
212,234
0
.2
391,359
NMDC
Ltd.
326,430
0
.3
61,012
Oil
&
Natural
Gas
Corp.
Ltd.
170,917
0
.2
1,819
Oracle
Financial
Services
Software
Ltd.
180,461
0
.2
1,731
Persistent
Systems
Ltd.
114,036
0
.1
6,662
PI
Industries
Ltd.
297,838
0
.3
8,777
Pidilite
Industries
Ltd.
318,918
0
.3
94,526
Power
Finance
Corp.
Ltd.
449,442
0
.4
177,055
Power
Grid
Corp.
of
India
Ltd.
600,406
0
.6
94,228
REC
Ltd.
444,400
0
.4
22,626
Reliance
Industries
Ltd.
376,319
0
.3
51,699
Shriram
Finance
Ltd.
386,875
0
.4
1,588
Solar
Industries
India
Ltd.
299,097
0
.3
15,073
Sun
Pharmaceutical
Industries
Ltd.
295,911
0
.3
21,834
Tata
Consultancy
Services
Ltd.
884,052
0
.8
245,283
Tata
Steel
Ltd.
462,961
0
.4
24,186
Tech
Mahindra
Ltd.
445,144
0
.4
2,309
Torrent
Pharmaceuticals
Ltd.
85,777
0
.1
3,110
United
Spirits
Ltd.
55,300
0.0
104,110
Vedanta
Ltd.
531,048
0
.5
10,707
Voltas
Ltd.
158,146
0
.1
112,486
Wipro
Ltd.
328,647
0
.3
19,268,693
17
.9
Indonesia
:
0
.7
%
2,095,100
Adaro
Energy
Indonesia
Tbk
PT
282,960
0
.3
110,700
Indofood
Sukses
Makmur
Tbk
PT
53,436
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Indonesia
(continued)
2,122,400
Kalbe
Farma
Tbk
PT
$
197,160
0
.2
1,539,100
Sumber
Alfaria
Trijaya
Tbk
PT
229,637
0
.2
763,193
0
.7
Luxembourg
:
0
.3
%
10,965
Reinet
Investments
SCA
297,099
0
.3
Malaysia
:
1
.7
%
339,700
AMMB
Holdings
Bhd
418,077
0
.4
205,600
Axiata
Group
Bhd
98,987
0
.1
103,400
CIMB
Group
Holdings
Bhd
168,433
0
.1
392,100
Genting
Bhd
276,450
0
.3
30,100
Hong
Leong
Bank
Bhd
138,502
0
.1
28,500
Malayan
Banking
Bhd
65,497
0
.1
354,400
Public
Bank
Bhd
358,985
0
.3
108,500
RHB
Bank
Bhd
163,983
0
.1
467,000
Sime
Darby
Bhd
186,370
0
.2
1,875,284
1
.7
Mexico
:
1
.4
%
14,400
Arca
Continental
SAB
de
CV
158,507
0
.2
10,100
Coca-Cola
Femsa
SAB
de
CV
95,491
0
.1
360,378
Fibra
Uno
Administracion
SA
de
CV
503,890
0
.5
14,500
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
-
Class
B
465,344
0
.4
29,400
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
260,744
0
.2
1,483,976
1
.4
Peru
:
0
.2
%
959
Credicorp
Ltd.
203,126
0
.2
Philippines
:
0
.1
%
8,520
International
Container
Terminal
Services,
Inc.
62,539
0
.1
3,600
SM
Investments
Corp.
53,876
0.0
116,415
0
.1
Poland
:
0
.9
%
13,861
Polski
Koncern
Naftowy
ORLEN
SA
272,363
0
.2
21,763
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
437,876
0
.4
17,188
Powszechny
Zaklad
Ubezpieczen
SA
280,805
0
.3
991,044
0
.9
Qatar
:
1
.2
%
478,152
Barwa
Real
Estate
Co.
378,106
0
.3
111,396
Ooredoo
QPSC
378,483
0
.4
57,449
Qatar
Electricity
&
Water
Co.
