NPORT-EX 2 364832_VY093023.htm
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
1
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
96
.0
%
Brazil
:
3
.8
%
347,408 
Ambev
SA
$
906,784
0
.2
43,808 
Atacadao
SA
77,566
0.0
428,274 
B3
SA
-
Brasil
Bolsa
Balcao
1,045,433
0
.2
110,336 
Banco
Bradesco
SA
277,237
0
.1
87,571 
Banco
BTG
Pactual
SA
540,595
0
.1
64,302 
Banco
do
Brasil
SA
604,444
0
.1
25,603 
Banco
Santander
Brasil
SA
132,789
0.0
51,428 
BB
Seguridade
Participacoes
SA
320,034
0
.1
75,777 
CCR
SA
195,226
0.0
88,068 
Centrais
Eletricas
Brasileiras
SA
644,406
0
.1
25,168 
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
306,880
0
.1
46,801 
Cia
Siderurgica
Nacional
SA
113,405
0.0
92,210 
Cosan
SA
312,959
0
.1
16,802 
CPFL
Energia
SA
113,082
0.0
16,409 
Energisa
S/A
152,908
0.0
63,277 
(1)
Eneva
SA
152,070
0.0
15,160 
Engie
Brasil
Energia
SA
125,043
0.0
76,885 
Equatorial
Energia
SA
491,300
0
.1
384,247 
(1)(2)
Hapvida
Participacoes
e
Investimentos
S/A
360,813
0
.1
30,128 
Hypera
SA
223,328
0
.1
55,307 
Klabin
SA
263,301
0
.1
67,165 
Localiza
Rent
a
Car
SA
784,352
0
.2
70,359 
Lojas
Renner
SA
187,566
0.0
224,899 
(1)
Magazine
Luiza
SA
96,196
0.0
66,667 
(1)
Natura
&
Co.
Holding
SA
193,507
0.0
273,285 
Petroleo
Brasileiro
SA
2,051,316
0
.4
55,234 
(1)
PRIO
SA/Brazil
516,457
0
.1
88,361 
Raia
Drogasil
SA
485,352
0
.1
41,260 
(2)
Rede
D'Or
Sao
Luiz
SA
208,740
0
.1
95,394 
Rumo
SA
434,407
0
.1
96,239 
Sendas
Distribuidora
S/A
233,391
0
.1
58,264 
Suzano
SA
626,855
0
.1
30,137 
Telefonica
Brasil
SA
257,629
0
.1
59,763 
TIM
SA/Brazil
177,748
0.0
38,748 
TOTVS
SA
207,517
0.0
53,720 
Ultrapar
Participacoes
SA
200,707
0.0
248,433 
Vale
SA
-
Foreign
3,335,636
0
.7
84,252 
Vibra
Energia
SA
316,790
0
.1
123,903 
WEG
SA
895,771
0
.2
18,569,540
3
.8
Chile
:
0
.4
%
3,349,243 
Banco
de
Chile
341,049
0
.1
4,849 
Banco
de
Credito
e
Inversiones
SA
124,170
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Chile:
(continued)
4,960,875 
Banco
Santander
Chile
$
229,719
0
.1
99,165 
Cencosud
SA
188,030
0
.1
9,100 
Cia
Cervecerias
Unidas
SA
57,835
0.0
1,084,327 
Cia
Sud
Americana
de
Vapores
SA
65,037
0.0
86,799 
Empresas
CMPC
SA
159,806
0.0
29,448 
Empresas
Copec
SA
208,769
0
.1
1,522,782 
(1)
Enel
Americas
SA
174,786
0.0
2,064,466 
Enel
Chile
SA
125,450
0.0
64,017 
Falabella
SA
143,054
0.0
1,817,705
0
.4
China
:
29
.2
%
37,000 
(1)
360
Security
Technology,
Inc.
-
Class
A
49,823
0.0
13,200 
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
-
Class
A
39,456
0.0
122,500 
(2)
3SBio,
Inc.
102,309
0.0
55,000 
AAC
Technologies
Holdings,
Inc.
93,802
0.0
3,190 
Advanced
Micro-
Fabrication
Equipment,
Inc.
China
-
Class
A
66,012
0.0
13,700 
AECC
Aviation
Power
Co.
Ltd.
-
Class
A
69,763
0.0
359,500 
Agricultural
Bank
of
China
Ltd.
-
Class
A
177,353
0
.1
2,158,000 
Agricultural
Bank
of
China
Ltd.
-
Class
H
802,483
0
.2
38,191 
Aier
Eye
Hospital
Group
Co.
Ltd.
-
Class
A
94,547
0.0
192,000 
(1)
Air
China
Ltd.
-
Class
H
129,302
0.0
11,000 
Airtac
International
Group
334,209
0
.1
37,000 
(1)(2)
Akeso,
Inc.
169,558
0
.1
1,202,300 
(1)
Alibaba
Group
Holding
Ltd.
13,035,561
2
.7
402,000 
(1)(3)
Alibaba
Health
Information
Technology
Ltd.
248,376
0
.1
80,800 
Aluminum
Corp.
of
China
Ltd.
-
Class
A
69,683
0.0
248,000 
Aluminum
Corp.
of
China
Ltd.
-
Class
H
137,956
0.0
6,800 
Angel
Yeast
Co.
Ltd.
-
Class
A
31,394
0.0
22,000 
Anhui
Conch
Cement
Co.
Ltd.
-
Class
A
78,749
0.0
86,500 
Anhui
Conch
Cement
Co.
Ltd.
-
Class
H
228,850
0
.1
1,300 
Anhui
Gujing
Distillery
Co.
Ltd.
-
Class
A
48,538
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
2
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
7,843 
Anhui
Gujing
Distillery
Co.
Ltd.
-
Class
B
$
131,454
0.0
4,500 
Anhui
Kouzi
Distillery
Co.
Ltd.
-
Class
A
32,036
0.0
2,400 
Anhui
Yingjia
Distillery
Co.
Ltd.
-
Class
A
24,281
0.0
2,100 
Anjoy
Foods
Group
Co.
Ltd.
-
Class
A
35,801
0.0
93,000 
ANTA
Sports
Products
Ltd.
1,040,609
0
.2
2,400 
Asymchem
Laboratories
Tianjin
Co.
Ltd.
-
Class
A
50,005
0.0
5,119 
Autohome,
Inc.,
ADR
155,362
0
.1
13,200 
Avary
Holding
Shenzhen
Co.
Ltd.
-
Class
A
36,864
0.0
64,400 
AVIC
Industry-Finance
Holdings
Co.
Ltd.
-
Class
A
31,079
0.0
186,000 
AviChina
Industry
&
Technology
Co.
Ltd.
-
Class
H
88,075
0.0
5,100 
AVICOPTER
PLC
-
Class
A
26,473
0.0
165,050 
(1)
Baidu,
Inc.
-
Class
A
2,777,902
0
.6
72,500 
Bank
of
Beijing
Co.
Ltd.
-
Class
A
45,995
0.0
26,300 
Bank
of
Chengdu
Co.
Ltd.
-
Class
A
49,726
0.0
184,900 
Bank
of
China
Ltd.
-
Class
A
95,568
0.0
5,798,000 
Bank
of
China
Ltd.
-
Class
H
2,019,897
0
.4
167,600 
Bank
of
Communications
Co.
Ltd.
-
Class
A
132,424
0.0
655,000 
Bank
of
Communications
Co.
Ltd.
-
Class
H
395,611
0
.1
20,300 
Bank
of
Hangzhou
Co.
Ltd.
-
Class
A
31,110
0.0
80,500 
Bank
of
Jiangsu
Co.
Ltd.
-
Class
A
79,322
0.0
60,400 
Bank
of
Nanjing
Co.
Ltd.
-
Class
A
66,651
0.0
27,100 
Bank
of
Ningbo
Co.
Ltd.
-
Class
A
100,212
0.0
50,100 
Bank
of
Shanghai
Co.
Ltd.
-
Class
A
42,355
0.0
103,200 
Baoshan
Iron
&
Steel
Co.
Ltd.
-
Class
A
86,233
0.0
50,500 
(1)(3)
BeiGene
Ltd.
696,745
0
.2
150,000 
(1)
Beijing
Capital
International
Airport
Co.
Ltd.
-
Class
H
69,370
0.0
4,100 
Beijing
Easpring
Material
Technology
Co.
Ltd.
-
Class
A
23,726
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
23,100 
Beijing
Enlight
Media
Co.
Ltd.
-
Class
A
$
27,267
0.0
34,500 
Beijing
Enterprises
Holdings
Ltd.
118,662
0.0
360,000 
Beijing
Enterprises
Water
Group
Ltd.
78,358
0.0
1,861 
Beijing
Kingsoft
Office
Software,
Inc.
-
Class
A
94,771
0.0
12,300 
Beijing
New
Building
Materials
PLC
-
Class
A
50,782
0.0
8,300 
Beijing
Tongrentang
Co.
Ltd.
-
Class
A
62,250
0.0
5,320 
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.
-
Class
A
35,082
0.0
142,700 
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.
-
Class
A
100,479
0.0
4,300 
Bethel
Automotive
Safety
Systems
Co.
Ltd.
-
Class
A
43,329
0.0
14,560 
(1)(3)
Bilibili,
Inc.
-
Class
Z
200,650
0
.1
3,094 
Bloomage
Biotechnology
Corp.
Ltd.
-
Class
A
36,911
0.0
169,400 
BOE
Technology
Group
Co.
Ltd.
-
Class
A
89,695
0.0
7,700 
BYD
Co.
Ltd.
-
Class
A
251,808
0
.1
77,500 
BYD
Co.
Ltd.
-
Class
H
2,387,793
0
.5
61,500 
BYD
Electronic
International
Co.
Ltd.
279,392
0
.1
12,400 
By-health
Co.
Ltd.
-
Class
A
32,312
0.0
52,000 
C&D
International
Investment
Group
Ltd.
126,029
0.0
35,900 
Caitong
Securities
Co.
Ltd.
-
Class
A
38,864
0.0
2,240 
(1)
Cambricon
Technologies
Corp.
Ltd.
-
Class
A
38,218
0.0
6,400 
Canmax
Technologies
Co.
Ltd.
-
Class
A
22,619
0.0
6,800 
CETC
Cyberspace
Security
Technology
Co.
Ltd.
-
Class
A
22,142
0.0
768,000 
(2)
CGN
Power
Co.
Ltd.
-
Class
H
198,820
0
.1
1,400 
Changchun
High
&
New
Technology
Industry
Group,
Inc.
-
Class
A
26,760
0.0
44,000 
Changjiang
Securities
Co.
Ltd.
-
Class
A
35,215
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
3
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
1,100 
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.
-
Class
A
$
22,891
0.0
12,800 
Chaozhou
Three-
Circle
Group
Co.
Ltd.
-
Class
A
54,414
0.0
7,100 
Chengxin
Lithium
Group
Co.
Ltd.
-
Class
A
21,827
0.0
20,700 
China
Baoan
Group
Co.
Ltd.
-
Class
A
29,595
0.0
580,000 
China
Cinda
Asset
Management
Co.
Ltd.
-
Class
H
58,266
0.0
654,000 
China
CITIC
Bank
Corp.
Ltd.
-
Class
H
303,490
0
.1
152,000 
China
Coal
Energy
Co.
Ltd.
-
Class
H
119,009
0.0
198,000 
China
Communications
Services
Corp.
Ltd.
-
Class
H
83,071
0.0
108,000 
China
Conch
Venture
Holdings
Ltd.
91,926
0.0
71,400 
China
Construction
Bank
Corp.
-
Class
A
61,707
0.0
6,989,000 
China
Construction
Bank
Corp.
-
Class
H
3,928,883
0
.8
22,500 
China
CSSC
Holdings
Ltd.
-
Class
A
85,961
0.0
76,200 
(1)
China
Eastern
Airlines
Corp.
Ltd.
-
Class
A
46,059
0.0
197,600 
China
Energy
Engineering
Corp.
Ltd.
-
Class
A
61,243
0.0
197,300 
China
Everbright
Bank
Co.
Ltd.
-
Class
A
83,053
0.0
190,000 
China
Everbright
Bank
Co.
Ltd.
-
Class
H
56,905
0.0
292,000 
China
Everbright
Environment
Group
Ltd.
100,341
0.0
273,000 
(2)
China
Feihe
Ltd.
160,412
0
.1
286,500 
China
Galaxy
Securities
Co.
Ltd.
-
Class
H
147,353
0.0
199,000 
China
Gas
Holdings
Ltd.
187,581
0
.1
23,500 
China
Greatwall
Technology
Group
Co.
Ltd.
-
Class
A
33,811
0.0
173,500 
China
Hongqiao
Group
Ltd.
168,950
0
.1
8,400 
China
International
Capital
Corp.
Ltd.
-
Class
A
43,259
0.0
106,400 
(2)
China
International
Capital
Corp.
Ltd.
-
Class
H
194,210
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
464,000 
China
Jinmao
Holdings
Group
Ltd.
$
59,656
0.0
27,300 
China
Jushi
Co.
Ltd.
-
Class
A
50,599
0.0
16,000 
China
Life
Insurance
Co.
Ltd.
-
Class
A
79,879
0.0
549,000 
China
Life
Insurance
Co.
Ltd.
-
Class
H
850,752
0
.2
30,200 
(1)(2)
China
Literature
Ltd.
109,941
0.0
241,000 
China
Longyuan
Power
Group
Corp.
Ltd.
-
Class
H
209,013
0
.1
97,000 
China
Medical
System
Holdings
Ltd.
146,402
0.0
52,000 
China
Meidong
Auto
Holdings
Ltd.
28,414
0.0
238,000 
China
Mengniu
Dairy
Co.
Ltd.
793,860
0
.2
88,200 
China
Merchants
Bank
Co.
Ltd.
-
Class
A
401,224
0
.1
288,500 
China
Merchants
Bank
Co.
Ltd.
-
Class
H
1,197,738
0
.3
27,200 
China
Merchants
Energy
Shipping
Co.
Ltd.
-
Class
A
23,945
0.0
100,598 
China
Merchants
Port
Holdings
Co.
Ltd.
125,047
0.0
41,400 
China
Merchants
Securities
Co.
Ltd.
