PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
1
Voya
Emerging
Markets
High
Dividend
Equity
Fund
l
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
92
.9
%
Brazil
:
3
.1
%
50,495 
Atacadao
SA
$
95,052
0.1
34,776 
Banco
do
Brasil
SA
307,160
0.3
76,941 
BB
Seguridade
Participacoes
SA
471,507
0.4
81,277 
Cia
Siderurgica
Nacional
SA
195,130
0.2
11,500 
Engie
Brasil
Energia
SA
96,156
0.1
93,587 
(1)(2)
Hapvida
Participacoes
e
Investimentos
S/A
73,419
0.1
17,758 
Hypera
SA
143,827
0.1
83,977 
Natura
&
Co.
Holding
SA
229,586
0.2
37,410 
Raia
Drogasil
SA
210,156
0.2
55,948 
Rumo
SA
229,271
0.2
21,669 
Telefonica
Brasil
SA
172,470
0.2
98,362 
TOTVS
SA
560,318
0.5
44,149 
Vale
SA
562,338
0.5
3,346,390
3.1
Chile
:
0
.4
%
166,800 
Cencosud
SA
315,065
0.3
708,473 
Enel
Americas
SA
91,349
0.1
406,414
0.4
China
:
28
.2
%
243,100 
(2)
Alibaba
Group
Holding
Ltd.
2,419,424
2.3
374,000 
Aluminum
Corp.
of
China
Ltd.
-
Class
H
165,509
0.2
10,200 
Anhui
Gujing
Distillery
Co.
Ltd.
-
Class
B
167,133
0.2
17,578 
Anhui
Yingjia
Distillery
Co.
Ltd.
-
Class
A
139,746
0.1
31,000 
ANTA
Sports
Products
Ltd.
316,842
0.3
7,950 
Autohome,
Inc.,
ADR
227,529
0.2
10,650 
(2)
Baidu,
Inc.
-
Class
A
163,522
0.2
1,871,000 
Bank
of
China
Ltd.
-
Class
H
732,417
0.7
212,500 
Bank
of
Jiangsu
Co.
Ltd.
-
Class
A
221,980
0.2
26,000 
BYD
Co.
Ltd.
-
Class
H
785,134
0.7
43,500 
BYD
Electronic
International
Co.
Ltd.
126,623
0.1
65,500 
By-health
Co.
Ltd.
-
Class
A
209,919
0.2
95,600 
CECEP
Solar
Energy
Co.
Ltd.
-
Class
A
94,067
0.1
26,700 
CETC
Cyberspace
Security
Technology
Co.
Ltd.
-
Class
A
111,191
0.1
2,674,000 
China
Cinda
Asset
Management
Co.
Ltd.
-
Class
H
296,996
0.3
950,000 
China
Communications
Services
Corp.
Ltd.
-
Class
H
451,802
0.4
160,000 
China
Conch
Venture
Holdings
Ltd.
200,987
0.2
1,504,000 
China
Construction
Bank
Corp.
-
Class
H
962,081
0.9
683,000 
China
Everbright
Bank
Co.
Ltd.
-
Class
H
210,156
0.2
191,500 
China
Hongqiao
Group
Ltd.
135,905
0.1
177,000 
China
Longyuan
Power
Group
Corp.
Ltd.
-
Class
H
198,682
0.2
151,000 
China
Medical
System
Holdings
Ltd.
212,590
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
104,000 
China
Meidong
Auto
Holdings
Ltd.
$
133,843
0.1
51,000 
China
Mengniu
Dairy
Co.
Ltd.
198,219
0.2
136,500 
China
Merchants
Bank
Co.
Ltd.
-
Class
H
634,746
0.6
145,485 
China
Merchants
Port
Holdings
Co.
Ltd.
211,040
0.2
260,000 
China
Oilfield
Services
Ltd.
-
Class
H
264,723
0.2
50,500 
China
Overseas
Land
&
Investment
Ltd.
102,482
0.1
128,400 
China
Pacific
Insurance
Group
Co.
