Voya MUTUAL FUNDS NPORT-P Voya VACS Series EME Fund (Jul 2024 report)

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(Unaudited)

1

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK

:

96.4%

Brazil

:

6.7%

31,673 

Ambev

SA

$

64,677

0.0

235,583 

Ambev

SA,

ADR

485,301

0.2

58,984 

B3

SA

-

Brasil

Bolsa

Balcao

112,834

0.1

301,988 

Banco

Bradesco

SA,

ADR

670,413

0.3

64,528 

Banco

Santander

Brasil

SA,

ADR

327,157

0.1

29,272 

BB

Seguridade

Participacoes

SA

181,496

0.1

132,975 

(1)

BRF

SA,

ADR

499,986

0.2

5,170 

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

80,482

0.0

14,617 

Energisa

S/A

113,527

0.1

187,502 

Itau

Unibanco

Holding

SA,

ADR

1,128,762

0.5

41,954 

(1)

JBS

S/A

250,115

0.1

38,908 

Klabin

SA

151,198

0.1

15,285 

Petroleo

Brasileiro

SA

109,230

0.1

134,350 

Petroleo

Brasileiro

SA

-

Foreign,

ADR

1,917,175

0.9

384,072 

Raia

Drogasil

SA

1,885,678

0.8

37,837 

Rumo

SA

147,705

0.1

7,926 

Suzano

SA

75,040

0.0

15,082 

Telefonica

Brasil

SA

129,191

0.1

59,785 

Telefonica

Brasil

SA,

ADR

513,553

0.2

42,190 

TIM

SA/Brazil

129,565

0.1

32,200 

TIM

SA/Brazil,

ADR

494,592

0.2

283,269 

TOTVS

SA

1,393,771

0.6

116,965 

Vale

SA,

ADR

1,269,070

0.6

17,301 

Vale

SA

-

Foreign

187,871

0.1

77,463 

Vibra

Energia

SA

317,459

0.1

135,409 

XP,

Inc.

-

Class

A

2,316,848

1.0

14,952,696

6.7

Chile

:

0.4%

65,846 

Cencosud

SA

121,713

0.0

27,042 

Empresas

Copec

SA

188,343

0.1

2,566,158 

Enel

Chile

SA

146,579

0.1

13,236 

(2)

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

503,762

0.2

960,397

0.4

China

:

11.8%

334,400 

Alibaba

Group

Holding

Ltd.

3,290,571

1.5

64,450 

(1)

Baidu,

Inc.

-

Class

A

714,596

0.3

3,105 

(1)

BeiGene

Ltd.,

ADR

517,231

0.2

4,000 

BYD

Co.

Ltd.

-

Class

H

118,419

0.1

999,000 

(3)

CGN

Power

Co.

Ltd.

-

Class

H

407,961

0.2

138,000 

China

Construction

Bank

Corp.

-

Class

H

96,363

0.0

573,977 

China

Mengniu

Dairy

Co.

Ltd.

960,432

0.4

846,000 

China

Petroleum

&

Chemical

Corp.

-

Class

H

542,188

0.2

26,000 

China

Shenhua

Energy

Co.

Ltd.

-

Class

H

108,111

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

China

(continued)

87,500 

COSCO

SHIPPING

Holdings

Co.

Ltd.

-

Class

H

$

124,960

0.1

150,000 

CSPC

Pharmaceutical

Group

Ltd.

111,577

0.1

379,297 

H

World

Group

Ltd.

1,140,751

0.5

58,600 

Haier

Smart

Home

Co.

Ltd.

-

Class

H

191,588

0.1

134,000 

Hengan

International

Group

Co.

Ltd.

418,597

0.2

165,900 

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

-

Class

B

300,777

0.1

76,500 

(1)(3)

Innovent

Biologics,

Inc.

378,700

0.2

23,132 

(1)

iQIYI,

Inc.,

ADR

77,030

0.0

73,700 

JD.com,

Inc.

-

Class

A

971,779

0.4

7,400 

Kweichow

Moutai

Co.

Ltd.

-

Class

A

1,454,824

0.7

35,100 

(1)(3)

Meituan

-

Class

B

486,018

0.2

6,700 

NetEase,

Inc.

123,572

0.1

332,000 

People's

Insurance

Co.

Group

of

China

Ltd.

-

Class

H

111,706

0.1

1,562,000 

PetroChina

Co.

Ltd.

-

Class

H

1,356,401

0.6

146,000 

PICC

Property

&

Casualty

Co.

Ltd.