-
Class
A
79,635
0.0
40,800 
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.
-
Class
A
69,500
0.0
172,712 
China
Minsheng
Banking
Corp.
Ltd.
-
Class
A
90,825
0.0
419,500 
China
Minsheng
Banking
Corp.
Ltd.
-
Class
H
143,303
0.0
294,000 
China
National
Building
Material
Co.
Ltd.
-
Class
H
153,756
0
.1
39,300 
China
National
Chemical
Engineering
Co.
Ltd.
-
Class
A
42,014
0.0
92,700 
China
National
Nuclear
Power
Co.
Ltd.
-
Class
A
92,808
0.0
20,700 
China
Northern
Rare
Earth
Group
High-
Tech
Co.
Ltd.
-
Class
A
61,936
0.0
136,000 
China
Oilfield
Services
Ltd.
-
Class
H
162,758
0
.1
286,000 
China
Overseas
Land
&
Investment
Ltd.
590,936
0
.1
100,000 
China
Overseas
Property
Holdings
Ltd.
112,544
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
4
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
29,700 
China
Pacific
Insurance
Group
Co.
Ltd.
-
Class
A
$
117,215
0.0
197,400 
China
Pacific
Insurance
Group
Co.
Ltd.
-
Class
H
491,423
0
.1
143,600 
China
Petroleum
&
Chemical
Corp.
-
Class
A
119,393
0.0
1,842,000 
China
Petroleum
&
Chemical
Corp.
-
Class
H
1,001,836
0
.2
387,000 
China
Power
International
Development
Ltd.
140,302
0.0
90,200 
China
Railway
Group
Ltd.
-
Class
A
84,704
0.0
309,000 
China
Railway
Group
Ltd.
-
Class
H
158,911
0
.1
7,500 
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.
-
Class
A
29,628
0.0
122,000 
China
Resources
Beer
Holdings
Co.
Ltd.
666,418
0
.2
178,000 
China
Resources
Cement
Holdings
Ltd.
45,502
0.0
66,100 
China
Resources
Gas
Group
Ltd.
193,281
0
.1
240,000 
China
Resources
Land
Ltd.
953,073
0
.2
7,376 
China
Resources
Microelectronics
Ltd.
-
Class
A
54,789
0.0
49,400 
(2)(3)
China
Resources
Mixc
Lifestyle
Services
Ltd.
198,843
0
.1
135,500 
(2)
China
Resources
Pharmaceutical
Group
Ltd.
89,771
0.0
142,000 
China
Resources
Power
Holdings
Co.
Ltd.
270,178
0
.1
6,200 
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.
-
Class
A
42,544
0.0
440,000 
(1)
China
Ruyi
Holdings
Ltd.
113,659
0.0
29,500 
China
Shenhua
Energy
Co.
Ltd.
-
Class
A
126,492
0.0
253,000 
China
Shenhua
Energy
Co.
Ltd.
-
Class
H
818,651
0
.2
65,400 
(1)
China
Southern
Airlines
Co.
Ltd.
-
Class
A
55,048
0.0
114,000 
(1)
China
Southern
Airlines
Co.
Ltd.
-
Class
H
55,276
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
173,600 
China
State
Construction
Engineering
Corp.
Ltd.
-
Class
A
$
131,890
0.0
146,000 
China
State
Construction
International
Holdings
Ltd.
153,388
0
.1
104,800 
China
Taiping
Insurance
Holdings
Co.
Ltd.
103,791
0.0
131,200 
China
Three
Gorges
Renewables
Group
Co.
Ltd.
-
Class
A
86,003
0.0
8,100 
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
A
118,586
0.0
5,900 
(2)(3)
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
H
77,940
0.0
3,240,000 
(2)
China
Tower
Corp.
Ltd.
-
Class
H
309,518
0
.1
232,000 
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
108,076
0.0
142,900 
China
United
Network
Communications
Ltd.
-
Class
A
96,543
0.0
45,300 
China
Vanke
Co.
Ltd.
-
Class
A
81,598
0.0
149,600 
China
Vanke
Co.
Ltd.
-
Class
H
164,558
0
.1
100,500 
China
Yangtze
Power
Co.
Ltd.
-
Class
A
306,659
0
.1
3,500 
China
Zhenhua
Group
Science
&
Technology
Co.
Ltd.
-
Class
A
38,856
0.0
204,000 
Chinasoft
International
Ltd.
144,715
0.0
3,300 
Chongqing
Brewery
Co.
Ltd.
-
Class
A
38,611
0.0
44,900 
Chongqing
Changan
Automobile
Co.
Ltd.
-
Class
A
83,223
0.0
11,550 
Chongqing
Zhifei
Biological
Products
Co.
Ltd.
-
Class
A
77,026
0.0
143,400 
Chow
Tai
Fook
Jewellery
Group
Ltd.
215,301
0
.1
429,000 
CITIC
Ltd.
392,690
0
.1
51,900 
CITIC
Securities
Co.
Ltd.
-
Class
A
155,008
0
.1
129,500 
CITIC
Securities
Co.
Ltd.
-
Class
H
261,432
0
.1
95,300 
CMOC
Group
Ltd.
-
Class
A
77,513
0.0
252,000 
CMOC
Group
Ltd.
-
Class
H
160,767
0
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
5
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,200 
CNGR
Advanced
Material
Co.
Ltd.
-
Class
A
$
29,203
0.0
19,180 
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
535,749
0
.1
23,100 
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
-
Class
A
42,759
0.0
88,000 
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
-
Class
H
95,793
0.0
59,700 
COSCO
SHIPPING
Holdings
Co.
Ltd.
-
Class
A
80,320
0.0
230,000 
COSCO
SHIPPING
Holdings
Co.
Ltd.
-
Class
H
235,091
0
.1
112,000 
COSCO
SHIPPING
Ports
Ltd.
72,963
0.0
864,000 
(1)
Country
Garden
Holdings
Co.
Ltd.
99,621
0.0
163,000 
(3)
Country
Garden
Services
Holdings
Co.
Ltd.
166,464
0
.1
106,300 
CRRC
Corp.
Ltd.
-
Class
A
85,069
0.0
323,000 
CRRC
Corp.
Ltd.
-
Class
H
155,653
0
.1
23,000 
CSC
Financial
Co.
Ltd.
-
Class
A
77,865
0.0
668,000 
CSPC
Pharmaceutical
Group
Ltd.
488,538
0
.1
78,100 
Daqin
Railway
Co.
Ltd.
-
Class
A
77,987
0.0
4,230 
(1)
Daqo
New
Energy
Corp.,
ADR
128,042
0.0
8,760 
DaShenLin
Pharmaceutical
Group
Co.
Ltd.
-
Class
A
30,311
0.0
18,500 
Dongfang
Electric
Corp.
Ltd.
-
Class
A
39,663
0.0
212,000 
Dongfeng
Motor
Group
Co.
Ltd.
-
Class
H
83,396
0.0
123,000 
Dongyue
Group
Ltd.
92,113
0.0
33,500 
(1)(2)
East
Buy
Holding
Ltd.
157,306
0
.1
65,140 
East
Money
Information
Co.
Ltd.
-
Class
A
136,667
0.0
4,000 
Ecovacs
Robotics
Co.
Ltd.
-
Class
A
26,700
0.0
59,400 
ENN
Energy
Holdings
Ltd.
489,468
0
.1
9,000 
ENN
Natural
Gas
Co.
Ltd.
-
Class
A
21,486
0.0
9,500 
Eve
Energy
Co.
Ltd.
-
Class
A
58,991
0.0
25,400 
Everbright
Securities
Co.
Ltd.
-
Class
A
58,283
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
33,000 
(1)
Fangda
Carbon
New
Material
Co.
Ltd.
-
Class
A
$
26,164
0.0
91,000 
Far
East
Horizon
Ltd.
65,459
0.0
36,800 
First
Capital
Securities
Co.
Ltd.
-
Class
A
29,767
0.0
11,000 
Flat
Glass
Group
Co.
Ltd.
-
Class
A
42,755
0.0
28,000 
Flat
Glass
Group
Co.
Ltd.
-
Class
H
62,642
0.0
78,700 
Focus
Media
Information
Technology
Co.
Ltd.
-
Class
A
77,193
0.0
18,620 
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
-
Class
A
97,528
0.0
194,000 
Fosun
International
Ltd.
122,126
0.0
46,900 
Foxconn
Industrial
Internet
Co.
Ltd.
-
Class
A
127,190
0.0
13,100 
Fuyao
Glass
Industry
Group
Co.
Ltd.
-
Class
A
66,402
0.0
40,800 
(2)
Fuyao
Glass
Industry
Group
Co.
Ltd.
-
Class
H
186,632
0
.1
8,600 
Ganfeng
Lithium
Group
Co.
Ltd.
-
Class
A
52,789
0.0
26,200 
(2)
Ganfeng
Lithium
Group
Co.
Ltd.
-
Class
H
106,992
0.0
1,480,000 
GCL
Technology
Holdings
Ltd.
274,411
0
.1
112,200 
GD
Power
Development
Co.
Ltd.
-
Class
A
56,530
0.0
67,700 
(1)
GDS
Holdings
Ltd.
-
Class
A
92,882
0.0
449,000 
Geely
Automobile
Holdings
Ltd.
526,554
0
.1
39,400 
GEM
Co.
Ltd.
-
Class
A
32,913
0.0
32,500 
Gemdale
Corp.
-
Class
A
30,559
0.0
82,000 
(1)
Genscript
Biotech
Corp.
214,684
0
.1
33,700 
GF
Securities
Co.
Ltd.
-
Class
A
67,979
0.0
59,800 
GF
Securities
Co.
Ltd.
-
Class
H
79,898
0.0
2,300 
GigaDevice
Semiconductor,
Inc.
-
Class
A
31,130
0.0
2,500 
Ginlong
Technologies
Co.
Ltd.
-
Class
A
26,945
0.0
20,500 
GoerTek,
Inc.
-
Class
A
44,357
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
6
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
25,100 
Goldwind
Science
&
Technology
Co.
Ltd.
-
Class
A
$
31,734
0.0
11,600 
(1)
Gotion
High-tech
Co.
Ltd.
-
Class
A
36,980
0.0
16,300 
Great
Wall
Motor
Co.
Ltd.
-
Class
A
57,692
0.0
159,500 
Great
Wall
Motor
Co.
Ltd.
-
Class
H
189,136
0
.1
9,600 
Gree
Electric
Appliances,
Inc.
of
Zhuhai
-
Class
A
47,894
0.0
79,500 
Greentown
China
Holdings
Ltd.
82,209
0.0
5,600 
Guangdong
Haid
Group
Co.
Ltd.
-
Class
A
34,729
0.0
210,000 
Guangdong
Investment
Ltd.
160,060
0
.1
41,500 
Guanghui
Energy
Co.
Ltd.
-
Class
A
43,471
0.0
33,900 
Guangzhou
Automobile
Group
Co.
Ltd.
-
Class
A
46,679
0.0
176,000 
Guangzhou
Automobile
Group
Co.
Ltd.
-
Class
H
86,736
0.0
10,100 
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.
-
Class
A
43,447
0.0
3,500 
Guangzhou
Kingmed
Diagnostics
Group
Co.
Ltd.
-
Class
A
29,991
0.0
4,900 
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.
-
Class
A
34,080
0.0
11,200 
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
-
Class
A
41,570
0.0
44,100 
Guosen
Securities
Co.
Ltd.
-
Class
A
55,835
0.0
40,400 
Guotai
Junan
Securities
Co.
Ltd.
-
Class
A
80,765
0.0
35,100 
Guoyuan
Securities
Co.
Ltd.
-
Class
A
32,636
0.0
14,807 
(1)
H
World
Group
Ltd.,
ADR
583,840
0
.1
124,000 
(2)
Haidilao
International
Holding
Ltd.
330,625
0
.1
30,400 
Haier
Smart
Home
Co.
Ltd.
-
Class
A
98,808
0.0
173,600 
Haier
Smart
Home
Co.
Ltd.
-
Class
H
542,598
0
.1
276,900 
(1)
Hainan
Airlines
Holding
Co.
Ltd.
-
Class
A
56,251
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
46,000 
Haitian
International
Holdings
Ltd.
$
97,099
0.0
57,800 
Haitong
Securities
Co.
Ltd.
-
Class
A
79,033
0.0
170,400 
Haitong
Securities
Co.
Ltd.
-
Class
H
101,879
0.0
24,600 
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.
-
Class
A
32,414
0.0
6,180 
Hangzhou
First
Applied
Material
Co.
Ltd.
-
Class
A
24,315
0.0
8,300 
Hangzhou
Robam
Appliances
Co.
Ltd.
-
Class
A
30,783
0.0
9,800 
Hangzhou
Silan
Microelectronics
Co.
Ltd.
-
Class
A
32,758
0.0
2,700 
Hangzhou
Tigermed
Consulting
Co.
Ltd.
-
Class
A
24,674
0.0
80,000 
(2)
Hansoh
Pharmaceutical
Group
Co.
Ltd.
108,609
0.0
16,700 
Henan
Shenhuo
Coal
&
Power
Co.
Ltd.
-
Class
A
39,243
0.0
12,100 
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.
-
Class
A
43,801
0.0
45,500 
Hengan
International
Group
Co.
Ltd.
144,764
0.0
33,400 
(1)
Hengli
Petrochemical
Co.
Ltd.
-
Class
A
66,001
0.0
31,000 
(1)
Hengyi
Petrochemical
Co.
Ltd.
-
Class
A
31,275
0.0
90,000 
Hesteel
Co.
Ltd.
-
Class
A
28,021
0.0
1,800 
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
-
Class
A
37,099
0.0
2,600 
Hoshine
Silicon
Industry
Co.
Ltd.
-
Class
A
21,577
0.0
4,052 
Hoyuan
Green
Energy
Co.
Ltd.
-
Class
A
23,256
0.0
45,000 
(1)(2)
Hua
Hong
Semiconductor
Ltd.
113,150
0.0
54,300 
Huadian
Power
International
Corp.
Ltd.
-
Class
A
38,286
0.0
6,400 
Huadong
Medicine
Co.
Ltd.
-
Class
A
37,100
0.0
38,100 
Huafon
Chemical
Co.
Ltd.
