Voya MUTUAL FUNDS NPORT-P Voya VACS Series EME Fund (Jul 2023 report)

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

1

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

96.5%

Argentina

:

1.0%

1,942 

(1)

MercadoLibre,

Inc.

$

2,404,293

1.0

Australia

:

0.2%

6,440 

Rio

Tinto

PLC,

ADR

428,582

0.2

Brazil

:

6.5%

50,032 

B3

SA

-

Brasil

Bolsa

Balcao

157,859

0.1

464,968 

(2)

Banco

Bradesco

SA,

ADR

1,641,337

0.7

90,551 

Banco

Santander

Brasil

SA,

ADR

549,644

0.2

56,887 

BB

Seguridade

Participacoes

SA

374,615

0.1

186,632 

(1)

BRF

SA,

ADR

382,596

0.2

25,248 

Equatorial

Energia

SA

179,773

0.1

14,006 

Hypera

SA

127,864

0.0

252,094 

Itau

Unibanco

Holding

SA,

ADR

1,515,085

0.6

32,818 

Petroleo

Brasileiro

SA

241,585

0.1

143,444 

Petroleo

Brasileiro

SA

-

Foreign,

ADR

2,105,758

0.9

265,087 

Raia

Drogasil

SA

1,631,305

0.7

48,040 

Rumo

SA

236,200

0.1

31,685 

Sendas

Distribuidora

S/A

90,993

0.0

72,531 

(2)

Telefonica

Brasil

SA,

ADR

651,328

0.3

39,156 

TIM

SA/Brazil,

ADR

591,256

0.2

53,348 

Ultrapar

Participacoes

SA

213,110

0.1

142,451 

Vale

SA,

ADR

2,084,058

0.8

26,334 

Vale

SA

-

Foreign

386,204

0.2

101,824 

(1)

XP,

Inc.

-

Class

A

2,750,266

1.1

15,910,836

6.5

Chile

:

0.8%

71,611 

Cencosud

SA

153,901

0.1

782,601 

Colbun

SA

123,555

0.1

60,803 

Empresas

CMPC

SA

120,019

0.0

14,832 

Empresas

Copec

SA

113,767

0.0

3,949,082 

Enel

Chile

SA

272,500

0.1

34,227 

Quinenco

SA

119,129

0.0

16,087 

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

1,185,451

0.5

2,088,322

0.8

China

:

23.6%

458,600 

(1)

Alibaba

Group

Holding

Ltd.

5,860,626

2.4

25,600 

ANTA

Sports

Products

Ltd.

303,383

0.1

99,550 

(1)

Baidu,

Inc.

-

Class

A

1,946,281

0.8

2,231 

(1)

BeiGene

Ltd.,

ADR

477,925

0.2

55,000 

Beijing

Enterprises

Holdings

Ltd.

218,748

0.1

869,683 

(3)

Budweiser

Brewing

Co.

APAC

Ltd.

2,121,260

0.9

712,000 

(3)

CGN

Power

Co.

Ltd.

-

Class

H

174,754

0.1

113,000 

China

Coal

Energy

Co.

Ltd.

-

Class

H

81,897

0.0

111,800 

China

Gas

Holdings

Ltd.

125,238

0.1

134,000 

China

Life

Insurance

Co.

Ltd.

-

Class

H

235,252

0.1

593,773 

China

Mengniu

Dairy

Co.

Ltd.

2,255,262

0.9

2,224,000 

China

Petroleum

&

Chemical

Corp.

-

Class

H

1,245,521

0.5

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

170,000 

China

Railway

Group

Ltd.

-

Class

H

$

111,768

0.0

14,000 

China

Resources

Beer

Holdings

Co.

Ltd.

90,200

0.0

48,800 

China

Resources

Gas

Group

Ltd.

169,055

0.1

46,000 

China

Shenhua

Energy

Co.

Ltd.

-

Class

H

137,880

0.1

153,900 

China

United

Network

Communications

Ltd.

-

Class

A

111,364

0.0

126,000 

CSPC

Pharmaceutical

Group

Ltd.

105,245

0.0

24,800 

ENN

Energy

Holdings

Ltd.

301,439

0.1

357,191 

(1)

H

World

Group

Ltd.

1,710,022

0.7

72,800 

Haier

Smart

Home

Co.

Ltd.

-

Class

H

239,402

0.1

43,000 

Haitian

International

Holdings

Ltd.

107,702

0.0

164,500 

Hengan

International

Group

Co.

Ltd.

676,639

0.3

137,760 

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.

