PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
Voya
VACS
Series
MCV
Fund
Shares
RA
Value
Percentage
of
Net
Assets
COMMON
STOCK
:
97.0%
Communication
Services
:
1.2%
375
Electronic
Arts,
Inc.
$
75,214
0.1
3,392
Fox
Corp.
- Class
A
191,105
0.2
2,787
Fox
Corp.
- Class
B
144,172
0.1
7,152
(1)
Liberty
Global
Ltd.
- Class
A
91,116
0.1
5,204
(1)
Liberty
Global
Ltd.
- Class
C
64,009
0.0
1,371
Match
Group,
Inc.
43,324
0.0
2,477
Millicom
International
Cellular
SA
180,549
0.1
1,479
New
York
Times
Co.
- Class
A
118,009
0.1
3,687
News
Corp.
- Class
A
89,557
0.1
1,215
Nexstar
Media
Group,
Inc.
304,989
0.3
1,109
Omnicom
Group,
Inc.
94,587
0.1
1,396,631
1.2
Consumer
Discretionary
:
11.6%
9,556
ADT,
Inc.
76,639
0.1
4,075
(1)
Aptiv
PLC
299,676
0.3
3,859
Aramark
161,499
0.1
196
(1)
AutoNation,
Inc.
38,251
0.0
260
(1)
AutoZone,
Inc.
976,451
0.9
2,959
Best
Buy
Co.,
Inc.
183,369
0.2
23,120
BorgWarner,
Inc.
1,331,018
1.2
1,830
Boyd
Gaming
Corp.
152,311
0.1
646
D.R.
Horton,
Inc.
103,612
0.1
362
Dick's
Sporting
Goods,
Inc.
73,714
0.1
125
Domino's
Pizza,
Inc.
50,314
0.0
1,713
eBay,
Inc.
155,643
0.1
3,300
Expedia
Group,
Inc.
711,777
0.6
7,799
Ford
Motor
Co.
109,888
0.1
3,537
Gentex
Corp.
82,766
0.1
1,357
Genuine
Parts
Co.
161,836
0.1
313
(1)
Grand
Canyon
Education,
Inc.
49,789
0.0
2,310
H&R
Block,
Inc.
70,732
0.1
841
Hasbro,
Inc.
83,755
0.1
1,975
Hilton
Worldwide
Holdings,
Inc.
615,766
0.6
2,840
Lear
Corp.
372,750
0.3
1,009
Lennar
Corp.
- Class
A
115,389
0.1
4,559
LKQ
Corp.
150,948
0.1
4,700
Lowe's
Cos.,
Inc.
1,243,479
1.1
7,743
(1)
Mattel,
Inc.
131,244
0.1
2,615
(1)
MGM
Resorts
International
96,389
0.1
678
(1)
Mohawk
Industries,
Inc.
84,933
0.1
21
(1)
NVR,
Inc.
157,874
0.1
5,327
Penske
Automotive
Group,
Inc.
839,109
0.7
2,506
PulteGroup,
Inc.
343,823
0.3
387
Ralph
Lauren
Corp.
140,326
0.1
325
Ross
Stores,
Inc.
66,833
0.1
836
Service
Corp.
International
70,374
0.1
5,050
Texas
Roadhouse,
Inc.
923,494
0.8
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Consumer
Discretionary:
(continued)
680
Thor
Industries,
Inc.
$
65,368
0.1
1,344
Toll
Brothers,
Inc.
211,331
0.2
1,940
(1)
TopBuild
Corp.
869,702
0.8
11,675
Tractor
Supply
Co.
605,232
0.5
800
Travel
+
Leisure
Co.
58,960
0.1
233
(1)
Ulta
Beauty,
Inc.
159,556
0.1
3,700
Williams-Sonoma,
Inc.
760,905
0.7
322
Wynn
Resorts
Ltd.
34,837
0.0
337
Yum!
Brands,
Inc.
56,670
0.1
13,048,332
11.6
Consumer
Staples
:
7.3%
7,728
Albertsons
Cos.,
Inc.
- Class
A
138,331
0.1
20,087
Archer-Daniels-
Midland
Co.
