PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
2025
(Unaudited)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
94.7%
Australia
:
0.5%
7,008
Anglogold
Ashanti
PLC
$
597,522
0.5
Brazil
:
2.1%
69,900
B3
SA
-
Brasil
Bolsa
Balcao
197,344
0.2
173,400
Caixa
Seguridade
Participacoes
S/A
523,008
0.4
68,700
MBRF
Global
Foods
Co.
SA
250,200
0.2
8,000
Porto
Seguro
SA
70,006
0.0
41,700
(1)
Rede
D'Or
Sao
Luiz
SA
370,217
0.3
139,100
TIM
SA/Brazil
653,564
0.5
25,400
Totvs
SA
205,042
0.2
48,100
Ultrapar
Participacoes
SA
198,695
0.2
7,100
Vale
SA
-
Foreign
89,531
0.1
2,557,607
2.1
Chile
:
0.2%
342,789
Enel
Americas
SA
33,234
0.1
1,793,096
Enel
Chile
SA
139,093
0.1
172,327
0.2
China
:
28.9%
24,500
AAC
Technologies
Holdings,
Inc.
115,935
0.1
11,000
Airtac
International
Group
317,291
0.3
169,700
Alibaba
Group
Holding
Ltd.
3,338,815
2.8
78,000
Aluminum
Corp.
of
China
Ltd.
-
Class
H
105,498
0.1
398,000
AviChina
Industry
&
Technology
Co.
Ltd.
-
Class
H
198,844
0.2
19,500
Bank
of
Beijing
Co.
Ltd.
-
Class
A
15,646
0.0
75,000
Bank
of
China
Ltd.
-
Class
H
45,189
0.0
164,600
Bank
of
Shanghai
Co.
Ltd.
-
Class
A
229,720
0.2
68,000
Beijing
Enterprises
Holdings
Ltd.
297,646
0.3
49,400
(1)
BOC
Aviation
Ltd.
450,751
0.4
57,000
BYD
Co.
Ltd.
-
Class
H
716,368
0.6
53,500
BYD
Electronic
International
Co.
Ltd.
229,115
0.2
129,700
Changjiang
Securities
Co.
Ltd.
-
Class
A
146,064
0.1
618,000
China
CITIC
Bank
Corp.
Ltd.
-
Class
H
570,028
0.5
624,000
China
Communications
Services
Corp.
Ltd.
-
Class
H
390,936
0.3
165,000
China
Construction
Bank
Corp.
-
Class
H
173,828
0.1
36,000
China
Hongqiao
Group
Ltd.
143,494
0.1
70,400
(1)(2)
China
International
Capital
Corp.
Ltd.
-
Class
H
171,442
0.1
147,000
China
Mengniu
Dairy
Co.
Ltd.
284,623
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
24,000
China
National
Building
Material
Co.
Ltd.
-
Class
H
$
16,158
0.0
74,881
China
Railway
Signal
&
Communication
Corp.
Ltd.
-
Class
A
55,077
0.0
668,500
(1)
China
Resources
Pharmaceutical
Group
Ltd.
411,803
0.3
159,700
China
State
Construction
Engineering
Corp.
Ltd.
-
Class
A
117,478
0.1
56,000
China
State
Construction
International
Holdings
Ltd.
66,861
0.1
277,200
(1)
China
Tower
Corp.
Ltd.
-
Class
H
438,844
0.4
140,600
China
XD
Electric
Co.
Ltd.
-
Class
A
166,134
0.1
469,000
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
-
Class
H
378,301
0.3
210,000
CMOC
Group
Ltd.
-
Class
H
438,321
0.4
4,700
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
H
287,102
0.2
26,800
Dong-E-E-Jiao
Co.
Ltd.
-
Class
A
179,155
0.2
103,700
Dongfang
Electric
Corp.
Ltd.
-
Class
A
315,442
0.3
429,000
Far
East
Horizon
Ltd.
439,102
0.4
544,000
Fosun
International
Ltd.
340,122
0.3
36,200
GF
Securities
Co.
Ltd.
-
Class
A
108,457
0.1
19,200
(1)
Giant
Biogene
Holding
Co.
Ltd.
89,534
0.1
150,600
Goldwind
Science
&
Technology
Co.
