PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
Voya
VACS
Series
EME
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
98.3%
Brazil
:
6.5%
77,602
Ambev
SA
$
218,824
0.1
299,061
(1)
Ambev
SA,
ADR
831,390
0.2
31,861
Axia
Energia
328,675
0.1
164,053
B3
SA
-
Brasil
Bolsa
Balcao
504,371
0.1
180,223
Banco
Bradesco
SA,
ADR
729,903
0.2
32,974
Banco
Santander
Brasil
SA,
ADR
228,180
0.1
48,143
BB
Seguridade
Participacoes
SA
342,222
0.1
24,339
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
652,745
0.2
45,952
Cia
de
Saneamento
do
Parana
405,668
0.1
11,703
Embraer
SA
215,347
0.1
27,754
Energisa
S/A
268,112
0.1
31,587
Equatorial
Energia
SA
245,241
0.1
103,200
Itau
Unibanco
Holding
SA,
ADR
886,488
0.3
55,129
Klabin
SA
201,439
0.1
57,732
MBRF
Global
Foods
Co.
SA,
ADR
202,062
0.1
1,719
(2)
MercadoLibre,
Inc.
3,692,051
1.1
89,504
Petroleo
Brasileiro
SA
-
Foreign,
ADR
1,372,991
0.4
313
(2)
PicS
NV
5,634
0.0
21,301
Porto
Seguro
SA
202,942
0.1
27,088
Rumo
SA
75,663
0.0
116,289
Sendas
Distribuidora
S/A
190,031
0.0
43,279
Telefonica
Brasil
SA
306,906
0.1
24,715
Telefonica
Brasil
SA,
ADR
350,459
0.1
70,421
TIM
SA/Brazil
327,166
0.1
13,946
TIM
SA/Brazil,
ADR
324,942
0.1
453,706
Totvs
SA
3,845,865
1.1
25,265
Transmissora
Alianca
de
Energia
Eletrica
SA
201,102
0.0
15,353
Vale
SA,
ADR
246,723
0.1
61,859
Vale
SA
-
Foreign
988,757
0.3
68,598
Vibra
Energia
SA
373,571
0.1
165,035
XP,
Inc.
-
Class
A
3,219,833
0.9
21,985,303
6.5
Chile
:
0.7%
986,959
Banco
de
Chile
217,535
0.1
117,537
Cencosud
SA
393,435
0.1
29,325
Empresas
Copec
SA
250,016
0.1
2,275,362
Enel
Americas
SA
214,847
0.1
2,330,417
Enel
Chile
SA
197,751
0.0
33,588
Falabella
SA
260,761
0.1
9,188
(2)
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
706,006
0.2
2,240,351
0.7
China
:
15.3%
264,300
Alibaba
Group
Holding
Ltd.
5,622,609
1.7
36,330
Alibaba
Group
Holding
Ltd.,
ADR
6,160,115
1.8
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
206,000
Aluminum
Corp.
of
China
Ltd.
-
Class
H
$
359,691
0.1
50,500
Anhui
Conch
Cement
Co.
Ltd.
-
Class
H
160,152
0.0
48,450
(2)
Baidu,
Inc.
-
Class
A
928,668
0.3
75,000
Beijing
Enterprises
Holdings
Ltd.
339,748
0.1
352,000
Brilliance
China
Automotive
Holdings
Ltd.
181,999
0.0
20,000
BYD
Co.
Ltd.
-
Class
H
249,337
0.1
991,000
(3)
CGN
Power
Co.
Ltd.
-
Class
H
413,223
0.1
270,000
China
Communications
Services
Corp.
Ltd.
-
Class
H
163,975
0.0
249,000
China
Construction
Bank
Corp.
-
Class
H
251,423
0.1
291,000
China
Everbright
Environment
Group
Ltd.
187,232
0.1
191,400
China
Gas
Holdings
Ltd.
189,592
0.1
81,000
China
Hongqiao
Group
Ltd.
370,467
0.1
246,000
China
Life
Insurance
Co.
