| Voya Russia Fund | PORTFOLIO OF INVESTMENTS |
| as of January 31, 2021 (Unaudited) |
| Shares | | | | Value | Percentage
of Net
Assets |
| COMMON STOCK: 92.4% |
| | | Communication Services: 10.9% |
| 60,000 | (1) | Mail.ru Group Ltd. GDR | | $ 1,563,065 | 2.2 |
| 305,000 | | Mobile TeleSystems PJSC ADR | | 2,745,000 | 3.9 |
| 54,500 | (1) | Yandex NV | | 3,413,880 | 4.8 |
| | | | 7,721,945 | 10.9 |
| | | | | |
| | | Consumer Staples: 5.9% |
| 12,600 | | Magnit OJSC | | 815,312 | 1.1 |
| 96,500 | | X5 Retail Group N.V. - FIVEL GDR | | 3,402,347 | 4.8 |
| | | | 4,217,659 | 5.9 |
| | | | | |
| | | Energy: 24.1% |
| 1,700,000 | | Gazprom PJSC | | 4,777,615 | 6.7 |
| 41,800 | | Lukoil PJSC ADR | | 2,985,774 | 4.2 |
| 22,500 | | Lukoil PJSC | | 1,599,487 | 2.2 |
| 12,800 | | Novatek PJSC GDR | | 2,135,923 | 3.0 |
| 115,000 | | Novatek PJSC | | 1,923,822 | 2.7 |
| 1,200,000 | (1) | Sovcomflot OAO | | 1,451,163 | 2.1 |
| 350,000 | | Tatneft PJSC | | 2,249,193 | 3.2 |
| | | | 17,122,977 | 24.1 |
| | | | | |
| | | Financials: 11.4% |
| 273,000 | | Halyk Savings Bank of Kazakhstan JSC GDR | | 3,462,353 | 4.9 |
| 1,050,000 | | Sberbank of Russia PJSC | | 3,562,012 | 5.0 |
| 80,000 | | Sberbank PAO ADR | | 1,096,800 | 1.5 |
| | | | 8,121,165 | 11.4 |
| | | | | |
| | | Information Technology: 7.2% |
| 14,750 | (1) | EPAM Systems, Inc. | | 5,080,343 | 7.2 |
| | | | | | |
| | | Materials: 29.8% |
| 1,500,000 | | Alrosa PJSC | | 1,970,012 | 2.8 |
| 198,000 | | Evraz PLC | | 1,353,803 | 1.9 |
| 475,000 | | Kinross Gold Corp. | | 3,317,106 | 4.7 |
| 23,750 | | MMC Norilsk Nickel OJSC | | 7,645,655 | 10.7 |
| 107,000 | | PhosAgro OJSC GDR | | 1,674,342 | 2.4 |
| 37,500 | | PhosAgro PJSC | | 1,805,846 | 2.5 |
| 158,500 | | Polymetal International PLC | | 3,421,005 | 4.8 |
| | | | 21,187,769 | 29.8 |
| | | | | |
| | | Utilities: 3.1% |
| 24,600,000 | | OGK-4 OJSC | | 916,765 | 1.3 |
| 128,000,000 | | RusHydro JSC | | 1,312,069 | 1.8 |
| | | | 2,228,834 | 3.1 |
| | | | | |
| | Total Common Stock | | | |
| | (Cost $46,053,709) | | 65,680,692 | 92.4 |
| | | | |
| PREFERRED STOCK: 6.2% |
| | | Energy: 6.2% |
| 2,800,000 | | Surgutneftegas | | 1,476,278 | 2.1 |
| 270,000 | | Tatneft | | 1,618,866 | 2.3 |
| 700 | | Transneft PJSC (Russia) | | 1,322,642 | 1.8 |
| | | | | | |
| | Total Preferred Stock | | | |
| | (Cost $3,571,596) | | 4,417,786 | 6.2 |
| | | | |
| | Total Long-Term Investments | | | |
| | (Cost $49,625,305) | | 70,098,478 | 98.6 |
| | | | |
| SHORT-TERM INVESTMENTS: 3.8% |
| | | Mutual Funds: 3.8% |
| 2,737,089 | (2) | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.010% | | | |
| | | (Cost $2,737,089) | | 2,737,089 | 3.8 |
| | | | | | |
| | Total Short-Term Investments | | | |
| | (Cost $2,737,089) | | 2,737,089 | 3.8 |
| | | | |
| | Total Investments in Securities
(Cost $52,362,394) | $ 72,835,567 | 102.4 |
| | Liabilities in Excess of Other Assets | | (1,706,860) | | (2.4) |
| | Net Assets | | $ 71,128,707 | | 100.0 |
| |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| (1) | Non-income producing security. |
| (2) | Rate shown is the 7-day yield as of January 31, 2021. |
| Voya Russia Fund | PORTFOLIO OF INVESTMENTS |
| as of January 31, 2021 (Unaudited) (Continued) |
| Fair Value Measurements |
| The following is a summary of the fair valuations according to the inputs used as of January 31, 2021 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
January 31, 2021 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | 6,158,880 | | | $ | 1,563,065 | | | $ | – | | | $ | 7,721,945 | |
| Consumer Staples | | | – | | | | 4,217,659 | | | | – | | | | 4,217,659 | |
| Energy | | | 4,436,937 | | | | 12,686,040 | | | | – | | | | 17,122,977 | |
| Financials | | | 1,096,800 | | | | 7,024,365 | | | | – | | | | 8,121,165 | |
| Information Technology | | | 5,080,343 | | | | – | | | | – | | | | 5,080,343 | |
| Materials | | | 3,317,106 | | | | 17,870,663 | | | | – | | | | 21,187,769 | |
| Utilities | | | – | | | | 2,228,834 | | | | – | | | | 2,228,834 | |
| Total Common Stock | | | 20,090,066 | | | | 45,590,626 | | | | – | | | | 65,680,692 | |
| Preferred Stock | | | – | | | | 4,417,786 | | | | – | | | | 4,417,786 | |
| Short-Term Investments | | | 2,737,089 | | | | – | | | | – | | | | 2,737,089 | |
| Total Investments, at fair value | | $ | 22,827,155 | | | $ | 50,008,412 | | | $ | – | | | $ | 72,835,567 | |
| # | 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. |
At January 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
| Cost for federal income tax purposes was $52,774,546. |
| |
| Net unrealized appreciation consisted of: |
| |
| Gross Unrealized Appreciation | | $ | 20,675,804 | |
| Gross Unrealized Depreciation | | | (520,690 | ) |
| Net Unrealized Appreciation | | $ | 20,155,114 | |
|