Ltd.
-
Class
A
329,092
0.3
131,000
Great
Wall
Motor
Co.
Ltd.
-
Class
H
253,047
0.2
198,000
Guangdong
Investment
Ltd.
190,412
0.2
5,107
H
World
Group
Ltd.,
ADR
235,433
0.2
36,000
(1)
Hansoh
Pharmaceutical
Group
Co.
Ltd.
186,646
0.2
13,700
Hengtong
Optic-electric
Co.
Ltd.
-
Class
A
38,513
0.0
108,600
(1)
Huatai
Securities
Co.
Ltd.
-
Class
H
256,072
0.2
974,592
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
H
807,956
0.7
129,900
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
-
Class
B
247,397
0.2
28,002
JD.com,
Inc.
-
Class
A
418,883
0.4
74,900
Jiangsu
Zhongtian
Technology
Co.
Ltd.
-
Class
A
168,238
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
14,407
Kanzhun
Ltd.,
ADR
$
318,395
0.3
65,400
Kingsoft
Corp.
Ltd.
241,718
0.2
384,000
Kunlun
Energy
Co.
Ltd.
366,777
0.3
600
Kweichow
Moutai
Co.
Ltd.
-
Class
A
123,188
0.1
76,000
Lenovo
Group
Ltd.
95,175
0.1
4,900
Luxshare
Precision
Industry
Co.
Ltd.
-
Class
A
40,361
0.0
183,500
(1)
Meitu,
Inc.
203,788
0.2
24,500
Midea
Group
Co.
Ltd.
-
Class
H
279,418
0.2
21,200
MINISO
Group
Holding
Ltd.
106,299
0.1
82,100
NARI
Technology
Co.
Ltd.
-
Class
A
257,756
0.2
20,800
NetEase,
Inc.
575,391
0.5
29,800
New
Oriental
Education
&
Technology
Group,
Inc.
153,276
0.1
6,800
Ningbo
Deye
Technology
Co.
Ltd.
-
Class
A
78,069
0.1
3,686
(3)
PDD
Holdings,
Inc.,
ADR
427,871
0.4
626,000
People's
Insurance
Co.
Group
of
China
Ltd.
-
Class
H
568,508
0.5
260,000
PICC
Property
&
Casualty
Co.
Ltd.
-
Class
H
591,364
0.5
138,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H
1,009,943
0.8
8,200
(1)
Pop
Mart
International
Group
Ltd.
237,968
0.2
11,591
Qifu
Technology,
Inc.,
ADR
226,372
0.2
59,300
SAIC
Motor
Corp.
Ltd.
-
Class
A
125,840
0.1
82,200
Sany
Heavy
Industry
Co.
Ltd.
-
Class
A
236,519
0.2
60,400
Satellite
Chemical
Co.
Ltd.
-
Class
A
144,580
0.1
4,100
Seres
Group
Co.
Ltd.
-
Class
A
73,257
0.1
408,000
Shandong
Nanshan
Aluminum
Co.
Ltd.
-
Class
A
272,284
0.2
6,800
Shanghai
Allist
Pharmaceuticals
Co.
Ltd.
-
Class
A
94,718
0.1
8,400
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.
-
Class
A
31,745
0.0
147,400
SooChow
Securities
Co.
Ltd.
-
Class
A
186,304
0.2
179,400
TCL
Technology
Group
Corp.
-
Class
A
103,887
0.1
80,200
Tencent
Holdings
Ltd.
6,336,726
5.3
9,917
Tencent
Music
Entertainment
Group,
ADR
182,969
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
14,000
Tingyi
Cayman
Islands
Holding
Corp.
$
21,489
0.0
111,600
Tongcheng
Travel
Holdings
Ltd.
315,010
0.3
287,000
TravelSky
Technology
Ltd.
-
Class
H
389,212
0.3
2,300
Trip.com
Group
Ltd.
160,290
0.1
7,488
Vipshop
Holdings
Ltd.,
ADR
147,064
0.1
154,000
Weichai
Power
Co.
Ltd.
-
Class
H
382,547
0.3
15,700
Western
Mining
Co.
Ltd.
-
Class
A
51,244
0.0
19,600
(1)
WuXi
AppTec
Co.
