PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
Voya
Target
Retirement
2050
Fund
Shares
RA
Value
Percentage
of
Net
Assets
EXCHANGE-TRADED
FUNDS
:
26.7%
60,999
iShares
Core
S&P
Mid-
Cap
ETF
$
4,596,275
4.0
275,277
Vanguard
FTSE
Developed
Markets
ETF
20,073,199
17.4
83,772
Vanguard
FTSE
Emerging
Markets
ETF
5,069,881
4.4
20,707
Vanguard
Long-Term
Treasury
ETF
1,097,057
0.9
Total
Exchange-Traded
Funds
(Cost
$23,434,741)
30,836,412
26.7
MUTUAL
FUNDS
:
73.1%
Affiliated
Investment
Companies
:
20.0%
525,912
Voya
Intermediate
Bond
Fund
- Class
R6
4,512,327
3.9
141,083
Voya
MI
Dynamic
Small
Cap
Fund
- Class
R6
2,344,795
2.0
841,493
Voya
Multi-Manager
International
Equity
Fund
- Class
I
11,175,031
9.7
20,550
Voya
Small
Cap
Growth
Fund
- Class
R6
1,108,648
1.0
223,613
Voya
VACS
Series
EME
Fund
3,960,185
3.4
23,100,986
20.0
Unaffiliated
Investment
Companies
:
53.1%
229,877
Fidelity
500
Index
Fund
61,482,902
53.1
Total
Mutual
Funds
(Cost
$70,280,612)
84,583,888
73.1
Total
Long-Term
Investments
(Cost
$93,715,353)
115,420,300
99.8
Total
Investments
in
Securities
(Cost
$93,715,353)
$
115,420,300
99.8
Assets
in
Excess
of
Other
Liabilities
213,009
0.2
Net
Assets
$
115,633,309
100.0
PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
(continued)
Voya
Target
Retirement
2050
Fund
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
August
31,
2026
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
August
31,
2026
Asset
Table
Investments,
at
fair
value
Exchange-Traded
Funds
$
30,836,412
$
—
$
—
$
30,836,412
Mutual
Funds
84,583,888
—
—
84,583,888
Total
Investments,
at
fair
value
$
115,420,300
$
—
$
—
$
115,420,300
Liabilities
Table
Other
Financial
Instruments+
Futures
$
(2,412)
$
—
$
—
$
(2,412)
Total
Liabilities
$
(2,412)
$
—
$
—
$
(2,412)
+
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.
Transactions
with
Affiliates
An
investment
of
at
least
5%
of
the
voting
securities
of
an
issuer,
or
a
company
which
is
under
common
control
with
the
issuer,
results
in
that
issuer
becoming
an
affiliated
person
as
defined
by
the
1940
Act.
The
following
table
provides
transactions
during
the
period
ended
August
31,
2026,
where
the
following
issuers
were
considered
an
affiliate:
Issuer
Beginning
Fair
Value
at
5/31/2026
Purchases
at
Cost
Sales
at
Cost
Change
In
Unrealized
Appreciation/
(Depreciation)
Ending
Fair
Value
at
8/31/2026
Investment
Income
Realized
Gains/
(Losses)
Net
Capital
Gain
Distributions
Voya
Intermediate
Bond
Fund
-
Class
R6
$
4,642,648
$
218,178
$
(269,872)
$
(78,627)
$
4,512,327
$
56,681
$
(5,841)
$
—
Voya
MI
Dynamic
Small
Cap
Fund
-
Class
R6
2,303,496
89,993
(114,906)
66,212
2,344,795
—
17,109
—
Voya
Multi-Manager
International
Equity
Fund
-
Class
I
8,606,110
4,032,255
(1,707,078)
243,744
11,175,031
—
74,289
—
Voya
Small
Cap
Growth
Fund
-
Class
R6
1,149,460
44,996
(48,712)
(37,096)
1,108,648
—
17,296
—
Voya
VACS
Series
EME
Fund
3,879,716
696,782
(317,655)
(298,658)
3,960,185
—
210,406
—
$
20,581,430
$
5,082,204
$
(2,458,223)
$
(104,425)
$
23,100,986
$
56,681
$
313,259
$
—
The
financial
statements
for
the
above
mutual
fund[s]
and,
as
applicable,
ETF[s]
can
be
found
at
www.sec.gov.
At
August
31,
2026,
the
following
futures
contracts
were
outstanding
for
Voya
Target
Retirement
2050
Fund:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Depreciation
Long
Contracts:
U.S.
Treasury
5-Year
Note
28
12/31/26
$
2,959,688
$
(2,238)
$
2,959,688
$
(2,238)
Short
Contracts:
3-month
SOFR
(12)
03/16/27
(2,877,450)
(174)
$
(2,877,450)
$
(174)
PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
(continued)
Voya
Target
Retirement
2050
Fund
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
21,857,438
Gross
Unrealized
Depreciation
(152,491)
Net
Unrealized
Appreciation
$
21,704,947