Ltd.
-
Class
H
325,004
0.3
456,000 
China
Railway
Group
Ltd.
-
Class
H
300,474
0.3
34,000 
China
Resources
Land
Ltd.
127,260
0.1
103,000 
(1)
China
Resources
Pharmaceutical
Group
Ltd.
98,886
0.1
50,000 
China
Shenhua
Energy
Co.
Ltd.
-
Class
H
158,066
0.1
2,878,000 
(1)
China
Tower
Corp.
Ltd.
-
Class
H
316,096
0.3
72,000 
Chinasoft
International
Ltd.
42,955
0.0
105,000 
CITIC
Securities
Co.
Ltd.
-
Class
H
193,340
0.2
152,300 
COSCO
SHIPPING
Development
Co.
Ltd.
-
Class
A
53,589
0.1
94,500 
COSCO
SHIPPING
Holdings
Co.
Ltd.
-
Class
H
83,271
0.1
250,000 
COSCO
SHIPPING
Ports
Ltd.
157,408
0.1
63,360 
CSPC
Pharmaceutical
Group
Ltd.
55,201
0.1
44,000 
Dong-E-E-Jiao
Co.
Ltd.
-
Class
A
305,222
0.3
720,000 
Dongfeng
Motor
Group
Co.
Ltd.
-
Class
H
311,799
0.3
410,000 
Far
East
Horizon
Ltd.
343,551
0.3
352,000 
Fosun
International
Ltd.
232,158
0.2
16,800 
(1)
Ganfeng
Lithium
Group
Co.
Ltd.
-
Class
H
106,340
0.1
5,100 
G-bits
Network
Technology
Xiamen
Co.
Ltd.
-
Class
A
401,911
0.4
281,000 
Geely
Automobile
Holdings
Ltd.
327,364
0.3
53,400 
GRG
Banking
Equipment
Co.
Ltd.
-
Class
A
93,874
0.1
30,000 
(1)
Hansoh
Pharmaceutical
Group
Co.
Ltd.
49,932
0.0
23,800 
Henan
Shenhuo
Coal
&
Power
Co.
Ltd.
-
Class
A
42,898
0.0
43,500 
Hengan
International
Group
Co.
Ltd.
184,941
0.2
16,500 
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.
-
Class
A
73,609
0.1
53,167 
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.
-
Class
A
160,012
0.2
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
(continued)
2
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
1,265,592 
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
H
$
675,877
0.6
59,300 
Industrial
Bank
Co.
Ltd.
-
Class
A
138,212
0.1
57,437 
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.
-
Class
A
111,962
0.1
72,900 
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
-
Class
B
94,048
0.1
17,400 
Jafron
Biomedical
Co.
Ltd.
-
Class
A
67,711
0.1
35,452 
JD.com,
Inc.
-
Class
A
577,570
0.5
23,400 
Jiangsu
Zhongtian
Technology
Co.
Ltd.
-
Class
A
47,823
0.0
159,600 
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.
-
Class
A
308,357
0.3
25,700 
Keda
Industrial
Group
Co.
Ltd.
-
Class
A
38,394
0.0
105,000 
Kingboard
Holdings
Ltd.
282,915
0.3
119,800 
Kingsoft
Corp.
Ltd.
435,529
0.4
426,000 
Kunlun
Energy
Co.
Ltd.
339,797
0.3
43,500 
Li
Ning
Co.
Ltd.
233,726
0.2
17,500 
(1)
Longfor
Group
Holdings
Ltd.
33,701
0.0
45,500 
LONGi
Green
Energy
Technology
Co.
Ltd.
-
Class
A
184,502
0.2
72,320 
(1)(2)
Meituan
-
Class
B
1,015,465
0.9
46,900 
NetEase,
Inc.
797,715
0.7
34,200 
(1)
Nongfu
Spring
Co.
Ltd.
-
Class
H
183,366
0.2
12,200 
Ovctek
China,
Inc.