-

Class

H

191,453

0.1

103,928 

Shenzhen

International

Holdings

Ltd.

83,272

0.0

19,400 

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.

-

Class

A

690,814

0.3

298,000 

(2)

Shougang

Fushan

Resources

Group

Ltd.

104,778

0.0

102,827 

Tencent

Holdings

Ltd.

4,745,101

2.1

324,000 

Tingyi

Cayman

Islands

Holding

Corp.

395,052

0.2

21,431 

(1)

Trip.com

Group

Ltd.,

ADR

911,460

0.4

80,000 

Tsingtao

Brewery

Co.

Ltd.

-

Class

H

511,088

0.2

705,000 

Uni-President

China

Holdings

Ltd.

581,120

0.3

27,500 

Weibo

Corp.

-

Class

A

214,661

0.1

72,900 

Wuliangye

Yibin

Co.

Ltd.

-

Class

A

1,280,796

0.6

307,600 

Yangzijiang

Shipbuilding

Holdings

Ltd.

620,202

0.3

48,800 

Yankuang

Energy

Group

Co.

Ltd.

-

Class

H

63,699

0.0

62,392 

Yum

China

Holdings,

Inc.

1,883,554

0.8

26,281,202

11.8

France

:

0.8%

4,002 

L'Oreal

SA

1,730,658

0.8

Germany

:

0.6%

5,250 

adidas

AG

1,315,637

0.6

Greece

:

0.6%

7,191 

GEK

Terna

Holding

Real

Estate

Construction

SA

139,330

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(Unaudited)

(continued)

2

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Greece

(continued)

10,547 

Hellenic

Telecommunications

Organization

SA

$

173,285

0.1

12,426 

Helleniq

Energy

Holdings

SA

99,527

0.0

4,444 

Jumbo

SA

119,084

0.1

3,944 

Motor

Oil

Hellas

Corinth

Refineries

SA

100,532

0.0

10,872 

Mytilineos

SA

429,656

0.2

10,698 

OPAP

SA

186,520

0.1

1,247,934

0.6

Hong

Kong

:

2.0%

323,425 

(3)

AIA

Group

Ltd.

2,163,345

1.0

39,000 

(2)

Beijing

Enterprises

Holdings

Ltd.

129,404

0.1

1,169,361 

(3)

Budweiser

Brewing

Co.

APAC

Ltd.

1,419,894

0.6

692,000 

Kunlun

Energy

Co.

Ltd.

670,820

0.3

4,383,463

2.0

Hungary

:

0.3%

52,706 

Magyar

Telekom

Telecommunications

PLC

157,854

0.1

25,987 

MOL

Hungarian

Oil

&

Gas

PLC

202,556

0.1

11,782 

Richter

Gedeon

Nyrt

335,886

0.1

696,296

0.3

India

:

19.0%

1,863 

AIA

Engineering

Ltd.

102,921

0.0

2,268 

Alkem

Laboratories

Ltd.

143,912

0.1

14,702 

Ambuja

Cements

Ltd.

119,591

0.0

39,940 

Asian

Paints

Ltd.

1,474,099

0.7

1,363 

Bajaj

Auto

Ltd.

157,475

0.1

22,994 

Bajaj

Finance

Ltd.

1,873,709

0.8

61,750 

Bharat

Electronics

Ltd.

233,655

0.1

112,862 

Bharat

Petroleum

Corp.

Ltd.

473,397

0.2

6,919 

Bharti

Airtel

Ltd.

123,601

0.1

273 

Bosch

Ltd.

114,177

0.0

1,695 

(1)

Britannia

Industries

Ltd.

117,205

0.0

35,636 

Castrol

India

Ltd.

111,830

0.0

12,240 

Cipla

Ltd./India

226,171

0.1

61,965 

Coal

India

Ltd.

387,584

0.2

2,102 

Coforge

Ltd.

158,878

0.1

5,959 

Colgate-Palmolive

India

Ltd.

243,189

0.1

9,328 

Container

Corp.

Of

India

Ltd.

116,269

0.0

11,407 

Coromandel

International

Ltd.

226,724

0.1

4,154 

Cummins

India

Ltd.

191,530

0.1

2,015 

Divi's

Laboratories

Ltd.

118,617

0.0

4,107 

Dr

Reddy's

Laboratories

Ltd.

331,638

0.1

3,457 

Eicher

Motors

Ltd.

205,291

0.1

37,265 

Exide

Industries

Ltd.

233,340

0.1

100,049 

GAIL

India

Ltd.

288,566

0.1

3,399 

Grasim

Industries

Ltd.

