PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
1
Voya
MI
Dynamic
Small
Cap
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
98.1%
Communication
Services
:
2.7%
24,096 
(1)
CarGurus,
Inc.
$
739,747
0.4
83,267 
(1)
Lumen
Technologies,
Inc.
592,029
0.4
48,971 
(1)
Magnite,
Inc.
666,985
0.4
58,527 
(1)(2)
TripAdvisor,
Inc.
591,708
0.3
108,904 
(1)
Uniti
Group,
Inc.
797,177
0.5
32,015 
(1)
Yelp,
Inc.
713,614
0.4
259,075 
(1)
ZipRecruiter,
Inc.
- Class
A
468,926
0.3
4,570,186
2.7
Consumer
Discretionary
:
4.7%
12,979 
H&R
Block,
Inc.
397,417
0.2
136,860 
Kohl's
Corp.
2,240,398
1.3
7,720 
Monarch
Casino
&
Resort,
Inc.
741,892
0.5
20,773 
Red
Rock
Resorts,
Inc.
- Class
A
1,257,805
0.8
73,288 
(1)
Sonos,
Inc.
1,128,635
0.7
176,069 
Super
Group
SGHC
Ltd.
1,883,939
1.1
4,429 
(1)
Tri
Pointe
Homes,
Inc.
205,063
0.1
7,855,149
4.7
Consumer
Staples
:
0.7%
43,750 
Dole
PLC
701,750
0.4
5,332 
John
B
Sanfilippo
&
Son,
Inc.
440,476
0.3
1,142,226
0.7
Energy
:
2.5%
193,597 
(1)
Clean
Energy
Fuels
Corp.
437,529
0.3
40,496 
Excelerate
Energy,
Inc.
- Class
A
1,629,964
1.0
52,843 
(1)
Helix
Energy
Solutions
Group,
Inc.
485,627
0.3
91,398 
(2)
HighPeak
Energy,
Inc.
476,184
0.3
72,018 
(1)
Uranium
Energy
Corp.
1,104,036
0.6
4,133,340
2.5
Financials
:
19.0%
27,029 
Arrow
Financial
Corp.
900,336
0.5
25,141 
Banc
of
California,
Inc.
464,354
0.3
51,626 
BCB
Bancorp,
Inc.
413,008
0.2
29,914 
Berkshire
Hills
Bancorp,
Inc.
889,642
0.5
150,381 
BGC
Group,
Inc.
- Class
A
1,431,627
0.9
12,023 
Cathay
General
Bancorp
597,663
0.4
39,072 
ConnectOne
Bancorp,
Inc.
1,036,580
0.6
44,914 
(2)
Farmers
National
Banc
Corp.
580,738
0.3
81,826 
First
BanCorp/Puerto
Rico
1,728,983
1.0
40,406 
First
Commonwealth
Financial
Corp.
708,317
0.4
27,348 
First
Horizon
Corp.
650,609
0.4
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Financials:
(continued)
63,178 
Fulton
Financial
Corp.
$
1,291,990
0.8
215,247 
(1)
Genworth
Financial,
Inc.
- Class
A
1,816,685
1.1
30,397 
Hancock
Whitney
Corp.
2,000,427
1.2
21,383 
Hilltop
Holdings,
Inc.
800,366
0.5
27,146 
HomeStreet,
Inc.
- Class
A
387,102
0.2
67,234 
Hope
Bancorp,
Inc.
757,055
0.4
80,306 
Ladder
Capital
Corp.
832,773
0.5
78,068 
MFA
Financial,
Inc.
789,268
0.5
10,238 
NBT
Bancorp,
Inc.
437,367
0.3
15,555 
Origin
Bancorp,
Inc.
647,088
0.4
48,939 
(1)
Oscar
Health,
Inc.
- Class
A
667,528
0.4
84,756 
P10,
Inc.
- Class
A
683,981
0.4
57,736 
Pagseguro
Digital
Ltd.
- Class
A
612,579
0.4
234,062 
(1)
Payoneer
Global,
Inc.
1,011,148
0.6
132,992 
Redwood
Trust,
Inc.
804,602
0.5
39,483 
Simmons
First
National
Corp.
- Class
A
786,107
0.5
112,557 
(1)
Slide
Insurance
Holdings,
Inc.
2,138,583
1.3
44,218 
United
Community
Banks,
Inc.
1,422,493
0.8
139,571 
Valley
National
Bancorp
1,759,990
1.0
13,899 
Victory
Capital
Holdings,
Inc.