Ltd.
-
Class
H
1,094,759
0.3
92,000
China
Merchants
Port
Holdings
Co.
Ltd.
185,159
0.1
341,000
(3)
China
Railway
Signal
&
Communication
Corp.
Ltd.
-
Class
H
159,815
0.0
39,500
China
Resources
Land
Ltd.
154,689
0.0
174,000
(3)
China
Tower
Corp.
Ltd.
-
Class
H
250,347
0.1
129,000
CITIC
Ltd.
206,165
0.1
145,000
COSCO
Shipping
Holdings
Co.
Ltd.
-
Class
H
254,760
0.1
336,000
CSPC
Pharmaceutical
Group
Ltd.
412,183
0.1
53,700
ENN
Energy
Holdings
Ltd.
462,290
0.1
196,000
Geely
Automobile
Holdings
Ltd.
403,465
0.1
244,000
Guangdong
Investment
Ltd.
230,687
0.1
372,182
H
World
Group
Ltd.
1,787,495
0.5
73,000
Haier
Smart
Home
Co.
Ltd.
-
Class
H
240,661
0.1
117,460
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
-
Class
B
234,883
0.1
16,546
(2)
iQIYI,
Inc.,
ADR
34,416
0.0
51,900
JD.com,
Inc.
-
Class
A
740,127
0.2
174,000
Jiangsu
Expressway
Co.
Ltd.
-
Class
H
229,413
0.1
74,000
Kingboard
Holdings
Ltd.
299,875
0.1
578,000
Kunlun
Energy
Co.
Ltd.
592,209
0.2
121,200
(2)(3)
Legend
Holdings
Corp.
-
Class
H
133,752
0.0
69,500
Li
Ning
Co.
Ltd.
181,741
0.0
PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China
(continued)
54,500
Midea
Group
Co.
Ltd.
-
Class
H
$
597,345
0.2
11,400
NetEase,
Inc.
295,603
0.1
6,150
New
Oriental
Education
&
Technology
Group,
Inc.,
ADR
371,337
0.1
10,949
(2)
PDD
Holdings,
Inc.,
ADR
1,106,396
0.3
1,164,000
People's
Insurance
Co.
Group
of
China
Ltd.
-
Class
H
1,012,134
0.3
1,802,000
PetroChina
Co.
Ltd.
-
Class
H
2,140,703
0.6
202,000
PICC
Property
&
Casualty
Co.
Ltd.
-
Class
H
418,180
0.1
186,000
(3)
Qingdao
Port
International
Co.
Ltd.
-
Class
H
178,807
0.0
49,750
(3)
Shandong
Gold
Mining
Co.
Ltd.
-
Class
H
267,356
0.1
163,278
Shenzhen
International
Holdings
Ltd.
188,120
0.1
228,000
Sino
Biopharmaceutical
Ltd.
193,459
0.1
295,000
Sinotrans
Ltd.
-
Class
H
195,730
0.1
153,388
Tencent
Holdings
Ltd.
11,789,679
3.5
108,034
Tencent
Music
Entertainment
Group,
ADR
1,812,811
0.5
236,000
Tingyi
Cayman
Islands
Holding
Corp.
357,689
0.1
2,950
Trip.com
Group
Ltd.
181,058
0.0
10,010
Trip.com
Group
Ltd.,
ADR
614,314
0.2
445,000
Uni-President
China
Holdings
Ltd.
451,199
0.1
327,000
Want
Want
China
Holdings
Ltd.
197,215
0.1
21,000
Weibo
Corp.
-
Class
A
224,238
0.1
123,000
Weichai
Power
Co.
Ltd.
-
Class
H
416,925
0.1
43,400
(2)(3)
Xiaomi
Corp.
-
Class
B
196,453
0.1
214,400
Yangzijiang
Shipbuilding
Holdings
Ltd.
563,082
0.2
82,092
Yum
China
Holdings,
Inc.