QSC
249,929
0
.2
52,646
Qatar
Fuel
QSC
217,015
0
.2
23,276
Qatar
National
Bank
QPSC
108,254
0
.1
1,331,787
1
.2
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Romania
:
0
.3
%
42,076
NEPI
Rockcastle
NV
$
323,575
0
.3
Russia
:
—
%
354,185
(3)
Alrosa
PJSC
—
—
10,144,776
(3)
Inter
RAO
UES
PJSC
—
—
15,442
(3)
Lukoil
PJSC
—
—
9,459
(3)
Magnit
PJSC
—
—
116,758
(3)
Mobile
TeleSystems
PJSC
—
—
4,585
(3)
Severstal
PAO
—
—
130,134
(3)
Surgutneftegas
PJSC
—
—
125,422
(3)
Tatneft
PJSC
—
—
—
—
Saudi
Arabia
:
2
.8
%
99,423
Arab
National
Bank
573,519
0
.5
360
Elm
Co.
98,369
0
.1
19,083
Etihad
Etisalat
Co.
303,159
0
.3
5,432
Nahdi
Medical
Co.
176,643
0
.2
55,795
Saudi
Awwal
Bank
501,714
0
.5
9,114
Saudi
Basic
Industries
Corp.
135,314
0
.1
59,812
Saudi
Industrial
Investment
Group
263,525
0
.2
86,163
Saudi
National
Bank
796,248
0
.7
22,605
Yanbu
National
Petrochemical
Co.
179,484
0
.2
3,027,975
2
.8
South
Africa
:
2
.3
%
12,890
Absa
Group
Ltd.
124,318
0
.1
2,390
Bid
Corp.
Ltd.
63,306
0.0
18,035
Gold
Fields
Ltd.
412,162
0
.4
15,933
Harmony
Gold
Mining
Co.
Ltd.
230,105
0
.2
7,610
Kumba
Iron
Ore
Ltd.
124,701
0
.1
2,101
Naspers
Ltd.
-
Class
N
603,696
0
.6
94,955
OUTsurance
Group
Ltd.
401,047
0
.4
49,623
(1)
Sasol
Ltd.
223,939
0
.2
12,964
Shoprite
Holdings
Ltd.
210,681
0
.2
14,018
Vodacom
Group
Ltd.
107,544
0
.1
2,501,499
2
.3
South
Korea
:
10
.2
%
1,216
CJ
CheilJedang
Corp.
203,652
0
.2
4,478
DB
Insurance
Co.
Ltd.
326,360
0
.3
2,207
Hana
Financial
Group,
Inc.
116,075
0
.1
6,516
HD
Hyundai
Co.
Ltd.
526,421
0
.5
681
HD
Hyundai
Electric
Co.
Ltd.
186,455
0
.2
408
HD
Hyundai
Heavy
Industries
Co.
Ltd.
119,467
0
.1
1,825
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
417,059
0
.4
922
Hyundai
Mobis
Co.
Ltd.
169,017
0
.2
7,915
KB
Financial
Group,
Inc.
595,555
0
.6
7,398
Kia
Corp.
478,450
0
.4
20,319
Korea
Electric
Power
Corp.
444,381
0
.4
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea
(continued)
6,778
Korea
Investment
Holdings
Co.
Ltd.
$
529,812
0
.5
10,796
Korean
Air
Lines
Co.
Ltd.
175,879
0
.2
1,858
LG
Chem
Ltd.
265,119
0
.2
6,454
LG
Corp.
331,538
0
.3
905
LG
Electronics,
Inc.
46,547
0.0
35,053
LG
Uplus
Corp.
324,723
0
.3
20,852
Mirae
Asset
Securities
Co.
Ltd.
234,601
0
.2
3,020
NAVER
Corp.
409,235
0
.4
39,706
NH
Investment
&
Securities
Co.
Ltd.
495,357
0
.5
56,494
Samsung
Electronics
Co.
Ltd.
2,292,397
2
.1
1,207
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
353,241
0
.3
2,666
Samsung
Life
Insurance
Co.
Ltd.
190,780
0
.2
1,985
Samsung
SDS
Co.
Ltd.
186,828
0
.2
5,934
Shinhan
Financial
Group
Co.
Ltd.
248,202
0
.2
3,628
SK
Hynix,
Inc.
535,170
0
.5
4,699
SK
Telecom
Co.
Ltd.
175,176
0
.2
3,209
SK,
Inc.
379,979
0
.3
14,687
Woori
Financial
Group,
Inc.
204,940
0
.2
10,962,416
10
.2
Taiwan
:
16
.8
%
11,000
Accton
Technology
Corp.