-

Class

B

153,960

0.1

222,200 

(1)

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

-

Class

B

327,026

0.1

58,500 

(1)(3)

Innovent

Biologics,

Inc.

261,579

0.1

24,967 

(1)

iQIYI,

Inc.,

ADR

158,291

0.1

246,552 

JD.com,

Inc.

-

Class

A

5,104,511

2.1

91,000 

Jiangxi

Copper

Co.

Ltd.

-

Class

H

152,876

0.1

30,000 

Kingboard

Holdings

Ltd.

83,480

0.0

890,000 

Kunlun

Energy

Co.

Ltd.

728,282

0.3

17,400 

Kweichow

Moutai

Co.

Ltd.

-

Class

A

4,592,829

1.9

21,100 

(1)(3)

Meituan

-

Class

B

402,802

0.2

6,300 

NetEase,

Inc.

137,216

0.1

370,000 

People's

Insurance

Co.

Group

of

China

Ltd.

-

Class

H

142,446

0.1

2,136,000 

PetroChina

Co.

Ltd.

-

Class

H

1,566,195

0.6

126,000 

PICC

Property

&

Casualty

Co.

Ltd.

-

Class

H

147,788

0.1

291,500 

Ping

An

Insurance

Group

Co.

of

China

Ltd.

-

Class

H

2,124,086

0.9

30,900 

Shaanxi

Coal

Industry

Co.

Ltd.

-

Class

A

70,320

0.0

1,741,733 

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.

-

Class

H

2,249,367

0.9

306,000 

Shougang

Fushan

Resources

Group

Ltd.

88,246

0.0

404,000 

Sinotrans

Ltd.

-

Class

H

162,546

0.1

182,204 

Tencent

Holdings

Ltd.

8,374,306

3.4

394,000 

Tingyi

Cayman

Islands

Holding

Corp.

608,450

0.2

26,031 

(1)

Trip.com

Group

Ltd.,

ADR

1,068,312

0.4

98,000 

Tsingtao

Brewery

Co.

Ltd.

-

Class

H

881,250

0.4

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

(continued)

2

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

857,000 

Uni-President

China

Holdings

Ltd.

$

740,954

0.3

33,680 

Weibo

Corp.

-

Class

A

528,054

0.2

69,000 

Weichai

Power

Co.

Ltd.

-

Class

H

102,220

0.0

177,400 

Wuliangye

Yibin

Co.

Ltd.

-

Class

A

4,506,339

1.8

453,900 

Yangzijiang

Shipbuilding

Holdings

Ltd.

525,827

0.2

43,000 

Yankuang

Energy

Group

Co.

Ltd.

-

Class

H

64,741

0.0

49,907 

Yum

China

Holdings,

Inc.

3,073,288

1.3

57,934,450

23.6

Czechia

:

0.0%

2,191 

CEZ

AS

96,959

0.0

Egypt

:

0.0%

77,022 

Commercial

International

Bank

Egypt

SAE

125,801

0.0

France

:

0.7%

3,893 

L'Oreal

SA

1,810,679

0.7

Germany

:

0.5%

6,052 

adidas

AG

1,221,814

0.5

Greece

:

0.6%

9,032 

Hellenic

Telecommunications

Organization

SA

142,544

0.1

12,539 

JUMBO

SA

374,171

0.1

6,775 

Motor

Oil

Hellas

Corinth

Refineries

SA

171,221

0.1

12,012 

Mytilineos

SA

499,891

0.2

10,413 

OPAP

SA

183,140

0.1

1,370,967

0.6

Hong

Kong

:

1.0%

241,588 

AIA

Group

Ltd.

2,417,025

1.0

182,000 

Sino

Biopharmaceutical

Ltd.

82,544

0.0

2,499,569

1.0

Hungary

:

0.3%

70,356 

MOL

Hungarian

Oil

&

Gas

PLC

555,439

0.2

10,160 

Richter

Gedeon

Nyrt

256,292

0.1

811,731

0.3

India

:

13.2%

2,265 

ABB

India

Ltd.

125,537

0.0

28,103 

Ambuja

Cements

Ltd.

158,380

0.1

6,858 

APL

Apollo

Tubes

Ltd.

133,041

0.1

29,647 

Asian

Paints

Ltd.

1,217,840

0.5

2,511 

Bajaj

Auto

Ltd.

150,727

0.1

120,786 

Bharat

Electronics

Ltd.

192,187

0.1

49,712 

Bharat

Petroleum

Corp.