112,894

0.0

4,992 

Havells

India

Ltd.

110,405

0.0

52,919 

HCL

Technologies

Ltd.

1,041,283

0.5

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

India

(continued)

3,548 

(3)

HDFC

Asset

Management

Co.

Ltd.

$

174,597

0.1

49,100 

HDFC

Bank

Ltd.

948,821

0.4

71,053 

HDFC

Bank

Ltd.,

ADR

4,263,891

1.9

5,914 

Hero

MotoCorp

Ltd.

388,536

0.2

45,585 

Hindalco

Industries

Ltd.

365,661

0.2

2,603 

Hindustan

Aeronautics

Ltd.

153,401

0.1

40,113 

Hindustan

Petroleum

Corp.

Ltd.

188,577

0.1

13,509 

Indian

Hotels

Co.

Ltd.

103,812

0.0

174,180 

Indian

Oil

Corp.

Ltd.

379,566

0.2

23,774 

Indraprastha

Gas

Ltd.

155,895

0.1

1,586 

Info

Edge

India

Ltd.

133,372

0.1

62,537 

Infosys

Ltd.

1,386,746

0.6

205,790 

Infosys

Ltd.

-

Foreign,

ADR

4,554,133

2.0

3,020 

(1)(3)

InterGlobe

Aviation

Ltd.

161,498

0.1

12,039 

JSW

Steel

Ltd.

133,808

0.1

3,498 

Larsen

&

Toubro

Ltd.

159,744

0.1

1,397 

(3)

LTIMindtree

Ltd.

94,649

0.0

5,938 

Mahindra

&

Mahindra

Ltd.

206,705

0.1

1,396 

Maruti

Suzuki

India

Ltd.

219,037

0.1

13,882 

Max

Healthcare

Institute

Ltd.

153,299

0.1

3,751 

Mphasis

Ltd.

130,022

0.1

131 

MRF

Ltd.

222,764

0.1

4,447 

Nestle

India

Ltd.

130,680

0.1

53,614 

NMDC

Ltd.

155,234

0.1

57,697 

NTPC

Ltd.

287,315

0.1

86,738 

Oil

&

Natural

Gas

Corp.

Ltd.

346,516

0.2

28,141 

Oil

India

Ltd.

194,380

0.1

3,034 

Persistent

Systems

Ltd.

175,556

0.1

79,642 

Petronet

LNG

Ltd.

351,213

0.2

3,241 

Phoenix

Mills

Ltd.

139,477

0.1

2,685 

PI

Industries

Ltd.

142,293

0.1

70,619 

Power

Grid

Corp.

of

India

Ltd.

294,141

0.1

257,584 

Reliance

Industries

Ltd.

9,286,528

4.2

147,226 

(1)

Reliance

Strategic

Investments

Ltd.

579,745

0.3

1,498 

Siemens

Ltd.

127,910

0.1

7,452 

Sun

Pharmaceutical

Industries

Ltd.

153,272

0.1

2,290 

Supreme

Industries

Ltd.

146,755

0.1

60,099 

Tata

Consultancy

Services

Ltd.

3,155,841

1.4

75,355 

Tata

Consumer

Products

Ltd.

1,072,211

0.5

21,245 

Tata

Power

Co.

Ltd.

115,372

0.0

142,926 

Tata

Steel

Ltd.

282,978

0.1

18,040 

Tech

Mahindra

Ltd.

336,036

0.1

2,445 

Titan

Co.

Ltd.

101,251

0.0

11,950 

Torrent

Power

Ltd.

266,828

0.1

1,795 

Trent

Ltd.

125,450

0.1

1,269 

UltraTech

Cement

Ltd.

180,430

0.1

52,478 

Vedanta

Ltd.

283,091

0.1

18,135 

Wipro

Ltd.

113,170

0.0

7,722 

Zydus

Lifesciences

Ltd.

115,172

0.0

42,375,330

19.0

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(Unaudited)

(continued)

3

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Indonesia

:

1.8%

2,220,100 

Astra

International

Tbk

PT

$

645,366

0.3

4,164,004 

Bank

Central

Asia

Tbk

PT

2,631,313

1.2

242,200 

Bank

Mandiri

Persero

Tbk

PT

95,521

0.0

207,400 

Bank

Rakyat

Indonesia

Persero

Tbk

PT

59,677

0.0

877,500 

Telkom

Indonesia

Persero

Tbk

PT

155,848

0.1

2,443,100 

Unilever

Indonesia

Tbk

PT

366,859

0.1

92,500 

United

Tractors

Tbk

PT

146,771

0.1

4,101,355

1.8

Japan

:

1.4%

10,976 

Fast

Retailing

Co.