- Class
A
961,533
0.6
63,756 
(2)
WisdomTree,
Inc.
1,090,865
0.6
35,559 
XP,
Inc.
- Class
A
765,585
0.5
31,866,972
19.0
Health
Care
:
17.8%
152,582 
(1)
Alignment
Healthcare,
Inc.
2,932,626
1.8
43,363 
(1)
Arrowhead
Pharmaceuticals,
Inc.
2,743,577
1.6
160,490 
(1)
Aveanna
Healthcare
Holdings,
Inc.
1,181,206
0.7
161,983 
(1)(2)
BioCryst
Pharmaceuticals,
Inc.
1,417,351
0.8
15,244 
Bio-Techne
Corp.
899,396
0.5
22,065 
Bruker
Corp.
885,027
0.5
322,926 
(1)
Cerus
Corp.
826,691
0.5
73,764 
(1)
Fortrea
Holdings,
Inc.
790,750
0.5
11,287 
(1)
Guardant
Health,
Inc.
1,059,849
0.6
19,230 
(1)
HealthEquity,
Inc.
1,470,903
0.9
9,455 
(1)
Merit
Medical
Systems,
Inc.
729,737
0.4
58,688 
(1)
Mineralys
Therapeutics,
Inc.
1,717,211
1.0
14,011 
(1)
Mirum
Pharmaceuticals,
Inc.
1,293,075
0.8
72,653 
(1)
NeoGenomics,
Inc.
714,179
0.4
23,547 
(1)
Olema
Pharmaceuticals,
Inc.
569,837
0.3
332,744 
(1)
OPKO
Health,
Inc.
399,293
0.2
31,667 
(1)
Orthofix
Medical,
Inc.
428,454
0.3
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
2
Voya
MI
Dynamic
Small
Cap
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Health
Care:
(continued)
30,113 
(1)
PACS
Group,
Inc.
$
1,099,426
0.7
71,745 
(1)
Progyny,
Inc.
1,269,169
0.8
33,186 
QIAGEN
N.V.
1,652,663
1.0
228,126 
(1)
Savara,
Inc.
1,373,319
0.8
68,339 
(1)
Tandem
Diabetes
Care,
Inc.
1,728,977
1.0
82,208 
(1)
Teladoc
Health,
Inc.
432,414
0.3
45,158 
(1)
Travere
Therapeutics,
Inc.
1,345,257
0.8
151,790 
(1)
Xeris
Biopharma
Holdings,
Inc.
928,955
0.6
29,889,342
17.8
Industrials
:
17.2%
33,842 
Aebi
Schmidt
Holding
AG
488,002
0.3
11,059 
Allison
Transmission
Holdings,
Inc.
1,385,693
0.8
16,063 
Apogee
Enterprises,
Inc.
639,629
0.4
7,384 
Applied
Industrial
Technologies,
Inc.
2,086,571
1.3
18,870 
Atmus
Filtration
Technologies,
Inc.
1,217,681
0.7
12,301 
(1)
Bloom
Energy
Corp.
- Class
A
1,914,897
1.1
16,552 
Cadre
Holdings,
Inc.
734,743
0.4
75,409 
(1)
CoreCivic,
Inc.
1,333,231
0.8
29,975 
Enerpac
Tool
Group
Corp.
1,222,980
0.7
38,475 
Flowserve
Corp.
3,405,807
2.0
7,534 
Franklin
Electric
Co.,
Inc.
750,537
0.5
89,002 
(1)
GEO
Group,
Inc.
1,338,590
0.8
31,414 
Kennametal,
Inc.
1,265,356
0.8
98,779 
(1)
Legalzoom.com,
Inc.
694,416
0.4
4,723 
Lincoln
Electric
Holdings,
Inc.
1,355,737
0.8
98,670 
(1)
Manitowoc
Co.,
Inc.
1,455,382
0.9
161,038 
Mueller
Water
Products,
Inc.
- Class
A
4,819,867
2.9
106,719 
(1)
NOW,
Inc.
1,257,150
0.8
8,849 
TriNet
Group,
Inc.
336,970
0.2
30,372 
(1)
Upwork,
Inc.
407,592
0.2
89,008 
Vestis
Corp.
700,493
0.4
28,811,324
17.2
Information
Technology
:
15.8%
247,624 
(1)
8x8,
Inc.
529,915
0.3
36,375 
A10
Networks,
Inc.
700,583
0.4
36,261 
(1)
ACI
Worldwide,
Inc.