Ltd.

228,307

0.1

4,071 

Britannia

Industries

Ltd.

237,302

0.1

11,261 

Cipla

Ltd./India

161,058

0.1

168,003 

Coal

India

Ltd.

468,903

0.2

8,715 

Coromandel

International

Ltd.

109,139

0.0

7,868 

Cummins

India

Ltd.

188,486

0.1

3,249 

Dr

Reddy's

Laboratories

Ltd.

222,899

0.1

4,706 

Eicher

Motors

Ltd.

192,754

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

India

(continued)

70,472 

Exide

Industries

Ltd.

$

214,133

0.1

172,045 

GAIL

India

Ltd.

249,310

0.1

6,673 

Grasim

Industries

Ltd.

150,270

0.1

6,753 

Havells

India

Ltd.

109,649

0.0

106,686 

HCL

Technologies

Ltd.

1,450,073

0.6

57,967 

HDFC

Bank

Ltd.,

ADR

3,957,987

1.6

6,624 

Hero

MotoCorp

Ltd.

258,255

0.1

18,701 

Hindalco

Industries

Ltd.

105,425

0.0

4,334 

Hindustan

Aeronautics

Ltd.

209,102

0.1

36,592 

Hindustan

Petroleum

Corp.

Ltd.

125,627

0.0

4,104 

Hindustan

Unilever

Ltd.

127,842

0.0

242,315 

Indian

Oil

Corp.

Ltd.

276,379

0.1

20,850 

Indraprastha

Gas

Ltd.

117,526

0.0

2,446 

Info

Edge

India

Ltd.

136,700

0.1

118,377 

Infosys

Ltd.

1,959,273

0.8

170,696 

Infosys

Ltd.

-

Foreign,

ADR

2,843,795

1.2

34,331 

ITC

Ltd.

194,533

0.1

16,052 

Jindal

Steel

&

Power

Ltd.

130,840

0.0

26,148 

JSW

Steel

Ltd.

260,145

0.1

6,518 

Larsen

&

Toubro

Ltd.

212,674

0.1

17,474 

Mahindra

&

Mahindra

Ltd.

313,737

0.1

1,595 

Maruti

Suzuki

India

Ltd.

190,607

0.1

533 

Nestle

India

Ltd.

146,165

0.1

186,561 

NHPC

Ltd.

116,961

0.0

125,779 

NMDC

Ltd.

179,623

0.1

172,223 

NTPC

Ltd.

457,807

0.2

100,053 

Oil

&

Natural

Gas

Corp.

Ltd.

215,776

0.1

32,491 

Oil

India

Ltd.

109,025

0.0

2,147 

Persistent

Systems

Ltd.

124,057

0.0

90,777 

Petronet

LNG

Ltd.

258,091

0.1

2,940 

PI

Industries

Ltd.

129,338

0.0

54,387 

Power

Finance

Corp.

Ltd.

173,100

0.1

66,639 

Power

Grid

Corp.

of

India

Ltd.

215,760

0.1

65,421 

REC

Ltd.

161,546

0.1

273,986 

Reliance

Industries

Ltd.

8,505,343

3.5

225,371 

Reliance

Strategic

Investments

Ltd.

692,838

0.3

2,679 

Schaeffler

India

Ltd.

101,786

0.0

317 

Shree

Cement

Ltd.

92,981

0.0

2,632 

Siemens

Ltd.

127,546

0.0

10,123 

Sun

Pharmaceutical

Industries

Ltd.

140,809

0.1

3,538 

Supreme

Industries

Ltd.

152,831

0.1

18,677 

Tata

Consultancy

Services

Ltd.

778,065

0.3

87,215 

Tata

Consumer

Products

Ltd.

911,697

0.4

261,868 

Tata

Steel

Ltd.

392,876

0.2

13,827 

Tech

Mahindra

Ltd.

187,815

0.1

3,114 

Tube

Investments

of

India

Ltd.

116,757

0.0

1,934 

UltraTech

Cement

Ltd.

195,744

0.1

11,090 

UPL

Ltd.

84,323

0.0

51,134 

Vedanta

Ltd.