4,081,829
1.2
51,718,784
15.3
Colombia
:
0.1%
29,010
Interconexion
Electrica
SA
ESP
247,185
0.1
Czechia
:
0.1%
5,603
CEZ
AS
322,172
0.1
Egypt
:
0.2%
216,503
Commercial
International
Bank
Egypt
SAE
617,149
0.2
Greece
:
1.0%
13,729
Athens
International
Airport
SA
184,381
0.0
51,818
Eurobank
SA
253,234
0.1
14,115
GEK
Terna
Holding
Real
Estate
Construction
SA
555,593
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Greece
(continued)
13,971
Hellenic
Telecommunications
Organization
SA
$
262,033
0.1
21,355
Helleniq
Energy
Holdings
SA
229,591
0.1
14,851
Jumbo
SA
440,796
0.1
11,356
Motor
Oil
Hellas
Corinth
Refineries
SA
457,228
0.1
15,963
National
Bank
of
Greece
SA
281,819
0.1
21,307
OPAP
SA
429,358
0.1
16,239
Public
Power
Corp.
SA
383,828
0.1
3,477,861
1.0
Hong
Kong
:
1.3%
391,685
AIA
Group
Ltd.
4,519,059
1.3
Hungary
:
0.8%
81,341
Magyar
Telekom
Telecommunications
PLC
504,599
0.2
79,416
MOL
Hungarian
Oil
&
Gas
PLC
969,903
0.3
5,913
OTP
Bank
Nyrt
744,045
0.2
14,114
Richter
Gedeon
Nyrt
472,393
0.1
2,690,940
0.8
India
:
10.2%
23,958
Aurobindo
Pharma
Ltd.
315,071
0.1
60,706
Bharat
Electronics
Ltd.
296,577
0.1
45,789
Bharat
Petroleum
Corp.
Ltd.
181,533
0.0
11,113
Cipla
Ltd./India
160,160
0.0
46,622
Coal
India
Ltd.
223,640
0.1
390,659
Coforge
Ltd.
3,952,439
1.2
7,479
Coromandel
International
Ltd.
185,854
0.0
2,125
Divi's
Laboratories
Ltd.
139,998
0.0
16,319
Dr
Reddy's
Laboratories
Ltd.
215,928
0.1
3,013
Eicher
Motors
Ltd.
233,511
0.1
18,349
Fortis
Healthcare
Ltd.
170,075
0.0
83,279
GAIL
India
Ltd.
151,706
0.0
50,385
HCL
Technologies
Ltd.
929,735
0.3
6,837
(3)
HDFC
Asset
Management
Co.
Ltd.
187,199
0.1
207,743
HDFC
Bank
Ltd.
2,100,547
0.6
140,344
HDFC
Bank
Ltd.,
ADR
4,544,339
1.3
2,458
Hero
MotoCorp
Ltd.
148,051
0.0
36,331
Hindalco
Industries
Ltd.
378,181
0.1
28,892
Hindustan
Unilever
Ltd.
745,921
0.2
46,184
(2)
Indus
Towers
Ltd.
224,031
0.1
71,261
Infosys
Ltd.
1,274,594
0.4
167,999
Infosys
Ltd.
-
Foreign,
ADR
2,953,422
0.9
18,492
(4)
Kwality
Wall’s
India
Ltd.
7,679
0.0
28,312
(2)
MakeMyTrip
Ltd.
1,766,103
0.5
860
Maruti
Suzuki
India
Ltd.
136,627
0.0
4,944
Mphasis
Ltd.
148,690
0.0
69,720
National
Aluminium
Co.
Ltd.
290,513
0.1
2,918
Persistent
Systems
Ltd.
191,867
0.1
434,302
Reliance
Industries
Ltd.
6,599,191
2.0
PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India
(continued)
33,610
Reliance
Strategic
Investments
Ltd.
$
93,081
0.0
105,159
Tata
Consultancy
Services
Ltd.
3,576,257
1.1
60,070
Tata
Consumer
Products
Ltd.
741,580
0.2
100,009
Tata
Steel
Ltd.
208,755
0.1
21,124
Tech
Mahindra
Ltd.
