PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
1
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
96
.0
%
Brazil
:
3
.8
%
347,408
Ambev
SA
$
906,784
0
.2
43,808
Atacadao
SA
77,566
0.0
428,274
B3
SA
-
Brasil
Bolsa
Balcao
1,045,433
0
.2
110,336
Banco
Bradesco
SA
277,237
0
.1
87,571
Banco
BTG
Pactual
SA
540,595
0
.1
64,302
Banco
do
Brasil
SA
604,444
0
.1
25,603
Banco
Santander
Brasil
SA
132,789
0.0
51,428
BB
Seguridade
Participacoes
SA
320,034
0
.1
75,777
CCR
SA
195,226
0.0
88,068
Centrais
Eletricas
Brasileiras
SA
644,406
0
.1
25,168
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
306,880
0
.1
46,801
Cia
Siderurgica
Nacional
SA
113,405
0.0
92,210
Cosan
SA
312,959
0
.1
16,802
CPFL
Energia
SA
113,082
0.0
16,409
Energisa
S/A
152,908
0.0
63,277
(1)
Eneva
SA
152,070
0.0
15,160
Engie
Brasil
Energia
SA
125,043
0.0
76,885
Equatorial
Energia
SA
491,300
0
.1
384,247
(1)(2)
Hapvida
Participacoes
e
Investimentos
S/A
360,813
0
.1
30,128
Hypera
SA
223,328
0
.1
55,307
Klabin
SA
263,301
0
.1
67,165
Localiza
Rent
a
Car
SA
784,352
0
.2
70,359
Lojas
Renner
SA
187,566
0.0
224,899
(1)
Magazine
Luiza
SA
96,196
0.0
66,667
(1)
Natura
&
Co.
Holding
SA
193,507
0.0
273,285
Petroleo
Brasileiro
SA
2,051,316
0
.4
55,234
(1)
PRIO
SA/Brazil
516,457
0
.1
88,361
Raia
Drogasil
SA
485,352
0
.1
41,260
(2)
Rede
D'Or
Sao
Luiz
SA
208,740
0
.1
95,394
Rumo
SA
434,407
0
.1
96,239
Sendas
Distribuidora
S/A
233,391
0
.1
58,264
Suzano
SA
626,855
0
.1
30,137
Telefonica
Brasil
SA
257,629
0
.1
59,763
TIM
SA/Brazil
177,748
0.0
38,748
TOTVS
SA
207,517
0.0
53,720
Ultrapar
Participacoes
SA
200,707
0.0
248,433
Vale
SA
-
Foreign
3,335,636
0
.7
84,252
Vibra
Energia
SA
316,790
0
.1
123,903
WEG
SA
895,771
0
.2
18,569,540
3
.8
Chile
:
0
.4
%
3,349,243
Banco
de
Chile
341,049
0
.1
4,849
Banco
de
Credito
e
Inversiones
SA
124,170
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Chile:
(continued)
4,960,875
Banco
Santander
Chile
$
229,719
0
.1
99,165
Cencosud
SA
188,030
0
.1
9,100
Cia
Cervecerias
Unidas
SA
57,835
0.0
1,084,327
Cia
Sud
Americana
de
Vapores
SA
65,037
0.0
86,799
Empresas
CMPC
SA
159,806
0.0
29,448
Empresas
Copec
SA
208,769
0
.1
1,522,782
(1)
Enel
Americas
SA
174,786
0.0
2,064,466
Enel
Chile
SA
125,450
0.0
64,017
Falabella
SA
143,054
0.0
1,817,705
0
.4
China
:
29
.2
%
37,000
(1)
360
Security
Technology,
Inc.
-
Class
A
49,823
0.0
13,200
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
-
Class
A
39,456
0.0
122,500
(2)
3SBio,
Inc.
102,309
0.0
55,000
AAC
Technologies
Holdings,
Inc.
93,802
0.0
3,190
Advanced
Micro-
Fabrication
Equipment,
Inc.
China
-
Class
A
66,012
0.0
13,700
AECC
Aviation
Power
Co.
Ltd.
-
Class
A
69,763
0.0
359,500
Agricultural
Bank
of
China
Ltd.
-
Class
A
177,353
0
.1
2,158,000
Agricultural
Bank
of
China
Ltd.
-
Class
H
802,483
0
.2
38,191
Aier
Eye
Hospital
Group
Co.
Ltd.
-
Class
A
94,547
0.0
192,000
(1)
Air
China
Ltd.
-
Class
H
129,302
0.0
11,000
Airtac
International
Group
334,209
0
.1
37,000
(1)(2)
Akeso,
Inc.
169,558
0
.1
1,202,300
(1)
Alibaba
Group
Holding
Ltd.
13,035,561
2
.7
402,000
(1)(3)
Alibaba
Health
Information
Technology
Ltd.
248,376
0
.1
80,800
Aluminum
Corp.
of
China
Ltd.
-
Class
A
69,683
0.0
248,000
Aluminum
Corp.
of
China
Ltd.
-
Class
H
137,956
0.0
6,800
Angel
Yeast
Co.
Ltd.
-
Class
A
31,394
0.0
22,000
Anhui
Conch
Cement
Co.
Ltd.
-
Class
A
78,749
0.0
86,500
Anhui
Conch
Cement
Co.
Ltd.
-
Class
H
228,850
0
.1
1,300
Anhui
Gujing
Distillery
Co.
Ltd.
-
Class
A
48,538
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
2
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
7,843
Anhui
Gujing
Distillery
Co.
Ltd.
-
Class
B
$
131,454
0.0
4,500
Anhui
Kouzi
Distillery
Co.
Ltd.
-
Class
A
32,036
0.0
2,400
Anhui
Yingjia
Distillery
Co.
Ltd.
-
Class
A
24,281
0.0
2,100
Anjoy
Foods
Group
Co.
Ltd.
-
Class
A
35,801
0.0
93,000
ANTA
Sports
Products
Ltd.
1,040,609
0
.2
2,400
Asymchem
Laboratories
Tianjin
Co.
Ltd.
-
Class
A
50,005
0.0
5,119
Autohome,
Inc.,
ADR
155,362
0
.1
13,200
Avary
Holding
Shenzhen
Co.
Ltd.
-
Class
A
36,864
0.0
64,400
AVIC
Industry-Finance
Holdings
Co.
Ltd.
-
Class
A
31,079
0.0
186,000
AviChina
Industry
&
Technology
Co.
Ltd.
-
Class
H
88,075
0.0
5,100
AVICOPTER
PLC
-
Class
A
26,473
0.0
165,050
(1)
Baidu,
Inc.
-
Class
A
2,777,902
0
.6
72,500
Bank
of
Beijing
Co.
Ltd.
-
Class
A
45,995
0.0
26,300
Bank
of
Chengdu
Co.
Ltd.
-
Class
A
49,726
0.0
184,900
Bank
of
China
Ltd.
-
Class
A
95,568
0.0
5,798,000
Bank
of
China
Ltd.
-
Class
H
2,019,897
0
.4
167,600
Bank
of
Communications
Co.
Ltd.
-
Class
A
132,424
0.0
655,000
Bank
of
Communications
Co.
Ltd.
-
Class
H
395,611
0
.1
20,300
Bank
of
Hangzhou
Co.
Ltd.
-
Class
A
31,110
0.0
80,500
Bank
of
Jiangsu
Co.
Ltd.
-
Class
A
79,322
0.0
60,400
Bank
of
Nanjing
Co.
Ltd.
-
Class
A
66,651
0.0
27,100
Bank
of
Ningbo
Co.
Ltd.
-
Class
A
100,212
0.0
50,100
Bank
of
Shanghai
Co.
Ltd.
-
Class
A
42,355
0.0
103,200
Baoshan
Iron
&
Steel
Co.
Ltd.
-
Class
A
86,233
0.0
50,500
(1)(3)
BeiGene
Ltd.
696,745
0
.2
150,000
(1)
Beijing
Capital
International
Airport
Co.
Ltd.
-
Class
H
69,370
0.0
4,100
Beijing
Easpring
Material
Technology
Co.
Ltd.
-
Class
A
23,726
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
23,100
Beijing
Enlight
Media
Co.
Ltd.
-
Class
A
$
27,267
0.0
34,500
Beijing
Enterprises
Holdings
Ltd.
118,662
0.0
360,000
Beijing
Enterprises
Water
Group
Ltd.
78,358
0.0
1,861
Beijing
Kingsoft
Office
Software,
Inc.
-
Class
A
94,771
0.0
12,300
Beijing
New
Building
Materials
PLC
-
Class
A
50,782
0.0
8,300
Beijing
Tongrentang
Co.
Ltd.
-
Class
A
62,250
0.0
5,320
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.
-
Class
A
35,082
0.0
142,700
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.
-
Class
A
100,479
0.0
4,300
Bethel
Automotive
Safety
Systems
Co.
Ltd.
-
Class
A
43,329
0.0
14,560
(1)(3)
Bilibili,
Inc.
-
Class
Z
200,650
0
.1
3,094
Bloomage
Biotechnology
Corp.
Ltd.
-
Class
A
36,911
0.0
169,400
BOE
Technology
Group
Co.
Ltd.
-
Class
A
89,695
0.0
7,700
BYD
Co.
Ltd.
-
Class
A
251,808
0
.1
77,500
BYD
Co.
Ltd.
-
Class
H
2,387,793
0
.5
61,500
BYD
Electronic
International
Co.
Ltd.
279,392
0
.1
12,400
By-health
Co.
Ltd.
-
Class
A
32,312
0.0
52,000
C&D
International
Investment
Group
Ltd.
126,029
0.0
35,900
Caitong
Securities
Co.
Ltd.
-
Class
A
38,864
0.0
2,240
(1)
Cambricon
Technologies
Corp.
Ltd.
-
Class
A
38,218
0.0
6,400
Canmax
Technologies
Co.
Ltd.
-
Class
A
22,619
0.0
6,800
CETC
Cyberspace
Security
Technology
Co.
Ltd.
-
Class
A
22,142
0.0
768,000
(2)
CGN
Power
Co.
Ltd.
-
Class
H
198,820
0
.1
1,400
Changchun
High
&
New
Technology
Industry
Group,
Inc.
-
Class
A
26,760
0.0
44,000
Changjiang
Securities
Co.
Ltd.
-
Class
A
35,215
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
3
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
1,100
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.
-
Class
A
$
22,891
0.0
12,800
Chaozhou
Three-
Circle
Group
Co.
Ltd.
-
Class
A
54,414
0.0
7,100
Chengxin
Lithium
Group
Co.
Ltd.
-
Class
A
21,827
0.0
20,700
China
Baoan
Group
Co.
Ltd.
-
Class
A
29,595
0.0
580,000
China
Cinda
Asset
Management
Co.
Ltd.
-
Class
H
58,266
0.0
654,000
China
CITIC
Bank
Corp.
Ltd.
-
Class
H
303,490
0
.1
152,000
China
Coal
Energy
Co.
Ltd.
-
Class
H
119,009
0.0
198,000
China
Communications
Services
Corp.
Ltd.
-
Class
H
83,071
0.0
108,000
China
Conch
Venture
Holdings
Ltd.
91,926
0.0
71,400
China
Construction
Bank
Corp.
-
Class
A
61,707
0.0
6,989,000
China
Construction
Bank
Corp.
-
Class
H
3,928,883
0
.8
22,500
China
CSSC
Holdings
Ltd.
-
Class
A
85,961
0.0
76,200
(1)
China
Eastern
Airlines
Corp.
Ltd.
-
Class
A
46,059
0.0
197,600
China
Energy
Engineering
Corp.
Ltd.
-
Class
A
61,243
0.0
197,300
China
Everbright
Bank
Co.
Ltd.
-
Class
A
83,053
0.0
190,000
China
Everbright
Bank
Co.
Ltd.
-
Class
H
56,905
0.0
292,000
China
Everbright
Environment
Group
Ltd.
100,341
0.0
273,000
(2)
China
Feihe
Ltd.
160,412
0
.1
286,500
China
Galaxy
Securities
Co.
Ltd.
-
Class
H
147,353
0.0
199,000
China
Gas
Holdings
Ltd.
187,581
0
.1
23,500
China
Greatwall
Technology
Group
Co.
Ltd.
-
Class
A
33,811
0.0
173,500
China
Hongqiao
Group
Ltd.
168,950
0
.1
8,400
China
International
Capital
Corp.
Ltd.
-
Class
A
43,259
0.0
106,400
(2)
China
International
Capital
Corp.
Ltd.
-
Class
H
194,210
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
464,000
China
Jinmao
Holdings
Group
Ltd.
$
59,656
0.0
27,300
China
Jushi
Co.
Ltd.
-
Class
A
50,599
0.0
16,000
China
Life
Insurance
Co.
Ltd.
-
Class
A
79,879
0.0
549,000
China
Life
Insurance
Co.
Ltd.
-
Class
H
850,752
0
.2
30,200
(1)(2)
China
Literature
Ltd.
109,941
0.0
241,000
China
Longyuan
Power
Group
Corp.
Ltd.
-
Class
H
209,013
0
.1
97,000
China
Medical
System
Holdings
Ltd.
146,402
0.0
52,000
China
Meidong
Auto
Holdings
Ltd.
28,414
0.0
238,000
China
Mengniu
Dairy
Co.
Ltd.
793,860
0
.2
88,200
China
Merchants
Bank
Co.
Ltd.
-
Class
A
401,224
0
.1
288,500
China
Merchants
Bank
Co.
Ltd.
-
Class
H
1,197,738
0
.3
27,200
China
Merchants
Energy
Shipping
Co.
Ltd.
-
Class
A
23,945
0.0
100,598
China
Merchants
Port
Holdings
Co.
Ltd.