-
Class
A
48,012
0.0
8,291 
(2)
PDD
Holdings,
Inc.,
ADR
541,568
0.5
1,080,000 
People's
Insurance
Co.
Group
of
China
Ltd.
-
Class
H
408,362
0.4
578,000 
PetroChina
Co.
Ltd.
-
Class
H
373,613
0.3
42,450 
(1)
Pharmaron
Beijing
Co.
Ltd.
-
Class
H
156,780
0.1
440,000 
PICC
Property
&
Casualty
Co.
Ltd.
-
Class
H
524,881
0.5
45,400 
Ping
An
Bank
Co.
Ltd.
-
Class
A
74,218
0.1
91,000 
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H
577,503
0.5
264,000 
(1)
Postal
Savings
Bank
of
China
Co.
Ltd.
-
Class
H
165,873
0.2
6,427 
Qifu
Technology,
Inc.
88,371
0.1
33,600 
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
-
Class
H
49,612
0.0
36,950 
Shanghai
Baosight
Software
Co.
Ltd.
-
Class
B
122,848
0.1
140,900 
Shanghai
Construction
Group
Co.
Ltd.
-
Class
A
52,372
0.1
42,500 
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
-
Class
H
115,757
0.1
4,100 
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
-
Class
A
121,268
0.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,500 
Shenzhen
Mindray
Bio-
Medical
Electronics
Co.
Ltd.
-
Class
A
$
190,639
0.2
66,700 
Shenzhen
Senior
Technology
Material
Co.
Ltd.
-
Class
A
151,979
0.1
16,800 
Sunny
Optical
Technology
Group
Co.
Ltd.
158,138
0.1
45,300 
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.
-
Class
A
161,934
0.2
83,400 
Tencent
Holdings
Ltd.
3,300,500
3.1
96,000 
Tingyi
Cayman
Islands
Holding
Corp.
143,807
0.1
269,000 
(1)
Topsports
International
Holdings
Ltd.
209,020
0.2
130,000 
TravelSky
Technology
Ltd.
-
Class
H
237,159
0.2
151,000 
Uni-President
China
Holdings
Ltd.
131,230
0.1
37,600 
Weihai
Guangwei
Composites
Co.
Ltd.
-
Class
A
155,155
0.1
67,500 
Xiamen
C
&
D,
Inc.
-
Class
A
110,335
0.1
37,600 
Yintai
Gold
Co.
Ltd.
-
Class
A
68,533
0.1
9,230 
YongXing
Special
Materials
Technology
Co.
Ltd.
-
Class
A
82,235
0.1
119,200 
Youngor
Group
Co.
Ltd.
-
Class
A
115,270
0.1
6,961 
Yum
China
Holdings,
Inc.
393,018
0.4
3,100 
(2)
Yunnan
Energy
New
Material
Co.
Ltd.
-
Class
A
39,737
0.0
48,268 
Zangge
Mining
Co.
Ltd.
-
Class
A
156,107
0.1
170,000 
Zhejiang
Expressway
Co.
Ltd.
-
Class
H
125,905
0.1
63,000 
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
265,123
0.2
126,000 
Zijin
Mining
Group
Co.
Ltd.
-
Class
H
171,380
0.2
114,000 
ZTE
Corp.
-
Class
H
350,033
0.3
6,950 
ZTO
Express
Cayman,
Inc.,
ADR
175,418
0.2
30,520,812
28.2
Colombia
:
0
.2
%
64,063 
Interconexion
Electrica
SA
ESP
253,373
0.2
Czechia
:
0
.2
%
8,228 
Komercni
Banka
AS
245,293
0.2
Egypt
:
0
.1
%
204,102 
Eastern
Co.