400,808
0.1
26,865
UPL
Ltd.
205,840
0.1
33,384
Vedanta
Ltd.
246,901
0.1
72,752
Wipro
Ltd.
187,714
0.1
34,514,118
10.2
Indonesia
:
1.8%
2,664,700
Astra
International
Tbk
PT
1,010,378
0.3
8,803,252
Bank
Central
Asia
Tbk
PT
3,889,712
1.1
1,652,800
Perusahaan
Gas
Negara
Tbk
PT
209,236
0.1
2,168,500
Telkom
Indonesia
Persero
Tbk
PT
463,539
0.1
2,872,900
Unilever
Indonesia
Tbk
PT
329,481
0.1
150,100
United
Tractors
Tbk
PT
233,834
0.1
6,136,180
1.8
Japan
:
1.1%
9,346
Fast
Retailing
Co.
Ltd.
3,565,807
1.1
Kuwait
:
0.1%
149,264
Mobile
Telecommunications
Co.
KSCP
247,882
0.1
57,389
National
Bank
of
Kuwait
SAKP
177,813
0.0
425,695
0.1
Luxembourg
:
0.2%
15,493
Reinet
Investments
SCA
532,567
0.2
Malaysia
:
1.0%
410,100
Axiata
Group
Bhd
239,107
0.1
209,400
Gamuda
Bhd
235,435
0.1
56,800
Petronas
Dagangan
Bhd
305,334
0.1
51,700
Petronas
Gas
Bhd
241,057
0.1
112,400
Press
Metal
Aluminium
Holdings
Bhd
215,463
0.1
1,139,200
Public
Bank
Bhd
1,408,044
0.4
106,600
Telekom
Malaysia
Bhd
213,825
0.0
140,300
Tenaga
Nasional
Bhd
496,397
0.1
3,354,662
1.0
Mexico
:
4.8%
49,791
America
Movil
SAB
de
CV
-
Foreign,
ADR
1,030,674
0.3
24,724
Arca
Continental
SAB
de
CV
278,492
0.1
304,151
Cemex
SAB
de
CV
378,013
0.1
57,012
Cemex
SAB
de
CV
-
Foreign,
ADR
711,510
0.2
28,188
Coca-Cola
Femsa
SAB
de
CV
295,622
0.1
5,907
Coca-Cola
Femsa
SAB
de
CV
-
Foreign,
ADR
616,041
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Mexico
(continued)
31,842
Fomento
Economico
Mexicano
SAB
de
CV
$
332,286
0.1
30,637
Fomento
Economico
Mexicano
SAB
de
CV
-
Foreign,
ADR
3,197,277
0.9
85,171
Gentera
SAB
de
CV
236,711
0.1
22,174
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
323,779
0.1
14,654
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
-
Class
B
402,842
0.1
9,635
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
-
Class
B
333,239
0.1
139,390
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
1,571,448
0.5
34,510
Grupo
Mexico
SAB
de
CV
380,783
0.1
67,478
Grupo
Televisa
SAB,
ADR
220,653
0.1
155,846
Kimberly-Clark
de
Mexico
SAB
de
CV
-
Class
A
345,205
0.1
111,737
Megacable
Holdings
SAB
de
CV
392,256
0.1
25,036
(2)
Ollamani
SAB
107,717
0.0
145,092
Prologis
Property
Mexico
SA
de
CV
665,019
0.2
21,301
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
333,361
0.1
1,240,643
Wal-Mart
de
Mexico
SAB
de
CV
3,937,174
1.2
16,090,102
4.8
Peru
:
0.6%
23,632
Cia
de
Minas
Buenaventura
SAA,
ADR
809,633
0.2
3,487
Credicorp
Ltd.
1,244,266
0.4
2,053,899
0.6
Philippines
:
0.2%
32,270
International
Container
Terminal
Services,
Inc.
353,452
0.1
24,940
Manila
Electric
Co.
