PORTFOLIO

OF

INVESTMENTS

as

of

February

29,

2024

(unaudited)

1

Voya

Global

Multi-Asset

Fund

Shares

RA

Value

Percentage

of

Net

Assets

EXCHANGE-TRADED

FUNDS

:

9.0%

47,999 

Schwab

U.S.

TIPS

ETF

$

2,485,868

2.0

61,901 

Vanguard

Global

ex-

U.S.

Real

Estate

ETF

2,490,277

2.0

42,407 

Vanguard

Long-Term

Treasury

ETF

2,495,228

2.0

43,837 

Vanguard

Real

Estate

ETF

3,750,256

3.0

11,221,629

9.0

Total

Exchange-Traded

Funds

(Cost

$11,971,697)

11,221,629

9.0

MUTUAL

FUNDS

:

89.2%

Affiliated

Investment

Companies

:

66.1%

1,203,059 

Voya

Global

Bond

Fund

-

Class

R6

8,698,118

7.0

911,223 

Voya

High

Yield

Bond

Fund

-

Class

R6

6,232,767

5.0

1,588,427 

Voya

Intermediate

Bond

Fund

-

Class

R6

13,708,129

11.1

283,697 

Voya

Large

Cap

Value

Fund

-

Class

R6

3,733,450

3.0

116,813 

Voya

MidCap

Opportunities

Fund

-

Class

R6

3,100,211

2.5

255,005 

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

-

Class

I

2,488,853

2.0

1,602,873 

Voya

Multi-Manager

International

Equity

Fund

-

Class

I

16,140,931

13.0

1,073,269 

Voya

Multi-Manager

International

Factors

Fund

-

Class

I

9,938,467

8.0

315,628 

Voya

Multi-Manager

Mid

Cap

Value

Fund

-

Class

I

3,112,094

2.5

369,695 

Voya

Short

Duration

High

Income

Fund

-

Class

R6

3,745,014

3.0

805,163 

Voya

Short

Term

Bond

Fund

-

Class

R6

7,463,860

6.0

29,571 

(1)

Voya

Small

Cap

Growth

Fund

-

Class

R6

1,247,286

1.0

169,567 

Voya

Small

Company

Fund

-

Class

R6

2,497,726

2.0

82,106,906

66.1

Unaffiliated

Investment

Companies

:

23.1%

514,368 

TIAA-CREF

S&P

500

Index

Fund

-

Institutional

Class

28,670,854

23.1

Total

Mutual

Funds

(Cost

$97,852,010)

110,777,760

89.2

Principal

Amount

†

RA

.

Value

Percentage

of

Net

Assets

ASSET-BACKED

SECURITIES

:

0.0%

Asset-Backed

Securities

:

0.0%

2,517 

(2)

Chase

Funding

Trust

Series

2003-5

2A2,

6.035%,

(TSFR1M

+

0.714%),

07/25/2033

$

2,447

0.0

Total

Asset-Backed

Securities

(Cost

$2,517)

2,447

0.0

Total

Long-Term

Investments

(Cost

$109,826,224)

122,001,836

98.2

Shares

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

0.6%

Mutual

Funds

:

0.6%

749,699 

(3)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

5.200%

749,699

0.6

Total

Short-Term

Investments

(Cost

$749,699)

749,699

0.6

Total

Investments

in

Securities

(Cost

$110,575,923)

$

122,751,535

98.8

Assets

in

Excess

of

Other

Liabilities

1,461,794

1.2

Net

Assets

$

124,213,329

100.0

†

Unless

otherwise

indicated,

principal

amount

is

shown

in

USD.

(1)

Non-income

producing

security.

(2)

Variable

rate

security.

Rate

shown

is

the

rate

in

effect

as

of

February

29,

2024.

(3)

Rate

shown

is

the

7-day

yield

as

of

February

29,

2024.

Reference

Rate

Abbreviations:

TSFR1M

1-month

CME

Term

Secured

Overnight

Financing

Rate

PORTFOLIO

OF

INVESTMENTS

as

of

February

29,

2024

(unaudited)

(continued)

2

Voya

Global

Multi-Asset

Fund

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

February

29,

2024

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

February

29,

2024

Asset

Table

Investments,

at

fair

value

Asset-Backed

Securities

$

—

$

2,447

$

—

$

2,447

Exchange-Traded

Funds

11,221,629

—

—

11,221,629

Mutual

Funds

110,777,760

—

—

110,777,760

Short-Term

Investments

749,699

—

—

749,699

Total

Investments,

at

fair

value

$

122,749,088

$

2,447

$

—

$

122,751,535

Other

Financial

Instruments+

Forward

Foreign

Currency

Contracts

—

252,776

—

252,776

Futures

1,371,850

—

—

1,371,850

Total

Assets

$

124,120,938

$

255,223

$

—

$

124,376,161

Liabilities

Table

Other

Financial

Instruments+

Forward

Foreign

Currency

Contracts

$

—

$

(241,297)

$

—

$

(241,297)

Futures

(561,211)

—

—

(561,211)

Total

Liabilities

$

(561,211)

$

(241,297)

$

—

$

(802,508)

+

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

February

29,

2024,

where

the

following

issuers

were

considered

an

affiliate:

Issuer

Beginning

Fair

Value

at

5/31/2023

Purchases

at

Cost

Sales

at

Cost

Change

In

Unrealized

Appreciation/

(Depreciation)