Ltd.

3,025,522

1.4

Kuwait

:

0.0%

71,852 

Mobile

Telecommunications

Co.

KSCP

107,258

0.0

Malaysia

:

0.9%

101,400 

CelcomDIGI

Bhd

83,924

0.0

96,800 

CIMB

Group

Holdings

Bhd

156,519

0.1

100,600 

Gamuda

Bhd

172,037

0.1

82,000 

Genting

Bhd

84,498

0.0

77,800 

MISC

Bhd

148,844

0.1

40,600 

Petronas

Gas

Bhd

160,932

0.1

172,200 

Sime

Darby

Bhd

97,533

0.0

81,700 

Telekom

Malaysia

Bhd

124,074

0.1

218,100 

Tenaga

Nasional

Bhd

668,375

0.3

184,400 

YTL

Corp.

Bhd

137,149

0.1

104,800 

YTL

Power

International

Bhd

106,559

0.0

1,940,444

0.9

Mexico

:

5.5%

158,394 

Alfa

SAB

de

CV

-

Class

A

90,628

0.0

25,751 

Alsea

SAB

de

CV

77,429

0.0

51,431 

America

Movil

SAB

de

CV

-

Foreign,

ADR

859,926

0.4

11,589 

Arca

Continental

SAB

de

CV

114,186

0.1

352,582 

Cemex

SAB

de

CV

226,337

0.1

83,315 

Cemex

SAB

de

CV

-

Foreign,

ADR

534,882

0.2

32,560 

Coca-Cola

Femsa

SAB

de

CV

294,195

0.1

7,555 

Coca-Cola

Femsa

SAB

de

CV

-

Foreign,

ADR

683,199

0.3

45,255 

Corp

Inmobiliaria

Vesta

SAB

de

CV

132,600

0.1

14,446 

El

Puerto

de

Liverpool

SAB

de

CV

-

Class

C1

102,326

0.1

82,795 

Fibra

Uno

Administracion

SA

de

CV

105,321

0.1

25,027 

Fomento

Economico

Mexicano

SAB

de

CV

276,088

0.1

30,696 

Fomento

Economico

Mexicano

SAB

de

CV

-

Foreign,

ADR

3,384,234

1.5

13,733 

GCC

SAB

de

CV

117,259

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Mexico

(continued)

9,655 

Gruma

SAB

de

CV

-

Class

B

$

181,176

0.1

11,723 

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

100,719

0.0

10,053 

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

Class

B

161,001

0.1

5,057 

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

Class

B

151,878

0.1

20,138 

Grupo

Bimbo

SAB

de

CV

70,895

0.0

27,297 

Grupo

Comercial

Chedraui

SA

de

CV

203,244

0.1

115,119 

Grupo

Financiero

Banorte

SAB

de

CV

-

Class

O

864,489

0.4

33,258 

(1)

Grupo

Financiero

Inbursa

SAB

de

CV

-

Class

O

81,561

0.0

23,787 

Grupo

Mexico

SAB

de

CV

133,777

0.1

110,222 

Grupo

Televisa

SAB,

ADR

240,284

0.1

34,993 

(1)

Ollamani

SAB

78,040

0.0

64,349 

Orbia

Advance

Corp.

SAB

de

CV

83,066

0.0

47,004 

Prologis

Property

Mexico

SA

de

CV

157,025

0.1

10,939 

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

102,162

0.1

764,524 

Wal-Mart

de

Mexico

SAB

de

CV

2,544,173

1.1

12,152,100

5.5

Netherlands

:

1.0%

23,092 

Heineken

NV

2,049,203

0.9

14,705 

NEPI

Rockcastle

NV

111,197

0.1

2,160,400

1.0

Peru

:

0.6%

29,182 

Cia

de

Minas

Buenaventura

SAA,

ADR

452,321

0.2

4,650 

Credicorp

Ltd.

793,476

0.4

1,245,797

0.6

Philippines

:

0.2%

435,200 

DMCI

Holdings,

Inc.

84,691

0.0

29,470 

International

Container

Terminal

Services,

Inc.

179,721

0.1

14,480 

Manila

Electric

Co.