249,906
0.1
603,358
0.2
Qatar
:
0.5%
55,581
Industries
Qatar
QSC
194,004
0.1
78,433
Ooredoo
QPSC
305,891
0.1
39,082
Qatar
Electricity
&
Water
Co.
QSC
164,228
0.0
85,499
Qatar
Fuel
QSC
363,975
0.1
27,118
Qatar
Islamic
Bank
SAQ
186,244
0.0
99,176
Qatar
Navigation
QSC
308,112
0.1
269,410
Vodafone
Qatar
QSC
188,239
0.1
1,710,693
0.5
Romania
:
0.4%
45,213
Banca
Transilvania
SA
340,989
0.1
35,222
NEPI
Rockcastle
NV
321,874
0.1
1,568,997
OMV
Petrom
SA
371,449
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Romania
(continued)
5,547
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
$
178,105
0.1
1,212,417
0.4
Saudi
Arabia
:
0.5%
22,509
Etihad
Etisalat
Co.
423,577
0.1
55,487
Jarir
Marketing
Co.
211,090
0.1
7,589
SABIC
Agri-Nutrients
Co.
252,843
0.1
78,047
(3)
Saudi
Arabian
Oil
Co.
536,513
0.1
21,084
Saudi
Telecom
Co.
250,284
0.1
1,674,307
0.5
Singapore
:
2.1%
938,844
(2)
Grab
Holdings
Ltd.
-
Class
A
4,037,029
1.2
24,452
(2)
Sea
Ltd.,
ADR
2,848,414
0.9
498,300
Yangzijiang
Financial
Holding
Ltd.
138,777
0.0
7,024,220
2.1
South
Africa
:
2.5%
3,308
Anglo
American
Platinum
Ltd.
297,218
0.1
9,510
Bid
Corp.
Ltd.
238,019
0.1
8,500
Capitec
Bank
Holdings
Ltd.
2,282,197
0.7
9,243
Clicks
Group
Ltd.
184,144
0.0
32,378
Exxaro
Resources
Ltd.
369,585
0.1
6,306
Gold
Fields
Ltd.
311,861
0.1
10,916
Harmony
Gold
Mining
Co.
Ltd.
231,949
0.1
19,903
MTN
Group
Ltd.
221,014
0.1
3,399
Naspers
Ltd.
-
Class
N
208,105
0.1
59,589
OUTsurance
Group
Ltd.
263,422
0.1
108,784
(3)
Pepkor
Holdings
Ltd.
177,750
0.0
455,434
Sanlam
Ltd.
2,847,564
0.8
24,222
Tiger
Brands
Ltd.
503,582
0.1
32,186
Vodacom
Group
Ltd.
299,988
0.1
8,436,398
2.5
South
Korea
:
28.6%
12,960
Cheil
Worldwide,
Inc.
197,384
0.1
2,697
DB
Insurance
Co.
Ltd.
266,273
0.1
5,173
Hana
Financial
Group,
Inc.
359,431
0.1
6,504
HD
Hyundai
Co.
Ltd.
1,055,520
0.3
2,270
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
650,205
0.2
7,798
Hyundai
Engineering
&
Construction
Co.
Ltd.
553,522
0.2
4,302
Hyundai
Glovis
Co.
Ltd.
725,314
0.2
3,453
Hyundai
Mobis
Co.
Ltd.
1,078,914
0.3
7,677
Hyundai
Steel
Co.
166,616
0.0
3,819
Kakao
Corp.
162,324
0.0
12,761
Kangwon
Land,
Inc.
154,338
0.0
3,075
KB
Financial
Group,
Inc.
287,818
0.1
4,030
(2)
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
156,222
0.0
7,105
Kia
Corp.
755,995
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea
(continued)
23,026
(2)
Korea
Electric
Power
Corp.
$
928,710
0.3
3,824
KT&G
Corp.
408,860
0.1
4,390
LG
CNS
Co.
Ltd.
211,760
0.1
22,589
(2)
LG
Display
Co.
Ltd.
182,138
0.1
59,946
LG
Uplus
Corp.
666,344
0.2
26,876
NAVER
Corp.
