PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
Voya
MI
Dynamic
Small
Cap
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
98.1%
Communication
Services
:
3.4%
25,516
(1)
CarGurus,
Inc.
$
909,901
0.6
102,564
(1)
Lumen
Technologies,
Inc.
641,025
0.4
45,879
(1)
Magnite,
Inc.
1,077,698
0.7
53,193
(1)
TripAdvisor,
Inc.
506,397
0.3
56,039
(1)
Uniti
Group,
Inc.
555,907
0.4
35,061
(1)
Yelp,
Inc.
783,613
0.5
191,403
(1)(2)
ZipRecruiter,
Inc.
- Class
A
815,377
0.5
5,289,918
3.4
Consumer
Discretionary
:
4.7%
66,999
Ermenegildo
Zegna
NV
909,846
0.6
30,261
Garrett
Motion,
Inc.
815,534
0.5
34,170
Harley-Davidson,
Inc.
943,092
0.6
51,910
Kohl's
Corp.
925,036
0.6
6,566
Monarch
Casino
&
Resort,
Inc.
790,875
0.5
16,735
Red
Rock
Resorts,
Inc.
- Class
A
939,838
0.6
57,445
(1)
Sonos,
Inc.
896,142
0.6
84,381
Super
Group
SGHC
Ltd.
1,142,519
0.7
7,362,882
4.7
Consumer
Staples
:
1.1%
6,345
Coca-Cola
Consolidated,
Inc.
1,240,892
0.8
38,131
Dole
PLC
528,114
0.3
1,769,006
1.1
Energy
:
5.2%
204,044
(1)
Clean
Energy
Fuels
Corp.
324,430
0.2
73,500
DHT
Holdings,
Inc.
1,440,600
0.9
36,087
Excelerate
Energy,
Inc.
- Class
A
1,429,767
0.9
76,622
(2)
HighPeak
Energy,
Inc.
627,534
0.4
226,237
(1)
Kosmos
Energy
Ltd.
647,038
0.4
16,210
PBF
Energy,
Inc.
- Class
A
1,183,168
0.8
82,935
(1)
TETRA
Technologies,
Inc.
572,252
0.4
309,108
(1)
Transocean
Ltd.
1,795,917
1.2
8,020,706
5.2
Financials
:
19.1%
20,867
Arrow
Financial
Corp.
787,520
0.5
48,095
Banc
of
California,
Inc.
895,529
0.6
40,479
BCB
Bancorp,
Inc.
346,095
0.2
114,667
BGC
Group,
Inc.
- Class
A
1,377,151
0.9
9,891
Cathay
General
Bancorp
605,428
0.4
30,007
ConnectOne
Bancorp,
Inc.
943,420
0.6
34,785
Farmers
National
Banc
Corp.
542,994
0.4
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Financials:
(continued)
78,533
First
BanCorp/Puerto
Rico
$
2,189,500
1.4
29,859
First
Commonwealth
Financial
Corp.
618,081
0.4
21,269
First
Horizon
Corp.
517,262
0.3
77,950
Fulton
Financial
Corp.
1,828,707
1.2
122,698
(1)
Genworth
Financial,
Inc.
- Class
A
1,219,618
0.8
21,810
Hancock
Whitney
Corp.
1,624,627
1.0
15,937
Hilltop
Holdings,
Inc.
606,403
0.4
21,663
HomeStreet,
Inc.
- Class
A
340,976
0.2
50,426
Hope
Bancorp,
Inc.
695,374
0.4
24,473
Kemper
Corp.
689,649
0.4
30,812
(2)
Ladder
Capital
Corp.
301,958
0.2
52,616
(1)
LendingClub
Corp.
924,989
0.6
32,380
MFA
Financial,
Inc.
285,592
0.2
7,981
NBT
Bancorp,
Inc.
410,383
0.3
8,770
Old
Republic
International
Corp.
365,972
0.2
11,997
Origin
Bancorp,
Inc.
637,401
0.4
27,449
(1)
Oscar
Health,
Inc.
- Class
A
822,372
0.5
63,521
P10,
Inc.
- Class
A
546,281
0.4
109,020
Pagseguro
Digital
Ltd.
- Class
A
983,360
0.6
140,031
Redwood
Trust,
Inc.
646,943
0.4
32,755
Simmons
First
National
Corp.
- Class
A
739,608
0.5
50,113
Slide
Insurance
Holdings,
Inc.
1,165,127
0.8
102,143
StoneCo
Ltd.
- Class
A
990,787
0.6
43,489
United
Community
Banks,
Inc.
1,515,157
1.0
108,228
Valley
National
Bancorp
1,476,230
0.9
52,072
(2)
WisdomTree,
Inc.
1,252,852
0.8
49,207
XP,
Inc.