-
Class
A
36,898
0.0
13,000 
Hualan
Biological
Engineering,
Inc.
-
Class
A
39,575
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
7
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
53,500 
(1)
Huaneng
Power
International,
Inc.
-
Class
A
$
57,645
0.0
282,000 
(1)
Huaneng
Power
International,
Inc.
-
Class
H
136,455
0.0
40,700 
Huatai
Securities
Co.
Ltd.
-
Class
A
88,636
0.0
81,600 
(2)
Huatai
Securities
Co.
Ltd.
-
Class
H
104,040
0.0
47,800 
Huaxia
Bank
Co.
Ltd.
-
Class
A
37,490
0.0
11,200 
Huayu
Automotive
Systems
Co.
Ltd.
-
Class
A
28,864
0.0
9,100 
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.
-
Class
A
24,720
0.0
2,100 
Huizhou
Desay
Sv
Automotive
Co.
Ltd.
-
Class
A
41,526
0.0
11,700 
Humanwell
Healthcare
Group
Co.
Ltd.
-
Class
A
38,861
0.0
11,100 
Hundsun
Technologies,
Inc.
-
Class
A
49,570
0.0
24,000 
(2)(3)
Hygeia
Healthcare
Holdings
Co.
Ltd.
134,288
0.0
5,200 
IEIT
Systems
Co.
Ltd.
-
Class
A
26,776
0.0
11,200 
Iflytek
Co.
Ltd.
-
Class
A
78,002
0.0
1,000 
Imeik
Technology
Development
Co.
Ltd.
-
Class
A
53,666
0.0
256,700 
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
A
164,620
0
.1
4,833,000 
Industrial
&
Commercial
Bank
of
China
Ltd.
-
Class
H
2,318,106
0
.5
88,500 
Industrial
Bank
Co.
Ltd.
-
Class
A
197,997
0
.1
58,600 
Industrial
Securities
Co.
Ltd.
-
Class
A
51,773
0.0
3,400 
Ingenic
Semiconductor
Co.
Ltd.
-
Class
A
34,462
0.0
273,000 
(1)
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.
-
Class
A
64,445
0.0
64,200 
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.
-
Class
A
36,020
0.0
27,000 
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.
-
Class
A
98,494
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
75,300 
(1)
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
-
Class
B
$
105,443
0.0
30,400 
Inner
Mongolia
Yuan
Xing
Energy
Co.
Ltd.
-
Class
A
29,527
0.0
83,500 
(1)(2)(3)
Innovent
Biologics,
Inc.
405,583
0
.1
33,105 
(1)
iQIYI,
Inc.,
ADR
156,918
0
.1
16,300 
JA
Solar
Technology
Co.
Ltd.
-
Class
A
57,331
0.0
6,100 
Jason
Furniture
Hangzhou
Co.
Ltd.
-
Class
A
33,979
0.0
6,700 
JCET
Group
Co.
Ltd.
-
Class
A
28,049
0.0
82,400 
(1)(2)
JD
Health
International,
Inc.
423,442
0
.1
144,600 
(1)(2)
JD
Logistics,
Inc.
182,845
0
.1
171,650 
JD.com,
Inc.
-
Class
A
2,497,307
0
.5
27,300 
Jiangsu
Eastern
Shenghong
Co.
Ltd.
-
Class
A
43,317
0.0
102,000 
Jiangsu
Expressway
Co.
Ltd.
-
Class
H
92,002
0.0
4,600 
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
-
Class
A
40,343
0.0
27,600 
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
-
Class
A
170,633
0
.1
4,300 
Jiangsu
King's
Luck
Brewery
JSC
Ltd.
-
Class
A
34,669
0.0
2,600 
Jiangsu
Pacific
Quartz
Co.
Ltd.
-
Class
A
38,041
0.0
6,200 
Jiangsu
Yanghe
Brewery
Joint-Stock
Co.
Ltd.
-
Class
A
110,443
0.0
7,800 
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.
-
Class
A
36,799
0.0
21,400 
Jiangsu
Zhongtian
Technology
Co.
Ltd.
-
Class
A
43,657
0.0
96,000 
Jiangxi
Copper
Co.
Ltd.
-
Class
H
149,745
0
.1
22,352 
Jinko
Solar
Co.
Ltd.
-
Class
A
31,056
0.0
2,400 
JiuGui
Liquor
Co.
Ltd.
-
Class
A
29,189
0.0
69,000 
(2)
Jiumaojiu
International
Holdings
Ltd.
93,371
0.0
3,312 
JOYY,
Inc.,
ADR
126,220
0.0
5,500 
Juewei
Food
Co.
Ltd.
-
Class
A
28,346
0.0
14,463 
(1)
Kanzhun
Ltd.,
ADR
219,404
0
.1
48,604 
KE
Holdings,
Inc.,
ADR
754,334
0
.2
51,500 
Kingboard
Holdings
Ltd.
115,351
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
8
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
202,000 
(1)
Kingdee
International
Software
Group
Co.
Ltd.
$
247,223
0
.1
69,600 
Kingsoft
Corp.
Ltd.
250,792
0
.1
170,500 
(1)(2)
Kuaishou
Technology
1,356,449
0
.3
16,113 
Kuang-Chi
Technologies
Co.
Ltd.
-
Class
A
31,936
0.0
276,000 
Kunlun
Energy
Co.
Ltd.
237,513
0
.1
6,900 
(1)
Kunlun
Tech
Co.
Ltd.
-
Class
A
36,201
0.0
5,500 
Kweichow
Moutai
Co.
Ltd.
-
Class
A
1,364,069
0
.3
17,400 
LB
Group
Co.
Ltd.
-
Class
A
43,922
0.0
540,000 
Lenovo
Group
Ltd.
553,679
0
.1
33,000 
Lens
Technology
Co.
Ltd.
-
Class
A
55,667
0.0
13,300 
Lepu
Medical
Technology
Beijing
Co.
Ltd.
-
Class
A
29,961
0.0
82,800 
(1)
Li
Auto,
Inc.
-
Class
A
1,477,620
0
.3
176,500 
Li
Ning
Co.
Ltd.
737,008
0
.2
51,600 
Lingyi
iTech
Guangdong
Co.
-
Class
A
40,440
0.0
137,000 
(2)
Longfor
Group
Holdings
Ltd.
244,902
0
.1
31,500 
LONGi
Green
Energy
Technology
Co.
Ltd.
-
Class
A
118,181
0.0
49,465 
Lufax
Holding
Ltd.,
ADR
52,433
0.0
31,200 
Luxshare
Precision
Industry
Co.
Ltd.
-
Class
A
127,967
0.0
6,243 
Luzhou
Laojiao
Co.
Ltd.
-
Class
A
186,741
0
.1
6,100 
Mango
Excellent
Media
Co.
Ltd.
-
Class
A
23,716
0.0
1,900 
Maxscend
Microelectronics
Co.
Ltd.
-
Class
A
30,414
0.0
371,500 
(1)(2)
Meituan
-
Class
B
5,377,905
1
.1
60,400 
Metallurgical
Corp.
of
China
Ltd.
-
Class
A
30,436
0.0
59,900 
(1)(3)
Microport
Scientific
Corp.
90,082
0.0
15,600 
Ming
Yang
Smart
Energy
Group
Ltd.
-
Class
A
33,757
0.0
7,368 
MINISO
Group
Holding
Ltd.,
ADR
190,831
0
.1
56,000 
Minth
Group
Ltd.
143,935
0.0
3,815 
Montage
Technology
Co.
Ltd.
-
Class
A
25,974
0.0
22,400 
Muyuan
Foods
Co.
Ltd.
-
Class
A
116,440
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
14,500 
Nanjing
King-
Friend
Biochemical
Pharmaceutical
Co.
Ltd.
-
Class
A
$
25,240
0.0
34,200 
NARI
Technology
Co.
Ltd.
-
Class
A
104,057
0.0
2,500 
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
82,717
0.0
143,800 
NetEase,
Inc.
2,883,370
0
.6
12,800 
New
China
Life
Insurance
Co.
Ltd.
-
Class
A
64,861
0.0
52,800 
New
China
Life
Insurance
Co.
Ltd.
-
Class
H
126,640
0.0
30,800 
(1)
New
Hope
Liuhe
Co.
Ltd.
-
Class
A
46,474
0.0
113,500 
(1)
New
Oriental
Education
&
Technology
Group,
Inc.
671,686
0
.2
9,300 
Ninestar
Corp.
-
Class
A
32,951
0.0
2,160 
Ningbo
Deye
Technology
Co.
Ltd.
-
Class
A
22,941
0.0
5,000 
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.
-
Class
A
27,341
0.0
3,487 
Ningbo
Ronbay
New
Energy
Technology
Co.
Ltd.
-
Class
A
20,103
0.0
16,900 
Ningbo
Shanshan
Co.
Ltd.
-
Class
A
32,256
0.0
4,100 
Ningbo
Tuopu
Group
Co.
Ltd.
-
Class
A
41,894
0.0
40,700 
Ningxia
Baofeng
Energy
Group
Co.
Ltd.
-
Class
A
79,891
0.0
101,758 
(1)
NIO,
Inc.,
ADR
919,892
0
.2
131,600 
(2)
Nongfu
Spring
Co.
Ltd.
-
Class
H
754,739
0
.2
36,600 
Offshore
Oil
Engineering
Co.
Ltd.
-
Class
A
32,503
0.0
3,300 
Oppein
Home
Group,
Inc.
-
Class
A
43,493
0.0
45,800 
Orient
Securities
Co.
Ltd./China
-
Class
A
60,462
0.0
7,200 
Ovctek
China,
Inc.
-
Class
A
25,361
0.0
63,300 
(1)
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.
-
Class
A
31,903
0.0
44,088 
(1)
PDD
Holdings,
Inc.,
ADR
4,323,710
0
.9
8,900 
People.cn
Co.
Ltd.
-
Class
A
46,717
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
9
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
657,000 
People's
Insurance
Co.
Group
of
China
Ltd.
-
Class
H
$
235,031
0
.1
14,900 
Perfect
World
Co.
Ltd./
China
-
Class
A
27,006
0.0
104,400 
PetroChina
Co.
Ltd.
-
Class
A
114,094
0.0
1,556,000 
PetroChina
Co.
Ltd.
-
Class
H
1,166,117
0
.3
9,000 
Pharmaron
Beijing
Co.
Ltd.
-
Class
A
38,461
0.0
512,000 
PICC
Property
&
Casualty
Co.
Ltd.
-
Class
H
655,611
0
.2
80,600 
Ping
An
Bank
Co.
Ltd.
-
Class
A
124,252
0.0
43,700 
(1)(2)
Ping
An
Healthcare
and
Technology
Co.
Ltd.
101,690
0.0
45,900 
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
A
305,970
0
.1
489,000 
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H
2,773,435
0
.6
1,975 
Piotech,
Inc.
-
Class
A
64,865
0.0
53,400 
Poly
Developments
and
Holdings
Group
Co.
Ltd.
-
Class
A
93,670
0.0
34,600 
(2)
Pop
Mart
International
Group
Ltd.
101,773
0.0
137,800 
Postal
Savings
Bank
of
China
Co.
Ltd.
-
Class
A
94,092
0.0
578,000 
(2)
Postal
Savings
Bank
of
China
Co.
Ltd.
-
Class
H
291,050
0
.1
83,000 
Power
Construction
Corp.
of
China
Ltd.
-
Class
A
60,955
0.0
1,200 
Pylon
Technologies
Co.
Ltd.
-
Class
A
21,539
0.0
8,309 
Qifu
Technology,
Inc.,
ADR
127,626
0.0
28,200 
(1)
Qinghai
Salt
Lake
Industry
Co.
Ltd.
-
Class
A
66,436
0.0
48,000 
Rongsheng
Petrochemical
Co.
Ltd.
-
Class
A
78,452
0.0
41,900 
SAIC
Motor
Corp.
Ltd.
-
Class
A
85,256
0.0
19,000 
Sanan
Optoelectronics
Co.
Ltd.
-
Class
A
40,185
0.0
2,800 
(1)
Sangfor
Technologies,
Inc.
-
Class
A
35,825
0.0
92,000 
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
144,983
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
39,100 
Sany
Heavy
Industry
Co.
Ltd.
-
Class
A
$
85,399
0.0
11,900 
Satellite
Chemical
Co.
Ltd.
-
Class
A
25,041
0.0
34,800 
SDIC
Power
Holdings
Co.
Ltd.
-
Class
A
56,078
0.0
16,300 
(1)
Seazen
Holdings
Co.
Ltd.
-
Class
A
29,863
0.0
14,800 
(1)
Seres
Group
Co.
Ltd.
-
Class
A
113,906
0.0
20,500 
SF
Holding
Co.
Ltd.
-
Class
A
115,196
0.0
3,120 
SG
Micro
Corp.
-
Class
A
33,216
0.0
39,600 
Shaanxi
Coal
Industry
Co.
Ltd.
-
Class
A
100,371
0.0
26,700 
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.
-
Class
A
30,819
0.0
20,700 
Shandong
Gold
Mining
Co.
Ltd.
-
Class
A
70,941
0.0
43,750 
(2)
Shandong
Gold
Mining
Co.
Ltd.
-
Class
H
82,315
0.0
7,500 
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.
-
Class
A
33,007
0.0
11,500 
Shandong
Linglong
Tyre
Co.
Ltd.
-
Class
A
32,060
0.0
87,900 
Shandong
Nanshan
Aluminum
Co.
Ltd.
-
Class
A
37,882
0.0
178,800 
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
-
Class
H
156,684
0
.1
6,540 
Shanghai
Aiko
Solar
Energy
Co.
Ltd.
-
Class
A
20,060
0.0
7,500 
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.
-
Class
A
29,690
0.0
6,940 
Shanghai
Baosight
Software
Co.
Ltd.
-
Class
A
43,024
0.0
41,604 
Shanghai
Baosight
Software
Co.
Ltd.
-
Class
B
87,680
0.0
77,500 
Shanghai
Construction
Group
Co.
Ltd.
-
Class
A
29,229
0.0
83,800 
(1)
Shanghai
Electric
Group
Co.
Ltd.
-
Class
A
53,753
0.0
13,000 
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
-
Class
A
50,971
0.0
28,500 
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
-
Class
H
66,649
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
10
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,144 
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.