SAE
125,912
0.1
Greece
:
1
.2
%
76,907 
(2)
Eurobank
Ergasias
Services
and
Holdings
SA
120,216
0.1
15,767 
Hellenic
Telecommunications
Organization
SA
241,517
0.2
11,742 
JUMBO
SA
272,502
0.3
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
(continued)
3
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Greece:
(continued)
8,381 
Motor
Oil
Hellas
Corinth
Refineries
SA
$
216,492
0.2
26,435 
OPAP
SA
451,384
0.4
1,302,111
1.2
Hong
Kong
:
0
.3
%
288,000 
Bosideng
International
Holdings
Ltd.
119,572
0.1
27,000 
Country
Garden
Services
Holdings
Co.
Ltd.
31,475
0.0
254,000 
Kingboard
Laminates
Holdings
Ltd.
232,450
0.2
103,000 
Sino
Biopharmaceutical
Ltd.
49,102
0.0
21,000 
Vinda
International
Holdings
Ltd.
50,550
0.0
483,149
0.3
Hungary
:
0
.1
%
6,181 
Richter
Gedeon
Nyrt
155,960
0.1
India
:
13
.2
%
15,090 
Aurobindo
Pharma
Ltd.
120,049
0.1
85,643 
Axis
Bank
Ltd.
945,145
0.9
1,980 
Bajaj
Finance
Ltd.
166,982
0.2
196,046 
Bank
of
Baroda
437,372
0.4
409,338 
Bharat
Electronics
Ltd.
554,341
0.5
55,369 
Bharat
Petroleum
Corp.
Ltd.
243,117
0.2
10,874 
Cholamandalam
Investment
and
Finance
Co.
Ltd.
137,963
0.1
25,827 
Cipla
Ltd./India
297,338
0.3
48,418 
HCL
Technologies
Ltd.
668,906
0.6
19,089 
Hindalco
Industries
Ltd.
93,464
0.1
98,054 
Hindustan
Petroleum
Corp.
Ltd.
309,056
0.3
137,224 
ICICI
Bank
Ltd.
1,569,246
1.5
5,793 
Info
Edge
India
Ltd.
284,704
0.3
82,686 
Infosys
Ltd.
1,314,462
1.2
103,269 
ITC
Ltd.
555,467
0.5
25,545 
Kotak
Mahindra
Bank
Ltd.
620,535
0.6
33,215 
Larsen
&
Toubro
Ltd.
884,005
0.8
20,572 
Mahindra
&
Mahindra
Ltd.
327,570
0.3
2,663 
Mphasis
Ltd.
62,536
0.1
141,726 
NTPC
Ltd.
297,220
0.3
249,856 
Oil
&
Natural
Gas
Corp.
Ltd.
467,231
0.4
116,047 
Power
Grid
Corp.
of
India
Ltd.
327,724
0.3
7,680 
Reliance
Industries
Ltd.
228,978
0.2
63,574 
Samvardhana
Motherson
International
Ltd.
60,653
0.1
19,666 
Shriram
Finance
Ltd.
332,341
0.3
4,764 
SRF
Ltd.
144,890
0.1
33,578 
Sun
Pharmaceutical
Industries
Ltd.
395,911
0.4
24,927 
Tata
Consultancy
Services
Ltd.
989,578
0.9
14,431 
Tech
Mahindra
Ltd.
194,194
0.2
62,451 
UPL
Ltd.
516,458
0.5
99,191 
Vedanta
Ltd.
333,175
0.3
33,863 
Wipro
Ltd.