Ltd.
-
Class
H
256,085
0.2
187,374
Xiamen
C
&
D,
Inc.
-
Class
A
263,357
0.2
201,200
(1)(3)
Xiaomi
Corp.
-
Class
B
1,069,525
0.9
150,000
(1)
Yadea
Group
Holdings
Ltd.
238,059
0.2
48,600
Yealink
Network
Technology
Corp.
Ltd.
-
Class
A
232,593
0.2
68,200
Yintai
Gold
Co.
Ltd.
-
Class
A
205,254
0.2
70,100
Yunnan
Yuntianhua
Co.
Ltd.
-
Class
A
307,425
0.3
36,500
Zhaojin
Mining
Industry
Co.
Ltd.
-
Class
H
136,845
0.1
43,800
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
-
Class
A
102,218
0.1
55,600
Zhejiang
Chint
Electrics
Co.
Ltd.
-
Class
A
221,281
0.2
196,900
Zhejiang
Longsheng
Group
Co.
Ltd.
-
Class
A
291,659
0.2
9,600
Zhejiang
NHU
Co.
Ltd.
-
Class
A
33,109
0.0
79,200
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
-
Class
H
393,159
0.3
144,000
Zijin
Mining
Group
Co.
Ltd.
-
Class
H
572,627
0.5
14,200
ZTE
Corp.
-
Class
H
57,610
0.0
34,458,941
28.9
Colombia
:
0.1%
15,490
Interconexion
Electrica
SA
ESP
103,098
0.1
Greece
:
1.5%
82,851
Alpha
Bank
SA
338,258
0.3
99,384
Eurobank
Ergasias
Services
and
Holdings
SA
393,639
0.3
18,247
National
Bank
of
Greece
SA
285,927
0.2
13,841
OPAP
SA
282,884
0.2
65,259
Piraeus
Financial
Holdings
SA
535,712
0.5
1,836,420
1.5
Hungary
:
0.5%
2,557
OTP
Bank
Nyrt
266,164
0.2
PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Hungary
(continued)
12,415
Richter
Gedeon
Nyrt
$
367,746
0.3
633,910
0.5
India
:
14.8%
3,444
ABB
India
Ltd.
199,630
0.2
264
APL
Apollo
Tubes
Ltd.
5,086
0.0
39,558
Bank
of
Baroda
128,553
0.1
133,483
Bharat
Electronics
Ltd.
617,046
0.5
90,904
Bharat
Heavy
Electricals
Ltd.
296,597
0.3
90,114
Bharat
Petroleum
Corp.
Ltd.
362,958
0.3
10,172
BSE
Ltd.
331,565
0.3
13,978
CG
Power
&
Industrial
Solutions
Ltd.
105,387
0.1
6,536
Cipla
Ltd./India
112,064
0.1
5,604
Coforge
Ltd.
65,241
0.1
14,618
Coromandel
International
Ltd.
390,341
0.3
7,834
Cummins
India
Ltd.
393,299
0.3
187,827
GAIL
India
Ltd.
371,193
0.3
11,557
Godrej
Consumer
Products
Ltd.
148,312
0.1
11,739
Havells
India
Ltd.
189,405
0.2
35,689
HCL
Technologies
Ltd.
650,311
0.5
15,258
(1)
HDFC
Asset
Management
Co.
Ltd.
456,781
0.4
6,115
HDFC
Bank
Ltd.
69,100
0.1
8,100
Hindustan
Aeronautics
Ltd.
412,462
0.3
466
Hitachi
Energy
India
Ltd.
115,299
0.1
82,261
ICICI
Bank
Ltd.
1,280,996
1.1
295,256
Indian
Oil
Corp.
Ltd.
535,498
0.5
16,582
Info
Edge
India
Ltd.
247,467
0.2
60,390
Infosys
Ltd.
1,059,592
0.9
33,017
ITC
Ltd.
149,613
0.1
4,980
Larsen
&
Toubro
Ltd.
227,037
0.2
6,031
(1)
LTIMindtree
Ltd.
412,851
0.3
6,861
Lupin
Ltd.
160,169
0.1
10,659
Mphasis
Ltd.
336,253
0.3
3,425
Muthoot
Finance
Ltd.