172,077

0.1

32,321,179

13.2

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

(continued)

3

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Indonesia

:

2.4%

550,000 

Adaro

Energy

Indonesia

Tbk

PT

$

87,984

0.0

4,626,400 

Astra

International

Tbk

PT

2,102,441

0.9

4,347,419 

Bank

Central

Asia

Tbk

PT

2,632,935

1.1

337,800 

Bank

Mandiri

Persero

Tbk

PT

128,413

0.0

514,400 

Bukit

Asam

Tbk

PT

94,590

0.0

265,900 

Indofood

Sukses

Makmur

Tbk

PT

129,178

0.1

825,300 

Kalbe

Farma

Tbk

PT

104,823

0.0

740,600 

Sumber

Alfaria

Trijaya

Tbk

PT

132,611

0.1

565,600 

Telkom

Indonesia

Persero

Tbk

PT

139,350

0.1

129,100 

United

Tractors

Tbk

PT

235,850

0.1

5,788,175

2.4

Japan

:

1.3%

13,150 

Fast

Retailing

Co.

Ltd.

3,294,244

1.3

Kuwait

:

0.1%

10,903 

Humansoft

Holding

Co.

KSC

127,787

0.1

29,307 

National

Bank

of

Kuwait

SAKP

91,778

0.0

219,565

0.1

Luxembourg

:

0.1%

11,175 

Reinet

Investments

SCA

270,725

0.1

Malaysia

:

0.4%

110,300 

Gamuda

Bhd

105,176

0.0

144,000 

Genting

Bhd

137,680

0.1

19,300 

Kuala

Lumpur

Kepong

Bhd

99,824

0.0

82,100 

Petronas

Chemicals

Group

Bhd

126,648

0.1

27,800 

Petronas

Dagangan

Bhd

141,559

0.1

26,100 

Petronas

Gas

Bhd

98,866

0.0

178,400 

Sime

Darby

Bhd

86,336

0.0

83,100 

Tenaga

Nasional

Bhd

176,959

0.1

973,048

0.4

Mexico

:

7.5%

198,692 

America

Movil

SAB

de

CV

208,363

0.1

52,339 

America

Movil

SAB

de

CV

-

Foreign,

ADR

1,094,932

0.4

19,853 

Arca

Continental

SAB

de

CV

199,194

0.1

23,059 

(3)

Banco

del

Bajio

SA

69,941

0.0

313,453 

(1)

Cemex

SAB

de

CV

238,857

0.1

111,831 

(1)

Cemex

SAB

de

CV

-

Foreign,

ADR

852,152

0.3

49,696 

Coca-Cola

Femsa

SAB

de

CV

418,728

0.2

7,804 

Coca-Cola

Femsa

SAB

de

CV

-

Foreign,

ADR

658,033

0.3

20,494 

El

Puerto

de

Liverpool

SAB

de

CV

-

Class

C1

128,227

0.0

227,850 

Fibra

Uno

Administracion

SA

de

CV

342,489

0.1

35,063 

Fomento

Economico

Mexicano

SAB

de

CV

397,262

0.2

45,180 

Fomento

Economico

Mexicano

SAB

de

CV

-

Foreign,

ADR

5,116,635

2.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Mexico

(continued)

15,180 

GCC

SAB

de

CV

$

146,923

0.1

6,887 

Gruma

SAB

de

CV

-

Class

B

123,016

0.0

16,149 

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

182,042

0.1

14,980 

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

Class

B

285,018

0.1

10,681 

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

Class

B

303,036

0.1

107,757 

Grupo

Bimbo

SAB

de

CV

560,053

0.2

19,032 

Grupo

Carso

SAB

de

CV

151,381

0.1

114,132 

Grupo

Comercial

Chedraui

SA

de

CV

668,570

0.3

122,376 

Grupo

Financiero

Banorte

SAB

de

CV

-

Class

O

1,160,398

0.5

154,772 

Grupo

Televisa

SAB,

ADR

821,839

0.3

61,335 

Kimberly-Clark

de

Mexico

SAB

de

CV

-

Class

A

144,647

0.1

52,197 

Prologis

Property

Mexico

SA

de

CV

193,826

0.1

15,891 

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

165,297

0.1

891,135 

Wal-Mart

de

Mexico

SAB

de

CV

3,711,954

1.5

18,342,813

7.5

Netherlands

:

0.6%

16,160 

Heineken

NV

1,581,772

0.6

Peru

:

0.3%

79,907 

Cia

de

Minas

Buenaventura

SAA,

ADR

616,882

0.2

1,650 

Credicorp

Ltd.

259,133

0.1

876,015

0.3

Philippines

:

0.1%

594,200 

DMCI

Holdings,

Inc.

103,937

0.1

43,430 

Universal

Robina

Corp.

97,123

0.0

201,060

0.1

Qatar

:

0.2%

46,296 

Ooredoo

QPSC

145,374

0.1

19,400 

Qatar

Electricity

&

Water

Co.