165,309
0.2
14,045,920
13.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Indonesia
:
0
.3
%
759,800 
Adaro
Energy
Indonesia
Tbk
PT
$
103,249
0.1
124,000 
Bank
Negara
Indonesia
Persero
Tbk
PT
74,799
0.1
99,800 
United
Tractors
Tbk
PT
148,180
0.1
326,228
0.3
Luxembourg
:
0
.5
%
26,724 
Reinet
Investments
SCA
528,551
0.5
Malaysia
:
1
.5
%
147,200 
AMMB
Holdings
Bhd
116,035
0.1
239,400 
CIMB
Group
Holdings
Bhd
249,904
0.2
394,300 
Genting
Bhd
358,510
0.3
751,000 
Genting
Malaysia
Bhd
408,182
0.4
62,800 
Petronas
Chemicals
Group
Bhd
89,145
0.1
63,600 
Public
Bank
Bhd
52,483
0.1
90,900 
RHB
Bank
Bhd
105,352
0.1
206,800 
Telekom
Malaysia
Bhd
228,234
0.2
1,607,845
1.5
Mexico
:
2
.4
%
63,313 
Arca
Continental
SAB
de
CV
639,966
0.6
449,804 
Fibra
Uno
Administracion
SA
de
CV
656,054
0.6
66,574 
Fomento
Economico
Mexicano
SAB
de
CV
672,289
0.6
250,830 
Operadora
De
Sites
Mexicanos
SAB
de
CV
-
Class
1
246,874
0.2
31,546 
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
307,078
0.3
23,722 
Wal-Mart
de
Mexico
SAB
de
CV
90,240
0.1
2,612,501
2.4
Peru
:
0
.1
%
1,080 
Credicorp
Ltd.
139,806
0.1
Philippines
:
1
.0
%
130,114 
BDO
Unibank,
Inc.
315,267
0.3
53,480 
International
Container
Terminal
Services,
Inc.
185,710
0.2
348,000 
Metropolitan
Bank
&
Trust
Co.
357,078
0.3
14,660 
SM
Investments
Corp.
242,430
0.2
1,100,485
1.0
Poland
:
0
.7
%
26,499 
Polski
Koncern
Naftowy
ORLEN
SA
377,301
0.4
36,456 
Powszechny
Zaklad
Ubezpieczen
SA
332,414
0.3
709,715
0.7
Qatar
:
1
.0
%
158,465 
Commercial
Bank
PSQC
243,863
0.2
196,430 
Mesaieed
Petrochemical
Holding
Co.
106,164
0.1
99,926 
Ooredoo
QPSC
291,268
0.3
94,857 
Qatar
Islamic
Bank
SAQ
456,288
0.4
1,097,583
1.0
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
(continued)
4
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Romania
:
0
.2
%
44,607 
NEPI
Rockcastle
NV
$
254,810
0.2
Russia
:
0.0
%
354,185 
(2)(3)
Alrosa
PJSC
—
0.0
10,144,776 
(3)
Inter
RAO
UES
PJSC
—
0.0
15,442 
(3)
LUKOIL
PJSC
—
0.0
3 
(3)
Magnit
PJSC
—
0.0
9,459 
(2)(3)
Magnit
PJSC
—
0.0
116,758 
(3)
Mobile
TeleSystems
PJSC
—
0.0
4,585 
(2)(3)
Severstal
PAO
—
0.0
130,134 
(3)
Surgutneftegas
PJSC
—
0.0
125,422 
(3)
Tatneft
PJSC
—
0.0
—
0.0
Saudi
Arabia
:
3
.4
%
39,951 
Alinma
Bank
347,515
0.3
50,554 
Arab
National
Bank
342,763
0.3
30,852 
Banque
Saudi
Fransi
327,364
0.3
60,605 
Etihad
Etisalat
Co.
694,660
0.6
1,691 
Nahdi
Medical
Co.
76,715
0.1
25,537 
Riyad
Bank
222,920
0.2
7,136 
SABIC
Agri-Nutrients
Co.
237,481
0.2
42,654 
Sahara
International
Petrochemical
Co.
404,040
0.4
58,089 
Saudi
Electricity
Co.
334,173
0.3
74,569 
Saudi
National
Bank
733,396
0.7
3,721,027
3.4
Singapore
:
0
.4
%
53,300 
(1)
BOC
Aviation
Ltd.
391,357
0.4
South
Africa
:
2
.6
%
20,925 
Absa
Group
Ltd.
163,727
0.2
9,440 
African
Rainbow
Minerals
Ltd.
98,739
0.1
42,498 
Exxaro
Resources
Ltd.
345,221
0.3
467,892 
Growthpoint
Properties
Ltd.