143,631
0.1
290,947
NHPC
Ltd.
250,440
0.2
136,128
Oil
&
Natural
Gas
Corp.
Ltd.
371,393
0.3
3,622
Oracle
Financial
Services
Software
Ltd.
-
Class
1
329,881
0.3
4,508
Persistent
Systems
Ltd.
321,645
0.3
17,554
Pidilite
Industries
Ltd.
288,833
0.2
3,957
Polycab
India
Ltd.
331,386
0.3
94,526
Power
Finance
Corp.
Ltd.
384,705
0.3
177,055
Power
Grid
Corp.
of
India
Ltd.
535,882
0.5
115,895
REC
Ltd.
469,690
0.4
42,112
Reliance
Industries
Ltd.
740,870
0.6
2,422
Solar
Industries
India
Ltd.
360,203
0.3
15,073
Sun
Pharmaceutical
Industries
Ltd.
309,195
0.3
278,972
(3)
Suzlon
Energy
Ltd.
169,219
0.1
21,834
Tata
Consultancy
Services
Ltd.
769,075
0.6
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India
(continued)
178
Tata
Elxsi
Ltd.
$
10,295
0.0
6,755
Tata
Steel
Ltd.
12,722
0.0
27,320
Tech
Mahindra
Ltd.
465,367
0.4
3,900
Torrent
Pharmaceuticals
Ltd.
162,252
0.1
8,100
United
Spirits
Ltd.
131,451
0.1
42,270
UPL
Ltd.
359,721
0.3
79,083
Vedanta
Ltd.
466,721
0.4
170,192
Wipro
Ltd.
476,863
0.4
17,691,546
14.8
Indonesia
:
0.6%
299,400
Bank
Central
Asia
Tbk
PT
149,089
0.1
263,100
Indofood
Sukses
Makmur
Tbk
PT
116,181
0.1
3,629,100
Kalbe
Farma
Tbk
PT
261,873
0.2
1,539,100
Sumber
Alfaria
Trijaya
Tbk
PT
166,536
0.2
693,679
0.6
Kuwait
:
0.1%
49,576
Mobile
Telecommunications
Co.
KSCP
83,986
0.1
Luxembourg
:
0.2%
8,593
Reinet
Investments
SCA
290,765
0.2
Malaysia
:
1.8%
339,700
AMMB
Holdings
Bhd
489,519
0.4
226,900
CIMB
Group
Holdings
Bhd
420,398
0.3
42,800
Hong
Leong
Bank
Bhd
219,036
0.2
134,500
Malayan
Banking
Bhd
322,695
0.3
658,600
(1)
MR
DIY
Group
M
Bhd
240,831
0.2
251,600
RHB
Bank
Bhd
423,331
0.4
2,115,810
1.8
Mexico
:
1.4%
369,700
Alfa
SAB
de
CV
-
Class
A
290,693
0.3
360,378
Fibra
Uno
Administracion
SA
de
CV
528,919
0.4
12,900
Fomento
Economico
Mexicano
SAB
de
CV
123,742
0.1
14,500
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
-
Class
B
438,534
0.4
29,400
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
282,996
0.2
1,664,884
1.4
Peru
:
0.4%
1,931
Credicorp
Ltd.
496,673
0.4
Philippines
:
0.3%
263,900
Ayala
Land,
Inc.
91,675
0.1
33,020
Bank
of
the
Philippine
Islands
65,595
0.0
36,700
BDO
Unibank,
Inc.
82,041
0.1
6,580
SM
Investments
Corp.
83,028
0.1
322,339
0.3
Poland
:
1.1%
2,909
Bank
Polska
Kasa
Opieki
SA
159,611
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Poland
(continued)
13,926
Polski
Koncern
Naftowy
ORLEN
SA
$
358,600
0.3
19,560
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
414,737
0.4
19,975
Powszechny
Zaklad
Ubezpieczen
SA
344,430
0.3
1,277,378
1.1
Qatar
:
1.5%
478,152
Barwa
Real
Estate
Co.
337,130
0.3
111,396
Ooredoo
QPSC
390,452
0.3
57,449
Qatar
Electricity
&
Water
Co.