Ending

Fair

Value

at

2/29/2024

Investment

Income

Realized

Gains/

(Losses)

Net

Capital

Gain

Distributions

Voya

Global

Bond

Fund

-

Class

R6

$

5,966,589

$

2,847,534

$

(110,182)

$

(5,823)

$

8,698,118

$

196,444

$

(24,095)

$

—

Voya

High

Yield

Bond

Fund

-

Class

R6

6,053,483

338,836

(355,724)

196,172

6,232,767

314,152

(25,694)

—

Voya

Intermediate

Bond

Fund

-

Class

R6

15,662,552

515,997

(2,780,377)

309,957

13,708,129

515,997

(357,337)

—

Voya

Large

Cap

Value

Fund

-

Class

R6

3,495,567

337,371

(487,741)

388,253

3,733,450

42,531

(39,769)

294,841

Voya

MidCap

Opportunities

Fund

-

Class

R6

3,091,162

108,871

(1,020,911)

921,089

3,100,211

—

(227,585)

22,899

Voya

Multi-Manager

Emerging

Markets

Equity

Fund

-

Class

I

5,990,607

124,541

(4,084,303)

458,008

2,488,853

124,541

70,686

—

Voya

Multi-Manager

International

Equity

Fund

-

Class

I

12,281,058

3,024,470

(179,889)

1,015,292

16,140,931

234,277

(6,074)

—

Voya

Multi-Manager

International

Factors

Fund

-

Class

I

9,400,446

396,161

(635,458)

777,318

9,938,467

396,161

5,255

—

Voya

Multi-Manager

Mid

Cap

Value

Fund

-

Class

I

2,917,781

74,421

(487,181)

607,073

3,112,094

31,612

(88,575)

—

Voya

Short

Duration

High

Income

Fund

-

Class

R6

—

3,705,913

—

39,101

3,745,014

71,919

—

423

Voya

Short

Term

Bond

Fund

-

Class

R6

10,904,152

499,883

(3,990,025)

49,850

7,463,860

322,998

(37,085)

—

Voya

Small

Cap

Growth

Fund

-

Class

R6

1,202,173

—

(194,023)

239,136

1,247,286

—

23,796

—

PORTFOLIO

OF

INVESTMENTS

as

of

February

29,

2024

(unaudited)

(continued)

3

Voya

Global

Multi-Asset

Fund

Issuer

Beginning

Fair

Value

at

5/31/2023

Purchases

at

Cost

Sales

at

Cost

Change

In

Unrealized

Appreciation/

(Depreciation)

Ending

Fair

Value

at

2/29/2024

Investment

Income

Realized

Gains/

(Losses)

Net

Capital

Gain

Distributions

Voya

Small

Company

Fund

-

Class

R6

$

2,376,323

$

93,875

$

(318,574)

$

346,102

$

2,497,726

$

11,187

$

11,871

$

—

$

79,341,893

$

12,067,873

$

(14,644,388)

$

5,341,528

$

82,106,906

$

2,261,819

$

(694,606)

$

318,163

The

financial

statements

for

the

above

mutual

fund[s]

can

be

found

at

www.sec.gov.

At

February

29,

2024,

the

following

forward

foreign

currency

contracts

were

outstanding

for

Voya

Global

Multi-Asset

Fund:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

SEK

38,000,000

USD

3,659,049

BNP

Paribas

03/05/24

$

6,800

USD

1,227,172

NZD

2,000,000

Citibank

N.A.

03/05/24

9,471

SGD

2,300,000

USD

1,722,798

Morgan

Stanley

Capital

Services

LLC

03/05/24

(13,381)

JPY

1,179,400,000

USD

8,096,058

Morgan

Stanley

Capital

Services

LLC

03/05/24

(227,916)

USD

5,860,800

GBP

4,600,000

The

Bank

of

New

York

Mellon

03/05/24

54,151

USD

5,025,801

CHF

4,300,000

UBS

AG

03/05/24

162,931

USD

1,345,752

CAD

1,800,000

UBS

AG

03/05/24

19,423

$

11,479

At

February

29,

2024,

the

following

futures

contracts

were

outstanding

for

Voya

Global

Multi-Asset

Fund:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

Contracts:

S&P

500

E-Mini

49

03/15/24

$

12,504,188

$

843,050

Tokyo

Price

Index

(TOPIX)

23

03/07/24

4,113,060

522,940

$

16,617,248

$

1,365,990

Short

Contracts:

EURO

STOXX

50

Index

(133)

03/15/24

(7,034,953)

(431,345)

MSCI

Emerging

Markets

Index

(100)

03/15/24

(5,084,000)

(129,866)

U.S.

Treasury

5-Year

Note

(40)

06/28/24

(4,276,250)

5,860

$

(16,395,203)

$

(555,351)

Currency

Abbreviations:

CAD

—

Canadian

Dollar

CHF

—

Swiss

Franc

GBP

—

British

Pound

JPY

—

Japanese

Yen

NZD

—

New

Zealand

Dollar

SEK

—

Swedish

Krona

SGD

—

Singapore

Dollar

USD

—

United

States

Dollar

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

15,970,887

Gross

Unrealized

Depreciation

(3,795,275)

Net

Unrealized

Appreciation

$

12,175,612