277,384
0.3
28,767 
Harmony
Gold
Mining
Co.
Ltd.
136,106
0.1
64,587 
Impala
Platinum
Holdings
Ltd.
518,570
0.5
13,954 
MTN
Group
Ltd.
86,312
0.1
726 
Naspers
Ltd.
-
Class
N
109,520
0.1
5,345 
Nedbank
Group
Ltd.
56,427
0.1
11,443 
Sasol
Ltd.
133,803
0.1
17,409 
Shoprite
Holdings
Ltd.
172,612
0.2
301,470 
Sibanye
Stillwater
Ltd.
532,660
0.5
2,631,081
2.6
South
Korea
:
10
.9
%
2,410 
BGF
retail
Co.
Ltd.
346,095
0.3
21,084 
Cheil
Worldwide,
Inc.
291,153
0.3
6,586 
CJ
Corp.
439,340
0.4
1,870 
DB
Insurance
Co.
Ltd.
104,381
0.1
7,571 
Doosan
Bobcat,
Inc.
304,559
0.3
3,389 
E-MART,
Inc.
215,201
0.2
568 
F&F
Co.
Ltd.
55,312
0.1
13,731 
GS
Holdings
Corp.
398,376
0.4
20,518 
Hana
Financial
Group,
Inc.
640,058
0.6
1,896 
Hanmi
Pharm
Co.
Ltd.
417,203
0.4
6,364 
HD
Hyundai
Co.
Ltd.
273,889
0.3
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
1,978 
Hyundai
Engineering
&
Construction
Co.
Ltd.
$
56,991
0.1
3,581 
Hyundai
Mobis
Co.
Ltd.
601,147
0.6
5,073 
Hyundai
Motor
Co.
763,366
0.7
12,444 
Industrial
Bank
of
Korea
95,671
0.1
29,293 
Kangwon
Land,
Inc.
402,087
0.4
17,591 
KB
Financial
Group,
Inc.
634,351
0.6
12,060 
Kia
Corp.
779,144
0.7
527 
LG
Chem
Ltd.
274,656
0.3
1,036 
LG
Innotek
Co.
Ltd.
239,206
0.2
20,382 
LG
Uplus
Corp.
172,573
0.2
5,681 
Lotte
Shopping
Co.
Ltd.
341,968
0.3
899 
Orion
Corp./Republic
of
Korea
87,478
0.1
413 
POSCO
Holdings,
Inc.
111,910
0.1
8,262 
S-1
Corp.
338,180
0.3
2,281 
Samsung
C&T
Corp.
190,000
0.2
2,101 
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
356,855
0.3
1,059 
Samsung
SDI
Co.
Ltd.
572,072
0.5
21,986 
Samsung
Securities
Co.
Ltd.
608,489
0.6
17,690 
Shinhan
Financial
Group
Co.
Ltd.
466,085
0.4
2,239 
SK,
Inc.
283,040
0.3
54,848 
Woori
Financial
Group,
Inc.
494,551
0.5
11,355,387
10.9
Taiwan
:
16
.3
%
29,000 
Accton
Technology
Corp.
332,508
0.3
77,000 
ASE
Technology
Holding
Co.
Ltd.
278,243
0.3
11,000 
Chailease
Holding
Co.
Ltd.
72,384
0.1
75,000 
Delta
Electronics,
Inc.
770,172
0.7
41,000 
E
Ink
Holdings,
Inc.
275,624
0.3
7,000 
eMemory
Technology,
Inc.
417,340
0.4
46,200 
Evergreen
Marine
Corp.
Taiwan
Ltd.
229,281
0.2
36,000 
Globalwafers
Co.
Ltd.
588,633
0.6
320,000 
Hon
Hai
Precision
Industry
Co.
Ltd.
1,107,130
1.0
277,000 
Inventec
Corp.
331,996
0.3
218,000 
Lite-On
Technology
Corp.
630,731
0.6
37,000 
MediaTek,
Inc.