5,108,636
1.5
949
POSCO
Holdings,
Inc.
227,726
0.1
3,679
S-1
Corp.
203,712
0.1
32,135
Samsung
C&T
Corp.
6,698,687
2.0
5,182
Samsung
Electro-
Mechanics
Co.
Ltd.
996,596
0.3
133,298
Samsung
Electronics
Co.
Ltd.
14,726,067
4.4
17,131
Samsung
Engineering
Co.
Ltd.
364,656
0.1
823
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
286,455
0.1
11,783
(2)
Samsung
Heavy
Industries
Co.
Ltd.
240,151
0.1
12,637
Samsung
Life
Insurance
Co.
Ltd.
1,645,408
0.5
2,803
Samsung
SDS
Co.
Ltd.
336,114
0.1
3,163
Samsung
Securities
Co.
Ltd.
198,536
0.1
17,539
Shinhan
Financial
Group
Co.
Ltd.
1,025,045
0.3
42,734
SK
Hynix,
Inc.
26,682,147
7.9
69,391
(2)
SK
Square
Co.
Ltd.
27,163,204
8.0
15,729
SK
Telecom
Co.
Ltd.
792,678
0.2
1,475
SK,
Inc.
340,625
0.1
21,492
Woori
Financial
Group,
Inc.
449,588
0.1
96,453,719
28.6
Taiwan
:
13.3%
5,000
Accton
Technology
Corp.
174,816
0.1
13,699
Advantech
Co.
Ltd.
129,280
0.0
46,000
ASE
Technology
Holding
Co.
Ltd.
427,667
0.1
24,000
Asustek
Computer,
Inc.
377,035
0.1
25,000
Catcher
Technology
Co.
Ltd.
159,666
0.0
45,000
Chicony
Electronics
Co.
Ltd.
166,358
0.0
50,000
Chunghwa
Telecom
Co.
Ltd.
212,022
0.1
137,000
CTBC
Financial
Holding
Co.
Ltd.
220,727
0.1
51,000
Delta
Electronics,
Inc.
1,946,280
0.6
7,000
Elite
Material
Co.
Ltd.
379,698
0.1
152,000
Eva
Airways
Corp.
179,913
0.1
653,000
(2)(3)
FIT
Hon
Teng
Ltd.
408,180
0.1
55,000
Hon
Hai
Precision
Industry
Co.
Ltd.
380,183
0.1
45,000
King
Yuan
Electronics
Co.
Ltd.
416,932
0.1
3,400
Largan
Precision
Co.
Ltd.
259,139
0.1
75,000
Lite-On
Technology
Corp.
385,514
0.1
63,000
MediaTek,
Inc.
3,494,644
1.0
PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan
(continued)
21,000
Novatek
Microelectronics
Corp.
$
249,178
0.1
72,000
Powertech
Technology,
Inc.
570,136
0.2
28,000
Realtek
Semiconductor
Corp.
428,394
0.1
101,000
Synnex
Technology
International
Corp.
209,302
0.1
584,463
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
32,318,429
9.6
278,000
United
Microelectronics
Corp.
553,152
0.2
64,000
WT
Microelectronics
Co.
Ltd.
315,963
0.1
78,000
Zhen
Ding
Technology
Holding
Ltd.