1,386,806
1.2
2,352
(1)
BJ's
Wholesale
Club
Holdings,
Inc.
232,354
0.2
1,840
Bunge
Global
SA
221,996
0.2
2,066
Campbell
Soup
Co.
55,679
0.1
1,255
Casey's
General
Stores,
Inc.
860,415
0.8
524
Church
&
Dwight
Co.,
Inc.
54,947
0.0
391
Clorox
Co.
49,720
0.0
500
Coca-Cola
Consolidated,
Inc.
101,200
0.1
4,065
Conagra
Brands,
Inc.
78,251
0.1
3,601
Dollar
General
Corp.
562,620
0.5
9,375
Estee
Lauder
Cos.,
Inc.
- Class
A
1,026,281
0.9
2,042
General
Mills,
Inc.
92,360
0.1
895
Hershey
Co.
211,471
0.2
1,875
Ingredion,
Inc.
220,238
0.2
3,494
Kraft
Heinz
Co.
85,987
0.1
3,207
Kroger
Co.
218,846
0.2
1,033
Lamb
Weston
Holdings,
Inc.
49,780
0.0
677
McCormick
&
Co.,
Inc.
48,094
0.0
2,444
Molson
Coors
Beverage
Co.
- Class
B
119,732
0.1
1,632
Pilgrim's
Pride
Corp.
70,437
0.1
705
(1)
Post
Holdings,
Inc.
74,941
0.1
10
Seaboard
Corp.
51,327
0.0
939
Sysco
Corp.
85,599
0.1
3,888
Tyson
Foods,
Inc.
- Class
A
252,681
0.2
19,492
(1)
US
Foods
Holding
Corp.
1,883,122
1.7
8,233,215
7.3
Energy
:
6.0%
3,303
Antero
Midstream
Corp.
74,251
0.1
14,103
Baker
Hughes
Co.
920,362
0.8
8,875
Chesapeake
Energy
Corp.
957,790
0.8
5,900
Chord
Energy
Corp.
639,383
0.6
41,245
Coterra
Energy,
Inc.
1,261,685
1.1
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
Voya
VACS
Series
MCV
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Energy:
(continued)
28,618
Devon
Energy
Corp.
$
1,245,742
1.1
3,435
Halliburton
Co.
123,660
0.1
1,880
HF
Sinclair
Corp.
94,019
0.1
1,132
Marathon
Petroleum
Corp.
224,374
0.2
4,658
NOV,
Inc.
94,371
0.1
953
Ovintiv,
Inc.
48,212
0.0
662
Phillips
66
102,166
0.1
12,600
Schlumberger
NV
646,884
0.6
1,441
TechnipFMC
PLC
95,553
0.1
863
Valero
Energy
Corp.
176,604
0.2
6,705,056
6.0
Financials
:
12.2%
702
Affiliated
Managers
Group,
Inc.
214,938
0.2
938
Allstate
Corp.
201,220
0.2
8,158
American
Financial
Group,
Inc.
1,084,851
1.0
5,337
Annaly
Capital
Management,
Inc.
124,032
0.1
4,003
(1)
Arch
Capital
Group
Ltd.
400,900
0.4
542
Assurant,
Inc.
124,438
0.1
2,763
Axis
Capital
Holdings
Ltd.
292,104
0.3
18
Axis
Capital
Holdings
Ltd.
1,903
0.0
1,157
Bank
OZK
53,870
0.0
541
Cboe
Global
Markets,
Inc.
162,149
0.1
2,052
Cincinnati
Financial
Corp.
336,487
0.3
398
East
West
Bancorp,
Inc.
43,561
0.0
286
Evercore,
Inc.
- Class
A
88,328
0.1
369
Everest
Re
Group
Ltd.
123,796
0.1
2,175
Fidelity
National
Financial,
Inc.
115,014
0.1
1,630
Globe
Life,
Inc.
236,774
0.2
888
Hanover
Insurance
Group,
Inc.
160,399
0.1
10,667
Hartford
Financial
Services
Group,
Inc.
1,502,234
1.3
320
Houlihan
Lokey,
Inc.