909,223
0.8
21,000 
Nan
Ya
Printed
Circuit
Board
Corp.
206,124
0.2
27,000 
Novatek
Microelectronics
Corp.
372,770
0.3
33,000 
President
Chain
Store
Corp.
300,038
0.3
14,000 
Realtek
Semiconductor
Corp.
173,505
0.2
435,962 
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
7,889,967
7.3
87,000 
Unimicron
Technology
Corp.
508,886
0.5
52,000 
Uni-President
Enterprises
Corp.
125,634
0.1
505,000 
United
Microelectronics
Corp.
845,261
0.8
11,000 
Wiwynn
Corp.
413,554
0.4
7,000 
Yageo
Corp.
115,345
0.1
31,000 
Yang
Ming
Marine
Transport
Corp.
61,171
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
(continued)
5
Voya
Emerging
Markets
High
Dividend
Equity
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan:
(continued)
110,000 
Zhen
Ding
Technology
Holding
Ltd.
$
414,078
0.4
17,369,598
16.3
Thailand
:
2
.3
%
403,300 
Bangkok
Dusit
Medical
Services
PCL
-
Class
F
326,964
0.3
17,300 
Bumrungrad
Hospital
PCL
110,765
0.1
109,000 
Central
Retail
Corp.
PCL
131,468
0.1
55,500 
Electricity
Generating
PCL
230,355
0.2
74,100 
Kasikornbank
PCL
275,623
0.3
468,700 
Land
&
Houses
PCL
114,411
0.1
368,700 
Minor
International
PCL
357,259
0.3
45,500 
PTT
Exploration
&
Production
PCL
182,191
0.2
353,800 
PTT
Global
Chemical
PCL
358,011
0.3
140,300 
SCB
X
PCL
416,942
0.4
2,503,989
2.3
Turkey
:
0
.4
%
22,554 
BIM
Birlesik
Magazalar
AS
153,483
0.1
49,034 
KOC
Holding
AS
186,128
0.2
78,719 
Turkcell
Iletisim
Hizmetleri
AS
127,168
0.1
466,779
0.4
United
Arab
Emirates
:
1
.9
%
166,004 
Abu
Dhabi
Commercial
Bank
PJSC
361,119
0.3
181,083 
Aldar
Properties
PJSC
251,057
0.2
206,188 
Dubai
Islamic
Bank
PJSC
295,182
0.3
378,195 
Emaar
Properties
PJSC
632,282
0.6
140,028 
Emirates
NBD
Bank
PJSC
519,865
0.5
2,059,505
1.9
United
Kingdom
:
0.0
%
13,603 
(2)(3)
X5
Retail
Group
NV,
GDR
—
0.0
Total
Common
Stock
(Cost
$104,978,232)
99,761,581
92.9
EXCHANGE-TRADED
FUNDS
:
2
.6
%
73,944 
iShares
MSCI
Emerging
Markets
ETF
2,823,921
2.6
Total
Exchange-Traded
Funds
(Cost
$2,881,471)
2,823,921
2.6
PREFERRED
STOCK
:
3
.6
%
Brazil
:
1
.7
%
256,875 
Cia
Energetica
de
Minas
Gerais
589,871
0.6
10,987 
Gerdau
SA
52,236
0.1
206,660 
Petroleo
Brasileiro
SA
1,068,067
1.0
1,710,174
1.7
Chile
:
0
.4
%
6,343 
Sociedad
Quimica
y
Minera
de
Chile
SA
408,769
0.4
Shares
RA
Value
Percentage
of
Net
Assets
PREFERRED
STOCK:
(continued)
South
Korea
:
1
.5
%
37,347 
Samsung
Electronics
Co.
Ltd.