QSC

96,652

0.0

52,995 

Qatar

Fuel

QSC

244,605

0.1

486,631

0.2

Romania

:

0.2%

3,510,599 

OMV

Petrom

SA

422,433

0.2

Saudi

Arabia

:

0.5%

43,784 

Abdullah

Al

Othaim

Markets

Co.

172,457

0.1

1,670 

Arabian

Internet

&

Communications

Services

Co.

162,343

0.1

4,361 

Bupa

Arabia

for

Cooperative

Insurance

Co.

200,582

0.1

1,895 

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

145,985

0.1

1,368 

Elm

Co.

247,969

0.1

3,469 

SABIC

Agri-Nutrients

Co.

133,329

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

(continued)

4

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Saudi

Arabia

(continued)

11,156 

Saudi

Telecom

Co.

$

126,148

0.0

1,188,813

0.5

South

Africa

:

2.1%

6,082 

African

Rainbow

Minerals

Ltd.

68,648

0.0

28,149 

AVI

Ltd.

112,132

0.0

12,095 

Bid

Corp.

Ltd.

286,486

0.1

10,640 

Bidvest

Group

Ltd.

165,100

0.1

6,585 

Clicks

Group

Ltd.

103,291

0.0

14,811 

Exxaro

Resources

Ltd.

134,182

0.1

8,390 

Naspers

Ltd.

-

Class

N

1,648,525

0.7

207,867 

OUTsurance

Group

Ltd.

449,470

0.2

34,602 

Remgro

Ltd.

311,082

0.1

407,977 

Sanlam

Ltd.

1,500,393

0.6

16,183 

Tiger

Brands

Ltd.

144,649

0.1

34,653 

Woolworths

Holdings

Ltd./

South

Africa

155,014

0.1

5,078,972

2.1

South

Korea

:

15.1%

1,489 

DB

Insurance

Co.

Ltd.

88,045

0.0

3,496 

GS

Holdings

Corp.

103,305

0.0

3,558 

Hana

Financial

Group,

Inc.

109,642

0.0

3,818 

Hankook

Tire

&

Technology

Co.

Ltd.

115,805

0.0

3,009 

HD

Hyundai

Co.

Ltd.

145,308

0.1

968 

Hyundai

Glovis

Co.

Ltd.

132,363

0.1

1,675 

Hyundai

Mobis

Co.

Ltd.

306,050

0.1

689 

Hyundai

Motor

Co.

105,936

0.0

30,050 

Kakao

Corp.

1,209,721

0.5

8,078 

Kia

Corp.

524,257

0.2

234 

Korea

Zinc

Co.

Ltd.

90,648

0.0

3,858 

KT&G

Corp.

249,643

0.1

1,079 

Kumho

Petrochemical

Co.

Ltd.

101,608

0.0

281 

LG

Chem

Ltd.

142,946

0.1

3,755 

LG

Corp.

245,819

0.1

10,526 

(1)

LG

Display

Co.

Ltd.

111,293

0.0

1,522 

LG

Electronics,

Inc.

129,555

0.1

83,818 

LG

Uplus

Corp.

657,883

0.3

768 

Lotte

Chemical

Corp.

90,747

0.0

12,914 

NAVER

Corp.

2,300,853

0.9

3,460 

POSCO

Holdings,

Inc.

1,743,430

0.7

1,991 

Samsung

C&T

Corp.

161,312

0.1

1,449 

Samsung

Electro-Mechanics

Co.

Ltd.

165,300

0.1

169,057 

Samsung

Electronics

Co.

Ltd.

9,256,322

3.8

5,086 

(1)

Samsung

Engineering

Co.

Ltd.

147,530

0.1

764 

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

146,036

0.1

21,341 

Samsung

Life

Insurance

Co.

Ltd.

1,167,528

0.5

485 

Samsung

SDI

Co.

Ltd.

253,172

0.1

1,811 

Samsung

SDS

Co.

Ltd.

182,320

0.1

35,903 

Shinhan

Financial

Group

Co.

Ltd.

988,169

0.4

68,002 

SK

Hynix,

Inc.

6,585,657

2.7

157,240 

(1)

SK

Square

Co.

Ltd.

5,474,442

2.2

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

South

Korea

(continued)

104,864 

SK

Telecom

Co.

Ltd.

$

3,791,986

1.5

2,246 

S-Oil

Corp.

132,029

0.1

37,156,660

15.1

Taiwan

:

11.5%

237,000 

Acer,

Inc.