52,406
0.0
44,475
Huntington
Bancshares,
Inc.
747,180
0.7
2,632
Invesco
Ltd.
69,116
0.1
545
Jack
Henry
&
Associates,
Inc.
88,541
0.1
2,190
Janus
Henderson
Group
PLC
114,099
0.1
1,261
Lazard,
Inc.
63,807
0.1
1,211
Loews
Corp.
133,234
0.1
248
M&T
Bank
Corp.
53,811
0.0
110
(1)
Markel
Corp.
227,972
0.2
14,266
MGIC
Investment
Corp.
378,477
0.3
307
Northern
Trust
Corp.
43,929
0.0
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Financials:
(continued)
27,703
Old
Republic
International
Corp.
$
1,187,628
1.1
1,616
OneMain
Holdings,
Inc.
88,912
0.1
381
Popular,
Inc.
51,572
0.0
363
Primerica,
Inc.
92,079
0.1
1,011
Principal
Financial
Group,
Inc.
96,470
0.1
421
Prudential
Financial,
Inc.
41,418
0.0
7,419
Raymond
James
Financial,
Inc.
1,135,701
1.0
326
Reinsurance
Group
of
America,
Inc.
70,328
0.1
1,115
RenaissanceRe
Holdings
Ltd.
337,243
0.3
740
RLI
Corp.
46,117
0.0
1,529
SEI
Investments
Co.
124,338
0.1
4,330
Synchrony
Financial
299,246
0.3
1,726
T.
Rowe
Price
Group,
Inc.
163,331
0.1
24,150
Truist
Financial
Corp.
1,190,836
1.1
2,488
Unum
Group
178,464
0.2
772
(2)
Voya
Financial,
Inc.
51,631
0.0
2,876
W.R.
Berkley
Corp.
206,209
0.2
7,229
Western
Union
Co.
69,615
0.1
25
White
Mountains
Insurance
Group
Ltd.
55,513
0.1
3,375
Willis
Towers
Watson
PLC
1,029,949
0.9
13,756,170
12.2
Health
Care
:
8.7%
303
Agilent
Technologies,
Inc.
36,778
0.0
509
(1)
Biogen,
Inc.
97,636
0.1
817
(1)
BioMarin
Pharmaceutical,
Inc.
50,433
0.0
149
Chemed
Corp.
61,091
0.1
1,407
Encompass
Health
Corp.
151,787
0.1
599
GE
HealthCare
Technologies,
Inc.
50,478
0.0
2,938
(1)
Henry
Schein,
Inc.
242,062
0.2
13,067
(1)
Hologic,
Inc.
984,729
0.9
1,051
Humana,
Inc.
200,258
0.2
4,700
(1)
IQVIA
Holdings,
Inc.
840,407
0.7
1,092
(1)
Jazz
Pharmaceuticals
PLC
207,502
0.2
6,678
Labcorp
Holdings,
Inc.
1,930,743
1.7
46
(1)
Mettler-Toledo
International,
Inc.
62,868
0.1
6,775
(1)
Molina
Healthcare,
Inc.
1,043,689
0.9
1,131
QIAGEN
N.V.
56,324
0.1
6,350
Quest
Diagnostics,
Inc.
1,345,628
1.2
210
ResMed,
Inc.
53,815
0.1
8,450
Revvity,
Inc.
830,720
0.7
8,500
Royalty
Pharma
PLC
- Class
A
392,785
0.4
1,541
(1)
Solventum
Corp.
114,342
0.1
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
Voya
VACS
Series
MCV
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Health
Care:
(continued)
376
STERIS
PLC
$
94,884
0.1
1,081
(1)
Tenet
Healthcare
Corp.
258,781
0.2
328
(1)
United
Therapeutics
Corp.
165,279
0.1
1,774
Universal
Health
Services,
Inc.
- Class
B
365,621
0.3
4,109
Viatris,
Inc.
61,347
0.1
595
Zimmer
Biomet
Holdings,
Inc.
58,572
0.1
9,758,559
8.7
Industrials
:
20.2%
2,351
A.O.
Smith
Corp.
183,378
0.2
131
Acuity
Brands,
Inc.