125,047
0.0
41,400
China
Merchants
Securities
Co.
Ltd.
-
Class
A
79,635
0.0
40,800
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.
-
Class
A
69,500
0.0
172,712
China
Minsheng
Banking
Corp.
Ltd.
-
Class
A
90,825
0.0
419,500
China
Minsheng
Banking
Corp.
Ltd.
-
Class
H
143,303
0.0
294,000
China
National
Building
Material
Co.
Ltd.
-
Class
H
153,756
0
.1
39,300
China
National
Chemical
Engineering
Co.
Ltd.
-
Class
A
42,014
0.0
92,700
China
National
Nuclear
Power
Co.
Ltd.
-
Class
A
92,808
0.0
20,700
China
Northern
Rare
Earth
Group
High-
Tech
Co.
Ltd.
-
Class
A
61,936
0.0
136,000
China
Oilfield
Services
Ltd.
-
Class
H
162,758
0
.1
286,000
China
Overseas
Land
&
Investment
Ltd.
590,936
0
.1
100,000
China
Overseas
Property
Holdings
Ltd.
112,544
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
4
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
29,700
China
Pacific
Insurance
Group
Co.
Ltd.
-
Class
A
$
117,215
0.0
197,400
China
Pacific
Insurance
Group
Co.
Ltd.
-
Class
H
491,423
0
.1
143,600
China
Petroleum
&
Chemical
Corp.
-
Class
A
119,393
0.0
1,842,000
China
Petroleum
&
Chemical
Corp.
-
Class
H
1,001,836
0
.2
387,000
China
Power
International
Development
Ltd.
140,302
0.0
90,200
China
Railway
Group
Ltd.
-
Class
A
84,704
0.0
309,000
China
Railway
Group
Ltd.
-
Class
H
158,911
0
.1
7,500
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.
-
Class
A
29,628
0.0
122,000
China
Resources
Beer
Holdings
Co.
Ltd.
666,418
0
.2
178,000
China
Resources
Cement
Holdings
Ltd.
45,502
0.0
66,100
China
Resources
Gas
Group
Ltd.
193,281
0
.1
240,000
China
Resources
Land
Ltd.
953,073
0
.2
7,376
China
Resources
Microelectronics
Ltd.
-
Class
A
54,789
0.0
49,400
(2)(3)
China
Resources
Mixc
Lifestyle
Services
Ltd.
198,843
0
.1
135,500
(2)
China
Resources
Pharmaceutical
Group
Ltd.
89,771
0.0
142,000
China
Resources
Power
Holdings
Co.
Ltd.
270,178
0
.1
6,200
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.
-
Class
A
42,544
0.0
440,000
(1)
China
Ruyi
Holdings
Ltd.
113,659
0.0
29,500
China
Shenhua
Energy
Co.
Ltd.
-
Class
A
126,492
0.0
253,000
China
Shenhua
Energy
Co.
Ltd.
-
Class
H
818,651
0
.2
65,400
(1)
China
Southern
Airlines
Co.
Ltd.
-
Class
A
55,048
0.0
114,000
(1)
China
Southern
Airlines
Co.
Ltd.
-
Class
H
55,276
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
173,600
China
State
Construction
Engineering
Corp.
Ltd.
-
Class
A
$
131,890
0.0
146,000
China
State
Construction
International
Holdings
Ltd.
153,388
0
.1
104,800
China
Taiping
Insurance
Holdings
Co.
Ltd.
103,791
0.0
131,200
China
Three
Gorges
Renewables
Group
Co.
Ltd.
-
Class
A
86,003
0.0
8,100
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
A
118,586
0.0
5,900
(2)(3)
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
H
77,940
0.0
3,240,000
(2)
China
Tower
Corp.
Ltd.
-
Class
H
309,518
0
.1
232,000
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
108,076
0.0
142,900
China
United
Network
Communications
Ltd.
-
Class
A
96,543
0.0
45,300
China
Vanke
Co.
Ltd.
-
Class
A
81,598
0.0
149,600
China
Vanke
Co.
Ltd.
-
Class
H
164,558
0
.1
100,500
China
Yangtze
Power
Co.
Ltd.
-
Class
A
306,659
0
.1
3,500
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.
-
Class
A
38,856
0.0
204,000
Chinasoft
International
Ltd.
144,715
0.0
3,300
Chongqing
Brewery
Co.
Ltd.
-
Class
A
38,611
0.0
44,900
Chongqing
Changan
Automobile
Co.
Ltd.
-
Class
A
83,223
0.0
11,550
Chongqing
Zhifei
Biological
Products
Co.
Ltd.
-
Class
A
77,026
0.0
143,400
Chow
Tai
Fook
Jewellery
Group
Ltd.
215,301
0
.1
429,000
CITIC
Ltd.
392,690
0
.1
51,900
CITIC
Securities
Co.
Ltd.
-
Class
A
155,008
0
.1
129,500
CITIC
Securities
Co.
Ltd.
-
Class
H
261,432
0
.1
95,300
CMOC
Group
Ltd.
-
Class
A
77,513
0.0
252,000
CMOC
Group
Ltd.
-
Class
H
160,767
0
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
5
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,200
CNGR
Advanced
Material
Co.
Ltd.
-
Class
A
$
29,203
0.0
19,180
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
535,749
0
.1
23,100
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
-
Class
A
42,759
0.0
88,000
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
-
Class
H
95,793
0.0
59,700
COSCO
SHIPPING
Holdings
Co.
Ltd.
-
Class
A
80,320
0.0
230,000
COSCO
SHIPPING
Holdings
Co.
Ltd.
-
Class
H
235,091
0
.1
112,000
COSCO
SHIPPING
Ports
Ltd.
72,963
0.0
864,000
(1)
Country
Garden
Holdings
Co.
Ltd.
99,621
0.0
163,000
(3)
Country
Garden
Services
Holdings
Co.
Ltd.
166,464
0
.1
106,300
CRRC
Corp.
Ltd.
-
Class
A
85,069
0.0
323,000
CRRC
Corp.
Ltd.
-
Class
H
155,653
0
.1
23,000
CSC
Financial
Co.
Ltd.
-
Class
A
77,865
0.0
668,000
CSPC
Pharmaceutical
Group
Ltd.
488,538
0
.1
78,100
Daqin
Railway
Co.
Ltd.
-
Class
A
77,987
0.0
4,230
(1)
Daqo
New
Energy
Corp.,
ADR
128,042
0.0
8,760
DaShenLin
Pharmaceutical
Group
Co.
Ltd.
-
Class
A
30,311
0.0
18,500
Dongfang
Electric
Corp.
Ltd.
-
Class
A
39,663
0.0
212,000
Dongfeng
Motor
Group
Co.
Ltd.
-
Class
H
83,396
0.0
123,000
Dongyue
Group
Ltd.
92,113
0.0
33,500
(1)(2)
East
Buy
Holding
Ltd.
157,306
0
.1
65,140
East
Money
Information
Co.
Ltd.
-
Class
A
136,667
0.0
4,000
Ecovacs
Robotics
Co.
Ltd.
-
Class
A
26,700
0.0
59,400
ENN
Energy
Holdings
Ltd.
489,468
0
.1
9,000
ENN
Natural
Gas
Co.
Ltd.
-
Class
A
21,486
0.0
9,500
Eve
Energy
Co.
Ltd.
-
Class
A
58,991
0.0
25,400
Everbright
Securities
Co.
Ltd.
-
Class
A
58,283
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
33,000
(1)
Fangda
Carbon
New
Material
Co.
Ltd.
-
Class
A
$
26,164
0.0
91,000
Far
East
Horizon
Ltd.
65,459
0.0
36,800
First
Capital
Securities
Co.
Ltd.
-
Class
A
29,767
0.0
11,000
Flat
Glass
Group
Co.
Ltd.
-
Class
A
42,755
0.0
28,000
Flat
Glass
Group
Co.
Ltd.
-
Class
H
62,642
0.0
78,700
Focus
Media
Information
Technology
Co.
Ltd.
-
Class
A
77,193
0.0
18,620
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
-
Class
A
97,528
0.0
194,000
Fosun
International
Ltd.
122,126
0.0
46,900
Foxconn
Industrial
Internet
Co.
Ltd.
-
Class
A
127,190
0.0
13,100
Fuyao
Glass
Industry
Group
Co.
Ltd.
-
Class
A
66,402
0.0
40,800
(2)
Fuyao
Glass
Industry
Group
Co.
Ltd.
-
Class
H
186,632
0
.1
8,600
Ganfeng
Lithium
Group
Co.
Ltd.
-
Class
A
52,789
0.0
26,200
(2)
Ganfeng
Lithium
Group
Co.
Ltd.
-
Class
H
106,992
0.0
1,480,000
GCL
Technology
Holdings
Ltd.
274,411
0
.1
112,200
GD
Power
Development
Co.
Ltd.
-
Class
A
56,530
0.0
67,700
(1)
GDS
Holdings
Ltd.
-
Class
A
92,882
0.0
449,000
Geely
Automobile
Holdings
Ltd.
526,554
0
.1
39,400
GEM
Co.
Ltd.
-
Class
A
32,913
0.0
32,500
Gemdale
Corp.
-
Class
A
30,559
0.0
82,000
(1)
Genscript
Biotech
Corp.
214,684
0
.1
33,700
GF
Securities
Co.
Ltd.
-
Class
A
67,979
0.0
59,800
GF
Securities
Co.
Ltd.
-
Class
H
79,898
0.0
2,300
GigaDevice
Semiconductor,
Inc.
-
Class
A
31,130
0.0
2,500
Ginlong
Technologies
Co.
Ltd.
-
Class
A
26,945
0.0
20,500
GoerTek,
Inc.
-
Class
A
44,357
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
6
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
25,100
Goldwind
Science
&
Technology
Co.
Ltd.
-
Class
A
$
31,734
0.0
11,600
(1)
Gotion
High-tech
Co.
Ltd.
-
Class
A
36,980
0.0
16,300
Great
Wall
Motor
Co.
Ltd.
-
Class
A
57,692
0.0
159,500
Great
Wall
Motor
Co.
Ltd.
-
Class
H
189,136
0
.1
9,600
Gree
Electric
Appliances,
Inc.
of
Zhuhai
-
Class
A
47,894
0.0
79,500
Greentown
China
Holdings
Ltd.
82,209
0.0
5,600
Guangdong
Haid
Group
Co.
Ltd.
-
Class
A
34,729
0.0
210,000
Guangdong
Investment
Ltd.
160,060
0
.1
41,500
Guanghui
Energy
Co.
Ltd.
-
Class
A
43,471
0.0
33,900
Guangzhou
Automobile
Group
Co.
Ltd.
-
Class
A
46,679
0.0
176,000
Guangzhou
Automobile
Group
Co.
Ltd.
-
Class
H
86,736
0.0
10,100
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.
-
Class
A
43,447
0.0
3,500
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.
-
Class
A
29,991
0.0
4,900
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.
-
Class
A
34,080
0.0
11,200
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
-
Class
A
41,570
0.0
44,100
Guosen
Securities
Co.
Ltd.
-
Class
A
55,835
0.0
40,400
Guotai
Junan
Securities
Co.
Ltd.
-
Class
A
80,765
0.0
35,100
Guoyuan
Securities
Co.
Ltd.
-
Class
A
32,636
0.0
14,807
(1)
H
World
Group
Ltd.,
ADR
583,840
0
.1
124,000
(2)
Haidilao
International
Holding
Ltd.
330,625
0
.1
30,400
Haier
Smart
Home
Co.
Ltd.
-
Class
A
98,808
0.0
173,600
Haier
Smart
Home
Co.
Ltd.
-
Class
H
542,598
0
.1
276,900
(1)
Hainan
Airlines
Holding
Co.
Ltd.
-
Class
A
56,251
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
46,000
Haitian
International
Holdings
Ltd.
$
97,099
0.0
57,800
Haitong
Securities
Co.
Ltd.
-
Class
A
79,033
0.0
170,400
Haitong
Securities
Co.
Ltd.
-
Class
H
101,879
0.0
24,600
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.
-
Class
A
32,414
0.0
6,180
Hangzhou
First
Applied
Material
Co.
Ltd.
-
Class
A
24,315
0.0
8,300
Hangzhou
Robam
Appliances
Co.
Ltd.
-
Class
A
30,783
0.0
9,800
Hangzhou
Silan
Microelectronics
Co.
Ltd.
-
Class
A
32,758
0.0
2,700
Hangzhou
Tigermed
Consulting
Co.
Ltd.
-
Class
A
24,674
0.0
80,000
(2)
Hansoh
Pharmaceutical
Group
Co.
Ltd.
108,609
0.0
16,700
Henan
Shenhuo
Coal
&
Power
Co.
Ltd.
-
Class
A
39,243
0.0
12,100
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.
-
Class
A
43,801
0.0
45,500
Hengan
International
Group
Co.
Ltd.
144,764
0.0
33,400
(1)
Hengli
Petrochemical
Co.
Ltd.
-
Class
A
66,001
0.0
31,000
(1)
Hengyi
Petrochemical
Co.
Ltd.
-
Class
A
31,275
0.0
90,000
Hesteel
Co.
Ltd.
-
Class
A
28,021
0.0
1,800
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
-
Class
A
37,099
0.0
2,600
Hoshine
Silicon
Industry
Co.
Ltd.
-
Class
A
21,577
0.0
4,052
Hoyuan
Green
Energy
Co.
Ltd.
-
Class
A
23,256
0.0
45,000
(1)(2)
Hua
Hong
Semiconductor
Ltd.
113,150
0.0
54,300
Huadian
Power
International
Corp.
Ltd.
-
Class
A
38,286
0.0
6,400
Huadong
Medicine
Co.
Ltd.
-
Class
A
37,100
0.0
38,100
Huafon
Chemical
Co.