264,667

0.1

16,699 

Advantech

Co.

Ltd.

208,533

0.1

153,000 

ASE

Technology

Holding

Co.

Ltd.

559,992

0.2

56,000 

Asustek

Computer,

Inc.

650,400

0.3

37,000 

Catcher

Technology

Co.

Ltd.

204,600

0.1

85,000 

Chicony

Electronics

Co.

Ltd.

283,158

0.1

29,000 

Chunghwa

Telecom

Co.

Ltd.

106,980

0.0

52,000 

Delta

Electronics,

Inc.

607,033

0.2

22,000 

E

Ink

Holdings,

Inc.

157,780

0.1

131,000 

Far

Eastern

New

Century

Corp.

123,897

0.0

881,000 

(1)(3)

FIT

Hon

Teng

Ltd.

154,265

0.1

58,000 

Formosa

Chemicals

&

Fibre

Corp.

120,741

0.0

62,000 

Formosa

Plastics

Corp.

164,157

0.1

702,000 

Hon

Hai

Precision

Industry

Co.

Ltd.

2,429,152

1.0

3,000 

Largan

Precision

Co.

Ltd.

208,085

0.1

214,000 

Lite-On

Technology

Corp.

1,028,975

0.4

209,000 

MediaTek,

Inc.

4,599,028

1.9

77,000 

Micro-Star

International

Co.

Ltd.

477,596

0.2

97,000 

Nan

Ya

Plastics

Corp.

216,157

0.1

34,000 

Novatek

Microelectronics

Corp.

459,800

0.2

100,000 

Pegatron

Corp.

243,511

0.1

130,000 

Pou

Chen

Corp.

129,360

0.1

74,000 

Powertech

Technology,

Inc.

260,814

0.1

13,000 

Realtek

Semiconductor

Corp.

178,544

0.1

20,000 

Sino-American

Silicon

Products,

Inc.

109,359

0.0

728,000 

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

13,145,936

5.4

60,000 

Uni-President

Enterprises

Corp.

143,944

0.1

391,000 

United

Microelectronics

Corp.

587,556

0.2

3,400 

Voltronic

Power

Technology

Corp.

189,722

0.1

56,000 

Walsin

Lihwa

Corp.

71,486

0.0

6,000 

Yageo

Corp.

87,962

0.0

32,000 

Zhen

Ding

Technology

Holding

Ltd.

107,233

0.0

28,280,423

11.5

Thailand

:

2.1%

19,200 

Advanced

Info

Service

PCL

126,858

0.1

46,900 

Bangkok

Dusit

Medical

Services

PCL

39,456

0.0

187,000 

Bangkok

Dusit

Medical

Services

PCL

-

Foreign

-

Class

F

157,319

0.1

704,100 

Banpu

PCL

200,701

0.1

6,500 

Bumrungrad

Hospital

PCL

41,058

0.0

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

(continued)

5

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Thailand

(continued)

25,800 

Bumrungrad

Hospital

PCL

-

Foreign

$

162,971

0.1

16,900 

CP

ALL

PCL

31,370

0.0

1,827,879 

CP

ALL

PCL

-

Foreign

3,392,929

1.4

77,700 

Land

&

Houses

PCL

19,300

0.0

309,400 

Land

&

Houses

PCL

-

Foreign

76,852

0.0

13,100 

PTT

Exploration

&

Production

PCL

61,174

0.0

52,000 

PTT

Exploration

&

Production

PCL

-

Foreign

242,827

0.1

53,400 

PTT

PCL

54,641

0.0

212,800 

PTT

PCL

-

Foreign

217,745

0.1

3,200 

Siam

Cement

PCL

30,407

0.0

12,700 

Siam

Cement

PCL

-

Foreign

120,677

0.0

25,200 

Thai

Oil

PCL

37,810

0.0

100,500 

Thai

Oil

PCL

-

Foreign

150,790

0.1

5,164,885

2.1

Turkey

:

1.3%

450,715 

Akbank

TAS

467,720

0.2

34,131 

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

114,071

0.1

39,465 

BIM

Birlesik

Magazalar

AS

316,913

0.1

58,493 

(3)

Enerjisa

Enerji

AS

110,236

0.0

63,276 

Enka

Insaat

ve

Sanayi

AS

78,946

0.0

37,722 

(1)