39,508
0.0
994
AECOM
97,392
0.1
5,950
AGCO
Corp.
812,175
0.7
1,429
Air
Lease
Corp.
92,656
0.1
737
Allegion
PLC
118,768
0.1
675
Allison
Transmission
Holdings,
Inc.
84,577
0.1
310
AMETEK,
Inc.
74,158
0.1
354
Applied
Industrial
Technologies,
Inc.
100,033
0.1
271
Armstrong
World
Industries,
Inc.
47,019
0.0
262
BWX
Technologies,
Inc.
53,967
0.0
1,668
(1)
CACI
International,
Inc.
- Class
A
1,017,764
0.9
337
Carlisle
Cos.,
Inc.
133,037
0.1
15,825
Carrier
Global
Corp.
1,019,130
0.9
920
CH
Robinson
Worldwide,
Inc.
170,430
0.1
254
(1)
Clean
Harbors,
Inc.
74,473
0.1
301
Crane
Co.
60,360
0.1
31,500
CSX
Corp.
1,344,735
1.2
122
Cummins,
Inc.
71,232
0.1
128
Curtiss-Wright
Corp.
89,642
0.1
1,633
Delta
Air
Lines,
Inc.
107,288
0.1
1,834
Donaldson
Co.,
Inc.
170,122
0.1
631
Dover
Corp.
142,290
0.1
170
EMCOR
Group,
Inc.
123,185
0.1
1,608
Expeditors
International
of
Washington,
Inc.
233,208
0.2
339
Ferguson
Enterprises,
Inc.
88,398
0.1
741
Flowserve
Corp.
65,593
0.1
1,598
Fortive
Corp.
94,602
0.1
5,550
(1)
FTI
Consulting,
Inc.
912,531
0.8
3,724
Genpact
Ltd.
147,917
0.1
931
Graco,
Inc.
87,440
0.1
927
(1)
GXO
Logistics,
Inc.
58,243
0.0
654
(3)
Hexcel
Corp.
60,619
0.1
2,340
Hubbell,
Inc.
1,197,214
1.1
280
Huntington
Ingalls
Industries,
Inc.
124,466
0.1
3,800
IDEX
Corp.
795,986
0.7
641
ITT,
Inc.
129,745
0.1
639
Jacobs
Solutions,
Inc.
88,093
0.1
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Industrials:
(continued)
760
JB
Hunt
Transport
Services,
Inc.
$
177,392
0.2
1,112
(1)
Kirby
Corp.
144,338
0.1
19,459
Knight-Swift
Transportation
Holdings,
Inc.
1,224,360
1.1
3,395
L3Harris
Technologies,
Inc.
1,237,613
1.1
3,665
Landstar
System,
Inc.
597,212
0.5
1,137
Leidos
Holdings,
Inc.
199,089
0.2
5,108
Lincoln
Electric
Holdings,
Inc.
1,466,251
1.3
1,791
Masco
Corp.
128,271
0.1
340
MSA
Safety,
Inc.
66,439
0.1
1,455
MSC
Industrial
Direct
Co.,
Inc.
- Class
A
136,537
0.1
1,455
Mueller
Industries,
Inc.
171,632
0.1
174
Nordson
Corp.
51,059
0.0
2,706
Oshkosh
Corp.
460,074
0.4
678
Otis
Worldwide
Corp.
62,756
0.1
631
Pentair
PLC
62,589
0.1
4,500
Regal
Rexnord
Corp.
994,410
0.9
3,400
Republic
Services,
Inc.
778,600
0.7
105
Rockwell
Automation,
Inc.
42,782
0.0
1,188
Ryder
System,
Inc.
263,213
0.2
705
Science
Applications
International
Corp.
65,043
0.1
1,393
Sensata
Technologies
Holding
PLC
52,015
0.0
330
Simpson
Manufacturing
Co.,
Inc.
63,878
0.1
518
Snap-on,
Inc.
199,544
0.2
628
SS&C
Technologies
Holdings,
Inc.
47,282
0.0
29,075
(1)
Standardaero,
Inc.
895,510
0.8
1,411
Textron,
Inc.