480,684
0.1
44,843,292
13.3
Thailand
:
1.1%
28,100
Advanced
Info
Service
PCL
311,640
0.1
1,704,285
CP
ALL
PCL
-
Foreign
2,349,615
0.7
33,200
Kasikornbank
PCL
198,287
0.1
76,400
PTT
Exploration
&
Production
PCL
298,665
0.1
368,900
PTT
PCL
-
Foreign
398,223
0.1
21,900
Siam
Cement
PCL
-
Foreign
142,992
0.0
3,699,422
1.1
Turkey
:
0.5%
561,950
Akbank
TAS
1,202,045
0.3
14,420
BIM
Birlesik
Magazalar
AS
220,060
0.1
23,592
Turk
Hava
Yollari
AO
165,017
0.0
34,545
Turkiye
Petrol
Rafinerileri
AS
194,664
0.1
1,781,786
0.5
United
Arab
Emirates
:
1.4%
34,310
Abu
Dhabi
Islamic
Bank
PJSC
227,549
0.1
163,615
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
182,661
0.0
527,884
Air
Arabia
PJSC
716,425
0.2
123,521
Aldar
Properties
PJSC
322,910
0.1
225,176
Dubai
Investments
PJSC
245,413
0.1
79,431
Dubai
Islamic
Bank
PJSC
208,965
0.1
145,057
Emaar
Development
PJSC
679,368
0.2
466,312
Emaar
Properties
PJSC
1,907,540
0.6
30,335
Emirates
Telecommunications
Group
Co.
PJSC
162,723
0.0
112,259
Salik
Co.
PJSC
195,020
0.0
4,848,574
1.4
United
Kingdom
:
1.1%
56,662
Unilever
PLC,
ADR
3,873,414
1.1
United
States
:
0.3%
1,579
(2)
BeiGene
Ltd.,
ADR
537,460
0.2
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
United
States
(continued)
6,836
Titan
Cement
International
SA
$
461,252
0.1
998,712
0.3
Total
Common
Stock
(Cost
$224,607,143)
331,652,146
98.3
EXCHANGE-TRADED
FUNDS
:
0.3%
16,962
iShares
Core
MSCI
Emerging
Markets
ETF
1,230,763
0.3
Total
Exchange-Traded
Funds
(Cost
$1,227,823)
1,230,763
0.3
PREFERRED
STOCK
:
1.1%
Brazil
:
0.6%
8,463
(2)
Axia
Energia
85,275
0.0
170,073
Cia
Energetica
de
Minas
Gerais
370,669
0.1
85,601
Gerdau
SA
363,208
0.1
347,432
Itausa
SA
898,493
0.3
26,164
Petroleo
Brasileiro
SA
187,278
0.1
1,904,923
0.6
Chile
:
0.1%
62,103
Embotelladora
Andina
SA
326,204
0.1
Colombia
:
0.1%
28,154
Grupo
de
Inversiones
Suramericana
SA
398,295
0.1
South
Korea
:
0.3%
6,338
LG
Chem
Ltd.
698,290
0.2
4,290
Samsung
Electronics
Co.
Ltd.
347,494
0.1
1,045,784
0.3
Total
Preferred
Stock
(Cost
$3,101,775)
3,675,206
1.1
Total
Long-Term
Investments
(Cost
$228,936,741)
336,558,115
99.7
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
0.8%
Repurchase
Agreements
:
0.2%
766,000
(5)
Cantor
Fitzgerald
Securities,
Repurchase
Agreement
dated
01/30/2026,
3.690%,
due
02/02/2026
(Repurchase
Amount
$766,232,
collateralized
by
various
U.S.
Government/U.S.
Government
Agency
Obligations,
1.000%-
6.500%,
Market
Value
plus
accrued
interest
$781,320,
due
10/31/29-12/15/60)
766,000
0.2
PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
Principal
Amount†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS:
(continued)
Repurchase
Agreements
(continued)
49,881
(5)
Daiwa
Capital
Markets
America
Inc.,
Repurchase
Agreement
dated
01/30/2026,
3.660%,
due
02/02/2026
(Repurchase
Amount
$49,896,
collateralized
by
various
U.S.
Government
Securities,
1.125%-4.375%,
Market
Value
plus
accrued
interest
$50,879,
due
02/28/27-06/30/31)
$
49,881
0.0
Total
Repurchase
Agreements
(Cost
$815,881)
815,881
0.2
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
0.6%
1,733,880
(6)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
3.570%
1,733,880
0.5
153,000
(6)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
3.610%
153,000
0.1
Total
Mutual
Funds
(Cost
$1,886,880)
1,886,880
0.6
Total
Short-Term
Investments
(Cost
$2,702,761)
2,702,761
0.8
Total
Investments
in
Securities
(Cost
$231,639,502)
$
339,260,876
100.5
Liabilities
in
Excess
of
Other
Assets
(1,839,791)
(0.5)
Net
Assets
$
337,421,085
100.0
ADR
American
Depositary
Receipt
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Security,
or
a
portion
of
the
security,
is
on
loan.