268,418
0
.3
4,000
Asustek
Computer,
Inc.
82,239
0
.1
369,000
AUO
Corp.
156,776
0
.1
367,000
Compal
Electronics,
Inc.
347,828
0
.3
53,000
Delta
Electronics,
Inc.
651,285
0
.6
4,000
eMemory
Technology,
Inc.
318,126
0
.3
44,000
Eva
Airways
Corp.
59,446
0
.1
344,000
Far
Eastern
New
Century
Corp.
374,500
0
.3
26,000
Far
EasTone
Telecommunications
Co.
Ltd.
74,661
0
.1
165,000
Formosa
Chemicals
&
Fibre
Corp.
130,710
0
.1
12,000
Fortune
Electric
Co.
Ltd.
180,013
0
.2
220,000
Hon
Hai
Precision
Industry
Co.
Ltd.
1,120,381
1
.0
7,000
International
Games
System
Co.
Ltd.
194,933
0
.2
24,000
Lite-On
Technology
Corp.
80,181
0
.1
19,000
MediaTek,
Inc.
780,114
0
.7
37,000
Micro-Star
International
Co.
Ltd.
173,658
0
.2
5,000
(1)
PharmaEssentia
Corp.
82,500
0
.1
119,000
Pou
Chen
Corp.
122,766
0
.1
58,000
President
Chain
Store
Corp.
493,908
0
.5
22,000
Realtek
Semiconductor
Corp.
392,290
0
.4
50,000
Ruentex
Development
Co.
Ltd.
49,472
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan
(continued)
323,962
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
$
10,332,457
9
.6
159,000
Uni-President
Enterprises
Corp.
420,403
0
.4
6,000
Voltronic
Power
Technology
Corp.
267,379
0
.2
85,000
Wistron
Corp.
323,927
0
.3
2,000
Wiwynn
Corp.
157,349
0
.1
111,000
Zhen
Ding
Technology
Holding
Ltd.
376,713
0
.4
18,012,433
16
.8
Thailand
:
1
.8
%
31,100
Bumrungrad
Hospital
PCL
132,444
0
.1
69,700
Charoen
Pokphand
Foods
PCL
51,947
0.0
33,100
CP
ALL
PCL
-
Foreign
47,308
0.0
108,600
CP
AXTRA
PCL
62,017
0
.1
55,372
(1)
Gulf
Development
PCL
75,904
0
.1
81,700
Kasikornbank
PCL
-
Foreign
383,205
0
.3
428,900
Krung
Thai
Bank
PCL
289,675
0
.3
251,800
Minor
International
PCL
190,086
0
.2
93,600
PTT
Exploration
&
Production
PCL
278,903
0
.3
123,000
SCB
X
PCL
-
Foreign
443,910
0
.4
1,955,399
1
.8
United
Arab
Emirates
:
2
.1
%
85,736
Abu
Dhabi
Commercial
Bank
PJSC
281,812
0
.3
193,230
Aldar
Properties
PJSC
436,825
0
.4
90,777
Dubai
Islamic
Bank
PJSC
203,867
0
.2
34,362
Emaar
Development
PJSC
125,309
0
.1
184,252
Emaar
Properties
PJSC
659,798
0
.6
97,752
Emirates
NBD
Bank
PJSC
596,146
0
.5
2,303,757
2
.1
United
Kingdom
:
0
.3
%
7,246
Anglogold
Ashanti
PLC
313,268
0
.3
United
States
:
0
.2
%
27,200
JBS
S/A
190,702
0
.2
Total
Common
Stock
(Cost
$85,094,562)
102,013,450
94
.8
EXCHANGE-TRADED
FUNDS
:
1
.7
%
41,125
iShares
MSCI
Emerging
Markets
ETF
1,872,010
1
.7
Total
Exchange-Traded
Funds
(Cost
$1,730,452)
1,872,010
1
.7
Shares
RA
Value
Percentage
of
Net
Assets
PREFERRED
STOCK
:
2
.4
%
Brazil
:
2
.4
%
65,800
Centrais
Eletricas
Brasileiras
SA
$
541,977
0
.5
68,200
Gerdau
SA
181,366
0
.2
175,110
Itau
Unibanco
Holding
SA
1,146,581
1
.1
119,575
Petroleo
Brasileiro
SA
648,939
0
.6
2,518,863
2
.4
Total
Preferred
Stock
(Cost
$2,075,027)
2,518,863
2
.4
Total
Long-Term
Investments
(Cost
$88,900,041)
106,404,323
98
.9
SHORT-TERM
INVESTMENTS
:
0
.6
%
Mutual
Funds
:
0
.6
%
664,000
(4)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
4.220%
(Cost
$664,000)
$
664,000
0
.6
Total
Short-Term
Investments
(Cost
$664,000)
664,000
0
.6
Total
Investments
in
Securities
(Cost
$89,564,041)
$
107,068,323
99
.5
Assets
in
Excess
of
Other
Liabilities
497,287
0
.5
Net
Assets
$
107,565,610
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)
For
fair
value
measurement
disclosure
purposes,
security
is
categorized
as
Level
3,
whose
value
was
determined
using
significant
unobservable
inputs.