96,739

0.1

361,151

0.2

Qatar

:

0.2%

31,156 

Ooredoo

QPSC

89,421

0.0

23,938 

Qatar

Fuel

QSC

96,909

0.1

15,544 

Qatar

Islamic

Bank

SAQ

84,043

0.0

70,296 

Qatar

Navigation

QSC

228,785

0.1

499,158

0.2

Romania

:

0.1%

1,227,760 

OMV

Petrom

SA

210,925

0.1

Saudi

Arabia

:

0.8%

32,124 

Abdullah

Al

Othaim

Markets

Co.

100,236

0.0

2,428 

Astra

Industrial

Group

103,369

0.0

2,282 

Bupa

Arabia

for

Cooperative

Insurance

Co.

140,135

0.1

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(Unaudited)

(continued)

4

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Saudi

Arabia

(continued)

9,494 

Etihad

Etisalat

Co.

$

131,875

0.1

34,500 

Jarir

Marketing

Co.

119,433

0.1

4,133 

SABIC

Agri-Nutrients

Co.

129,687

0.1

14,693 

Sahara

International

Petrochemical

Co.

111,809

0.0

2,722 

Saudi

Airlines

Catering

Co.

84,180

0.0

78,426 

(3)

Saudi

Arabian

Oil

Co.

576,966

0.3

3,764 

Saudi

Aramco

Base

Oil

Co.

130,521

0.1

11,364 

Saudi

Telecom

Co.

116,730

0.0

910 

Saudia

Dairy

&

Foodstuff

Co.

83,301

0.0

1,828,242

0.8

South

Africa

:

1.5%

8,087 

Bid

Corp.

Ltd.

201,286

0.1

10,044 

Bidvest

Group

Ltd.

150,953

0.1

11,133 

Clicks

Group

Ltd.

216,394

0.1

22,949 

Exxaro

Resources

Ltd.

245,878

0.1

20,642 

MTN

Group

Ltd.

89,569

0.0

44,169 

OUTsurance

Group

Ltd.

117,137

0.0

400,008 

Sanlam

Ltd.

1,791,113

0.8

16,054 

Shoprite

Holdings

Ltd.

269,028

0.1

12,263 

Tiger

Brands

Ltd.

150,045

0.1

57,785 

Woolworths

Holdings

Ltd./

South

Africa

191,004

0.1

3,422,407

1.5

South

Korea

:

17.3%

6,131 

Cheil

Worldwide,

Inc.

79,385

0.0

1,347 

DB

Insurance

Co.

Ltd.

108,834

0.0

2,551 

Doosan

Bobcat,

Inc.

77,204

0.0

6,602 

GS

Holdings

Corp.

236,346

0.1

3,766 

Hana

Financial

Group,

Inc.

178,426

0.1

3,097 

Hankook

Tire

&

Technology

Co.

Ltd.

101,135

0.0

1,994 

HD

Hyundai

Co.

Ltd.

122,195

0.1

2,927 

Hyundai

Glovis

Co.

Ltd.

260,526

0.1

2,260 

Hyundai

Mobis

Co.

Ltd.

365,646

0.2

1,145 

Hyundai

Motor

Co.

208,676

0.1

3,791 

Hyundai

Steel

Co.

76,708

0.0

35,097 

Kakao

Corp.

1,008,585

0.5

3,710 

KB

Financial

Group,

Inc.

239,837

0.1

4,636 

Kia

Corp.

380,415

0.2

3,427 

Korea

Aerospace

Industries

Ltd.

142,431

0.1

10,114 

Korean

Air

Lines

Co.

Ltd.

157,187

0.1

2,742 

KT&G

Corp.

186,927

0.1

1,287 

LG

Corp.

82,075

0.0

1,863 

LG

Electronics,

Inc.

141,869

0.1

70,103 

LG

Uplus

Corp.

512,738

0.2

19,965 

NAVER

Corp.

2,546,386

1.1

824 

POSCO

Holdings,

Inc.

213,087

0.1

9,117 

Samsung

C&T

Corp.

1,038,444

0.5

763 

Samsung

Electro-

Mechanics

Co.

Ltd.

89,197

0.0

131,903 

Samsung

Electronics

Co.

Ltd.

8,133,439

3.6

5,665 

(1)

Samsung

Engineering

Co.

Ltd.

118,329

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

South

Korea

(continued)

599 

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

$

162,886

0.1

15,973 

Samsung

Life

Insurance

Co.

Ltd.

1,127,304

0.5

1,718 

Samsung

SDS

Co.

Ltd.

185,906

0.1

23,186 

Shinhan

Financial

Group

Co.

Ltd.

1,019,742

0.5

59,686 

SK

Hynix,

Inc.

8,560,377

3.8

123,163 

(1)

SK

Square

Co.

Ltd.