-
Class
A
$
27,147
0.0
8,100 
(1)
Shanghai
International
Airport
Co.
Ltd.
-
Class
A
42,197
0.0
32,800 
Shanghai
International
Port
Group
Co.
Ltd.
-
Class
A
23,168
0.0
6,200 
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.
-
Class
A
32,048
0.0
5,112 
(1)
Shanghai
Junshi
Biosciences
Co.
Ltd.
-
Class
A
26,946
0.0
6,800 
Shanghai
M&G
Stationery,
Inc.
-
Class
A
34,001
0.0
67,700 
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
-
Class
H
105,409
0.0
128,700 
Shanghai
Pudong
Development
Bank
Co.
Ltd.
-
Class
A
125,511
0.0
11,710 
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.
-
Class
A
47,041
0.0
47,800 
Shanghai
RAAS
Blood
Products
Co.
Ltd.
-
Class
A
45,673
0.0
31,000 
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.
-
Class
A
31,615
0.0
28,000 
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.
-
Class
A
38,574
0.0
18,600 
Shanxi
Lu'an
Environmental
Energy
Development
Co.
Ltd.
-
Class
A
48,522
0.0
32,800 
(1)
Shanxi
Meijin
Energy
Co.
Ltd.
-
Class
A
31,560
0.0
33,900 
Shanxi
Securities
Co.
Ltd.
-
Class
A
26,754
0.0
51,100 
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.
-
Class
A
28,325
0.0
5,100 
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
-
Class
A
168,318
0
.1
15,600 
Shenghe
Resources
Holding
Co.
Ltd.
-
Class
A
23,291
0.0
17,700 
Shengyi
Technology
Co.
Ltd.
-
Class
A
37,288
0.0
3,700 
Shennan
Circuits
Co.
Ltd.
-
Class
A
33,811
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
127,100 
Shenwan
Hongyuan
Group
Co.
Ltd.
-
Class
A
$
75,571
0.0
5,500 
Shenzhen
Capchem
Technology
Co.
Ltd.
-
Class
A
33,069
0.0
2,240 
Shenzhen
Dynanonic
Co.
Ltd.
-
Class
A
23,574
0.0
6,300 
Shenzhen
Inovance
Technology
Co.
Ltd.
-
Class
A
57,571
0.0
115,650 
Shenzhen
International
Holdings
Ltd.
71,169
0.0
8,260 
(1)
Shenzhen
Kangtai
Biological
Products
Co.
Ltd.
-
Class
A
33,183
0.0
1,700 
Shenzhen
Kedali
Industry
Co.
Ltd.
-
Class
A
22,409
0.0
5,100 
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
-
Class
A
189,507
0
.1
2,800 
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.
-
Class
A
24,350
0.0
58,900 
(1)
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.
-
Class
A
34,282
0.0
2,500 
Shenzhen
SC
New
Energy
Technology
Corp.
-
Class
A
26,089
0.0
4,282 
Shenzhen
Transsion
Holdings
Co.
Ltd.
-
Class
A
85,766
0.0
61,600 
Shenzhou
International
Group
Holdings
Ltd.
585,793
0
.1
10,600 
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.
-
Class
A
34,118
0.0
26,400 
Sichuan
Chuantou
Energy
Co.
Ltd.
-
Class
A
53,494
0.0
10,200 
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.
-
Class
A
40,750
0.0
24,940 
Sichuan
Road
and
Bridge
Group
Co.
Ltd.
-
Class
A
29,599
0.0
3,800 
Sichuan
Swellfun
Co.
Ltd.
-
Class
A
31,600
0.0
24,000 
Silergy
Corp.
227,492
0
.1
12,600 
Sinoma
Science
&
Technology
Co.
Ltd.
-
Class
A
35,503
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
11
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
4,900 
Sinomine
Resource
Group
Co.
Ltd.
-
Class
A
$
24,509
0.0
98,400 
Sinopharm
Group
Co.
Ltd.
-
Class
H
285,293
0
.1
77,000 
Sinotruk
Hong
Kong
Ltd.
148,080
0.0
3,920 
(1)
Skshu
Paint
Co.
Ltd.
-
Class
A
37,007
0.0
138,000 
(2)
Smoore
International
Holdings
Ltd.
124,595
0.0
19,900 
Songcheng
Performance
Development
Co.
Ltd.
-
Class
A
33,375
0.0
1,800 
StarPower
Semiconductor
Ltd.
-
Class
A
44,417
0.0
6,800 
Sungrow
Power
Supply
Co.
Ltd.
-
Class
A
83,353
0.0
52,900 
Sunny
Optical
Technology
Group
Co.
Ltd.
366,611
0
.1
13,500 
Sunwoda
Electronic
Co.
Ltd.
-
Class
A
31,338
0.0
12,300 
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.
-
Class
A
29,216
0.0
1,760 
Suzhou
Maxwell
Technologies
Co.
Ltd.
-
Class
A
30,613
0.0
32,554 
(1)
TAL
Education
Group,
ADR
296,567
0
.1
28,730 
TBEA
Co.
Ltd.
-
Class
A
58,517
0.0
69,040 
(1)
TCL
Technology
Group
Corp.
-
Class
A
38,681
0.0
19,625 
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.
-
Class
A
62,826
0.0
491,000 
Tencent
Holdings
Ltd.
19,033,104
3
.9
54,069 
(1)
Tencent
Music
Entertainment
Group,
ADR
344,960
0
.1
3,200 
Thunder
Software
Technology
Co.
Ltd.
-
Class
A
33,496
0.0
7,600 
Tianqi
Lithium
Corp.
-
Class
A
57,410
0.0
32,300 
Tianshan
Aluminum
Group
Co.
Ltd.
-
Class
A
29,043
0.0
26,300 
Tianshui
Huatian
Technology
Co.
Ltd.
-
Class
A
32,396
0.0
142,000 
Tingyi
Cayman
Islands
Holding
Corp.
198,377
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
14,400 
(1)
Titan
Wind
Energy
Suzhou
Co.
Ltd.
-
Class
A
$
25,499
0.0
90,400 
(1)
Tongcheng
Travel
Holdings
Ltd.
197,731
0
.1
19,000 
(1)
Tongkun
Group
Co.
Ltd.
-
Class
A
38,428
0.0
82,100 
Tongling
Nonferrous
Metals
Group
Co.
Ltd.
-
Class
A
35,916
0.0
20,000 
Tongwei
Co.
Ltd.
-
Class
A
88,548
0.0
2,400 
(1)
Topchoice
Medical
Corp.
-
Class
A
29,104
0.0
145,000 
(2)
Topsports
International
Holdings
Ltd.
109,626
0.0
77,000 
TravelSky
Technology
Ltd.
-
Class
H
132,775
0.0
11,348 
Trina
Solar
Co.
Ltd.
-
Class
A
47,674
0.0
40,400 
(1)
Trip.com
Group
Ltd.
1,423,960
0
.3
4,600 
Tsingtao
Brewery
Co.
Ltd.
-
Class
A
55,209
0.0
44,000 
Tsingtao
Brewery
Co.
Ltd.
-
Class
H
358,291
0
.1
5,000 
(1)
Unigroup
Guoxin
Microelectronics
Co.
Ltd.
-
Class
A
59,793
0.0
81,000 
Uni-President
China
Holdings
Ltd.
56,890
0.0
16,700 
(1)
Unisplendour
Corp.
Ltd.
-
Class
A
53,971
0.0
26,557 
(1)
Vipshop
Holdings
Ltd.,
ADR
425,178
0
.1
10,600 
Walvax
Biotechnology
Co.
Ltd.
-
Class
A
34,199
0.0
13,600 
Wanhua
Chemical
Group
Co.
Ltd.
-
Class
A
165,181
0
.1
344,000 
Want
Want
China
Holdings
Ltd.
224,205
0
.1
5,028 
Weibo
Corp.,
ADR
63,051
0.0
42,300 
Weichai
Power
Co.
Ltd.
-
Class
A
72,622
0.0
134,000 
Weichai
Power
Co.
Ltd.
-
Class
H
181,624
0
.1
32,500 
Wens
Foodstuffs
Group
Co.
Ltd.
-
Class
A
77,505
0.0
36,600 
Western
Securities
Co.
Ltd.
-
Class
A
33,193
0.0
4,894 
Western
Superconducting
Technologies
Co.
Ltd.
-
Class
A
30,661
0.0
6,200 
Will
Semiconductor
Co.
Ltd.
Shanghai
-
Class
A
79,320
0.0
7,700 
(1)
Wingtech
Technology
Co.
Ltd.
-
Class
A
46,119
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
12
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
32,500 
Wuhan
Guide
Infrared
Co.
Ltd.
-
Class
A
$
33,923
0.0
16,800 
Wuliangye
Yibin
Co.
Ltd.
-
Class
A
362,020
0
.1
18,400 
WUS
Printed
Circuit
Kunshan
Co.
Ltd.
-
Class
A
56,790
0.0
11,192 
WuXi
AppTec
Co.
Ltd.
-
Class
A
133,008
0.0
26,500 
(2)(3)
WuXi
AppTec
Co.
Ltd.
-
Class
H
316,016
0
.1
279,000 
(1)(2)
Wuxi
Biologics
Cayman,
Inc.
1,621,508
0
.4
42,900 
XCMG
Construction
Machinery
Co.
Ltd.
-
Class
A
37,509
0.0
22,500 
Xiamen
C
&
D,
Inc.
-
Class
A
30,688
0.0
1,800 
Xiamen
Faratronic
Co.
Ltd.
-
Class
A
23,897
0.0
1,124,200 
(1)(2)
Xiaomi
Corp.
-
Class
B
1,761,181
0
.4
360,000 
Xinyi
Solar
Holdings
Ltd.
267,610
0
.1
75,700 
(1)
XPeng,
Inc.
-
Class
A
691,703
0
.2
109,500 
Xtep
International
Holdings
Ltd.
100,857
0.0
90,000 
(2)
Yadea
Group
Holdings
Ltd.
166,661
0
.1
4,700 
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.
-
Class
A
22,532
0.0
23,550 
Yankuang
Energy
Group
Co.
Ltd.
-
Class
A
65,392
0.0
160,000 
Yankuang
Energy
Group
Co.
Ltd.
-
Class
H
301,833
0
.1
8,700 
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.
-
Class
A
37,882
0.0
8,540 
Yealink
Network
Technology
Corp.
Ltd.
-
Class
A
41,760
0.0
7,560 
Yifeng
Pharmacy
Chain
Co.
Ltd.
-
Class
A
36,412
0.0
40,000 
Yihai
International
Holding
Ltd.
68,629
0.0
5,100 
Yihai
Kerry
Arawana
Holdings
Co.
Ltd.
-
Class
A
24,095
0.0
20,400 
Yintai
Gold
Co.
Ltd.
-
Class
A
39,608
0.0
3,860 
YongXing
Special
Materials
Technology
Co.
Ltd.
-
Class
A
24,048
0.0
20,700 
Yonyou
Network
Technology
Co.
Ltd.
-
Class
A
47,292
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
22,700 
YTO
Express
Group
Co.
Ltd.
-
Class
A
$
46,847
0.0
133,200 
Yuexiu
Property
Co.
Ltd.
153,110
0
.1
30,690 
Yum
China
Holdings,
Inc.
1,710,047
0
.4
21,300 
Yunda
Holding
Co.
Ltd.
-
Class
A
28,834
0.0
24,100 
Yunnan
Aluminium
Co.
Ltd.
-
Class
A
50,003
0.0
10,000 
Yunnan
Baiyao
Group
Co.
Ltd.
-
Class
A
73,127
0.0
2,100 
Yunnan
Botanee
Bio-
Technology
Group
Co.
Ltd.
-
Class
A
26,931
0.0
4,800 
Yunnan
Energy
New
Material
Co.
Ltd.
-
Class
A
39,536
0.0
13,400 
Yunnan
Yuntianhua
Co.
Ltd.
-
Class
A
31,440
0.0
68,700 
(1)
Zai
Lab
Ltd.
168,114
0
.1
11,600 
Zangge
Mining
Co.
Ltd.
-
Class
A
36,363
0.0
2,700 
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.
-
Class
A
102,015
0.0
102,500 
Zhaojin
Mining
Industry
Co.
Ltd.
-
Class
H
141,303
0.0
69,300 
(1)
Zhejiang
Century
Huatong
Group
Co.
Ltd.
-
Class
A
45,826
0.0
37,400 
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
-
Class
A
46,305
0.0
13,500 
Zhejiang
Chint
Electrics
Co.
Ltd.
-
Class
A
43,227
0.0
19,800 
Zhejiang
Dahua
Technology
Co.
Ltd.
-
Class
A
60,517
0.0
108,000 
Zhejiang
Expressway
Co.
Ltd.
-
Class
H
80,362
0.0
9,200 
Zhejiang
Huayou
Cobalt
Co.
Ltd.
-
Class
A
47,520
0.0
4,400 
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.
-
Class
A
28,789
0.0
10,000 
Zhejiang
Juhua
Co.
Ltd.
-
Class
A
20,838
0.0
21,400 
Zhejiang
NHU
Co.
Ltd.
-
Class
A
47,668
0.0
4,500 
Zhejiang
Supor
Co.
Ltd.
-
Class
A
29,931
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
13
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
China:
(continued)
12,500 
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.
-
Class
A
$
31,329
0.0
14,500 
Zheshang
Securities
Co.
Ltd.
-
Class
A
20,068
0.0
54,300 
(1)(2)
ZhongAn
Online
P&C
Insurance
Co.
Ltd.
-
Class
H
159,175
0
.1
3,300 
Zhongji
Innolight
Co.
Ltd.
-
Class
A
52,680
0.0
57,000 
Zhongsheng
Group
Holdings
Ltd.
159,593
0
.1
42,600 
Zhongtai
Securities
Co.
Ltd.
-
Class
A
41,542
0.0
39,900 
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
-
Class
H
137,812
0.0
84,500 
Zijin
Mining
Group
Co.
Ltd.
-
Class
A
140,557
0.0
412,000 
Zijin
Mining
Group
Co.
Ltd.