Ltd.
-
Class
A
36,898
0.0
13,000
Hualan
Biological
Engineering,
Inc.
-
Class
A
39,575
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
7
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
53,500
(1)
Huaneng
Power
International,
Inc.
-
Class
A
$
57,645
0.0
282,000
(1)
Huaneng
Power
International,
Inc.
-
Class
H
136,455
0.0
40,700
Huatai
Securities
Co.
Ltd.
-
Class
A
88,636
0.0
81,600
(2)
Huatai
Securities
Co.
Ltd.
-
Class
H
104,040
0.0
47,800
Huaxia
Bank
Co.
Ltd.
-
Class
A
37,490
0.0
11,200
Huayu
Automotive
Systems
Co.
Ltd.
-
Class
A
28,864
0.0
9,100
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.
-
Class
A
24,720
0.0
2,100
Huizhou
Desay
Sv
Automotive
Co.
Ltd.
-
Class
A
41,526
0.0
11,700
Humanwell
Healthcare
Group
Co.
Ltd.
-
Class
A
38,861
0.0
11,100
Hundsun
Technologies,
Inc.
-
Class
A
49,570
0.0
24,000
(2)(3)
Hygeia
Healthcare
Holdings
Co.
Ltd.
134,288
0.0
5,200
IEIT
Systems
Co.
Ltd.
-
Class
A
26,776
0.0
11,200
Iflytek
Co.
Ltd.
-
Class
A
78,002
0.0
1,000
Imeik
Technology
Development
Co.
Ltd.
-
Class
A
53,666
0.0
256,700
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
A
164,620
0
.1
4,833,000
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
H
2,318,106
0
.5
88,500
Industrial
Bank
Co.
Ltd.
-
Class
A
197,997
0
.1
58,600
Industrial
Securities
Co.
Ltd.
-
Class
A
51,773
0.0
3,400
Ingenic
Semiconductor
Co.
Ltd.
-
Class
A
34,462
0.0
273,000
(1)
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.
-
Class
A
64,445
0.0
64,200
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.
-
Class
A
36,020
0.0
27,000
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.
-
Class
A
98,494
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
75,300
(1)
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
-
Class
B
$
105,443
0.0
30,400
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.
-
Class
A
29,527
0.0
83,500
(1)(2)(3)
Innovent
Biologics,
Inc.
405,583
0
.1
33,105
(1)
iQIYI,
Inc.,
ADR
156,918
0
.1
16,300
JA
Solar
Technology
Co.
Ltd.
-
Class
A
57,331
0.0
6,100
Jason
Furniture
Hangzhou
Co.
Ltd.
-
Class
A
33,979
0.0
6,700
JCET
Group
Co.
Ltd.
-
Class
A
28,049
0.0
82,400
(1)(2)
JD
Health
International,
Inc.
423,442
0
.1
144,600
(1)(2)
JD
Logistics,
Inc.
182,845
0
.1
171,650
JD.com,
Inc.
-
Class
A
2,497,307
0
.5
27,300
Jiangsu
Eastern
Shenghong
Co.
Ltd.
-
Class
A
43,317
0.0
102,000
Jiangsu
Expressway
Co.
Ltd.
-
Class
H
92,002
0.0
4,600
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
-
Class
A
40,343
0.0
27,600
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
-
Class
A
170,633
0
.1
4,300
Jiangsu
King's
Luck
Brewery
JSC
Ltd.
-
Class
A
34,669
0.0
2,600
Jiangsu
Pacific
Quartz
Co.
Ltd.
-
Class
A
38,041
0.0
6,200
Jiangsu
Yanghe
Brewery
Joint-Stock
Co.
Ltd.
-
Class
A
110,443
0.0
7,800
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.
-
Class
A
36,799
0.0
21,400
Jiangsu
Zhongtian
Technology
Co.
Ltd.
-
Class
A
43,657
0.0
96,000
Jiangxi
Copper
Co.
Ltd.
-
Class
H
149,745
0
.1
22,352
Jinko
Solar
Co.
Ltd.
-
Class
A
31,056
0.0
2,400
JiuGui
Liquor
Co.
Ltd.
-
Class
A
29,189
0.0
69,000
(2)
Jiumaojiu
International
Holdings
Ltd.
93,371
0.0
3,312
JOYY,
Inc.,
ADR
126,220
0.0
5,500
Juewei
Food
Co.
Ltd.
-
Class
A
28,346
0.0
14,463
(1)
Kanzhun
Ltd.,
ADR
219,404
0
.1
48,604
KE
Holdings,
Inc.,
ADR
754,334
0
.2
51,500
Kingboard
Holdings
Ltd.
115,351
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
8
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
202,000
(1)
Kingdee
International
Software
Group
Co.
Ltd.
$
247,223
0
.1
69,600
Kingsoft
Corp.
Ltd.
250,792
0
.1
170,500
(1)(2)
Kuaishou
Technology
1,356,449
0
.3
16,113
Kuang-Chi
Technologies
Co.
Ltd.
-
Class
A
31,936
0.0
276,000
Kunlun
Energy
Co.
Ltd.
237,513
0
.1
6,900
(1)
Kunlun
Tech
Co.
Ltd.
-
Class
A
36,201
0.0
5,500
Kweichow
Moutai
Co.
Ltd.
-
Class
A
1,364,069
0
.3
17,400
LB
Group
Co.
Ltd.
-
Class
A
43,922
0.0
540,000
Lenovo
Group
Ltd.
553,679
0
.1
33,000
Lens
Technology
Co.
Ltd.
-
Class
A
55,667
0.0
13,300
Lepu
Medical
Technology
Beijing
Co.
Ltd.
-
Class
A
29,961
0.0
82,800
(1)
Li
Auto,
Inc.
-
Class
A
1,477,620
0
.3
176,500
Li
Ning
Co.
Ltd.
737,008
0
.2
51,600
Lingyi
iTech
Guangdong
Co.
-
Class
A
40,440
0.0
137,000
(2)
Longfor
Group
Holdings
Ltd.
244,902
0
.1
31,500
LONGi
Green
Energy
Technology
Co.
Ltd.
-
Class
A
118,181
0.0
49,465
Lufax
Holding
Ltd.,
ADR
52,433
0.0
31,200
Luxshare
Precision
Industry
Co.
Ltd.
-
Class
A
127,967
0.0
6,243
Luzhou
Laojiao
Co.
Ltd.
-
Class
A
186,741
0
.1
6,100
Mango
Excellent
Media
Co.
Ltd.
-
Class
A
23,716
0.0
1,900
Maxscend
Microelectronics
Co.
Ltd.
-
Class
A
30,414
0.0
371,500
(1)(2)
Meituan
-
Class
B
5,377,905
1
.1
60,400
Metallurgical
Corp.
of
China
Ltd.
-
Class
A
30,436
0.0
59,900
(1)(3)
Microport
Scientific
Corp.
90,082
0.0
15,600
Ming
Yang
Smart
Energy
Group
Ltd.
-
Class
A
33,757
0.0
7,368
MINISO
Group
Holding
Ltd.,
ADR
190,831
0
.1
56,000
Minth
Group
Ltd.
143,935
0.0
3,815
Montage
Technology
Co.
Ltd.
-
Class
A
25,974
0.0
22,400
Muyuan
Foods
Co.
Ltd.
-
Class
A
116,440
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
14,500
Nanjing
King-
Friend
Biochemical
Pharmaceutical
Co.
Ltd.
-
Class
A
$
25,240
0.0
34,200
NARI
Technology
Co.
Ltd.
-
Class
A
104,057
0.0
2,500
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
82,717
0.0
143,800
NetEase,
Inc.
2,883,370
0
.6
12,800
New
China
Life
Insurance
Co.
Ltd.
-
Class
A
64,861
0.0
52,800
New
China
Life
Insurance
Co.
Ltd.
-
Class
H
126,640
0.0
30,800
(1)
New
Hope
Liuhe
Co.
Ltd.
-
Class
A
46,474
0.0
113,500
(1)
New
Oriental
Education
&
Technology
Group,
Inc.
671,686
0
.2
9,300
Ninestar
Corp.
-
Class
A
32,951
0.0
2,160
Ningbo
Deye
Technology
Co.
Ltd.
-
Class
A
22,941
0.0
5,000
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.
-
Class
A
27,341
0.0
3,487
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.
-
Class
A
20,103
0.0
16,900
Ningbo
Shanshan
Co.
Ltd.
-
Class
A
32,256
0.0
4,100
Ningbo
Tuopu
Group
Co.
Ltd.
-
Class
A
41,894
0.0
40,700
Ningxia
Baofeng
Energy
Group
Co.
Ltd.
-
Class
A
79,891
0.0
101,758
(1)
NIO,
Inc.,
ADR
919,892
0
.2
131,600
(2)
Nongfu
Spring
Co.
Ltd.
-
Class
H
754,739
0
.2
36,600
Offshore
Oil
Engineering
Co.
Ltd.
-
Class
A
32,503
0.0
3,300
Oppein
Home
Group,
Inc.
-
Class
A
43,493
0.0
45,800
Orient
Securities
Co.
Ltd./China
-
Class
A
60,462
0.0
7,200
Ovctek
China,
Inc.
-
Class
A
25,361
0.0
63,300
(1)
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.
-
Class
A
31,903
0.0
44,088
(1)
PDD
Holdings,
Inc.,
ADR
4,323,710
0
.9
8,900
People.cn
Co.
Ltd.
-
Class
A
46,717
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
9
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
657,000
People's
Insurance
Co.
Group
of
China
Ltd.
-
Class
H
$
235,031
0
.1
14,900
Perfect
World
Co.
Ltd./
China
-
Class
A
27,006
0.0
104,400
PetroChina
Co.
Ltd.
-
Class
A
114,094
0.0
1,556,000
PetroChina
Co.
Ltd.
-
Class
H
1,166,117
0
.3
9,000
Pharmaron
Beijing
Co.
Ltd.
-
Class
A
38,461
0.0
512,000
PICC
Property
&
Casualty
Co.
Ltd.
-
Class
H
655,611
0
.2
80,600
Ping
An
Bank
Co.
Ltd.
-
Class
A
124,252
0.0
43,700
(1)(2)
Ping
An
Healthcare
and
Technology
Co.
Ltd.
101,690
0.0
45,900
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
A
305,970
0
.1
489,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H
2,773,435
0
.6
1,975
Piotech,
Inc.
-
Class
A
64,865
0.0
53,400
Poly
Developments
and
Holdings
Group
Co.
Ltd.
-
Class
A
93,670
0.0
34,600
(2)
Pop
Mart
International
Group
Ltd.
101,773
0.0
137,800
Postal
Savings
Bank
of
China
Co.
Ltd.
-
Class
A
94,092
0.0
578,000
(2)
Postal
Savings
Bank
of
China
Co.
Ltd.
-
Class
H
291,050
0
.1
83,000
Power
Construction
Corp.
of
China
Ltd.
-
Class
A
60,955
0.0
1,200
Pylon
Technologies
Co.
Ltd.
-
Class
A
21,539
0.0
8,309
Qifu
Technology,
Inc.,
ADR
127,626
0.0
28,200
(1)
Qinghai
Salt
Lake
Industry
Co.
Ltd.
-
Class
A
66,436
0.0
48,000
Rongsheng
Petrochemical
Co.
Ltd.
-
Class
A
78,452
0.0
41,900
SAIC
Motor
Corp.
Ltd.
-
Class
A
85,256
0.0
19,000
Sanan
Optoelectronics
Co.
Ltd.
-
Class
A
40,185
0.0
2,800
(1)
Sangfor
Technologies,
Inc.
-
Class
A
35,825
0.0
92,000
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
144,983
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
39,100
Sany
Heavy
Industry
Co.
Ltd.
-
Class
A
$
85,399
0.0
11,900
Satellite
Chemical
Co.
Ltd.
-
Class
A
25,041
0.0
34,800
SDIC
Power
Holdings
Co.
Ltd.
-
Class
A
56,078
0.0
16,300
(1)
Seazen
Holdings
Co.
Ltd.
-
Class
A
29,863
0.0
14,800
(1)
Seres
Group
Co.
Ltd.
-
Class
A
113,906
0.0
20,500
SF
Holding
Co.
Ltd.
-
Class
A
115,196
0.0
3,120
SG
Micro
Corp.
-
Class
A
33,216
0.0
39,600
Shaanxi
Coal
Industry
Co.
Ltd.
-
Class
A
100,371
0.0
26,700
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.
-
Class
A
30,819
0.0
20,700
Shandong
Gold
Mining
Co.
Ltd.
-
Class
A
70,941
0.0
43,750
(2)
Shandong
Gold
Mining
Co.
Ltd.
-
Class
H
82,315
0.0
7,500
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.
-
Class
A
33,007
0.0
11,500
Shandong
Linglong
Tyre
Co.
Ltd.
-
Class
A
32,060
0.0
87,900
Shandong
Nanshan
Aluminum
Co.
Ltd.
-
Class
A
37,882
0.0
178,800
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
-
Class
H
156,684
0
.1
6,540
Shanghai
Aiko
Solar
Energy
Co.
Ltd.
-
Class
A
20,060
0.0
7,500
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.
-
Class
A
29,690
0.0
6,940
Shanghai
Baosight
Software
Co.
Ltd.
-
Class
A
43,024
0.0
41,604
Shanghai
Baosight
Software
Co.
Ltd.
-
Class
B
87,680
0.0
77,500
Shanghai
Construction
Group
Co.
Ltd.
-
Class
A
29,229
0.0
83,800
(1)
Shanghai
Electric
Group
Co.
Ltd.
-
Class
A
53,753
0.0
13,000
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
-
Class
A
50,971
0.0
28,500
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
-
Class
H
66,649
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
10
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,144
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.