7,812,142

3.5

60,107 

SK

Telecom

Co.

Ltd.

2,378,373

1.1

989 

SK,

Inc.

108,473

0.0

2,639 

S-Oil

Corp.

130,187

0.1

13,564 

Woori

Financial

Group,

Inc.

156,124

0.1

38,447,541

17.3

Taiwan

:

16.7%

11,000 

Accton

Technology

Corp.

172,428

0.1

156,000 

Acer,

Inc.

210,564

0.1

13,699 

Advantech

Co.

Ltd.

145,710

0.1

83,000 

ASE

Technology

Holding

Co.

Ltd.

387,370

0.2

82,000 

Asia

Cement

Corp.

103,595

0.0

15,000 

Asustek

Computer,

Inc.

210,355

0.1

14,000 

Catcher

Technology

Co.

Ltd.

91,193

0.0

71,000 

Cheng

Shin

Rubber

Industry

Co.

Ltd.

104,615

0.0

69,000 

Chicony

Electronics

Co.

Ltd.

328,816

0.2

214,000 

China

Development

Financial

Holding

Corp.

105,618

0.1

126,000 

China

Steel

Corp.

89,179

0.0

50,000 

Chunghwa

Telecom

Co.

Ltd.

185,274

0.1

525,000 

Compal

Electronics,

Inc.

508,682

0.2

156,000 

CTBC

Financial

Holding

Co.

Ltd.

169,325

0.1

27,000 

Delta

Electronics,

Inc.

346,783

0.2

10,000 

Eclat

Textile

Co.

Ltd.

162,414

0.1

7,000 

Elite

Material

Co.

Ltd.

95,118

0.0

132,000 

Eva

Airways

Corp.

139,118

0.1

21,000 

Evergreen

Marine

Corp.

Taiwan

Ltd.

109,073

0.1

131,000 

Far

Eastern

New

Century

Corp.

136,277

0.1

34,000 

Far

EasTone

Telecommunications

Co.

Ltd.

89,567

0.0

22,000 

Feng

TAY

Enterprise

Co.

Ltd.

94,230

0.0

694,000 

(1)(3)

FIT

Hon

Teng

Ltd.

239,807

0.1

64,000 

Formosa

Chemicals

&

Fibre

Corp.

97,444

0.0

72,000 

Formosa

Plastics

Corp.

127,139

0.1

76,000 

Foxconn

Technology

Co.

Ltd.

152,889

0.1

9,000 

Gigabyte

Technology

Co.

Ltd.

72,785

0.0

116,000 

Hon

Hai

Precision

Industry

Co.

Ltd.

711,651

0.3

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(Unaudited)

(continued)

5

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Taiwan

(continued)

201,000 

Inventec

Corp.

$

297,231

0.1

2,400 

Largan

Precision

Co.

Ltd.

208,225

0.1

118,000 

Lite-On

Technology

Corp.

360,881

0.2

147,000 

MediaTek,

Inc.

5,598,515

2.5

48,000 

Micro-Star

International

Co.

Ltd.

250,439

0.1

79,000 

Nan

Ya

Plastics

Corp.

120,883

0.1

19,000 

Novatek

Microelectronics

Corp.

306,424

0.1

153,000 

Pegatron

Corp.

472,636

0.2

256,000 

Pou

Chen

Corp.

282,579

0.1

67,000 

Powertech

Technology,

Inc.

336,904

0.2

27,000 

Quanta

Computer,

Inc.

230,033

0.1

12,000 

Realtek

Semiconductor

Corp.

189,300

0.1

38,000 

Sino-American

Silicon

Products,

Inc.

223,865

0.1

172,000 

SinoPac

Financial

Holdings

Co.

Ltd.

140,009

0.1

48,000 

Synnex

Technology

International

Corp.

104,272

0.0

50,000 

Taiwan

Fertilizer

Co.

Ltd.

98,395

0.0

724,458 

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

21,133,392

9.5

67,000 

Teco

Electric

and

Machinery

Co.

Ltd.

99,634

0.0

75,000 

Uni-President

Enterprises

Corp.

192,743

0.1

139,000 

United

Microelectronics

Corp.

221,440

0.1

183,000 

Wistron

Corp.

550,619

0.3

33,000 

WPG

Holdings

Ltd.

86,960

0.0

99,000 

Yuanta

Financial

Holding

Co.

Ltd.

99,325

0.0

53,000 

Zhen

Ding

Technology

Holding

Ltd.