-
Class
H
624,591
0
.1
50,300 
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
-
Class
A
47,277
0.0
19,400 
ZTE
Corp.
-
Class
A
87,107
0.0
54,200 
ZTE
Corp.
-
Class
H
163,099
0
.1
31,699 
ZTO
Express
Cayman,
Inc.,
ADR
766,165
0
.2
141,887,558
29
.2
Colombia
:
0
.1
%
18,508 
Bancolombia
SA
-
Preference
Shares
141,031
0
.1
32,599 
Interconexion
Electrica
SA
ESP
119,129
0.0
260,160
0
.1
Czechia
:
0
.2
%
11,972 
CEZ
AS
508,496
0
.1
5,424 
Komercni
Banka
AS
157,702
0
.1
23,672 
(2)
Moneta
Money
Bank
AS
85,976
0.0
752,174
0
.2
Egypt
:
0
.1
%
194,971 
Commercial
International
Bank
Egypt
SAE
378,866
0
.1
86,573 
Eastern
Co.
SAE
67,700
0.0
82,309 
(1)
EFG
Holding
S.A.E.
39,285
0.0
485,851
0
.1
Greece
:
0
.4
%
161,240 
(1)
Alpha
Services
and
Holdings
SA
213,228
0.0
189,652 
(1)
Eurobank
Ergasias
Services
and
Holdings
SA
291,704
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Greece:
(continued)
13,756 
Hellenic
Telecommunications
Organization
SA
$
200,640
0.0
8,489 
JUMBO
SA
233,350
0
.1
4,581 
Motor
Oil
Hellas
Corinth
Refineries
SA
115,948
0.0
7,971 
Mytilineos
SA
293,395
0
.1
41,218 
(1)
National
Bank
of
Greece
SA
232,050
0
.1
13,248 
OPAP
SA
221,794
0.0
50,976 
(1)
Piraeus
Financial
Holdings
SA
150,442
0.0
15,161 
(1)
Public
Power
Corp.
SA
151,906
0.0
2,104,457
0
.4
Hong
Kong
:
0
.2
%
278,000 
Bosideng
International
Holdings
Ltd.
119,340
0.0
84,000 
Kingboard
Laminates
Holdings
Ltd.
59,281
0.0
134,000 
Nine
Dragons
Paper
Holdings
Ltd.
75,161
0.0
10,000 
Orient
Overseas
International
Ltd.
133,193
0
.1
751,000 
Sino
Biopharmaceutical
Ltd.
270,325
0
.1
34,000 
Vinda
International
Holdings
Ltd.
81,453
0.0
738,753
0
.2
Hungary
:
0
.2
%
32,558 
MOL
Hungarian
Oil
&
Gas
PLC
246,607
0.0
17,563 
OTP
Bank
Nyrt
633,215
0
.1
10,266 
Richter
Gedeon
Nyrt
248,487
0
.1
1,128,309
0
.2
India
:
15
.5
%
3,837 
ABB
India
Ltd.
189,016
0.0
12,568 
Adani
Enterprises
Ltd.
364,021
0
.1
22,860 
(1)
Adani
Green
Energy
Ltd.
271,747
0
.1
38,320 
Adani
Ports
&
Special
Economic
Zone
Ltd.
379,816
0
.1
57,500 
(1)
Adani
Power
Ltd.
261,357
0
.1
45,431 
Ambuja
Cements
Ltd.
231,619
0.0
7,381 
Apollo
Hospitals
Enterprise
Ltd.
455,766
0
.1
75,908 
Ashok
Leyland
Ltd.
161,433
0.0
28,171 
Asian
Paints
Ltd.
1,070,734
0
.2
7,983 
Astral
Ltd.
183,320
0.0
12,624 
(2)
AU
Small
Finance
Bank
Ltd.
108,042
0.0
19,052 
Aurobindo
Pharma
Ltd.
209,367
0.0
11,838 
(1)(2)
Avenue
Supermarts
Ltd.
522,874
0
.1
167,312 
Axis
Bank
Ltd.
2,082,657
0
.4
5,167 
Bajaj
Auto
Ltd.
314,277
0
.1
20,034 
Bajaj
Finance
Ltd.
1,879,160
0
.4
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
14
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India:
(continued)
27,927 
Bajaj
Finserv
Ltd.
$
516,310
0
.1
1,987 
Bajaj
Holdings
&
Investment
Ltd.
169,844
0.0
5,865 
Balkrishna
Industries
Ltd.
180,279
0.0
52,701 
(2)
Bandhan
Bank
Ltd.
159,168
0.0
78,458 
Bank
of
Baroda
201,458
0.0
22,182 
Berger
Paints
India
Ltd.
151,699
0.0
275,725 
Bharat
Electronics
Ltd.
458,102
0
.1
19,791 
Bharat
Forge
Ltd.
259,731
0
.1
57,466 
Bharat
Petroleum
Corp.
Ltd.
239,718
0.0
163,246 
Bharti
Airtel
Ltd.
1,817,961
0
.4
7,922 
Britannia
Industries
Ltd.
432,621
0
.1
44,578 
CG
Power
&
Industrial
Solutions
Ltd.
236,924
0.0
30,869 
Cholamandalam
Investment
and
Finance
Co.
Ltd.
451,532
0
.1
38,604 
Cipla
Ltd./India
550,570
0
.1
116,610 
Coal
India
Ltd.
413,572
0
.1
9,103 
Colgate-Palmolive
India
Ltd.
219,525
0.0
20,366 
Container
Corp.
Of
India
Ltd.
175,195
0.0
9,016 
Cummins
India
Ltd.
183,747
0.0
44,914 
Dabur
India
Ltd.
297,600
0
.1
8,847 
Divi's
Laboratories
Ltd.
400,206
0
.1
46,912 
DLF
Ltd.
299,177
0
.1
8,201 
Dr
Reddy's
Laboratories
Ltd.
550,370
0
.1
10,227 
Eicher
Motors
Ltd.
423,694
0
.1
166,147 
GAIL
India
Ltd.
248,491
0
.1
29,723 
(1)
Godrej
Consumer
Products
Ltd.
354,577
0
.1
9,394 
(1)
Godrej
Properties
Ltd.
175,299
0.0
20,023 
Grasim
Industries
Ltd.
467,166
0
.1
18,847 
Havells
India
Ltd.
314,440
0
.1
69,830 
HCL
Technologies
Ltd.
1,034,980
0
.2
5,405 
(2)
HDFC
Asset
Management
Co.
Ltd.
172,152
0.0
202,182 
HDFC
Bank
Ltd.
3,708,001
0
.8
72,379 
(2)
HDFC
Life
Insurance
Co.
Ltd.
554,370
0
.1
8,356 
Hero
MotoCorp
Ltd.
307,020
0
.1
92,118 
Hindalco
Industries
Ltd.
543,735
0
.1
12,110 
Hindustan
Aeronautics
Ltd.
280,567
0
.1
42,287 
(1)
Hindustan
Petroleum
Corp.
Ltd.
129,800
0.0
60,061 
Hindustan
Unilever
Ltd.
1,781,232
0
.4
376,495 
ICICI
Bank
Ltd.
4,313,428
0
.9
18,370 
(2)
ICICI
Lombard
General
Insurance
Co.
Ltd.
288,963
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India:
(continued)
26,814 
(2)
ICICI
Prudential
Life
Insurance
Co.
Ltd.
$
182,488
0.0
226,431 
(1)
IDFC
First
Bank
Ltd.
259,328
0
.1
64,666 
Indian
Hotels
Co.
Ltd.
319,264
0
.1
219,592 
Indian
Oil
Corp.
Ltd.
240,179
0
.1
17,143 
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
140,266
0.0
22,551 
Indraprastha
Gas
Ltd.
123,251
0.0
5,413 
Info
Edge
India
Ltd.
270,661
0
.1
241,896 
Infosys
Ltd.
4,157,060
0
.9
9,438 
(1)(2)
InterGlobe
Aviation
Ltd.
270,107
0
.1
218,374 
ITC
Ltd.
1,166,778
0
.2
26,103 
Jindal
Steel
&
Power
Ltd.
219,517
0.0
44,855 
JSW
Steel
Ltd.
419,598
0
.1
30,683 
Jubilant
Foodworks
Ltd.
196,404
0.0
80,278 
Kotak
Mahindra
Bank
Ltd.
1,672,995
0
.3
51,027 
Larsen
&
Toubro
Ltd.
1,853,959
0
.4
6,639 
(2)
LTIMindtree
Ltd.
414,813
0
.1
14,648 
Lupin
Ltd.
206,257
0.0
69,150 
Mahindra
&
Mahindra
Ltd.
1,291,296
0
.3
40,528 
Marico
Ltd.
273,612
0
.1
10,061 
Maruti
Suzuki
India
Ltd.
1,282,771
0
.3
57,696 
Max
Healthcare
Institute
Ltd.
394,122
0
.1
5,703 
Mphasis
Ltd.
162,588
0.0
153 
MRF
Ltd.
197,435
0.0
9,128 
Muthoot
Finance
Ltd.
137,421
0.0
2,483 
Nestle
India
Ltd.
672,010
0
.1
315,090 
NTPC
Ltd.
930,030
0
.2
231,099 
Oil
&
Natural
Gas
Corp.
Ltd.
532,031
0
.1
462 
Page
Industries
Ltd.
216,442
0.0
56,783 
Petronet
LNG
Ltd.
163,665
0.0
5,918 
PI
Industries
Ltd.
245,804
0
.1
11,062 
Pidilite
Industries
Ltd.
324,444
0
.1
76,825 
Power
Finance
Corp.
Ltd.
232,623
0.0
335,558 
Power
Grid
Corp.
of
India
Ltd.
805,439
0
.2
74,175 
REC
Ltd.
256,228
0
.1
221,491 
Reliance
Industries
Ltd.
6,236,007
1
.3
251,730 
(1)
Reliance
Strategic
Investments
Ltd.
700,856
0
.1
172,530 
Samvardhana
Motherson
International
Ltd.
198,745
0.0
19,532 
SBI
Cards
&
Payment
Services
Ltd.
185,742
0.0
33,735 
(2)
SBI
Life
Insurance
Co.
Ltd.
529,171
0
.1
693 
Shree
Cement
Ltd.
212,066
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
15
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
India:
(continued)
20,600 
Shriram
Finance
Ltd.
$
475,392
0
.1
6,554 
Siemens
Ltd.
289,348
0
.1
30,343 
(2)
Sona
Blw
Precision
Forgings
Ltd.
212,751
0.0
10,620 
SRF
Ltd.
286,870
0
.1
132,715 
State
Bank
of
India
953,306
0
.2
70,879 
Sun
Pharmaceutical
Industries
Ltd.
986,669
0
.2
5,317 
Supreme
Industries
Ltd.
263,893
0
.1
66,841 
Tata
Consultancy
Services
Ltd.
2,830,195
0
.6
42,395 
Tata
Consumer
Products
Ltd.
446,841
0
.1
2,593 
Tata
Elxsi
Ltd.
225,014
0.0
122,763 
Tata
Motors
Ltd.
928,568
0
.2
109,026 
Tata
Power
Co.
Ltd.
343,599
0
.1
544,306 
Tata
Steel
Ltd.
841,881
0
.2
40,052 
Tech
Mahindra
Ltd.
588,010
0
.1
26,250 
Titan
Co.
Ltd.
992,960
0
.2
7,673 
Torrent
Pharmaceuticals
Ltd.
178,040
0.0
13,781 
Trent
Ltd.
344,450
0
.1
8,086 
Tube
Investments
of
India
Ltd.
290,179
0
.1
17,023 
TVS
Motor
Co.
Ltd.
311,062
0
.1
8,344 
UltraTech
Cement
Ltd.
827,449
0
.2
21,195 
(1)
United
Spirits
Ltd.
256,472
0
.1
34,938 
UPL
Ltd.
258,706
0
.1
34,658 
Varun
Beverages
Ltd.
393,485
0
.1
51,705 
Vedanta
Ltd.
137,826
0.0
99,844 
Wipro
Ltd.
486,236
0
.1
956,304 
(1)
Yes
Bank
Ltd.
198,356
0.0
308,861 
(1)
Zomato
Ltd.
376,193
0
.1
75,165,654
15
.5
Indonesia
:
1
.9
%
1,027,600 
Adaro
Energy
Indonesia
Tbk
PT
189,020
0
.1
474,500 
Aneka
Tambang
Tbk
55,529
0.0
1,509,500 
Astra
International
Tbk
PT
606,306
0
.1
4,041,700 
Bank
Central
Asia
Tbk
PT
2,302,698
0
.5
2,781,100 
Bank
Mandiri
Persero
Tbk
PT
1,082,479
0
.2
546,100 
Bank
Negara
Indonesia
Persero
Tbk
PT
364,267
0
.1
5,014,100 
Bank
Rakyat
Indonesia
Persero
Tbk
PT
1,693,427
0
.4
2,003,400 
Barito
Pacific
Tbk
PT
168,422
0.0
520,400 
(1)
Charoen
Pokphand
Indonesia
Tbk
PT
182,515
0.0
60,595,200 
(1)
GoTo
Gojek
Tokopedia
Tbk
PT
331,530
0
.1
219,100 
Indah
Kiat
Pulp
&
Paper
Tbk
PT
157,110
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Indonesia:
(continued)
155,600 
Indofood
CBP
Sukses
Makmur
Tbk
PT
$
111,512
0.0
297,400 
Indofood
Sukses
Makmur
Tbk
PT
127,311
0.0
1,508,800 
Kalbe
Farma
Tbk
PT
170,992
0.0
859,300 
(1)
Merdeka
Copper
Gold
Tbk
PT
159,638
0.0
1,326,100 
Sarana
Menara
Nusantara
Tbk
PT
82,341
0.0
260,000 
Semen
Indonesia
Persero
Tbk
PT
107,941
0.0
1,193,800 
Sumber
Alfaria
Trijaya
Tbk
PT
228,641
0
.1
3,719,800 
Telkom
Indonesia
Persero
Tbk
PT
901,705
0
.2
513,600 
Unilever
Indonesia
Tbk
PT
124,271
0.0
110,400 
United
Tractors
Tbk
PT
201,424
0
.1
139,300 
Vale
Indonesia
Tbk
PT
50,776
0.0
9,399,855
1
.9
Kuwait
:
0
.8
%
106,032 
(1)
Agility
Public
Warehousing
Co.