- Class
A
897,044
0.6
29,790,390
19.1
Health
Care
:
18.2%
14,991
(1)
10X
Genomics,
Inc.
- Class
A
936,188
0.6
60,807
(1)
4D
Molecular
Therapeutics,
Inc.
857,987
0.5
39,001
(1)
ACADIA
Pharmaceuticals,
Inc.
1,127,519
0.7
42,680
(1)
Alignment
Healthcare,
Inc.
571,912
0.4
25,169
(1)
Alumis,
Inc.
548,936
0.4
76,658
(1)
Aveanna
Healthcare
Holdings,
Inc.
1,028,750
0.7
138,551
(1)
BioCryst
Pharmaceuticals,
Inc.
1,343,945
0.9
44,463
(1)
Brookdale
Senior
Living,
Inc.
524,219
0.3
236,645
(1)
Cerus
Corp.
624,743
0.4
49,264
(1)
Corvus
Pharmaceuticals,
Inc.
691,666
0.4
PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
(continued)
Voya
MI
Dynamic
Small
Cap
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Health
Care:
(continued)
20,758
(1)
Definium
Therapeutics,
Inc.
$
824,508
0.5
34,070
(1)
Erasca,
Inc.
609,172
0.4
30,045
(1)
Fortrea
Holdings,
Inc.
551,927
0.4
13,165
(1)
HealthEquity,
Inc.
1,270,949
0.8
66,234
(1)(2)
ImmunityBio,
Inc.
526,560
0.3
109,320
(1)
Ironwood
Pharmaceuticals,
Inc.
464,610
0.3
163,539
(1)
MannKind
Corp.
655,791
0.4
23,776
(1)
Mineralys
Therapeutics,
Inc.
610,330
0.4
12,222
(1)
Mirum
Pharmaceuticals,
Inc.
1,198,367
0.8
22,470
(1)(2)
Monte
Rosa
Therapeutics,
Inc.
313,232
0.2
78,950
(1)(2)
Novavax,
Inc.
739,761
0.5
37,440
(1)
Olema
Pharmaceuticals,
Inc.
390,499
0.2
331,726
(1)
OPKO
Health,
Inc.
487,637
0.3
42,994
(1)
Orthofix
Medical,
Inc.
403,714
0.3
8,633
(1)(2)
Oruka
Therapeutics,
Inc.
799,588
0.5
131,398
(1)
Perspective
Therapeutics,
Inc.
415,218
0.3
2,583
(1)
Praxis
Precision
Medicines,
Inc.
904,825
0.6
37,063
(1)
Progyny,
Inc.
948,442
0.6
19,731
QIAGEN
N.V.
854,155
0.5
37,375
(1)
Sarepta
Therapeutics,
Inc.
785,996
0.5
184,553
(1)
Savara,
Inc.
994,741
0.6
39,665
(1)(2)
SELLAS
Life
Sciences
Group,
Inc.
529,131
0.3
34,289
(1)
Tandem
Diabetes
Care,
Inc.
754,701
0.5
25,201
(1)
Tango
Therapeutics,
Inc.
575,591
0.4
102,372
(1)
Taysha
Gene
Therapies,
Inc.
582,497
0.4
88,962
(1)
Teladoc
Health,
Inc.
564,019
0.4
20,672
(1)
Travere
Therapeutics,
Inc.
1,370,140
0.9
108,609
(1)
Xeris
Biopharma
Holdings,
Inc.
916,660
0.6
28,298,626
18.2
Industrials
:
18.2%
31,233
Aebi
Schmidt
Holding
AG
395,097
0.3
9,614
Allison
Transmission
Holdings,
Inc.
1,208,576
0.8
48,581
(1)
Amprius
Technologies,
Inc.
479,980
0.3
13,194
Apogee
Enterprises,
Inc.
515,358
0.3
5,867
Applied
Industrial
Technologies,
Inc.
1,900,791
1.2
92,538
(1)(2)
Array
Technologies,
Inc.
409,018
0.3
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Industrials:
(continued)
17,127
Atmus
Filtration
Technologies,
Inc.
$
808,908
0.5
24,810
Cadre
Holdings,
Inc.
735,865
0.5
41,542
(1)
CoreCivic,
Inc.
1,380,025
0.9
3,861
Donaldson
Co.,
Inc.
350,926
0.2
29,926
Enerpac
Tool
Group
Corp.
1,116,838
0.7
24,333
Flowserve
Corp.
1,924,497
1.2
18,863
(1)
Fluor
Corp.
1,028,222
0.7
9,068
Franklin
Electric
Co.,
Inc.
907,616
0.6
70,064
(1)
Gates
Industrial
Corp.
Ltd.
1,792,237
1.2
36,133
(1)
GEO
Group,
Inc.
1,149,391
0.7
28,031
Kennametal,
Inc.
822,430
0.5
100,275
(1)
Legalzoom.com,
Inc.