223,524

0.1

37,215,247

16.7

Thailand

:

1.7%

15,400 

Advanced

Info

Service

PCL

101,216

0.0

3,500 

Bangkok

Dusit

Medical

Services

PCL

2,580

0.0

157,300 

Bangkok

Dusit

Medical

Services

PCL

-

Class

F

115,958

0.1

17,100 

Bumrungrad

Hospital

PCL

118,066

0.1

1,809,419 

CP

ALL

PCL

-

Foreign

2,960,494

1.3

43,000 

PTT

Exploration

&

Production

PCL

176,801

0.1

199,400 

PTT

Oil

&

Retail

Business

PCL

88,501

0.0

6,100 

PTT

PCL

5,475

0.0

278,900 

PTT

PCL

-

Foreign

250,321

0.1

12,200 

Siam

Cement

PCL

-

Foreign

75,729

0.0

3,895,141

1.7

Turkey

:

0.9%

541,144 

Akbank

TAS

1,011,446

0.5

10,550 

BIM

Birlesik

Magazalar

AS

199,259

0.1

Shares

RA

Value

Percentage

of

Net

Assets

COMMON

STOCK:

(continued)

Turkey

(continued)

26,407 

KOC

Holding

AS

$

171,514

0.1

11,868 

(1)

Turk

Hava

Yollari

AO

103,655

0.0

61,227 

Turkcell

Iletisim

Hizmetleri

AS

195,230

0.1

47,993 

Turkiye

Petrol

Rafinerileri

AS

236,648

0.1

1,917,752

0.9

United

Arab

Emirates

:

0.4%

281,820 

Air

Arabia

PJSC

201,909

0.1

54,674 

Aldar

Properties

PJSC

110,004

0.0

77,854 

Emaar

Development

PJSC

179,959

0.1

150,553 

Emaar

Properties

PJSC

353,741

0.2

845,613

0.4

United

Kingdom

:

1.3%

49,005 

Unilever

PLC,

ADR

3,008,907

1.3

United

States

:

0.6%

12,804 

Micron

Technology,

Inc.

1,406,135

0.6

Uruguay

:

1.3%

1,739 

(1)

MercadoLibre,

Inc.

2,902,217

1.3

Total

Common

Stock

(Cost

$195,843,911)

214,636,925

96.4

EXCHANGE-TRADED

FUNDS

:

0.0%

505 

iShares

MSCI

Emerging

Markets

ETF

21,690

0.0

Total

Exchange-Traded

Funds

(Cost

$20,159)

21,690

0.0

PREFERRED

STOCK

:

0.7%

Brazil

:

0.5%

23,538 

Bradespar

SA

77,237

0.0

121,805 

Cia

Energetica

de

Minas

Gerais

234,947

0.1

51,332 

Cia

Paranaense

de

Energia

91,117

0.0

39,824 

Gerdau

SA

128,636

0.1

261,216 

Itausa

SA

467,369

0.2

28,127 

Petroleo

Brasileiro

SA

185,287

0.1

1,184,593

0.5

Chile

:

0.1%

2,350 

Sociedad

Quimica

y

Minera

de

Chile

SA

89,097

0.1

South

Korea

:

0.1%

1,599 

LG

Chem

Ltd.

249,205

0.1

Total

Preferred

Stock

(Cost

$1,699,417)

1,522,895

0.7

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(Unaudited)

(continued)

6

Voya

VACS

Series

EME

Fund

Shares

RA

Value

Percentage

of

Net

Assets

RIGHTS

:

0.0%

India

:

0.0%

2,884 

Tata

Consumer

Products

Ltd.

$

12,872

0.0

Total

Rights

(Cost

$–)

12,872

0.0

Total

Long-Term

Investments

(Cost

$197,563,487)

216,194,382

97.1

Principal

Amount

†

RA

Value

Percentage

of

Net

Assets

SHORT-TERM

INVESTMENTS

:

2.7%

Repurchase

Agreements

:

0.3%

741,666 

(4)

HSBC

Securities

(USA),

Inc.,

Repurchase

Agreement

dated

07/31/2024,

5.330%,

due

08/01/2024

(Repurchase

Amount

$741,774,

collateralized

by

various

U.S.