QSC
233,835
0.2
15,913
Qatar
Islamic
Bank
SAQ
101,637
0.1
133,215
Qatar
National
Bank
QPSC
662,233
0.6
1,725,287
1.5
Romania
:
0.0%
5,785
NEPI
Rockcastle
NV
49,559
0.0
Russia
:
—%
354,185
(2)(3)
Alrosa
PJSC
—
—
10,144,776
(2)(3)
Inter
RAO
UES
PJSC
—
—
15,442
(2)(3)
Lukoil
PJSC
—
—
9,459
(2)(3)
Magnit
PJSC
—
—
116,758
(2)(3)
Mobile
TeleSystems
PJSC
—
—
4,585
(2)(3)
Severstal
PAO
—
—
130,134
(2)(3)
Surgutneftegas
PJSC
—
—
125,422
(2)(3)
Tatneft
PJSC
—
—
—
—
Saudi
Arabia
:
2.8%
99,423
Arab
National
Bank
587,992
0.5
47,761
Banque
Saudi
Fransi
209,382
0.2
1,959
Bupa
Arabia
for
Cooperative
Insurance
Co.
76,779
0.1
2,713
Co.
for
Cooperative
Insurance
87,144
0.1
20,624
Etihad
Etisalat
Co.
345,768
0.3
2,387
Mouwasat
Medical
Services
Co.
44,164
0.0
5,432
Nahdi
Medical
Co.
143,919
0.1
28,686
Riyad
Bank
197,317
0.2
36,583
Saudi
Awwal
Bank
298,913
0.3
18,796
Saudi
Basic
Industries
Corp.
276,320
0.2
35,340
Saudi
Investment
Bank
122,139
0.1
89,518
Saudi
National
Bank
881,069
0.7
4,751
Yanbu
National
Petrochemical
Co.
38,590
0.0
3,309,496
2.8
South
Africa
:
2.3%
48,506
Absa
Group
Ltd.
590,922
0.5
2,390
Bid
Corp.
Ltd.
57,056
0.0
18,473
Gold
Fields
Ltd.
781,066
0.7
25,920
Harmony
Gold
Mining
Co.
Ltd.
506,653
0.4
9,760
Naspers
Ltd.
-
Class
N
610,590
0.5
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Africa
(continued)
11,648
Shoprite
Holdings
Ltd.
$
186,902
0.2
2,733,189
2.3
South
Korea
:
12.3%
2,931
Amorepacific
Corp.
248,276
0.2
4,185
DB
Insurance
Co.
Ltd.
355,433
0.3
7,108
Hana
Financial
Group,
Inc.
452,246
0.4
25
Hanwha
Aerospace
Co.
Ltd.
14,512
0.0
3,109
HD
Hyundai
Co.
Ltd.
416,479
0.4
654
HD
Hyundai
Electric
Co.
Ltd.
346,468
0.3
816
HD
Hyundai
Heavy
Industries
Co.
Ltd.
297,732
0.3
1,700
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
474,871
0.4
718
Hyundai
Mobis
Co.
Ltd.
151,400
0.1
381
Hyundai
Rotem
Co.
Ltd.
45,627
0.0
8,394
KB
Financial
Group,
Inc.
716,048
0.6
7,398
Kia
Corp.
574,821
0.5
13,118
Korea
Electric
Power
Corp.
471,730
0.4
1,434
Korea
Investment
Holdings
Co.
Ltd.
156,787
0.1
1,550
LG
Chem
Ltd.
394,986
0.3
4,181
LG
Corp.
224,633
0.2
333
LG
Electronics,
Inc.
19,433
0.0
37,148
LG
Uplus
Corp.
380,409
0.3
74
LIG
Nex1
Co.
Ltd.
19,337
0.0
1,652
NAVER
Corp.
275,074
0.2
39,706
NH
Investment
&
Securities
Co.
Ltd.
559,273
0.5
2,316
Orion
Corp./Republic
of
Korea
166,565
0.1
1,435
POSCO
Holdings,
Inc.
302,823
0.3
59,139
Samsung
Electronics
Co.
Ltd.
4,061,836
3.4
24
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
7,858
0.0
1,277
Samsung
SDS
Co.
Ltd.
146,598
0.1
12,070
Shinhan
Financial
Group
Co.