KSC
190,960
0.0
100,880 
Boubyan
Bank
KSCP
197,122
0
.1
141,855 
Gulf
Bank
KSCP
120,575
0.0
598,998 
Kuwait
Finance
House
KSCP
1,418,260
0
.3
46,971 
Mabanee
Co.
KPSC
125,254
0.0
151,024 
Mobile
Telecommunications
Co.
KSCP
237,688
0
.1
555,936 
National
Bank
of
Kuwait
SAKP
1,629,235
0
.3
3,919,094
0
.8
Luxembourg
:
0.0
%
9,836 
Reinet
Investments
SCA
215,970
0.0
Malaysia
:
1
.4
%
131,400 
AMMB
Holdings
Bhd
103,455
0.0
192,000 
Axiata
Group
Bhd
101,762
0.0
246,400 
CELCOMDIGI
BHD
229,331
0
.1
495,700 
CIMB
Group
Holdings
Bhd
572,653
0
.1
237,400 
Dialog
Group
Bhd
106,988
0.0
139,800 
Gamuda
Bhd
131,902
0.0
161,100 
Genting
Bhd
142,926
0.0
240,700 
Genting
Malaysia
Bhd
127,979
0.0
46,400 
Hong
Leong
Bank
Bhd
192,561
0
.1
16,900 
Hong
Leong
Financial
Group
Bhd
63,709
0.0
170,600 
IHH
Healthcare
Bhd
211,989
0
.1
205,500 
Inari
Amertron
Bhd
126,567
0.0
180,900 
IOI
Corp.
Bhd
153,109
0
.1
36,700 
Kuala
Lumpur
Kepong
Bhd
167,068
0
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
16
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Malaysia:
(continued)
401,000 
Malayan
Banking
Bhd
$
750,156
0
.2
53,100 
Malaysia
Airports
Holdings
Bhd
80,635
0.0
166,600 
Maxis
Bhd
143,216
0.0
96,200 
MISC
Bhd
144,931
0.0
197,600 
(2)
MR
DIY
Group
M
Bhd
63,469
0.0
5,100 
Nestle
Malaysia
Bhd
137,405
0.0
199,200 
Petronas
Chemicals
Group
Bhd
304,466
0
.1
21,300 
Petronas
Dagangan
Bhd
101,527
0.0
55,100 
Petronas
Gas
Bhd
197,622
0
.1
45,900 
PPB
Group
Bhd
151,330
0.0
264,900 
Press
Metal
Aluminium
Holdings
Bhd
265,228
0
.1
1,095,200 
Public
Bank
Bhd
946,232
0
.2
88,100 
QL
Resources
Bhd
102,449
0.0
107,800 
RHB
Bank
Bhd
124,559
0.0
222,800 
Sime
Darby
Bhd
104,691
0.0
148,400 
Sime
Darby
Plantation
Bhd
135,111
0.0
72,700 
Telekom
Malaysia
Bhd
75,803
0.0
189,500 
Tenaga
Nasional
Bhd
403,016
0
.1
6,663,845
1
.4
Mexico
:
2
.5
%
221,808 
Alfa
SAB
de
CV
-
Class
A
144,584
0.0
1,477,707 
America
Movil
SAB
de
CV
1,276,115
0
.3
34,626 
Arca
Continental
SAB
de
CV
315,454
0
.1
56,378 
(2)
Banco
del
Bajio
SA
176,664
0.0
1,126,594 
(1)
Cemex
SAB
de
CV
733,716
0
.2
37,808 
Coca-Cola
Femsa
SAB
de
CV
295,305
0
.1
217,540 
Fibra
Uno
Administracion
SA
de
CV
363,867
0
.1
143,070 
Fomento
Economico
Mexicano
SAB
de
CV
1,559,629
0
.3
14,268 
Gruma
SAB
de
CV
-
Class
B
243,712
0
.1
27,489 
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
-
Class
B
451,323
0
.1
14,169 
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
-
Class
B
347,203
0
.1
98,471 
Grupo
Bimbo
SAB
de
CV
473,384
0
.1
37,741 
Grupo
Carso
SAB
de
CV
274,013
0
.1
189,869 
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
1,591,402
0
.3
157,112 
(1)
Grupo
Financiero
Inbursa
SAB
de
CV
-
Class
O
308,860
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Mexico:
(continued)
228,998 
Grupo
Mexico
SAB
de
CV
$
1,082,213
0
.2
173,897 
Grupo
Televisa
SAB
105,471
0.0
13,917 
(1)
Industrias
Penoles
SAB
de
CV
163,810
0.0
111,849 
Kimberly-Clark
de
Mexico
SAB
de
CV
-
Class
A
222,703
0.0
86,162 
Operadora
De
Sites
Mexicanos
SAB
de
CV
-
Class
1
71,145
0.0
74,168 
Orbia
Advance
Corp.
SAB
de
CV
153,975
0.0
14,955 
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
133,241
0.0
380,779 
Wal-Mart
de
Mexico
SAB
de
CV
1,437,248
0
.3
11,925,037
2
.5
Peru
:
0
.3
%
15,603 
Cia
de
Minas
Buenaventura
SAA,
ADR
132,938
0.0
5,029 
Credicorp
Ltd.
643,561
0
.2
6,291 
Southern
Copper
Corp.
473,649
0
.1
1,250,148
0
.3
Philippines
:
0
.6
%
116,290 
Aboitiz
Equity
Ventures,
Inc.
103,081
0.0
20,450 
Ayala
Corp.
225,086
0.0
488,000 
Ayala
Land,
Inc.
253,576
0
.1
143,715 
Bank
of
the
Philippine
Islands
284,215
0
.1
173,740 
BDO
Unibank,
Inc.
434,849
0
.1
72,710 
International
Container
Terminal
Services,
Inc.
265,628
0
.1
185,840 
JG
Summit
Holdings,
Inc.
124,901
0.0
31,450 
Jollibee
Foods
Corp.
127,364
0.0
19,720 
Manila
Electric
Co.
128,269
0.0
124,830 
Metropolitan
Bank
&
Trust
Co.
119,021
0.0
5,240 
PLDT,
Inc.
108,676
0.0
17,420 
SM
Investments
Corp.
259,545
0
.1
760,500 
SM
Prime
Holdings,
Inc.
407,273
0
.1
62,620 
Universal
Robina
Corp.
131,590
0.0
2,973,074
0
.6
Poland
:
0
.7
%
34,406 
(1)(2)
Allegro.eu
SA
252,569
0
.1
13,520 
Bank
Polska
Kasa
Opieki
SA
310,902
0
.1
1,153 
Budimex
SA
114,396
0.0
4,634 
CD
Projekt
SA
132,403
0.0
17,326 
(1)
Cyfrowy
Polsat
SA
47,837
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
17
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Poland:
(continued)
3,599 
(1)(2)
Dino
Polska
SA
$
291,676
0
.1
10,167 
KGHM
Polska
Miedz
SA
259,010
0
.1
81 
L.P.
SA
240,405
0.0
1,082 
(1)
mBank
SA
97,517
0.0
61,435 
(1)
PGE
Polska
Grupa
Energetyczna
SA
105,054
0.0
43,820 
Polski
Koncern
Naftowy
ORLEN
SA
587,091
0
.1
64,905 
(1)
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
513,448
0
.1
44,168 
Powszechny
Zaklad
Ubezpieczen
SA
417,189
0
.1
2,594 
(1)
Santander
Bank
Polska
SA
212,953
0.0
3,582,450
0
.7
Qatar
:
0
.9
%
143,374 
Barwa
Real
Estate
Co.
101,684
0.0
233,038 
Commercial
Bank
PSQC
345,661
0
.1
131,297 
Dukhan
Bank
143,220
0.0
107,065 
Industries
Qatar
QSC
403,445
0
.1
392,047 
Masraf
Al
Rayan
QSC
240,133
0
.1
314,886 
Mesaieed
Petrochemical
Holding
Co.
160,681
0.0
58,211 
Ooredoo
QPSC
170,955
0.0
33,750 
Qatar
Electricity
&
Water
Co.
QSC
162,452
0.0
42,617 
Qatar
Fuel
QSC
193,181
0
.1
179,158 
Qatar
Gas
Transport
Co.
Ltd.
183,164
0.0
70,460 
Qatar
International
Islamic
Bank
QSC
185,829
0
.1
121,318 
Qatar
Islamic
Bank
SAQ
618,588
0
.1
337,526 
Qatar
National
Bank
QPSC
1,428,141
0
.3
4,337,134
0
.9
Romania
:
0.0
%
34,116 
NEPI
Rockcastle
NV
187,574
0.0
Saudi
Arabia
:
4
.1
%
6,688 
ACWA
Power
Co.
348,534
0
.1
9,281 
Advanced
Petrochemical
Co.
99,339
0.0
143,507 
Al
Rajhi
Bank
2,599,851
0
.5
72,825 
Alinma
Bank
649,127
0
.1
18,227 
Almarai
Co.
JSC
309,264
0
.1
47,429 
Arab
National
Bank
303,509
0
.1
1,845 
Arabian
Internet
&
Communications
Services
Co.
157,431
0.0
35,928 
Bank
AlBilad
405,557
0
.1
30,549 
(1)
Bank
Al-Jazira
136,935
0.0
43,558 
Banque
Saudi
Fransi
424,160
0
.1
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Saudi
Arabia:
(continued)
5,630 
Bupa
Arabia
for
Cooperative
Insurance
Co.
$
312,240
0
.1
6,030 
Co.
for
Cooperative
Insurance
202,584
0
.1
2,813 
Dallah
Healthcare
Co.
106,956
0.0
39,110 
(1)
Dar
Al
Arkan
Real
Estate
Development
Co.
164,558
0.0
6,458 
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
405,857
0
.1
1,760 
Elm
Co.
366,036
0
.1
27,502 
Etihad
Etisalat
Co.
326,685
0
.1
42,118 
Jarir
Marketing
Co.
162,837
0.0
33,580 
Mobile
Telecommunications
Co.
Saudi
Arabia
117,829
0.0
7,122 
Mouwasat
Medical
Services
Co.
195,236
0
.1
2,878 
Nahdi
Medical
Co.
110,691
0.0
26,026 
(1)
National
Industrialization
Co.
88,182
0.0
5,349 
Power
&
Water
Utility
Co.
for
Jubail
&
Yanbu
89,467
0.0
31,373 
(1)
Rabigh
Refining
&
Petrochemical
Co.
90,618
0.0
107,845 
Riyad
Bank
798,518
0
.2
16,910 
SABIC
Agri-Nutrients
Co.
600,131
0
.1
25,737 
Sahara
International
Petrochemical
Co.
259,894
0
.1
94,980 
(1)
Saudi
Arabian
Mining
Co.
1,022,530
0
.2
195,341 
(2)
Saudi
Arabian
Oil
Co.
1,819,814
0
.4
2,933 
Saudi
Aramco
Base
Oil
Co.
116,379
0.0
73,611 
Saudi
Awwal
Bank
677,384
0
.2
66,508 
Saudi
Basic
Industries
Corp.
1,464,458
0
.3
60,878 
Saudi
Electricity
Co.
309,798
0
.1
26,672 
Saudi
Industrial
Investment
Group
169,172
0.0
37,096 
Saudi
Investment
Bank
156,366
0.0
52,402 
(1)
Saudi
Kayan
Petrochemical
Co.
174,758
0.0
215,696 
Saudi
National
Bank
1,887,242
0
.4
2,649 
(1)
Saudi
Research
&
Media
Group
116,177
0.0
3,553 
Saudi
Tadawul
Group
Holding
Co.
182,988
0.0
146,885 
Saudi
Telecom
Co.
1,473,088
0
.3
19,738 
Savola
Group
189,830
0.0
19,961 
Yanbu
National
Petrochemical
Co.
221,672
0
.1
19,813,682
4
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
18
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Singapore
:
0.0
%
15,500 
(2)
BOC
Aviation
Ltd.
$
107,991
0.0
South
Africa
:
2
.8
%
62,902 
Absa
Group
Ltd.
579,692
0
.1
6,496 
African
Rainbow
Minerals
Ltd.
58,356
0.0
4,331 
Anglo
American
Platinum
Ltd.
161,648
0.0
27,590 
Aspen
Pharmacare
Holdings
Ltd.
250,374
0
.1
24,750 
Bid
Corp.
Ltd.
551,961
0
.1
21,111 
Bidvest
Group
Ltd.
304,148
0
.1
6,412 
Capitec
Bank
Holdings
Ltd.
579,779
0
.1
17,611 
Clicks
Group
Ltd.
240,580
0.0
37,718 
(1)
Discovery
Ltd.
273,237
0
.1
16,343 
Exxaro
Resources
Ltd.
148,793
0.0
371,390 
FirstRand
Ltd.
1,250,627
0
.3
65,470 
Gold
Fields
Ltd.
709,616
0
.1
245,567 
Growthpoint
Properties
Ltd.
136,832
0.0
39,434 
Harmony
Gold
Mining
Co.
Ltd.
148,071
0.0
63,068 
Impala
Platinum
Holdings
Ltd.
328,530
0
.1
3,838 
Kumba
Iron
Ore
Ltd.
92,189
0.0
125,531 
MTN
Group
Ltd.
748,197
0
.2
14,329 
Naspers
Ltd.
-
Class
N
2,292,482
0
.5
33,810 
Nedbank
Group
Ltd.
361,301
0
.1
24,593 
Northam
Platinum
Holdings
Ltd.
149,139
0.0
334,659 
Old
Mutual
Ltd.
213,164
0.0
55,963 
OUTsurance
Group
Ltd.
126,387
0.0
141,280 
(2)
Pepkor
Holdings
Ltd.
128,375
0.0
38,765 
Remgro
Ltd.
304,039
0
.1
130,834 
Sanlam
Ltd.
453,886
0
.1
42,267 
Sasol
Ltd.
580,210
0
.1
36,864 
Shoprite
Holdings
Ltd.
466,968
0
.1
207,268 
Sibanye
Stillwater
Ltd.
318,196
0
.1
99,041 
Standard
Bank
Group
Ltd.
961,025
0
.2
46,242 
Vodacom
Group
Ltd.