Eregli

Demir

ve

Celik

Fabrikalari

TAS

58,353

0.0

3,111 

Ford

Otomotiv

Sanayi

AS

109,647

0.0

89,019 

KOC

Holding

AS

446,226

0.2

14,425 

Migros

Ticaret

AS

157,941

0.1

10,131 

Tofas

Turk

Otomobil

Fabrikasi

AS

113,562

0.0

25,452 

(1)

Turk

Hava

Yollari

AO

221,338

0.1

121,055 

Turkcell

Iletisim

Hizmetleri

AS

232,235

0.1

113,104 

Turkiye

Petrol

Rafinerileri

AS

434,137

0.2

84,156 

Turkiye

Sise

ve

Cam

Fabrikalari

AS

166,848

0.1

217,232 

Yapi

ve

Kredi

Bankasi

AS

114,815

0.1

3,142,988

1.3

United

Arab

Emirates

:

0.4%

116,899 

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

124,127

0.0

415,814 

Air

Arabia

PJSC

304,538

0.1

78,404 

Emaar

Development

PJSC

135,328

0.1

67,736 

Emaar

Properties

PJSC

124,637

0.1

269,898 

(1)

Multiply

Group

PJSC

237,324

0.1

925,954

0.4

United

Kingdom

:

0.7%

32,440 

Unilever

PLC,

ADR

1,743,001

0.7

United

States

:

1.2%

14,751 

Intel

Corp.

527,643

0.2

32,494 

Micron

Technology,

Inc.

2,319,747

1.0

2,847,390

1.2

Total

Common

Stock

(Cost

$229,088,374)

237,010,749

96.5

Shares

RA

Value

Percentage

of

Net

Assets

EXCHANGE-TRADED

FUNDS

:

0.0%

505 

iShares

MSCI

Emerging

Markets

ETF

$

21,185

0.0

Total

Exchange-Traded

Funds

(Cost

$20,160)

21,185

0.0

PREFERRED

STOCK

:

1.0%

Brazil

:

0.9%

31,739 

Bradespar

SA

157,395

0.1

84,035 

Cia

Energetica

de

Minas

Gerais

225,515

0.1

138,857 

Cia

Paranaense

de

Energia

245,193

0.1

67,616 

Gerdau

SA

418,672

0.2

242,797 

Itausa

SA

504,206

0.2

81,121 

Metalurgica

Gerdau

SA

235,365

0.1

58,932 

Petroleo

Brasileiro

SA

387,833

0.1

2,174,179

0.9

Chile

:

0.1%

61,866 

Embotelladora

Andina

SA

169,991

0.1

South

Korea

:

0.0%

3,356 

Samsung

Electronics

Co.

Ltd.

151,157

0.0

Total

Preferred

Stock

(Cost

$2,345,748)

2,495,327

1.0

Total

Long-Term

Investments

(Cost

$231,454,282)

239,527,261

97.5

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

3.9%

Repurchase

Agreements

:

0.9%

1,000,000 

(4)

Bank

of

America

Inc.,

Repurchase

Agreement

dated

07/31/2023,

5.300%,

due

08/01/2023

Repurchase

Agreement

dated

07/31/23,

5.30%,

due

08/01/23

(Repurchase

Amount

$1,000,145,

collateralized

by

various

U.S.

Government

Agency

Obligations,

2.000%-

6.500%,

Market

Value

plus

accrued

interest

$1,020,000,

due

05/01/36-09/01/61)

1,000,000

0.4

179,257 

(4)

Deutsche

Bank

Securities

Inc.,

Repurchase

Agreement

dated

07/31/2023,

5.300%,

due

08/01/2023

Repurchase

Agreement

dated

07/31/23,

5.30%,

due

08/01/23

(Repurchase

Amount

$179,283,

collateralized

by

various

U.S.

Government

Agency

Obligations,

1.000%-

7.000%,

Market

Value

plus

accrued

interest

$182,842,

due

09/01/28-08/01/53)

179,257

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

(continued)

6

Voya

VACS

Series

EME

Fund

Principal

Amount†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS:

(continued)

Repurchase

Agreements

(continued)

1,000,000 

(4)

RBC

Dominion

Securities

Inc.,

Repurchase

Agreement

dated

07/31/2023,

5.300%,

due

08/01/2023

Repurchase

Agreement

dated

07/31/23,

5.30%,

due

08/01/23

(Repurchase

Amount

$1,000,145,

collateralized

by

various

U.S.

Government/

U.S.