624,713
0.4
3,873
Lincoln
Electric
Holdings,
Inc.
1,089,204
0.7
90,324
(1)
Manitowoc
Co.,
Inc.
1,754,092
1.1
84,420
Mueller
Water
Products,
Inc.
- Class
A
2,037,899
1.3
88,232
(1)
NOW,
Inc.
1,414,359
0.9
66,198
(1)(2)
T1
Energy,
Inc.
294,581
0.2
33,695
Tetra
Tech,
Inc.
1,217,737
0.8
14,443
TriNet
Group,
Inc.
1,015,198
0.7
57,388
(1)
Upwork,
Inc.
518,214
0.3
34,068
(1)
Vestis
Corp.
426,191
0.3
21,160
Zurn
Elkay
Water
Solutions
Corp.
1,011,448
0.6
28,329,411
18.2
Information
Technology
:
14.2%
175,028
(1)
8x8,
Inc.
329,053
0.2
27,777
A10
Networks,
Inc.
705,258
0.5
22,064
(1)
ACI
Worldwide,
Inc.
1,175,570
0.8
6,183
(1)
Aehr
Test
Systems
490,126
0.3
56,674
(1)
Amplitude,
Inc.
- Class
A
799,103
0.5
3,381
(1)
Applied
Optoelectronics,
Inc.
364,100
0.2
39,015
(1)
Arlo
Technologies,
Inc.
513,047
0.3
67,249
(1)
AvePoint,
Inc.
936,106
0.6
10,272
(1)
AXT,
Inc.
622,586
0.4
10,537
Bentley
Systems,
Inc.
- Class
B
387,235
0.2
27,902
(1)(2)
Bitdeer
Technologies
Group
- Class
A
302,737
0.2
60,423
(1)
Box,
Inc.
- Class
A
2,161,935
1.4
28,899
(1)(2)
Cipher
Mining,
Inc.
447,935
0.3
23,115
(1)
Cohu,
Inc.
1,065,601
0.7
26,968
(1)
Core
Scientific,
Inc.
439,578
0.3
13,679
CTS
Corp.
772,453
0.5
12,834
(1)
Dropbox,
Inc.
- Class
A
451,628
0.3
43,832
(1)
Extreme
Networks,
Inc.
985,782
0.6
7,544
(1)
Hut
8
Corp.
593,260
0.4
25,943
Ingram
Micro
Holding
Corp.
730,814
0.5
29,325
(1)
Knowles
Corp.
1,002,329
0.6
2,977
Littelfuse,
Inc.
1,227,060
0.8
PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
(continued)
Voya
MI
Dynamic
Small
Cap
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Information
Technology:
(continued)
35,457
(1)
Navitas
Semiconductor
Corp.
$
410,947
0.3
25,437
(1)
Photronics,
Inc.
715,797
0.5
5,234
(1)
Rambus,
Inc.
453,735
0.3
27,929
(1)
Riot
Platforms,
Inc.
530,511
0.3
8,843
(1)
Rubrik,
Inc.
- Class
A
822,753
0.5
8,862
(1)
Viasat,
Inc.
596,147
0.4
13,036
(1)
Viavi
Solutions,
Inc.
473,076
0.3
116,801
(1)
Yext,
Inc.
790,743
0.5
27,007
(1)
Zeta
Global
Holdings
Corp.
- Class
A
836,407
0.5
22,133,412
14.2
Materials
:
3.9%
3,689
Balchem
Corp.
648,858
0.4
42,011
Coeur
Mining,
Inc.
872,989
0.6
85,683
FMC
Corp.
987,925
0.6
71,974
Hecla
Mining
Co.
1,430,123
0.9
63,607
(1)
Rayonier
Advanced
Materials,
Inc.
546,384
0.3
105,087
Tronox
Holdings
PLC
555,910
0.4
69,133
(1)(2)
United
States
Antimony
Corp.
336,678
0.2
42,202
(1)
USA
Rare
Earth,
Inc.
752,040
0.5
6,130,907
3.9
Real
Estate
:
6.3%
55,821
Acadia
Realty
Trust
1,142,656
0.7
78,855
CareTrust
REIT,
Inc.
3,071,402
2.0
87,577
DiamondRock
Hospitality
Co.
1,078,073
0.7
71,974
Diversified
Healthcare
Trust
544,843
0.4
13,192
First
Industrial
Realty
Trust,
Inc.
816,321
0.5
13,947
LTC
Properties,
Inc.
562,343
0.4
85,608
Medical
Properties
Trust,
Inc.
339,864
0.2
32,709
Sabra
Health
Care
REIT,
Inc.
666,937
0.4
94,228
Summit
Hotel
Properties,
Inc.
551,234
0.4
26,285
Tanger
Factory
Outlet
Centers,
Inc.