-
Class
A
$
27,147
0.0
8,100
(1)
Shanghai
International
Airport
Co.
Ltd.
-
Class
A
42,197
0.0
32,800
Shanghai
International
Port
Group
Co.
Ltd.
-
Class
A
23,168
0.0
6,200
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.
-
Class
A
32,048
0.0
5,112
(1)
Shanghai
Junshi
Biosciences
Co.
Ltd.
-
Class
A
26,946
0.0
6,800
Shanghai
M&G
Stationery,
Inc.
-
Class
A
34,001
0.0
67,700
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
-
Class
H
105,409
0.0
128,700
Shanghai
Pudong
Development
Bank
Co.
Ltd.
-
Class
A
125,511
0.0
11,710
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.
-
Class
A
47,041
0.0
47,800
Shanghai
RAAS
Blood
Products
Co.
Ltd.
-
Class
A
45,673
0.0
31,000
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.
-
Class
A
31,615
0.0
28,000
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.
-
Class
A
38,574
0.0
18,600
Shanxi
Lu'an
Environmental
Energy
Development
Co.
Ltd.
-
Class
A
48,522
0.0
32,800
(1)
Shanxi
Meijin
Energy
Co.
Ltd.
-
Class
A
31,560
0.0
33,900
Shanxi
Securities
Co.
Ltd.
-
Class
A
26,754
0.0
51,100
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.
-
Class
A
28,325
0.0
5,100
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
-
Class
A
168,318
0
.1
15,600
Shenghe
Resources
Holding
Co.
Ltd.
-
Class
A
23,291
0.0
17,700
Shengyi
Technology
Co.
Ltd.
-
Class
A
37,288
0.0
3,700
Shennan
Circuits
Co.
Ltd.
-
Class
A
33,811
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
127,100
Shenwan
Hongyuan
Group
Co.
Ltd.
-
Class
A
$
75,571
0.0
5,500
Shenzhen
Capchem
Technology
Co.
Ltd.
-
Class
A
33,069
0.0
2,240
Shenzhen
Dynanonic
Co.
Ltd.
-
Class
A
23,574
0.0
6,300
Shenzhen
Inovance
Technology
Co.
Ltd.
-
Class
A
57,571
0.0
115,650
Shenzhen
International
Holdings
Ltd.
71,169
0.0
8,260
(1)
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.
-
Class
A
33,183
0.0
1,700
Shenzhen
Kedali
Industry
Co.
Ltd.
-
Class
A
22,409
0.0
5,100
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
-
Class
A
189,507
0
.1
2,800
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.
-
Class
A
24,350
0.0
58,900
(1)
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.
-
Class
A
34,282
0.0
2,500
Shenzhen
SC
New
Energy
Technology
Corp.
-
Class
A
26,089
0.0
4,282
Shenzhen
Transsion
Holdings
Co.
Ltd.
-
Class
A
85,766
0.0
61,600
Shenzhou
International
Group
Holdings
Ltd.
585,793
0
.1
10,600
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.
-
Class
A
34,118
0.0
26,400
Sichuan
Chuantou
Energy
Co.
Ltd.
-
Class
A
53,494
0.0
10,200
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.
-
Class
A
40,750
0.0
24,940
Sichuan
Road
and
Bridge
Group
Co.
Ltd.
-
Class
A
29,599
0.0
3,800
Sichuan
Swellfun
Co.
Ltd.
-
Class
A
31,600
0.0
24,000
Silergy
Corp.
227,492
0
.1
12,600
Sinoma
Science
&
Technology
Co.
Ltd.
-
Class
A
35,503
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
11
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,900
Sinomine
Resource
Group
Co.
Ltd.
-
Class
A
$
24,509
0.0
98,400
Sinopharm
Group
Co.
Ltd.
-
Class
H
285,293
0
.1
77,000
Sinotruk
Hong
Kong
Ltd.
148,080
0.0
3,920
(1)
Skshu
Paint
Co.
Ltd.
-
Class
A
37,007
0.0
138,000
(2)
Smoore
International
Holdings
Ltd.
124,595
0.0
19,900
Songcheng
Performance
Development
Co.
Ltd.
-
Class
A
33,375
0.0
1,800
StarPower
Semiconductor
Ltd.
-
Class
A
44,417
0.0
6,800
Sungrow
Power
Supply
Co.
Ltd.
-
Class
A
83,353
0.0
52,900
Sunny
Optical
Technology
Group
Co.
Ltd.
366,611
0
.1
13,500
Sunwoda
Electronic
Co.
Ltd.
-
Class
A
31,338
0.0
12,300
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.
-
Class
A
29,216
0.0
1,760
Suzhou
Maxwell
Technologies
Co.
Ltd.
-
Class
A
30,613
0.0
32,554
(1)
TAL
Education
Group,
ADR
296,567
0
.1
28,730
TBEA
Co.
Ltd.
-
Class
A
58,517
0.0
69,040
(1)
TCL
Technology
Group
Corp.
-
Class
A
38,681
0.0
19,625
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.
-
Class
A
62,826
0.0
491,000
Tencent
Holdings
Ltd.
19,033,104
3
.9
54,069
(1)
Tencent
Music
Entertainment
Group,
ADR
344,960
0
.1
3,200
Thunder
Software
Technology
Co.
Ltd.
-
Class
A
33,496
0.0
7,600
Tianqi
Lithium
Corp.
-
Class
A
57,410
0.0
32,300
Tianshan
Aluminum
Group
Co.
Ltd.
-
Class
A
29,043
0.0
26,300
Tianshui
Huatian
Technology
Co.
Ltd.
-
Class
A
32,396
0.0
142,000
Tingyi
Cayman
Islands
Holding
Corp.
198,377
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
14,400
(1)
Titan
Wind
Energy
Suzhou
Co.
Ltd.
-
Class
A
$
25,499
0.0
90,400
(1)
Tongcheng
Travel
Holdings
Ltd.
197,731
0
.1
19,000
(1)
Tongkun
Group
Co.
Ltd.
-
Class
A
38,428
0.0
82,100
Tongling
Nonferrous
Metals
Group
Co.
Ltd.
-
Class
A
35,916
0.0
20,000
Tongwei
Co.
Ltd.
-
Class
A
88,548
0.0
2,400
(1)
Topchoice
Medical
Corp.
-
Class
A
29,104
0.0
145,000
(2)
Topsports
International
Holdings
Ltd.
109,626
0.0
77,000
TravelSky
Technology
Ltd.
-
Class
H
132,775
0.0
11,348
Trina
Solar
Co.
Ltd.
-
Class
A
47,674
0.0
40,400
(1)
Trip.com
Group
Ltd.
1,423,960
0
.3
4,600
Tsingtao
Brewery
Co.
Ltd.
-
Class
A
55,209
0.0
44,000
Tsingtao
Brewery
Co.
Ltd.
-
Class
H
358,291
0
.1
5,000
(1)
Unigroup
Guoxin
Microelectronics
Co.
Ltd.
-
Class
A
59,793
0.0
81,000
Uni-President
China
Holdings
Ltd.
56,890
0.0
16,700
(1)
Unisplendour
Corp.
Ltd.
-
Class
A
53,971
0.0
26,557
(1)
Vipshop
Holdings
Ltd.,
ADR
425,178
0
.1
10,600
Walvax
Biotechnology
Co.
Ltd.
-
Class
A
34,199
0.0
13,600
Wanhua
Chemical
Group
Co.
Ltd.
-
Class
A
165,181
0
.1
344,000
Want
Want
China
Holdings
Ltd.
224,205
0
.1
5,028
Weibo
Corp.,
ADR
63,051
0.0
42,300
Weichai
Power
Co.
Ltd.
-
Class
A
72,622
0.0
134,000
Weichai
Power
Co.
Ltd.
-
Class
H
181,624
0
.1
32,500
Wens
Foodstuffs
Group
Co.
Ltd.
-
Class
A
77,505
0.0
36,600
Western
Securities
Co.
Ltd.
-
Class
A
33,193
0.0
4,894
Western
Superconducting
Technologies
Co.
Ltd.
-
Class
A
30,661
0.0
6,200
Will
Semiconductor
Co.
Ltd.
Shanghai
-
Class
A
79,320
0.0
7,700
(1)
Wingtech
Technology
Co.
Ltd.
-
Class
A
46,119
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
12
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
32,500
Wuhan
Guide
Infrared
Co.
Ltd.
-
Class
A
$
33,923
0.0
16,800
Wuliangye
Yibin
Co.
Ltd.
-
Class
A
362,020
0
.1
18,400
WUS
Printed
Circuit
Kunshan
Co.
Ltd.
-
Class
A
56,790
0.0
11,192
WuXi
AppTec
Co.
Ltd.
-
Class
A
133,008
0.0
26,500
(2)(3)
WuXi
AppTec
Co.
Ltd.
-
Class
H
316,016
0
.1
279,000
(1)(2)
Wuxi
Biologics
Cayman,
Inc.
1,621,508
0
.4
42,900
XCMG
Construction
Machinery
Co.
Ltd.
-
Class
A
37,509
0.0
22,500
Xiamen
C
&
D,
Inc.
-
Class
A
30,688
0.0
1,800
Xiamen
Faratronic
Co.
Ltd.
-
Class
A
23,897
0.0
1,124,200
(1)(2)
Xiaomi
Corp.
-
Class
B
1,761,181
0
.4
360,000
Xinyi
Solar
Holdings
Ltd.
267,610
0
.1
75,700
(1)
XPeng,
Inc.
-
Class
A
691,703
0
.2
109,500
Xtep
International
Holdings
Ltd.
100,857
0.0
90,000
(2)
Yadea
Group
Holdings
Ltd.
166,661
0
.1
4,700
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.
-
Class
A
22,532
0.0
23,550
Yankuang
Energy
Group
Co.
Ltd.
-
Class
A
65,392
0.0
160,000
Yankuang
Energy
Group
Co.
Ltd.
-
Class
H
301,833
0
.1
8,700
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.
-
Class
A
37,882
0.0
8,540
Yealink
Network
Technology
Corp.
Ltd.
-
Class
A
41,760
0.0
7,560
Yifeng
Pharmacy
Chain
Co.
Ltd.
-
Class
A
36,412
0.0
40,000
Yihai
International
Holding
Ltd.
68,629
0.0
5,100
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.
-
Class
A
24,095
0.0
20,400
Yintai
Gold
Co.
Ltd.
-
Class
A
39,608
0.0
3,860
YongXing
Special
Materials
Technology
Co.
Ltd.
-
Class
A
24,048
0.0
20,700
Yonyou
Network
Technology
Co.
Ltd.
-
Class
A
47,292
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
22,700
YTO
Express
Group
Co.
Ltd.
-
Class
A
$
46,847
0.0
133,200
Yuexiu
Property
Co.
Ltd.
153,110
0
.1
30,690
Yum
China
Holdings,
Inc.
1,710,047
0
.4
21,300
Yunda
Holding
Co.
Ltd.
-
Class
A
28,834
0.0
24,100
Yunnan
Aluminium
Co.
Ltd.
-
Class
A
50,003
0.0
10,000
Yunnan
Baiyao
Group
Co.
Ltd.
-
Class
A
73,127
0.0
2,100
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.
-
Class
A
26,931
0.0
4,800
Yunnan
Energy
New
Material
Co.
Ltd.
-
Class
A
39,536
0.0
13,400
Yunnan
Yuntianhua
Co.
Ltd.
-
Class
A
31,440
0.0
68,700
(1)
Zai
Lab
Ltd.
168,114
0
.1
11,600
Zangge
Mining
Co.
Ltd.
-
Class
A
36,363
0.0
2,700
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.
-
Class
A
102,015
0.0
102,500
Zhaojin
Mining
Industry
Co.
Ltd.
-
Class
H
141,303
0.0
69,300
(1)
Zhejiang
Century
Huatong
Group
Co.
Ltd.
-
Class
A
45,826
0.0
37,400
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
-
Class
A
46,305
0.0
13,500
Zhejiang
Chint
Electrics
Co.
Ltd.
-
Class
A
43,227
0.0
19,800
Zhejiang
Dahua
Technology
Co.
Ltd.
-
Class
A
60,517
0.0
108,000
Zhejiang
Expressway
Co.
Ltd.
-
Class
H
80,362
0.0
9,200
Zhejiang
Huayou
Cobalt
Co.
Ltd.
-
Class
A
47,520
0.0
4,400
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.
-
Class
A
28,789
0.0
10,000
Zhejiang
Juhua
Co.
Ltd.
-
Class
A
20,838
0.0
21,400
Zhejiang
NHU
Co.
Ltd.
-
Class
A
47,668
0.0
4,500
Zhejiang
Supor
Co.
Ltd.
-
Class
A
29,931
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
13
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
12,500
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.
-
Class
A
$
31,329
0.0
14,500
Zheshang
Securities
Co.
Ltd.
-
Class
A
20,068
0.0
54,300
(1)(2)
ZhongAn
Online
P&C
Insurance
Co.
Ltd.
-
Class
H
159,175
0
.1
3,300
Zhongji
Innolight
Co.
Ltd.
-
Class
A
52,680
0.0
57,000
Zhongsheng
Group
Holdings
Ltd.
159,593
0
.1
42,600
Zhongtai
Securities
Co.
Ltd.
-
Class
A
41,542
0.0
39,900
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
-
Class
H
137,812
0.0
84,500
Zijin
Mining
Group
Co.
Ltd.
-
Class
A
140,557
0.0
412,000
Zijin
Mining
Group
Co.
Ltd.
-
Class
H
624,591
0
.1
50,300
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
-
Class
A
47,277
0.0
19,400
ZTE
Corp.
-
Class
A
87,107
0.0
54,200
ZTE
Corp.