$
1,644,958
1.5
Total
Preferred
Stock
(Cost
$3,399,360)
3,763,901
3.6
Total
Long-Term
Investments
(Cost
$111,259,063)
106,349,403
99.1
SHORT-TERM
INVESTMENTS
:
0
.7
%
Mutual
Funds:
0.7%
796,000 
(4)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
5.000%
(Cost
$796,000)
796,000
0.7
Total
Short-Term
Investments
(Cost
$796,000)
796,000
0.7
Total
Investments
in
Securities
(Cost
$112,055,063)
$
107,145,403
99.8
Assets
in
Excess
of
Other
Liabilities
255,273
0.2
Net
Assets
$
107,400,676
100.0
ADR
American
Depositary
Receipt
GDR
Global
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)
Non-income
producing
security.
(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,
2023.
Sector
Diversification
Percentage
of
Net
Assets
Information
Technology
23
.2
%
Financials
20
.9
Consumer
Discretionary
12
.1
Communication
Services
7
.9
Industrials
7
.3
Materials
6
.4
Consumer
Staples
5
.5
Energy
4
.5
Health
Care
3
.6
Utilities
2
.7
Exchange-Traded
Funds
2
.6
Real
Estate
2
.4
Short-Term
Investments
0
.7
Assets
in
Excess
of
Other
Liabilities
0
.2
Net
Assets
100
.0
%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
(continued)
6
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,
2023
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,
2023
Asset
Table
Investments,
at
fair
value
Common
Stock
Brazil
$
3,346,390
$
—
$
—
$
3,346,390
Chile
406,414
—
—
406,414
China
1,827,815
28,692,997
—
30,520,812
Colombia
253,373
—
—
253,373
Czechia
—
245,293
—
245,293
Egypt
—
125,912
—
125,912
Greece
—
1,302,111
—
1,302,111
Hong
Kong
—
483,149
—
483,149
Hungary
—
155,960
—
155,960
India
—
14,045,920
—
14,045,920
Indonesia
—
326,228
—
326,228
Luxembourg
528,551
—
—
528,551
Malaysia
—
1,607,845
—
1,607,845
Mexico
2,612,501
—
—
2,612,501
Peru
139,806
—
—
139,806
Philippines
—
1,100,485
—
1,100,485
Poland
—
709,715
—
709,715
Qatar
291,268
806,315
—
1,097,583
Romania
254,810
—
—
254,810
Russia
—
—
—
—
Saudi
Arabia
—
3,721,027
—
3,721,027
Singapore
—
391,357
—
391,357
South
Africa
864,083
1,766,998
—
2,631,081
South
Korea
—
11,355,387
—
11,355,387
Taiwan
—
17,369,598
—
17,369,598
Thailand
—
2,503,989
—
2,503,989
Turkey
127,168
339,611
—
466,779
United
Arab
Emirates
361,119
1,698,386
—
2,059,505
United
Kingdom
—
—
—
—
Total
Common
Stock
11,013,298
88,748,283
—
99,761,581
Exchange-Traded
Funds
2,823,921
—
—
2,823,921
Preferred
Stock
2,118,943
1,644,958
—
3,763,901
Short-Term
Investments
796,000
—
—
796,000
Total
Investments,
at
fair
value
$
16,752,162
$
90,393,241
$
—
$
107,145,403
Liabilities
Table
Other
Financial
Instruments+
Written
Options
$
—
$
(
66,393
)
$
—
$
(
66,393
)
Total
Liabilities
$
—
$
(
66,393
)
$
—
$
(
66,393
)
+
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.
#
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.
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2023
(Unaudited)
(continued)
7
Voya
Emerging
Markets
High
Dividend
Equity
Fund
T
At
May
31,
2023,
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
06/02/23
USD
39.390
276,720
USD
10,484,921
$
195,115
$
(
620
)
iShares
MSCI
Emerging
Markets
ETF
UBS
AG
Call
06/16/23
USD
38.980
279,630
USD
10,595,181
147,701
(
65,773
)
$
342,816
$
(
66,393
)
Currency
Abbreviations:
USD
United
States
Dollar
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
13,475,194
Gross
Unrealized
Depreciation
(
18,384,854
)
Net
Unrealized
Depreciation
$
(
9,819,320
)
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