991,207
0.6
9,764,880
6.3
Utilities
:
3.8%
29,149
Avista
Corp.
1,083,177
0.7
25,994
Black
Hills
Corp.
1,863,250
1.2
87,480
(1)
Hawaiian
Electric
Industries,
Inc.
981,525
0.6
8,460
NiSource,
Inc.
346,183
0.2
14,042
Northwest
Natural
Holding
Co.
689,041
0.5
20,379
Portland
General
Electric
Co.
995,718
0.6
5,958,894
3.8
Total
Common
Stock
(Cost
$153,584,966)
152,849,032
98.1
Shares
Value
Percentage
of
Net
Assets
EXCHANGE-TRADED
FUNDS
:
1.8%
9,461
iShares
Russell
2000
ETF
$
2,780,872
1.8
Total
Exchange-Traded
Funds
(Cost
$2,872,367)
2,780,872
1.8
Total
Long-Term
Investments
(Cost
$156,457,333)
155,629,904
99.9
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
3.5%
Repurchase
Agreements
:
3.3%
308,581
(3)
Deutsche
Bank
Securities
Inc.,
Repurchase
Agreement
dated
08/31/2026,
3.600%,
due
09/01/2026
(Repurchase
Amount
$308,611,
collateralized
by
various
U.S.
Government
Securities,
3.500%-
4.500%,
Market
Value
plus
accrued
interest
$314,753,
due
08/31/28-11/15/54)
308,581
0.2
1,152,900
(3)
Natwest
Markets
Securities
Inc.,
Repurchase
Agreement
dated
08/31/2026,
3.670%,
due
09/01/2026
(Repurchase
Amount
$1,153,016,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.500%-
6.322%,
Market
Value
plus
accrued
interest
$1,175,958,
due
05/15/27-08/01/55)
1,152,900
0.7
PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
(continued)
Voya
MI
Dynamic
Small
Cap
Fund
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
1,152,900
(3)
Nomura
Securities
International,
Inc.,
Repurchase
Agreement
dated
08/31/2026,
3.670%,
due
09/01/2026
(Repurchase
Amount
$1,153,016,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.000%-
7.000%,
Market
Value
plus
accrued
interest
$1,175,958,
due
10/21/26-04/15/68)
$
1,152,900
0.8
1,152,900
(3)
RBC
Dominion
Securities
Inc.,
Repurchase
Agreement
dated
08/31/2026,
3.670%,
due
09/01/2026
(Repurchase
Amount
$1,153,016,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.000%-
7.500%,
Market
Value
plus
accrued
interest
$1,175,958,
due
09/10/26-11/20/65)
1,152,900
0.7
1,225,539
(3)
State
of
Wisconsin
Investment
Board,
Repurchase
Agreement
dated
08/31/2026,
3.770%,
due
09/01/2026
(Repurchase
Amount
$1,225,666,
collateralized
by
various
U.S.
Government
Securities,
0.125%-
3.875%,
Market
Value
plus
accrued
interest
$1,248,531,
due
01/15/28-02/15/56)
1,225,539
0.8
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
139,300
(3)
TD
Securities
(USA)
LLC,
Repurchase
Agreement
dated
08/31/2026,
3.670%,
due
09/01/2026
(Repurchase
Amount
$139,314,
collateralized
by
various
U.S.
Government
Agency
Obligations,
5.000%-
6.500%,
Market
Value
plus
accrued
interest
$142,086,
due
08/01/46-12/01/55)
$
139,300
0.1
Total
Repurchase
Agreements
(Cost
$5,132,120)
5,132,120
3.3
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
0.2%
294,000
(4)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
3.580%
(Cost
$294,000)
$
294,000
0.2
Total
Short-Term
Investments
(Cost
$5,426,120)
5,426,120
3.5
Total
Investments
in
Securities
(Cost
$161,883,453)
$
161,056,024
103.4
Liabilities
in
Excess
of
Other
Assets
(5,258,058)
(3.4)
Net
Assets
$
155,797,966
100.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(2)
Security,
or
a
portion
of
the
security,
is
on
loan.
(3)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(4)
Rate
shown
is
the
7-day
yield
as
of
August
31,
2026.
PORTFOLIO
OF
INVESTMENTS
as
of
August
31,
2026
(Unaudited)
(continued)
Voya
MI
Dynamic
Small
Cap
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
Common
Stock*
$
152,849,032
$
—
$
—
$
152,849,032
Exchange-Traded
Funds
2,780,872
—
—
2,780,872
Short-Term
Investments
294,000
5,132,120
—
5,426,120
Total
Investments,
at
fair
value
$
155,923,904
$
5,132,120
$
—
$
161,056,024
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
Investments.
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
15,766,748
Gross
Unrealized
Depreciation
(16,594,177)
Net
Unrealized
Depreciation
$
(827,429)