-
Class
H
163,099
0
.1
31,699
ZTO
Express
Cayman,
Inc.,
ADR
766,165
0
.2
141,887,558
29
.2
Colombia
:
0
.1
%
18,508
Bancolombia
SA
-
Preference
Shares
141,031
0
.1
32,599
Interconexion
Electrica
SA
ESP
119,129
0.0
260,160
0
.1
Czechia
:
0
.2
%
11,972
CEZ
AS
508,496
0
.1
5,424
Komercni
Banka
AS
157,702
0
.1
23,672
(2)
Moneta
Money
Bank
AS
85,976
0.0
752,174
0
.2
Egypt
:
0
.1
%
194,971
Commercial
International
Bank
Egypt
SAE
378,866
0
.1
86,573
Eastern
Co.
SAE
67,700
0.0
82,309
(1)
EFG
Holding
S.A.E.
39,285
0.0
485,851
0
.1
Greece
:
0
.4
%
161,240
(1)
Alpha
Services
and
Holdings
SA
213,228
0.0
189,652
(1)
Eurobank
Ergasias
Services
and
Holdings
SA
291,704
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Greece:
(continued)
13,756
Hellenic
Telecommunications
Organization
SA
$
200,640
0.0
8,489
JUMBO
SA
233,350
0
.1
4,581
Motor
Oil
Hellas
Corinth
Refineries
SA
115,948
0.0
7,971
Mytilineos
SA
293,395
0
.1
41,218
(1)
National
Bank
of
Greece
SA
232,050
0
.1
13,248
OPAP
SA
221,794
0.0
50,976
(1)
Piraeus
Financial
Holdings
SA
150,442
0.0
15,161
(1)
Public
Power
Corp.
SA
151,906
0.0
2,104,457
0
.4
Hong
Kong
:
0
.2
%
278,000
Bosideng
International
Holdings
Ltd.
119,340
0.0
84,000
Kingboard
Laminates
Holdings
Ltd.
59,281
0.0
134,000
Nine
Dragons
Paper
Holdings
Ltd.
75,161
0.0
10,000
Orient
Overseas
International
Ltd.
133,193
0
.1
751,000
Sino
Biopharmaceutical
Ltd.
270,325
0
.1
34,000
Vinda
International
Holdings
Ltd.
81,453
0.0
738,753
0
.2
Hungary
:
0
.2
%
32,558
MOL
Hungarian
Oil
&
Gas
PLC
246,607
0.0
17,563
OTP
Bank
Nyrt
633,215
0
.1
10,266
Richter
Gedeon
Nyrt
248,487
0
.1
1,128,309
0
.2
India
:
15
.5
%
3,837
ABB
India
Ltd.
189,016
0.0
12,568
Adani
Enterprises
Ltd.
364,021
0
.1
22,860
(1)
Adani
Green
Energy
Ltd.
271,747
0
.1
38,320
Adani
Ports
&
Special
Economic
Zone
Ltd.
379,816
0
.1
57,500
(1)
Adani
Power
Ltd.
261,357
0
.1
45,431
Ambuja
Cements
Ltd.
231,619
0.0
7,381
Apollo
Hospitals
Enterprise
Ltd.
455,766
0
.1
75,908
Ashok
Leyland
Ltd.
161,433
0.0
28,171
Asian
Paints
Ltd.
1,070,734
0
.2
7,983
Astral
Ltd.
183,320
0.0
12,624
(2)
AU
Small
Finance
Bank
Ltd.
108,042
0.0
19,052
Aurobindo
Pharma
Ltd.
209,367
0.0
11,838
(1)(2)
Avenue
Supermarts
Ltd.
522,874
0
.1
167,312
Axis
Bank
Ltd.
2,082,657
0
.4
5,167
Bajaj
Auto
Ltd.
314,277
0
.1
20,034
Bajaj
Finance
Ltd.
1,879,160
0
.4
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
14
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India:
(continued)
27,927
Bajaj
Finserv
Ltd.
$
516,310
0
.1
1,987
Bajaj
Holdings
&
Investment
Ltd.
169,844
0.0
5,865
Balkrishna
Industries
Ltd.
180,279
0.0
52,701
(2)
Bandhan
Bank
Ltd.
159,168
0.0
78,458
Bank
of
Baroda
201,458
0.0
22,182
Berger
Paints
India
Ltd.
151,699
0.0
275,725
Bharat
Electronics
Ltd.
458,102
0
.1
19,791
Bharat
Forge
Ltd.
259,731
0
.1
57,466
Bharat
Petroleum
Corp.
Ltd.
239,718
0.0
163,246
Bharti
Airtel
Ltd.
1,817,961
0
.4
7,922
Britannia
Industries
Ltd.
432,621
0
.1
44,578
CG
Power
&
Industrial
Solutions
Ltd.
236,924
0.0
30,869
Cholamandalam
Investment
and
Finance
Co.
Ltd.
451,532
0
.1
38,604
Cipla
Ltd./India
550,570
0
.1
116,610
Coal
India
Ltd.
413,572
0
.1
9,103
Colgate-Palmolive
India
Ltd.
219,525
0.0
20,366
Container
Corp.
Of
India
Ltd.
175,195
0.0
9,016
Cummins
India
Ltd.
183,747
0.0
44,914
Dabur
India
Ltd.
297,600
0
.1
8,847
Divi's
Laboratories
Ltd.
400,206
0
.1
46,912
DLF
Ltd.
299,177
0
.1
8,201
Dr
Reddy's
Laboratories
Ltd.
550,370
0
.1
10,227
Eicher
Motors
Ltd.
423,694
0
.1
166,147
GAIL
India
Ltd.
248,491
0
.1
29,723
(1)
Godrej
Consumer
Products
Ltd.
354,577
0
.1
9,394
(1)
Godrej
Properties
Ltd.
175,299
0.0
20,023
Grasim
Industries
Ltd.
467,166
0
.1
18,847
Havells
India
Ltd.
314,440
0
.1
69,830
HCL
Technologies
Ltd.
1,034,980
0
.2
5,405
(2)
HDFC
Asset
Management
Co.
Ltd.
172,152
0.0
202,182
HDFC
Bank
Ltd.
3,708,001
0
.8
72,379
(2)
HDFC
Life
Insurance
Co.
Ltd.
554,370
0
.1
8,356
Hero
MotoCorp
Ltd.
307,020
0
.1
92,118
Hindalco
Industries
Ltd.
543,735
0
.1
12,110
Hindustan
Aeronautics
Ltd.
280,567
0
.1
42,287
(1)
Hindustan
Petroleum
Corp.
Ltd.
129,800
0.0
60,061
Hindustan
Unilever
Ltd.
1,781,232
0
.4
376,495
ICICI
Bank
Ltd.
4,313,428
0
.9
18,370
(2)
ICICI
Lombard
General
Insurance
Co.
Ltd.
288,963
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India:
(continued)
26,814
(2)
ICICI
Prudential
Life
Insurance
Co.
Ltd.
$
182,488
0.0
226,431
(1)
IDFC
First
Bank
Ltd.
259,328
0
.1
64,666
Indian
Hotels
Co.
Ltd.
319,264
0
.1
219,592
Indian
Oil
Corp.
Ltd.
240,179
0
.1
17,143
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
140,266
0.0
22,551
Indraprastha
Gas
Ltd.
123,251
0.0
5,413
Info
Edge
India
Ltd.
270,661
0
.1
241,896
Infosys
Ltd.
4,157,060
0
.9
9,438
(1)(2)
InterGlobe
Aviation
Ltd.
270,107
0
.1
218,374
ITC
Ltd.
1,166,778
0
.2
26,103
Jindal
Steel
&
Power
Ltd.
219,517
0.0
44,855
JSW
Steel
Ltd.
419,598
0
.1
30,683
Jubilant
Foodworks
Ltd.
196,404
0.0
80,278
Kotak
Mahindra
Bank
Ltd.
1,672,995
0
.3
51,027
Larsen
&
Toubro
Ltd.
1,853,959
0
.4
6,639
(2)
LTIMindtree
Ltd.
414,813
0
.1
14,648
Lupin
Ltd.
206,257
0.0
69,150
Mahindra
&
Mahindra
Ltd.
1,291,296
0
.3
40,528
Marico
Ltd.
273,612
0
.1
10,061
Maruti
Suzuki
India
Ltd.
1,282,771
0
.3
57,696
Max
Healthcare
Institute
Ltd.
394,122
0
.1
5,703
Mphasis
Ltd.
162,588
0.0
153
MRF
Ltd.
197,435
0.0
9,128
Muthoot
Finance
Ltd.
137,421
0.0
2,483
Nestle
India
Ltd.
672,010
0
.1
315,090
NTPC
Ltd.
930,030
0
.2
231,099
Oil
&
Natural
Gas
Corp.
Ltd.
532,031
0
.1
462
Page
Industries
Ltd.
216,442
0.0
56,783
Petronet
LNG
Ltd.
163,665
0.0
5,918
PI
Industries
Ltd.
245,804
0
.1
11,062
Pidilite
Industries
Ltd.
324,444
0
.1
76,825
Power
Finance
Corp.
Ltd.
232,623
0.0
335,558
Power
Grid
Corp.
of
India
Ltd.
805,439
0
.2
74,175
REC
Ltd.
256,228
0
.1
221,491
Reliance
Industries
Ltd.
6,236,007
1
.3
251,730
(1)
Reliance
Strategic
Investments
Ltd.
700,856
0
.1
172,530
Samvardhana
Motherson
International
Ltd.
198,745
0.0
19,532
SBI
Cards
&
Payment
Services
Ltd.
185,742
0.0
33,735
(2)
SBI
Life
Insurance
Co.
Ltd.
529,171
0
.1
693
Shree
Cement
Ltd.
212,066
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
15
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India:
(continued)
20,600
Shriram
Finance
Ltd.
$
475,392
0
.1
6,554
Siemens
Ltd.
289,348
0
.1
30,343
(2)
Sona
Blw
Precision
Forgings
Ltd.
212,751
0.0
10,620
SRF
Ltd.
286,870
0
.1
132,715
State
Bank
of
India
953,306
0
.2
70,879
Sun
Pharmaceutical
Industries
Ltd.
986,669
0
.2
5,317
Supreme
Industries
Ltd.
263,893
0
.1
66,841
Tata
Consultancy
Services
Ltd.
2,830,195
0
.6
42,395
Tata
Consumer
Products
Ltd.
446,841
0
.1
2,593
Tata
Elxsi
Ltd.
225,014
0.0
122,763
Tata
Motors
Ltd.
928,568
0
.2
109,026
Tata
Power
Co.
Ltd.
343,599
0
.1
544,306
Tata
Steel
Ltd.
841,881
0
.2
40,052
Tech
Mahindra
Ltd.
588,010
0
.1
26,250
Titan
Co.
Ltd.
992,960
0
.2
7,673
Torrent
Pharmaceuticals
Ltd.
178,040
0.0
13,781
Trent
Ltd.
344,450
0
.1
8,086
Tube
Investments
of
India
Ltd.
290,179
0
.1
17,023
TVS
Motor
Co.
Ltd.
311,062
0
.1
8,344
UltraTech
Cement
Ltd.
827,449
0
.2
21,195
(1)
United
Spirits
Ltd.
256,472
0
.1
34,938
UPL
Ltd.
258,706
0
.1
34,658
Varun
Beverages
Ltd.
393,485
0
.1
51,705
Vedanta
Ltd.
137,826
0.0
99,844
Wipro
Ltd.
486,236
0
.1
956,304
(1)
Yes
Bank
Ltd.
198,356
0.0
308,861
(1)
Zomato
Ltd.
376,193
0
.1
75,165,654
15
.5
Indonesia
:
1
.9
%
1,027,600
Adaro
Energy
Indonesia
Tbk
PT
189,020
0
.1
474,500
Aneka
Tambang
Tbk
55,529
0.0
1,509,500
Astra
International
Tbk
PT
606,306
0
.1
4,041,700
Bank
Central
Asia
Tbk
PT
2,302,698
0
.5
2,781,100
Bank
Mandiri
Persero
Tbk
PT
1,082,479
0
.2
546,100
Bank
Negara
Indonesia
Persero
Tbk
PT
364,267
0
.1
5,014,100
Bank
Rakyat
Indonesia
Persero
Tbk
PT
1,693,427
0
.4
2,003,400
Barito
Pacific
Tbk
PT
168,422
0.0
520,400
(1)
Charoen
Pokphand
Indonesia
Tbk
PT
182,515
0.0
60,595,200
(1)
GoTo
Gojek
Tokopedia
Tbk
PT
331,530
0
.1
219,100
Indah
Kiat
Pulp
&
Paper
Tbk
PT
157,110
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Indonesia:
(continued)
155,600
Indofood
CBP
Sukses
Makmur
Tbk
PT
$
111,512
0.0
297,400
Indofood
Sukses
Makmur
Tbk
PT
127,311
0.0
1,508,800
Kalbe
Farma
Tbk
PT
170,992
0.0
859,300
(1)
Merdeka
Copper
Gold
Tbk
PT
159,638
0.0
1,326,100
Sarana
Menara
Nusantara
Tbk
PT
82,341
0.0
260,000
Semen
Indonesia
Persero
Tbk
PT
107,941
0.0
1,193,800
Sumber
Alfaria
Trijaya
Tbk
PT
228,641
0
.1
3,719,800
Telkom
Indonesia
Persero
Tbk
PT
901,705
0
.2
513,600
Unilever
Indonesia
Tbk
PT
124,271
0.0
110,400
United
Tractors
Tbk
PT
201,424
0
.1
139,300
Vale
Indonesia
Tbk
PT
50,776
0.0
9,399,855
1
.9
Kuwait
:
0
.8
%
106,032
(1)
Agility
Public
Warehousing
Co.