258,298
0
.1
70,657 
Woolworths
Holdings
Ltd./South
Africa
253,128
0
.1
13,429,228
2
.8
South
Korea
:
11
.4
%
2,086 
Amorepacific
Corp.
188,495
0.0
688 
BGF
retail
Co.
Ltd.
71,925
0.0
7,934 
Celltrion
Healthcare
Co.
Ltd.
370,354
0
.1
1,381 
(1)
Celltrion
Pharm,
Inc.
68,365
0.0
8,145 
Celltrion,
Inc.
840,458
0
.2
603 
CJ
CheilJedang
Corp.
136,883
0.0
1,737 
(1)
CosmoAM&T
Co.
Ltd.
191,258
0.0
4,187 
Coway
Co.
Ltd.
127,823
0.0
3,412 
DB
Insurance
Co.
Ltd.
226,078
0
.1
3,906 
Doosan
Bobcat,
Inc.
147,429
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
32,451 
(1)
Doosan
Enerbility
Co.
Ltd.
$
394,612
0
.1
3,594 
Ecopro
BM
Co.
Ltd.
671,370
0
.1
1,483 
Ecopro
Co.
Ltd.
984,403
0
.2
1,268 
F&F
Co.
Ltd.
106,075
0.0
3,209 
GS
Holdings
Corp.
94,681
0.0
22,203 
Hana
Financial
Group,
Inc.
695,587
0
.2
5,534 
Hankook
Tire
&
Technology
Co.
Ltd.
161,875
0.0
491 
Hanmi
Pharm
Co.
Ltd.
108,839
0.0
3,972 
Hanmi
Semiconductor
Co.
Ltd.
154,599
0.0
13,929 
Hanon
Systems
97,121
0.0
2,556 
Hanwha
Aerospace
Co.
Ltd.
197,803
0.0
3,987 
(1)
Hanwha
Ocean
Co.
Ltd.
90,980
0.0
7,498 
(1)
Hanwha
Solutions
Corp.
165,313
0.0
3,070 
HD
Hyundai
Co.
Ltd.
150,775
0.0
1,682 
(1)
HD
Hyundai
Heavy
Industries
Co.
Ltd.
150,845
0.0
3,167 
(1)
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
260,284
0
.1
8,802 
(1)
HLB,
Inc.
195,134
0.0
18,172 
HMM
Co.
Ltd.
219,194
0
.1
2,284 
Hotel
Shilla
Co.
Ltd.
142,940
0.0
1,411 
(1)
HYBE
Co.
Ltd.
248,338
0
.1
5,667 
Hyundai
Engineering
&
Construction
Co.
Ltd.
152,040
0.0
1,348 
Hyundai
Glovis
Co.
Ltd.
183,983
0.0
1,828 
(1)
Hyundai
Mipo
Dockyard
Co.
Ltd.
112,074
0.0
4,591 
Hyundai
Mobis
Co.
Ltd.
817,099
0
.2
10,206 
Hyundai
Motor
Co.
1,443,169
0
.3
6,323 
Hyundai
Steel
Co.
177,868
0.0
18,451 
Industrial
Bank
of
Korea
153,103
0.0
2,400 
JYP
Entertainment
Corp.
199,288
0
.1
23,267 
Kakao
Corp.
759,356
0
.2
2,568 
(1)
Kakao
Games
Corp.
48,406
0.0
12,379 
KakaoBank
Corp.
214,231
0
.1
1,984 
(1)
Kakaopay
Corp.
59,820
0.0
7,309 
Kangwon
Land,
Inc.
81,785
0.0
28,895 
KB
Financial
Group,
Inc.
1,178,538
0
.3
19,500 
Kia
Corp.
1,173,710
0
.3
5,275 
Korea
Aerospace
Industries
Ltd.
190,400
0.0
18,625 
(1)
Korea
Electric
Power
Corp.
247,615
0
.1
2,890 
Korea
Investment
Holdings
Co.
Ltd.
113,474
0.0
567 
Korea
Zinc
Co.
Ltd.
212,388
0
.1
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
19
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
14,046 
Korean
Air
Lines
Co.
Ltd.
$
226,132
0
.1
2,147 
(1)
Krafton,
Inc.
239,647
0
.1
3,341 
KT
Corp.
82,268
0.0
7,816 
KT&G
Corp.
499,147
0
.1
1,329 
Kumho
Petrochemical
Co.
Ltd.
131,870
0.0
1,884 
L&F
Co.
Ltd.
240,441
0
.1
3,632 
LG
Chem
Ltd.
1,329,807
0
.3
6,970 
LG
Corp.
433,269
0
.1
16,690 
(1)
LG
Display
Co.
Ltd.
161,986
0.0
7,917 
LG
Electronics,
Inc.
590,746
0
.1
3,408 
(1)
LG
Energy
Solution
Ltd.
1,201,860
0
.3
670 
LG
H&H
Co.
Ltd.
221,040
0
.1
1,029 
LG
Innotek
Co.
Ltd.
186,451
0.0
14,902 
LG
Uplus
Corp.
114,431
0.0
1,482 
Lotte
Chemical
Corp.
150,460
0.0
1,816 
Lotte
Energy
Materials
Corp.
53,375
0.0
7,576 
Meritz
Financial
Group,
Inc.
310,048
0
.1
18,834 
Mirae
Asset
Securities
Co.
Ltd.
89,966
0.0
9,662 
NAVER
Corp.
1,444,612
0
.3
1,025 
NCSoft
Corp.
168,521
0.0
1,496 
(1)(2)
Netmarble
Corp.
46,587
0.0
10,038 
NH
Investment
&
Securities
Co.
Ltd.
75,982
0.0
1,707 
Orion
Corp./Republic
of
Korea
162,714
0.0
18,797 
Pan
Ocean
Co.
Ltd.
68,823
0.0
2,424 
(1)
Pearl
Abyss
Corp.
83,605
0.0
2,279 
POSCO
Future
M
Co.
Ltd.
602,904
0
.1
5,262 
POSCO
Holdings,
Inc.
2,073,064
0
.4
3,838 
Posco
International
Corp.
201,634
0
.1
1,327 
(1)(2)
Samsung
Biologics
Co.
Ltd.
669,852
0
.1
6,151 
Samsung
C&T
Corp.
490,422
0
.1
4,138 
Samsung
Electro-
Mechanics
Co.
Ltd.
420,480
0
.1
348,964 
Samsung
Electronics
Co.
Ltd.
17,641,573
3
.6
11,529 
(1)
Samsung
Engineering
Co.
Ltd.
257,985
0
.1
2,272 
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
436,965
0
.1
48,168 
(1)
Samsung
Heavy
Industries
Co.
Ltd.
279,440
0
.1
5,843 
Samsung
Life
Insurance
Co.
Ltd.
303,958
0
.1
4,020 
Samsung
SDI
Co.
Ltd.
1,519,209
0
.3
2,753 
Samsung
SDS
Co.
Ltd.
275,719
0
.1
4,523 
Samsung
Securities
Co.
Ltd.
123,058
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
South
Korea:
(continued)
32,309 
Shinhan
Financial
Group
Co.
Ltd.
$
850,315
0
.2
2,222 
(1)
SK
Biopharmaceuticals
Co.
Ltd.
141,879
0.0
1,939 
(1)
SK
Bioscience
Co.
Ltd.
97,586
0.0
39,912 
SK
Hynix,
Inc.
3,379,137
0
.7
1,844 
(1)(2)
SK
IE
Technology
Co.
Ltd.
100,746
0.0
4,529 
(1)
SK
Innovation
Co.
Ltd.
496,924
0
.1
7,341 
(1)
SK
Square
Co.
Ltd.
230,481
0
.1
2,707 
SK,
Inc.
292,699
0
.1
1,386 
SKC
Co.
Ltd.
77,814
0.0
3,314 
S-Oil
Corp.
193,823
0.0
45,506 
Woori
Financial
Group,
Inc.
412,516
0
.1
4,009 
Yuhan
Corp.
225,042
0
.1
55,287,196
11
.4
Taiwan
:
14
.4
%
37,000 
Accton
Technology
Corp.
567,661
0
.1
215,000 
Acer,
Inc.
242,258
0
.1
34,595 
Advantech
Co.
Ltd.
370,430
0
.1
227,000 
ASE
Technology
Holding
Co.
Ltd.
774,856
0
.2
171,000 
Asia
Cement
Corp.
210,649
0.0
52,000 
Asustek
Computer,
Inc.
591,711
0
.1
475,000 
AUO
Corp.
241,400
0
.1
46,000 
Catcher
Technology
Co.
Ltd.
260,333
0
.1
686,000 
Cathay
Financial
Holding
Co.
Ltd.
947,221
0
.2
112,200 
Chailease
Holding
Co.
Ltd.
630,030
0
.1
378,225 
Chang
Hwa
Commercial
Bank
Ltd.
202,247
0.0
138,000 
Cheng
Shin
Rubber
Industry
Co.
Ltd.
181,798
0.0
219,000 
China
Airlines
Ltd.
144,069
0.0
1,133,000 
(1)
China
Development
Financial
Holding
Corp.
414,190
0
.1
881,000 
China
Steel
Corp.
689,416
0
.1
281,000 
Chunghwa
Telecom
Co.
Ltd.
1,010,020
0
.2
309,000 
Compal
Electronics,
Inc.
294,450
0
.1
1,302,000 
CTBC
Financial
Holding
Co.
Ltd.
989,226
0
.2
143,000 
Delta
Electronics,
Inc.
1,440,285
0
.3
63,000 
E
Ink
Holdings,
Inc.
351,287
0
.1
1,029,664 
E.Sun
Financial
Holding
Co.
Ltd.
774,049
0
.2
13,000 
Eclat
Textile
Co.
Ltd.
196,161
0.0
5,000 
eMemory
Technology,
Inc.
313,919
0
.1
186,000 
Eva
Airways
Corp.
171,594
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
20
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan:
(continued)
72,000 
Evergreen
Marine
Corp.
Taiwan
Ltd.
$
258,934
0
.1
216,000 
Far
Eastern
New
Century
Corp.
192,641
0.0
115,000 
Far
EasTone
Telecommunications
Co.
Ltd.
259,025
0
.1
34,720 
Feng
TAY
Enterprise
Co.
Ltd.
197,059
0.0
808,550 
First
Financial
Holding
Co.
Ltd.
665,360
0
.1
258,000 
Formosa
Chemicals
&
Fibre
Corp.
491,628
0
.1
78,000 
Formosa
Petrochemical
Corp.
194,742
0.0
289,000 
Formosa
Plastics
Corp.
714,429
0
.2
575,400 
Fubon
Financial
Holding
Co.
Ltd.
1,083,322
0
.2
22,000 
Giant
Manufacturing
Co.
Ltd.
121,478
0.0
41,000 
Gigabyte
Technology
Co.
Ltd.
360,382
0
.1
6,000 
Global
Unichip
Corp.
255,492
0
.1
16,000 
Globalwafers
Co.
Ltd.
225,581
0
.1
910,000 
Hon
Hai
Precision
Industry
Co.
Ltd.
2,933,145
0
.6
22,420 
Hotai
Motor
Co.
Ltd.
455,639
0
.1
652,000 
Hua
Nan
Financial
Holdings
Co.
Ltd.
414,310
0
.1
630,800 
Innolux
Corp.
257,281
0
.1
200,000 
Inventec
Corp.
304,915
0
.1
7,000 
Largan
Precision
Co.
Ltd.
463,740
0
.1
148,000 
Lite-On
Technology
Corp.
558,761
0
.1
111,000 
MediaTek,
Inc.
2,537,778
0
.5
828,576 
Mega
Financial
Holding
Co.
Ltd.
968,586
0
.2
54,000 
Micro-Star
International
Co.
Ltd.
274,715
0
.1
6,500 
momo.com,
Inc.
101,541
0.0
357,000 
Nan
Ya
Plastics
Corp.
736,500
0
.2
16,000 
Nan
Ya
Printed
Circuit
Board
Corp.
132,604
0.0
97,000 
Nanya
Technology
Corp.
197,679
0.0
12,000 
Nien
Made
Enterprise
Co.
Ltd.
115,206
0.0
43,000 
Novatek
Microelectronics
Corp.
564,659
0
.1
146,000 
Pegatron
Corp.
346,614
0
.1
17,000 
(1)
PharmaEssentia
Corp.
177,089
0.0
149,000 
Pou
Chen
Corp.
132,393
0.0
208,000 
Powerchip
Semiconductor
Manufacturing
Corp.
171,504
0.0
41,000 
President
Chain
Store
Corp.
333,303
0
.1
198,000 
Quanta
Computer,
Inc.
1,481,854
0
.3
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Taiwan:
(continued)
37,000 
Realtek
Semiconductor
Corp.
$
454,301
0
.1
114,300 
Ruentex
Development
Co.
Ltd.
124,739
0.0
281,000 
Shanghai
Commercial
&
Savings
Bank
Ltd.
376,750
0
.1
967,000 
(1)
Shin
Kong
Financial
Holding
Co.
Ltd.
277,994
0
.1
784,380 
SinoPac
Financial
Holdings
Co.
Ltd.
423,094
0
.1
91,000 
Synnex
Technology
International
Corp.
180,735
0.0
828,390 
Taishin
Financial
Holding
Co.
Ltd.
459,698
0
.1
435,200 
Taiwan
Business
Bank
178,112
0.0
476,000 
Taiwan
Cement
Corp.
490,534
0
.1
762,300 
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
604,869
0
.1
135,000 
Taiwan
High
Speed
Rail
Corp.
125,319
0.0
125,000 
Taiwan
Mobile
Co.
Ltd.
366,449
0
.1
1,808,000 
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
29,481,690
6
.1
100,000 
Unimicron
Technology
Corp.
539,526
0
.1
361,000 
Uni-President
Enterprises
Corp.
784,619
0
.2
829,000 
United
Microelectronics
Corp.
1,164,054
0
.2
62,000 
Vanguard
International
Semiconductor
Corp.
131,020
0.0
5,000 
Voltronic
Power
Technology
Corp.
246,235
0
.1
204,000 
Walsin
Lihwa
Corp.
232,948
0
.1
47,000 
Wan
Hai
Lines
Ltd.