139,195
0.1
821
Timken
Co.
88,980
0.1
9,110
Toro
Co.
900,615
0.8
438
(1)
United
Airlines
Holdings,
Inc.
46,559
0.0
404
Valmont
Industries,
Inc.
185,812
0.2
359
WESCO
International,
Inc.
103,931
0.1
318
Westinghouse
Air
Brake
Technologies
Corp.
83,936
0.1
291
Woodward,
Inc.
112,547
0.1
9,109
Xylem,
Inc.
1,180,162
1.0
22,741,000
20.2
Information
Technology
:
8.3%
8,907
(1)
Akamai
Technologies,
Inc.
876,360
0.8
2,100
Amdocs
Ltd.
146,580
0.1
385
(1)
Arrow
Electronics,
Inc.
58,582
0.1
857
Avnet,
Inc.
56,425
0.1
3,975
CDW
Corp.
487,494
0.4
3,400
(1)
Check
Point
Software
Technologies
Ltd.
517,038
0.5
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
Voya
VACS
Series
MCV
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Information
Technology:
(continued)
815
(1)
Cirrus
Logic,
Inc.
$
115,013
0.1
1,602
Cognizant
Technology
Solutions
Corp.
- Class
A
103,217
0.1
664
Dolby
Laboratories,
Inc.
- Class
A
44,202
0.0
2,634
(1)
Dropbox,
Inc.
- Class
A
65,824
0.1
2,216
(1)
F5,
Inc.
601,334
0.5
3,423
(1)
Flex
Ltd.
215,717
0.2
4,759
Hewlett
Packard
Enterprise
Co.
102,176
0.1
2,213
HP,
Inc.
42,025
0.0
254
Jabil,
Inc.
67,307
0.1
4,875
(1)
Keysight
Technologies,
Inc.
1,498,234
1.3
17,425
Microchip
Technology,
Inc.
1,300,602
1.2
3,275
MKS
Instruments,
Inc.
800,606
0.7
453
NetApp,
Inc.
44,861
0.0
1,024
Qnity
Electronics,
Inc.
129,802
0.1
1,086
Ralliant
Corp.
49,836
0.0
757
(3)
Skyworks
Solutions,
Inc.
45,102
0.0
1,936
TD
SYNNEX
Corp.
303,584
0.3
149
(1)
Teledyne
Technologies,
Inc.
101,484
0.1
12,509
(1)
Trimble,
Inc.
836,477
0.7
445
VeriSign,
Inc.
101,433
0.1
1,468
Vontier
Corp.
60,071
0.1
2,600
(1)
Zebra
Technologies
Corp.
- Class
A
582,296
0.5
9,353,682
8.3
Materials
:
8.9%
7,400
(1)
Amrize
Ltd.
480,926
0.4
8,138
AptarGroup,
Inc.
1,169,512
1.0
652
Avery
Dennison
Corp.
128,020
0.1
1,515
(1)
Axalta
Coating
Systems
Ltd.
50,616
0.0
12,539
CF
Industries
Holdings,
Inc.
1,248,132
1.1
1,011
Corteva,
Inc.
81,001
0.1
1,481
Crown
Holdings,
Inc.
169,723
0.2
19,331
DuPont
de
Nemours,
Inc.
967,323
0.9
815
Eastman
Chemical
Co.
61,541
0.1
2,325
Franco-Nevada
Corp.
652,418
0.6
886
LyondellBasell
Industries
NV
- Class
A
50,963
0.0
1,847
Mosaic
Co.
51,421
0.1
69
NewMarket
Corp.
43,195
0.0
586
Nucor
Corp.
103,652
0.1
6,910
Packaging
Corp.
of
America
1,604,087
1.4
463
PPG
Industries,
Inc.
57,074
0.1
1,149
Reliance
Steel
&
Aluminum
Co.
362,670
0.3
380
Royal
Gold,
Inc.
113,920
0.1
11,675
RPM
International,
Inc.
1,332,351
1.2
2,454
Sealed
Air
Corp.
102,774
0.1
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Materials:
(continued)
5,901
Steel
Dynamics,
Inc.