Ltd.
645,166
0.5
6,468
SK
Hynix,
Inc.
2,342,834
2.0
978
SK,
Inc.
177,009
0.2
14,687
Woori
Financial
Group,
Inc.
266,065
0.2
14,712,329
12.3
Taiwan
:
18.5%
10,000
Accton
Technology
Corp.
327,618
0.3
16,000
Advantech
Co.
Ltd.
147,155
0.1
2,000
Alchip
Technologies
Ltd.
211,458
0.2
4,000
Asustek
Computer,
Inc.
76,763
0.1
50,000
Catcher
Technology
Co.
Ltd.
320,296
0.3
24,000
China
Airlines
Ltd.
14,707
0.0
322,000
Compal
Electronics,
Inc.
301,811
0.2
38,000
Delta
Electronics,
Inc.
1,132,798
0.9
PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan
(continued)
6,000
eMemory
Technology,
Inc.
$
392,896
0.3
424,000
Far
Eastern
New
Century
Corp.
381,320
0.3
10,200
Fortune
Electric
Co.
Ltd.
228,290
0.2
191,000
Hon
Hai
Precision
Industry
Co.
Ltd.
1,376,334
1.2
9,000
International
Games
System
Co.
Ltd.
213,355
0.2
2,000
King
Slide
Works
Co.
Ltd.
243,952
0.2
24,000
Lite-On
Technology
Corp.
121,942
0.1
7,000
MediaTek,
Inc.
311,941
0.3
121,000
Micro-Star
International
Co.
Ltd.
415,347
0.3
19,975
PharmaEssentia
Corp.
328,861
0.3
52,000
President
Chain
Store
Corp.
397,327
0.3
31,000
Synnex
Technology
International
Corp.
62,181
0.0
301,962
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
13,922,375
11.7
26,000
Uni-President
Enterprises
Corp.
63,442
0.1
7,000
Voltronic
Power
Technology
Corp.
259,697
0.2
180,000
WPG
Holdings
Ltd.
392,338
0.3
94,000
Zhen
Ding
Technology
Holding
Ltd.
436,946
0.4
22,081,150
18.5
Thailand
:
1.6%
16,500
Advanced
Info
Service
PCL
157,710
0.1
123,200
Charoen
Pokphand
Foods
PCL
77,816
0.1
14,000
CP
ALL
PCL
-
Foreign
18,858
0.0
308,000
CP
AXTRA
PCL
155,539
0.1
29,100
Delta
Electronics
Thailand
PCL
183,230
0.1
55,372
(3)
Gulf
Development
PCL
70,264
0.1
57,900
Kasikornbank
PCL
-
Foreign
335,756
0.3
144,300
Krung
Thai
Bank
PCL
123,438
0.1
491,200
Minor
International
PCL
336,561
0.3
123,000
SCB
X
PCL
-
Foreign
497,220
0.4
1,956,392
1.6
United
Arab
Emirates
:
1.2%
188,226
Aldar
Properties
PJSC
417,884
0.3
266,803
Dubai
Electricity
&
Water
Authority
PJSC
198,374
0.2
47,247
Emaar
Development
PJSC
189,162
0.1
184,252
Emaar
Properties
PJSC
667,570
0.6
1,472,990
1.2
Total
Common
Stock
(Cost
$85,047,864)
113,037,277
94.7
Shares
RA
Value
Percentage
of
Net
Assets
EXCHANGE-TRADED
FUNDS
:
1.6%
34,574
iShares
MSCI
Emerging
Markets
ETF
$
1,878,060
1.6
Total
Exchange-Traded
Funds
(Cost
$1,669,696)
1,878,060
1.6
PREFERRED
STOCK
:
2.6%
Brazil
:
2.6%
45,400
Axia
Energia
572,322
0.5
49,900
Banco
Bradesco
SA
-
Preference
Shares
184,536
0.2
140,500
Gerdau
SA
504,582
0.4
140,410
Itau
Unibanco
Holding
SA
1,094,797
0.9
119,575
Petroleo
Brasileiro
SA
710,123
0.6
3,066,360
2.6
Total
Preferred
Stock
(Cost
$2,102,121)
3,066,360
2.6
Total
Long-Term
Investments
(Cost
$88,819,681)
117,981,697
98.9
SHORT-TERM
INVESTMENTS
:
0.8%
Mutual
Funds
:
0.8%
981,000
(4)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
3.880%
(Cost
$981,000)
$
981,000
0.8
Total
Short-Term
Investments
(Cost
$981,000)
981,000
0.8
Total
Investments
in
Securities
(Cost
$89,800,681)
$
118,962,697
99.7
Assets
in
Excess
of
Other
Liabilities
331,129
0.3
Net
Assets
$
119,293,826
100.0
ADR
American
Depositary
Receipt
(1)
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.