70,417
0.0
212,000 
Winbond
Electronics
Corp.
166,637
0.0
192,000 
Wistron
Corp.
608,037
0
.1
6,000 
Wiwynn
Corp.
279,784
0
.1
119,000 
WPG
Holdings
Ltd.
223,511
0.0
24,000 
Yageo
Corp.
390,812
0
.1
119,000 
Yang
Ming
Marine
Transport
Corp.
167,675
0.0
747,040 
Yuanta
Financial
Holding
Co.
Ltd.
580,311
0
.1
47,000 
Zhen
Ding
Technology
Holding
Ltd.
143,491
0.0
69,962,510
14
.4
Thailand
:
1
.8
%
87,800 
Advanced
Info
Service
PCL
548,308
0
.1
318,300 
(1)
Airports
of
Thailand
PCL
608,976
0
.1
591,600 
Asset
World
Corp.
PCL
63,139
0.0
61,500 
B
Grimm
Power
PCL
48,462
0.0
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
21
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Thailand:
(continued)
810,900 
Bangkok
Dusit
Medical
Services
PCL
-
Foreign
-
Class
F
$
593,903
0
.1
564,400 
Bangkok
Expressway
&
Metro
PCL
128,345
0.0
576,700 
Banpu
PCL
126,413
0.0
73,100 
Berli
Jucker
PCL
61,569
0.0
598,400 
BTS
Group
Holdings
PCL
122,966
0.0
43,300 
Bumrungrad
Hospital
PCL
-
Foreign
317,923
0
.1
143,800 
Central
Pattana
PCL
248,960
0
.1
127,700 
Central
Retail
Corp.
PCL
135,492
0.0
282,600 
Charoen
Pokphand
Foods
PCL
160,487
0
.1
440,800 
CP
ALL
PCL
-
Foreign
731,016
0
.2
140,600 
CP
Axtra
PCL
124,228
0.0
230,656 
Delta
Electronics
Thailand
PCL
521,426
0
.1
17,400 
Electricity
Generating
PCL
57,751
0.0
117,500 
Energy
Absolute
PCL
164,062
0
.1
45,600 
Global
Power
Synergy
PCL
-
Class
F
55,857
0.0
212,600 
Gulf
Energy
Development
PCL
265,046
0
.1
417,600 
Home
Product
Center
PCL
143,015
0.0
129,100 
Indorama
Ventures
PCL
91,916
0.0
81,700 
Intouch
Holdings
PCL
-
Class
F
165,050
0
.1
44,700 
Kasikornbank
PCL
154,287
0.0
257,200 
Krung
Thai
Bank
PCL
133,883
0.0
66,000 
Krungthai
Card
PCL
79,605
0.0
610,400 
Land
&
Houses
PCL
-
Foreign
130,522
0.0
235,700 
Minor
International
PCL
201,635
0
.1
52,300 
Muangthai
Capital
PCL
51,431
0.0
94,800 
Osotspa
PCL
64,948
0.0
101,700 
PTT
Exploration
&
Production
PCL
-
Foreign
Shares
474,547
0
.1
160,200 
PTT
Global
Chemical
PCL
151,077
0.0
220,300 
PTT
Oil
&
Retail
Business
PCL
112,915
0.0
747,800 
PTT
PCL
-
Foreign
685,847
0
.2
73,900 
Ratch
Group
PCL
63,841
0.0
62,500 
SCB
X
PCL
175,572
0
.1
92,600 
SCG
Packaging
PCL
96,853
0.0
57,500 
Siam
Cement
PCL
-
Foreign
474,080
0
.1
91,200 
Thai
Oil
PCL
-
Foreign
125,674
0.0
1,298,000 
TM
BThanachart
Bank
PCL
61,181
0.0
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Thailand:
(continued)
759,600 
True
Corp.
PCL
$
147,515
0.0
8,869,723
1
.8
Turkey
:
0
.7
%
229,119 
Akbank
TAS
279,091
0
.1
100,867 
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
149,917
0.0
33,053 
BIM
Birlesik
Magazalar
AS
330,663
0
.1
99,506 
(1)
Eregli
Demir
ve
Celik
Fabrikalari
TAS
161,171
0.0
5,386 
Ford
Otomotiv
Sanayi
AS
165,989
0.0
71,129 
Haci
Omer
Sabanci
Holding
AS
154,720
0.0
85,068 
(1)
Hektas
Ticaret
TAS
83,302
0.0
56,724 
KOC
Holding
AS
303,216
0
.1
66,424 
Koza
Altin
Isletmeleri
AS
69,584
0.0
3,612 
(1)
Pegasus
Hava
Tasimaciligi
AS
108,358
0.0
75,912 
(1)
Sasa
Polyester
Sanayi
AS
136,162
0.0
9,179 
Tofas
Turk
Otomobil
Fabrikasi
AS
98,797
0.0
42,019 
(1)
Turk
Hava
Yollari
AO
370,877
0
.1
88,839 
(1)
Turkcell
Iletisim
Hizmetleri
AS
172,373
0.0
250,905 
Turkiye
Is
Bankasi
AS
-
Class
C,
-
Class
C
234,978
0
.1
70,077 
Turkiye
Petrol
Rafinerileri
AS
405,984
0
.1
104,588 
Turkiye
Sise
ve
Cam
Fabrikalari
AS
208,041
0
.1
244,828 
Yapi
ve
Kredi
Bankasi
AS
164,357
0.0
3,597,580
0
.7
United
Arab
Emirates
:
1
.4
%
216,761 
Abu
Dhabi
Commercial
Bank
PJSC
510,470
0
.1
106,891 
Abu
Dhabi
Islamic
Bank
PJSC
327,682
0
.1
222,162 
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
226,816
0.0
282,180 
Aldar
Properties
PJSC
442,600
0
.1
182,798 
Americana
Restaurants
International
PLC
204,046
0.0
211,997 
Dubai
Islamic
Bank
PJSC
337,683
0
.1
497,045 
Emaar
Properties
PJSC
1,087,751
0
.2
141,072 
Emirates
NBD
Bank
PJSC
683,653
0
.1
256,442 
Emirates
Telecommunications
Group
Co.
PJSC
1,427,063
0
.3
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
22
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
United
Arab
Emirates:
(continued)
326,285 
First
Abu
Dhabi
Bank
PJSC
$
1,208,238
0
.3
283,645 
(1)
Multiply
Group
PJSC
308,967
0
.1
6,764,969
1
.4
United
Kingdom
:
0
.1
%
31,002 
Anglogold
Ashanti
PLC
498,097
0
.1
12,376 
(1)
Pepco
Group
NV
57,172
0.0
555,269
0
.1
United
States
:
0
.1
%
56,593 
JBS
S/A
203,222
0.0
4,255 
(1)
Legend
Biotech
Corp.,
ADR
285,808
0
.1
6,000 
Parade
Technologies
Ltd.
183,648
0.0
672,678
0
.1
Total
Common
Stock
(Cost
$483,147,880)
466,425,168
96
.0
PREFERRED
STOCK
:
2
.2
%
Brazil
:
1
.4
%
391,521 
Banco
Bradesco
SA
-
Preference
Shares
1,109,941
0
.2
20,349 
Centrais
Eletricas
Brasileiras
SA
163,390
0.0
102,095 
Cia
Energetica
de
Minas
Gerais
251,452
0
.1
85,487 
Gerdau
SA
409,021
0
.1
355,483 
Itau
Unibanco
Holding
SA
1,921,491
0
.4
382,747 
Itausa
SA
688,351
0
.1
348,799 
Petroleo
Brasileiro
SA
2,392,613
0
.5
6,936,259
1
.4
Chile
:
0
.1
%
10,645 
Sociedad
Quimica
y
Minera
de
Chile
SA
633,106
0
.1
Colombia
:
0
.1
%
33,181 
Bancolombia
SA
220,797
0
.1
South
Korea
:
0
.6
%
1,788 
Hyundai
Motor
Co.
138,998
0.0
2,373 
Hyundai
Motor
Co.
-
Second
Preference
Shares
186,019
0
.1
519 
LG
Chem
Ltd.
119,407
0.0
60,321 
Samsung
Electronics
Co.
Ltd.
2,430,120
0
.5
2,874,544
0
.6
Total
Preferred
Stock
(Cost
$10,190,474)
10,664,706
2
.2
Shares
RA
Value
Percentage
of
Net
Assets
RIGHT
:
0.0
%
Brazil
:
0.0
%
492 
(1)
Localiza
Rent
a
Car
SA
$
1,566
0.0
Chile
:
0.0
%
714 
(1)
Banco
de
Credito
e
Inversiones
SA
598
0.0
South
Korea
:
0.0
%
90 
(1)
CosmoAM&T
Co.
Ltd.
1,944
0.0
1,316 
(1)
Hanwha
Ocean
Co.
Ltd.
9,000
0.0
10,944
0.0
Total
Right
(Cost
$–)
13,108
0.0
Total
Long-Term
Investments
(Cost
$493,338,354)
477,102,982
98
.2
Principal
Amount
†
SHORT-TERM
INVESTMENTS
:
1
.8
%
Repurchase
Agreements
:
0
.4
%
854,723 
(4)
Bank
of
America
Securities
Inc.,
Repurchase
Agreement
dated
09/29/2023,
5.290%,
due
10/02/2023
(Repurchase
Amount
$855,095,
collateralized
by
various
U.S.
Government
Securities,
1.375%-
4.000%,
Market
Value
plus
accrued
interest
$871,818,
due
11/15/40-02/15/53)
854,723
0
.2
1,000,000 
(4)
HSBC
Securities
USA
Inc.,
Repurchase
Agreement
dated
09/29/2023,
5.290%,
due
10/02/2023
(Repurchase
Amount
$1,000,435,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
4.375%,
Market
Value
plus
accrued
interest
$1,020,000,
due
02/29/24-02/15/53)
1,000,000
0
.2
Total
Repurchase
Agreements
(Cost
$1,854,723)
1,854,723
0
.4
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
23
Voya
VACS
Index
Series
EM
Portfolio
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
1
.4
%
6,878,000 
(5)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
5.270%
(Cost
$6,878,000)
$
6,878,000
1
.4
Total
Short-Term
Investments
(Cost
$8,732,723)
$
8,732,723
1
.8
Total
Investments
in
Securities
(Cost
$502,071,077)
$
485,835,705
100
.0
Assets
in
Excess
of
Other
Liabilities
120,242
0.0
Net
Assets
$
485,955,947
100.0
ADR
American
Depositary
Receipt
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(2)
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.
(3)
Security,
or
a
portion
of
the
security,
is
on
loan.
(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
September
30,
2023.
Sector
Diversification
Percentage
of
Net
Assets
Financials
21
.8
%
Information
Technology
19
.9
Consumer
Discretionary
13
.5
Communication
Services
9
.4
Materials
7
.9
Industrials
6
.5
Consumer
Staples
6
.0
Energy
5
.2
Health
Care
3
.7
Utilities
2
.6
Real
Estate
1
.7
Short-Term
Investments
1
.8
Liabilities
in
Excess
of
Other
Assets
—
Net
Assets
100
.0
%
Portfolio
holdings
are
subject
to
change
daily.
PORTFOLIO
OF
INVESTMENTS
as
ofSeptember
30,
2023
(Unaudited)
(continued)
24
Voya
VACS
Index
Series
EM
Portfolio
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
September
30,
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
September
30,
2023
Asset
Table
Investments,
at
fair
value
Common
Stock
Brazil
$
18,569,540
$
—
$
—
$
18,569,540
Chile
1,817,705
—
—
1,817,705
China
12,321,830
129,565,728
—
141,887,558
Colombia
260,160
—
—
260,160
Czechia
594,472
157,702
—
752,174
Egypt
—
485,851
—
485,851
Greece
349,298
1,755,159
—
2,104,457
Hong
Kong
—
738,753
—
738,753
Hungary
248,487
879,822
—
1,128,309
India
1,497,853
73,667,801
—
75,165,654
Indonesia
228,641
9,171,214
—
9,399,855
Kuwait
1,629,235
2,289,859
—
3,919,094
Luxembourg
215,970
—
—
215,970
Malaysia
1,195,910
5,467,935
—
6,663,845
Mexico
11,925,037
—
—
11,925,037
Peru
1,250,148
—
—
1,250,148
Philippines
231,350
2,741,724
—
2,973,074
Poland
—
3,582,450
—
3,582,450
Qatar
1,168,553
3,168,581
—
4,337,134
Romania
187,574
—
—
187,574
Saudi
Arabia
1,898,676
17,915,006
—
19,813,682
Singapore
—
107,991
—
107,991
South
Africa
5,898,116
7,531,112
—
13,429,228
South
Korea
—
55,287,196
—
55,287,196
Taiwan
—
69,962,510
—
69,962,510
Thailand
—
8,869,723
—
8,869,723
Turkey
302,151
3,295,429
—
3,597,580
United
Arab
Emirates
2,696,077
4,068,892
—
6,764,969
United
Kingdom
—
555,269
—
555,269
United
States
489,030
183,648
—
672,678
Total
Common
Stock
64,975,813
401,449,355
—
466,425,168
Preferred
Stock
7,790,162
2,874,544
—
10,664,706
Right
2,164
10,944
—
13,108
Short-Term
Investments
6,878,000
1,854,723
—
8,732,723
Total
Investments,
at
fair
value
$
79,646,139
$
406,189,566
$
—
$
485,835,705
Liabilities
Table
Other
Financial
Instruments+
Futures
$
(
273,709
)
$
—
$
—
$
(
273,709
)
Total
Liabilities
$
(
273,709
)
$
—
$
—
$
(
273,709
)
#
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
ofSeptember
30,
2023
(Unaudited)
(continued)
25
Voya
VACS
Index
Series
EM
Portfolio
At
September
30,
2023,
the
following
futures
contracts
were
outstanding
for
Voya
VACS
Index
Series
EM
Portfolio:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Depreciation
Long
Contracts:
MSCI
Emerging
Markets
Index
181
12/15/23
$
8,647,275
$
(
273,709
)
$
8,647,275
$
(
273,709
)
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
21,906,803
Gross
Unrealized
Depreciation
(
38,142,175
)
Net
Unrealized
Depreciation
$
(
16,235,372
)