Government

Securities,

0.000%,

Market

Value

plus

accrued

interest

$756,499,

due

11/15/24-05/15/50)

741,666

0.3

Total

Repurchase

Agreements

(Cost

$741,666)

741,666

0.3

Shares

RA

Value

Percentage

of

Net

Assets

Mutual

Funds

:

2.4%

4,450,714 

(5)

BlackRock

Liquidity

Funds,

FedFund,

Institutional

Class,

5.210%

4,450,714

2.0

923,000 

(5)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

(Institutional

Share

Class),

5.210%

923,000

0.4

Total

Mutual

Funds

(Cost

$5,373,714)

5,373,714

2.4

Total

Short-Term

Investments

(Cost

$6,115,380)

6,115,380

2.7

Total

Investments

in

Securities

(Cost

$203,678,867)

$

222,309,762

99.8

Assets

in

Excess

of

Other

Liabilities

503,141

0.2

Net

Assets

$

222,812,903

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,

2024.

Sector

Diversification

Percentage

of

Net

Assets

Information

Technology

29.3

%

Consumer

Staples

14.1

Financials

12.1

Consumer

Discretionary

9.7

Energy

8.5

Communication

Services

7.5

Industrials

7.4

Materials

4.2

Utilities

2.1

Health

Care

1.6

Real

Estate

0.6

Exchange-Traded

Funds

0.0

Right

0.0

Short-Term

Investments

2.7

Assets

in

Excess

of

Other

Liabilities

0.2

Net

Assets

100.0%

Portfolio

holdings

are

subject

to

change

daily.

PORTFOLIO

OF

INVESTMENTS

as

of

July

31,

2024

(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,

2024

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,

2024

Asset

Table

Investments,

at

fair

value

Common

Stock

Brazil

$

14,952,696

$

—

$

—

$

14,952,696

Chile

960,397

—

—

960,397

China

2,470,890

23,810,312

—

26,281,202

France

—

1,730,658

—

1,730,658

Germany

—

1,315,637

—

1,315,637

Greece

305,604

942,330

—

1,247,934

Hong

Kong

—

4,383,463

—

4,383,463

Hungary

538,442

157,854

—

696,296

India

8,818,024

33,557,306

—

42,375,330

Indonesia

2,778,084

1,323,271

—

4,101,355

Japan

—

3,025,522

—

3,025,522

Kuwait

—

107,258

—

107,258

Malaysia

817,219

1,123,225

—

1,940,444

Mexico

12,152,100

—

—

12,152,100

Netherlands

111,197

2,049,203

—

2,160,400

Peru

1,245,797

—

—

1,245,797

Philippines

361,151

—

—

361,151

Qatar

415,115

84,043

—

499,158

Romania

—

210,925

—

210,925

Saudi

Arabia

140,135

1,688,107

—

1,828,242

South

Africa

2,666,979

755,428

—

3,422,407

South

Korea

—

38,447,541

—

38,447,541

Taiwan

—

37,215,247

—

37,215,247

Thailand

—

3,895,141

—

3,895,141

Turkey

1,917,752

—

—

1,917,752

United

Arab

Emirates

643,704

201,909

—

845,613

United

Kingdom

3,008,907

—

—

3,008,907

United

States

1,406,135

—

—

1,406,135

Uruguay

2,902,217

—

—

2,902,217

Total

Common

Stock

58,612,545

156,024,380

—

214,636,925

Exchange-Traded

Funds

21,690

—

—

21,690

Preferred

Stock

1,273,690

249,205

—

1,522,895

Rights

—

12,872

—

12,872

Short-Term

Investments

5,373,714

741,666

—

6,115,380

Total

Investments,

at

fair

value

$

65,281,639

$

157,028,123

$

—

$

222,309,762

Other

Financial

Instruments

Thailand

—

3,701

—

3,701

Liabilities

Table

Other

Financial

Instruments+

Forward

Foreign

Currency

Contracts

$

—

$

(52)

$

—

$

(52)

Futures

(7,449)

—

—

(7,449)

Total

Liabilities

$

(7,449)

$

(52)

$

—

$

(7,501)

#

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,

2024

(Unaudited)

(continued)

8

Voya

VACS

Series

EME

Fund

At

July

31,

2024,

the

following

forward

foreign

currency

contracts

were

outstanding

for

Voya

VACS

Series

EME

Fund:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

ZAR

603,265

USD

33,167

The

Bank

of

New

York

08/05/24

$

(52)

$

(52)

At

July

31,

2024,

the

following

futures

contracts

were

outstanding

for

Voya

VACS

Series

EME

Fund:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Depreciation

Long

Contracts:

MSCI

Emerging

Markets

Index

18

09/20/24

$

986,850

$

(7,449)

$

986,850

$

(7,449)

Net

unrealized

appreciation

consisted

of:

Gross

Unrealized

Appreciation

$

33,868,926

Gross

Unrealized

Depreciation

(15,238,031)

Net

Unrealized

Appreciation

$

18,630,895