(2)
For
fair
value
measurement
disclosure
purposes,
security
is
categorized
as
Level
3,
whose
value
was
determined
using
significant
unobservable
inputs.
(3)
Non-income
producing
security.
(4)
Rate
shown
is
the
7-day
yield
as
of
November
30,
2025.
PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Sector
Diversification
Percentage
of
Net
Assets
Information
Technology
28.5
%
Financials
21.2
Industrials
9.5
Communication
Services
9.0
Consumer
Discretionary
8.5
Materials
6.8
Utilities
3.2
Energy
3.1
Consumer
Staples
2.9
Health
Care
2.7
Real
Estate
1.9
Exchange-Traded
Funds
1.6
Short-Term
Investments
0.8
Assets
in
Excess
of
Other
Liabilities
0.3
Net
Assets
100.0%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
of
November
30,
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
November
30,
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
November
30,
2025
Asset
Table
Investments,
at
fair
value
Common
Stock
Australia
$
—
$
597,522
$
—
$
597,522
Brazil
2,557,607
—
—
2,557,607
Chile
172,327
—
—
172,327
China
2,425,128
31,862,371
171,442
34,458,941
Colombia
103,098
—
—
103,098
Greece
—
1,836,420
—
1,836,420
Hungary
367,746
266,164
—
633,910
India
131,451
17,560,095
—
17,691,546
Indonesia
—
693,679
—
693,679
Kuwait
83,986
—
—
83,986
Luxembourg
290,765
—
—
290,765
Malaysia
—
2,115,810
—
2,115,810
Mexico
1,664,884
—
—
1,664,884
Peru
496,673
—
—
496,673
Philippines
148,623
173,716
—
322,339
Poland
—
1,277,378
—
1,277,378
Qatar
896,068
829,219
—
1,725,287
Romania
49,559
—
—
49,559
Russia
—
—
—
—
Saudi
Arabia
363,464
2,946,032
—
3,309,496
South
Africa
57,056
2,676,133
—
2,733,189
South
Korea
388,267
14,324,062
—
14,712,329
Taiwan
—
22,081,150
—
22,081,150
Thailand
—
1,956,392
—
1,956,392
United
Arab
Emirates
—
1,472,990
—
1,472,990
Total
Common
Stock
10,196,702
102,669,133
171,442
113,037,277
Exchange-Traded
Funds
1,878,060
—
—
1,878,060
Preferred
Stock
3,066,360
—
—
3,066,360
Short-Term
Investments
981,000
—
—
981,000
Total
Investments,
at
fair
value
$
16,122,122
$
102,669,133
$
171,442
$
118,962,697
Liabilities
Table
Other
Financial
Instruments+
Written
Options
$
—
$
(163,913)
$
—
$
(163,913)
Total
Liabilities
$
—
$
(163,913)
$
—
$
(163,913)
#
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
November
30,
2025
(Unaudited)
(continued)
Voya
Emerging
Markets
High
Dividend
Equity
Fund
At
November
30,
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
JPMorgan
Chase
Bank
N.A.
Call
12/05/25
USD
56.270
220,615
USD
11,983,807
$
174,463
$
(2,376)
iShares
MSCI
Emerging
Markets
ETF
Royal
Bank
of
Canada
Call
12/19/25
USD
53.630
218,456
USD
11,866,530
121,505
(161,537)
$
295,968
$
(163,913)
Currency
Abbreviations:
USD
—
United
States
Dollar
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
36,085,941
Gross
Unrealized
Depreciation
(6,923,925)
Net
Unrealized
Appreciation
$
29,162,016