(4)
Rate
shown
is
the
7-day
yield
as
of
May
31,
2025.
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Sector
Diversification
Percentage
of
Net
Assets
Information
Technology
23
.9
%
Financials
23
.5
Industrials
10
.0
Consumer
Discretionary
9
.4
Communication
Services
8
.7
Materials
5
.8
Energy
3
.8
Consumer
Staples
3
.7
Utilities
3
.4
Health
Care
2
.6
Real
Estate
2
.4
Exchange-Traded
Funds
1
.7
Short-Term
Investments
0
.6
Assets
in
Excess
of
Other
Liabilities
0
.5
Net
Assets
100
.0
%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
May
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
May
31,
2025
Asset
Table
Investments,
at
fair
value
Common
Stock
Brazil
$
2,033,783
$
—
$
—
$
2,033,783
Chile
311,254
—
—
311,254
China
2,090,574
28,990,476
—
31,081,050
Colombia
287,302
—
—
287,302
Greece
—
1,856,778
—
1,856,778
Hungary
361,206
160,436
—
521,642
India
—
19,268,693
—
19,268,693
Indonesia
—
763,193
—
763,193
Luxembourg
297,099
—
—
297,099
Malaysia
—
1,875,284
—
1,875,284
Mexico
1,483,976
—
—
1,483,976
Peru
203,126
—
—
203,126
Philippines
53,876
62,539
—
116,415
Poland
—
991,044
—
991,044
Qatar
249,929
1,081,858
—
1,331,787
Romania
323,575
—
—
323,575
Russia
—
—
—
—
Saudi
Arabia
615,116
2,412,859
—
3,027,975
South
Africa
589,054
1,912,445
—
2,501,499
South
Korea
—
10,962,416
—
10,962,416
Taiwan
—
18,012,433
—
18,012,433
Thailand
75,904
1,879,495
—
1,955,399
United
Arab
Emirates
596,146
1,707,611
—
2,303,757
United
Kingdom
—
313,268
—
313,268
United
States
190,702
—
—
190,702
Total
Common
Stock
9,762,622
92,250,828
—
102,013,450
Exchange-Traded
Funds
1,872,010
—
—
1,872,010
Preferred
Stock
2,518,863
—
—
2,518,863
Short-Term
Investments
664,000
—
—
664,000
Total
Investments,
at
fair
value
$
14,817,495
$
92,250,828
$
—
$
107,068,323
Liabilities
Table
Other
Financial
Instruments+
Written
Options
$
—
$
(
212,415
)
$
—
$
(
212,415
)
Total
Liabilities
$
—
$
(
212,415
)
$
—
$
(
212,415
)
#
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
May
31,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
At
May
31,
2025,
the
following
OTC
written
equity
options
were
outstanding
for
Voya
Emerging
Markets
High
Dividend
Equity
Fund:
Description
Counterparty
Put/
Call
Expiration
Date
Exercise
Price
Number
of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
iShares
MSCI
Emerging
Markets
ETF
Royal
Bank
of
Canada
Call
07/02/25
USD
45.520
237,258
USD
10,799,984
$
159,509
$
(
159,509
)
iShares
MSCI
Emerging
Markets
ETF
UBS
AG
Call
06/20/25
USD
46.260
233,463
USD
10,627,236
168,046
(
52,906
)
$
327,555
$
(
212,415
)
Currency
Abbreviations:
USD
—
United
States
Dollar
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
26,186,165
Gross
Unrealized
Depreciation
(
8,681,883
)
Net
Unrealized
Appreciation
$
17,504,282