KSC
190,960
0.0
100,880
Boubyan
Bank
KSCP
197,122
0
.1
141,855
Gulf
Bank
KSCP
120,575
0.0
598,998
Kuwait
Finance
House
KSCP
1,418,260
0
.3
46,971
Mabanee
Co.
KPSC
125,254
0.0
151,024
Mobile
Telecommunications
Co.
KSCP
237,688
0
.1
555,936
National
Bank
of
Kuwait
SAKP
1,629,235
0
.3
3,919,094
0
.8
Luxembourg
:
0.0
%
9,836
Reinet
Investments
SCA
215,970
0.0
Malaysia
:
1
.4
%
131,400
AMMB
Holdings
Bhd
103,455
0.0
192,000
Axiata
Group
Bhd
101,762
0.0
246,400
CELCOMDIGI
BHD
229,331
0
.1
495,700
CIMB
Group
Holdings
Bhd
572,653
0
.1
237,400
Dialog
Group
Bhd
106,988
0.0
139,800
Gamuda
Bhd
131,902
0.0
161,100
Genting
Bhd
142,926
0.0
240,700
Genting
Malaysia
Bhd
127,979
0.0
46,400
Hong
Leong
Bank
Bhd
192,561
0
.1
16,900
Hong
Leong
Financial
Group
Bhd
63,709
0.0
170,600
IHH
Healthcare
Bhd
211,989
0
.1
205,500
Inari
Amertron
Bhd
126,567
0.0
180,900
IOI
Corp.
Bhd
153,109
0
.1
36,700
Kuala
Lumpur
Kepong
Bhd
167,068
0
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
16
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Malaysia:
(continued)
401,000
Malayan
Banking
Bhd
$
750,156
0
.2
53,100
Malaysia
Airports
Holdings
Bhd
80,635
0.0
166,600
Maxis
Bhd
143,216
0.0
96,200
MISC
Bhd
144,931
0.0
197,600
(2)
MR
DIY
Group
M
Bhd
63,469
0.0
5,100
Nestle
Malaysia
Bhd
137,405
0.0
199,200
Petronas
Chemicals
Group
Bhd
304,466
0
.1
21,300
Petronas
Dagangan
Bhd
101,527
0.0
55,100
Petronas
Gas
Bhd
197,622
0
.1
45,900
PPB
Group
Bhd
151,330
0.0
264,900
Press
Metal
Aluminium
Holdings
Bhd
265,228
0
.1
1,095,200
Public
Bank
Bhd
946,232
0
.2
88,100
QL
Resources
Bhd
102,449
0.0
107,800
RHB
Bank
Bhd
124,559
0.0
222,800
Sime
Darby
Bhd
104,691
0.0
148,400
Sime
Darby
Plantation
Bhd
135,111
0.0
72,700
Telekom
Malaysia
Bhd
75,803
0.0
189,500
Tenaga
Nasional
Bhd
403,016
0
.1
6,663,845
1
.4
Mexico
:
2
.5
%
221,808
Alfa
SAB
de
CV
-
Class
A
144,584
0.0
1,477,707
America
Movil
SAB
de
CV
1,276,115
0
.3
34,626
Arca
Continental
SAB
de
CV
315,454
0
.1
56,378
(2)
Banco
del
Bajio
SA
176,664
0.0
1,126,594
(1)
Cemex
SAB
de
CV
733,716
0
.2
37,808
Coca-Cola
Femsa
SAB
de
CV
295,305
0
.1
217,540
Fibra
Uno
Administracion
SA
de
CV
363,867
0
.1
143,070
Fomento
Economico
Mexicano
SAB
de
CV
1,559,629
0
.3
14,268
Gruma
SAB
de
CV
-
Class
B
243,712
0
.1
27,489
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
-
Class
B
451,323
0
.1
14,169
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
-
Class
B
347,203
0
.1
98,471
Grupo
Bimbo
SAB
de
CV
473,384
0
.1
37,741
Grupo
Carso
SAB
de
CV
274,013
0
.1
189,869
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
1,591,402
0
.3
157,112
(1)
Grupo
Financiero
Inbursa
SAB
de
CV
-
Class
O
308,860
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Mexico:
(continued)
228,998
Grupo
Mexico
SAB
de
CV
$
1,082,213
0
.2
173,897
Grupo
Televisa
SAB
105,471
0.0
13,917
(1)
Industrias
Penoles
SAB
de
CV
163,810
0.0
111,849
Kimberly-Clark
de
Mexico
SAB
de
CV
-
Class
A
222,703
0.0
86,162
Operadora
De
Sites
Mexicanos
SAB
de
CV
-
Class
1
71,145
0.0
74,168
Orbia
Advance
Corp.
SAB
de
CV
153,975
0.0
14,955
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
133,241
0.0
380,779
Wal-Mart
de
Mexico
SAB
de
CV
1,437,248
0
.3
11,925,037
2
.5
Peru
:
0
.3
%
15,603
Cia
de
Minas
Buenaventura
SAA,
ADR
132,938
0.0
5,029
Credicorp
Ltd.
643,561
0
.2
6,291
Southern
Copper
Corp.
473,649
0
.1
1,250,148
0
.3
Philippines
:
0
.6
%
116,290
Aboitiz
Equity
Ventures,
Inc.
103,081
0.0
20,450
Ayala
Corp.
225,086
0.0
488,000
Ayala
Land,
Inc.
253,576
0
.1
143,715
Bank
of
the
Philippine
Islands
284,215
0
.1
173,740
BDO
Unibank,
Inc.
434,849
0
.1
72,710
International
Container
Terminal
Services,
Inc.
265,628
0
.1
185,840
JG
Summit
Holdings,
Inc.
124,901
0.0
31,450
Jollibee
Foods
Corp.
127,364
0.0
19,720
Manila
Electric
Co.
128,269
0.0
124,830
Metropolitan
Bank
&
Trust
Co.
119,021
0.0
5,240
PLDT,
Inc.
108,676
0.0
17,420
SM
Investments
Corp.
259,545
0
.1
760,500
SM
Prime
Holdings,
Inc.
407,273
0
.1
62,620
Universal
Robina
Corp.
131,590
0.0
2,973,074
0
.6
Poland
:
0
.7
%
34,406
(1)(2)
Allegro.eu
SA
252,569
0
.1
13,520
Bank
Polska
Kasa
Opieki
SA
310,902
0
.1
1,153
Budimex
SA
114,396
0.0
4,634
CD
Projekt
SA
132,403
0.0
17,326
(1)
Cyfrowy
Polsat
SA
47,837
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
17
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Poland:
(continued)
3,599
(1)(2)
Dino
Polska
SA
$
291,676
0
.1
10,167
KGHM
Polska
Miedz
SA
259,010
0
.1
81
L.P.
SA
240,405
0.0
1,082
(1)
mBank
SA
97,517
0.0
61,435
(1)
PGE
Polska
Grupa
Energetyczna
SA
105,054
0.0
43,820
Polski
Koncern
Naftowy
ORLEN
SA
587,091
0
.1
64,905
(1)
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
513,448
0
.1
44,168
Powszechny
Zaklad
Ubezpieczen
SA
417,189
0
.1
2,594
(1)
Santander
Bank
Polska
SA
212,953
0.0
3,582,450
0
.7
Qatar
:
0
.9
%
143,374
Barwa
Real
Estate
Co.
101,684
0.0
233,038
Commercial
Bank
PSQC
345,661
0
.1
131,297
Dukhan
Bank
143,220
0.0
107,065
Industries
Qatar
QSC
403,445
0
.1
392,047
Masraf
Al
Rayan
QSC
240,133
0
.1
314,886
Mesaieed
Petrochemical
Holding
Co.
160,681
0.0
58,211
Ooredoo
QPSC
170,955
0.0
33,750
Qatar
Electricity
&
Water
Co.
QSC
162,452
0.0
42,617
Qatar
Fuel
QSC
193,181
0
.1
179,158
Qatar
Gas
Transport
Co.
Ltd.
183,164
0.0
70,460
Qatar
International
Islamic
Bank
QSC
185,829
0
.1
121,318
Qatar
Islamic
Bank
SAQ
618,588
0
.1
337,526
Qatar
National
Bank
QPSC
1,428,141
0
.3
4,337,134
0
.9
Romania
:
0.0
%
34,116
NEPI
Rockcastle
NV
187,574
0.0
Saudi
Arabia
:
4
.1
%
6,688
ACWA
Power
Co.
348,534
0
.1
9,281
Advanced
Petrochemical
Co.
99,339
0.0
143,507
Al
Rajhi
Bank
2,599,851
0
.5
72,825
Alinma
Bank
649,127
0
.1
18,227
Almarai
Co.
JSC
309,264
0
.1
47,429
Arab
National
Bank
303,509
0
.1
1,845
Arabian
Internet
&
Communications
Services
Co.
157,431
0.0
35,928
Bank
AlBilad
405,557
0
.1
30,549
(1)
Bank
Al-Jazira
136,935
0.0
43,558
Banque
Saudi
Fransi
424,160
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Saudi
Arabia:
(continued)
5,630
Bupa
Arabia
for
Cooperative
Insurance
Co.
$
312,240
0
.1
6,030
Co.
for
Cooperative
Insurance
202,584
0
.1
2,813
Dallah
Healthcare
Co.
106,956
0.0
39,110
(1)
Dar
Al
Arkan
Real
Estate
Development
Co.
164,558
0.0
6,458
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
405,857
0
.1
1,760
Elm
Co.
366,036
0
.1
27,502
Etihad
Etisalat
Co.
326,685
0
.1
42,118
Jarir
Marketing
Co.
162,837
0.0
33,580
Mobile
Telecommunications
Co.
Saudi
Arabia
117,829
0.0
7,122
Mouwasat
Medical
Services
Co.
195,236
0
.1
2,878
Nahdi
Medical
Co.
110,691
0.0
26,026
(1)
National
Industrialization
Co.
88,182
0.0
5,349
Power
&
Water
Utility
Co.
for
Jubail
&
Yanbu
89,467
0.0
31,373
(1)
Rabigh
Refining
&
Petrochemical
Co.
90,618
0.0
107,845
Riyad
Bank
798,518
0
.2
16,910
SABIC
Agri-Nutrients
Co.
600,131
0
.1
25,737
Sahara
International
Petrochemical
Co.
259,894
0
.1
94,980
(1)
Saudi
Arabian
Mining
Co.
1,022,530
0
.2
195,341
(2)
Saudi
Arabian
Oil
Co.
1,819,814
0
.4
2,933
Saudi
Aramco
Base
Oil
Co.
116,379
0.0
73,611
Saudi
Awwal
Bank
677,384
0
.2
66,508
Saudi
Basic
Industries
Corp.
1,464,458
0
.3
60,878
Saudi
Electricity
Co.
309,798
0
.1
26,672
Saudi
Industrial
Investment
Group
169,172
0.0
37,096
Saudi
Investment
Bank
156,366
0.0
52,402
(1)
Saudi
Kayan
Petrochemical
Co.
174,758
0.0
215,696
Saudi
National
Bank
1,887,242
0
.4
2,649
(1)
Saudi
Research
&
Media
Group
116,177
0.0
3,553
Saudi
Tadawul
Group
Holding
Co.
182,988
0.0
146,885
Saudi
Telecom
Co.
1,473,088
0
.3
19,738
Savola
Group
189,830
0.0
19,961
Yanbu
National
Petrochemical
Co.
221,672
0
.1
19,813,682
4
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
18
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Singapore
:
0.0
%
15,500
(2)
BOC
Aviation
Ltd.
$
107,991
0.0
South
Africa
:
2
.8
%
62,902
Absa
Group
Ltd.
579,692
0
.1
6,496
African
Rainbow
Minerals
Ltd.
58,356
0.0
4,331
Anglo
American
Platinum
Ltd.
161,648
0.0
27,590
Aspen
Pharmacare
Holdings
Ltd.
250,374
0
.1
24,750
Bid
Corp.
Ltd.
551,961
0
.1
21,111
Bidvest
Group
Ltd.
304,148
0
.1
6,412
Capitec
Bank
Holdings
Ltd.
579,779
0
.1
17,611
Clicks
Group
Ltd.
240,580
0.0
37,718
(1)
Discovery
Ltd.
273,237
0
.1
16,343
Exxaro
Resources
Ltd.
148,793
0.0
371,390
FirstRand
Ltd.
1,250,627
0
.3
65,470
Gold
Fields
Ltd.
709,616
0
.1
245,567
Growthpoint
Properties
Ltd.
136,832
0.0
39,434
Harmony
Gold
Mining
Co.
Ltd.
148,071
0.0
63,068
Impala
Platinum
Holdings
Ltd.
328,530
0
.1
3,838
Kumba
Iron
Ore
Ltd.
92,189
0.0
125,531
MTN
Group
Ltd.
748,197
0
.2
14,329
Naspers
Ltd.
-
Class
N
2,292,482
0
.5
33,810
Nedbank
Group
Ltd.
361,301
0
.1
24,593
Northam
Platinum
Holdings
Ltd.
149,139
0.0
334,659
Old
Mutual
Ltd.
213,164
0.0
55,963
OUTsurance
Group
Ltd.
126,387
0.0
141,280
(2)
Pepkor
Holdings
Ltd.
128,375
0.0
38,765
Remgro
Ltd.
304,039
0
.1
130,834
Sanlam
Ltd.
453,886
0
.1
42,267
Sasol
Ltd.
580,210
0
.1
36,864
Shoprite
Holdings
Ltd.
466,968
0
.1
207,268
Sibanye
Stillwater
Ltd.
318,196
0
.1
99,041
Standard
Bank
Group
Ltd.
961,025
0
.2
46,242
Vodacom
Group
Ltd.