$
1,139,660
1.0
9,970,979
8.9
Real
Estate
:
5.5%
225
AvalonBay
Communities,
Inc.
39,877
0.0
2,087
Brixmor
Property
Group,
Inc.
63,174
0.1
7,900
Camden
Property
Trust
855,886
0.8
292
(1)
CBRE
Group,
Inc.
- Class
A
43,117
0.0
1,590
CubeSmart
65,413
0.1
284
EastGroup
Properties,
Inc.
55,752
0.0
17,391
Equity
LifeStyle
Properties,
Inc.
1,167,980
1.0
888
Equity
Residential
56,130
0.0
286
Essex
Property
Trust,
Inc.
72,961
0.1
1,223
First
Industrial
Realty
Trust,
Inc.
77,220
0.1
3,027
Gaming
and
Leisure
Properties,
Inc.
148,051
0.1
8,181
Host
Hotels
&
Resorts,
Inc.
160,266
0.1
288
(1)
Jones
Lang
LaSalle,
Inc.
90,878
0.1
9,475
Lamar
Advertising
Co.
- Class
A
1,305,087
1.2
347
Mid-America
Apartment
Communities,
Inc.
46,449
0.0
29,267
National
Retail
Properties,
Inc.
1,326,380
1.2
1,664
Omega
Healthcare
Investors,
Inc.
80,321
0.1
4,315
Rayonier,
Inc.
92,729
0.1
377
SBA
Communications
Corp.
75,837
0.1
232
Simon
Property
Group,
Inc.
47,293
0.0
5,913
VICI
Properties,
Inc.
178,632
0.2
1,486
WP
Carey,
Inc.
110,930
0.1
6,160,363
5.5
Utilities
:
7.1%
9,148
AES
Corp.
158,077
0.1
24,301
Alliant
Energy
Corp.
1,757,934
1.6
1,141
Ameren
Corp.
129,252
0.1
8,390
American
Water
Works
Co.,
Inc.
1,141,292
1.0
660
Atmos
Energy
Corp.
123,281
0.1
2,727
(3)
Brookfield
Renewable
Corp.
116,525
0.1
2,583
CenterPoint
Energy,
Inc.
112,361
0.1
1,485
Clearway
Energy,
Inc.
- Class
C
56,890
0.0
18,418
CMS
Energy
Corp.
1,437,893
1.3
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
Voya
VACS
Series
MCV
Fund
Shares
Value
Percentage
of
Net
Assets
COMMON
STOCK:
(continued)
Utilities:
(continued)
1,304
Consolidated
Edison,
Inc.
$
146,726
0.1
1,276
DTE
Energy
Co.
189,154
0.2
1,713
Edison
International
128,030
0.1
922
Entergy
Corp.
98,755
0.1
2,352
Essential
Utilities,
Inc.
94,009
0.1
2,704
Evergy,
Inc.
226,217
0.2
1,389
Eversource
Energy
105,856
0.1
3,033
Exelon
Corp.
150,043
0.1
2,524
FirstEnergy
Corp.
129,128
0.1
744
IDACORP,
Inc.
107,114
0.1
2,135
MDU
Resources
Group,
Inc.
44,152
0.0
4,615
National
Fuel
Gas
Co.
420,103
0.4
1,805
NiSource,
Inc.
85,377
0.1
2,781
OGE
Energy
Corp.
136,658
0.1
4,377
PG&E
Corp.
83,163
0.1
2,162
Pinnacle
West
Capital
Corp.
216,849
0.2
2,726
PPL
Corp.
106,259
0.1
8,692
UGI
Corp.
325,168
0.3
913
WEC
Energy
Group,
Inc.
106,785
0.1
964
Xcel
Energy,
Inc.