Government

Agency

Obligations,

0.000%-

6.000%,

Market

Value

plus

accrued

interest

$1,020,000,

due

10/19/23-07/20/53)

$

1,000,000

0.4

Total

Repurchase

Agreements

(Cost

$2,179,257)

2,179,257

0.9

Shares

RA

Value

Percentage

of

Net

Assets

Mutual

Funds

:

3.0%

5,275,860 

(5)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

5.150%

5,275,860

2.2

2,052,000 

(5)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

5.190%

2,052,000

0.8

Total

Mutual

Funds

(Cost

$7,327,860)

7,327,860

3.0

Total

Short-Term

Investments

(Cost

$9,507,117)

9,507,117

3.9

Total

Investments

in

Securities

(Cost

$240,961,399)

$

249,034,378

101.4

Liabilities

in

Excess

of

Other

Assets

(3,454,769)

(1.4)

Net

Assets

$

245,579,609

100.0

ADR

American

Depositary

Receipt

†

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)

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.

(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

July

31,

2023.

Sector

Diversification

Percentage

of

Net

Assets

Information

Technology

22.2

%

Consumer

Staples

17.7

Consumer

Discretionary

12.4

Financials

11.0

Communication

Services

9.7

Energy

8.3

Industrials

6.1

Materials

5.7

Health

Care

1.9

Utilities

1.8

Real

Estate

0.4

Foreign

Stock

0.3

Exchange-Traded

Funds

0.0

Short-Term

Investments

3.9

Liabilities

in

Excess

of

Other

Assets

(1.4)

Net

Assets

100.0%

Portfolio

holdings

are

subject

to

change

daily.

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2023

(Unaudited)

(continued)

7

Voya

VACS

Series

EME

Fund

Fair

Value

Measurements

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

as

of

July

31,

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

July

31,

2023

Asset

Table

Investments,

at

fair

value

Common

Stock

Argentina

$

2,404,293

$

—

$

—

$

2,404,293

Australia

428,582

—

—

428,582

Brazil

15,910,836

—

—

15,910,836

Chile

2,088,322

—

—

2,088,322

China

1,704,528

56,229,922

—

57,934,450

Czechia

96,959

—

—

96,959

Egypt

—

125,801

—

125,801

France

—

1,810,679

—

1,810,679

Germany

—

1,221,814

—

1,221,814

Greece

374,171

996,796

—

1,370,967

Hong

Kong

—

2,499,569

—

2,499,569

Hungary

256,292

555,439

—

811,731

India

6,801,782

25,519,397

—

32,321,179

Indonesia

—

5,788,175

—

5,788,175

Japan

—

3,294,244

—

3,294,244

Kuwait

—

219,565

—

219,565

Luxembourg

270,725

—

—

270,725

Malaysia

240,425

732,623

—

973,048

Mexico

18,342,813

—

—

18,342,813

Netherlands

—

1,581,772

—

1,581,772

Peru

876,015

—

—

876,015

Philippines

—

201,060

—

201,060

Qatar

145,374

341,257

—

486,631

Romania

—

422,433

—

422,433

Saudi

Arabia

—

1,188,813

—

1,188,813

South

Africa

3,105,018

1,973,954

—

5,078,972

South

Korea

—

37,156,660

—

37,156,660

Taiwan

—

28,280,423

—

28,280,423

Thailand

—

5,164,885

—

5,164,885

Turkey

267,588

2,875,400

—

3,142,988

United

Arab

Emirates

428,665

497,289

—

925,954

United

Kingdom

1,743,001

—

—

1,743,001

United

States

2,847,390

—

—

2,847,390

Total

Common

Stock

58,332,779

178,677,970

—

237,010,749

Exchange-Traded

Funds

21,185

—

—

21,185

Preferred

Stock

2,344,170

151,157

—

2,495,327

Short-Term

Investments

7,327,860

2,179,257

—

9,507,117

Total

Investments,

at

fair

value

$

68,025,994

$

181,008,384

$

—

$

249,034,378

Other

Financial

Instruments+

Futures

40,892

—

—

40,892

Total

Assets

$

68,066,886

$

181,008,384

$

—

$

249,075,270

#

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

of

July

31,

2023

(Unaudited)

(continued)

8

Voya

VACS

Series

EME

Fund

At

July

31,

2023,

the

following

futures

contracts

were

outstanding

for

Voya

VACS

Series

EME

Fund:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation

Long

Contracts:

MSCI

Emerging

Markets

Index

18

09/15/23

$

948,870

$

40,892

$

948,870

$

40,892

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

12,474,566

Gross

Unrealized

Depreciation

(2,222,331)

Net

Unrealized

Appreciation

$

10,252,235