258,298
0
.1
70,657
Woolworths
Holdings
Ltd./South
Africa
253,128
0
.1
13,429,228
2
.8
South
Korea
:
11
.4
%
2,086
Amorepacific
Corp.
188,495
0.0
688
BGF
retail
Co.
Ltd.
71,925
0.0
7,934
Celltrion
Healthcare
Co.
Ltd.
370,354
0
.1
1,381
(1)
Celltrion
Pharm,
Inc.
68,365
0.0
8,145
Celltrion,
Inc.
840,458
0
.2
603
CJ
CheilJedang
Corp.
136,883
0.0
1,737
(1)
CosmoAM&T
Co.
Ltd.
191,258
0.0
4,187
Coway
Co.
Ltd.
127,823
0.0
3,412
DB
Insurance
Co.
Ltd.
226,078
0
.1
3,906
Doosan
Bobcat,
Inc.
147,429
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
32,451
(1)
Doosan
Enerbility
Co.
Ltd.
$
394,612
0
.1
3,594
Ecopro
BM
Co.
Ltd.
671,370
0
.1
1,483
Ecopro
Co.
Ltd.
984,403
0
.2
1,268
F&F
Co.
Ltd.
106,075
0.0
3,209
GS
Holdings
Corp.
94,681
0.0
22,203
Hana
Financial
Group,
Inc.
695,587
0
.2
5,534
Hankook
Tire
&
Technology
Co.
Ltd.
161,875
0.0
491
Hanmi
Pharm
Co.
Ltd.
108,839
0.0
3,972
Hanmi
Semiconductor
Co.
Ltd.
154,599
0.0
13,929
Hanon
Systems
97,121
0.0
2,556
Hanwha
Aerospace
Co.
Ltd.
197,803
0.0
3,987
(1)
Hanwha
Ocean
Co.
Ltd.
90,980
0.0
7,498
(1)
Hanwha
Solutions
Corp.
165,313
0.0
3,070
HD
Hyundai
Co.
Ltd.
150,775
0.0
1,682
(1)
HD
Hyundai
Heavy
Industries
Co.
Ltd.
150,845
0.0
3,167
(1)
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
260,284
0
.1
8,802
(1)
HLB,
Inc.
195,134
0.0
18,172
HMM
Co.
Ltd.
219,194
0
.1
2,284
Hotel
Shilla
Co.
Ltd.
142,940
0.0
1,411
(1)
HYBE
Co.
Ltd.
248,338
0
.1
5,667
Hyundai
Engineering
&
Construction
Co.
Ltd.
152,040
0.0
1,348
Hyundai
Glovis
Co.
Ltd.
183,983
0.0
1,828
(1)
Hyundai
Mipo
Dockyard
Co.
Ltd.
112,074
0.0
4,591
Hyundai
Mobis
Co.
Ltd.
817,099
0
.2
10,206
Hyundai
Motor
Co.
1,443,169
0
.3
6,323
Hyundai
Steel
Co.
177,868
0.0
18,451
Industrial
Bank
of
Korea
153,103
0.0
2,400
JYP
Entertainment
Corp.
199,288
0
.1
23,267
Kakao
Corp.
759,356
0
.2
2,568
(1)
Kakao
Games
Corp.
48,406
0.0
12,379
KakaoBank
Corp.
214,231
0
.1
1,984
(1)
Kakaopay
Corp.
59,820
0.0
7,309
Kangwon
Land,
Inc.
81,785
0.0
28,895
KB
Financial
Group,
Inc.
1,178,538
0
.3
19,500
Kia
Corp.
1,173,710
0
.3
5,275
Korea
Aerospace
Industries
Ltd.
190,400
0.0
18,625
(1)
Korea
Electric
Power
Corp.
247,615
0
.1
2,890
Korea
Investment
Holdings
Co.
Ltd.
113,474
0.0
567
Korea
Zinc
Co.
Ltd.
212,388
0
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
19
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
14,046
Korean
Air
Lines
Co.
Ltd.
$
226,132
0
.1
2,147
(1)
Krafton,
Inc.
239,647
0
.1
3,341
KT
Corp.
82,268
0.0
7,816
KT&G
Corp.
499,147
0
.1
1,329
Kumho
Petrochemical
Co.
Ltd.
131,870
0.0
1,884
L&F
Co.
Ltd.
240,441
0
.1
3,632
LG
Chem
Ltd.
1,329,807
0
.3
6,970
LG
Corp.
433,269
0
.1
16,690
(1)
LG
Display
Co.
Ltd.
161,986
0.0
7,917
LG
Electronics,
Inc.
590,746
0
.1
3,408
(1)
LG
Energy
Solution
Ltd.
1,201,860
0
.3
670
LG
H&H
Co.
Ltd.
221,040
0
.1
1,029
LG
Innotek
Co.
Ltd.
186,451
0.0
14,902
LG
Uplus
Corp.
114,431
0.0
1,482
Lotte
Chemical
Corp.
150,460
0.0
1,816
Lotte
Energy
Materials
Corp.
53,375
0.0
7,576
Meritz
Financial
Group,
Inc.
310,048
0
.1
18,834
Mirae
Asset
Securities
Co.
Ltd.
89,966
0.0
9,662
NAVER
Corp.
1,444,612
0
.3
1,025
NCSoft
Corp.
168,521
0.0
1,496
(1)(2)
Netmarble
Corp.
46,587
0.0
10,038
NH
Investment
&
Securities
Co.
Ltd.
75,982
0.0
1,707
Orion
Corp./Republic
of
Korea
162,714
0.0
18,797
Pan
Ocean
Co.
Ltd.
68,823
0.0
2,424
(1)
Pearl
Abyss
Corp.
83,605
0.0
2,279
POSCO
Future
M
Co.
Ltd.
602,904
0
.1
5,262
POSCO
Holdings,
Inc.
2,073,064
0
.4
3,838
Posco
International
Corp.
201,634
0
.1
1,327
(1)(2)
Samsung
Biologics
Co.
Ltd.
669,852
0
.1
6,151
Samsung
C&T
Corp.
490,422
0
.1
4,138
Samsung
Electro-
Mechanics
Co.
Ltd.
420,480
0
.1
348,964
Samsung
Electronics
Co.
Ltd.
17,641,573
3
.6
11,529
(1)
Samsung
Engineering
Co.
Ltd.
257,985
0
.1
2,272
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
436,965
0
.1
48,168
(1)
Samsung
Heavy
Industries
Co.
Ltd.
279,440
0
.1
5,843
Samsung
Life
Insurance
Co.
Ltd.
303,958
0
.1
4,020
Samsung
SDI
Co.
Ltd.
1,519,209
0
.3
2,753
Samsung
SDS
Co.
Ltd.
275,719
0
.1
4,523
Samsung
Securities
Co.
Ltd.
123,058
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
32,309
Shinhan
Financial
Group
Co.
Ltd.
$
850,315
0
.2
2,222
(1)
SK
Biopharmaceuticals
Co.
Ltd.
141,879
0.0
1,939
(1)
SK
Bioscience
Co.
Ltd.
97,586
0.0
39,912
SK
Hynix,
Inc.
3,379,137
0
.7
1,844
(1)(2)
SK
IE
Technology
Co.
Ltd.
100,746
0.0
4,529
(1)
SK
Innovation
Co.
Ltd.
496,924
0
.1
7,341
(1)
SK
Square
Co.
Ltd.
230,481
0
.1
2,707
SK,
Inc.
292,699
0
.1
1,386
SKC
Co.
Ltd.
77,814
0.0
3,314
S-Oil
Corp.
193,823
0.0
45,506
Woori
Financial
Group,
Inc.
412,516
0
.1
4,009
Yuhan
Corp.
225,042
0
.1
55,287,196
11
.4
Taiwan
:
14
.4
%
37,000
Accton
Technology
Corp.
567,661
0
.1
215,000
Acer,
Inc.
242,258
0
.1
34,595
Advantech
Co.
Ltd.
370,430
0
.1
227,000
ASE
Technology
Holding
Co.
Ltd.
774,856
0
.2
171,000
Asia
Cement
Corp.
210,649
0.0
52,000
Asustek
Computer,
Inc.
591,711
0
.1
475,000
AUO
Corp.
241,400
0
.1
46,000
Catcher
Technology
Co.
Ltd.
260,333
0
.1
686,000
Cathay
Financial
Holding
Co.
Ltd.
947,221
0
.2
112,200
Chailease
Holding
Co.
Ltd.
630,030
0
.1
378,225
Chang
Hwa
Commercial
Bank
Ltd.
202,247
0.0
138,000
Cheng
Shin
Rubber
Industry
Co.
Ltd.
181,798
0.0
219,000
China
Airlines
Ltd.
144,069
0.0
1,133,000
(1)
China
Development
Financial
Holding
Corp.
414,190
0
.1
881,000
China
Steel
Corp.
689,416
0
.1
281,000
Chunghwa
Telecom
Co.
Ltd.
1,010,020
0
.2
309,000
Compal
Electronics,
Inc.
294,450
0
.1
1,302,000
CTBC
Financial
Holding
Co.
Ltd.
989,226
0
.2
143,000
Delta
Electronics,
Inc.
1,440,285
0
.3
63,000
E
Ink
Holdings,
Inc.
351,287
0
.1
1,029,664
E.Sun
Financial
Holding
Co.
Ltd.
774,049
0
.2
13,000
Eclat
Textile
Co.
Ltd.
196,161
0.0
5,000
eMemory
Technology,
Inc.
313,919
0
.1
186,000
Eva
Airways
Corp.
171,594
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
20
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan:
(continued)
72,000
Evergreen
Marine
Corp.
Taiwan
Ltd.
$
258,934
0
.1
216,000
Far
Eastern
New
Century
Corp.
192,641
0.0
115,000
Far
EasTone
Telecommunications
Co.
Ltd.
259,025
0
.1
34,720
Feng
TAY
Enterprise
Co.
Ltd.
197,059
0.0
808,550
First
Financial
Holding
Co.
Ltd.
665,360
0
.1
258,000
Formosa
Chemicals
&
Fibre
Corp.
491,628
0
.1
78,000
Formosa
Petrochemical
Corp.
194,742
0.0
289,000
Formosa
Plastics
Corp.
714,429
0
.2
575,400
Fubon
Financial
Holding
Co.
Ltd.
1,083,322
0
.2
22,000
Giant
Manufacturing
Co.
Ltd.
121,478
0.0
41,000
Gigabyte
Technology
Co.
Ltd.
360,382
0
.1
6,000
Global
Unichip
Corp.
255,492
0
.1
16,000
Globalwafers
Co.
Ltd.
225,581
0
.1
910,000
Hon
Hai
Precision
Industry
Co.
Ltd.
2,933,145
0
.6
22,420
Hotai
Motor
Co.
Ltd.
455,639
0
.1
652,000
Hua
Nan
Financial
Holdings
Co.
Ltd.
414,310
0
.1
630,800
Innolux
Corp.
257,281
0
.1
200,000
Inventec
Corp.
304,915
0
.1
7,000
Largan
Precision
Co.
Ltd.
463,740
0
.1
148,000
Lite-On
Technology
Corp.
558,761
0
.1
111,000
MediaTek,
Inc.
2,537,778
0
.5
828,576
Mega
Financial
Holding
Co.
Ltd.
968,586
0
.2
54,000
Micro-Star
International
Co.
Ltd.
274,715
0
.1
6,500
momo.com,
Inc.
101,541
0.0
357,000
Nan
Ya
Plastics
Corp.
736,500
0
.2
16,000
Nan
Ya
Printed
Circuit
Board
Corp.
132,604
0.0
97,000
Nanya
Technology
Corp.
197,679
0.0
12,000
Nien
Made
Enterprise
Co.
Ltd.
115,206
0.0
43,000
Novatek
Microelectronics
Corp.
564,659
0
.1
146,000
Pegatron
Corp.
346,614
0
.1
17,000
(1)
PharmaEssentia
Corp.
177,089
0.0
149,000
Pou
Chen
Corp.
132,393
0.0
208,000
Powerchip
Semiconductor
Manufacturing
Corp.
171,504
0.0
41,000
President
Chain
Store
Corp.
333,303
0
.1
198,000
Quanta
Computer,
Inc.
1,481,854
0
.3
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan:
(continued)
37,000
Realtek
Semiconductor
Corp.
$
454,301
0
.1
114,300
Ruentex
Development
Co.
Ltd.
124,739
0.0
281,000
Shanghai
Commercial
&
Savings
Bank
Ltd.
376,750
0
.1
967,000
(1)
Shin
Kong
Financial
Holding
Co.
Ltd.
277,994
0
.1
784,380
SinoPac
Financial
Holdings
Co.
Ltd.
423,094
0
.1
91,000
Synnex
Technology
International
Corp.
180,735
0.0
828,390
Taishin
Financial
Holding
Co.
Ltd.
459,698
0
.1
435,200
Taiwan
Business
Bank
178,112
0.0
476,000
Taiwan
Cement
Corp.
490,534
0
.1
762,300
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
604,869
0
.1
135,000
Taiwan
High
Speed
Rail
Corp.
125,319
0.0
125,000
Taiwan
Mobile
Co.
Ltd.
366,449
0
.1
1,808,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
29,481,690
6
.1
100,000
Unimicron
Technology
Corp.
539,526
0
.1
361,000
Uni-President
Enterprises
Corp.
784,619
0
.2
829,000
United
Microelectronics
Corp.
1,164,054
0
.2
62,000
Vanguard
International
Semiconductor
Corp.
131,020
0.0
5,000
Voltronic
Power
Technology
Corp.
246,235
0
.1
204,000
Walsin
Lihwa
Corp.
232,948
0
.1
47,000
Wan
Hai
Lines
Ltd.