(2)
Non-income
producing
security.
(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)
For
fair
value
measurement
disclosure
purposes,
security
is
categorized
as
Level
3,
whose
value
was
determined
using
significant
unobservable
inputs.
(5)
All
or
a
portion
of
the
security
represents
securities
purchased
with
cash
collateral
received
for
securities
on
loan.
(6)
Rate
shown
is
the
7-day
yield
as
of
January
31,
2026.
Sector
Diversification
Percentage
of
Net
Assets
Information
Technology
30.2
%
Industrials
14.9
Financials
14.6
Consumer
Discretionary
11.8
Communication
Services
8.8
Consumer
Staples
6.5
Energy
4.9
Materials
3.1
Utilities
2.6
Real
Estate
1.2
Health
Care
0.8
Exchange-Traded
Funds
0.3
Foreign
Stock
0.0
Short-Term
Investments
0.8
Liabilities
in
Excess
of
Other
Assets
(0.5)
Net
Assets
100.0%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
of
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
January
31,
2026
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,
2026
Asset
Table
Investments,
at
fair
value
Common
Stock
Brazil
$
21,985,303
$
—
$
—
$
21,985,303
Chile
2,240,351
—
—
2,240,351
China
10,507,609
41,211,175
—
51,718,784
Colombia
247,185
—
—
247,185
Czechia
—
322,172
—
322,172
Egypt
—
617,149
—
617,149
Greece
1,284,126
2,193,735
—
3,477,861
Hong
Kong
—
4,519,059
—
4,519,059
Hungary
472,393
2,218,547
—
2,690,940
India
9,263,864
25,242,575
7,679
34,514,118
Indonesia
329,481
5,806,699
—
6,136,180
Japan
—
3,565,807
—
3,565,807
Kuwait
247,882
177,813
—
425,695
Luxembourg
532,567
—
—
532,567
Malaysia
241,057
3,113,605
—
3,354,662
Mexico
16,090,102
—
—
16,090,102
Peru
2,053,899
—
—
2,053,899
Philippines
249,906
353,452
—
603,358
Qatar
1,022,333
688,360
—
1,710,693
Romania
499,979
712,438
—
1,212,417
Saudi
Arabia
—
1,674,307
—
1,674,307
Singapore
6,885,443
138,777
—
7,024,220
South
Africa
4,018,578
4,417,820
—
8,436,398
South
Korea
1,361,659
95,092,060
—
96,453,719
Taiwan
—
44,843,292
—
44,843,292
Thailand
—
3,699,422
—
3,699,422
Turkey
—
1,781,786
—
1,781,786
United
Arab
Emirates
1,219,772
3,628,802
—
4,848,574
United
Kingdom
3,873,414
—
—
3,873,414
United
States
537,460
461,252
—
998,712
Total
Common
Stock
85,164,363
246,480,104
7,679
331,652,146
Exchange-Traded
Funds
1,230,763
—
—
1,230,763
Preferred
Stock
2,629,422
1,045,784
—
3,675,206
Short-Term
Investments
1,886,880
815,881
—
2,702,761
Total
Investments,
at
fair
value
$
90,911,428
$
248,341,769
$
7,679
$
339,260,876
Other
Financial
Instruments+
Futures
39,138
—
—
39,138
Total
Assets
$
90,950,566
$
248,341,769
$
7,679
$
339,300,014
#
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
January
31,
2026
(Unaudited)
(continued)
Voya
VACS
Series
EME
Fund
At
January
31,
2026,
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
7
03/20/26
$
532,280
$
39,138
$
532,280
$
39,138
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
114,750,761
Gross
Unrealized
Depreciation
(7,129,387)
Net
Unrealized
Appreciation
$
107,621,374