| Voya Russia Fund | PORTFOLIO OF INVESTMENTS |
| as of July 31, 2022 (Unaudited) |
| Shares | | | Value | | Percentage
of Net
Assets | |
| COMMON STOCK: –% | |
| | | Communication Services: –% | |
| 310,000 | (1) | Mobile TeleSystems PJSC ADR | $ | – | | – | |
| 73,700 | (1),(2) | Yandex NV | – | | – | |
| | | | – | | – | |
| | | | | | | |
| | | Consumer Staples: –% | |
| 40,000 | (1) | Magnit OJSC | – | | – | |
| 98,200 | (1) | X5 Retail Group N.V. - FIVEL GDR | – | | – | |
| | | | – | | – | |
| | | | | | | |
| | | Energy: –% | |
| 1,967,553 | (1),(2) | Gazprom PJSC | – | | – | |
| 40,000 | (1) | Lukoil PJSC ADR | – | | – | |
| 37,800 | (1) | Lukoil PJSC | – | | – | |
| 12,450 | (1) | Novatek PJSC GDR | – | | – | |
| 146,000 | (1) | Novatek PJSC | – | | – | |
| 1,900,000 | (1) | Sovcomflot PJSC | – | | – | |
| 420,000 | (1) | Tatneft PJSC | – | | – | |
| | | | – | | – | |
| | | | | | | |
| | | Financials: –% | |
| 800,000 | (1),(2) | Renaissance Insurance Group JSC | – | | – | |
| 1,085,000 | (1),(2),(3) | Sberbank of Russia PJSC | – | | – | |
| 2,800,000,000 | (1),(2),(3) | VTB Bank PJSC | – | | – | |
| | | | – | | – | |
| | | | | | | |
| | | Industrials: –% | |
| 2,700,000 | (1),(2) | Aeroflot PJSC | – | | – | |
| | | | | | | |
| | | Materials: –% | |
| 1,655,000 | (1) | Alrosa PJSC | – | | – | |
| 11,000 | (1) | MMC Norilsk Nickel OJSC | – | | – | |
| 36,100 | (1) | PhosAgro PJSC | – | | – | |
| 3,000,000 | (1),(4) | Segezha Group PJSC | – | | – | |
| | | | – | | – | |
| | | | | | | |
| | Total Common Stock | | | | |
| | (Cost $41,790,891) | – | | – | |
| | | | | | |
| PREFERRED STOCK: –% | |
| | | Energy: –% | |
| 410,000 | (1) | Tatneft | – | | – | |
| 800 | (1) | Transneft PJSC | – | | – | |
| | | | – | | – | |
| | | | | | | |
| | | Financials: –% | |
| 310,000 | (1),(2),(3) | Sberbank of Russia | – | | – | |
| | | | | | | |
| | Total Preferred Stock | | | | |
| | (Cost $4,326,811) | – | | – | |
| | | | | | |
| | Total Long-Term Investments | | | | |
| | (Cost $46,117,702) | – | | – | |
| | | | | | |
| SHORT-TERM INVESTMENTS: 106.6% | |
| | | Mutual Funds: 106.6% | | | | |
| 1,028,908 | (5) | BlackRock Liquidity Funds, FedFund, Institutional Class, 1.730% | | | | |
| | | (Cost $1,028,908) | | 1,028,908 | | 106.6 | |
| | | | | | | |
| | Total Short-Term Investments | | | | |
| | (Cost $1,028,908) | 1,028,908 | | 106.6 | |
| | | | | | |
| | Total Investments in Securities
(Cost $47,146,610) | $ | 1,028,908 | | 106.6 | |
| | Liabilities in Excess of Other Assets | (63,626 | ) | (6.6 | ) |
| | Net Assets | $ | 965,282 | | 100.0 | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| (1) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (2) | Non-income producing security. |
| (3) | Restricted security as to resale, excluding Rule 144A securities. As of July 31, 2022, the Fund held restricted securities with a fair value of $– or 0.0% of net assets. Please refer to the table below for additional details. |
| (4) | 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. |
| (5) | Rate shown is the 7-day yield as of July 31, 2022. |
| Voya Russia Fund | PORTFOLIO OF INVESTMENTS |
| as of July 31, 2022 (Unaudited) (Continued) |
| Fair Value Measurements |
| The following is a summary of the fair valuations according to the inputs used as of July 31, 2022 in valuing the assets and liabilities:(1) |
| |
| | | Quoted Prices
in Active Markets
for Identical
Investments
(Level 1) | | | Significant
Other
Observable
Inputs
(Level 2) | | | Significant
Unobservable
Inputs
(Level 3) | | | Fair Value
at
July 31, 2022 | |
| Asset Table | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | |
| Communication Services | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| Consumer Staples | | | – | | | | – | | | | – | | | | – | |
| Energy | | | – | | | | – | | | | – | | | | – | |
| Financials | | | – | | | | – | | | | – | | | | – | |
| Industrials | | | – | | | | – | | | | – | | | | – | |
| Materials | | | – | | | | – | | | | – | | | | – | |
| Total Common Stock | | | – | | | | – | | | | – | | | | – | |
| Preferred Stock | | | – | | | | – | | | | – | | | | – | |
| Short-Term Investments | | | 1,028,908 | | | | – | | | | – | | | | 1,028,908 | |
| Total Investments, at fair value | | $ | 1,028,908 | | | $ | – | | | $ | – | | | $ | 1,028,908 | |
| (1) | For the period ended July 31, 2022, certain securities have transferred in and out of Level 2 and Level 3 measurements during the year. At July 31, 2022, securities valued at $56,114,077 were transferred from Level 2 to Level 3 within the fair value hierarchy due to a lack of significant other observable inputs. |
At July 31, 2022, Voya Russia Fund held the following restricted securities:
| Security | | Acquisition Date | | Acquisition Cost | | | Fair Value | |
| Sberbank of Russia | | 3/4/2021 | | $ | 1,073,627 | | | $ | – | |
| Sberbank of Russia PJSC | | 8/9/2016 | | | 3,060,253 | | | | – | |
| VTB Bank PJSC | | 5/5/2021 | | | 1,952,315 | | | | – | |
| | | | | $ | 6,086,195 | | | $ | – | |
|
At July 31, 2022, 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 $47,464,298. | |
| | | |
| | Net unrealized depreciation consisted of: | | | |
| | | | | |
| | Gross Unrealized Appreciation | $ | – | | | |
| | Gross Unrealized Depreciation | (46,435,390 | ) | | |
| | Net Unrealized Depreciation | $ | (46,435,390 | ) | | |