80,359
0.1
8,013,410
7.1
Total
Common
Stock
(Cost
$98,893,755)
109,137,397
97.0
EXCHANGE-TRADED
FUNDS
:
0.4%
3,830
iShares
Russell
Mid-
Cap
ETF
394,452
0.4
Total
Exchange-Traded
Funds
(Cost
$390,294)
394,452
0.4
Total
Long-Term
Investments
(Cost
$99,284,049)
109,531,849
97.4
Principal
Amount
†
RA
Value
Percentage
of
Net
Assets
SHORT-TERM
INVESTMENTS
:
3.0%
Repurchase
Agreements
:
0.2%
214,990
(4)
Daiwa
Capital
Markets
America
Inc.,
Repurchase
Agreement
dated
02/27/2026,
3.660%,
due
03/02/2026
(Repurchase
Amount
$215,055,
collateralized
by
various
U.S.
Government
Agency
Obligations,
2.000%-
6.500%,
Market
Value
plus
accrued
interest
$219,290,
due
01/01/35-02/20/66)
$
214,990
0.2
14,700
(4)
RBC
Dominion
Securities,
Inc.,
Repurchase
Agreement
dated
02/27/2026,
3.650%,
due
03/02/2026
(Repurchase
Amount
$14,704,
collateralized
by
various
U.S.
Government
Securities,
0.000%-
5.000%,
Market
Value
plus
accrued
interest
$14,994,
due
04/23/26-02/15/55)
14,700
0.0
Total
Repurchase
Agreements
(Cost
$229,690)
229,690
0.2
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
2.8%
3,027,380
(5)
BlackRock
Liquidity
Funds,
FedFund,
Institutional
Class,
3.560%
3,027,380
2.7
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
Voya
VACS
Series
MCV
Fund
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
(continued)
111,000
(5)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
3.590%
$
111,000
0.1
Total
Mutual
Funds
(Cost
$3,138,380)
3,138,380
2.8
Total
Short-Term
Investments
(Cost
$3,368,070)
3,368,070
3.0
Total
Investments
in
Securities
(Cost
$102,652,119)
$
112,899,919
100.4
Liabilities
in
Excess
of
Other
Assets
(396,808)
(0.4)
Net
Assets
$
112,503,111
100.0
†
Unless
otherwise
indicated,
principal
amount
is
shown
in
USD.
(1)
Non-income
producing
security.
(2)
Investment
in
affiliate.
(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
February
28,
2026.
PORTFOLIO
OF
INVESTMENTS
as
of
February
28,
2026
(Unaudited)
(continued)
Voya
VACS
Series
MCV
Fund
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
February
28,
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
February
28,
2026
Asset
Table
Investments,
at
fair
value
Common
Stock*
$
109,137,397
$
—
$
—
$
109,137,397
Exchange-Traded
Funds
394,452
—
—
394,452
Short-Term
Investments
3,138,380
229,690
—
3,368,070
Total
Investments,
at
fair
value
$
112,670,229
$
229,690
$
—
$
112,899,919
*
For
further
breakdown
of
Common
Stock
by
sector,
please
refer
to
the
Portfolio
of
Investments.
Transactions
with
Affiliates
An
investment
of
at
least
5%
of
the
voting
securities
of
an
issuer,
or
a
company
which
is
under
common
control
with
the
issuer,
results
in
that
issuer
becoming
an
affiliated
person
as
defined
by
the
1940
Act.
The
following
table
provides
transactions
during
the
period
ended
February
28,
2026,
where
the
following
issuers
were
considered
an
affiliate:
Issuer
Beginning
Fair
Value
at
5/31/2025
Purchases
at
Cost
Sales
at
Cost
Change
In
Unrealized
Appreciation/
(Depreciation)
Ending
Fair
Value
at
2/28/2026
Investment
Income
Realized
Gains/
(Losses)
Net
Capital
Gain
Distributions
Voya
Financial,
Inc.
$
—
$
68,712
$
(10,465)
$
(6,616)
$
51,631
$
363
$
(710)
$
—
$
—
$
68,712
$
(10,465)
$
(6,616)
$
51,631
$
363
$
(710)
$
—
The
financial
statements
for
the
above
mutual
fund[s]
and,
as
applicable,
ETF[s]
can
be
found
at
www.sec.gov.
Net
unrealized
appreciation
consisted
of:
Gross
Unrealized
Appreciation
$
12,338,818
Gross
Unrealized
Depreciation
(2,091,018)
Net
Unrealized
Appreciation
$
10,247,800