1,438,837
0.9
81,816 
(1)
Amplitude,
Inc.
- Class
A
597,257
0.4
42,230 
(1)
Arlo
Technologies,
Inc.
662,589
0.4
20,436 
(1)
ASGN,
Inc.
876,704
0.5
84,454 
(1)
AvePoint,
Inc.
910,414
0.5
54,708 
(1)
Box,
Inc.
- Class
A
1,288,373
0.8
48,318 
(1)
Cerence,
Inc.
382,195
0.2
29,040 
(1)
Cipher
Mining,
Inc.
453,024
0.3
35,466 
(1)
Cohu,
Inc.
1,071,073
0.6
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Information
Technology:
(continued)
34,492 
(1)
CommScope
Holding
Co.,
Inc.
$
606,025
0.4
25,825 
(1)
Core
Scientific,
Inc.
438,250
0.3
13,831 
(1)
Credo
Technology
Group
Holding
Ltd.
1,552,806
0.9
15,549 
CTS
Corp.
818,810
0.5
39,499 
(1)
Dropbox,
Inc.
- Class
A
987,080
0.6
65,680 
(1)
Extreme
Networks,
Inc.
918,206
0.6
7,691 
(1)
Hut
8
Corp.
409,392
0.2
32,274 
(2)
Ingram
Micro
Holding
Corp.
667,749
0.4
34,255 
(1)
Knowles
Corp.
930,708
0.6
3,823 
Littelfuse,
Inc.
1,347,455
0.8
33,429 
(1)
Photronics,
Inc.
1,251,248
0.7
20,728 
(1)
Rambus,
Inc.
2,065,753
1.2
29,683 
(1)
Riot
Platforms,
Inc.
483,536
0.3
19,976 
(1)
Rubrik,
Inc.
- Class
A
1,037,953
0.6
85,887 
(1)
Sprinklr,
Inc.
- Class
A
499,862
0.3
17,291 
(1)
TTM
Technologies,
Inc.
1,802,414
1.1
175,882 
(1)
Yext,
Inc.
999,010
0.6
41,433 
(1)
Zeta
Global
Holdings
Corp.
- Class
A
702,289
0.4
26,429,510
15.8
Materials
:
4.5%
4,180 
Balchem
Corp.
758,377
0.5
130,415 
(1)
Cleveland-Cliffs,
Inc.
1,390,224
0.8
38,063 
Element
Solutions,
Inc.
1,335,631
0.8
96,216 
Hecla
Mining
Co.
2,396,741
1.4
56,375 
(1)
Rayonier
Advanced
Materials,
Inc.
533,871
0.3
145,048 
Tronox
Holdings
PLC
1,084,959
0.7
7,499,803
4.5
Real
Estate
:
7.4%
67,514 
Acadia
Realty
Trust
1,412,393
0.8
116,404 
Apartment
Investment
and
Management
Co.
- Class
A
513,342
0.3
93,953 
CareTrust
REIT,
Inc.
3,816,371
2.3
113,424 
DiamondRock
Hospitality
Co.
1,138,777
0.7
16,786 
First
Industrial
Realty
Trust,
Inc.
1,059,868
0.6
16,057 
LTC
Properties,
Inc.
637,142
0.4
265,583 
(2)
Medical
Properties
Trust,
Inc.
1,529,758
0.9
25,352 
Sabra
Health
Care
REIT,
Inc.
520,983
0.3
131,244 
Summit
Hotel
Properties,
Inc.
591,910
0.4
33,036 
Tanger
Factory
Outlet
Centers,
Inc.
1,224,314
0.7
12,444,858
7.4
Utilities
:
5.8%
36,846 
Avista
Corp.
1,496,684
0.9
27,610 
Black
Hills
Corp.
2,033,753
1.2
28,548 
(1)
Hallador
Energy
Co.
519,003
0.3
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
3
Voya
MI
Dynamic
Small
Cap
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Utilities:
(continued)
74,562 
(1)
Hawaiian
Electric
Industries,
Inc.
$
1,154,965
0.7
38,377 
NiSource,
Inc.
1,815,232
1.1
17,335 
Northwest
Natural
Holding
Co.
919,448
0.5
6,441 
(1)(2)
Oklo,
Inc.
405,461
0.2
26,658 
Portland
General
Electric
Co.