70,417
0.0
212,000
Winbond
Electronics
Corp.
166,637
0.0
192,000
Wistron
Corp.
608,037
0
.1
6,000
Wiwynn
Corp.
279,784
0
.1
119,000
WPG
Holdings
Ltd.
223,511
0.0
24,000
Yageo
Corp.
390,812
0
.1
119,000
Yang
Ming
Marine
Transport
Corp.
167,675
0.0
747,040
Yuanta
Financial
Holding
Co.
Ltd.
580,311
0
.1
47,000
Zhen
Ding
Technology
Holding
Ltd.
143,491
0.0
69,962,510
14
.4
Thailand
:
1
.8
%
87,800
Advanced
Info
Service
PCL
548,308
0
.1
318,300
(1)
Airports
of
Thailand
PCL
608,976
0
.1
591,600
Asset
World
Corp.
PCL
63,139
0.0
61,500
B
Grimm
Power
PCL
48,462
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
21
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Thailand:
(continued)
810,900
Bangkok
Dusit
Medical
Services
PCL
-
Foreign
-
Class
F
$
593,903
0
.1
564,400
Bangkok
Expressway
&
Metro
PCL
128,345
0.0
576,700
Banpu
PCL
126,413
0.0
73,100
Berli
Jucker
PCL
61,569
0.0
598,400
BTS
Group
Holdings
PCL
122,966
0.0
43,300
Bumrungrad
Hospital
PCL
-
Foreign
317,923
0
.1
143,800
Central
Pattana
PCL
248,960
0
.1
127,700
Central
Retail
Corp.
PCL
135,492
0.0
282,600
Charoen
Pokphand
Foods
PCL
160,487
0
.1
440,800
CP
ALL
PCL
-
Foreign
731,016
0
.2
140,600
CP
Axtra
PCL
124,228
0.0
230,656
Delta
Electronics
Thailand
PCL
521,426
0
.1
17,400
Electricity
Generating
PCL
57,751
0.0
117,500
Energy
Absolute
PCL
164,062
0
.1
45,600
Global
Power
Synergy
PCL
-
Class
F
55,857
0.0
212,600
Gulf
Energy
Development
PCL
265,046
0
.1
417,600
Home
Product
Center
PCL
143,015
0.0
129,100
Indorama
Ventures
PCL
91,916
0.0
81,700
Intouch
Holdings
PCL
-
Class
F
165,050
0
.1
44,700
Kasikornbank
PCL
154,287
0.0
257,200
Krung
Thai
Bank
PCL
133,883
0.0
66,000
Krungthai
Card
PCL
79,605
0.0
610,400
Land
&
Houses
PCL
-
Foreign
130,522
0.0
235,700
Minor
International
PCL
201,635
0
.1
52,300
Muangthai
Capital
PCL
51,431
0.0
94,800
Osotspa
PCL
64,948
0.0
101,700
PTT
Exploration
&
Production
PCL
-
Foreign
Shares
474,547
0
.1
160,200
PTT
Global
Chemical
PCL
151,077
0.0
220,300
PTT
Oil
&
Retail
Business
PCL
112,915
0.0
747,800
PTT
PCL
-
Foreign
685,847
0
.2
73,900
Ratch
Group
PCL
63,841
0.0
62,500
SCB
X
PCL
175,572
0
.1
92,600
SCG
Packaging
PCL
96,853
0.0
57,500
Siam
Cement
PCL
-
Foreign
474,080
0
.1
91,200
Thai
Oil
PCL
-
Foreign
125,674
0.0
1,298,000
TM
BThanachart
Bank
PCL
61,181
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Thailand:
(continued)
759,600
True
Corp.
PCL
$
147,515
0.0
8,869,723
1
.8
Turkey
:
0
.7
%
229,119
Akbank
TAS
279,091
0
.1
100,867
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
149,917
0.0
33,053
BIM
Birlesik
Magazalar
AS
330,663
0
.1
99,506
(1)
Eregli
Demir
ve
Celik
Fabrikalari
TAS
161,171
0.0
5,386
Ford
Otomotiv
Sanayi
AS
165,989
0.0
71,129
Haci
Omer
Sabanci
Holding
AS
154,720
0.0
85,068
(1)
Hektas
Ticaret
TAS
83,302
0.0
56,724
KOC
Holding
AS
303,216
0
.1
66,424
Koza
Altin
Isletmeleri
AS
69,584
0.0
3,612
(1)
Pegasus
Hava
Tasimaciligi
AS
108,358
0.0
75,912
(1)
Sasa
Polyester
Sanayi
AS
136,162
0.0
9,179
Tofas
Turk
Otomobil
Fabrikasi
AS
98,797
0.0
42,019
(1)
Turk
Hava
Yollari
AO
370,877
0
.1
88,839
(1)
Turkcell
Iletisim
Hizmetleri
AS
172,373
0.0
250,905
Turkiye
Is
Bankasi
AS
-
Class
C,
-
Class
C
234,978
0
.1
70,077
Turkiye
Petrol
Rafinerileri
AS
405,984
0
.1
104,588
Turkiye
Sise
ve
Cam
Fabrikalari
AS
208,041
0
.1
244,828
Yapi
ve
Kredi
Bankasi
AS
164,357
0.0
3,597,580
0
.7
United
Arab
Emirates
:
1
.4
%
216,761
Abu
Dhabi
Commercial
Bank
PJSC
510,470
0
.1
106,891
Abu
Dhabi
Islamic
Bank
PJSC
327,682
0
.1
222,162
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
226,816
0.0
282,180
Aldar
Properties
PJSC
442,600
0
.1
182,798
Americana
Restaurants
International
PLC
204,046
0.0
211,997
Dubai
Islamic
Bank
PJSC
337,683
0
.1
497,045
Emaar
Properties
PJSC
1,087,751
0
.2
141,072
Emirates
NBD
Bank
PJSC
683,653
0
.1
256,442
Emirates
Telecommunications
Group
Co.
PJSC
1,427,063
0
.3
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
22
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
United
Arab
Emirates:
(continued)
326,285
First
Abu
Dhabi
Bank
PJSC
$
1,208,238
0
.3
283,645
(1)
Multiply
Group
PJSC
308,967
0
.1
6,764,969
1
.4
United
Kingdom
:
0
.1
%
31,002
Anglogold
Ashanti
PLC
498,097
0
.1
12,376
(1)
Pepco
Group
NV
57,172
0.0
555,269
0
.1
United
States
:
0
.1
%
56,593
JBS
S/A
203,222
0.0
4,255
(1)
Legend
Biotech
Corp.,
ADR
285,808
0
.1
6,000
Parade
Technologies
Ltd.
183,648
0.0
672,678
0
.1
Total
Common
Stock
(Cost
$483,147,880)
466,425,168
96
.0
PREFERRED
STOCK
:
2
.2
%
Brazil
:
1
.4
%
391,521
Banco
Bradesco
SA
-
Preference
Shares
1,109,941
0
.2
20,349
Centrais
Eletricas
Brasileiras
SA
163,390
0.0
102,095
Cia
Energetica
de
Minas
Gerais
251,452
0
.1
85,487
Gerdau
SA
409,021
0
.1
355,483
Itau
Unibanco
Holding
SA
1,921,491
0
.4
382,747
Itausa
SA
688,351
0
.1
348,799
Petroleo
Brasileiro
SA
2,392,613
0
.5
6,936,259
1
.4
Chile
:
0
.1
%
10,645
Sociedad
Quimica
y
Minera
de
Chile
SA
633,106
0
.1
Colombia
:
0
.1
%
33,181
Bancolombia
SA
220,797
0
.1
South
Korea
:
0
.6
%
1,788
Hyundai
Motor
Co.
138,998
0.0
2,373
Hyundai
Motor
Co.
-
Second
Preference
Shares
186,019
0
.1
519
LG
Chem
Ltd.
119,407
0.0
60,321
Samsung
Electronics
Co.
Ltd.
2,430,120
0
.5
2,874,544
0
.6
Total
Preferred
Stock
(Cost
$10,190,474)
10,664,706
2
.2
Shares
RA
Value
Percentage
of
Net
Assets
RIGHT
:
0.0
%
Brazil
:
0.0
%
492
(1)
Localiza
Rent
a
Car
SA
$
1,566
0.0
Chile
:
0.0
%
714
(1)
Banco
de
Credito
e
Inversiones
SA
598
0.0
South
Korea
:
0.0
%
90
(1)
CosmoAM&T
Co.
Ltd.
1,944
0.0
1,316
(1)
Hanwha
Ocean
Co.
Ltd.
9,000
0.0
10,944
0.0
Total
Right
(Cost
$–)
13,108
0.0
Total
Long-Term
Investments
(Cost
$493,338,354)
477,102,982
98
.2
Principal
Amount
†
SHORT-TERM
INVESTMENTS
:
1
.8
%
Repurchase
Agreements
:
0
.4
%
854,723
(4)
Bank
of
America
Securities
Inc.,
Repurchase
Agreement
dated
09/29/2023,
5.290%,
due
10/02/2023
(Repurchase
Amount
$855,095,
collateralized
by
various
U.S.
Government
Securities,
1.375%-
4.000%,
Market
Value
plus
accrued
interest
$871,818,
due
11/15/40-02/15/53)
854,723
0
.2
1,000,000
(4)
HSBC
Securities
USA
Inc.,
Repurchase
Agreement
dated
09/29/2023,
5.290%,
due
10/02/2023
(Repurchase
Amount
$1,000,435,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
4.375%,
Market
Value
plus
accrued
interest
$1,020,000,
due
02/29/24-02/15/53)
1,000,000
0
.2
Total
Repurchase
Agreements
(Cost
$1,854,723)
1,854,723
0
.4
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
23
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
1
.4
%
6,878,000
(5)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
5.270%
(Cost
$6,878,000)
$
6,878,000
1
.4
Total
Short-Term
Investments
(Cost
$8,732,723)
$
8,732,723
1
.8
Total
Investments
in
Securities
(Cost
$502,071,077)
$
485,835,705
100
.0
Assets
in
Excess
of
Other
Liabilities
120,242
0.0
Net
Assets
$
485,955,947
100.0
ADR
American
Depositary
Receipt
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(2)
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.
(3)
Security,
or
a
portion
of
the
security,
is
on
loan.
(4)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(5)
Rate
shown
is
the
7-day
yield
as
of
September
30,
2023.
Sector
Diversification
Percentage
of
Net
Assets
Financials
21
.8
%
Information
Technology
19
.9
Consumer
Discretionary
13
.5
Communication
Services
9
.4
Materials
7
.9
Industrials
6
.5
Consumer
Staples
6
.0
Energy
5
.2
Health
Care
3
.7
Utilities
2
.6
Real
Estate
1
.7
Short-Term
Investments
1
.8
Liabilities
in
Excess
of
Other
Assets
—
Net
Assets
100
.0
%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
24
Voya
VACS
Index
Series
EM
Portfolio
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
September
30,
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
September
30,
2023
Asset
Table
Investments,
at
fair
value
Common
Stock
Brazil
$
18,569,540
$
—
$
—
$
18,569,540
Chile
1,817,705
—
—
1,817,705
China
12,321,830
129,565,728
—
141,887,558
Colombia
260,160
—
—
260,160
Czechia
594,472
157,702
—
752,174
Egypt
—
485,851
—
485,851
Greece
349,298
1,755,159
—
2,104,457
Hong
Kong
—
738,753
—
738,753
Hungary
248,487
879,822
—
1,128,309
India
1,497,853
73,667,801
—
75,165,654
Indonesia
228,641
9,171,214
—
9,399,855
Kuwait
1,629,235
2,289,859
—
3,919,094
Luxembourg
215,970
—
—
215,970
Malaysia
1,195,910
5,467,935
—
6,663,845
Mexico
11,925,037
—
—
11,925,037
Peru
1,250,148
—
—
1,250,148
Philippines
231,350
2,741,724
—
2,973,074
Poland
—
3,582,450
—
3,582,450
Qatar
1,168,553
3,168,581
—
4,337,134
Romania
187,574
—
—
187,574
Saudi
Arabia
1,898,676
17,915,006
—
19,813,682
Singapore
—
107,991
—
107,991
South
Africa
5,898,116
7,531,112
—
13,429,228
South
Korea
—
55,287,196
—
55,287,196
Taiwan
—
69,962,510
—
69,962,510
Thailand
—
8,869,723
—
8,869,723
Turkey
302,151
3,295,429
—
3,597,580
United
Arab
Emirates
2,696,077
4,068,892
—
6,764,969
United
Kingdom
—
555,269
—
555,269
United
States
489,030
183,648
—
672,678
Total
Common
Stock
64,975,813
401,449,355
—
466,425,168
Preferred
Stock
7,790,162
2,874,544
—
10,664,706
Right
2,164
10,944
—
13,108
Short-Term
Investments
6,878,000
1,854,723
—
8,732,723
Total
Investments,
at
fair
value
$
79,646,139
$
406,189,566
$
—
$
485,835,705
Liabilities
Table
Other
Financial
Instruments+
Futures
$
(
273,709
)
$
—
$
—
$
(
273,709
)
Total
Liabilities
$
(
273,709
)
$
—
$
—
$
(
273,709
)
#
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.
+
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.
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
25
Voya
VACS
Index
Series
EM
Portfolio
At
September
30,
2023,
the
following
futures
contracts
were
outstanding
for
Voya
VACS
Index
Series
EM
Portfolio:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Depreciation
Long
Contracts:
MSCI
Emerging
Markets
Index
181
12/15/23
$
8,647,275
$
(
273,709
)
$
8,647,275
$
(
273,709
)
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
21,906,803
Gross
Unrealized
Depreciation
(
38,142,175
)
Net
Unrealized
Depreciation
$
(
16,235,372
)