1,438,466
0.9
9,783,012
5.8
Total
Common
Stock
(Cost
$170,071,162)
164,425,722
98.1
EXCHANGE-TRADED
FUNDS
:
1.6%
10,226 
(2)
iShares
Russell
2000
ETF
2,673,179
1.6
Total
Exchange-Traded
Funds
(Cost
$2,701,836)
2,673,179
1.6
Total
Long-Term
Investments
(Cost
$172,772,998)
167,098,901
99.7
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
4.7%
Repurchase
Agreements
:
3.8%
1,698,862 
(3)
Bank
of
Montreal,
Repurchase
Agreement
dated
02/27/2026,
3.660%,
due
03/02/2026
(Repurchase
Amount
$1,699,373,
collateralized
by
various
U.S.
Government
Agency
Obligations,
3.500%-
5.000%,
Market
Value
plus
accrued
interest
$1,732,839,
due
10/01/52-10/01/54)
1,698,862
1.0
1,288,276 
(3)
Cantor
Fitzgerald
Securities,
Repurchase
Agreement
dated
02/27/2026,
3.670%,
due
03/02/2026
(Repurchase
Amount
$1,288,665,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
0.000%-
6.922%,
Market
Value
plus
accrued
interest
$1,314,042,
due
07/09/26-01/20/76)
1,288,276
0.8
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
1,698,862 
(3)
Nomura
Securities
International,
Inc.,
Repurchase
Agreement
dated
02/27/2026,
3.660%,
due
03/02/2026
(Repurchase
Amount
$1,699,373,
collateralized
by
various
U.S.
Government
Agency
Obligations,
5.000%-
6.000%,
Market
Value
plus
accrued
interest
$1,732,857,
due
01/20/53-12/01/55)
$
1,698,862
1.0
454,746 
(3)
RBC
Dominion
Securities,
Inc.,
Repurchase
Agreement
dated
02/27/2026,
3.650%,
due
03/02/2026
(Repurchase
Amount
$454,882,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
5.000%,
Market
Value
plus
accrued
interest
$463,841,
due
04/23/26-02/15/55)
454,746
0.3
1,231,340 
(3)
State
of
Wisconsin
Investment
Board,
Repurchase
Agreement
dated
02/27/2026,
3.770%,
due
03/02/2026
(Repurchase
Amount
$1,231,722,
collateralized
by
various
U.S.
Government
Securities,
0.125%-
3.875%,
Market
Value
plus
accrued
interest
$1,251,805,
due
04/15/28-02/15/55)
1,231,340
0.7
Total
Repurchase
Agreements
(Cost
$6,372,086)
6,372,086
3.8
Time
Deposits
:
0.7%
170,000 
(3)
Canadian
Imperial
Bank
of
Commerce,
3.630
%,
03/02/2026
170,000
0.1
170,000 
(3)
DNB
Bank
ASA,
3.620
%,
03/02/2026
170,000
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
4
Voya
MI
Dynamic
Small
Cap
Fund
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Time
Deposits
(continued)
170,000 
(3)
Landesbank
Baden-
Wurttemberg,
3.640
%,
03/02/2026
$
170,000
0.1
170,000 
(3)
Mizuho
Bank
Ltd.,
3.640
%,
03/02/2026
170,000
0.1
170,000 
(3)
Royal
Bank
of
Canada,
3.700
%,
03/02/2026
170,000
0.1
170,000 
(3)
Societe
Generale
S.A.,
3.630
%,
03/02/2026
170,000
0.1
170,000 
(3)
Toronto-Dominion
Bank,
3.640
%,
03/02/2026
170,000
0.1
Total
Time
Deposits
(Cost
$1,190,000)
1,190,000
0.7
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
0.2%
395,000 
(4)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
3.590%
(Cost
$395,000)
$
395,000
0.2
Total
Short-Term
Investments
(Cost
$7,957,086)
7,957,086
4.7
Total
Investments
in
Securities
(Cost
$180,730,084)
$
175,055,987
104.4
Liabilities
in
Excess
of
Other
Assets
(7,361,392)
(4.4)
Net
Assets
$
167,694,595
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
February
28,
2026.
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
5
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
February
28,
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
February
28,
2026
Asset
Table
Investments,
at
fair
value
Common
Stock*
$
164,425,722
$
—
$
—
$
164,425,722
Exchange-Traded
Funds
2,673,179
—
—
2,673,179
Short-Term
Investments
395,000
7,562,086
—
7,957,086
Total
Investments,
at
fair
value
$
167,493,901
$
7,562,086
$
—
$
175,055,987
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
Investments.
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
16,674,197
Gross
Unrealized
Depreciation
(22,348,294)
Net
Unrealized
Depreciation
$
(5,674,097)